-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GtYtxFFndd8tgkZEGnQ5DeA2CdRgo/u48RPUz2Rr7dMSyDj4cAaXDSsaGmZEU0fM qjNiu9e2OqpG7hXud0h6cQ== 0000935069-04-002084.txt : 20041207 0000935069-04-002084.hdr.sgml : 20041207 20041207101238 ACCESSION NUMBER: 0000935069-04-002084 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041207 DATE AS OF CHANGE: 20041207 EFFECTIVENESS DATE: 20041207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INSTITUTIONAL INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05601 FILM NUMBER: 041187603 BUSINESS ADDRESS: STREET 1: SEI INVESTMENTS STREET 2: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 1: SEI INVESTMENTS ATTN: CAREN ROSCH STREET 2: 530 E SWEDESFORD RD CITY: WAYNE STATE: PA ZIP: 19087-1693 FORMER COMPANY: FORMER CONFORMED NAME: SEI INTERNATIONAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 N-CSR 1 siitcombined.txt SIIT AR 093004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-CSR -------- CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER 811-5601 SEI Institutional International Trust (Exact name of registrant as specified in charter) -------- c/o CT Corporation 101 Federal Street Boston, MA 02110 (Address of principal executive offices) (Zip code) SEI Investments One Freedom Valley Drive Oaks, PA 19456 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-342-5734 DATE OF FISCAL YEAR END: SEPTEMBER 30, 2004 DATE OF REPORTING PERIOD: SEPTEMBER 30, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. [BACKGROUND GRAPHIC OMITTED] SEI INVESTMENTS Annual Report as of September 30, 2004 SEI INSTITUTIONAL INTERNATIONAL TRUST International Equity Fund Emerging Markets Equity Fund International Fixed Income Fund Emerging Markets Debt Fund TABLE OF CONTENTS - --------------------------------------------------------------------- Management's Discussion and Analysis of Fund Performance 1 - --------------------------------------------------------------------- Schedules of Investments 8 - --------------------------------------------------------------------- Statements of Assets and Liabilities 29 - --------------------------------------------------------------------- Statements of Operations 30 - --------------------------------------------------------------------- Statements of Changes in Net Assets 31 - --------------------------------------------------------------------- Financial Highlights 33 - --------------------------------------------------------------------- Notes to Financial Statements 34 - --------------------------------------------------------------------- Report of Independent Registered Public Accounting Firm 42 - --------------------------------------------------------------------- Trustees and Officers of the Trust 43 - --------------------------------------------------------------------- Disclosure of Fund Expenses 46 - --------------------------------------------------------------------- Notice to Shareholders 47 - --------------------------------------------------------------------- Beginning on the fiscal quarter ended December 31, 2004, the Trust will file its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust's Forms N-Q will be available on the Commission's website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission's website at http://www.sec.gov. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2004 INTERNATIONAL EQUITY FUND OBJECTIVE The International Equity Fund (the "Fund") seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities of foreign issuers. STRATEGY The Fund invests primarily in common stocks and other equity securities of foreign companies. The Fund primarily invests in companies located in developed countries, but may also invest in companies located in emerging markets. The Fund uses a multi-manager approach, relying upon a number of sub-advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation ("SIMC"). The Fund is diversified as to issuers, market capitalization, industry and country. ANALYSIS International equity stocks realized modest gains during the year ended September 30, 2004. Overall, the non-U.S. developed equity markets, as measured by the Morgan Stanley MSCI EAFE Index, gained 22.08% in U.S. dollar terms during the period. Every international equity market, as well as each sector, posted positive returns. The Energy sector was the strongest performer as the rising price of oil and other key commodities boosted equity prices within the sector. The more speculative Information Technology sector, however, lagged the most during the course of the year as investors remained cautious about the prospects of a continued global economic recovery accompanied by an increase in tech spending. The International Equity Fund, Class A tracked the Morgan Stanley MSCI EAFE Index closely during the period, advancing 20.74%. Strong stock selection within both the Information Technology and Telecommunication sectors led to the positive relative performance while positioning (overweights) to those respective sectors detracted from performance. On a country basis, strong stock selection was seen within the UK market, which was offset by poor asset selection in Japan over the past year. Non-benchmark names, many found via opportunistic investing in large emerging market securities, were positive contributors during this time. There were no additional manager changes made in the past year after the several that took effect in the summer of 2003. INTERNATIONAL EQUITY FUND AVERAGE ANNUAL TOTAL RETURN (1) - ---------------------------------------------------------------------------- Annualized Annualized Annualized Annualized One Year 3 Year 5 Year 10 Year Inception to Return Return Return Return Date - ---------------------------------------------------------------------------- Class A 20.74% 6.53% -2.73% 3.32% 3.45% - ---------------------------------------------------------------------------- Class I 20.54% n/a n/a n/a 3.71% - ---------------------------------------------------------------------------- *Actual, not synthetic Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class A, versus the Morgan Stanley MSCI EAFE Index [LINE GRAPH OMITTED -- PLOT POINTS FOLLOW:] SEI International Morgan Stanley Equity Fund, MSCI EAFE Class A Index 9/94 $100,000 $100,000 9/95 104,240 105,800 9/96 114,508 114,920 9/97 126,600 128,929 9/98 115,522 118,176 9/99 159,259 154,752 9/00 165,868 159,673 9/01 114,698 114,118 9/02 96,587 96,396 9/03 114,852 121,468 9/04 138,672 148,288 1 For the period ended September 30, 2004. Past performance is no indication of future performance. Class I Shares were offered beginning on January 4, 2002. Class A Shares were offered beginning December 30, 1989. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 1 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2004 EMERGING MARKETS EQUITY FUND OBJECTIVE The Emerging Markets Equity Fund (the "Fund") seeks to provide capital appreciation by investing primarily in a diversified portfolio of equity securities of emerging market issuers. STRATEGY The Fund invests primarily in common stocks and other equity securities of foreign companies located in emerging market countries. The Fund uses a multi-manager approach, relying upon a number of sub-advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation ("SIMC"). The Fund is diversified as to issuers, market capitalization, industry and country. ANALYSIS Strong returns within emerging markets continued, as the asset class returned 26.13% for the year ended September 30, 2004 as measured by the Morgan Stanley MSCI Emerging Markets Free Index. Returns for the period could have been higher, as there were several events during the period that prevented the markets from rallying even higher. China's government began taking steps to cool an overheating economy, while a surprise upset in the general elections of India led to fears that privatization and reform programs would be on hold. At the global macro level, rising interest rates and the potential inflationary pressures of oil prices in excess of $40 per barrel weighed on country returns. Lastly, the seizure of Yukos assets by the Russian government increased investors' risk aversion in the markets. Despite all of this news, all but a handful of emerging markets countries and sectors delivered double digit returns. Energy and Materials were the best performing sectors, buoyed by strength in oil prices and demand from China, respectively. Technology, on the other hand, was the worst performing sector. Despite strong earnings reports from tech giants Samsung Electronics and Taiwan Semiconductor, technology hardware stocks in emerging markets got caught in a slide following warnings from several global tech leaders on accumulating inventories. On a country basis, the tiny markets of Columbia and Egypt more than doubled during the period, while the Eastern European nations of Hungary, Czech Republic and Turkey continued their strong performance on the positive sentiment from their accession into the EU. Tech-heavy Taiwan was the worst performing market for the period, barely generating a positive return for the period. The Fund lagged the benchmark during the period, returning 23.61% versus 26.13% for the Morgan Stanley MSCI Emerging Markets Free Index. Positioning within Telecommunications names was the biggest contributor to relative performance during the period. Holding stocks such as Bharti Televentures (India) and Mobile Telesystems (Russia), which are benefiting from high rates of subscriber growth in their domestic markets, added to relative performance. On the other hand, underweights to Lukoil and Surgutneftegaz in favor of Yukos in Russia detracted from performance. Despite their awareness of the cyclically driven rally, our managers remained underweight to the materials sector, particularly within South Africa, and were able to generate positive stock selection through positioning in the more fundamentally attractive financials within that market. Continuing with country-level themes, stock selection within India and Russia, particularly in Telecommunications stocks, was a positive contributor to relative performance. These gains were offset by positioning in tech-heavy Taiwan. During the period, the Fund completed its structural change by moving from a combination of global managers and regional specialists to one which utilizes only global emerging markets managers. As a result, Lloyd George Management is no longer managing assets within the strategy and Citigroup Asset Management, Ltd. was added as a sub-adviser. - -------------------------------------------------------------------------------- 2 SEI Institutional International Trust / Annual Report / September 30, 2004 EMERGING MARKETS EQUITY FUND AVERAGE ANNUAL TOTAL RETURN (1) - ---------------------------------------------------------------------------- Annualized Annualized Annualized One Year 3 Year 5 Year Inception Return Return Return to Date - ---------------------------------------------------------------------------- Class A 23.61% 22.45% 4.12% 1.27% - ---------------------------------------------------------------------------- [LINE GRAPH OMITTED -- PLOT POINTS FOLLOW:] Emerging Markets Morgan Stanley MSCI Equity Fund, Emerging Markets IFC Investible Class A Free Index Composite Index 1/95 $100,000 $100,000 $100,000 9/95 106,507 107,547 106,691 9/96 114,644 113,150 115,920 9/97 126,625 120,572 122,110 9/98 61,502 62,927 65,109 9/99 91,164 98,493 102,208 9/00 91,811 98,897 101,687 9/01 60,742 66,103 69,421 9/02 65,468 71,358 78,266 9/03 90,234 103,883 114,636 9/04 111,539 131,027 146,780 1 For the period ended September 30, 2004. Past performance is no indication of future performance. Class A Shares were offered beginning January 17, 1995. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 3 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2004 INTERNATIONAL FIXED INCOME FUND OBJECTIVE The International Fixed Income Fund (the "Fund") seeks to provide capital appreciation and current income through investments in fixed income securities of non-U.S.-dollar-denominated issues. The Fund also seeks to provide U.S.-based investors with a vehicle to diversify and enhance the returns of the domestic fixed income portion of their Funds. The Fund invests primarily in investment-grade, non-U.S.-dollar-denominated obligations. Although there are no restrictions on the Fund's overall duration, under normal conditions it is expected to range between four and six years. STRATEGY The Fund is managed against a broad aggregate index including sovereign, mortgage and corporate securities. The Fund is diversified through its issuers, market capitalization, and industry and country positionings. Country and currency allocations are made separately. As a result, the Fund's currency exposure may differ from its underlying bond holdings. Under normal circumstances, the Fund intends to be diversified across six to 12 countries, across the three major trading blocs: North America, Europe and the Pacific Basin. Depending upon the relative fundamental and technical views, each trading bloc is over-or underweighted relative to the Fund's benchmark index. Currency exposure is actively managed to maximize return and control risk through the use of forward currency contracts and cross-currency hedging techniques. ANALYSIS The International fixed income market, as measured by the Lehman Global Aggregate ex-U.S. Index, returned 8.61% over the period, with the return being assisted by a weaker U.S. dollar. The period was a difficult time for global bond yields as greater confidence in global economic growth and improving equity markets led to higher bond yields. The U.S. yield curve, which had been trading extremely steeply, began to flatten as the Federal Reserve moved from a rate-cutting to a rate-increasing bias, eventually increasing the Fed Funds rate on three occasions from 1% to 1.75% over the period. European bond yields bucked the trend, with the 10 year bond rate unchanged over the period. The European Central Bank remained on hold for the year as growth in continental Europe continued to be sluggish and unemployment remained stubbornly high in both France and Germany. The Stability and Growth Pact was consigned to history as the threatened fines for exceeding debt/Great British Pound limits failed to materialize. The Japanese economy began to show signs of recovery and yields rose marginally over the year. The UK government bond market underperformed as the Bank of England raised rates five times over the year in response to solid economic growth driven by consumer spending. Investors' appetite for risk was unsatiated throughout the year - higher-risk sectors generally outperformed lower risk sectors. The resurgent concerns about global inflation raised investors' concern regarding purchasing power, and thus inflation-protected securities performed well. The Fund had a challenging year, marginally underperforming its index with a return of 7.43%. Currency positioning was a mixed contributor to performance over the year. While the U.S. dollar generally weakened over the period, intervention from Japanese authorities often went against the positioning of the manager. The Fund was generally short duration in anticipation of an increasing interest rate environment and expected positive economic news. - -------------------------------------------------------------------------------- 4 SEI Institutional International Trust / Annual Report / September 30, 2004 INTERNATIONAL FIXED INCOME FUND AVERAGE ANNUAL TOTAL RETURN (1) - ---------------------------------------------------------------------------- Annualized Annualized Annualized Annualized One Year 3 Year 5 Year 10 Year Inception to Return Return Return Return Date - ---------------------------------------------------------------------------- Class A 7.43% 10.98% 4.98% 5.91% 5.85% - ---------------------------------------------------------------------------- Comparison of Change in the Value of a $100,000 Investment in the SEI International Fixed Income Fund, versus the Lehman Global Aggregate ex-U.S. Index [LINE GRAPH OMITTED -- PLOT POINTS FOLLOW:] International Fixed Income Fund - $177,558 Lehman Global Aggregate ex-U.S.Index - $185,963 International Lehman Global Fixed Income Aggregate Fund ex-U.S. Index 9/94 $100,000 $100,000 9/95 119,860 118,380 9/96 124,091 126,560 9/97 125,531 126,130 9/98 141,184 142,955 9/99 139,264 139,224 9/00 125,923 125,733 9/01 129,902 130,801 9/02 141,203 144,247 9/03 165,278 171,221 9/04 177,558 185,963 1 For the period ended September 30, 2004. Past performance is no indication of future performance. Class A Shares were offered beginning September 1, 1993. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 5 - -------------------------------------------------------------------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2004 EMERGING MARKETS DEBT FUND OBJECTIVE The Emerging Markets Debt Fund (the "Fund") seeks to maximize total return from a portfolio consisting of primarily high-yield, below-investment-grade fixed income securities from emerging markets of foreign countries. The Fund also seeks to provide U.S.-based investors with a vehicle to diversify and enhance the returns of the domestic fixed income portion of their portfolios. Under normal circumstances, the Fund is anticipated to be invested primarily in U.S. dollar-denominated emerging debt. STRATEGY Structuring and managing the Fund entails a multi-step process. First, an internal assessment of country risk is compared with the market's pricing of country risk to determine relative value opportunities. The output determines which countries are 1) "core" holdings which have the strongest economic/political/debt attributes, 2) "trading" countries which present more opportunistic value, and 3) countries "not currently suitable" for investment. Under normal circumstances, the Fund will be diversified across 25-30 countries. The next step in the process is to determine relative value amongst sectors within a country, and security selection within the sectors. The final step incorporates a disciplined sell process through continual risk/reward analysis across, and within, emerging debt countries. U.S. interest-rate risk relative to the benchmark is controlled through the maintenance of a tightly constrained U.S. Treasury duration. Excess return is captured through active management of the sovereign spread component relative to the benchmark. ANALYSIS Emerging Markets Debt (EMD) as measured by the J.P. Morgan EMBI Global Index posted relatively strong performance during the twelve month period, returning 11.55%. The market has been able to benefit from strong internal factors - improving economies and the passage of critical reforms - as well as strong external factors - increase in global risk appetite and high oil prices. However, the market was negatively impacted in April by volatility stemming from external factors (i.e. U.S. Treasuries volatility, investor outflows) that led the market to its second-worst-one month period (April: -5.70%) in over three years. During the past year, EMD spreads over U.S. Treasuries tightened 77 basis points to end at 409 basis points with the market yield ending the period at 8.16%. The Latin American region was the largest contributor to the market's return. An improving economy, lower interest rates and passage of key reforms propelled Brazilian bonds to a 22% return. Venezuelan bonds were one of the market's top performers, returning 30%, as President Chavez survived the referendum vote on his presidency and S&P upgraded Venezuelan bonds to B from B-. The persistence of high oil prices, expectations of further foreign direct investment into Venezuela's beleaguered oil sector and the unwinding of electoral uncertainty were the primary factors cited by Standard & Poors for the upgrade. Outside of Latin America, Cote D'Ivoire (Ivory Coast) was one of the market's most volatile performers, albeit gaining 5%, as the country's ongoing civil war intensified during the period. The Fund solidly outpaced the benchmark and returned 13.97% during the periods, driven by overweight positions to Brazil, as well as to Ecuador which gained 38%, as high oil prices benefited the Ecuadorian economy. The largest detractor to Fund performance was its underweight to Venezuela, and overweight to the Dominican Republic which fell 3% as the Dominican Republic attempts to complete a much-needed new International Monetary Fund agreement. - -------------------------------------------------------------------------------- 6 SEI Institutional International Trust / Annual Report / September 30, 2004 EMERGING MARKETS DEBT FUND AVERAGE ANNUAL TOTAL RETURN (1) - ---------------------------------------------------------------------------- Annualized Annualized Annualized One Year 3 Year 5 Year Inception Return Return Return to Date - ---------------------------------------------------------------------------- Class A 13.97% 20.20% 18.41% 11.02% - ---------------------------------------------------------------------------- Comparison of Change in the Value of a $100,000 Investment in the SEI Emerging Markets Debt Fund, versus the J.P. Morgan EMBI Global Index, and the J.P. Morgan EMBI Plus Index [LINE GRAPH OMITTED -- PLOT POINTS FOLLOW:] Emerging J.P. Morgan J.P. Morgan Markets Debt Global EMBI Plus Fund Index Index 6/97 $100,000 $100,000 $100,000 9/97 106,198 106,500 106,908 9/98 69,984 80,674 79,860 9/99 91,785 100,407 98228 9/00 117,549 125,408 125,771 9/01 123,062 129,572 127,997 9/02 125,707 130,194 126,538 9/03 187,493 175,801 177,393 9/04 213,685 196,106 198,610 1 For the period ended September 30, 2004. Past performance is no indication of future performance. Class A Shares were offered beginning June 29, 1997. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 7 SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND September 30, 2004 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS (UNAUDITED)*: 34.1% Financials 10.8% Telecommunication Services 8.5% Industrials 8.2% Consumer Discretionary 7.6% Consumer Staples 7.4% Energy 6.9% Cash Equivalents 6.3% Healthcare 5.0% Basic Materials 2.9% Information Technology 2.1% Utilities 0.1% U.S. Treasury Obligations 0.1% Diversified *Percentages based on total investments. - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- COMMON STOCK -- 97.8% AUSTRALIA -- 2.9% Alumina 282,900 $ 1,152 Amcor 241,700 1,257 Australia & New Zealand Banking Group 308,481 4,250 BHP Billiton 2,074,900 21,582 BlueScope Steel 225,000 1,418 Brambles Industries 186,500 956 Foster's Group 314,425 1,077 Insurance Australia Group 304,781 1,148 National Australia Bank 846,891 16,551 Newcrest Mining 689,170 7,583 Promina Group 365,800 1,200 QBE Insurance Group 933,565 8,859 Rinker Group 244,700 1,530 Telstra 1,682,398 5,667 Wesfarmers 53,500 1,240 Westpac Banking 123,500 1,586 WMC Resources 272,800 1,059 Woolworths 149,500 1,475 ---------- 79,590 ---------- AUSTRIA -- 0.4% Erste Bank der Oesterreichischen Sparkassen* 44,800 1,864 OMV* 18,100 4,170 Telekom Austria* 418,568 5,864 ---------- 11,898 ---------- BELGIUM -- 0.7% Belgacom 16,500 591 Delhaize Group 53,300 3,386 Fortis* 166,671 3,962 InBev 197,680 6,590 KBC Bancassurance Holding 55,700 3,625 UCB 20,921 1,114 ---------- 19,268 ---------- - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- BRAZIL -- 0.2% Cia de Saneamento Basico do Estado de Sao Paulo* 12,120,000 $ 568 Cia Vale do Rio Doce ADR* 108,000 2,427 Gerdau ADR* 61,500 1,006 Uniao de Bancos Brasileiros GDR* 45,700 1,107 ---------- 5,108 ---------- CANADA -- 1.7% Abitibi-Consolidated (A) 122,000 766 Alcan (A) 162,800 7,783 Bank of Nova Scotia (A) 213,600 6,237 Bombardier, Cl B (A) 151,000 347 Cameco 3,600 286 Great-West Lifeco (A) 28,700 1,153 Inco* 86,700 3,386 Manulife Financial (A) 112,100 4,907 Research In Motion* 83,600 6,382 Royal Bank of Canada (A) 117,085 5,546 TELUS 81,500 1,578 Thomson (A) 196,600 6,818 ---------- 45,189 ---------- CHINA -- 0.2% China Petroleum & Chemical 2,176,000 886 China Telecom 15,044,000 4,871 ---------- 5,757 ---------- DENMARK -- 0.5% Danske Bank 110,300 2,899 Novo-Nordisk* 152,600 8,354 TDC* 60,000 2,123 ---------- 13,376 ---------- FINLAND -- 0.7% Fortum* 128,700 1,798 Kesko (A)* 186,900 4,090 Nokia* 888,215 12,223 UPM-Kymmene* 50,100 954 ---------- 19,065 ---------- FRANCE -- 10.5% Accor (A) 59,800 2,331 Air Liquide 30,015 4,708 AXA (A) 740,400 14,980 BNP Paribas 263,556 17,021 Bouygues (A) 393,900 14,775 Carrefour* 29,600 1,392 Christian Dior (A) 95,000 5,658 Cie Generale D'Optique Essilor International 34,200 2,198 - -------------------------------------------------------------------------------- 8 SEI Institutional International Trust / Annual Report / September 30, 2004 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Credit Agricole 76,363 $ 2,083 Dassault Systemes (A) 217,300 10,153 France Telecom* 1,184,546 29,512 Groupe Danone (A) 221,800 17,438 L'Oreal 34,700 2,273 Lagardere S.C.A.* 149,730 9,287 Publicis Groupe (A) 275,800 7,882 Renault* 155,082 12,683 Sanofi-Aventis (A)* 612,627 45,060 Schneider Electric 47,500 3,071 Societe Assurances Generales de France (A) 231,700 14,518 Societe Generale (A)* 121,615 10,762 Total (A) 200,891 40,919 Vinci (A) 70,200 8,078 Vivendi Universal* 295,200 7,564 ---------- 284,346 ---------- GERMANY -- 7.0% Allianz* 35,900 3,616 AMB Generali Holding (A)* 32,000 2,265 BASF* 212,800 12,541 Bayer 114,827 3,140 Bayerische Hypo-und Vereinsbank* 799,900 15,359 Bayerische Motoren Werke* 131,893 5,422 Celesio* 63,500 4,330 Continental* 136,400 7,415 DaimlerChrysler* 296,500 12,226 Deutsche Bank* 27,800 1,998 Deutsche Boerse* 46,300 2,342 Deutsche Telekom (A)* 817,102 15,162 E.ON* 106,600 7,864 Hannover Rueckversicherung* 12,315 399 HeidelbergCement* 42,300 1,968 Infineon Technologies* 855,486 8,734 Linde* 53,817 3,101 MAN (A)* 98,000 3,351 Merck KGaA* 47,200 2,699 Metro* 173,100 7,725 Muenchener Rueckversicherungs* 73,508 7,081 SAP* 58,800 9,136 SAP ADR* 170,800 6,653 Siemens* 557,181 40,974 ThyssenKrupp (A)* 79,000 1,539 TUI (A)* 86,500 1,621 Volkswagen (A)* 49,600 1,909 ---------- 190,570 ---------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- HONG KONG -- 0.7% China Mobile 469,000 $ 1,425 CNOOC (A) 13,767,500 7,195 Esprit Holdings 274,000 1,391 Hang Lung Properties (A) 1,652,000 2,436 Hang Seng Bank (A) 97,600 1,302 Li & Fung 1,400,000 2,011 Sun Hung Kai Properties (A) 211,900 1,997 Swire Pacific, Cl A (A) 187,800 1,307 ---------- 19,064 ---------- HUNGARY -- 0.1% Mol Magyar Olaj - es Gazipari 39,300 1,920 ---------- INDIA -- 0.1% ICICI Bank 180,000 1,119 Infosys Technologies ADR* 24,200 1,370 Punjab National Bank 90,000 508 ---------- 2,997 ---------- IRELAND -- 0.8% Anglo Irish Bank 459,000 8,409 CRH 132,057 3,157 Depfa Bank 237,000 3,232 Elan ADR* 271,700 6,358 ---------- 21,156 ---------- ISRAEL -- 0.0% Bank Hapoalim* 445,000 1,231 ---------- ITALY -- 3.7% Banca Popolare di Milano (A)* 786,400 4,932 Enel (A) 1,667,700 13,629 ENI-Ente Nazionale Idrocarburi 1,540,552 34,517 Sanpaolo IMI 954,500 10,776 Telecom Italia* 2,439,710 7,530 Telecom Italia RNC* 6,921,318 15,860 UniCredito Italiano* 2,439,759 12,303 ---------- 99,547 ---------- JAPAN -- 20.5% Advantest (A) 25,700 1,527 Aeon (A) 328,800 5,292 Aiful 10,600 1,040 Asatsu-DK 71,900 1,977 Bank of Yokohama 881,000 4,732 Canon (A) 707,082 33,232 Central Japan Railway (A) 142 1,116 Dai Nippon Printing (A) 940,000 12,571 Daito Trust Construction (A) 23,200 939 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 9 SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND (Continued) September 30, 2004 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Daiwa House Industry 195,000 $ 1,905 Daiwa Securities Group (A) 142,000 899 East Japan Railway 976 5,048 Fanuc 48,500 2,552 Fast Retailing 57,700 3,921 Fuji Photo Film 419,200 13,769 Fuji Television Network 762 1,549 Furukawa Electric* 260,000 1,019 Hirose Electric 54,700 4,988 Hitachi (A) 3,671,900 22,188 Honda Motor (A) 150,200 7,277 Hoya 21,100 2,211 Index 1,770 3,919 Isetan 237,700 2,446 Ito-Yokado 278,000 9,534 Itochu* 765,000 3,262 Japan Airlines System (A)* 261,000 715 Japan Tobacco (A) 316 2,643 JFE Holdings (A) 355,700 10,134 Kansai Electric Power (A) 680,900 12,004 Kao 375,000 8,285 Keyence 5,800 1,220 Komatsu (A) 3,030,000 19,464 Konica Minolta Holdings (A) 591,000 8,081 Kyocera (A) 177,400 12,474 Kyushu Electric Power 36,400 682 Lawson 113,700 3,941 Matsushita Electric Industrial (A) 1,185,000 15,816 Millea Holdings (A) 1,703 21,941 Mitsubishi (A) 323,000 3,490 Mitsubishi Estate (A) 1,028,900 10,736 Mitsubishi Heavy Industries 445,000 1,256 Mitsubishi Tokyo Financial Group (A) 1,691 14,100 Mitsui Fudosan 264,000 2,745 Mitsui OSK Lines 1,195,000 7,167 Mitsui Sumitomo Insurance 971,000 8,008 Murata Manufacturing (A) 37,900 1,823 NEC (A) 1,892,000 11,313 Nidec (A) 19,200 1,941 Nikko Cordial 349,000 1,415 Nikon (A) 129,000 1,215 Nintendo (A) 59,100 7,228 Nippon Meat Packers 226,000 3,022 Nippon Telegraph & Telephone (A) 952 3,792 Nissan Motor (A) 2,361,200 25,708 Nissin Food Products 1,100 27 Nitto Denko 36,400 1,674 Nomura Holdings 530,000 6,804 OJI Paper (A) 76,000 430 Oriental Land 131,200 7,940 ORIX (A) 173,200 17,758 Promise (A) 94,550 6,185 Ricoh 72,000 1,356 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Rohm 92,000 $ 9,249 Sammy (3) (A) 65,000 3,185 Sankyo (A) 508,200 10,744 Sekisui House 255,000 2,434 Shimamura 17,300 1,152 Shionogi 193,000 2,765 SMC 23,900 2,288 Sompo Japan Insurance 147,000 1,246 Sony 491,400 16,764 Sumitomo (A) 223,000 1,659 Sumitomo Chemical 422,000 1,999 Sumitomo Forestry (A) 204,000 1,905 Sumitomo Mitsui Financial Group (A) 3,533 20,195 Suzuki Motor (A) 250,000 4,090 Takeda Chemical Industries (A) 55,100 2,500 Tanabe Seiyaku (A) 119,000 1,059 Tokyo Electric Power (A) 216,700 4,660 Tokyo Electron (A) 88,900 4,331 Tokyo Gas (A) 2,346,000 8,323 Toyota Motor 436,700 16,721 Trend Micro 130,500 5,612 UFJ Holdings* 1,983 8,690 UNY 115,000 1,182 Yahoo Japan (A)* 138 614 Yahoo Japan (C)* 138 608 Yamada Denki 2,900 100 Yamanouchi Pharmaceutical (A) 199,400 6,441 Yamato Transport (A) 168,000 2,312 ---------- 556,274 ---------- LUXEMBOURG -- 0.4% Arcelor* 547,200 10,113 SES GLOBAL FDR 126,000 1,228 ---------- 11,341 ---------- MEXICO -- 0.4% America Movil, Ser L ADR* 231,300 9,028 Cemex* 103,200 579 Telefonos de Mexico, Ser L ADR* 43,400 1,401 ---------- 11,008 ---------- NETHERLANDS -- 7.0% ABN AMRO Holding (A)* 1,487,716 33,795 Aegon (A)* 586,830 6,326 Akzo Nobel* 182,388 6,440 ASML Holding (A)* 76,273 981 CSM* 186,090 4,181 DSM* 20,100 1,048 Heineken (A)* 190,281 5,729 Heineken Holding, Cl A (A)* 111,562 2,998 ING Groep (A)* 1,024,451 25,855 - -------------------------------------------------------------------------------- 10 SEI Institutional International Trust / Annual Report / September 30, 2004 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Koninklijke Philips Electronics* 53,600 $ 1,228 Reed Elsevier (A) 32,800 422 Royal Dutch Petroleum* 982,160 50,587 Royal Dutch Petroleum (NY Shares)* 28,000 1,445 Royal KPN* 1,594,187 11,939 Royal Numico* 66,600 2,121 TPG (A)* 418,900 10,234 Unilever (A)* 368,298 21,188 VNU* 129,467 3,329 ---------- 189,846 ---------- NEW ZEALAND -- 0.4% Telecom 2,516,837 10,019 ---------- NORWAY -- 1.4% DNB 200,000 1,582 Norsk Hydro (A) 235,000 17,106 Norske Skogindustrier* 34,600 620 Statoil* 748,700 10,733 Tandberg (A)* 703,500 6,349 Yara International* 73,500 781 ---------- 37,171 ---------- PORTUGAL -- 0.2% Portugal Telecom* 539,400 5,942 ---------- SINGAPORE -- 0.6% Flextronics International* 159,300 2,111 Singapore Airlines 174,000 1,126 Singapore Telecommunications (A) 7,801,862 10,844 United Overseas Bank 154,000 1,253 ---------- 15,334 ---------- SOUTH AFRICA -- 0.4% ABSA Group 188,100 1,891 Sanlam 828,200 1,402 Sasol 322,200 5,996 Telkom 60,230 685 ---------- 9,974 ---------- SOUTH KOREA -- 1.0% Honam Petrochemical 12,100 479 Hyundai Motor 34,600 1,596 Industrial Bank of Korea 88,000 540 INI Steel 74,000 823 Kookmin Bank* 18,900 598 Nong Shim 2,600 555 POSCO 8,800 1,311 Samsung Electronics 5,720 2,275 Samsung Electronics GDR (A)* 101,358 20,069 ---------- 28,246 ---------- - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- SPAIN -- 3.9% ACS Actividades* 414,400 $ 7,550 Altadis (A) 96,800 3,294 Banco Bilbao Vizcaya Argentaria (A) 1,249,500 17,195 Banco Santander Central Hispano (A) 1,486,200 14,509 Iberdrola* 70,500 1,462 Inditex* 208,000 5,141 Repsol (A)* 762,500 16,743 Sogecable (A)* 185,700 7,473 Telefonica (A)* 2,090,093 31,281 ---------- 104,648 ---------- SWEDEN -- 1.8% Assa Abloy (A)* 102,100 1,280 ForeningsSparbanken* 146,800 3,055 Nordea (A) 645,658 5,277 SKF (A) 93,829 3,564 Svenska Cellulosa, Cl B (A) 122,000 4,742 Telefonaktiebolaget LM Ericsson ADR* 364,500 11,387 Volvo, Cl B (A) 527,900 18,635 ---------- 47,940 ---------- SWITZERLAND -- 7.7% ABB (A)* 230,706 1,408 Adecco (A)* 26,691 1,325 Ciba Specialty Chemicals (A)* 41,447 2,579 Compagnie Financiere Richemont, Cl A* 285,097 7,888 Credit Suisse Group (A)* 422,922 13,497 Holcim* 289,762 15,281 Nestle 134,424 30,788 Novartis* 1,041,596 48,547 Roche Holding* 171,358 17,703 Serono, Cl B (A)* 2,260 1,395 STMicroelectronics (A)* 106,300 1,833 Swiss Reinsurance* 135,422 7,792 Swisscom* 21,649 7,507 Syngenta (A)* 36,874 3,514 Synthes* 16,900 1,841 UBS* 531,499 37,414 Xstrata 440,000 7,233 ---------- 207,545 ---------- TAIWAN -- 0.4% Chunghwa Telecom ADR* 252,047 4,438 Compal Electronics 1,200,000 1,190 HON HAI Precision Industry GDR (A)* 163,300 1,192 Taiwan Semiconductor Manufacturing 946,000 1,206 Taiwan Semiconductor Manufacturing ADR (A)* 540,698 3,861 ---------- 11,887 ---------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 11 SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND (Continued) September 30, 2004 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- THAILAND -- 0.0% PTT* 199,200 $ 813 ---------- TURKEY -- 0.0% Ford Otomotiv Sanayi 125,661,200 985 ---------- UNITED KINGDOM -- 21.5% Abbey National 598,700 6,067 Allied Domecq 1,516,215 12,868 ARM Holdings 329,600 498 AstraZeneca 208,465 8,544 AstraZeneca (SEK)* 351,086 14,516 Aviva 478,400 4,740 BAA 224,193 2,246 BAE Systems 339,549 1,381 Barclays 3,690,167 35,391 BG Group* 1,162,100 7,802 BHP Billiton 2,469,761 25,988 BOC Group 466,572 7,464 BP 5,049,055 48,195 Brambles Industries 169,900 789 British American Tobacco* 1,067,860 15,478 BT Group 2,125,700 6,914 Bunzl 462,379 3,483 Cadbury Schweppes 3,064,371 23,567 Carnival* 137,700 6,770 Centrica 634,400 2,881 Diageo 354,900 4,431 GlaxoSmithKline 1,432,745 30,878 GUS 714,795 11,641 Hays 3,284,987 7,891 HBOS 328,400 4,433 HSBC Holdings 1,604,301 25,460 Imperial Tobacco Group 714,466 15,566 Intercontinental Hotels Group 254,100 2,890 ITV* 1,760,942 3,433 J Sainsbury 499,800 2,304 mmO2* 3,667,800 6,521 National Grid Transco 2,209,264 18,640 Pearson 633,600 6,776 Persimmon 259,100 3,102 Prudential 916,862 7,474 Punch Taverns 72,500 661 Reckitt Benckiser 756,465 18,534 Reed Elsevier 2,197,662 19,287 Rentokil Initial 1,543,054 4,202 Rexam 214,309 1,642 Rio Tinto 447,200 12,025 RMC Group 414,700 6,375 Rolls-Royce Group* 1,473,448 6,752 Royal & Sun Alliance Insurance Group 1,000,000 1,294 Royal Bank of Scotland Group 907,119 26,198 Shell Transport & Trading 573,400 4,207 Signet Group* 5,591,800 11,586 - ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------- Smiths Group* 384,740 $ 5,166 Standard Chartered 271,500 4,660 Taylor Woodrow 190,000 905 Trinity Mirror 115,500 1,375 Unilever* 680,900 5,542 Vodafone Group 22,484,334 53,808 Whitbread 249,000 3,713 Wimpey George 404,100 2,940 Wolseley 250,770 4,281 ---------- 582,175 ---------- Total Common Stock (Cost $2,352,336) ($ Thousands) 2,651,230 ---------- COMMERCIAL PAPER (B) -- 12.8% UNITED STATES -- 12.8% ASAP Funding 1.810%, 11/05/04 $ 27,000 26,953 Ajax Bambino Funding 1.830%, 10/25/04 35,000 34,957 Altamira Funding 1.800%, 10/14/04 33,000 32,978 Bavaria Universal Funding 1.800%, 10/15/04 31,600 31,578 Cobblestone Funding 1.800%, 10/25/04 26,200 26,168 Eiffel Funding 1.810%, 10/22/04 25,000 24,974 Hannover Funding 1.800%, 11/01/04 35,000 34,946 Lakeside Funding 1.790%, 10/08/04 30,500 30,500 Main Street Warehouse Funding 1.820%, 10/18/04 35,000 34,970 Mitten RFC 1.800%, 10/05/04 35,000 34,993 Park Granada 1.820%, 10/08/04 35,000 34,988 ---------- Total Commercial Paper (Cost $348,005) ($ Thousands) 348,005 ---------- CORPORATE OBLIGATIONS (B) -- 7.7% UNITED STATES -- 7.7% Dorada Capital 1.840%, 10/01/04 25,000 25,006 K2 Funding 2.030%, 10/01/04 30,000 30,000 1.800%, 10/01/04 10,000 10,000 Liberty Lighthouse 1.840%, 10/01/04 15,000 15,011 - -------------------------------------------------------------------------------- 12 SEI Institutional International Trust / Annual Report / September 30, 2004 - ------------------------------------------------------------------------------- Face Amount/Shares Market Value Description ($ Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- Links Finance 1.840%, 10/01/04 $ 30,000 $ 29,997 Sigma Finance 2.020%, 10/01/04 35,000 35,000 Tango Financial 1.860%, 10/01/04 30,000 29,991 Whistlejacket Capital 2.030%, 10/01/04 35,000 35,000 ---------- Total Corporate Obligations (Cost $210,005) ($ Thousands) 210,005 ---------- TIME DEPOSITS -- 1.4% Brown Brothers Harriman 7.000%, 10/01/04 ZAR 106 16 5.590%, 10/01/04 NZD 244 165 4.250%, 10/01/04 AUD 269 194 3.750%, 10/01/04 GBP 577 1,045 1.350%, 10/01/04 CAD 201 159 1.300%, 10/01/04 25,752 25,752 1.260%, 10/01/04 EUR 7,965 9,893 1.200%, 10/01/04 DKK 523 87 1.100%, 10/01/04 SEK 41 6 0.890%, 10/01/04 NOK 963 143 ---------- Total Time Deposits (Cost $37,460) ($ Thousands) 37,460 ---------- PREFERRED STOCK -- 0.5% AUSTRALIA -- 0.0% News* 152,420 1,201 ---------- BRAZIL -- 0.2% Cia Vale do Rio Doce ADR* 49,200 947 Petroleo Brasileiro* 59,000 1,938 Suzano Bahia Sul Papel e Celulose* 126,000 522 Usinas Siderurgicas de Minas Gerais* 38,500 593 ---------- 4,000 ---------- GERMANY -- 0.3% Porsche* 10,643 6,915 ---------- Total Preferred Stock (Cost $9,758) ($ Thousands) 12,116 ---------- CONVERTIBLE BONDS -- 0.2% CAYMAN ISLANDS -- 0.2% SMFG Finance 2.250%, 07/11/05 249,000 4,550 ---------- - ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- SWITZERLAND -- 0.0% Credit Suisse Group 6.000%, 12/23/05 $ 186 $ 178 ---------- Total Convertible Bonds (Cost $2,850) ($ Thousands) 4,728 ---------- U.S. TREASURY OBLIGATION -- 0.1% UNITED STATES -- 0.1% U.S. Treasury Bill (2) 1.755%, 02/24/05 2,000 1,985 ---------- Total U.S. Treasury Obligation (Cost $1,986) ($ Thousands) 1,985 ---------- CASH EQUIVALENTS -- 2.4% Morgan Stanley Liquidity Prime #3 Fund (B) 26,145,376 26,145 One Group Institutional Prime Money Market Fund (B) 1,003,687 1,004 The Reserve Fund, Primary Fund, Cl 8 (B) 38,782,991 38,783 SEI Daily Income Trust, Prime Obligation Fund, Cl A+ 976,575 977 ---------- Total Cash Equivalents (Cost $66,909) ($ Thousands) 66,909 ---------- REPURCHASE AGREEMENTS (B) -- 5.0% Barclays 1.570%, dated 09/30/04, to be repurchased on 10/01/04, repurchase price $70,003,053 (collateralized by various FNMA Obligations, ranging in par value $7,185,000-$64,730,000, 1.875%, 01/18/05-07/26/05; with total market value $71,400,889) 70,000 70,000 Lehman Brothers 1.550%, dated 09/30/04, to be repurchased on 10/01/04, repurchase price $65,002,799 (collateralized by various FNMA Obligations, ranging in par value $20,764-$1,785,806, 4.500%-12.500%, 12/01/07-10/01/34; with total market value $66,301,938) 65,000 65,000 ---------- Total Repurchase Agreements (Cost $135,000) ($ Thousands) 135,000 ---------- Total Investments -- 127.9% (Cost $3,164,309) ($ Thousands) $3,467,438 ========== - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 13 SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND (Concluded) September 30, 2004 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Percentages are based on Net Assets of $2,711,300,830. * Non-Income Producing Security + See Note 3 in Notes to Financial Statements. (1) In U.S. Dollars, unless otherwise noted. (2) Securities pledged as collateral on open futures contracts. The rate reported is the effective yield at the time of purchase. (3) Security is fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. As of September 30, 2004, the total value of this security was $3,184,684, representing 0.12% of the Fund's net assets (See Note 2). (A) This security or a partial position of this security is on loan at September 30, 2004. The total value of securities on loan at September 30, 2004 was $725,774,060 (See Note 10). (B) This security was purchased with cash collateral held from securities lending. The total value of such securities as of September 30, 2004 was $758,941,758 (See Note 10). (C) Security purchased on a when-issued basis. ADR -- American Depositary Receipt AUD -- Australian Dollar CAD -- Canadian Dollar Cl -- Class DKK -- Danish Krone EUR -- Euro FDR -- Fiduciary Depositary Receipt FNMA -- Federal National Mortgage Association GDR -- Global Depositary Receipt GBP -- Great Britain Pound NOK -- Norwegian Krone NY -- New York NZD -- New Zealand Dollar Ser -- Series SEK -- Swedish Krona ZAR -- South African Rand The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 14 SEI Institutional International Trust / Annual Report / September 30, 2004 EMERGING MARKETS EQUITY FUND September 30, 2004 - ------------------------------------------------------------------------------- SECTOR WEIGHTINGS (UNAUDITED)*: 25.3% Financials 14.8% Telecommunication Services 11.6% Industrials 9.8% Basic Materials 8.3% Energy 7.4% Consumer Discretionary 5.6% Information Technology 5.5% Cash Equivalents 4.3% Consumer Staples 3.4% Utilities 2.2% Diversified 1.8% Healthcare *Percentages based on total investments. - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- COMMON STOCK -- 91.3% ARGENTINA -- 0.3% IRSA Inversiones y Representaciones GDR (C)* 309,500 $ 2,510 Telecom Argentina ADR* 51,800 566 Telecom Argentina, Ser B ADR* 23,000 251 ---------- 3,327 ---------- AUSTRIA -- 0.1% Bank Austria Creditanstalt* 13,381 949 ---------- BRAZIL -- 5.0% All America Latina Logistica GDR* 10,000 409 Aracruz Celulose ADR* 66,243 2,194 Banco do Brasil* 144,395 1,265 Banco do Brasil ADR* 13,911 122 Banco Itau Holding Financeira ADR* 47,370 2,629 Brasil Telecom Participacoes ADR* 63,500 2,057 Braskem ADR* 36,800 1,217 Centrais Eletricas Brasileiras* 59,277,500 948 Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR* 126,155 2,522 Cia de Concessoes Rodoviarias* 25,800 334 Cia de Saneamento Basico do Estado de Sao Paulo* 54,741,555 2,566 Cia de Saneamento Basico do Estado de Sao Paulo ADR (C)* 71,070 839 Cia Energetica de Minas Gerais ADR (C)* 116,800 2,482 Cia Siderurgica Nacional ADR* 46,200 718 Cia Vale do Rio Doce ADR* 94,400 2,121 Empresa Brasileira de Aeronautica ADR* 69,120 1,825 Gerdau ADR (C)* 89,404 1,462 Gol Linhas Aereas Inteligentes ADR* 50,221 1,020 Natura Cosmeticos* 28,200 570 Petroleo Brasileiro ADR (C)* 470,089 16,571 Tele Celular Sul Participacoes ADR (C)* 218,279 3,115 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Tele Norte Leste Participacoes ADR (C)* 152,090 $ 2,012 Telecomunicacoes Brasileiras ADR* 51,360 1,412 Telesp Celular Participacoes ADR (C)* 117,200 724 Uniao de Bancos Brasileiros GDR* 31,300 758 ---------- 51,892 ---------- CHILE -- 1.1% Banco Santander Chile ADR* 123,400 3,448 Cia Cervecerias Unidas ADR (C)* 10,877 258 Cia de Telecomunicaciones de Chile ADR (C)* 60,237 668 CorpBanca* 336,769,165 1,808 Distribucion y Servicio D&S ADR* 25,495 406 Empresa Nacional de Electricidad ADR* 43,300 679 Empresas CMPC* 11,700 243 Enersis* 13,413,332 1,932 Enersis ADR* 228,622 1,655 ---------- 11,097 ----------- CHINA -- 2.3% Aluminum Corp of China (C) 1,258,000 815 Byd (C) 508,500 1,545 China Oilfield Services 1,964,000 579 China Petroleum & Chemical 8,693,500 3,539 China Shipping Development 990,000 844 China Telecom 14,181,900 4,592 Datang International Power Generation (C) 2,587,000 2,107 Huadian Power International 6,140,100 2,008 PICC Property & Casualty (C)* 5,087,000 1,794 Ping An Insurance Group (C) 1,757,000 2,580 Qingling Motors (C) 3,825,200 515 Sinopec Yizheng Chemical Fibre (C) 5,765,600 1,323 Sinotrans (C) 3,248,000 1,125 Yanzhou Coal Mining (C) 412,000 534 ---------- 23,900 ---------- COLOMBIA -- 0.1% BanColombia ADR* 126,000 1,021 ---------- CROATIA -- 0.1% Pliva D.D. GDR (A) (C)* 98,800 1,482 ---------- CZECH REPUBLIC -- 0.6% Cesky Telecom 136,300 1,808 Cesky Telecom GDR (C)* 130,800 1,707 Komercni Banka* 20,027 2,229 ---------- 5,744 ---------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 15 SCHEDULE OF INVESTMENTS EMERGING MARKETS EQUITY FUND (Continued) September 30, 2004 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- EGYPT -- 0.8% Commercial International Bank GDR (A)* 226,200 $ 1,108 Mobinil-Egyptian Mobile Services 13,016 230 Orascom Construction Industries* 167,843 3,634 Orascom Telecom* 8,300 253 Orascom Telecom GDR* 126,800 1,864 Suez Cement GDR (A)* 96,548 1,065 ---------- 8,154 ---------- HONG KONG -- 2.8% ASM Pacific Technology (C) 377,000 1,235 Beijing Enterprises Holdings 160,000 194 China Mengniu Dairy* 864,000 670 China Merchants Holdings International (C) 985,000 1,484 China Mobile 3,232,300 9,824 China Resources Enterprise (C) 2,708,300 3,525 China Unicom 1,506,000 1,178 CNOOC 8,184,700 4,277 Giordano International 2,680,000 1,478 GOME Electrical Appliances Holdings* 1,410,000 836 Shanghai Industrial Holdings (C) 1,411,600 2,571 Texwinca Holdings 611,900 518 Yue Yuen Industrial Holdings (C) 596,500 1,541 ---------- 29,331 ---------- HUNGARY -- 1.8% Gedeon Richter (C)* 26,968 3,234 Matav* 1,278,935 5,325 Mol Magyar Olaj - es Gazipari 77,831 3,802 OTP Bank* 191,971 4,295 OTP Bank GDR* 46,466 2,056 ---------- 18,712 ---------- INDIA -- 7.4% Bharat Heavy Electricals 81,847 1,021 Bharat Petroleum 227,800 1,739 Bharti Televentures* 1,016,447 3,228 Dr. Reddy's Laboratories 24,907 399 Dr. Reddy's Laboratories ADR (A)* 120,400 1,941 GAIL India 181,232 752 GAIL India GDR (A)* 63,400 1,578 Grasim Industries 119,320 2,977 Hindalco Industries 52,047 1,525 Hindalco Industries GDR (A)* 108,800 3,166 Hindustan Lever 935,367 2,551 Hindustan Petroleum 550,881 3,787 Housing Development Finance 81,652 1,082 ICICI Bank 199,000 1,237 ICICI Bank ADR* 94,825 1,309 Indian Overseas Bank 2,184,683 2,463 Infosys Technologies 186,161 6,860 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- ITC 95,611 $ 2,365 ITC GDR (A)* 74,600 1,845 Larsen & Toubro 44,300 823 Mahanagar Telephone Nigam 2,266,748 6,960 Mahanagar Telephone Nigam ADR* 106,050 748 NIIT 51,496 175 NIIT Technologies 77,244 280 Oil & Natural Gas 507,519 8,267 Ranbaxy Laboratories 31,706 752 Reliance Industries 399,445 4,500 Reliance Industries GDR (A)* 140,438 3,282 Satyam Computer Services 369,650 3,033 State Bank of India GDR (A) (C)* 80,300 1,995 Tata Consultancy Services* 34,515 771 Tata Motors 387,098 3,394 ---------- 76,805 ---------- INDONESIA -- 2.5% Astra Agro Lestari* 1,713,000 481 Astra International* 1,516,500 1,134 Bank Mandiri Persero* 6,954,000 1,101 Bank Rakyat Indonesia* 13,373,300 2,993 Gudang Garam* 1,961,800 2,784 HM Sampoerna* 8,876,000 5,911 Indofood Sukses Makmur* 17,746,200 1,308 Indonesian Satellite* 3,564,900 1,644 Ramayana Lestari Sentosa* 1,116,000 518 Telekomunikasi Indonesia* 18,708,400 8,476 Telekomunikasi Indonesia ADR* 3,400 60 ---------- 26,410 ---------- ISRAEL -- 2.5% Bank Hapoalim* 2,036,630 5,633 Check Point Software Technologies* 118,700 2,014 Koor Industries* 1 -- Lipman Electronic Engineering* 49,100 1,154 Makhteshim-Agan Industries* 547,626 2,363 Super-Sol* 361,150 864 Syneron Medical (C)* 46,100 817 Taro Pharmaceuticals Industries (C)* 35,500 830 Teva Pharmaceutical Industries* 14,694 381 Teva Pharmaceutical Industries ADR (C)* 444,604 11,538 ---------- 25,594 ---------- MALAYSIA -- 4.3% Berjaya Sports Toto 175,700 180 CIMB 220,200 286 Gamuda 2,113,400 2,809 Genting 981,900 4,367 Hong Leong Bank 747,400 1,013 IOI 655,800 1,614 Kuala Lumpur Kepong 350,000 617 - -------------------------------------------------------------------------------- 16 SEI Institutional International Trust / Annual Report / September 30, 2004 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Magnum Corp 824,300 $ 523 Malakoff 2,345,300 3,888 Malayan Banking 389,400 1,127 Malaysia International Shipping* 221,200 739 Malaysia International Shipping (Foreign Market)* 1,241,700 4,183 Malaysian Pacific Industries 297,700 1,026 Maxis Communications 1,400,400 3,133 Proton Holdings* 279,000 602 Public Bank 1,856,175 3,102 Public Bank (Foreign Market) 2,771,818 5,179 Resorts World 457,700 1,204 Sime Darby 2,397,100 3,627 Telekom Malaysia 1,721,900 5,075 ---------- 44,294 ---------- MEXICO -- 5.5% Alfa* 212,000 800 America Movil, Ser L ADR* 207,362 8,093 Cemex* 230,688 1,295 Cemex ADR* 118,019 3,321 Coca-Cola Femsa ADR (C)* 226,700 4,416 Consorcio ARA* 270,800 772 Controladora Comercial Mexicana (C)* 1,433,800 1,615 Desc, Ser B* 3,266,666 925 Fomento Economico Mexicano ADR* 67,489 2,982 Grupo Continental (C)* 841,400 1,255 Grupo Financiero Banorte* 834,495 3,927 Grupo Mexico, Ser B* 52,900 213 Grupo Televisa ADR* 102,430 5,401 Kimberly-Clark de Mexico, Ser A (C)* 1,370,531 4,018 Organizacion Soriana, Ser B* 354,726 1,151 Telefonos de Mexico, Ser L ADR (C)* 415,287 13,401 TV Azteca ADR (C)* 76,700 776 Urbi Desarrollos Urbanos (C)* 248,900 910 Wal-Mart de Mexico, Ser D (C)* 639,409 2,170 ---------- 57,441 ---------- MOROCCO -- 0.1% Ona 11,960 1,215 ---------- PERU -- 0.1% Cia de Minas Buenaventura ADR* 43,900 1,043 ---------- PHILIPPINES -- 0.5% ABS-CBN Broadcasting PDR* 1,040,900 393 Bank of the Philippine Islands* 1,130,089 914 Manila Electric (C)* 1,230,700 525 Philippine Long Distance Telephone* 45,300 1,123 Philippine Long Distance Telephone ADR (C)* 82,000 2,053 SM Prime Holdings* 1,530,000 171 ---------- 5,179 ---------- - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- POLAND -- 0.7% Bank Pekao* 4,723 $ 161 Bank Przemyslowo-Handlowy* 8,371 1,062 KGHM Polska Miedz* 124,196 1,198 Polski Koncern Naftowy Orlen GDR* 12,689 247 Telekomunikacja Polska* 587,986 2,543 Telekomunikacja Polska GDR* 550,060 2,382 ---------- 7,593 ---------- RUSSIA -- 4.6% LUKOIL ADR (C)* 172,709 21,416 MMC Norilsk Nickel ADR* 40,487 2,571 Mobile Telesystems ADR* 50,636 7,342 OAO Gazprom ADR (C)* 132,146 4,730 Sberbank GDR* 14,754 612 Surgutneftegaz ADR* 18,600 677 Unified Energy System GDR* 23,020 669 Vimpel-Communications ADR* 66,800 7,268 VolgaTelecom ADR* 51,800 304 YUKOS ADR (C)* 130,753 2,105 ---------- 47,694 ---------- SOUTH AFRICA -- 8.8% ABSA Group (C) 734,923 7,389 Alexander Forbes 85,000 150 Anglo American Platinum 14,701 617 Aveng 759,592 1,009 Barloworld 205,879 2,480 Bidvest Group 267,781 2,605 Edgars Consolidated Stores 47,100 1,375 Gold Fields 221,062 2,987 Illovo Sugar 575,840 703 Impala Platinum Holdings 83,910 6,726 Imperial Holdings 108,057 1,360 Iscor 241,270 1,732 JD Group 417,100 3,305 Liberty Group 137,969 1,236 Massmart Holdings 769,532 4,659 Metro Cash & Carry* 3,530,869 1,396 MTN Group 823,968 3,922 Nampak 1,372,725 2,989 Naspers 118,000 933 Nedcor 754,910 6,937 Network Healthcare Holdings 44,000 34 Sanlam 4,923,981 8,335 Sappi 275,892 3,899 Sasol (C) 587,605 10,935 Shoprite Holdings 672,780 1,070 Standard Bank Group (C) 1,065,533 8,378 Steinhoff International Holdings 1,945,401 2,929 Telkom 73,800 839 Tongaat-Hulett Group 136,700 981 ---------- 91,910 ---------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 17 SCHEDULE OF INVESTMENTS EMERGING MARKETS EQUITY FUND (Continued) September 30, 2004 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- SOUTH KOREA -- 18.3% Cheil Communications 620 $ 80 CJ (C) 42,250 2,275 Daelim Industrial 40,430 1,738 Daewoo Shipbuilding & Marine Engineering 58,130 846 GS Holdings* 55,650 1,191 Hankook Tire (C) 417,840 3,756 Hyundai Department Store (C) 42,540 1,201 Hyundai Development (C) 69,280 755 Hyundai Mobis (C) 74,080 3,731 Hyundai Motor (C) 138,990 6,409 Industrial Bank of Korea 149,000 915 INI Steel (C) 59,010 656 Kangwon Land (C) 202,784 2,184 Kia Motors (C) 247,330 2,277 Kookmin Bank* 559,380 17,707 Kookmin Bank ADR (C)* 77,144 2,456 Korea Electric Power 585,070 11,051 Korea Fine Chemical (C) 10,960 100 Korean Reinsurance 483,080 1,657 KT ADR (C)* 369,293 6,673 KT&G (C) 104,950 2,775 LG Chem (C) 41,390 1,571 LG Electronics 21,290 1,224 LG Household & Health Care (C) 32,140 860 POSCO 60,670 9,036 POSCO ADR* 81,950 3,102 Samsung (C) 97,940 1,361 Samsung Electro-Mechanics (C)* 101,660 2,604 Samsung Electronics (C) 144,220 57,362 Samsung Fire & Marine Insurance (C) 177,010 10,192 Samsung SDI (C) 32,260 3,180 Shinhan Financial Group (C) 449,660 7,771 Shinsegae (C) 35,557 9,464 SK Telecom 26,450 4,031 SK Telecom ADR (C)* 434,642 8,454 ---------- 190,645 ---------- TAIWAN -- 12.7% Accton Technology* 1,143,649 490 Advanced Semiconductor Engineering* 1,521,000 1,012 Asustek Computer 1,777,025 3,897 Benq 1,103,000 1,143 Catcher Technology 670,800 1,876 Cathay Financial Holding 2,511,000 4,731 Cathay Financial Holding GDR (C)* 52,586 991 China Motors 956,000 1,171 China Steel 1,119,890 1,137 Chinatrust Financial Holding 8,429,057 9,082 Chunghwa Telecom 859,000 1,429 Chunghwa Telecom ADR (C)* 90,200 1,588 Compal Electronics 6,126,118 6,077 Delta Electronics 1,110,300 1,552 Elan Microelectronics 761,170 533 Eva Airways* 1,963,000 763 - ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------------------------- Far Eastern Textile 2,124,000 $ 1,444 Far EasTone Telecommunications 1,515,000 1,432 First Financial Holding* 2,442,000 1,819 Formosa Chemicals & Fibre 325,000 560 Formosa Plastics 331,780 518 Fubon Financial Holding 675,000 620 High Tech Computer 345,360 1,317 HON HAI Precision Industry 3,736,532 12,869 Kindom Construction* 184,700 57 Largan Precision 290,290 2,042 Makalot Industrial 1,009,682 1,340 MediaTek 785,356 5,271 Mega Financial Holding 1,220,000 769 Nan Ya Plastic 6,803,043 9,913 Nien Hsing Textile 1,134,000 995 Nien Made Enterprises 1,304,320 1,939 Novatek Microelectronics 216,600 574 Optimax Technology 648,440 1,460 President Chain Store 584,168 858 Quanta Computer 3,713,607 6,395 Siliconware Precision Industries 801,900 550 Sinopac Holdings 11,169,056 5,852 Taiwan Cellular 2,846,632 2,732 Taiwan Green Point Enterprise 383,777 1,096 Taiwan Semiconductor Manufacturing 14,399,798 18,355 Unimicron Technology 535,558 333 United Microelectronics* 14,797,782 8,930 United Microelectronics ADR (C)* 354,295 1,197 Yageo* 7,944,440 2,982 Yuanta Core Pacific Securities 993,600 702 ---------- 132,393 ---------- THAILAND -- 3.0% Advanced Info Service* 308,500 745 Advanced Info Service (Foreign Market)* 1,149,600 2,775 Asian Property Development* 9,329,800 874 Asian Property Development NVDR* 1,295,200 121 Bangkok Bank* 1,958,500 4,657 Charoen Pokphand Foods (C)* 7,403,100 636 CP Seven Eleven* 75,500 106 Delta Electronics* 855,000 388 Italian-Thai Development* 10,163,800 2,257 Kasikornbank (C)* 3,344,134 3,754 Krung Thai Bank* 6,147,000 1,217 Land And Houses (C)* 7,067,200 1,552 PTT* 338,000 1,379 PTT Exploration & Production* 8,600 62 Siam Cement 946,750 6,079 Siam Commercial Bank* 2,398,910 2,563 Siam Makro* 529,300 581 Sino Thai Engineering & Construction* 1,597,300 341 Thai Airways International* 1,290,700 1,519 ---------- 31,606 ---------- - -------------------------------------------------------------------------------- 18 SEI Institutional International Trust / Annual Report / September 30, 2004 - ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------- TURKEY -- 2.3% Akbank* 2,177,310,119 $ 9,834 Anadolu Efes Biracilik Ve Malt Sanayii 41,437,605 633 Arcelik* 193,896,595 1,133 Denizbank* 145,220,000 277 Dogan Yayin Holding* 502,091,082 1,718 Hurriyet Gazeteci 436,338,304 790 Tupras Turkiye Petrol Rafine* 321,304,715 2,625 Turkcell Iletisim Hizmet 374,404,058 1,666 Turkiye Garanti Bankasi* 862,044,367 2,892 Turkiye IS Bankasi 510,351,520 1,865 ---------- 23,433 ---------- UNITED KINGDOM -- 2.8% Anglo American (C) 214,870 5,152 Anglo American (South African Shares) (C) 775,109 18,435 BHP Billiton 152,435 1,601 Old Mutual 1,804,398 3,730 ---------- 28,918 ---------- VENEZUELA -- 0.2% Cia Anonima Nacional Telefonos de Venezuela ADR* 95,399 2,149 ---------- Total Common Stock (Cost $815,941) ($ Thousands) 949,931 ---------- CORPORATE OBLIGATIONS (D) -- 7.3% UNITED STATES -- 7.3% Allstate Life Global Funding II 1.750%, 10/14/05 $ 6,791 6,791 Blue Heron Funding, Ser 6A,Cl 1 1.852%, 05/18/05 6,467 6,467 CCN Independence IV 1.830%, 07/15/05 4,851 4,851 Countrywide Home Loans 2.040%, 06/23/05 6,791 6,789 Harwood Street Funding I, Ser 2004-1A, Cl Note 1.870%, 09/20/05 4,851 4,851 Morgan Stanley 1.696%, 10/04/05 4,851 4,851 RMAC, Ser 2004-NS2A, Cl A1 1.740%, 06/12/05 6,529 6,529 Saturn Ventures II 1.644%, 02/07/05 5,821 5,820 Sigma Finance 1.649%, 01/04/05 6,791 6,790 Wachovia Auto Owner Trust, Ser 2004-A, Cl A1 2.111%, 06/20/05 3,357 3,357 Washington Mutual Bank 1.730%, 08/18/05 5,821 5,821 - ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------- White Pine Finance 1.756%, 03/11/05 6,791 $ 6,789 Whitehawk CDO Funding, Ser 2004-1A, Cl AMMA 1.741%, 03/15/05 5,821 5,821 ---------- Total Corporate Obligations (Cost $75,527) ($ Thousands) 75,527 ---------- PREFERRED STOCK -- 6.1% BRAZIL -- 5.5% Banco Bradesco* 25,770 1,353 Banco Itau Holding Financeira* 36,336,220 4,022 Brasil Telecom* 929,354,991 3,702 Caemi Mineracao e Metalurgica* 716,900 451 Centrais Eletricas Brasileiras* 14,800,000 222 Cia de Bebidas das Americas ADR* 230,096 5,154 Cia Energetica de Minas Gerais* 224,440,093 4,789 Cia Paranaense de Energia* 303,040,000 1,092 Cia Siderurgica Belgo Mineira* 415,600 193 Cia Siderurgica de Tubarao* 4,890,000 208 Cia Tecidos Norte De Mina* 17,505,000 1,678 Cia Vale do Rio Doce ADR* 368,469 7,093 Duratex* 25,181,000 1,056 Gerdau* 296,100 4,811 Investimentos Itau* 1,479,336 1,987 Marcopolo* 289,000 642 Petroleo Brasileiro* 25,500 837 Petroleo Brasileiro ADR (C)* 312,170 9,964 Sadia* 102,700 192 Tele Norte Leste Participacoes* 122,311 1,613 Telecomunicacoes de Sao Paulo* 46,827,900 819 Telemar Norte Leste* 269,579 4,738 Telemig Celular Participacoes* 311,747,000 444 ---------- 57,060 ---------- SOUTH KOREA -- 0.6% Hyundai Motor* 34,140 819 Hyundai Motor (Second Preferred)* 207,430 5,368 ---------- 6,187 ---------- Total Preferred Stock (Cost $47,091) ($ Thousands) 63,247 ---------- COMMERCIAL PAPER (D) -- 1.5% UNITED STATES -- 1.5% CPI Funding 1.882%, 10/25/04 4,859 4,853 Golden Fish 1.884%, 11/08/04 4,749 4,740 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 19 SCHEDULE OF INVESTMENTS EMERGING MARKETS EQUITY FUND (Concluded) September 30, 2004 - ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------- Rhineland Funding 1.903%, 10/26/04 $ 1,850 $ 1,847 TMC 1.915%, 11/15/04 3,880 3,871 ---------- Total Commercial Paper (Cost $15,311) ($ Thousands) 15,311 ---------- MASTER NOTE (D) -- 0.6% UNITED STATES -- 0.6% Bear Stearns 2.050%, 10/01/04 6,467 6,467 ---------- Total Master Note (Cost $6,467) ($ Thousands) 6,467 ---------- TIME DEPOSITS -- 0.5% Brown Brothers Harriman 7.000%, 10/01/04 ZAR 3,490 539 3.750%, 10/01/04 GBP 69 126 1.300%, 10/01/04 4,850 4,850 ---------- Total Time Deposits (Cost $5,515) ($ Thousands) 5,515 ---------- EQUITY LINKED WARRANT (B) -- 0.1% INDIA -- 0.1% ICICI Bank* 60,608 381 ---------- Total Equity Linked Warrant (Cost $412) ($ Thousands) 381 ---------- CASH EQUIVALENT -- 0.5% UNITED STATES -- 0.5% SEI Daily Income Trust, Prime Obligation Fund, Cl A+ 5,091,124 5,091 ---------- Total Cash Equivalent (Cost $5,091) ($ Thousands) 5,091 ---------- - ------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENT (D) -- 5.2% Barclays 1.570%, dated 09/30/04, to be repurchased on 10/01/04, repurchase price $54,168,135 (collateralized by various FNMA Obligations, ranging in par value $6,655,980-$13,198,456, 2.625%-6.000%, 12/15/05-05/15/09; with total market value $55,249,929) $54,167 $ 54,167 ---------- Total Repurchase Agreement (Cost $54,167) ($ Thousands) 54,167 ---------- Total Investments -- 113.1% (Cost $1,025,522) ($ Thousands) $1,175,637 ========== Percentages are based on Net Assets of $1,039,734,535. * Non-Income Producing Security + See Note 3 in Notes to Financial Statements. (1) In U.S. Dollars, unless otherwise noted. (A) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." As of September 30, 2004, the total value of these securities was $17,463,219, representing 1.68% of the Fund's net assets (See Note 2). (B) Security is illiquid. See Note 2 discussing Equity-Linked Warrants. (C) This security or a partial position of this security is on loan at September 30, 2004. The total value of securities on loan at September 30, 2004 was $143,538,498 (See Note 10). (D) This security was purchased with cash collateral held from securities lending. The total value of such securities as of September 30, 2004 was $151,472,048 (See Note 10). ADR -- American Depositary Receipt Cl -- Class FNMA -- Federal National Mortgage Association GDR -- Global Depositary Receipt GBP -- Great Britain Pound NVDR -- Non-Voting Depositary Receipt PDR -- Philippine Depositary Receipt Ser -- Series ZAR -- South African Rand The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 20 SEI Institutional International Trust / Annual Report / September 30, 2004 INTERNATIONAL FIXED INCOME FUND September 30, 2004 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS (UNAUDITED)*: 57.8% Government 26.0% Financials 5.1% U.S. Treasury Obligations 3.1% Special Purpose Entity 2.7% Cash Equivalents 2.2% Industrials 1.6% Telecommunication Services 1.5% Utilities *Percentages based on total investments. - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- GLOBAL BONDS -- 83.0% BELGIUM -- 0.8% Kingdom of Belgium, Ser 31 5.500%, 03/28/28 4,980 $ 6,925 -------- CAYMAN ISLANDS -- 0.3% Mizuho Financial Group 4.750%, 04/15/14 1,900 2,422 -------- DENMARK -- 1.4% Kingdom of Denmark 6.000%, 11/15/11 65,000 12,277 -------- FINLAND -- 0.6% Government of Finland 4.250%, 07/04/15 4,690 5,908 -------- FRANCE -- 17.6% France Telecom 9.500%, 03/01/31 2,560 3,395 France Telecom, Ser E, MTN 8.125%, 01/28/33 1,150 1,904 French Treasury Note 4.500%, 07/12/06 55,000 70,576 Government of France 5.750%, 10/25/32 10,990 15,974 4.000%, 04/25/09 (A) 53,020 67,915 -------- 159,764 -------- IRELAND -- 0.3% Allied Irish Banks 7.500%, 02/28/11 1,910 2,799 -------- ITALY -- 2.9% Buoni Poliennali Del Tesoro 5.750%, 02/01/33 6,770 9,642 Sanpaolo IMI, Ser E, MTN 6.375%, 04/06/10 4,300 6,006 UniCredito Italiano, Ser 1, MTN 6.000%, 03/16/11 7,700 10,648 -------- 26,296 -------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- JAPAN -- 21.9% Government of Japan 10 Year Bond, Ser 242 1.200%, 09/20/12 5,667,000 $ 51,491 Government of Japan 10 Year Bond, Ser 256 1.400%, 12/20/13 5,743,000 52,281 Government of Japan 5 Year Bond, Ser 31 0.600%, 09/20/08 500,000 4,563 Government of Japan 5 Year Bond, Ser 35 0.600%, 03/20/09 5,584,000 50,803 Government of Japan 5 Year Bond, Ser 39 0.800%, 09/20/09 4,300,000 39,341 -------- 198,479 -------- LUXEMBOURG -- 0.4% Telecom Italia Finance, Ser E, MTN 6.125%, 04/20/06 2,840 3,710 -------- NETHERLANDS -- 5.7% Arena, Ser 2003-1, Cl A2 4.300%, 05/19/55 10,500 13,345 Deutsche Telekom International Finance 8.125%, 05/29/12 3,950 6,119 E.ON International Finance, Ser E, MTN 5.750%, 05/29/09 6,515 8,860 EADS Finance, Ser E, MTN 4.625%, 03/03/10 2,130 2,735 Government of Netherlands 7.500%, 01/15/23 4,670 7,967 Linde Finance 6.000%, 07/03/13 1,370 1,849 Munich Re Finance 6.750%, 06/21/23 2,280 3,209 Saecure, Ser A2 5.710%, 11/25/07 6,000 7,993 -------- 52,077 -------- NEW ZEALAND -- 10.4% Government of New Zealand, Ser 709 7.000%, 07/15/09 135,400 94,627 -------- SWEDEN -- 2.6% Kingdom of Sweden, Ser 1043 5.000%, 01/28/09 95,060 13,749 Nordea Bank 6.000%, 12/13/10 7,700 9,917 -------- 23,666 -------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 21 SCHEDULE OF INVESTMENTS INTERNATIONAL FIXED INCOME FUND (Concluded) September 30, 2004 - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- UNITED KINGDOM -- 12.8% Aviva 5.700%, 09/29/49 EUR 1,900 $ 2,529 Bank of Scotland, Ser E, MTN 6.125%, 02/05/13 EUR 2,630 3,700 5.500%, 07/27/09 EUR 4,950 6,632 5.500%, 10/29/12 EUR 2,390 3,232 Chester Asset Receivables 6.125%, 10/15/10 EUR 15,770 22,037 Compass Group, Ser E, MTN 6.000%, 05/29/09 EUR 2,410 3,273 HSBC Capital Funding 8.030%, 06/30/12 EUR 3,060 4,721 Hilton Group Finance, Ser E, MTN 6.500%, 07/17/09 EUR 1,150 1,592 Imperial Tobacco Finance, Ser E, MTN 6.250%, 06/06/07 EUR 1,510 2,020 MBNA Europe Funding, Ser E, MTN 4.500%, 01/23/09 EUR 3,700 4,738 NGG Finance 6.125%, 08/23/11 EUR 3,820 5,296 Permanent Financing 5.100%, 06/11/07 EUR 10,200 13,328 Royal Bank of Scotland Group 6.770%, 03/31/05 EUR 7,410 9,389 United Kingdom Treasury 4.750%, 12/07/38 1,630 3,036 4.250%, 06/07/32 11,730 19,965 United Utilities Water, Ser E, MTN 6.625%, 11/08/07 EUR 7,800 10,649 -------- 116,137 -------- UNITED STATES -- 5.3% Chase Credit Card Master Trust, Ser 1998-4 5.000%, 08/15/08 EUR 7,200 9,476 Citibank Credit Card Issurance Trust 5.375%, 04/10/13 EUR 6,800 9,164 Ford Motor Credit, Ser E, MTN 6.750%, 01/14/08 EUR 2,650 3,564 General Motors 8.375%, 07/05/33 EUR 1,500 2,078 Goldman Sachs Group 5.125%, 04/24/13 EUR 810 1,054 Honda Auto Receivable Owners Trust, Ser 2004-2, Cl A1 1.576%, 07/15/05 EUR 10,733 10,727 MBNA Credit Card Master Trust, Ser 2002-A2, Cl A 5.600%, 07/17/14 EUR 6,650 9,108 Zurich Finance USA, Ser E, MTN 5.750%, 10/02/23 EUR 2,450 3,237 -------- 48,408 -------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- Total Global Bonds (Cost $703,726) ($ Thousands) $753,495 -------- COMMERCIAL PAPER -- 7.4% UNITED STATES -- 7.4% ANZ (Delaware) (C) 1.642%, 10/12/04 $30,000 29,984 CPI Funding (B) 1.882%, 10/25/04 2,146 2,143 Danske Bank (C) 1.763%, 10/21/04 20,000 19,980 Golden Fish (B) 1.884%, 11/08/04 2,097 2,093 Rhineland Funding (B) 1.903%, 10/26/04 817 816 Svenska Handelsbank (C) 1.539%, 10/05/04 10,000 9,998 TMC (B) 1.915%, 11/15/04 1,713 1,709 -------- Total Commercial Paper (Cost $66,723) ($ Thousands) 66,723 -------- U.S. TREASURY OBLIGATIONS -- 5.3% U.S. Treasury Bills (C) 1.455%, 11/04/04 23,500 23,467 1.632%, 12/16/04 20,000 19,932 U.S. Treasury Note 1.626%, 12/23/04 5,000 4,981 -------- Total U.S. Treasury Obligations (Cost $48,380) ($ Thousands) 48,380 -------- CORPORATE OBLIGATIONS (B) -- 3.7% UNITED STATES -- 3.7% Allstate Life Global Funding II 1.750%, 10/14/05 2,999 2,999 Blue Heron Funding, Ser 6A,Cl 1 1.852%, 05/18/05 2,856 2,856 CCN Independence IV 1.830%, 07/15/05 2,142 2,142 Countrywide Home Loans 2.040%, 06/23/05 2,999 2,998 Harwood Street Funding I, Ser 2004-1A, Cl Note 1.870%, 09/20/05 2,142 2,142 Morgan Stanley 1.696%, 10/04/05 2,142 2,142 RMAC, Ser 2004-NS2A, Cl A1 1.740%, 06/12/05 2,883 2,883 Saturn Ventures II 1.644%, 02/07/05 2,570 2,570 Sigma Finance 1.649%, 01/04/05 2,999 2,998 - -------------------------------------------------------------------------------- 22 SEI Institutional International Trust / Annual Report / September 30, 2004 - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Ser 2004-A, Cl A1 2.111%, 06/20/05 $ 1,482 $ 1,482 Washington Mutual Bank 1.730%, 08/18/05 2,570 2,570 White Pine Finance 1.756%, 03/11/05 2,999 2,998 Whitehawk CDO Funding, Ser 2004-1A, Cl AMMA 1.741%, 03/15/05 2,570 2,570 -------- Total Corporate Obligations (Cost $33,350) ($ Thousands) 33,350 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.9% UNITED STATES -- 2.9% FNMA (C) 1.704%, 11/08/04 22,000 21,945 SLMA 3.800%, 06/17/10 3,500 4,346 -------- Total U.S. Government Agency Obligations (Cost $25,687) ($ Thousands) 26,291 -------- MASTER NOTE (B) -- 0.3% UNITED STATES -- 0.3% Bear Stearns 2.050%, 10/01/04 2,856 2,856 -------- Total Master Note (Cost $2,856) ($ Thousands) 2,856 -------- TIME DEPOSITS -- 0.2% Brown Brothers Harriman 1.300%, 10/01/04 1,575 1,575 1.200%, 10/01/04 DKK 28 5 -------- Total Time Deposits (Cost $1,580) ($ Thousands) 1,580 -------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENT (B) -- 2.6% Barclays 1.570%, dated 09/30/04, to be repurchased on 10/01/04, repurchase price $23,918,840 (collateralized by various FNMA Obligations, ranging in par value $2,939,059-$5,827,998, 2.625%-6.000%, 12/15/05-05/15/09; with total market value $24,396,524) $23,918 $ 23,918 -------- Total Repurchase Agreement (Cost $23,918) ($ Thousands) 23,918 -------- Total Investments -- 105.4% (Cost $906,220) ($ Thousands) $956,593 ======== Percentages are based on Net Assets of $907,632,986. (1) In local currency unless otherwise indicated. (A) This security or a partial position of this security is on loan at September 30, 2004. The total value of the security on loan at September 30, 2004 was $66,608,254 (See Note 10). (B) This security was purchased with cash collateral held from securities lending. The total value of such securities as of September 30, 2004 was $66,885,000. (See Note 10.) (C) The rate reported is the effective yield at time of purchase. Cl -- Class DKK -- Danish Krone EUR -- Euro FNMA -- Federal National Mortgage Association MTN -- Medium Term Note Ser -- Series SLMA -- Student Loan Marketing Association The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 23 SCHEDULE OF INVESTMENTS EMERGING MARKETS DEBT FUND September 30, 2004 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS (UNAUDITED)*: 66.6% Government 20.1% Financials 7.5% Cash Equivalents 2.9% Consumer Discretionary 1.8% Energy 0.6% Basic Materials 0.5% Information Technology *Percentages based on total investments. - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- GLOBAL BONDS -- 88.2% ARGENTINA -- 2.3% Banco De Galicia 11.000%, 01/01/19 508 $ 420 3.000%, 01/01/14 3,269 2,190 Ciesa (B) 0.000%, 04/22/02 BRL 12,600 5,418 Empressa Distribuidora de Electricidad de Mendoza, Ser E, MTN (B) 0.000%, 01/10/03 5,000 1,750 Republic of Argentina, Ser L-GL (B) 6.762%, 03/31/23 9,775 4,978 Republic of Argentina, Ser L-GP (B) 6.000%, 03/31/23 6,175 3,242 -------- 17,998 -------- BRAZIL -- 20.2% Federal Republic of Brazil 12.250%, 03/06/30 32,141 39,694 11.000%, 01/11/12 (E) 3,250 3,729 11.000%, 08/17/40 (E) 35,428 39,715 10.500%, 07/14/14 2,775 3,090 10.125%, 05/15/27 11,110 11,776 9.250%, 10/22/10 2,270 2,429 8.875%, 04/15/24 3,700 3,545 8.250%, 01/20/34 710 633 7.720%, 06/29/09 1,440 1,574 2.063%, 04/15/09 (C) 5,923 5,671 Federal Republic of Brazil, Ser 15YR (C) 2.125%, 04/15/09 956 934 Federal Republic of Brazil, Ser 18YR (C) 2.125%, 04/15/12 21,497 19,911 Federal Republic of Brazil, Ser 20YR (E) 8.000%, 04/15/14 22,435 22,183 -------- 154,884 -------- BULGARIA -- 0.6% Republic of Bulgaria Registered 8.250%, 01/15/15 1,200 1,477 Republic of Bulgaria, Ser A (C) 2.750%, 07/28/12 1,581 1,573 Republic of Bulgaria, Ser IAB (C) 2.750%, 07/28/11 1,888 1,879 -------- 4,929 -------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- CHILE -- 0.8% Republic of Chile 7.125%, 01/11/12 5,375 $ 6,160 -------- COLOMBIA -- 5.1% Republic of Colombia 11.750%, 02/25/20 (E) 12,940 15,819 10.750%, 01/15/13 (E) 5,250 6,017 10.375%, 01/28/33 (E) 6,900 7,486 10.000%, 01/23/12 2,050 2,267 8.700%, 02/15/16 2,420 2,372 8.375%, 02/15/27 (E) 1,750 1,592 8.125%, 05/21/24 425 384 7.625%, 02/15/07 2,950 3,134 -------- 39,071 -------- COSTA RICA -- 0.5% Government of Costa Rica (A) 9.995%, 08/01/20 2,200 2,376 8.050%, 01/31/13 1,475 1,479 -------- 3,855 -------- DOMINICAN REPUBLIC -- 0.2% Dominican Republic Registered 9.500%, 09/27/06 1,575 1,337 -------- ECUADOR -- 2.6% Republic of Ecuador Registered 12.000%, 11/15/12 14,020 13,838 8.000%, 08/15/30 7,216 5,881 -------- 19,719 -------- EL SALVADOR -- 0.6% Republic of El Salvador (E) 7.750%, 01/24/23 4,000 4,295 -------- HUNGARY -- 0.4% Government of Hungary 7.000%, 06/24/09 HUF 500,000 2,303 6.500%, 08/24/06 HUF 196,000 919 -------- 3,222 -------- INDONESIA -- 0.7% Garuda Indonesia (C) 1.670%, 12/31/07 1,650 1,468 Indah Kiat Finance Mauritius (B) 10.000%, 07/01/07 7,250 3,752 -------- 5,220 -------- - -------------------------------------------------------------------------------- 24 SEI Institutional International Trust / Annual Report / September 30, 2004 - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- KAZAKHSTAN -- 0.7% Kazkommerts International (A) 8.500%, 04/16/13 450 $ 457 7.875%, 04/07/14 1,000 963 Kazkommerts International Registered 8.500%, 04/16/13 3,800 3,863 -------- 5,283 -------- MACEDONIA -- 0.1% Government of Macedonia (C) 2.654%, 07/13/12 509 448 -------- MALAYSIA -- 1.1% Government of Malaysia 8.750%, 06/01/09 800 958 7.500%, 07/15/11 2,725 3,195 Petronas Capital 7.875%, 05/22/22 3,700 4,433 -------- 8,586 -------- MEXICO -- 12.4% Cornhill, Ser 39 (B) 0.000%, 01/30/00 1,650 330 Cornhill, Ser 46 (B) 8.626%, 03/02/00 150 30 Pemex Project Funding Master Trust 8.000%, 11/15/11 500 566 Pemex Project Funding Master Trust (E) 8.500%, 02/15/08 3,750 4,209 Petroleos Mexicanos (E) 9.500%, 09/15/27 7,350 8,967 United Mexican States 11.375%, 09/15/16 11,935 17,544 6.625%, 03/03/15 (E) 31,825 33,735 5.875%, 01/15/14 (E) 16,264 16,508 United Mexican States, MTN 8.300%, 08/15/31 5,765 6,558 6.375%, 01/16/13 6,475 6,818 -------- 95,265 -------- NIGERIA -- 0.6% Central Bank of Nigeria 6.250%, 11/15/20 3,500 3,264 5.092%, 01/05/10 2,531 873 Turanalem Finance 8.000%, 03/24/14 450 432 -------- 4,569 -------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- PANAMA -- 1.0% Republic of Panama 9.625%, 02/08/11 2,990 $ 3,431 9.375%, 01/16/23 (E) 1,070 1,166 8.875%, 09/30/27 (E) 2,250 2,363 Republic of Panama, Ser 18YR (C) 2.750%, 07/17/14 685 654 -------- 7,614 -------- PERU -- 2.4% Republic of Peru 9.875%, 02/06/15 (E) 2,575 2,961 8.750%, 11/21/33 2,000 1,985 8.375%, 05/03/16 1,875 1,950 Republic of Peru FLIRB, Ser 20YR (C) (E) 4.500%, 03/07/17 6,930 6,151 Republic of Peru, Ser 20YR (C) 5.000%, 03/07/17 5,601 5,097 -------- 18,144 -------- PHILIPPINES -- 4.1% Philippine Airlines (B) (G) 19.845%, 06/07/11 3,776 1,322 Republic of Philippines (E) 10.625%, 03/16/25 17,895 19,103 9.375%, 01/18/17 6,300 6,622 9.000%, 02/15/13 3,975 4,094 -------- 31,141 -------- RUSSIA -- 17.4% Aries Vermogensverwaltungs (A) 9.600%, 10/25/14 13,425 15,070 Russian Federation 12.750%, 06/24/28 10,795 16,408 11.000%, 07/24/18 10,535 13,748 8.250%, 03/31/10 12,175 13,240 5.000%, 03/31/30 (C) 77,585 74,579 -------- 133,045 -------- SOUTH AFRICA -- 0.9% Republic of South Africa 9.125%, 05/19/09 2,325 2,755 6.500%, 06/02/14 3,700 3,950 -------- 6,705 -------- SOUTH KOREA -- 0.5% Hynix Semiconductor 6.500%, 12/31/04 KRW 6,900,000 4,195 6.000%, 12/31/06 KRW 89,000 54 -------- 4,249 -------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 25 SCHEDULE OF INVESTMENTS EMERGING MARKETS DEBT FUND (Continued) September 30, 2004 - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- TURKEY -- 5.0% Republic of Turkey Global Bond 23.967%, 04/27/05 (D) TRL 3,500,000,000 $ 2,053 22.319%, 08/24/05 (D) TRL 4,300,000,000 2,339 27.518%, 10/05/05 (D) TRL 7,700,000,000 4,072 12.375%, 06/15/09 500 622 11.875%, 01/15/30 7,845 10,846 11.750%, 06/15/10 1,150 1,426 11.500%, 01/23/12 6,550 8,155 11.000%, 01/14/13 3,095 3,799 9.500%, 01/15/14 (E) 4,175 4,739 -------- 38,051 -------- UKRAINE -- 0.7% Government of Ukraine (A) 6.875%, 03/04/11 3,880 3,834 Government of Ukraine Registered 7.650%, 06/11/13 1,745 1,745 -------- 5,579 -------- URUGUAY -- 2.2% Republic of Uruguay 10.500%, 10/20/06 UYU 22,400 916 7.875%, 01/15/33 4,661 3,752 7.500%, 03/15/15 13,916 12,316 -------- 16,984 -------- VENEZUELA -- 5.1% Government of Venezuela 10.750%, 09/19/13 3,815 4,286 9.375%, 01/13/34 6,475 6,397 9.250%, 09/15/27 (E) 15,810 15,581 8.500%, 10/08/14 1,540 1,505 5.375%, 08/07/10 (E) 8,760 7,915 2.750%, 12/18/07 (C) 1,333 1,328 Government of Venezuela, Ser A 6.750%, 03/31/20 (C) 725 703 2.063%, 03/31/07 1,000 998 -------- 38,713 -------- Total Global Bonds (Cost $611,537) ($ Thousands) 675,066 -------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- CORPORATE OBLIGATIONS (F) -- 7.1% UNITED STATES -- 7.1% Allstate Life Global Funding II 1.750%, 10/14/05 $ 4,872 $ 4,872 Blue Heron Funding, Ser 6A,Cl 1 1.852%, 05/18/05 4,640 4,640 CCN Independence IV 1.830%, 07/15/05 3,480 3,480 Countrywide Home Loans 2.040%, 06/23/05 4,872 4,871 Harwood Street Funding I, Ser 2004-1A, Cl Note 1.870%, 09/20/05 3,480 3,480 Morgan Stanley 1.696%, 10/04/05 3,480 3,480 RMAC, Ser 2004-NS2A, Cl A1 1.740%, 06/12/05 4,684 4,684 Saturn Ventures II 1.644%, 02/07/05 4,176 4,176 Sigma Finance 1.649%, 01/04/05 4,872 4,872 Wachovia Auto Owner Trust, Ser 2004-A, Cl A1 2.111%, 06/20/05 2,409 2,409 Washington Mutual Bank 1.730%, 08/18/05 4,176 4,176 White Pine Finance 1.756%, 03/11/05 4,872 4,871 Whitehawk CDO Funding, Ser 2004-1A, Cl AMMA 1.741%, 03/15/05 4,176 4,176 -------- Total Corporate Obligations (Cost $54,187) ($ Thousands) 54,187 -------- - -------------------------------------------------------------------------------- 26 SEI Institutional International Trust / Annual Report / September 30, 2004 - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- LOAN PARTICIPATIONS -- 6.3% ALGERIA -- 0.4% Republic of Algeria (Counterparty: Credit Suisse First Boston) (C) 2.813%, 03/04/10 2,907 $ 2,864 -------- ARGENTINA -- 0.8% Ciesa (Counterparty: Bank of America) (B) 0.000%, 04/22/02 3,400 1,462 Edesa USD Promissory Notes (Counterparty: Bank of America) (B) (G) 0.446%, 12/31/49 3,300 2,607 Edesa USD Promissory Notes (Counterparty: Citigroup Global Markets) (B) (G) 1.290%, 12/31/49 2,000 1,580 Telecom Personal Promissory Notes (Counterparty: Bank of America) (B) (G) 1.100%, 12/31/49 ARS 2,846 811 -------- 6,460 -------- INDIA -- 0.5% Kaltim Prima Coal (Counterparty: Credit Suisse First Boston) 0.000%, 12/31/49 3,570 3,552 -------- INDONESIA -- 1.1% Indonesia Standby Loan 94 (Counterparty: Deutsche Bank) (C) 2.875%, 12/31/49 6,512 5,730 PKN Tranche D Secured Short Term, Ser 1 (Counterparty: Citibank) 0.000%, 10/06/04 370 369 PKN Tranche D Secured Short Term, Ser 2 (Counterparty: Citibank) 0.000%, 08/10/04 515 511 PKN Tranche Loan A (Counterparty: Citigroup Global Markets) 0.000%, 06/30/11 1,533 1,457 PKN Tranche Loan B (Counterparty: Citigroup Global Markets) 0.000%, 05/01/11 4,200 345 -------- 8,412 -------- MEXICO -- 0.3% Altos Hornos, Promissory Note # 5 (B) 0.000%, 04/29/99 2,500 575 Altos Hornos, Promissory Note # 6 (B) 0.000%, 04/29/99 2,500 575 - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- Altos Hornos, Tranche A (Counterparty: Banc of America) (B) 0.000%, 04/11/04 3,540 $ 850 -------- 2,000 -------- MOROCCO -- 1.6% Kingdom of Morocco, Ser A (Counterparties: UBS, J.P. Morgan, Merrill Lynch) (C) 2.781%, 01/02/09 12,794 12,602 -------- SINGAPORE -- 0.7% C2C Loan (Counterparty: Deutsche Bank) (B) (G) 12/140%, 12/31/10 SGD 10,800 5,076 -------- THAILAND -- 0.9% TPI JPY Loan (Counterparty: Deutsche Bank) (B) (G) 2.059%, 12/31/49 JPY 354,231 2,346 TPI SYN Loan (Counterparty: Banc of America) (B) (G) 0.916%, 12/31/49 6,600 4,851 -------- 7,197 -------- Total Loan Participations (Cost $42,241) ($ Thousands) 48,163 -------- TIME DEPOSITS -- 3.4% Brown Brothers Harriman 1.300%, 10/01/04 $25,835 25,835 -------- Total Time Deposits (Cost $25,835) ($ Thousands) 25,835 -------- COMMERCIAL PAPER (F) -- 1.4% UNITED STATES -- 1.4% CPI Funding 1.882%, 10/25/04 3,486 3,482 Golden Fish 1.884%, 11/08/04 3,407 3,401 Rhineland Funding 1.903%, 10/26/04 1,327 1,325 TMC 1.915%, 11/15/04 2,784 2,777 -------- Total Commercial Paper (Cost $10,985) ($ Thousands) 10,985 -------- MASTER NOTE (F) -- 0.6% Bear Stearns 2.050%, 10/01/04 4,640 4,640 -------- Total Master Note (Cost $4,640) ($ Thousands) 4,640 -------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 27 SCHEDULE OF INVESTMENTS EMERGING MARKETS DEBT FUND (Concluded) September 30, 2004 - ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- PREFERRED STOCK -- 0.0% ARGENTINA -- 0.1% Grupo Financiero Galicia* 639,625 $ 401 -------- Total Preferred Stock (Cost $182) ($ Thousands) 401 -------- COMMON STOCK -- 0.0% THAILAND -- 0.0% TPI Equity 14,525 -- -------- INDONESIA -- 0.0% PKN Tranche C Equity 24,929 -- -------- Total Common Stock (Cost $0) ($ Thousands) -- -------- WARRANT -- 0.0% NIGERIA -- 0.0% Central Bank of Nigeria (H)* 2,000 -- -------- Total Warrant (Cost $0) ($ Thousands) -- -------- RIGHTS -- 0.0% Government of Venezuela Par, Expire 04/15/20 (H) 215 -- -------- Total Rights (Cost $36) ($ Thousands) -- -------- REPURCHASE AGREEMENTS -- 5.6% Barclays (F) 1.570%, dated 09/30/04, to be repurchased on 10/01/04, repurchase price $38,863,307 (collateralized by various FNMA Obligations, ranging in par value $4,775,379-$9,469,324, 2.625%-6.000%, 12/15/05-05/15/09; with total market value $39,639,447) $38,862 38,862 Merrill Lynch 1.620%. dated 09/30/04, to be repurchased on 10/01/04, repurchase price $4,173,195 (collateralized by U.S. Treasury Obligation, par value $3,315,000, 7.250%, 05/15/16; with total market value $4,256,460) 4,173 4,173 -------- Total Repurchase Agreements (Cost $43,035) ($ Thousands) 43,035 -------- Total Investments -- 112.6% (Cost $792,678) ($ Thousands) $862,312 ======== - ------------------------------------------------------------------------------- Description - ------------------------------------------------------------------------------- Percentages are based on Net Assets of $765,482,864 * Non-Income Producing Security (1) In U.S. dollars unless otherwise indicated. (A) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." As of September 30, 2004, the total value of these securities was $24,176,940, representing 3.16% of the Fund's net assets (See Note 2). (B) Security in default on interest payments. (C) Floating Rate Security -- the rate reflected on the Statement of Net Assets is the rate in effect on September 30, 2004. (D) Zero coupon security. The rate reported on the Statement of Net Assets is the effective yield at time of purchase. (E) This security or a partial position of this security is on loan at September 30, 2004. The total value of securities on loan at September 30, 2004 was $102,709,460 (See Note 10). (F) This security was purchased on cash collateral held from securities lending. The total value of such securities as of September 30, 2004 was $108,674,679 (See Note 10). (G) The rate reported is the effective yield at time of purchase. (H) Securities are fair valued at $0 and represent 0,00% of net assets. ARS -- Argentina Peso BRL -- Brazilian Real Cl -- Class FLIRB -- Front Loaded Interest Reduction Bond FNMA -- Federal National Mortgage Associatio HUF -- Hungarian Forint JPY -- Japanese Yen KRW -- South Korean Won MTN -- Medium Term Note Ser -- Series SGD -- Singapore Dollar TRL -- Turkish Lira UYU -- Uruguay Peso Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 28 SEI Institutional International Trust / Annual Report / September 30, 2004 - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands) September 30, 2004
- -------------------------------------------------------------------------------------------------------------------------------- EMERGING INTERNATIONAL EMERGING INTERNATIONAL MARKETS FIXED MARKETS EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND - -------------------------------------------------------------------------------------------------------------------------------- ASSETS: Investments, at Market Value (Cost $3,028,332, $966,264, $882,302 and $749,643, respectively) $3,331,461 $1,116,379 $932,675 $819,277 Investments in Affiliated Investment Companies, at Market Value (Cost $977 and $5,091, respectively) 977 5,091 -- -- Repurchase Agreements (Cost $135,000, $54,167, $23,918 and $43,035, respectively) 135,000 54,167 23,918 43,035 Cash 11 2,813 27 23 Foreign Currency, at Value (Cost $1,471 and $13,082, respectively) 1,474 13,027 -- -- Cash and Foreign Currency Pledged as Collateral, at Value (Cost $7,654) -- -- 7,710 -- Receivable for Investment Securities Sold 17,096 6,531 -- 10,999 Dividends and Interest Receivable 5,154 3,323 12,429 8,460 Receivable for Shares of Beneficial Interest Sold 1,181 1,862 576 745 Foreign Tax Reclaim Receivable 300 31 -- -- Unrealized Gain on Spot Contracts 82 29 -- -- Unrealized Gain on Forward Foreign Currency Contracts -- -- 15,678 440 Deposits with Brokers for Forward Foreign Currency Contracts -- -- -- 2,675 Variation Margin Receivable 27 -- 897 -- - -------------------------------------------------------------------------------------------------------------------------------- Total Assets 3,492,763 1,203,253 993,910 885,654 - -------------------------------------------------------------------------------------------------------------------------------- LIABILITIES: Payable Upon Return of Securities Loaned 758,942 151,472 66,885 108,675 Payable for Investment Securities Purchased 16,254 6,029 -- 9,342 Payable for Share of Beneficial Interest Redeemed 3,226 1,287 989 1,044 Unrealized Loss on Spot Contracts 37 29 -- 15 Variation Margin Payable 34 -- -- -- Unrealized Loss on Forward Foreign Currency Contracts -- -- 17,593 215 Investment Advisory Fees Payable 1,113 822 111 251 Administration Fees Payable 992 546 442 402 Shareholder Servicing Fees Payable 551 210 169 155 Accrued Expenses 313 286 88 72 Accrued Foreign Capital Gains Tax Payable -- 2,837 -- -- - -------------------------------------------------------------------------------------------------------------------------------- Total Liabilities 781,462 163,518 86,277 120,171 - -------------------------------------------------------------------------------------------------------------------------------- Net Assets $2,711,301 $1,039,735 $907,633 $765,483 ================================================================================================================================ NET ASSETS: Paid-in-Capital $3,137,747 $1,024,696 $807,332 $651,735 Undistributed Net Investment Income 40,534 6,058 50,460 30,335 Accumulated Net Realized Gain (Loss) on Investments and Options (770,059) (138,278) 188 13,566 Net Unrealized Appreciation on Investments and Options 303,129 150,115 50,373 69,634 Accumulated Foreign Capital Gains Tax on Appreciated Securities -- (2,837) -- -- Net Unrealized Appreciation (Depreciation) on Futures Contracts (108) -- 887 -- Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies 58 (19) (1,607) 213 - -------------------------------------------------------------------------------------------------------------------------------- Net Assets $2,711,301 $1,039,735 $907,633 $765,483 ================================================================================================================================ Outstanding Shares of Beneficial Interest (Thousands) -- Class A (Unlimited Authorization -- No Par Value) 275,683 93,692 74,268 71,267 Outstanding Shares of Beneficial Interest (Thousands) -- Class I (Unlimited Authorization -- No Par Value) 587 -- -- -- Net Asset Value, Offering and Redemption Price Per Share -- Class A $9.81* $11.10 $12.22 $10.74 Net Asset Value, Offering and Redemption Price Per Share -- Class I $9.81* -- -- -- ================================================================================================================================ Amounts designated as "--" are either $0 or have been rounded to $0. *Based on nets assets of ($ Thousands) $2,705,544 and $5,757 of Class A Shares and Class I Shares, respectively. The accompanying notes are an integral part of the financial statements.
- -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 29 STATEMENTS OF OPERATIONS ($ Thousands) For the year ended September 30, 2004
- -------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING INTERNATIONAL EMERGING EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT FUND FUND FUND FUND - -------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividends $ 67,272 $ 32,058 $ -- $ -- Dividends from Affiliated Investment Companies 219 219 -- -- Interest -- 368 29,650 46,022 Income from Security Lending 1,683 261 -- 192 Less: Foreign Taxes Withheld (7,846) (3,958) -- -- - -------------------------------------------------------------------------------------------------------------------------------- Total Investment Income 61,328 28,948 29,650 46,214 - -------------------------------------------------------------------------------------------------------------------------------- EXPENSES: Investment Advisory Fees 13,339 10,888 1,360 5,411 Administration fees 11,887 6,740 5,441 4,138 Shareholder Servicing Fees -- Class A 6,593 2,592 2,267 1,592 Shareholder Servicing Fees -- Class I 11 -- -- -- Administrative Servicing Fees -- Class I 11 -- -- -- Trustees' Fees 36 14 13 9 Custodian Fees 895 1,535 152 121 Printing Fees 206 79 70 50 Professional Fees 103 44 36 41 Registration & Filing Fees 61 24 21 15 Wire Agent Fees 29 11 10 7 Pricing Fees 28 21 9 8 Miscellaneous Expenses 58 22 21 16 - -------------------------------------------------------------------------------------------------------------------------------- Total Expenses 33,257 21,970 9,400 11,408 - -------------------------------------------------------------------------------------------------------------------------------- Less, Waiver of: Investment Advisory Fees -- (1,743) -- (1,908) Shareholder Servicing Fees -- Class A -- -- (326) (902) - -------------------------------------------------------------------------------------------------------------------------------- Net Expenses 33,257 20,227 9,074 8,598 - -------------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 28,071 8,721 20,576 37,616 ================================================================================================================================ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS, FUTURES, SWAPS AND FOREIGN CURRENCY TRANSACTIONS: Net Realized Gain (Loss) from: Investments and Options 162,446 230,393 9,276 25,184 Futures Contracts 2,353 -- 774 -- Swap Contracts -- -- -- 14 Foreign Currency Transactions 522 (2,237) 56,708 740 Net Change in Unrealized Appreciation (Depreciation) on: Investments and Options 276,257 (19,150) (3,901) 21,565 Futures Contracts 676 -- 477 -- Swap Contracts -- -- -- (137) Foreign Capital Gains Tax on Appreciated Securities -- (295) -- -- Foreign Currency Transactions (177) (85) (19,555) 257 - -------------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, OPTIONS, FUTURES, SWAPS, AND FOREIGN CURRENCY TRANSACTIONS 442,077 208,626 43,779 47,623 ================================================================================================================================ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $470,148 $217,347 $ 64,355 $85,239 ================================================================================================================================
Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 30 SEI Institutional International Trust / Annual Report / September 30, 2004 STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) For the years ended September 30,
- -------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS EQUITY FUND EQUITY FUND - -------------------------------------------------------------------------------------------------------------------------------- 2004 2003 2004 2003 - -------------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 28,071 $ 23,578 $ 8,721 $ 5,698 Net Realized Gain (Loss) from Investment Transactions, Options, Futures, and Swaps 164,799 (173,273) 230,393 27,003 Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions 522 (889) (2,237) (195) Net Change in Unrealized Appreciation (Depreciation) on Investments, Options, Futures, and Swaps 276,933 536,566 (19,150) 242,326 Net Change in Accrued Foreign Capital Tax Gains on Appreciated Securities -- -- (295) (2,464) Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (177) (75) (85) 415 - -------------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 470,148 385,907 217,347 272,783 - -------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS FROM: Net Investment Income: Class A (23,802) (10,407) (2,380) -- Class I (19) (2) -- -- - -------------------------------------------------------------------------------------------------------------------------------- Total Dividends (23,821) (10,409) (2,380) -- - -------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 698,545 3,133,558 308,082 1,785,869 Reinvestment of Dividends & Distributions 22,759 9,777 2,304 -- Cost of Shares Redeemed (719,697) (3,213,270) (422,178) (1,861,972) - -------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Class A Transactions 1,607 (69,935) (111,792) (76,103) - -------------------------------------------------------------------------------------------------------------------------------- CLASS I: Proceeds from Shares Issued 4,430 1,364 -- -- Reinvestment of Dividends & Distributions 19 2 -- -- Cost of Shares Redeemed (1,177) (236) -- -- - -------------------------------------------------------------------------------------------------------------------------------- Increase in Net Assets from Class I Transactions 3,272 1,130 -- -- - -------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Capital Share Transactions 4,879 (68,805) (111,792) (76,103) - -------------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets 451,206 306,693 103,175 196,680 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF YEAR 2,260,095 1,953,402 936,560 739,880 - -------------------------------------------------------------------------------------------------------------------------------- END OF YEAR $2,711,301 $ 2,260,095 $1,039,735 $ 936,560 - -------------------------------------------------------------------------------------------------------------------------------- UNDISTRIBUTED NET INVESTMENT INCOME $ 40,534 $ 22,777 $ 6,058 $ 1,873 - -------------------------------------------------------------------------------------------------------------------------------- SHARE TRANSACTIONS: CLASS A: Shares Issued 73,559 441,104 29,491 253,167 Reinvestment of Dividends 2,458 1,345 227 -- Shares Redeemed (75,619) (448,950) (40,128) (262,333) - -------------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions 398 (6,501) (10,410) (9,166) - -------------------------------------------------------------------------------------------------------------------------------- CLASS I: Shares Issued 459 192 -- -- Reinvestment of Dividends 2 -- -- -- Shares Redeemed (125) (33) -- -- - -------------------------------------------------------------------------------------------------------------------------------- Total Class I Transactions 336 159 -- -- - -------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Shares Outstanding from Share Transactions 734 (6,342) (10,410) (9,166) - --------------------------------------------------------------------------------------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 31 STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) For the years ended September 30,
- -------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS FIXED INCOME FUND DEBT FUND - -------------------------------------------------------------------------------------------------------------------------------- 2004 2003 2004 2003 - -------------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 20,576 $ 21,479 $ 37,616 $ 41,065 Net Realized Gain from Investment Transactions, Options, Futures, and Swaps 10,050 19,323 25,198 60,611 Net Realized Gain on Forward Foreign Currency Contracts and Foreign Currency Transactions 56,708 32,852 740 1,076 Net Change in Unrealized Appreciation (Depreciation) on Investments, Options, Futures, and Swaps (3,424) 29,198 21,428 98,009 Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (19,555) 26,301 257 (43) - -------------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 64,355 129,153 85,239 200,718 - -------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (65,737) (23,580) (39,072) (40,050) Net Realized Gains: Class A (15,161) (3,699) (57,231) -- - -------------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (80,898) (27,279) (96,303) (40,050) - -------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 301,318 374,056 338,053 330,214 Reinvestment of Dividends & Distributions 77,590 26,081 93,513 38,521 Cost of Shares Redeemed (320,430) (514,395) (220,256) (386,296) - -------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Capital Share Transactions 58,478 (114,258) 211,310 (17,561) - -------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets 41,935 (12,384) 200,246 143,107 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF YEAR 865,698 878,082 565,237 422,130 - -------------------------------------------------------------------------------------------------------------------------------- END OF YEAR $ 907,633 $ 865,698 $ 765,483 $ 565,237 - -------------------------------------------------------------------------------------------------------------------------------- UNDISTRIBUTED NET INVESTMENT INCOME $ 50,460 $ 38,913 $ 30,335 $ 31,037 - -------------------------------------------------------------------------------------------------------------------------------- SHARE TRANSACTIONS: CLASS A: Shares Issued 24,773 32,255 32,923 33,911 Reinvestment of Dividends & Distributions 6,398 2,358 9,165 4,403 Shares Redeemed (26,436) (44,872) (21,527) (39,626) - -------------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions 4,735 (10,259) 20,561 (1,312) - --------------------------------------------------------------------------------------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 32 SEI Institutional International Trust / Annual Report / September 30, 2004 FINANCIAL HIGHLIGHTS For the years ended September 30, (unless otherwise indicated) For a Share Outstanding Throughout Each Period
- --------------------------------------------------------------------------------------------------------------------- NET REALIZED AND NET ASSET NET UNREALIZED DIVIDENDS VALUE, INVESTMENT GAINS TOTAL FROM NET BEGINNING INCOME (LOSSES) ON FROM INVESTMENT OF PERIOD (LOSS) SECURITIES OPERATIONS INCOME - --------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2004 $ 8.20 $ 0.10(1) $ 1.60(1) $ 1.70 $(0.09) 2003 6.93 0.08(1) 1.23(1) 1.31 (0.04) 2002 8.25 0.04 (1.34) (1.30) (0.02) 2001 12.33 0.03 (3.73) (3.70) (0.07) 2000 12.09 0.08 0.43 0.51 (0.04) CLASS I 2004 $ 8.20 $ 0.10(1) $ 1.58(1) $ 1.68 $(0.07) 2003 6.93 0.09(1) 1.20(1) 1.29 (0.02) 2002(2) 8.97 0.03 (2.07) (2.04) -- EMERGING MARKETS EQUITY FUND CLASS A 2004 $ 9.00 $ 0.09(1) $ 2.03(1) $ 2.12 $(0.02) 2003 6.53 0.05(1) 2.42(1) 2.47 -- 2002 6.08 0.01 0.47 0.48 (0.03) 2001 9.19 0.04 (3.15) (3.11) -- 2000 9.13 (0.05)(1) 0.12(1) 0.07 (0.01) INTERNATIONAL FIXED INCOME FUND CLASS A 2004 $12.45 $ 0.28(1) $ 0.63(1) $ 0.91 $(0.92) 2003 11.00 0.30(1) 1.53(1) 1.83 (0.33) 2002 10.12 0.55 0.33 0.88 -- 2001 9.81 0.33 (0.02) 0.31 -- 2000 11.03 0.31 (1.35) (1.04) (0.18) EMERGING MARKETS DEBT FUND CLASS A 2004 $11.15 $ 0.61(1) $ 0.77(1) $ 1.38 $(0.66) 2003 8.12 0.78(1) 3.01(1) 3.79 (0.76) 2002 9.03 0.82 (0.56) 0.26 (0.99) 2001 9.51 0.94 (0.53) 0.41 (0.89) 2000 8.11 0.84 1.33 2.17 (0.77)
- --------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS FROM TOTAL NET ASSET REALIZED DIVIDENDS NET ASSET END OF CAPITAL AND VALUE, END TOTAL PERIOD GAINS DISTRIBUTIONS OF PERIOD RETURN+ ($ THOUSANDS) - --------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2004 $ -- $(0.09) $ 9.81 20.74% $2,705,544 2003 -- (0.04) 8.20 18.91 2,258,034 2002 -- (0.02) 6.93 (15.79) 1,952,763 2001 (0.31) (0.38) 8.25 (30.85) 2,365,245 2000 (0.23) (0.27) 12.33 4.15 2,953,872 CLASS I 2004 $ -- $(0.07) $ 9.81 20.54% $ 5,757 2003 -- (0.02) 8.20 18.65 2,061 2002(2) -- -- 6.93 (22.74) 639 EMERGING MARKETS EQUITY FUND CLASS A 2004 $ -- $(0.02) $11.10 23.61% $1,039,735 2003 -- -- 9.00 37.83 936,560 2002 -- (0.03) 6.53 7.78 739,880 2001 -- -- 6.08 (33.84) 1,010,428 2000 -- (0.01) 9.19 0.71 1,285,033 INTERNATIONAL FIXED INCOME FUND CLASS A 2004 $(0.22) $(1.14) $12.22 7.43% $ 907,633 2003 (0.05) (0.38) 12.45 17.05 865,698 2002 -- -- 11.00 8.70 878,082 2001 -- -- 10.12 3.16 1,198,644 2000 -- (0.18) 9.81 (9.58) 1,105,584 EMERGING MARKETS DEBT FUND CLASS A 2004 $(1.13) $(1.79) $10.74 13.97% $ 765,483 2003 -- (0.76) 11.15 49.15 565,237 2002 (0.18) (1.17) 8.12 2.15 422,130 2001 -- (0.89) 9.03 4.69 458,950 2000 -- (0.77) 9.51 28.07 490,554
- ---------------------------------------------------------------------------------------------------- RATIO OF NET RATIO OF INVESTMENT EXPENSES RATIO OF INCOME TO AVERAGE EXPENSES (LOSS) NET ASSETS PORTFOLIO TO AVERAGE TO AVERAGE (EXCLUDING TURNOVER NET ASSETS NET ASSETS WAIVERS) RATE - ---------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2004 1.26% 1.06% 1.26% 44% 2003 1.28 1.12 1.32 87 2002 1.28 0.51 1.29 70 2001 1.28 0.36 1.29 91 2000 1.29++ 0.79 1.30 73 CLASS I 2004 1.51% 1.06% 1.51% 44% 2003 1.53 1.15 1.57 87 2002(2) 1.53 0.61 1.54 70 EMERGING MARKETS EQUITY FUND CLASS A 2004 1.95% 0.84% 2.12% 88% 2003 1.95 0.71 2.14 69 2002 1.95 0.08 2.14 109 2001 1.95 0.54 2.13 126 2000 1.96 (0.46) 2.12 110 INTERNATIONAL FIXED INCOME FUND CLASS A 2004 1.00% 2.27% 1.04% 224% 2003 1.00 2.60 1.06 216 2002 1.00 2.72 1.07 339 2001 1.00 3.13 1.06 235 2000 1.00 3.17 1.11 190 EMERGING MARKETS DEBT FUND CLASS A 2004 1.35% 5.91% 1.79% 77% 2003 1.35 7.98 1.80 127 2002 1.35 8.80 1.79 140 2001 1.35 10.06 1.78 196 2000 1.35 10.67 1.80 227
+ Returns are for the period indicated and have not been annualized. 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) The International Equity Fund Class I shares were offered beginning January 4, 2002. 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 / Annual Report / September 30, 2004 33 NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS 1. ORGANIZATION SEI Institutional International Trust (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund (together the "Funds"). The Trust's prospectuses provide a description of each Fund's investment objectives, policies, and strategies. The Trust is registered to offer Class A shares of each of the Funds and the International Equity Fund is registered to offer Class I shares. 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. USE OF ESTIMATES -- 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 -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Funds' Board of Trustees (the "Board"). The Funds' Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event') has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee Meeting be called. In addition, the Funds' administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided. - -------------------------------------------------------------------------------- 34 SEI Institutional International Trust / Annual Report / September 30, 2004 The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval" which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the fair valuation vendor. 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 the Trust's policies 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. The Funds may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker's custodian bank in a segregated account 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 to 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 basis: (I) market value of investment securities, other assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. 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. 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 September 30, 2004. 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 pro- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 35 NOTES TO FINANCIAL STATEMENTS (Continued) ceeds. Each warrant represents one share of the underlying stocks, 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. SWAP AGREEMENTS -- A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or "basket" of securities representing a particular index. The gross returns to be exchanged or "swapped" between the parties are calculated based on a "notional amount" which, each business day, is valued to determine each party's obligation under the contract. Fluctuations in market values are reflected as unrealized gains or losses during the term of the contract. As a result of a recent FASB Emerging Issues Task Force consensus [and subsequent related SEC staff guidance], the Emerging Markets Debt Fund has reclassified periodic payments made under interest rate swap agreements, previously included within interest income, as a component of realized gain (loss) in the statement of operations. CLASSES -- Class-specific expenses are borne by that class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets. EXPENSES -- Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative net assets. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- 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. The International Fixed Income and Emerging Markets Debt Funds utilized earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. OTHER -- Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of investment securities are those of the specific securities sold. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific-interest method, which approximates the effective interest method. Dividend income is recognized on the ex-dividend date and interest income is recognized using the accrual method. 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES The Trust and SEI Investments Fund Management (the "Administrator") are parties to an amended and restated Administration and Transfer Agency Agreement dated December 10, 2003 under which the Administrator provides management, administrative, and shareholder services to the Funds for annual fees, based on the average daily net assets of the respective funds, as presented below: International Equity Fund 0.45% Emerging Markets Equity Fund 0.65% International Fixed Income Fund 0.60% Emerging Markets Debt Fund 0.65% However, the Administrator has voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations adopted by the Administrator as presented below. In the event that the total annual expenses of a Fund, after reflecting a waiver of all fees by the Administrator, exceed the specific limitation, the Administrator has agreed to bear such excess. Any such waiver is voluntary and may be terminated at any time at the Administrator's sole discretion. At September 30, 2004, the Administrator is currently not waiving its fee as indicated on the statement of operations. - -------------------------------------------------------------------- International Emerging International Emerging Equity Markets Equity Fixed Income Markets Debt Fund Fund Fund Fund - -------------------------------------------------------------------- Class A 1.28% 1.95% 1.00% 1.35% Class I 1.53% -- -- -- - -------------------------------------------------------------------------------- 36 SEI Institutional International Trust / Annual Report / September 30, 2004 SEI Investments Management Corporation ("SIMC") acts as the Investment Adviser for the Funds under an amended and restated Investment Advisory Agreement dated December 17, 2002 under which SIMC receives annual fees, based on the average daily net assets of the respective funds, as presented below: International Equity Fund 0.505% Emerging Markets Equity Fund 1.050% International Fixed Income Fund 0.150% Emerging Markets Debt Fund 0.850% However, SIMC has also voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations adopted by the Adviser as presented above. SIMC has entered into Investment Sub-Advisory Agreements with the following parties: - ---------------------------------------------------------- Date of Investment Sub-Adviser Agreement - ---------------------------------------------------------- INTERNATIONAL EQUITY FUND Alliance Capital Management, L.P. 07/01/03 Capital Guardian Trust Company 06/10/98 Fisher Investments, Inc. 07/01/03 McKinley Capital Management, Inc. 07/01/03 Morgan Stanley Investment Management, Inc. 10/01/01 EMERGING MARKETS EQUITY FUND Alliance Capital Management, L.P. 06/26/02 Citigroup Asset Management Ltd. 09/30/03 Emerging Markets Management, LLC 03/11/03 Rexiter Capital Management Ltd. 07/15/04 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 Under the investment sub-advisory agreements, each party receives an annual fee, paid by SIMC. SEI Investments Distribution Co. (the "Distributor"), a wholly owned subsidiary of SEI Investment Company ("SEI Investments") and a registered broker-dealer, acts as the Distributor of the shares of the Trust under an amended and restated Distribution Agreement dated September 16, 2002. The Trust has adopted plans under which firms, including the Distributor, that provide shareholder and administrative services may receive compensation therefrom. Specific classes of certain funds have also adopted distribution plans, pursuant to Rule 12b-1 under the Investment Company Act of 1940. Such plans provide fees payable to the Distributor equal to the following amounts, calculated as a percentage of the average daily net assets attributable to each particular class of each respective fund. - ------------------------------------------------------------------ Shareholder Administrative Servicing Fees Servicing Fees - ------------------------------------------------------------------ International Equity Fund Class A .25% -- Class I .25% .25% Emerging Markets Equity Fund Class A .25% -- International Fixed Income Fund Class A .25% -- Emerging Markets Debt Fund Class A .25% -- 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 year ended September 30, 2004, the Distributor received no brokerage commissions. 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. However, the Distributor has also voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations adopted by the Distributor as presented above. For the year ended September 30, 2004, the Distributor retained 100% of both Shareholder Servicing fees less the waiver and Administration Servicing fees. Certain Officers and/or Trustees of the Trust are also Officers and/or Directors of the SIMC or the Administrator. Compensation of affiliated Officers and Trustees is paid by the SIMC or the Administrator. INVESTMENT IN AFFILIATED REGISTERED INVESTMENT COMPANY -- Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may invest in the SEI money market funds, provided that investments in the SEI money market funds do not exceed 25% of the investing Fund's total assets. 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. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 37 NOTES TO FINANCIAL STATEMENTS (Continued) The following forward foreign currency contracts were outstanding at September 30, 2004:
- ------------------------------------------------------------------------------------------------------------------------ Unrealized Maturity Currency to Currency to Appreciation/ Date Deliver Receive Contract Value (Depreciation) - ------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL FIXED INCOME FUND: 11/24/04 USD 6,425,021 AUD 9,220,753 $6,643,350 $218,329 11/24/04 USD 40,868,358 CAD 53,526,889 42,272,344 1,403,986 11/24/04 EUR 60,110,000 CHF 91,860,822 73,733,950 (887,747) 11/24/04 EUR 7,460,000 CZK 236,989,280 9,314,189 53,204 11/24/04 USD 5,250,000 DKK 32,141,025 5,363,891 113,891 11/24/04 USD 186,741,903 EUR 154,767,224 192,130,973 5,389,070 11/24/04 JPY 3,894,028,810 EUR 29,450,000 36,559,790 1,124,735 11/24/04 CHF 91,289,831 EUR 59,410,000 73,752,703 477,071 11/24/04 CAD 18,346,470 EUR 11,610,000 14,412,875 (76,073) 11/24/04 PLZ 6,592,050 EUR 1,500,000 1,862,128 (1,748) 11/24/04 CZK 236,729,600 EUR 7,520,000 9,335,471 31,487 11/24/04 USD 44,509,101 GBP 24,636,943 44,388,058 (121,043) 11/24/04 EUR 14,730,000 HUF 3,740,000,800 18,576,662 290,561 11/24/04 EUR 97,150,000 JPY 12,984,499,814 118,156,923 (2,446,934) 11/24/04 USD 145,525,461 JPY 16,118,052,467 146,671,763 1,146,302 10/08/04-11/24/04 USD 28,366,857 KRW 32,885,888,226 28,527,078 160,220 11/24/04 USD 21,605,199 NZD 33,600,621 22,545,411 940,212 11/24/04 EUR 14,540,000 PLZ 64,679,754 18,287,946 237,713 11/24/04 USD 10,128,661 PLZ 37,000,000 10,461,604 332,943 11/24/04 CHF 587,596 USD 470,000 471,646 (1,646) 11/24/04 JPY 10,690,290,197 USD 97,036,604 97,279,973 (243,370) 11/24/04 DKK 51,685,565 USD 8,390,514 8,625,603 (235,090) 11/24/04 NZD 173,075,966 USD 109,193,627 116,130,854 (6,937,227) 11/24/04 PLZ 36,001,509 USD 9,650,673 10,179,285 (528,611) 11/24/04 SEK 39,388,848 USD 5,140,000 5,410,876 (270,876) 11/24/04 EUR 80,693,822 USD 97,997,318 100,174,844 (2,177,526) 11/24/04 GBP 1,626,000 USD 2,964,198 2,929,543 34,655 11/24/04 KRW 16,442,944,113 USD 14,335,610 14,277,425 58,185 -------------- ----------- $1,228,477,158 $(1,915,327) ============== =========== EMERGING MARKETS DEBT FUND: 10/04/04-11/03/04 USD 2,705,243 BRL 7,842,500 $5,486,184 $156,715 01/18/05 USD 1,400,000 EUR 1,139,961 1,415,178 15,178 10/01/04-11/01/04 USD 2,798,906 IDR 26,001,450,000 6,250,196 164,710 01/18/05 USD 500,000 JPY 54,402,500 496,727 (3,273) 10/20/04-10/29/04 USD 9,300,000 PLZ 33,133,437 9,404,222 104,222 03/09/05 USD 4,300,000 RUB 124,270,000 4,252,458 (47,542) 10/12/04-10/27/04 USD 2,918,765 TRL 4,450,584,000,000 2,956,216 37,451 03/09/05 RUB 124,270,000 USD 4,136,818 4,252,458 (115,640) 11/03/04-11/04/04 KRW 4,107,900,000 USD 3,500,000 3,563,317 (63,317) 01/18/05 JPY 248,683,200 USD 2,288,552 2,270,623 17,928 10/01/04 IDR 16,412,400,000 USD 1,800,000 1,791,747 8,253 01/18/05 EUR 1,178,553 USD 1,432,708 1,463,087 (30,379) 10/27/04 TRL 2,400,000,000,000 USD 1,575,196 1,594,155 (18,959) -------------- ----------- $ 45,196,568 $ 225,347 ============== ===========
Currency Legend AUD Australian Dollar DKK Danish Krone JPY Japanese Yen SEK Swedish Krona BRL Brazilian Real EUR Euro KRW South Korean Won TRL Turkish Lira CAD Canadian Dollar HUF Hungarian Forint NZD New Zealand Dollar USD U.S. Dollar CHF Swiss Franc GBP British Pound Sterling PLZ Polish Zloty CZK Czech Koruna IDR Indonesian Rupah RUB Russian Ruble
- -------------------------------------------------------------------------------- 38 SEI Institutional International Trust / Annual Report / September 30, 2004 - -------------------------------------------------------------------------------- 5. INVESTMENT TRANSACTIONS The cost of security purchases and the proceeds from the sale and maturity of securities, other than short-term investments, during the fiscal year ended September 30, 2004, were as follows: - --------------------------------------------------------------- Purchases Sales ($ Thousands) ($ Thousands) - --------------------------------------------------------------- International Equity Fund US Gov't $ -- $ -- Other 1,155,952 1,137,625 Emerging Markets Equity Fund US Gov't $ -- $ -- Other 879,491 1,005,332 International Fixed Income Fund US Gov't $ 9,162 $ 9,374 Other 1,569,811 1,532,966 Emerging Markets Debt Fund US Gov't $ -- $ -- Other 540,796 400,987 6. FEDERAL TAX INFORMATION: It is each Fund's intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required. The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These differences, which may result in distribution reclassifications, are primarily due to foreign currency gains and losses, passive foreign investment companies gains and losses, equalization, and prior year adjustments. 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, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences have been reclassified to/from the following accounts as of September 30, 2004: - ------------------------------------------------------------------------------ Undistributed Accumulated Net Investment Realized Paid-in- Income/(Loss) Gain/(Loss) Capital ($ Thousands) ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------ International Equity Fund $13,507 $(13,507) $ -- Emerging Markets Equity Fund (2,156) 2,156 -- International Fixed Income Fund 56,708 (65,381) 8,673 Emerging Markets Debt Fund 754 (7,961) 7,207 As of September 30, 2004, the tax character of dividends and distributions declared during the last two years were as follows: - ------------------------------------------------------------------------------ Long-Term Ordinary Income Capital Gain Totals ($ Thousands) ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------ International Equity Fund 2004 $23,821 $ -- $23,821 2003 10,409 -- 10,409 Emerging Markets Equity Fund 2004 2,380 -- 2,380 2003 -- -- -- International Fixed Income Fund 2004 76,253 4,645 80,898 2003 27,279 -- 27,279 Emerging Markets Debt Fund 2004 68,148 28,155 96,303 2003 40,050 -- 40,050 As of September 30, 2004, the components of Distributable Earnings/(Accumulated Losses) were as follows:
- ----------------------------------------------------------------------------------------------------------------------------------- Post Total Undistributed Undistributed Capital October Other Distributable Ordinary Long-Term Loss Currency Unrealized Temporary Earnings/ Income Capital Gain Carryforwards Losses Appreciation Differences (Accumulated ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) Losses) - ----------------------------------------------------------------------------------------------------------------------------------- International Equity Fund $58,393 $ -- $(730,353) $ -- $263,373 $(17,859) $(426,446) Emerging Markets Equity Fund 9,562 -- (127,540) (2,076) 136,522 (1,429) 15,039 International Fixed Income Fund 48,449 -- -- -- 51,852 -- 100,301 Emerging Markets Debt Fund 38,062 11,198 -- -- 64,543 (55) 113,748
Post-October losses represent losses realized on investment or foreign currency transactions from November 1, 2003 through September 30, 2004 that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:
- ------------------------------------------------------------------------------------------------------------------- Total Capital Total Capital Post Loss Loss October Expires Expires Expires Carry forward Utilized Currency 2012 2011 2010 9/30/04 9/30/04 Losses ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------------------------------------------- International Equity Fund $24,586 $226,615 $479,151 $730,352 $ -- $ -- Emerging Markets Equity Fund -- -- 127,540 127,540 214,474 2,076
- -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 39 NOTES TO FINANCIAL STATEMENTS (Concluded) 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. The Federal tax cost, aggregate gross unrealized appreciation and depreciation at September 30, 2004 for each Fund is as follows: - ------------------------------------------------------------------------------ Aggregate Aggregate Gross Gross Net Federal Unrealized Unrealized Unrealized Tax Cost Appreciation Depreciation Appreciation ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------ International Equity Fund $3,204,016 $393,381 $(129,959) $263,422 Emerging Markets Equity Fund 1,036,258 180,190 (40,811) 139,379 International Fixed Income Fund 906,031 50,910 (348) 50,562 Emerging Markets Debt Fund 795,546 71,358 (4,592) 66,766 7. FUTURES CONTRACTS The following Funds had futures contracts open as of September 30, 2004: - ------------------------------------------------------------------------------ Contract Number of Market Settlement Unrealized Description Contracts Value Month Gain/(Loss) - ------------------------------------------------------------------------------ INTERNATIONAL EQUITY FUND: DJ Euro Stoxx Long 89 $3,021,003 December 2004 $ (55,719) FT-SE 100 Index Long 27 2,249,414 December 2004 12,505 Hang Seng Index Long 1 84,143 October 2004 (647) SPI 200 Index Long 7 466,355 December 2004 4,964 Topix Index Long 18 1,800,572 December 2004 (69,011) --------- $(107,908) ========= INTERNATIONAL FIXED INCOME FUND: Japan 10 Year Long Bond 25 $ 31,295,649 December 2004 $ 250,930 British 10 Year Long Bond 467 90,987,525 December 2004 997,246 U.S. 10 Year Short Note 214 24,101,750 December 2004 (244,156) U.S. 5 Year Short Note 132 14,619,000 December 2004 (116,532) ---------- $ 887,488 ========== 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. Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers may differ from the value that would be realized if the securities were sold. At September 30, 2004, the total value of these securities represented approximately 8% of the net assets of the Emerging Markets Debt Fund. Forward foreign currency contracts, future contracts, and swap agreement contracts involve risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities to the extent of the contract amounts. In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote. 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 purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. Certain debt obligations, customarily referred to as "Brady Bonds," are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring - -------------------------------------------------------------------------------- 40 SEI Institutional International Trust / Annual Report / September 30, 2004 under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. 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 Board. 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 rate notes, commercial paper, and private placements with an average weighted maturity not to exceed 60 days and a maturity date not to exceed 397 days. 11. OTHER On September 30, 2004, number of shareholders below held the following percentage of the outstanding shares of the Funds. - ----------------------------------------------------------------------------- Number of % of Outstanding Shareholders Shares - ----------------------------------------------------------------------------- International Equity Fund, Class A 1 83.25% International Equity Fund, Class I 8 74.20 Emerging Markets Equity Fund, Class A 1 84.80 International Fixed Income Fund, Class A 1 82.47 Emerging Markets Debt Fund, Class A 2 81.46 These shareholders are comprised of omnibus accounts, which are held on behalf of several individual shareholders. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 41 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Trustees and Shareholders of SEI Institutional International Trust In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and Emerging Markets Debt Fund (collectively the "Funds" constituting SEI Institutional International Trust, hereafter referred to as the "Trust") at September 30, 2004, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2004 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Philadelphia, Pennsylvania November 23, 2004 - -------------------------------------------------------------------------------- 42 SEI Institutional International Trust / Annual Report / September 30, 2004 TRUSTEES AND OFFICERS OF THE TRUST (UNAUDITED) The following chart lists Trustees and Officers as of September 30, 2004. Set forth below are the names, dates of birth, position with the Trust, length of term of office, the principal occupations for the last five years, number of portfolios in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.
- ------------------------------------------------------------------------------------------------------------------------------------ TERM OF NUMBER OF OFFICE PORTFOLIOS AND PRINCIPAL IN FUND NAME POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX OTHER DIRECTORSHIPS ADDRESS, HELD WITH TIME DURING PAST OVERSEEN HELD BY AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEES - ------------------- Robert A. Nesher Chairman since 1982 Currently performs various 68 Trustee of The Advisors' Inner One Freedom of the services on behalf of SEI Circle Fund, The Advisors' Valley Drive, Board of Investments for which Mr. Inner Circle Fund II, Bishop Oaks, PA 19456 Trustees* Nesher is compensated. Street Funds, The MDL Funds, 58 yrs. old The Expedition Funds, SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Absolute Return Master Fund, L.P., SEI Absolute Return Fund, L.P., SEI Opportunity Master Fund, L.P., and SEI Opportunity Fund, L.P. - ------------------------------------------------------------------------------------------------------------------------------------ William M. Doran Trustee* since 1982 Self-employed consultant since 2003. 68 Trustee of The Advisors' Inner 1701 Market Street Partner, Morgan, Lewis & Bockius Circle Fund, The Advisors' Philadelphia, PA LLP (law firm) from 1976 to 2003, Inner Circle Fund II, The MDL 19103 counsel to the Trust, SEI Funds, and The Expedition 64 yrs. old Investments, SIMC, the Administrator Funds; Director of SEI and the Distributor.Secretary Investments since 1974. of SEI Investments since 1978. Director of the Distributor since 2003. - ------------------------------------------------------------------------------------------------------------------------------------ TRUSTEES - -------- F. Wendell Gooch Trustee since 1982 Retired 68 Trustee of STI Classic Funds One Freedom and STI Classic Variable Valley Drive, Trust. Oaks, PA 19456 71 yrs. old - ------------------------------------------------------------------------------------------------------------------------------------ James M. Storey Trustee since 1995 Attorney, sole practitioner since 68 Trustee of The Advisors' Inner One Freedom 1994. Partner, Dechert Price Circle Fund, The Advisors' Valley Drive, & Rhoads, September 1987- Inner Circle Fund II, The MDL Oaks, PA 19456 December 1993. Funds, The Expedition Funds 73 yrs. old and Massachusetts Health and Education Tax-Exempt Trust. Director of U.S. Charitable Gift Trust. - ------------------------------------------------------------------------------------------------------------------------------------
*MESSRS. NESHER AND DORAN ARE TRUSTEES WHO MAY BE DEEMED TO BE "INTERESTED" PERSONS OF THE TRUST AS THAT TERM IS DEFINED IN THE 1940 ACT BY VIRTUE OF THEIR AFFILIATION WITH SIMC AND THE TRUSTS' DISTRIBUTOR. 1EACH TRUSTEE SHALL HOLD OFFICE DURING THE LIFETIME OF THIS TRUST UNTIL THE ELECTION AND QUALIFICATION OF HIS OR HER SUCCESSOR, OR UNTIL HE OR SHE SOONER DIES, RESIGNS OR IS REMOVED IN ACCORDANCE WITH THE TRUST'S DECLARATION OF TRUST. 2THE FUND COMPLEX INCLUDES THE FOLLOWING TRUSTS: SEI ASSET ALLOCATION TRUST, SEI DAILY INCOME TRUST, SEI INDEX FUNDS, SEI INSTITUTIONAL INVESTMENTS TRUST, SEI INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI LIQUID ASSET TRUST AND SEI TAX EXEMPT TRUST. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 43 TRUSTEES AND OFFICERS OF THE TRUST (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------ TERM OF NUMBER OF OFFICE PORTFOLIOS AND PRINCIPAL IN FUND NAME POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX OTHER DIRECTORSHIPS ADDRESS, HELD WITH TIME DURING PAST OVERSEEN HELD BY AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ TRUSTEES (CONTINUED) - -------- George J. Sullivan, Jr. Trustee since 1996 Self-Employed Consultant, Newfound 68 Trustee of The Advisors' Inner One Freedom Consultants Inc. since April 1997. Circle Fund, The Advisors' Valley Drive Inner Circle Fund II, The Oaks, PA 19456 MDL Funds, The Expedition 61 yrs. old Funds, State Street Navigator Securities Lending Trust, Trust, SEI Absolute Return Master Fund, L.P., SEI Absolute Return Fund, L.P., SEI Opportunity Master Fund, L.P., and SEI Opportunity Fund, L.P. - ------------------------------------------------------------------------------------------------------------------------------------ Rosemarie B. Greco Trustee since 1999 Director, Governor's Office of Health 68 Director, Sonoco, Inc.; One Freedom Care Reform, Commonwealth of Director, Exelon Corporation; Valley Drive Pennsylvania since 2003. Founder and Trustee, Pennsylvania Real Oaks, PA 19456 Principal, Grecoventures Ltd. from Estate Investment Trust. 58 yrs. old 1999 to 2002. - ------------------------------------------------------------------------------------------------------------------------------------ Nina Lesavoy Trustee since 2003 Partner, Cue Capital since 2002, Head 68 SEI Absolute Return Master One Freedom of Sales Investorforce, January 2000- Fund, L.P., SEI Absolute Valley Drive, December 2001; Global Partner Return Fund, L.P., SEI Oaks, PA 19456 working for the CEO, Invesco Capital, Opportunity Master Fund, L.P., 47 yrs. old January 1998-January 2000. Head of and SEI Opportunity Fund, L.P. Sales and Client Services, Chancellor Capital and later LGT Asset Management, 1986-2000. - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS - -------- Edward D. Loughlin President since 1982 Executive Vice President and N/A N/A One Freedom & CEO President - Asset Management Division Valley Drive, of SEI Investments since 1993. Oaks, PA 19456 Director and President of SIMC since 53 yrs. old 2004. Chief Executive Officer of the Administrator and Director of the Distributor since 2003. Executive Vice President of SIMC,1999-2004. Executive Vice President of the Administrator, 1994-2003. - ------------------------------------------------------------------------------------------------------------------------------------ Peter (Pedro) A. Controller since 2003 Director, Fund Accounting and N/A N/A Rodriguez and Chief Administration, SEI Investments One Freedom Financial Global Funds Services since September Valley Drive, Officer 2002 (and 1997-2002); Vice President, Oaks, PA 19456 Fund Administration, BlackRock 42 yrs. old Financial Management, April 2002 to September 2002. - ------------------------------------------------------------------------------------------------------------------------------------ Timothy D. Barto Vice since 2002 General Counsel and Secretary of N/A N/A One Freedom President SIMC and the Administrator since 2004. Valley Drive and Vice President and Assistant Oaks, PA 19456 Secretary Secretary of SEI Investments since 36 yrs. old 2001. Vice President of SIMC and the Administrator since 1999. Assistant Secretary of SIMC, the Administrator and the Distributor and Vice President of the Distributor, 1999-2003. - ------------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- 44 SEI Institutional International Trust / Annual Report / September 30, 2004
- ------------------------------------------------------------------------------------------------------------------------------------ TERM OF NUMBER OF OFFICE PORTFOLIOS AND PRINCIPAL IN FUND NAME POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX OTHER DIRECTORSHIPS ADDRESS, HELD WITH TIME DURING PAST OVERSEEN HELD BY AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS (CONTINUED) - -------------------- John J. Munera Vice since 2002 Global AML Compliance Officer at SEI N/A N/A One Freedom President Investments since 2002. Middle Office Valley Drive and Compliance Officer at SEI Investments Oaks, PA 19456 Assistant July 2000-Dec. 2002; Supervising 41 yrs. old Secretary Examiner at Federal Reserve Bank of Philadelphia from 1998-2000. - ------------------------------------------------------------------------------------------------------------------------------------ Sofia A. Rosala Vice since 2004 Compliance Officer of SEI Investments N/A N/A One Freedom President since Sept. 2001. Account and Product Valley Drive and Consultant, SEI Private Trust Oaks, PA 19456 Assistant Company, 1998-2001. 30 yrs. old Secretary - ------------------------------------------------------------------------------------------------------------------------------------ Philip T.Masterson Vice since 2004 Joined SEI Investments in Aug. 2004 N/A N/A One Freedom President General Counsel, Citco Mutual Fund Valley Drive and Services, 2003-2004. Vice President Oaks, PA 19456 Assistant and Associate Counsel, Oppenheimer 40 yrs. old Secretary Funds, 2001-2003. Vice President and Assistant Counsel, Oppenheimer Funds, 1997-2001. - ------------------------------------------------------------------------------------------------------------------------------------ John J. McCue Vice since 2004 Director of Portfolio Implementations N/A N/A One Freedom President for SIMC since 1995. Managing Valley Drive Director of Money Market Investments Oaks, PA 19456 for SIMC since 2003. 41 yrs. old - ------------------------------------------------------------------------------------------------------------------------------------ Thomas D. Jones, III Chief since 2004 Compliance Officer, Assistant N/A N/A One Freedom Compliance Secretary of SIMC since March Valley Drive Officer 2004. First Vice President, Merrill Oaks, PA 19456 Lynch Investment Managers 39 yrs. old (Americas) from 1992-2004. - ------------------------------------------------------------------------------------------------------------------------------------
1EACH TRUSTEE SHALL HOLD OFFICE DURING THE LIFETIME OF THIS TRUST UNTIL THE ELECTION AND QUALIFICATION OF HIS OR HER SUCCESSOR, OR UNTIL HE OR SHE SOONER DIES, RESIGNS OR IS REMOVED IN ACCORDANCE WITH THE TRUST'S DECLARATION OF TRUST. 2THE FUND COMPLEX INCLUDES THE FOLLOWING TRUSTS: SEI ASSET ALLOCATION TRUST, SEI DAILY INCOME TRUST, SEI INDEX FUNDS, SEI INSTITUTIONAL INVESTMENTS TRUST, SEI INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI LIQUID ASSET TRUST AND SEI TAX EXEMPT TRUST. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 45 SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2004 DISCLOSURE OF FUND EXPENSES (UNAUDITED) All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from the fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund's average net assets; this percentage is known as the fund's expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The table on this page illustrates your fund's costs in two ways: ACTUAL FUND RETURN. This section helps you to estimate the actual expenses after fee waivers that your fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the fund, and the "Ending Account Value" number is derived from deducting that expense cost from the fund's gross investment return. You can use this information, together with the actual amount you invested in the fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1000 = 8.6), then multiply that ratio by the number shown for your fund under "Expenses Paid During Period." HYPOTHETICAL 5% RETURN. This section helps you compare your fund's costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your fund's comparative cost by comparing the hypothetical result for your fund in the "Expense Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds. NOTE: Because the return is set at 5% for comparison purposes -- NOT your fund's actual return -- the account values shown may not apply to your specific investment. BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 3/31/04 9/30/04 RATIOS PERIOD* - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $ 990.90 1.24% $6.17 Class I $1,000.00 $ 989.90 1.49% $7.41 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,018.80 1.24% $6.26 Class I $1,000.00 $1,017.55 1.49% $7.52 - -------------------------------------------------------------------------------- EMERGING MARKETS EQUITY FUND - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $ 977.10 1.95% $9.64 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,015.25 1.95% $9.82 - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 3/31/04 9/30/04 RATIOS PERIOD* - -------------------------------------------------------------------------------- INTERNATIONAL FIXED INCOME FUND - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $ 997.60 1.00% $4.99 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,020.00 1.00% $5.05 - -------------------------------------------------------------------------------- EMERGING MARKETS DEBT FUND - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,036.70 1.35% $6.87 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,018.25 1.35% $6.81 - -------------------------------------------------------------------------------- *EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 183/366 (TO REFLECT THE ONE-HALF YEAR PERIOD). - -------------------------------------------------------------------------------- 46 SEI Institutional International Trust / Annual Report / September 30, 2004 NOTICE TO SHAREHOLDERS (Unaudited) For shareholders that do not have a September 30, 2004 taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2004 taxable year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended September 30, 2004 the Funds of the SEI Institutional International Trust are designating the following items with regard to distributions paid during the year: - -------------------------------------------------------------------------------- Qualifying Long Term Ordinary Dividend Capital Gains Income Income (15% Distributions Distributions Tax Rate Fund (Tax Basis) (Tax Basis) Total for QDI) (1) - -------------------------------------------------------------------------------- International Equity 0% 100% 100% 86.62% Emerging Markets Equity 0% 100% 100% 82.76% International Fixed Income 10.17% 89.83% 100% 0% Emerging Markets Debt 34.16% 65.84% 100% 0% The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2004, the amount of foreign source income and foreign tax credit are as follows: - -------------------------------------------------------------- Foreign Tax Foreign Source Credit Pass Fund Income Through - -------------------------------------------------------------- International Equity $58,468,900 $7,846,243 Emerging Markets Equity 20,037,888 3,957,544 (1)The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of "Ordinary Income Distributions". It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2004. Complete information will be computed and reported in conjunction with your 2004 Form 1099-DIV. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Annual Report / September 30, 2004 47 NOTES NOTES NOTES NOTES NOTES SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 2004 Robert A. Nesher, Chairman TRUSTEES William M. Doran F. Wendell Gooch James M. Storey George J. Sullivan, Jr. Rosemarie B. Greco Nina Lesavoy OFFICERS Edward D. Loughlin PRESIDENT AND CHIEF EXECUTIVE OFFICER Peter (Pedro) A. Rodriguez CONTROLLER AND CHIEF FINANCIAL OFFICER Timothy D. Barto VICE PRESIDENT, SECRETARY John J. Munera VICE PRESIDENT, ASSISTANT SECRETARY Sofia A. Rosala VICE PRESIDENT, ASSISTANT SECRETARY Philip T. Masterson VICE PRESIDENT, ASSISTANT SECRETARY John J. McCue VICE PRESIDENT Thomas D. Jones, III CHIEF COMPLIANCE OFFICER INVESTMENT ADVISER SEI Investments Management Corporation ADMINISTRATOR SEI Investments Fund Management DISTRIBUTOR SEI Investments Distribution Co. LEGAL COUNSEL Morgan, Lewis & Bockius LLP INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP This 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 SEI INVESTMENTS DISTRIBUTION CO. OAKS, PA 19456 1 800-DIAL-SEI (1 800 342 5734) SEI-F-018 (09/04) ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a)(1) The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee. (a) (2) The audit committee financial expert is George J. Sullivan, Jr. Mr. Sullivan is an independent as defined in Form N-CSR Item 3 (a) (2) ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. For each of the last two years, the aggregate fees for which PricewaterhouseCoopers LLP (PwC) billed the Trust for services rendered to the Trust were as follows:
- ------------------------------------------------------------------------------------------------------------------------------ 2004 2003 - ----------------- ----------------------------------------------------- ------------------------------------------------------ All fees and All fees and All other fees All fees and All fees and All other fees services to the services to and services to services to the services to and services to Trust that were service service Trust that were service service pre-approved affiliates that affiliates that pre-approved affiliates that affiliates that were did not require were did not require pre-approved pre-approval pre-approved pre-approval - ------ ---------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------------ (a) Audit $104,520 N/A $0 $100,450 N/A $0 Fees(1) - ------ ---------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------------ (b) Audit- $0 $268,657(3) $0 $0 $0 $0 Related Fees - ------ ---------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------------ (c) Tax Fees $0 $0 $0 $0 $0 $0 - ------ ---------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------------ (d) All $0 $0 $0 $0 $0 $0 Other Fees(2) - ------ ---------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------------
Notes: (1) Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided PwC in connection with statutory and regulatory filings. (2) Non-audit fees include amounts related to advisory services provided for an analysis of expense classifications for the registrant and advisory services provided for benchmarking and best practice study results for Mutual Fund operations. (3) Includes fees for: examination of the design of SEI's Anti Money Laundering Program framework; 404 Readiness Assistance for SEI; and procedures related to the requirement to perform an independent audit pursuant to Section 352 of the USA PATRIOT Act for the SEI Funds. (e)(1) Not Applicable. (e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows: -------------------------------------------------------- 2004 2003 ----------------------- --------------- ---------------- Audit-Related Fees $0 $0 ----------------------- --------------- ---------------- Tax Fees $0 $0 ----------------------- --------------- ---------------- All Other Fees $0 $0 ----------------------- --------------- ---------------- (f) Not Applicable. (g) The aggregate non-audit fees and services billed by PricewaterhouseCoopers LLP for the last two fiscal years were $0 and $0 for 2004 and 2003, respectively. (h) Not Applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to open-end management investment companies. ITEM 6. SCHEDULE OF INVESTMENTS Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to open-end management investment companies. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005 ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable to open-end management investment companies. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The Trust has a standing Nominating Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Trust's Board of Trustees (the "Board"). Pursuant to the Committee's Charter, adopted on June 18, 2004, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Trust's office. ITEM 11. CONTROLS AND PROCEDURES. (a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures within 90 days of the filing date of this report. Based on their evaluation, the certifying officers have concluded that the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. ITEMS 12. EXHIBITS. (a)(1) Code of Ethics attached hereto. (a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith. (b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit. - -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) SEI Institutional International Trust By (Signature and Title)* /s/ Edward D. Loughlin ---------------------- Edward D. Loughlin Chief Executive Officer Date: 11/29/04 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Edward D. Loughlin ---------------------- Edward D. Loughlin Chief Executive Officer Date: 11/29/04 By (Signature and Title)* /s/ Peter (Pedro) A. Rodriguez ------------------------------ Peter (Pedro) A. Rodriguez Chief Financial Officer Date: 11/29/04 * Print the name and title of each signing officer under his or her signature. EX-99.CODE ETH 2 siitcodeofethics.txt SIIT CODE OF ETHICS SEI LIQUID ASSET TRUST SEI TAX EXEMPT TRUST SEI DAILY INCOME TRUST SEI INDEX FUNDS SEI INSTITUTIONAL MANAGED TRUST SEI INSTITUTIONAL INTERNATIONAL TRUST SEI ASSET ALLOCATION TRUST SEI INSTITUTIONAL INVESTMENTS TRUST SEI INSURANCE PRODUCTS TRUST FINANCIAL OFFICER CODE OF ETHICS I. INTRODUCTION The reputation and integrity of SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust and SEI Insurance Products Trust (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function. The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct. II. PURPOSES OF THE CODE The purposes of this Code are: o To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict; 1 o To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts; o To promote compliance with applicable laws, rules and regulations; o To encourage the prompt internal reporting to an appropriate person of violations of this Code; and o To establish accountability for adherence to this Code. III. QUESTIONS ABOUT THIS CODE Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer. IV. CONDUCT GUIDELINES Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust. 1. ETHICAL AND HONEST CONDUCT IS OF PARAMOUNT IMPORTANCE. Each Trust's SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships. 2. SFOS MUST DISCLOSE MATERIAL TRANSACTIONS OR RELATIONSHIPS. Each Trust's SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer. 3. STANDARDS FOR QUALITY OF INFORMATION SHARED WITH SERVICE PROVIDERS OF THE TRUSTS. Each Trust's SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, 2 custodian, ETC.) that is accurate, complete, objective, relevant, timely, and understandable. 4. STANDARDS FOR QUALITY OF INFORMATION INCLUDED IN PERIODIC REPORTS. Each Trust's SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports. 5. COMPLIANCE WITH LAWS. Each Trust's SFOs must comply with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code. 6. STANDARD OF CARE. Each Trust's SFOs must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code. 7. CONFIDENTIALITY OF INFORMATION. Each Trust's SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage. 8. SHARING OF INFORMATION AND EDUCATIONAL STANDARDS. Each Trust's SFOs should share information with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs. 9. PROMOTE ETHICAL CONDUCT. Each Trust's SFOs should at all times proactively promote ethical behavior among peers in your work environment. 10. STANDARDS FOR RECORDKEEPING. Each Trust's SFOs must at all times endeavor to ensure that the Trust's financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code. V. WAIVERS OF THIS CODE You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules. 3 VI. AFFIRMATION OF THE CODE Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested. VII. REPORTING VIOLATIONS In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO MUST immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning. SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible. VIII. VIOLATIONS OF THE CODE Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations. ADOPTED: JUNE 30, 2003 4 EX-99.CERT 3 siit302certel9_04.txt SIIT 302 CERT_EL CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Edward D. Loughlin, certify that: 1. I have reviewed this report on Form N-CSR of SEI Institutional International Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a - 3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 11/29/04 /s/ Edward D. Loughlin - ---------------------- Edward D. Loughlin President and CEO EX-99.CERT 4 siit302certpr9_04.txt SIIT 302 CERT_PR CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Peter (Pedro) A. Rodriguez, certify that: 1. I have reviewed this report on Form N-CSR of SEI Institutional International Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a - 3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 11/29/04 /s/ Peter (Pedro) A. Rodriguez - ------------------------------ Peter (Pedro) A. Rodriguez Controller and CFO EX-99.906 CERT 5 siit906certel9_04.txt SIIT 906 CERT_EL - - CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 The undersigned, the Chief Executive Officer of SEI Institutional International Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended September 30, 2004 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge: 1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: 11/29/04 /s/ Edward D. Loughlin ---------------------- Edward D. Loughlin EX-99.906 CERT 6 siit906certpr9_04.txt SIIT 906 CERT_PR CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 The undersigned, the Chief Financial Officer of SEI Institutional International Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended September 30, 2004 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge: 1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: 11/29/04 /s/ Peter (Pedro) A. Rodriguez ------------------------------ Peter (Pedro) A. Rodriguez -----END PRIVACY-ENHANCED MESSAGE-----