N-CSRS 1 siitcombined.txt SEI INSTITUTIONAL INTERNATIONAL TRUST SAR 033105 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-CSRS -------- 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, 2005 DATE OF REPORTING PERIOD: MARCH 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. [BACKGROUND GRAPHIC OMITTED] SEI INVESTMENTS Semi-Annual Report as of March 31, 2005 (Unaudited) SEI Institutional International Trust International Equity Fund Emerging Markets Equity Fund International Fixed Income Fund Emerging Markets Debt Fund TABLE OF CONTENTS --------------------------------------------------------------------- Schedules of Investments 1 --------------------------------------------------------------------- Statements of Assets and Liabilities 27 --------------------------------------------------------------------- Statements of Operations 28 --------------------------------------------------------------------- Statements of Changes in Net Assets 29 --------------------------------------------------------------------- Financial Highlights 31 --------------------------------------------------------------------- Notes to Financial Statements 32 --------------------------------------------------------------------- Disclosure of Fund Expenses 39 --------------------------------------------------------------------- Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements 40 --------------------------------------------------------------------- Shareholder Voting Results 43 --------------------------------------------------------------------- The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust's Form N-Q is 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. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL EQUITY FUND March 31, 2005 -------------------------------------------------------------------------------- [THE FOLLOWING WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] SECTOR WEIGHTINGS*: 27.2% Financials 12.6% Telecommunication Services 9.4% Industrials 8.7% Consumer Discretionary 8.2% Cash Equivalents 8.0% Consumer Staples 7.9% Energy 6.8% Healthcare 5.2% Basic Materials 3.1% Information Technology 2.9% Utilities *Percentages based on total investments. ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- COMMON STOCK -- 97.1% AUSTRALIA -- 2.5% Alumina 151,662 $ 691 Amcor 241,700 1,339 Australia & New Zealand Banking Group 67,956 1,084 BHP Billiton 1,978,900 27,355 BlueScope Steel 225,000 1,514 Brambles Industries 166,105 1,021 Foster's Group 314,425 1,248 Insurance Australia Group 335,081 1,643 National Australia Bank 402,800 8,833 Newcrest Mining 662,920 8,928 Promina Group 365,800 1,398 Qantas Airways 498,387 1,369 QBE Insurance Group 870,244 10,024 Rinker Group 295,575 2,469 Telstra 924,834 3,641 Wesfarmers 53,500 1,645 Woolworths 149,500 1,856 ------------- 76,058 ------------- AUSTRIA -- 0.7% Erste Bank der Oesterreichischen Sparkassen 44,800 2,349 OMV 54,300 5,766 Telekom Austria 609,782 11,967 ------------- 20,082 ------------- BELGIUM -- 1.0% Belgacom 16,500 684 Delhaize Group 76,500 5,254 Fortis* 201,450 5,763 InBev 236,650 8,307 KBC Groupe 121,900 10,306 UCB 26,521 1,287 ------------- 31,601 ------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- BERMUDA -- 0.3% Tyco International 243,300 $ 8,224 ------------- BRAZIL -- 0.1% Cia de Saneamento Basico do Estado de Sao Paulo 12,120,000 602 Cia Vale do Rio Doce ADR* 23,000 727 Gerdau ADR* 61,500 1,015 Uniao de Bancos Brasileiros GDR 45,700 1,571 ------------- 3,915 ------------- CANADA -- 2.2% Abitibi-Consolidated 193,100 894 Alcan (A) 210,800 8,015 Bank of Nova Scotia (A) 213,600 6,983 Cameco (A) 72,900 3,228 Falconbridge 5,600 201 Great-West Lifeco (A) 32,600 717 Inco* 98,300 3,912 Manulife Financial (A) 112,100 5,351 Noranda 21,600 434 Novelis (A)* 5,259 115 PetroKazakhstan, Cl A* 139,200 5,592 Potash Saskatchewan 67,000 5,877 Research In Motion* 89,300 6,824 Rogers Communications, Cl B 164,700 4,483 Royal Bank of Canada (A) 101,977 6,200 TELUS (A) 84,800 2,609 Thomson (A) 102,800 3,447 ------------- 64,882 ------------- CHINA -- 0.0% China Petroleum & Chemical 2,176,000 879 ------------- DENMARK -- 0.6% Danske Bank (A) 110,300 3,208 Novo-Nordisk, Cl B* 203,400 11,355 TDC (A)* 79,600 3,364 ------------- 17,927 ------------- FINLAND -- 0.5% Fortum 341,300 6,662 Nokia 456,176 7,091 UPM-Kymmene 50,100 1,114 ------------- 14,867 ------------- FRANCE -- 10.8% Accor 72,200 3,543 Air Liquide 26,015 4,798 Assurances Generales de France 215,450 16,968 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 1 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL EQUITY FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- AXA 694,400 $ 18,546 BNP Paribas 257,113 18,262 Bouygues 430,200 17,097 Carrefour 29,600 1,575 Cie Generale D'Optique Essilor International 24,100 1,746 Credit Agricole 76,363 2,081 Dassault Systemes 230,000 10,881 France Telecom 1,127,474 33,849 Groupe Danone 206,800 20,628 L'Oreal 34,700 2,785 Lafarge 18,800 1,825 Lagardere S.C.A. 128,800 9,776 Michelin (C.G.D.E.), Cl B 21,600 1,423 Publicis Groupe 245,800 7,565 Renault 75,800 6,788 Sanofi-Aventis 698,539 59,053 Schneider Electric 84,100 6,607 Societe Generale 128,525 13,388 Total 187,603 44,009 Vinci 64,150 9,271 Vivendi Universal* 372,800 11,449 ------------- 323,913 ------------- GERMANY -- 6.6% Allianz 35,900 4,570 BASF 200,200 14,230 Bayer 157,045 5,199 Bayerische Hypo-und Vereinsbank* 752,600 18,457 Bayerische Motoren Werke 179,213 8,164 Celesio 41,850 3,430 Continental 136,400 10,606 DaimlerChrysler 240,200 10,779 Deutsche Bank 27,800 2,405 Deutsche Boerse 46,300 3,490 Deutsche Telekom (A)* 839,512 16,803 E.ON 135,300 11,639 HeidelbergCement 42,300 2,668 HeidelbergCement New 3,253 202 Hypo Real Estate Holding* 86,750 3,625 Infineon Technologies* 819,486 7,881 Lanxess 830 17 Linde 70,423 4,851 MAN (A) 98,000 4,394 Merck KGaA 47,200 3,374 Muenchener Rueckversicherungs (A) 75,983 9,178 SAP 84,000 13,571 SAP ADR 4,900 196 Siemens 401,254 31,837 ThyssenKrupp 79,000 1,631 TUI 58,700 1,554 Volkswagen (A) 104,800 5,001 ------------- 199,752 ------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- HONG KONG -- 0.9% China Mobile 3,176,500 $ 10,386 CNOOC 13,933,500 7,503 Esprit Holdings 144,500 987 Hang Lung Group 320,000 560 Hang Lung Properties 947,000 1,372 Hang Seng Bank 97,600 1,295 Li & Fung 1,400,000 2,549 Sun Hung Kai Properties 49,000 444 Swire Pacific, Cl A 151,300 1,198 ------------- 26,294 ------------- HUNGARY -- 0.0% Mol Magyar Olaj- es Gazipari 13,000 1,049 ------------- INDIA -- 0.1% ICICI Bank 180,000 1,620 Infosys Technologies ADR* 24,200 1,784 Punjab National Bank 90,000 811 ------------- 4,215 ------------- IRELAND -- 0.4% Anglo Irish Bank 218,850 5,490 CRH 132,057 3,470 Depfa Bank 237,000 3,758 ------------- 12,718 ------------- ISRAEL -- 0.0% Bank Hapoalim 445,000 1,498 ------------- ITALY -- 3.7% Banca Popolare di Milano 443,850 4,254 Enel 1,574,900 15,105 ENI - Ente Nazionale Idrocarburi 1,361,965 35,455 Mediaset 512,100 7,388 Sanpaolo IMI 954,500 14,985 Telecom Italia 1,859,710 7,070 Telecom Italia RNC 5,191,190 16,276 UniCredito Italiano 1,599,686 9,418 ------------- 109,951 ------------- JAPAN -- 21.2% Advantest (A) 42,100 3,235 Aeon 328,800 5,567 Aiful 46,350 3,718 Aiful - When Issued 23,175 1,820 Asatsu-DK 69,300 2,222 Bank of Yokohama 805,000 4,922 Bridgestone 58,000 1,069 Canon (A) 748,382 40,232 Central Japan Railway (A) 150 1,287 -------------------------------------------------------------------------------- 2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Chubu Electric Power (A) 37,700 $ 908 Dai Nippon Printing (A) 1,003,000 16,401 Daito Trust Construction (A) 59,000 2,482 Daiwa House Industry 195,000 2,246 Daiwa Securities Group 143,000 944 eAccess (A)* 4,710 4,007 East Japan Railway (A) 976 5,256 Fanuc (A) 71,100 4,460 Fast Retailing 49,700 3,016 Fuji Photo Film 460,300 16,870 Furukawa Electric (A)* 260,000 1,193 Hirose Electric 36,300 3,716 Hitachi (A) 3,616,900 22,521 Honda Motor (A) 150,200 7,541 Hoya (A) 17,000 1,875 Index (A) 1,645 3,968 Isetan 237,700 3,105 Ito-Yokado 278,000 11,124 Itochu* 765,000 3,862 Japan Airlines (A)* 261,000 764 Japan Tobacco (A) 283 3,149 JFE Holdings (A) 171,000 4,780 Kansai Electric Power (A) 743,300 14,941 Kao (A) 491,000 11,316 Kobe Steel 730,000 1,290 Komatsu (A) 2,851,000 21,484 Konica Minolta Holdings 25,000 253 Kyocera (A) 239,500 17,129 Lawson 117,200 4,317 Matsushita Electric Industrial (A) 1,156,000 17,076 Millea Holdings 1,784 26,019 Mitsubishi (A) 335,700 4,359 Mitsubishi Electric 155,000 804 Mitsubishi Estate (A) 1,218,900 14,199 Mitsubishi Tokyo Financial Group (A) 1,360 11,825 Mitsui (A) 173,000 1,600 Mitsui Fudosan (A) 161,000 1,895 Mitsui OSK Lines 1,092,000 7,034 Mitsui Sumitomo Insurance (A) 771,000 7,086 Mizuho Financial Group (A) 514 2,436 Murata Manufacturing 37,900 2,037 NEC (A) 2,173,000 13,165 Nidec (A) 22,500 2,808 Nikon (A) 150,000 1,729 Nintendo (A) 15,000 1,641 Nippon Electric Glass 204,000 2,947 Nippon Meat Packers 226,000 2,871 Nippon Telegraph & Telephone 1,796 7,875 Nissan Motor (A) 2,280,800 23,435 Nitto Denko 36,400 1,913 Nomura Holdings 530,000 7,433 NTT DoCoMo 4,629 7,790 OJI Paper (A) 76,000 428 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Oriental Land 155,800 $ 10,196 ORIX (A) 171,900 21,970 Osaka Gas (A) 1,436,000 4,430 Promise (A) 94,550 6,480 Ricoh 140,000 2,408 Rohm 80,700 7,809 Sankyo (A) 189,400 4,002 Sega Sammy Holdings* 42,700 2,603 Sekisui House 255,000 2,730 Shimamura 17,300 1,328 Shionogi (A) 115,000 1,589 SMC 34,000 3,856 Softbank (A) 44,600 1,843 Sompo Japan Insurance (A) 147,000 1,538 Sony (A) 472,600 18,867 Sumitomo (A) 602,000 5,172 Sumitomo Chemical (A) 423,000 2,096 Sumitomo Forestry (A) 141,000 1,395 Sumitomo Heavy Industries* 358,000 1,412 Sumitomo Mitsui Financial Group (A) 4,067 27,605 Suzuki Motor (A) 308,700 5,536 T&D Holdings 14,200 724 Takeda Pharmaceutical (A) 80,700 3,855 Tanabe Seiyaku (A) 119,000 1,188 TDK (A) 18,400 1,263 Tohoku Electric Power 29,700 552 Tokyo Electric Power (A) 168,000 4,084 Tokyo Electron (A) 84,800 4,844 Tokyo Gas (A) 2,641,000 10,667 Toyota Motor (A) 245,300 9,151 Trend Micro 140,200 6,043 UFJ Holdings* 2,676 14,111 Uni-Charm 31,500 1,417 Yahoo! Japan (A)* 276 648 Yahoo! Japan - When Issued* 276 650 Yamada Denki (A) 51,000 2,680 Yamanouchi Pharmaceutical (A) 269,100 9,133 Yamato Transport (A) 257,800 3,697 ------------- 638,967 ------------- LUXEMBOURG -- 0.4% Arcelor* 368,000 8,432 SES GLOBAL FDR 291,700 3,746 ------------- 12,178 ------------- MEXICO -- 0.7% America Movil, Ser L ADR 276,050 14,244 Fomento Economico Mexicano ADR 99,750 5,342 ------------- 19,586 ------------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 3 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL EQUITY FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- NETHERLANDS -- 6.8% ABN AMRO Holding 1,372,142 $ 34,132 Aegon 386,230 5,225 Akzo Nobel 143,674 6,577 CSM 135,413 4,174 Euronext 43,500 1,552 Heineken 184,181 6,398 Heineken Holding, Cl A 111,562 3,455 ING Groep 1,061,844 32,155 Koninklijke Ahold 151,600 1,273 Reed Elsevier 68,700 1,038 Royal Dutch Petroleum 808,258 48,447 Royal Dutch Petroleum (New York Shares) 28,000 1,681 Royal KPN 1,473,517 13,214 Royal Numico 66,600 2,732 TPG 392,500 11,197 Unilever 392,344 26,770 VNU 129,467 3,786 ------------- 203,806 ------------- NEW ZEALAND -- 0.4% Telecom 2,619,489 11,317 ------------- NORWAY -- 1.2% DNB 200,000 2,051 Norsk Hydro 228,700 18,942 Norske Skogindustrier 34,600 693 Statoil 360,100 6,159 Tandberg 642,900 6,745 Yara International* 41,300 630 ------------- 35,220 ------------- PHILIPPINES -- 0.0% Philippine Long Distance Telephone* 33,800 852 ------------- PORTUGAL -- 0.3% Portugal Telecom 659,900 7,753 ------------- SINGAPORE -- 0.6% Flextronics International* 257,000 3,094 Singapore Telecommunications 6,691,716 10,468 United Overseas Bank 361,000 3,152 ------------- 16,714 ------------- SOUTH AFRICA -- 0.4% ABSA Group 188,100 2,279 Sanlam 828,200 1,615 Sasol 377,350 8,806 Telkom 60,230 1,040 ------------- 13,740 ------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- SOUTH KOREA -- 1.4% Honam Petrochemical 12,100 $ 619 Hyundai Motor 34,600 1,874 Industrial Bank of Korea 88,000 762 INI Steel 61,480 987 Kookmin Bank* 18,900 844 Nong Shim 2,600 742 POSCO 8,800 1,742 Samsung Electronics 5,720 2,828 Samsung Electronics GDR (2) (A) 96,103 23,785 Shinhan Financial Group 248,490 6,656 ------------- 40,839 ------------- SPAIN -- 4.4% ACS Actividades (A) 343,700 8,532 Altadis 55,600 2,280 Banco Bilbao Vizcaya Argentaria 1,163,500 18,992 Banco Santander Central Hispano (A) 1,626,300 19,847 Endesa 158,900 3,583 Iberdrola 92,800 2,434 Inditex 127,639 3,827 Repsol 1,056,900 28,049 Telefonica 2,542,849 44,416 ------------- 131,960 ------------- SWEDEN -- 1.9% Alfa Laval 212,400 3,498 Atlas Copco, Cl A 30,600 1,471 Nordea 684,507 6,949 Sandvik 37,100 1,549 SKF, Cl B 108,623 5,097 Svenska Cellulosa, Cl B 152,900 5,785 Telefonaktiebolaget LM Ericsson ADR* 222,250 6,268 Telefonaktiebolaget LM Ericsson, Cl B 1,280,000 3,616 Volvo, Cl B 495,000 21,963 ------------- 56,196 ------------- SWITZERLAND -- 7.5% Adecco 26,691 1,471 Compagnie Financiere Richemont, Cl A 241,097 7,596 Credit Suisse Group (A)* 375,753 16,188 Geberit 306 225 Holcim (A) 316,606 19,537 Micronas Semiconductor Holdings* 21,900 917 Nestle 150,193 41,237 Novartis 1,005,900 47,092 Roche Holding 114,299 12,294 Serono, Cl B 2,260 1,646 SGS (A) 7,440 5,381 STMicroelectronics 96,900 1,617 -------------------------------------------------------------------------------- 4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Swiss Reinsurance 82,301 $ 5,914 Swisscom 12,229 4,499 Syngenta 32,732 3,430 Synthes* 16,900 1,886 UBS 540,337 45,788 Xstrata 440,000 8,397 ------------- 225,115 ------------- TAIWAN -- 0.5% Chunghwa Telecom ADR 265,505 5,626 Compal Electronics 1,200,000 1,095 Far EasTone Telecommunications GDR 33,600 638 HON HAI Precision Industry GDR (A) 163,300 1,440 Taiwan Semiconductor Manufacturing 946,000 1,547 Taiwan Semiconductor Manufacturing ADR (A) 471,598 3,999 ------------- 14,345 ------------- THAILAND -- 0.0% PTT 199,200 983 ------------- TURKEY -- 0.0% Ford Otomotiv Sanayi 125,661 949 ------------- UNITED KINGDOM -- 19.0% Allied Domecq 1,637,575 16,508 ARM Holdings 329,600 656 AstraZeneca 195,365 7,701 AstraZeneca (SEK) 204,786 8,127 Aviva 487,223 5,846 BAA 259,546 2,862 Barclays 2,525,422 25,817 BG Group 180,300 1,401 BHP Billiton 1,722,612 23,143 BOC Group 540,135 10,400 BP 5,041,849 52,256 Bradford & Bingley 235,500 1,368 Brambles Industries 169,900 973 British American Tobacco 547,739 9,657 British Land 49,400 751 BT Group 1,998,500 7,760 Bunzl 535,282 5,229 Cadbury Schweppes 2,338,740 23,444 Carnival 95,600 5,250 Centrica 570,960 2,490 Diageo 239,800 3,380 GlaxoSmithKline 1,493,212 34,226 GUS 816,008 14,047 Hanson 120,100 1,136 Hays 3,194,706 8,029 HBOS 906,000 14,124 ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($Thousands) ($ Thousands) ------------------------------------------------------------------------------- HSBC Holdings 1,512,801 $ 23,926 Imperial Tobacco Group 750,158 19,689 Intercontinental Hotels Group 226,875 2,647 ITV 1,729,944 4,168 J Sainsbury* 600,500 3,282 Lloyds TSB Group 296,200 2,675 Mitchells & Butlers 297,600 1,937 National Grid Transco 2,286,918 21,186 Next 43,000 1,294 O2 3,351,950 7,553 Pearson 633,600 7,722 Persimmon 259,100 3,699 Punch Taverns 266,800 3,469 Reckitt Benckiser 736,845 23,419 Reed Elsevier 2,139,753 22,177 Rio Tinto 329,000 10,637 Rolls-Royce Group* 1,169,637 5,393 Rolls-Royce Group, Cl B* 57,380,200 111 Royal & Sun Alliance Insurance Group 1,000,000 1,483 Royal Bank of Scotland Group 794,310 25,276 Shell Transport & Trading 614,100 5,512 Signet Group* 3,811,400 7,742 Smiths Group 9,140 147 Standard Chartered 271,500 4,884 Tate & Lyle 225,000 2,260 Taylor Woodrow 190,000 1,099 Trinity Mirror 115,500 1,530 Unilever 680,900 6,729 Vodafone Group 19,830,782 52,649 Whitbread 249,000 4,383 Wimpey George 404,100 3,360 Wolseley 178,351 3,734 ------------- 572,353 ------------- Total Common Stock (Cost $2,358,194) ($ Thousands) 2,920,698 ------------- CORPORATE OBLIGATIONS (2) (B) (C) -- 5.2% Leek Finance, Ser 14A, Cl A1 2.850%, 12/21/05 $ 21,831 21,831 Liberty Lighthouse US Capital 2.940%, 05/13/05 15,000 15,003 Orchard Structured Finance CDO, Ser 2003-1A, Cl A1MM 2.920%, 05/18/05 28,590 28,590 Park Place Securities NIM Trust, Ser 2004-MM1, Cl AMM1 2.900%, 04/25/05 20,878 20,878 Sigma Finance 3.040%, 06/03/05 25,000 25,000 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 5 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL EQUITY FUND (Concluded) March 31, 2005 ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($Thousands) ($ Thousands) ------------------------------------------------------------------------------- Wachovia Asset Securization, Ser 2004-HM1A, Cl A 2.840%, 04/25/04 $ 20,000 $ 20,000 Whistlejacket Capital Funding 3.045%, 05/16/05 25,000 25,000 ------------- Total Corporate Obligations (Cost $156,302) ($ Thousands) 156,302 ------------- COMMERCIAL PAPER (B) (D) -- 3.1% ASAP Funding 2.800%, 04/08/05 20,000 19,989 Bavaria TRR 2.820%, 04/11/05 13,468 13,458 Broadhollow Funding 2.875%, 04/05/05 20,000 19,994 Mitten RFC 2.800%, 04/01/05 20,000 20,000 Park Sienna 2.875%, 04/07/05 20,000 19,990 ------------- Total Commercial Paper (Cost $93,431) ($ Thousands) 93,431 ------------- PREFERRED STOCK -- 0.6% AUSTRALIA -- 0.0% News* 76,210 1,300 ------------- BRAZIL -- 0.2% Braskem, Cl A 16,000,000 654 Petroleo Brasileiro 59,000 2,289 Suzano Bahia Sul Papel e Celulose* 126,000 577 Usinas Siderurgicas de Minas Gerais, Cl A* 38,500 830 ------------- 4,350 ------------- GERMANY -- 0.4% Porsche 16,427 11,956 ------------- Total Preferred Stock (Cost $14,325) ($ Thousands) 17,606 ------------- ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($Thousands) ($ Thousands) ------------------------------------------------------------------------------- CONVERTIBLE BONDS -- 0.2% CAYMAN ISLANDS -- 0.2% SMFG Finance 2.250%, 07/11/05 $ 249,000 $ 5,372 ------------- SWITZERLAND -- 0.0% Credit Suisse Group 6.000%, 12/23/05 186 223 ------------- Total Convertible Bonds (Cost $2,418) ($ Thousands) 5,595 ------------- U.S. TREASURY OBLIGATION -- 0.0% U.S. Treasury Bills (1) 2.935%, 08/25/05 1,150 1,136 ------------- Total U.S. Treasury Obligation (Cost $1,136) ($ Thousands) 1,136 ------------- CASH EQUIVALENTS -- 2.1% Barclays Global Investors Funds, Prime Money Market Fund (B) 30,569,230 30,569 SEI Daily Income Trust, Prime Obligation Fund, Cl A+ 28,241,987 28,242 The Reserve Funds, Primary Fund, Cl 8 (B) 3,010,837 3,011 ------------- Total Cash Equivalents (Cost $61,822) ($ Thousands) 61,822 ------------- REPURCHASE AGREEMENTS (B) -- 7.4% Bank of America 2.890%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $60,004,817 (collateralized by a FNMA obligation, par value $62,043,106, 5.500%, 02/01/35; with total market value $61,200,000) 60,000 60,000 Barclays Capital 2.840%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $37,002,919 (collateralized by a FNMA obligation, par value $38,007,000, 3.350%, 11/09/07; with total market value $37,740,339) 37,000 37,000 -------------------------------------------------------------------------------- 6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) ------------------------------------------------------------------------------- Goldman Sachs Group 2.890%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $70,005,619 (collateralized by various FNMA obligations, ranging in par value $950,207-$53,715,886, 4.000%-8.000%, 06/01/08-09/01/34; with total market value $71,400,000) $ 70,000 $ 70,000 Lehman Brothers 2.850%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $55,004,295 (collateralized by various FNMA obligations, ranging in par value $5,000,000-$15,237,264, 5.000%-9.000%, 01/25/17-03/01/35; with total market value $56,101,344) 55,000 55,000 ------------- Total Repurchase Agreements (Cost $222,000) ($ Thousands) 222,000 ------------- Total Investments -- 115.7% (Cost $2,909,628) ($ Thousands) $ 3,478,590 ============= Percentages are based on Net Assets of $3,007,561,261. * Non-Income Producing Security + See note 3 in the notes to financial statements. (1) Security as collateral on open futures contracts. The rate shown is the effective yields at the time of purchase. (2) Security sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and my be sold only to dealers in that program or other "accredited investors." As of March 31, 2005 the total value of this security was $169,201,654, representing 5.63% of the Fund's net assets. (A) This security or a partial position of this security is on loan at March 31, 2005. The total value of securities on loan at March 31, 2005 was $504,737,497 (See Note 8). (B) This security was purchased with cash collateral held from securities lending. The total value of such securities as of March 31, 2005 was $505,312,165 (See Note 8). (C) Floating Rate Security -- the rate reflected on the Schedule of Investments is the rate in effect on March 31, 2005. The demand and interest rate reset features give this security a shorter effective maturity date. (D) The rate reported is the effective yield at time of purchase. ADR -- American Depositary Receipt Cl -- Class FDR -- Fiduciary Depositary Receipt FNMA -- Federal National Mortgage Association GDR -- Global Depositary Receipt SEK -- Swedish Krona Ser -- Series Future Contracts -- The following future contracts were open at March 31, 2005. (See Note 2 in Notes to Financial Statements). Notional Notional Unrealized Contracts Proceeds Value Expiration Depreciation to Sell ($ Thousands) ($ Thousands) Date ($ Thousands) ---------- ------------- ------------- ---------- ------------- (237) DJ Euro Stoxx Long $9,436 $9,250 June 2005 $(186) (83) FTSE 100 Index Long 7,847 7,705 June 2005 (142) (6) Hang Seng Index Long 523 516 April 2005 (7) (25) SPI 200 Index Long 2,061 1,995 June 2005 (66) (55) Topix Index Long 6,107 6,070 June 2005 (37) ----- $(438) ===== The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 7 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) EMERGING MARKETS EQUITY FUND March 31, 2005 -------------------------------------------------------------------------------- [THE FOLLOWING WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] SECTOR WEIGHTINGS*: 19.8% Financials 15.9% Telecommunication Services 13.9% Industrials 10.2% Energy 9.8% Basic Materials 9.3% Consumer Discretionary 7.8% Information Technology 4.9% Consumer Staples 3.5% Utilities 2.6% Diversified 2.3% Healthcare *Percentages based on total investments. ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- COMMON STOCK -- 91.0% ARGENTINA -- 0.3% IRSA Inversiones y Representaciones GDR* 200,600 $ 2,518 Telecom Argentina ADR* 51,800 635 Telecom Argentina, Ser B ADR* 23,000 282 ------------- 3,435 ------------- BRAZIL -- 5.5% All America Latina Logistica 20,400 564 Aracruz Celulose ADR* 17,743 635 Banco Bradesco 2,707 78 Banco Bradesco ADR 52,200 1,514 Banco Itau Holding Financeira ADR 14,590 1,184 Brasil Telecom Participacoes ADR 99,810 3,259 Braskem ADR 3,800 154 Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 227,434 4,774 Cia de Saneamento Basico do Estado de Sao Paulo 26,264,600 1,304 Cia de Saneamento Basico do Estado de Sao Paulo ADR 18,900 233 Cia Energetica de Minas Gerais ADR 104,700 2,389 Cia Siderurgica Nacional ADR 41,500 1,000 Cia Vale do Rio Doce ADR 790,869 21,427 CPFL Energia ADR* 39,700 810 Diagnosticos da America* 97,500 998 Empresa Brasileira de Aeronautica ADR 76,520 2,395 Grendene* 163,880 1,304 Natura Cosmeticos 25,400 694 Petroleo Brasileiro ADR 164,637 7,274 Tele Centro Oeste Celular Participacoes ADR 64,500 639 Tele Norte Leste Participacoes 74,300 1,422 Tele Norte Leste Participacoes ADR 128,535 1,988 Telecomunicacoes Brasileiras ADR 51,360 1,487 Telecomunicacoes de Sao Paulo ADR 2,000 38 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Tim Participacoes ADR 223,079 $ 3,348 Uniao de Bancos Brasileiros 68,900 478 Uniao de Bancos Brasileiros GDR 31,300 1,076 ------------- 62,466 ------------- CHILE -- 0.9% Banco Santander Chile ADR 119,700 3,966 Cia Cervecerias Unidas ADR 7,677 189 CorpBanca 315,130,026 1,630 Empresa Nacional de Electricidad ADR 45,000 896 Empresas CMPC 11,100 264 Enersis* 13,413,332 2,255 Enersis ADR* 116,322 977 ------------- 10,177 ------------- CHINA -- 2.4% Aluminum Corp of China 1,252,000 722 Byd 476,000 1,401 China Petroleum & Chemical 18,953,500 7,655 China Petroleum & Chemical ADR 7,800 318 China Shipping Development 990,000 870 China Telecom 14,856,800 5,191 Datang International Power Generation 2,269,000 1,644 Huadian Power International 6,419,400 1,749 Huaneng Power International 2,689,900 1,966 Ping An Insurance Group 1,012,000 1,602 Qingling Motors 2,501,200 455 Sinopec Yizheng Chemical Fibre 4,561,600 836 Sinotrans 2,189,000 631 Yanzhou Coal Mining 1,592,000 2,164 ------------- 27,204 ------------- COLOMBIA -- 0.1% BanColombia ADR 86,500 1,156 ------------- CROATIA -- 0.1% Pliva D.D. GDR (A) 89,100 1,007 ------------- CZECH REPUBLIC -- 0.2% Cesky Telecom GDR 56,500 1,059 Komercni Banka 7,030 1,004 ------------- 2,063 ------------- EGYPT -- 0.9% Commercial International Bank GDR (A) 103,600 795 Mobinil-Egyptian Mobile Services 36,316 1,096 Orascom Construction Industries 248,799 5,180 Orascom Telecom* 10,300 728 Orascom Telecom GDR* 57,000 2,006 Suez Cement 44,806 631 ------------- 10,436 ------------- -------------------------------------------------------------------------------- 8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- HONG KONG -- 2.9% ASM Pacific Technology 377,000 $ 1,624 Beijing Enterprises Holdings 235,000 336 Brilliance China Automotive Holdings 2,649,000 469 China Mengniu Dairy* 2,800,000 1,903 China Merchants Holdings International 821,000 1,611 China Mobile 3,290,300 10,758 China Netcom Group* 880,000 1,235 China Resources Enterprise 2,706,300 3,713 CNOOC 3,199,000 1,723 Denway Motors 4,724,500 1,666 Giordano International 2,680,000 1,821 GOME Electrical Appliances Holdings 614,000 657 Panva Gas Holdings* 715,000 300 Shanghai Industrial Holdings 1,236,600 2,616 Weiqiao Textile 764,000 1,087 Yue Yuen Industrial Holdings 596,500 1,698 ------------- 33,217 ------------- HUNGARY -- 1.8% Borsodchem 89,300 1,219 Gedeon Richter 23,618 3,252 Matav 1,306,385 6,152 Mol Magyar Olaj- es Gazipari 47,564 3,838 OTP Bank 164,044 5,622 ------------- 20,083 ------------- INDIA -- 8.5% Bharat Heavy Electricals 68,672 1,207 Bharat Petroleum 267,300 2,166 Bharti Televentures* 729,457 3,456 Dr. Reddy's Laboratories 30,607 518 Dr. Reddy's Laboratories ADR 125,500 2,151 GAIL India 181,232 880 GAIL India GDR (A) 40,600 1,182 Grasim Industries 168,564 4,685 HCL Technologies 171,958 1,459 HDFC Bank 98,920 1,233 Hindalco Industries 98,869 2,929 Hindalco Industries GDR (A) 98,200 2,949 Hindustan Lever 554,608 1,673 Hindustan Petroleum 618,330 4,332 Housing Development Finance 67,952 1,131 ICICI Bank 220,358 1,983 ICICI Bank ADR 106,025 2,197 Indian Overseas Bank 2,744,004 4,779 Industrial Development Bank of India 752,124 1,570 Infosys Technologies 262,271 13,530 ITC 29,558 910 Jet Airways India 38,030 1,056 Larsen & Toubro 56,407 1,286 Mahanagar Telephone Nigam 944,150 2,482 Mahanagar Telephone Nigam ADR 77,650 492 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- NIIT Technologies 77,244 $ 224 Oil & Natural Gas 546,031 11,071 Ranbaxy Laboratories 97,642 2,245 Reliance Industries 586,928 7,338 Reliance Industries GDR (A) 161,738 4,144 State Bank of India GDR (A) 72,500 2,824 Tata Consultancy Services 78,391 2,572 Tata Motors 353,368 3,350 UTI Bank 183,190 1,015 ------------- 97,019 ------------- INDONESIA -- 2.0% Bank Central Asia 2,665,000 957 Bank Mandiri Persero 5,191,900 937 Bank Rakyat Indonesia 5,192,800 1,563 Bumi Resources 7,286,000 600 Gudang Garam 1,922,800 3,269 HM Sampoerna 4,679,000 5,114 Indofood Sukses Makmur 13,122,200 1,607 Indonesian Satellite 1,925,700 991 Telekomunikasi Indonesia 16,400,300 7,750 Telekomunikasi Indonesia ADR 3,400 64 ------------- 22,852 ------------- ISRAEL -- 2.7% Bank Hapoalim 1,855,215 6,246 Bank Leumi Le-Israel 851,258 2,384 Check Point Software Technologies* 98,800 2,148 Koor Industries* 1 -- Lipman Electronic Engineering 34,900 1,003 Makhteshim-Agan Industries 709,768 3,967 Super-Sol 361,650 932 Teva Pharmaceutical Industries ADR 453,292 14,052 ------------- 30,732 ------------- MALAYSIA -- 3.5% Berjaya Sports Toto 394,300 411 Commerce Asset Holdings* 983,100 1,185 Gamuda 2,136,200 2,586 Genting 950,600 4,328 IOI 641,700 1,511 Kuala Lumpur Kepong 522,000 907 Magnum 959,800 508 Malakoff 2,260,100 4,490 Malayan Banking 587,000 1,746 Malaysia International Shipping 235,200 990 Malaysia International Shipping (Foreign Market) 587,200 2,519 MK Land Holdings 363,800 148 Proton Holdings* 279,000 573 Public Bank 953,675 1,882 Public Bank (Foreign Market) 1,412,518 2,881 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 9 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) EMERGING MARKETS EQUITY FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Resorts World 623,600 $ 1,534 Sime Darby 2,520,400 3,946 Telekom Malaysia 2,975,900 7,636 ------------- 39,781 ------------- MEXICO -- 5.5% Alfa 212,000 1,126 America Movil, Ser L ADR 158,562 8,182 Cemex 208,188 1,510 Cemex ADR 93,442 3,387 Coca-Cola Femsa ADR 261,200 6,313 Consorcio ARA 434,100 1,438 Controladora Comercial Mexicana 2,128,500 2,172 Corporacion GEO, Ser B 178,700 386 Desc, Ser B 2,947,466 799 Embotelladoras Arca 41,000 84 Empresas ICA Sociedad Controladora ADR* 365,200 855 Fomento Economico Mexicano ADR 69,989 3,748 Grupo Bimbo, Ser A 724,400 1,938 Grupo Continental (C) 759,200 1,356 Grupo Financiero Banorte 332,312 2,161 Grupo Mexico, Ser B* 65,400 344 Grupo Modelo, Ser C 676,800 1,991 Grupo Televisa ADR 45,430 2,671 Kimberly-Clark de Mexico, Ser A 1,033,231 3,095 Telefonos de Mexico, Ser L ADR 452,726 15,633 Urbi Desarrollos Urbanos* 240,000 1,202 Wal-Mart de Mexico 597,109 2,093 ------------- 62,484 ------------- NETHERLANDS -- 0.0% Efes Breweries International GDR* 9,200 280 ------------- PAKISTAN -- 0.0% Pakistan Telecommunication 507,500 600 ------------- PERU -- 0.1% Cia de Minas Buenaventura ADR 50,600 1,153 ------------- PHILIPPINES -- 0.3% ABS-CBN Broadcasting PDR 1,275,900 354 Bank of the Philippine Islands 1,436,689 1,334 Manila Electric* 1,230,700 583 Philippine Long Distance Telephone ADR* 68,200 1,719 ------------- 3,990 ------------- POLAND -- 0.5% Bank Przemyslowo-Handlowy 5,371 858 KGHM Polska Miedz* 146,996 1,441 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Powszechna Kasa Oszczednoski Bank Polski* 151,400 $ 1,340 Telekomunikacja Polska 256,256 1,737 Telekomunikacja Polska GDR 21,597 146 ------------- 5,522 ------------- RUSSIA -- 4.8% AFK Sistema GDR 162,037 2,777 LUKOIL ADR 157,380 21,309 Mechel Steel Group OAO ADR 39,800 1,066 MMC Norilsk Nickel ADR 35,187 2,058 Mobile Telesystems ADR 220,244 7,750 OAO Gazprom ADR 185,190 6,241 Sberbank GDR 51,854 3,097 Surgutneftegaz ADR 18,600 660 Unified Energy System GDR 24,000 700 Vimpel-Communications ADR* 271,757 9,354 ------------- 55,012 ------------- SOUTH AFRICA -- 9.1% ABSA Group 388,290 4,704 Alexander Forbes 458,061 839 Anglo American Platinum 32,751 1,231 Aveng 690,092 1,253 Barloworld 201,429 3,236 Bidvest Group 176,081 2,003 Edgars Consolidated Stores 124,169 5,486 Illovo Sugar 851,840 1,109 Impala Platinum Holdings 93,967 7,927 Imperial Holdings 19,310 303 Iscor 217,939 2,224 JD Group 444,400 4,391 Liberty Group 83,490 870 Massmart Holdings 982,278 6,629 MTN Group 1,238,756 8,758 Nampak 1,238,625 3,144 Naspers 130,927 1,498 Nedcor 439,252 5,307 Network Healthcare Holdings 830,950 722 Sanlam 4,075,549 7,950 Sappi 355,263 4,361 Sasol 555,312 12,959 Shoprite Holdings 326,660 727 Standard Bank Group 1,152,253 11,641 Steinhoff International Holdings 829,479 1,773 Telkom 85,861 1,482 Tongaat-Hulett Group 70,641 673 ------------- 103,200 ------------- -------------------------------------------------------------------------------- 10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- SOUTH KOREA -- 18.4% CJ 36,200 $ 2,574 Daegu Bank 273,940 2,021 Daelim Industrial 15,320 812 Daewoo Shipbuilding & Marine Engineering 150,510 2,831 GS Holdings* 95,100 2,355 Hankook Tire 412,010 4,605 Hyundai Department Store 25,750 1,102 Hyundai Development 67,880 1,237 Hyundai Mobis 30,020 1,957 Hyundai Motor 82,870 4,488 Industrial Bank of Korea 188,010 1,627 INI Steel 51,340 824 Kangwon Land 196,084 2,935 Kia Motors 143,580 1,979 Kookmin Bank* 457,630 20,437 Kookmin Bank ADR* 59,544 2,659 Korea Electric Power 414,250 10,647 Korean Reinsurance 483,080 2,631 KT ADR 302,742 6,451 KT&G 187,210 6,084 Kumho Tire GDR 66,600 485 LG Chem 92,520 3,735 LG Electronics 28,270 1,896 LG Engineering & Construction 18,640 514 LG Household & Health Care 39,760 1,296 LG Philips LCD* 57,250 2,492 POSCO 31,000 6,136 POSCO ADR 75,650 3,734 Pusan Bank 44,870 355 Samsung 39,140 532 Samsung Electro-Mechanics* 121,290 2,998 Samsung Electronics 127,842 63,197 Samsung Fire & Marine Insurance 161,020 12,193 Samsung SDI 21,138 2,175 Shinhan Financial Group 233,560 6,256 Shinsegae 35,707 11,023 SK 23,860 1,410 SK Telecom 9,700 1,633 SK Telecom ADR 372,172 7,339 ------------- 209,655 ------------- TAIWAN -- 14.0% Accton Technology 1,143,649 577 Advanced Semiconductor Engineering 5,915,000 4,365 Asustek Computer 1,388,925 3,835 AU Optronics 1,182,000 1,729 Benq 1,532,000 1,583 Catcher Technology 670,800 2,725 Cathay Financial Holding 3,271,000 6,208 Cathay Financial Holding GDR 38,318 727 China Motors 1,263,000 1,503 China Steel 3,256,890 3,634 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Chinatrust Financial Holding 7,601,056 $ 8,577 Chunghwa Telecom 2,513,000 5,200 Compal Electronics 5,740,226 5,238 Delta Electronics 731,300 1,186 Elan Microelectronics 761,169 422 Eva Airways 5,254,000 2,460 Far Eastern Textile 1,902,000 1,250 Far EasTone Telecommunications 2,171,000 2,749 First Financial Holding* 3,190,000 2,597 Formosa Chemicals & Fibre 1,000,000 2,038 Formosa Plastics 1,597,000 2,864 Fubon Financial Holding 838,000 794 High Tech Computer 372,360 2,695 HON HAI Precision Industry 3,252,531 14,453 Kindom Construction* 184,700 51 Makalot Industrial* 374,017 506 MediaTek* 581,249 4,133 Mega Financial Holding 1,016,000 655 Nan Ya Plastic 4,073,983 6,026 Nien Hsing Textile 1,023,000 922 Nien Made Enterprises 1,002,320 1,642 Novatek Microelectronics 305,000 1,384 Optimax Technology 648,440 1,823 President Chain Store 944,168 1,609 Quanta Computer 5,099,608 8,562 Siliconware Precision Industries 1,093,900 950 Sinopac Holdings 9,057,055 4,959 Taiwan Cellular 2,844,632 2,889 Taiwan Green Point Enterprise 383,777 1,535 Taiwan Semiconductor Manufacturing 14,152,798 23,134 Taiwan Semiconductor Manufacturing ADR 110,000 933 Unimicron Technology 366,151 308 United Microelectronics 18,210,782 11,011 United Microelectronics ADR 289,295 975 Yageo* 11,126,440 3,991 Yuanta Core Pacific Securities 1,886,271 1,380 ------------- 158,787 ------------- THAILAND -- 3.3% Advanced Info Service 1,001,300 2,560 Asian Property Development 6,309,900 658 Asian Property Development NVDR 2,558,500 267 Bangkok Bank 2,454,200 7,027 Charoen Pokphand Foods 8,803,100 905 CP Seven Eleven 252,100 367 Delta Electronics 855,000 437 Italian-Thai Development 5,772,300 1,520 Kasikornbank* 4,197,634 6,278 Krung Thai Bank 14,019,800 3,172 Land And Houses 6,597,000 1,425 PTT 463,400 2,287 Siam Cement 754,950 5,096 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 11 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) EMERGING MARKETS EQUITY FUND (Concluded) March 31, 2005 ------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) ------------------------------------------------------------------------------- Siam Cement NVDR 141,600 $ 905 Siam Commercial Bank* 1,484,200 1,916 Siam Makro 529,300 758 Sino Thai Engineering & Construction* 1,330,000 384 Thai Airways International* 1,074,700 1,291 ------------- 37,253 ------------- TURKEY -- 2.3% Akbank* 2,033,455 9,862 Arcelik* 423,224 2,444 Dogan Yayin Holding* 699,269 1,916 Haci Omer Sabanci Holding 254,716 883 Tupras Turkiye Petrol Rafine* 176,685 2,499 Turk Sise ve Cam Fabrikalari 184,869 463 Turkcell Iletisim Hizmet 129,843 889 Turkiye Garanti Bankasi* 466,933 1,770 Turkiye IS Bankasi 880,772 5,087 ------------- 25,813 ------------- UNITED KINGDOM -- 0.8% Anglo American 35,138 833 Anglo American (South African Shares) 18,944 448 BHP Billiton 109,073 1,469 Dimension Data Holdings* 431,072 264 Old Mutual 1,165,763 2,963 Old Mutual (South African Shares) 1,044,900 2,643 ------------- 8,620 ------------- UNITED STATES -- 0.0% EMPS 79,500 258 ------------- VENEZUELA -- 0.1% Cia Anonima Nacional Telefonos de Venezuela ADR 77,729 1,471 ------------- Total Common Stock (Cost $834,951) ($ Thousands) 1,035,726 ------------- PREFERRED STOCK -- 5.6% BRAZIL -- 4.9% Banco Bradesco 73,410 2,129 Bradespar* 24,300 929 Brasil Telecom 855,319,063 3,507 Braskem, Cl A 18,000,000 736 Caemi Mineracao e Metalurgica* 649,600 603 Centrais Eletricas Brasileiras 95,400,000 1,238 Cia de Bebidas das Americas ADR 47,993 1,386 Cia Energetica de Minas Gerais 110,188,593 2,543 Cia Paranaense de Energia 294,938,600 1,397 Cia Siderurgica Belgo Mineira 1,754,500 885 Cia Siderurgica de Tubarao 6,008,100 369 Cia Tecidos Norte De Mina 15,624,000 1,381 ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) ------------------------------------------------------------------------------- Cia Vale do Rio Doce, Cl A 32,700 $ 883 Duratex 22,721,000 1,008 Investimentos Itau 1,829,136 3,399 Lojas Americanas 4,000,000 68 Marcopolo 186,500 393 Petroleo Brasileiro 38,200 1,482 Petroleo Brasileiro ADR 579,170 22,281 Tele Norte Leste Participacoes 13,211 205 Telecomunicacoes de Sao Paulo 53,010,900 1,033 Telemar Norte Leste 269,790 6,342 Telemig Celular Participacoes* 598,575,000 876 ------------- 55,073 ------------- SOUTH KOREA -- 0.7% Hyundai Motor 32,040 989 Hyundai Motor (Second Preferred) 199,640 6,999 ------------- 7,988 ------------- Total Preferred Stock (Cost $49,196) ($ Thousands) 63,061 ------------- CORPORATE OBLIGATIONS (D) (E) -- 0.0% Allstate Life Global Funding II, MTN (A) 2.800%, 04/13/06 $ 8 8 American General Finance (A) 2.810%, 04/14/06 7 7 Blue Heron Funding, Ser 6A, Cl A1 (A) 2.890%, 05/18/05 8 7 CCN Independence IV (A) 2.880%, 01/17/06 6 6 CIT Group, MTN 2.738%, 07/29/05 4 4 Countrywide Home Loans, Ser M, MTN 3.162%, 06/23/05 8 8 3.040%, 11/30/05 1 1 Harwood Street Funding I, Ser 2004-1A, Cl Note (A) 2.900%, 09/20/05 6 6 K2, MTN (A) 2.995%, 12/12/05 2 2 Morgan Stanley 2.720%, 04/04/06 6 6 Northern Rock (A) 2.730%, 02/03/06 6 6 RMAC, Ser 2004-NS2A, Cl A1 (A) 2.790%, 06/12/05 7 7 SLM (A) 2.850%, 04/20/06 9 9 Saturn Ventures II (A) 2.806%, 08/08/05 7 7 -------------------------------------------------------------------------------- 12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) ------------------------------------------------------------------------------- Washington Mutual Bank, Ser CD (A) 2.820%, 08/18/05 $ 7 $ 7 Whitehawk CDO Funding, Ser 2004-1A, Cl AMMA (A) 3.030%, 09/15/05 7 7 ------------- Total Corporate Obligations (Cost $98) ($ Thousands) 98 ------------- COMMERCIAL PAPER (D) (F) -- 0.0% Altamira Funding 3.019%, 06/16/05 5 5 Brahms Funding 2.972%, 05/20/05 6 6 Broadhollow Funding 2.842%, 04/12/05 5 4 CPI Funding 2.867%, 05/02/05 5 5 Rhineland Funding 2.757%, 05/06/05 8 7 ------------- Total Commercial Paper (Cost $27) ($ Thousands) 27 ------------- MASTER NOTE (D) (E) -- 0.0% Bear Stearns 3.050%, 04/01/05 8 8 ------------- Total Master Note (Cost $8) ($ Thousands) 8 ------------- DEBENTURE BOND -- 0.0% BRAZIL -- 0.0% Companhia Vale do Rio Doce* 0.000%, 09/30/49 8 -- ------------- Total Debenture Bond (Cost $0) ($ Thousands) -- ------------- EQUITY LINKED WARRANT (B) -- 0.0% THAILAND -- 0.0% Sino Thai Engineering & Construction* 222 16 ------------- Total Equity Linked Warrant (Cost $0) ($ Thousands) 16 ------------- ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) ------------------------------------------------------------------------------- RIGHTS -- 0.0% BRAZIL -- 0.0% Brasil Telecom, Expires 04/22/05* 8,895 $ -- Embratel Participacoes, Expires 04/07/05* 51 -- ------------- Total Rights (Cost $0) ($ Thousands) -- ------------- REPURCHASE AGREEMENT (D) -- 0.0% Barclays Capital 2.850%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $37,315 (collateralized by a FNMA obligation, par value $38,347, 3.375%, 11/09/07; with total market value $38,055) $ 37 37 ------------- Total Repurchase Agreement (Cost $37) ($ Thousands) 37 ------------- Total Investments -- 96.6% (Cost $884,317) ($ Thousands) $ 1,098,973 ============= Percentages are based on Net Assets of $1,137,923,443. * Non-Income Producing Security (A) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." As of March 31, 2005, the total value of these securities was $12,978,668, representing 1.14% of the Fund's net assets. (B) Security considered illiquid. See Note 2 discussing Equity-Linked Warrants. (C) This security or a partial position of this security is on loan at March 31, 2005. The total value of securities on loan at March 31, 2005 was $160,121 (See Note 8). (D) This security was purchased with cash collateral held from securities lending. The total value of such securities as of March 31, 2005 was $169,961 (See Note 8). (E) Floating Rate Security -- the rate reflected on the Schedule of Investments is the rate in effect on March 31, 2005. The demand and interest rate reset features give this security a shorter effective maturity date. (F) The rate reported is the effective yield at time of purchase. ADR -- American Depositary Receipt Cl -- Class FNMA -- Federal National Mortgage Association GDR -- Global Depositary Receipt MTN -- Medium Term Note NVDR -- Non-Voting Depositary Receipt PDR -- Philippine Depositary Receipt Ser -- Series Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 13 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL FIXED INCOME FUND March 31, 2005 -------------------------------------------------------------------------------- [THE FOLLOWING WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] SECTOR WEIGHTINGS*: 61.5% Foreign Government Obligations 27.6% Financials 3.4% Industrials 2.5% Special Purpose Entity 2.4% U.S. Treasury Obligations 1.3% Utilities 0.8% Telecommunication Services 0.5% Cash Equivalents *Percentages based on total investments. ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- GLOBAL BONDS -- 82.4% AUSTRIA -- 0.6% Republic of Austria 3.800%, 10/20/13 4,220 $ 5,591 ------------- BELGIUM -- 0.5% Kingdom of Belgium, Ser 31 5.500%, 03/28/28 3,300 5,164 ------------- CANADA -- 1.3% Ford Credit Canada 7.250%, 12/07/07 600 1,126 Government of Canada 6.000%, 06/01/11 3,700 3,380 4.875%, 07/07/08 1,000 1,383 Government of Canada, Ser WL43 5.750%, 06/01/29 4,800 4,532 Province of Ontario 1.875%, 01/25/10 170,000 1,693 ------------- 12,114 ------------- CAYMAN ISLANDS -- 0.3% ASIF II 5.375%, 12/07/09 700 1,325 Mizuho Financial Group 4.750%, 04/15/14 830 1,128 ------------- 2,453 ------------- DENMARK -- 1.2% Kingdom of Denmark 6.000%, 11/15/11 40,000 8,081 5.000%, 11/15/13 18,000 3,476 ------------- 11,557 ------------- FINLAND -- 2.8% Government of Finland 4.250%, 07/04/15 19,680 26,918 ------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- FRANCE -- 6.1% Caisse Nationale des Autoroutes 4.500%, 03/28/18 1,500 $ 2,068 Carrefour 4.375%, 06/15/11 1,000 1,353 Casino Guichard Perrachon 6.000%, 03/06/08 1,000 1,392 Compagnie de Financement Foncier 0.400%, 09/22/06 100,000 940 Government of France 5.750%, 10/25/32 5,050 8,310 5.500%, 04/25/07 5,000 6,882 4.000%, 04/25/09 3,000 4,059 4.000%, 04/25/13 15,000 20,215 4.000%, 10/25/13 9,000 12,102 Veolia Environnement 5.875%, 06/27/08 1,000 1,412 ------------- 58,733 ------------- GERMANY -- 6.1% Allgemeine Hypothekenbank Rheinboden 5.750%, 09/15/08 6,100 8,651 Commerzbank 5.500%, 10/25/11 1,000 1,445 Deutsche Bank 4.250%, 07/28/09 1,000 1,363 Deutsche Bundesrepublik 5.500%, 01/04/31 4,100 6,503 5.250%, 01/04/08 5,000 6,931 5.000%, 01/04/12 4,000 5,766 Deutsche Pfandbriefbank 4.500%, 01/15/18 2,400 3,293 Eurohypo 4.500%, 01/21/13 3,700 5,116 Hypothekenbank in Essen 2.750%, 07/25/07 6,100 7,950 Kreditanstalt fuer Wiederaufbau 4.750%, 08/18/06 3,700 4,959 Landwirtschaftliche Rentenbank 1.375%, 04/25/13 70,000 671 Rheinische Hypothekenbank 5.750%, 07/05/10 3,700 5,397 ------------- 58,045 ------------- GUERNSEY -- 0.4% Credit Suisse Group Finance 6.375%, 06/07/13 2,720 4,171 ------------- -------------------------------------------------------------------------------- 14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- ICELAND -- 1.6% Housing Finance Fund 3.750%, 06/15/44 902,326 $ 15,335 ------------- IRELAND -- 0.3% Allied Irish Banks 7.500%, 02/28/11 1,910 2,966 ------------- ITALY -- 7.2% Buoni Poliennali Del Tesoro 7.750%, 11/01/06 6,200 8,719 5.750%, 02/01/33 13,770 22,155 5.250%, 11/01/29 6,000 8,975 5.000%, 05/01/08 7,200 9,970 4.250%, 08/01/13 9,200 12,540 Republic of Italy 3.800%, 03/27/08 34,000 351 Sanpaolo IMI, Ser E, MTN 6.375%, 04/06/10 4,300 6,360 ------------- 69,070 ------------- JAPAN -- 15.8% Abbott Japan 1.050%, 11/06/08 120,000 1,141 Government of Japan 5 Year Bond, Ser 20 0.500%, 06/20/07 1,500,000 14,137 Government of Japan 5 Year Bond, Ser 25 0.300%, 03/20/08 3,000,000 28,092 Government of Japan 5 Year Bond, Ser 31 0.600%, 09/20/08 500,000 4,721 Government of Japan 5 Year Bond, Ser 39 0.800%, 09/20/09 1,000,000 9,485 Government of Japan 10 Year Bond, Ser 242 1.200%, 09/20/12 3,667,000 34,901 Government of Japan 10 Year Bond, Ser 256 1.400%, 12/20/13 1,140,000 10,873 Government of Japan 20 Year Bond, Ser 65 1.900%, 12/20/23 1,300,000 12,206 Government of Japan 20 Year Bond, Ser 72 2.100%, 09/20/24 3,286,000 31,506 Japan Finance for Municipal Enterprises 1.350%, 11/26/13 500,000 4,751 ------------- 151,813 ------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- LUXEMBOURG -- 0.3% Telecom Italia Finance, Ser E, MTN 6.125%, 04/20/06 2,040 $ 2,753 ------------- MALAYSIA -- 0.7% Government of Malaysia 7.500%, 07/15/11 5,900 6,682 ------------- MEXICO -- 1.2% United Mexican States 5.875%, 01/15/14 11,700 11,612 ------------- NETHERLANDS -- 6.8% ABN Amro Bank, Ser E, MTN 5.375%, 09/08/09 1,000 1,416 Allianz Finance II 5.625%, 11/29/12 1,000 1,473 Arena, Ser 2003-1, Cl A2 4.300%, 05/19/55 10,500 14,299 Bank Nederlandse Gemeenten, Ser E, MTN 5.625%, 10/25/10 1,000 1,460 Deutsche Telekom International Finance 8.125%, 05/29/12 2,000 3,289 Dresdner Finance 4.000%, 01/19/07 1,000 1,331 E.ON International Finance, Ser E, MTN 5.750%, 05/29/09 6,515 9,293 EADS Finance, Ser E, MTN 4.625%, 03/03/10 2,130 2,924 Generali Finance 4.750%, 05/12/14 500 705 Government of Netherlands 7.500%, 01/15/23 1,670 3,133 3.750%, 07/15/09 6,000 8,044 ING Bank, Ser E, MTN 5.500%, 01/04/12 1,000 1,430 Linde Finance 6.000%, 07/03/13 1,370 1,962 Munich Re Finance 6.750%, 06/21/23 2,280 3,433 RWE Finance, Ser E, MTN 6.250%, 06/03/30 200 413 Rabobank Nederland, Ser E, MTN 4.250%, 04/25/13 1,000 1,355 Saecure, Ser A2 5.710%, 11/25/07 6,000 8,364 Saint-Gobain Nederland 5.000%, 04/16/10 1,000 1,393 ------------- 65,717 ------------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 15 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL FIXED INCOME FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- NEW ZEALAND -- 3.0% Government of New Zealand, Ser 709 7.000%, 07/15/09 39,390 $ 28,782 ------------- SPAIN -- 1.2% Government of Spain 6.150%, 01/31/13 1,000 1,539 6.000%, 01/31/29 1,000 1,675 4.800%, 10/31/06 6,100 8,220 ------------- 11,434 ------------- SWEDEN -- 4.8% Kingdom of Sweden 4.500%, 08/12/15 165,200 24,963 3.500%, 04/20/06 1,000 1,316 Kingdom of Sweden, Ser 1043 5.000%, 01/28/09 95,060 14,482 Nordea Bank 6.000%, 12/13/10 3,700 4,925 ------------- 45,686 ------------- UNITED KINGDOM -- 13.7% Aviva 5.700%, 09/29/49 EUR 1,900 2,754 Bank of Scotland, Ser E, MTN 6.125%, 02/05/13 EUR 2,630 3,957 5.500%, 10/29/12 EUR 2,390 3,478 Barclays Bank, Ser E, MTN 5.750%, 09/14/26 EUR 500 989 British Telecommunications 5.750%, 12/07/28 EUR 200 370 Chester Asset Receivables 6.125%, 10/15/10 EUR 8,770 12,992 Compass Group, Ser E, MTN 6.000%, 05/29/09 EUR 2,410 3,448 GUS 6.375%, 07/16/09 EUR 700 1,363 Halifax, Ser E, MTN 6.375%, 04/03/08 EUR 500 978 Hilton Group Finance, Ser E,MTN 6.500%, 07/17/09 EUR 1,150 1,672 Imperial Tobacco Finance, Ser E, MTN 6.250%, 06/06/07 EUR 1,510 2,102 Lloyds TSB Bank, Ser E, MTN 6.625%, 03/30/15 EUR 400 830 MBNA Europe Funding, Ser E, MTN 4.500%, 01/23/09 EUR 1,000 1,354 NGG Finance 6.125%, 08/23/11 EUR 1,500 2,215 National Grid 6.500%, 07/27/28 EUR 500 1,065 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- National Westminster Bank 6.500%, 09/07/21 EUR 400 $ 849 Permanent Financing 5.100%, 06/11/07 EUR 10,200 13,906 Telereal Securitisation 5.389%, 12/10/31 EUR 989 1,917 Tesco, Ser E, MTN 0.700%, 09/20/06 EUR 160,000 1,505 United Kingdom Treasury 5.750%, 12/07/09 1,500 2,962 5.000%, 09/07/14 25,500 49,317 4.750%, 12/07/38 2,830 5,550 4.250%, 06/07/32 5,090 9,135 United Utilities Water, Ser E, MTN 6.625%, 11/08/07 EUR 4,360 6,190 Vodafone Group, Ser E, MTN 5.900%, 11/26/32 EUR 500 978 ------------- 131,876 ------------- UNITED STATES -- 5.6% American Express Credit, Ser E, MTN 5.625%, 08/18/09 EUR 800 1,525 Chase Credit Card Master Trust, Ser 1998-4 5.000%, 08/15/08 EUR 7,200 9,951 Citibank Credit Card Issurance Trust 5.375%, 04/10/13 EUR 6,800 9,786 Citigroup 0.800%, 10/30/08 EUR 200,000 1,888 DaimlerChrysler, Ser E, MTN 4.125%, 01/23/09 EUR 1,000 1,328 Dow Chemical, Ser E, MTN 5.625%, 10/17/07 EUR 1,000 1,387 Ford Motor Credit, Ser E, MTN 6.750%, 01/14/08 EUR 2,650 3,555 General Electric Capital, Ser E, MTN 1.400%, 11/02/06 EUR 100,000 953 0.750%, 02/05/09 EUR 70,000 661 General Motors 8.375%, 07/05/33 EUR 500 566 Genworth Financial 1.600%, 06/20/11 EUR 160,000 1,523 Goldman Sachs Group 5.125%, 04/24/13 EUR 1,000 1,404 HSBC Finance 6.125%, 01/22/10 EUR 600 1,174 KFW International Finance 1.750%, 03/23/10 EUR 250,000 2,479 MBNA Credit Card Master Trust, Ser 2002-A2, Cl A 5.600%, 07/17/14 EUR 6,650 9,646 -------------------------------------------------------------------------------- 16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- Pfizer 0.800%, 03/18/08 EUR 23,000 $ 218 Toyota Motor Credit 0.750%, 06/09/08 EUR 180,000 1,706 United Parcel Service, Ser E, MTN 5.500%, 02/12/31 EUR 400 792 Zurich Finance USA, Ser E, MTN 5.750%, 10/02/23 EUR 2,450 3,468 ------------- 54,010 ------------- SUPRA-NATIONAL -- 0.9% European Investment Bank 6.000%, 12/07/28 EUR 300 655 5.375%, 10/15/12 EUR 1,000 1,468 4.500%, 12/07/07 EUR 200 375 3.250%, 10/15/08 EUR 1,000 1,321 2.750%, 12/15/06 EUR 1,000 1,305 Inter-American Development Bank 5.750%, 12/07/09 EUR 300 586 International Bank for Reconstruction & Development 5.750%, 06/07/32 EUR 400 860 5.375%, 12/07/28 EUR 300 606 2.000%, 02/18/08 EUR 115,000 1,130 ------------- 8,306 ------------- Total Global Bonds (Cost $751,202) ($ Thousands) 790,788 ------------- CERTIFICATES OF DEPOSIT -- 4.5% UNITED STATES -- 4.5% BNP Paribas 2.625%, 04/26/05 7,000 7,000 Dresdner Bank 3.020%, 06/22/05 2,000 2,000 3.000%, 06/27/05 1,000 1,000 2.980%, 06/17/05 2,000 2,000 Natexis (C) 2.870%, 06/14/05 2,000 1,988 2.775%, 06/07/05 9,000 8,953 RBC Centura Bank 2.615%, 04/26/05 2,000 2,000 Societe Generale 2.670%, 04/25/05 3,000 3,000 UBS 2.610%, 04/26/05 15,000 15,000 ------------- Total Certificates of Deposit (Cost $42,941) ($ Thousands) 42,941 ------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.6% FHLMC 5.125%, 01/15/12 $ 3,000 $ 4,291 4.750%, 01/15/13 1,000 1,403 FHLMC (C) 2.576%, 04/19/05 10,000 9,987 FNMA 1.750%, 03/26/08 240,000 2,346 FNMA (A) 2.530%, 04/20/05 12,000 11,983 SLMA 3.800%, 06/17/10 3,500 4,607 ------------- Total U.S. Government Agency Obligations (Cost $33,969) ($ Thousands) 34,617 ------------- COMMERCIAL PAPER (C) -- 2.6% UNITED STATES -- 2.6% ANZ (Delaware) 2.481%, 04/20/05 7,600 7,590 Altamira Funding (B) 3.019%, 06/16/05 589 586 Brahms Funding (B) 2.972%, 05/20/05 679 676 Broadhollow Funding (B) 2.842%, 04/12/05 543 542 CBA (Delaware) Finance 2.758%, 05/23/05 12,000 11,952 CPI Funding (B) 2.867%, 05/02/05 577 575 Natexis 2.952%, 06/20/05 2,000 1,987 Rhineland Funding (B) 2.757%, 05/06/05 905 902 ------------- Total Commercial Paper (Cost $24,810) ($ Thousands) 24,810 ------------- U.S. TREASURY OBLIGATIONS -- 2.3% U.S. Treasury Bills (2) 2.366%, 04/28/05 3,800 3,793 U.S. Treasury Bonds 7.625%, 02/15/25 7,810 10,522 U.S. Treasury Inflationary Index Notes (A) 3.375%, 04/15/32 6,145 8,156 ------------- Total U.S. Treasury Obligations (Cost $22,335) ($ Thousands) 22,471 ------------- CORPORATE OBLIGATIONS (B) (D) -- 1.2% UNITED STATES -- 1.2% Allstate Life Global Funding II, MTN (3) 2.800%, 04/13/06 950 950 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 17 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL FIXED INCOME FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- American General Finance (3) 2.810%, 04/14/06 905 $ 905 Blue Heron Funding, Ser 6A, Cl A1 (3) 2.890%, 05/18/05 905 905 CCN Independence IV (3) 2.880%, 01/17/06 679 679 CIT Group, MTN 2.738%, 07/29/05 516 516 Countrywide Home Loans, Ser M, MTN 3.162%, 06/23/05 950 950 3.040%, 11/30/05 181 181 Harwood Street Funding I, Ser 2004-1A, Cl Note (3) 2.900%, 09/20/05 679 679 K2, MTN (3) 2.995%, 12/12/05 271 271 Morgan Stanley 2.720%, 04/04/06 679 679 Northern Rock (3) 2.730%, 02/03/06 679 679 RMAC, Ser 2004-NS2A, Cl A1 (3) 2.790%, 06/12/05 806 806 SLM (3) 2.850%, 04/20/06 1,131 1,131 Saturn Ventures II (3) 2.806%, 08/08/05 814 814 Washington Mutual Bank, Ser CD (3) 2.820%, 08/18/05 814 814 Whitehawk CDO Funding, Ser 2004-1A, Cl AMMA (3) 3.030%, 09/15/05 814 814 ------------- Total Corporate Obligations (Cost $11,773) ($ Thousands) 11,773 ------------- MASTER NOTE (B) (D) -- 0.1% UNITED STATES -- 0.1% Bear Stearns 3.050%, 04/01/05 905 905 ------------- Total Master Note (Cost $905) ($ Thousands) 905 ------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- REPURCHASE AGREEMENT (B) -- 0.5% UNITED STATES -- 0.5% Barclays Capital 2.850%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $4,489,470 (collateralized by a FNMA obligation, par value $4,613,633, 3.375%, 11/09/07; with total market value $4,578,443) 4,489 $ 4,489 ------------- Total Repurchase Agreement (Cost $4,489) ($ Thousands) 4,489 ------------- Total Investments -- 97.2% (Cost $892,424) ($ Thousands) $ 932,794 ============= Percentages are based on Net Assets of $959,268,781. (1) In local currency unless otherwise indicated. (2) Securities pledged as collateral on open futures contracts. The rates shown are effective yields at the time of purchase. (3) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." As of March 31, 2005, the total value of these securities was $9,447,230, representing 0.98% of the Fund's net assets. (A) This security or a partial position of this security is on loan at March 31, 2005. The total value of securities on loan at March 31, 2005 was $19,537,684 (See Note 8). (B) This security was purchased with cash collateral held from securities lending. The total value of such securities as of March 31, 2005 was $20,448,363 (See Note 8). (C) The rate reported is the effective yield at time of purchase. (D) Floating Rate Security -- the rate reflected on the Schedule of Investments is the rate in effect on March 31, 2005. The demand and interest rate reset features give this security a shorter effective maturity date. Cl -- Class EUR -- Euro FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association MTN -- Medium Term Note Ser -- Series SLMA -- Student Loan Marketing Association The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- Forward Foreign Currency Contracts -- The following forward foreign currency contracts were outstanding at March 31, 2005 (See Note 2 in Notes to Financial Statements):
------------------------------------------------------------------------------------------------------------------------- Unrealized Currency to Currency to Appreciation/ Maturity Deliver Receive Contract Value (Depreciation) Date ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ------------------------------------------------------------------------------------------------------------------------- 05/18/05-06/15/05 USD 69,835 AUD 89,436 $ 68,776 $ (1,059) 05/18/05-06/15/05 USD 29,246 CAD 36,220 29,956 710 05/18/05-06/15/05 EUR 34,091 CHF 52,472 49,806 (162) 06/15/05 USD 60 CLP 35,000 60 -- 06/15/05 USD 813 CZK 18,300 796 (17) 05/18/05-06/15/05 USD 1,931 DKK 10,998 1,921 (10) 05/18/05-06/15/05 CHF 29,697 EUR 19,216 25,001 (1) 05/18/05 GBP 10,412 EUR 14,840 19,305 (321) 05/18/05 HUF 939,713 EUR 3,750 4,878 (35) 05/18/05 JPY 11,555,117 EUR 84,880 110,416 1,955 05/18/05 PLN 31,187 EUR 7,660 9,965 65 05/18/05-06/15/05 SEK 86,858 EUR 9,590 12,476 125 05/18/05-06/15/05 USD 173,371 EUR 132,889 172,878 (493) 05/18/05 EUR 3,689 GBP 2,578 4,860 62 05/18/05-06/15/05 USD 101,161 GBP 53,772 101,285 124 05/18/05 EUR 9,920 HUF 2,468,264 12,904 -- 05/18/05-06/15/05 USD 2,115 HUF 398,039 2,077 (38) 05/18/05 EUR 1,540 ISK 127,618 2,093 89 05/18/05 EUR 59,200 JPY 7,991,629 75,013 (1,997) 05/18/05-06/15/05 USD 268,961 JPY 27,949,343 262,539 (6,422) 05/18/05-06/15/05 USD 19,467 KRW 19,583,344 19,281 (186) 06/15/05 USD 1,132 MXP 12,800 1,129 (3) 05/18/05-06/15/05 USD 1,998 NOK 12,510 1,986 (12) 06/15/05 USD 10,061 NZD 14,030 9,918 (143) 05/18/05-06/15/05 USD 14,283 PLN 44,570 14,144 (139) 06/15/05 EUR 6,928 SEK 62,800 8,938 (82) 05/18/05-06/15/05 USD 14,455 SEK 100,765 14,328 (127) 06/15/05 USD 1,183 SGD 1,920 1,167 (16) 06/15/05 USD 231 SKK 6,550 221 (10) 06/15/05 USD 808 THB 31,000 793 (15) 06/15/05 USD 2,998 ZAR 17,600 2,805 (193) 06/15/05 AUD 150 USD 115 115 -- 05/18/05-06/15/05 CAD 30,523 USD 24,854 25,250 (396) 06/15/05 CZK 3,100 USD 142 135 7 06/15/05 DKK 23,820 USD 4,221 4,164 57 05/18/05-06/15/05 EUR 205,602 USD 268,306 267,490 816 05/18/05-06/15/05 GBP 29,044 USD 54,741 54,738 3 05/18/05 HUF 24,000 USD 131 125 6 05/18/05 ISK 135,651 USD 2,217 2,224 (7) 05/18/05-06/15/05 JPY 8,183,177 USD 77,660 76,876 784 06/15/05 KRW 450,000 USD 441 443 (2) 06/15/05 MXP 1,200 USD 106 106 -- 05/18/05-06/15/05 NZD 50,395 USD 35,184 35,256 (72) 05/18/05-06/15/05 SEK 234,764 USD 33,846 33,391 455 06/15/05 SGD 120 USD 73 73 -- 06/15/05 ZAR 2,400 USD 384 382 2 -------------- -------------- $ 1,542,483 $ (6,698) ============== ==============
AUD -- Australian Dollar CAD -- Canadian Dollar CHF -- Swiss Franc CLP -- Chilean Peso CZK -- Czech Koruna DKK -- Danish Krone EUR -- Euro GBP -- British Pound Sterling HUF -- Hungarian Forint ISK -- Iceland Koruna JPY -- Japanese Yen KRW -- South Korean Won MXP -- Mexican Peso NOK -- Norwegian Krone NZD -- New Zealand Dollar PLN -- Polish Zloty SEK -- Swedish Krona SGD -- Singapore Dollar SKK -- Slovokia Koruna THB -- Thai Baht USD -- U.S. Dollar ZAR -- South African Rand -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 19 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL FIXED INCOME FUND (Concluded) March 31, 2005 Future Contracts -- The following future contracts were open at March 31, 2005 (See Note 2 in Notes to Financial Statements)
------------------------------------------------------------------------------------------------------------------------- Unrealized Notional Notional Appreciation/ Contracts Proceeds Value Expiration (Depreciation) to Sell ($ Thousands) ($ Thousands) Date ($ Thousands) ------------------------------------------------------------------------------------------------------------------------- (82) Australian 90-Day Bank Long Bill $ 14,291 $ 14,279 December 2005 $ (12) (27) Australian 90-Day Bank Long Bill 4,705 4,703 March 2006 (2) (29) Australian 90-Day Bank Long Bill 5,056 5,052 June 2005 (4) (88) Australian 90-Day Bank Long Bill 15,345 15,324 September 2005 (21) (30) Australian 3 Year Long Bond 5,997 5,997 June 2005 -- (143) Canadian 10 Year Long Bond 13,250 13,181 June 2005 (69) (69) Euro-Schatz Long Bond 9,510 9,511 June 2005 1 (71) Euro-Bobl Long Bond 10,359 10,389 June 2005 30 (149) Euro-Bund Long Bond 22,817 22,969 June 2005 152 (47) British 90-Day Long Bond 10,534 10,544 December 2005 10 (59) Japan 10 Year Long Bond 75,910 76,900 June 2005 990 (31) U.S. 90-Day Eurodolllar Long Bond 7,409 7,411 March 2006 2 (172) U.S. 90-Day Eurodolllar Long Bond 41,238 41,179 June 2005 (59) (294) Australian 10 Year Short Bond (164,710) (164,723) June 2005 (13) (12) Canadian 3-Month Bankers Acceptance Short Note (2,387) (2,390) March 2006 (3) (61) Canadian 3-Month Bankers Acceptance Short Note (12,261) (12,247) June 2005 14 (131) Canadian 3-Month Bankers Acceptance Short Note (26,285) (26,211) September 2005 74 (95) Canadian 3-Month Bankers Acceptance Short Note (19,018) (18,957) December 2005 61 (35) Euro 3-Month Short Bond (11,071) (11,073) March 2006 (2) (35) Euro 3-Month Short Bond (11,120) (11,121) June 2005 (1) (25) Euro 3-Month Short Bond (7,920) (7,921) December 2005 (1) (73) Euro 3-Month Short Bond (23,161) (23,165) September 2005 (4) (2) Euro-Bobl Short Bond (291) (293) June 2005 (2) (4) British 90-Day Short Bond (896) (897) March 2006 (1) (41) British 90-Day Short Bond (9,195) (9,199) June 2005 (4) (290) Long Gilt 10 Year Short Bond (60,006) (60,306) June 2005 (300) (54) British 90-Day Short Bond (12,101) (12,113) September 2005 (12) (29) Japan 10 Year Short Bond (37,224) (37,798) June 2005 (574) (85) Japan 3-Month Euroyen TIFFE Short Bond (19,820) (19,826) March 2006 (6) (67) Japan 3-Month Euroyen TIFFE Short Bond (15,644) (15,647) June 2005 (3) (210) Japan 3-Month Euroyen TIFFE Short Bond (49,023) (49,030) September 2005 (7) (176) Japan 3-Month Euroyen TIFFE Short Bond (41,069) (41,077) December 2005 (8) (68) U.S. 90-Day Eurodolllar Short Bond (16,408) (16,402) June 2005 6 (44) U.S. 90-Day Eurodolllar Short Bond (10,570) (10,563) September 2005 7 (561) U.S. 5 Year Short Note (60,748) (60,079) June 2005 669 (841) U.S. 10 Year Short Note (92,770) (91,892) June 2005 878 (18) U.S. 10 Year Short Note (2,034) (2,005) June 2005 29 ------------- $ 1,815 =============
-------------------------------------------------------------------------------- 20 SEI INSTITUTIONAL INTERNATIONAL TRUST / SEMI-ANNUAL REPORT / MARCH 31, 2005 -------------------------------------------------------------------------------- EMERGING MARKETS DEBT FUND March 31, 2005 ------------------------------------------------------------------------------- [THE FOLLOWING WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] SECTOR WEIGHTINGS*: 70.7% Foreign Government Obligations 22.9% Financials 4.3% Cash Equivalents 1.0% Energy 0.8% Basic Materials 0.2% Utilities 0.1% Consumer Discretionary * Percentages based on total investments. ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- GLOBAL BONDS -- 85.5% ARGENTINA -- 3.0% Banco De Galicia 11.000%, 01/01/19 521 $ 485 Ciesa (B) 0.000%, 04/22/02 BRL 12,600 6,300 Empressa Distribuidora de Electricidad de Mendoza, Ser E, MTN (B) 0.000%, 01/10/03 5,000 1,750 Republic of Argentina (B) 11.250%, 04/10/06 160 31 10.500%, 11/14/49 250 49 10.250%, 01/26/07 200 77 10.250%, 02/06/49 230 38 10.000%, 02/22/07 380 146 10.000%, 09/07/07 2,500 824 9.250%, 07/20/49 115 35 9.250%, 10/21/49 150 52 9.000%, 05/24/05 175 67 9.000%, 11/19/08 525 103 9.000%, 06/02/49 250 81 9.000%, 09/19/49 120 19 8.750%, 02/04/49 300 84 8.500%, 07/30/10 235 90 8.500%, 07/01/49 115 37 8.250%, 07/06/10 265 102 8.125%, 10/04/49 120 36 8.000%, 02/26/08 425 162 7.875%, 07/29/05 1,115 219 7.125%, 06/10/49 150 49 7.000%, 03/18/49 570 84 7.000%, 12/04/49 4,000 740 Republic of Argentina, Ser E, MTN (B) 8.000%, 10/30/09 ARS 625,000 124 7.625%, 08/11/07 ARS 605,000 120 7.000%, 03/18/49 ARS 180,000 36 4.649%, 07/08/05 ARS 1,225,000 243 Republic of Argentina, Ser L-GL (B) 3.500%, 03/31/23 9,775 5,596 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- Republic of Argentina, Ser L-GP (B) 6.000%, 03/31/23 12,725 $ 7,394 ------------- 25,173 ------------- BRAZIL -- 19.4% Federal Republic of Brazil 12.250%, 03/06/30 16,100 19,642 9.250%, 10/22/10 2,270 2,383 8.875%, 04/15/24 3,700 3,471 8.840%, 06/29/09 440 492 8.250%, 01/20/34 710 630 3.023%, 04/15/09 (C) 5,331 5,144 11.000%, 01/11/12 (D) 3,250 3,672 11.000%, 08/17/40 (D) 52,067 57,951 10.500%, 07/14/14 (D) 2,775 3,052 10.125%, 05/15/27 (D) 9,085 9,539 Federal Republic of Brazil, Ser 15YR (C) (D) 3.125%, 04/15/09 860 839 Federal Republic of Brazil, Ser 18YR (C) (D) 3.125%, 04/15/12 21,896 20,473 Federal Republic of Brazil, Ser 20YR (D) 8.000%, 04/15/14 35,914 35,465 ------------- 162,753 ------------- BULGARIA -- 0.4% Republic of Bulgaria Registered 8.250%, 01/15/15 1,200 1,470 Republic of Bulgaria, Ser A (C) 3.750%, 07/28/12 1,482 1,489 ------------- 2,959 ------------- CHILE -- 0.7% Republic of Chile 7.125%, 01/11/12 5,375 6,004 ------------- COLOMBIA -- 4.8% Republic of Colombia 10.375%, 01/28/33 6,900 7,314 10.000%, 01/23/12 2,050 2,178 8.700%, 02/15/16 2,420 2,311 Republic of Colombia (D) 11.750%, 02/25/20 14,570 17,302 8.375%, 02/15/27 1,750 1,597 Republic of Columbia 8.125%, 05/21/24 425 387 7.625%, 02/15/07 2,950 3,060 Republic of Columbia (D) 10.750%, 01/15/13 5,550 6,202 ------------- 40,351 ------------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 21 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) EMERGING MARKETS DEBT FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- ECUADOR -- 1.5% Republic of Ecuador Registered 12.000%, 11/15/12 10,470 $ 10,365 8.000%, 08/15/30 2,791 2,505 ------------- 12,870 ------------- EL SALVADOR -- 0.5% Republic of El Salvador 7.750%, 01/24/23 4,000 4,340 ------------- INDONESIA -- 1.4% Garuda Indonesia (C) 3.593%, 12/31/07 1,200 1,080 Indah Kiat Finance Mauritius (B) 10.000%, 07/01/07 7,250 3,987 Indonesia Recapatilization Bond 12.250%, 07/15/07 IDR 23,200,000 2,597 Indonesia Recapitalization Bond 12.125%, 02/15/06 IDR 38,628,000 4,231 ------------- 11,895 ------------- KAZAKHSTAN -- 0.6% Kazkommerts International (A) 8.500%, 04/16/13 450 454 7.875%, 04/07/14 1,000 973 Kazkommerts International Registered 8.500%, 04/16/13 3,800 3,849 ------------- 5,276 ------------- MACEDONIA -- 0.1% Kingdom of Macedonia (C) 3.653%, 07/13/12 498 470 ------------- MALAYSIA -- 1.0% Government of Malaysia 8.750%, 06/01/09 800 917 7.500%, 07/15/11 2,725 3,086 Petronas Capital 7.875%, 05/22/22 3,700 4,423 ------------- 8,426 ------------- MEXICO -- 13.9% Cornhill, Ser 39 (B) 0.000%, 01/30/00 1,650 990 Cornhill, Ser 46 (B) 8.626%, 03/02/00 150 90 Mexican Bonos 9.000%, 12/24/09 89,106 7,626 8.000%, 12/19/13 22,000 1,702 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- Pemex Project Funding Master Trust 8.000%, 11/15/11 500 $ 553 9.500%, 09/15/27 (D) 7,350 9,004 United Mexican States 5.500%, 02/17/20 2,260 2,944 11.375%, 09/15/16 (D) 9,235 13,114 8.125%, 12/30/19 (D) 13,350 15,299 6.625%, 03/03/15 (D) 34,050 35,371 5.875%, 01/15/14 (D) 18,414 18,276 United Mexican States, MTN 8.300%, 08/15/31 3,985 4,563 6.375%, 01/16/13 6,475 6,718 ------------- 116,250 ------------- NIGERIA -- 0.6% Central Bank of Nigeria 6.250%, 11/15/20 3,500 3,264 5.092%, 01/05/10 2,531 785 Turanalem Finance 8.000%, 03/24/14 450 436 7.875%, 06/02/10 770 782 ------------- 5,267 ------------- PANAMA -- 2.1% Republic of Panama 9.625%, 02/08/11 3,665 4,142 9.375%, 04/01/29 2,550 2,920 Republic of Panama (D) 9.375%, 01/16/23 1,070 1,198 8.875%, 09/30/27 2,250 2,419 7.250%, 03/15/15 3,725 3,669 Republic of Panama, Ser 20YR (C) 3.750%, 07/17/16 3,900 3,588 ------------- 17,936 ------------- PERU -- 2.0% Republic of Peru 8.750%, 11/21/33 2,000 2,080 9.875%, 02/06/15 (D) 2,575 2,974 8.375%, 05/03/16 (D) 1,875 1,945 Republic of Peru FLIRB, Ser 20YR (C) 5.000%, 03/07/17 6,861 6,278 Republic of Peru, Ser 20YR (C) 5.000%, 03/07/17 4,093 3,806 ------------- 17,083 ------------- -------------------------------------------------------------------------------- 22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- PHILIPPINES -- 3.1% Republic of Philippines (D) 10.625%, 03/16/25 17,795 $ 19,085 9.375%, 01/18/17 6,300 6,663 9.000%, 02/15/13 600 614 ------------- 26,362 ------------- POLAND -- 0.4% Government of Poland 6.000%, 05/24/09 10,800 3,500 ------------- ROMANIA -- 0.1% Romania Treasury Bills (F) 6.369%, 06/02/05 ROL 5,800,000 202 6.349%, 05/05/05 ROL 5,800,000 203 ------------- 405 ------------- RUSSIA -- 15.3% Aries Vermogensverwaltungs (A) 9.600%, 10/25/14 9,675 11,634 Russian Federation 12.750%, 06/24/28 11,895 19,466 11.000%, 07/24/18 9,585 13,132 5.000%, 03/31/30 (C) 82,545 84,039 ------------- 128,271 ------------- SOUTH AFRICA -- 0.9% Republic of South Africa 9.125%, 05/19/09 2,325 2,647 6.500%, 06/02/14 (D) 4,575 4,804 ------------- 7,451 ------------- SOUTH KOREA -- 0.7% Hynix Semiconductor 6.500%, 12/31/05 KRW 6,900,000 5,436 6.000%, 12/31/06 KRW 89,000 70 6.000%, 12/31/06 KRW 89,000 70 ------------- 5,576 ------------- TURKEY -- 4.8% Republic of Turkey Global Bond 12.375%, 06/15/09 (D) 500 601 11.875%, 01/15/30 12,045 16,155 11.750%, 06/15/10 1,150 1,387 11.500%, 01/23/12 1,500 1,830 11.000%, 01/14/13 3,095 3,749 9.500%, 01/15/14 (D) 4,175 4,728 7.375%, 02/05/25 2,000 1,870 0.000%, 08/24/05 4,300 2,994 0.000%, 10/05/05 9,680 6,608 ---------- 39,922 ---------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- UKRAINE -- 1.5% Government of Ukraine 6.875%, 03/04/11 3,880 $ 3,970 Government of Ukraine Registered 11.000%, 03/15/07 1,904 2,043 6.875%, 03/04/11 400 411 Government of Ukraine Registered (D) 7.650%, 06/11/13 5,795 6,201 ------------- 12,625 ------------- URUGUAY -- 2.4% Republic of Uruguay 10.500%, 10/20/06 UYU 17,800 833 7.875%, 01/15/33 4,730 4,080 7.500%, 03/15/15 15,641 14,312 7.500%, 03/15/15 (D) 1,325 1,212 ------------- 20,437 ------------- VENEZUELA -- 4.3% Government of Venezuela 10.750%, 09/19/13 5,890 6,553 9.375%, 01/13/34 2,275 2,252 9.250%, 09/15/27 14,060 13,961 8.500%, 10/08/14 5,068 4,992 5.375%, 08/07/10 2,360 2,094 0.000%, 04/15/20 75 1,497 3.693%, 04/20/11 (D) 4,870 4,310 Government of Venezuela, Ser A (C) 6.750%, 03/31/20 725 718 ------------- 36,377 ------------- Total Global Bonds (Cost $666,136) ($ Thousands) 717,979 ------------- CORPORATE OBLIGATIONS (C) (E) -- 12.7% Allstate Life Global Funding II, MTN (A) 2.800%, 04/13/06 $ 8,619 8,619 American General Finance (A) 2.810%, 04/14/06 8,209 8,209 Blue Heron Funding, Ser 6A, Cl A1 (A) 2.890%, 05/18/05 8,209 8,209 CCN Independence IV (A) 2.880%, 01/17/06 6,156 6,156 CIT Group, MTN 2.738%, 07/29/05 4,677 4,683 Countrywide Home Loans, Ser M, MTN 3.162%, 06/23/05 8,619 8,619 3.040%, 11/30/05 1,642 1,642 Harwood Street Funding I, Ser 2004-1A, Cl Note (A) 2.900%, 09/20/05 6,156 6,156 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 23 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) EMERGING MARKETS DEBT FUND (Continued) March 31, 2005 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- K2, MTN (A) 2.995%, 12/12/05 2,463 $ 2,462 Morgan Stanley 2.720%, 04/04/06 6,156 6,156 Northern Rock (A) 2.730%, 02/03/06 6,157 6,157 RMAC, Ser 2004-NS2A, Cl A1 (A) 2.790%, 06/12/05 7,312 7,312 SLM (A) 2.850%, 04/20/06 10,261 10,261 Saturn Ventures II (A) 2.806%, 08/08/05 7,388 7,388 Washington Mutual Bank, Ser CD (A) 2.820%, 08/18/05 7,388 7,388 Whitehawk CDO Funding, Ser 2004-1A, Cl AMMA (A) 3.030%, 09/15/05 7,388 7,388 ------------- Total Corporate Obligations (Cost $106,805) ($ Thousands) 106,805 ------------- LOAN PARTICIPATIONS -- 5.9% ALGERIA -- 0.3% Republic of Algeria (Counterparty: Credit Suisse First Boston) (C) 2.813%, 03/04/10 2,643 2,600 ------------- ARGENTINA -- 0.7% Ciesa (Counterparty: Bank of America) (B) 0.000%, 04/22/02 3,400 1,700 Edesa USD Promissory Notes (Counterparty: Bank of America) (B) (F) 0.446%, 12/31/49 3,300 2,607 Edesa USD Promissory Notes (Counterparty: Citigroup Global Markets) (B) (F) 1.290%, 12/31/49 2,000 1,580 ------------- 5,887 ------------- BRAZIL -- 0.7% Global Village Telecom Loan (Counterparty: Deutsche Bank) 0.000%, 12/31/49 11,640 6,111 ------------- INDONESIA -- 1.2% Indonesia Standby Loan 94 (Counterparty: Deutsche Bank) (C) 2.875%, 12/31/49 6,304 5,548 PKN Tranche D Secured Short Term, Ser 1 (Counterparty: Citibank) (B) 0.000%, 02/10/05 401 397 PKN Tranche D Secured Short Term, Ser 2 (Counterparty: Citibank) (B) 0.000%, 02/10/05 377 374 PKN Tranche Loan A (Counterparty: Citigroup Global Markets) (B) 0.000%, 06/30/11 1,533 1,456 ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- PKN Tranche Loan B (Counterparty: Citigroup Global Markets) (B) 0.000%, 05/01/11 4,200 $ 345 PT Abhimata Mediatama Loan 15.000%, 12/31/07 1,720 1,720 ------------- 9,840 ------------- MEXICO -- 1.0% Altos Hornos, Promissory Note No. 5 (B) 0.000%, 04/29/99 2,500 1,125 Altos Hornos, Promissory Note No. 6 (B) 0.000%, 04/29/99 2,500 1,125 Altos Hornos, Promissory Note (Counterparty: Deutsche Bank) (B) 0.000%, 12/31/49 4,500 2,025 Altos Hornos, Tranche A (Counterparty: Banc of America) (B) 0.000%, 04/11/04 6,540 3,924 ------------- 8,199 ------------- MOROCCO -- 0.3% Kingdom of Morocco, Ser A (Counterparties: Credit Suisse First Boston, JP Morgan, Merrill Lynch) (C) 3.803%, 01/02/09 2,684 2,657 ------------- SINGAPORE -- 0.7% C2C Loan (Counterparty: Deutsche Bank) (B) (F) 11.113%, 12/31/10 SGD 10,800 5,724 ------------- THAILAND -- 1.0% TPI JPY Loan (Counterparty: Deutsche Bank) (B) (F) 2.059%, 12/31/49 JPY 354,231 2,848 TPI SYN Loan (Counterparty: Banc of America) (B) (F) 0.916%, 12/31/49 6,455 5,551 ------------- 8,399 ------------- Total Loan Participations (Cost $38,881) ($ Thousands) 49,417 ------------- COMMERCIAL PAPER (E) (F) -- 3.5% Altamira Funding 3.019%, 06/16/05 $ 5,347 5,313 Brahms Funding 2.972%, 05/20/05 6,157 6,131 Broadhollow Funding 2.842%, 04/12/05 4,925 4,921 CPI Funding 2.867%, 05/02/05 5,233 5,220 -------------------------------------------------------------------------------- 24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Shares/Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- Rhineland Funding 2.757%, 05/06/05 $ 8,209 $ 8,187 ------------- Total Commercial Paper (Cost $29,772) ($ Thousands) 29,772 ------------- MASTER NOTE (C)(E)-- 1.0% Bear Stearns 3.050%, 04/01/05 8,209 8,209 ------------- Total Master Note (Cost $8,209) ($ Thousands) 8,209 ------------- PREFERRED STOCK -- 0.1% ARGENTINA -- 0.1% Grupo Financiero Galicia 639,000 486 ------------- Total Preferred Stock (Cost $182) ($ Thousands) 486 ------------- COMMON STOCK -- 0.0% INDONESIA -- 0.0% PKN Tranche C Equity (B) 24,929 -- THAILAND -- 0.0% TPI Equity (Counterparty: Banc of America) 12,716,611 -- TPI Equity (Counterparty: Deutsche Bank) 1,812,834 -- ------------- Total Common Stock (Cost $0) ($ Thousands) -- ------------- WARRANT -- 0.0% NIGERIA -- 0.0% Central Bank of Nigeria (G) 2,000 -- ------------- Total Warrant (Cost $0) ($ Thousands) -- ------------- ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) ------------------------------------------------------------------------------- REPURCHASE AGREEMENT (E) -- 4.9% Barclays Capital 2.850%, dated 03/31/05, to be repurchased on 04/01/05, repurchase price $40,728,343 (collateralized by a FNMA obligation, par value $41,854,746, 3.375%, 11/09/07; with total market value $41,535,499) $ 40,721 $ 40,721 ------------- Total Repurchase Agreement (Cost $40,721) ($ Thousands) 40,721 ------------- Total Investments -- 113.6% (Cost $890,706) ($ Thousands) $ 953,389 ============= Percentages are based on Net Assets of $839,475,503. * 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 March 31, 2005, the total value of these securities was $98,766,170, representing 11.8% of the Fund's net assets. (B) Security in default on interest payments. (C) Floating Rate Security -- the rate reflected on the Schedule of Investments is the rate in effect on March 31, 2005. The demand and interest rate reset features give this security a shorter effective maturity date. (D) This security or a partial position of this security is on loan at March 31, 2005. The total value of securities on loan at March 31, 2005 was $178,991,206 (See Note 8). (E) This security was purchased on cash collateral held from securities lending. The total value of such securities as of March 31, 2005 was $185,506,943 (See Note 8). (F) The rate reported is the effective yield at time of purchase. (G) Securities are fair valued at $0 and represent 0.00% of net assets. ARS -- Argentina Peso BRL -- Brazilian Real Cl -- Class EUR -- Euro FLIRB -- Front Loaded Interest Reduction Bond FNMA -- Federal National Mortgage Association IDR -- Indonesian Rupiah JPY -- Japanese Yen KRW -- South Korean Won MTN -- Medium Term Note ROL -- Romanian Leu Ser -- Series SGD -- Singapore Dollar UYU -- Uruguay Peso Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 25 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) EMERGING MARKETS DEBT FUND (Concluded) March 31, 2005 Forward Foreign Currency Contracts -- The following forward foreign currency contracts were outstanding at March 31, 2005
--------------------------------------------------------------------------------------------------------------- Unrealized Currency to Currency to Appreciation/ Maturity Deliver Receive Contract Value (Depreciation) Date ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) --------------------------------------------------------------------------------------------------------------- 04/04/05-12/23/05 USD 24,696 BRL 132,019 $ 25,269 $573 05/31/05 USD 3,902 CZK 87,869 3,820 (82) 05/18/05 USD 7,024 KRW 7,213,100 7,102 78 04/19/05 USD 1,788 MXP 20,391 1,819 31 04/27/05-04/29/05 USD 4,593 PLN 14,469 4,599 6 11/09/05-01/26/06 USD 7,020 RUB 200,233 7,181 161 04/13/05 USD 2,683 TRY 3,472 2,564 (119) 04/04/05-05/03/05 BRL 31,278 USD 11,533 11,742 (209) 05/31/05 CZK 87,869 USD 3,916 3,821 95 04/13/05-04/18/05 JPY 255,667 USD 6,651 6,319 332 11/09/05-01/25/06 RUB 110,000 USD 3,984 3,945 39 ------------- ------------- $ 78,181 $ 905 ============= =============
BRL -- Brazilian Real CZK -- Czech Koruna JPY -- Japanese Yen KRW -- South Korean Won MXP -- Mexican Peso PLN -- Polish Zloty RUB -- Russian Rubie TRY -- New Turkish Lira USD -- U.S. Dollar -------------------------------------------------------------------------------- 26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands) March 31, 2005 (Unaudited)
----------------------------------------------------------------------------------------------------------------------------- EMERGING INTERNATIONAL EMERGING INTERNATIONAL MARKETS FIXED MARKETS EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND ----------------------------------------------------------------------------------------------------------------------------- ASSETS: Investments, at Market Value (Cost $2,881,386, $884,317, $892,424 and $890,706, respectively) $ 3,450,348 $ 1,098,973 $ 932,794 $ 953,389 Investments in Affiliated Investment Companies, at Market Value (Cost $28,242) (See Note 3) 28,242 -- -- -- Cash 24,177 7,815 16,303 33,175 Foreign Currency, at Value (Cost $13,125, $6,134, $9,782 and $5, respectively) 13,134 6,055 9,794 5 Cash and Foreign Currency Pledged as Collateral, at value (Cost $12,905) -- -- 13,047 -- Receivable for Investment Securities Sold 12,031 27,795 2,142 12,200 Dividends and Interest Receivable 8,724 5,345 13,900 12,166 Receivable for Fund Shares Sold 1,757 3,748 646 22,828 Foreign Tax Reclaim Receivable 467 33 20 -- Unrealized Gain on Forward Foreign Currency Contracts -- -- 11,350 1,405 Unrealized Gain on Spot Contracts 38 52 384 -- Deposits with Brokers for Forward Foreign Currency Contracts -- -- -- 2,943 Variation Margin Receivable 91 -- 1,864 -- ----------------------------------------------------------------------------------------------------------------------------- Total Assets 3,539,009 1,149,816 1,002,244 1,038,111 ----------------------------------------------------------------------------------------------------------------------------- LIABILITIES: Payable Upon Return of Securities Loaned 505,312 170 20,448 185,507 Payable for Investment Securities Purchased 19,251 4,086 1,987 8,987 Payable for Fund Shares Redeemed 3,374 4,260 1,169 2,642 Unrealized Loss on Forward Foreign Currency Contracts -- -- 18,048 500 Unrealized Loss on Spot Contracts 28 52 386 -- Variation Margin Payable 78 -- 5 -- Investment Advisory Fees Payable 1,319 981 131 400 Administration Fees Payable 1,175 655 522 467 Shareholder Servicing Fees Payable 653 252 202 86 Other Accrued Expenses 258 240 77 46 Accrued Foreign Capital Gains Tax Payable -- 1,197 -- -- ----------------------------------------------------------------------------------------------------------------------------- Total Liabilities 531,448 11,893 42,975 198,635 ----------------------------------------------------------------------------------------------------------------------------- Net Assets $ 3,007,561 $ 1,137,923 $ 959,269 $ 839,476 ============================================================================================================================= NET ASSETS: Paid-in-Capital $ 3,109,159 $ 942,112 $ 862,931 $ 744,031 Undistributed Net Investment Income (Loss) (14,244) (2,563) (7,485) 10,421 Accumulated Net Realized Gain (Loss) on Investments and Options (655,813) (15,016) 68,176 21,437 Net Unrealized Appreciation on Investments and Options 568,962 214,656 40,370 62,683 Accumulated Foreign Capital Gains Tax on Appreciated Securities -- (1,197) -- -- Net Unrealized Appreciation (Depreciation) on Futures Contracts (438) -- 1,815 -- Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (65) (69) (6,538) 904 ----------------------------------------------------------------------------------------------------------------------------- Net Assets $ 3,007,561 $ 1,137,923 $ 959,269 $ 839,476 ============================================================================================================================= Net Asset Value, Offering and Redemption Price Per Share -- Class A ($3,000,734,542 / 272,791,291 shares, $1,137,923,443 / 86,996,042 shares, $959,268,781 / 78,449,335 shares, and $839,475,503 / 79,873,681 shares, respectively) $ 11.00 $ 13.08 $ 12.23 $ 10.51 Net Asset Value, Offering and Redemption Price Per Share -- Class I ($6,826,719 / 620,545 shares) $ 11.00 n/a n/a n/a =============================================================================================================================
Amount designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 27 -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS ($ Thousands) For the six month period ended March 31, 2005 (Unaudited)
-------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING INTERNATIONAL EMERGING EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT FUND FUND FUND FUND -------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividends $ 27,779 $ 12,036 $ -- $ 1 Dividends from Affiliated Investment Companies 165 59 -- -- Interest -- 162 15,555 31,001 Income from Security Lending 1,375 267 -- 159 Less: Foreign Taxes Withheld (2,922) (1,461) -- -- -------------------------------------------------------------------------------------------------------------------------- Total Investment Income 26,397 11,063 15,555 31,161 -------------------------------------------------------------------------------------------------------------------------- EXPENSES: Investment Advisory Fees 7,426 5,892 744 3,424 Administration Fees 6,617 3,647 2,975 2,618 Shareholder Servicing Fees -- Class A 3,668 1,403 1,239 1,007 Shareholder Servicing Fees -- Class I 16 -- -- -- Custodian Fees 233 430 47 49 Printing Fees 100 38 34 27 Professional Fees 54 21 18 15 Proxy Costs 40 15 13 11 Registration & Filing Fees 26 10 9 7 Pricing Fees 24 15 5 4 Wire Agent Fees 23 9 8 6 Trustee Fees 22 8 7 6 Other Expenses 36 13 11 10 -------------------------------------------------------------------------------------------------------------------------- Total Expenses 18,285 11,501 5,110 7,184 -------------------------------------------------------------------------------------------------------------------------- Less, Waiver of: Investment Advisory Fees -- (523) -- (1,153) Shareholder Servicing Fees -- Class A -- -- (133) (577) -------------------------------------------------------------------------------------------------------------------------- Net Expenses 18,285 10,978 4,977 5,454 -------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 8,112 85 10,578 25,707 ========================================================================================================================== NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS: Net Realized Gain (Loss) from: Investments and Options 114,683 122,570 15,988 24,497 Futures Contracts 1,149 -- 5,324 -- Foreign Currency Transactions (1,586) 692 49,738 2,257 Net Change in Unrealized Appreciation (Depreciation) on: Investments and Options 265,833 64,541 (10,003) (6,951) Futures Contracts (330) -- 928 -- Foreign Capital Gains Tax on Appreciated Securities -- 1,640 -- -- Foreign Currency Transactions (123) (50) (4,931) 691 -------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, OPTIONS, FUTURES, AND FOREIGN CURRENCY TRANSACTIONS 379,626 189,393 57,044 20,494 ========================================================================================================================== NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 387,738 $ 189,478 $ 67,622 $ 46,201 ==========================================================================================================================
Amount designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) For the six month period ended March 31, 2005 (Unaudited) and the year ended September 30, 2004
---------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS EQUITY FUND EQUITY FUND ---------------------------------------------------------------------------------------------------------------------------------- 2005 2004 2005 2004 ---------------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 8,112 $ 28,071 $ 85 $ 8,721 Net Realized Gain from Investment Transactions, Options, and Futures Contracts 115,832 164,799 122,570 230,393 Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions (1,586) 522 692 (2,237) Net Change in Unrealized Appreciation (Depreciation) on Investments, Options, and Futures Contracts 265,503 276,933 64,541 (19,150) Net Change in Accrued Foreign Capital Tax Gains on Appreciated Securities -- -- 1,640 (295) Net Change in Unrealized Depreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (123) (177) (50) (85) ---------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets Resulting from Operations 387,738 470,148 189,478 217,347 ---------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (62,769) (23,802) (8,706) (2,380) Class I (121) (19) -- -- ---------------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (62,890) (23,821) (8,706) (2,380) ---------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 318,518 698,545 125,846 308,082 Reinvestment of Dividends & Distributions 60,095 22,759 8,400 2,304 Cost of Shares Redeemed (407,574) (719,697) (216,830) (422,178) ---------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Class A Transactions (28,961) 1,607 (82,584) (111,792) ---------------------------------------------------------------------------------------------------------------------------------- CLASS I: Proceeds from Shares Issued 1,349 4,430 -- -- Reinvestment of Dividends & Distributions 114 19 -- -- Cost of Shares Redeemed (1,090) (1,177) -- -- ---------------------------------------------------------------------------------------------------------------------------------- Increase in Net Assets from Class I Transactions 373 3,272 -- -- ---------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Capital Share Transactions (28,588) 4,879 (82,584) (111,792) ---------------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets 296,260 451,206 98,188 103,175 ---------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF PERIOD 2,711,301 2,260,095 1,039,735 936,560 ================================================================================================================================== END OF PERIOD $ 3,007,561 $ 2,711,301 $ 1,137,923 $ 1,039,735 ================================================================================================================================== UNDISTRIBUTED NET INVESTMENT INCOME/(DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME) INCLUDED IN NET ASSETS AT END OF PERIOD $ (14,244) $ 40,534 $ (2,563) $ 6,058 ================================================================================================================================== SHARE TRANSACTIONS: CLASS A: Shares Issued 29,589 73,559 9,916 29,491 Reinvestment of Distributions 5,444 2,458 652 227 Shares Redeemed (37,925) (75,619) (17,264) (40,128) ---------------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions (2,892) 398 (6,696) (10,410) ---------------------------------------------------------------------------------------------------------------------------------- CLASS I: Shares Issued 125 459 -- -- Reinvestment of Distributions 10 2 -- -- Shares Redeemed (101) (125) -- -- ---------------------------------------------------------------------------------------------------------------------------------- Total Class I Transactions 34 336 -- -- ---------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Shares Outstanding from Share Transactions (2,858) 734 (6,696) (10,410) ----------------------------------------------------------------------------------------------------------------------------------
Amount designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 29 -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) For the six month period ended March 31, 2005 (Unaudited) and the year ended September 30, 2004
------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS FIXED INCOME FUND DEBT FUND ------------------------------------------------------------------------------------------------------------------------- 2005 2004 2005 2004 ------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 10,578 $ 20,576 $ 25,707 $ 37,616 Net Realized Gain from Investment Transactions, Options, and Futures Contracts 21,312 10,050 24,497 25,198 Net Realized Gain on Forward Foreign Currency Contracts and Foreign Currency Transactions 49,738 56,708 2,257 740 Net Change in Unrealized Appreciation (Depreciation) on Investments, Options, and Futures Contracts (9,075) (3,424) (6,951) 21,428 Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (4,931) (19,555) 691 257 ------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 67,622 64,355 46,201 85,239 ------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (68,523) (65,737) (45,621) (39,072) Net Realized Gains: Class A (3,062) (15,161) (18,883) (57,231) ------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (71,585) (80,898) (64,504) (96,303) ------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 181,836 301,318 191,808 338,053 Reinvestment of Dividends & Distributions 67,732 77,590 62,023 93,513 Cost of Shares Redeemed (193,969) (320,430) (161,535) (220,256) ------------------------------------------------------------------------------------------------------------------------- Increase in Net Assets from Capital Share Transactions 55,599 58,478 92,296 211,310 ------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets 51,636 41,935 73,993 200,246 ------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF PERIOD 907,633 865,698 765,483 565,237 ------------------------------------------------------------------------------------------------------------------------- END OF PERIOD $ 959,269 $ 907,633 $ 839,476 $ 765,483 ------------------------------------------------------------------------------------------------------------------------- UNDISTRIBUTED NET INVESTMENT INCOME/(DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME) INCLUDED IN NET ASSETS AT END OF PERIOD $ (7,485) $ 50,460 $ 10,421 $ 30,335 ------------------------------------------------------------------------------------------------------------------------- SHARE TRANSACTIONS: CLASS A: Shares Issued 14,413 24,773 17,892 32,923 Reinvestment of Dividends & Distributions 5,365 6,398 5,804 9,165 Shares Redeemed (15,597) (26,436) (15,089) (21,527) ------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions 4,181 4,735 8,607 20,561 -------------------------------------------------------------------------------------------------------------------------
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 / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS For the six month period ended March 31, 2005 (Unaudited) and 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 2005* $ 9.81 $ 0.03(1) $ 1.39(1) $ 1.42 $ (0.23) 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 2005* $ 9.81 $ 0.02(1) $ 1.38(1) $ 1.40 $ (0.21) 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 2005* $11.10 $ --(1) $ 2.08(1) $ 2.08 $ (0.10) 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 2005* $12.22 $ 0.13(1) $ 0.81(1) $ 0.94 $ (0.89) 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 2005* $10.74 $ 0.34(1) $ 0.33(1) $ 0.67 $ (0.63) 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 2005* $ -- $(0.23) $11.00 14.47% $3,000,734 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 2005* $ -- $(0.21) $11.00 14.23% $ 6,827 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 2005* $ -- $(0.10) $13.08 18.72% $1,137,923 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 2005* $(0.04) $(0.93) $12.23 7.49% $ 959,269 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 2005* $(0.27) $(0.90) $ 0.51 6.20% $ 839,476 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 RATIO OF NET EXPENSES INVESTMENT RATIO OF TO AVERAGE INCOME EXPENSES NET ASSETS (LOSS) PORTFOLIO TO AVERAGE (EXCLUDING TO AVERAGE TURNOVER NET ASSETS WAIVERS) NET ASSETS RATE ---------------------------------------------------------------------------------------------------- NTERNATIONAL EQUITY FUND CLASS A 2005* 1.24% 1.24% 0.55% 17% 2004 1.26 1.26 1.06 44 2003 1.28 1.32 1.12 87 2002 1.28 1.29 0.51 70 2001 1.28 1.29 0.36 91 2000 1.29++ 1.30 0.79 73 CLASS I 2005* 1.49% 1.49% 0.32% 17% 2004 1.51 1.51 1.06 44 2003 1.53 1.57 1.15 87 2002(2) 1.53 1.54 0.61 70 MERGING MARKETS EQUITY FUND CLASS A 2005* 1.95% 2.04% 0.02% 32% 2004 1.95 2.12 0.84 88 2003 1.95 2.14 0.71 69 2002 1.95 2.14 0.08 109 2001 1.95 2.13 0.54 126 2000 1.96 2.12 (0.46) 110 NTERNATIONAL FIXED INCOME FUND CLASS A 2005* 1.00% 1.03% 2.13% 116% 2004 1.00 1.04 2.27 224 2003 1.00 1.06 2.60 216 2002 1.00 1.07 2.72 339 2001 1.00 1.06 3.13 235 2000 1.00 1.11 3.17 190 MERGING MARKETS DEBT FUND CLASS A 2005* 1.35% 1.78% 6.37% 30% 2004 1.35 1.79 5.91 77 2003 1.35 1.80 7.98 127 2002 1.35 1.79 8.80 140 2001 1.35 1.78 10.06 196 2000 1.35 1.80 10.67 227
* For the six month period ended March 31, 2005 (Unaudited). All ratios for the period have been annualized. + 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 / Semi-Annual Report / March 31, 2005 31 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTES TO FINANCIAL STATEMENTS March 31, 2005 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. -------------------------------------------------------------------------------- 32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- 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 six month period ended March 31, 2005. 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. The notional amount presented in the Schedule of Investments in the International Equity Fund and the International Fixed Income Fund represents the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 33 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) EQUITY-LINKED WARRANTS -- The International Equity and Emerging Markets Equity Funds each may invest in equity-linked warrants. The Fund purchases the equity-linked warrants from a broker, who in turn purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the Fund exercises its call and closes its position, the shares are sold and the warrant redeemed with the proceeds. Each warrant represents one share of the underlying 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 in 2004 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. As of March 31, 2005, there were no swap agreements in the Emerging Markets Debt Fund. 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. ADMINISTRATION, 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 administrative 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, -------------------------------------------------------------------------------- 34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- 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 March 31, 2005, 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% -- -- -- Extraordinary expenses are not included within this expense cap. Therefore, during the period expenses related to a proxy conducted by the Trust were charged to the Funds above the cap. 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 06/29/98 Fisher Investments, Inc. 07/01/03 McKinley Capital Management, Inc. 07/01/03 Morgan Stanley Investment Management Limited 12/10/03 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 Bridgewater Associates, Inc. 01/05/05 Fischer Francis Trees and Watts, Inc. 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 Investments 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 six month period ended March 31, 2005, 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 six month period ended March 31, 2005, 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 SIMC or the Administrator. Compensation of affiliated Officers and Trustees is paid by the SIMC or the Administrator. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 35 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 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. 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 six month period ended March 31, 2005, were as follows: ---------------------------------------------------------------- Purchases Sales ($ Thousands) ($ Thousands) ---------------------------------------------------------------- International Equity Fund US Gov't $ -- $ -- Other 498,304 602,286 Emerging Markets Equity Fund US Gov't $ -- $ -- Other 345,553 447,566 International Fixed Income Fund US Gov't $ 110,767 $ 85,537 Other 810,025 789,933 Emerging Markets Debt Fund US Gov't $ -- $ -- Other 232,290 202,761 5. 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 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. As of September 30, 2004, the tax character of dividends and distributions declared during the last two fiscal 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) $(426,446) Emerging Markets Equity Fund 9,562 -- (127,540) (2,076) 136,522 (1,429) 15,039 International Fixed Income Fund 48,449 -- -- -- 51,852 -- 100,301 Emerging Markets Debt Fund 38,062 11,198 -- -- 64,543 (55) 113,748
Post-October losses represent losses realized on investment or foreign currency transactions from November 1, 2003 through September 30, 2004 that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:
------------------------------------------------------------------------------------------------------------------- Total Capital Total Capital Post Loss Loss October Expires Expires Expires Carryforward Utilized Currency 2012 2011 2010 9/30/04 9/30/04 Losses ($ 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
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. -------------------------------------------------------------------------------- 36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- The Federal tax cost, aggregate gross unrealized appreciation and depreciation at March 31, 2005 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 $2,909,628 $621,016 $(52,054) $568,962 Emerging Markets Equity Fund 884,317 232,944 (18,288) 214,656 International Fixed Income Fund 892,424 48,488 (8,118) 40,370 Emerging Markets Debt Fund 890,706 66,162 (3,479) 62,683 6. 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 March 31, 2005, 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 by the Fund to the counterparty to the contract. 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. 7. 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 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. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 37 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded) 8. 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. 9. OTHER On March 31, 2005, the 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 82.49% International Equity Fund, Class I 7 67.95 Emerging Markets Equity Fund, Class A 1 85.33 International Fixed Income Fund, Class A 1 85.19 Emerging Markets Debt Fund, Class A 1 74.04 These shareholders are comprised of omnibus accounts, which are held on behalf of several individual shareholders. -------------------------------------------------------------------------------- 38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2005 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 $1,000 = 8.6), then multiply that ratio by the number shown for your fund under "Expenses Paid During Period." HYPOTHETICAL 5% RETURN. This section helps you compare your fund's costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your fund's comparative cost by comparing the hypothetical result for your fund in the "Expense Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds. NOTE: Because the return is set at 5% for comparison purposes -- NOT your fund's actual return -- the account values shown may not apply to your specific investment. BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 9/30/04 3/31/05 RATIOS PERIOD* ------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND ------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,144.70 1.24% $ 6.63 Class I $1,000.00 $1,142.30 1.49% $ 7.96 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,018.75 1.24% $ 6.24 Class I $1,000.00 $1,017.50 1.49% $ 7.49 ------------------------------------------------------------------------------- EMERGING MARKETS EQUITY FUND ------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,187.20 1.95% $ 10.63 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,015.21 1.95% $ 9.80 ------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 9/30/04 3/31/05 RATIOS PERIOD* ------------------------------------------------------------------------------- INTERNATIONAL FIXED INCOME FUND ------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,074.90 1.00% $ 5.17 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,019.95 1.00% $ 5.04 ------------------------------------------------------------------------------- EMERGING MARKETS DEBT FUND ------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,062.00 1.35% $ 6.94 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,018.20 1.35% $ 6.79 ------------------------------------------------------------------------------- * Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 39 -------------------------------------------------------------------------------- SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2005 BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE FUNDS' INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) The SEI Institutional International Trust (the "Trust") and SEI Investments Management Corporation ("SIMC") have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to each series of the Trust (each, a "Fund" and, collectively, the "Funds") and may manage a portion of the Funds' assets. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and together with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC, and under the supervision of SIMC and the Trust's Board of Trustees (the "Board"), the sub-advisers are responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The sub-advisers also are responsible for managing their employees who provide services to these Funds. The sub-advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively each sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Investment Company Act of 1940, as amended (the "1940 Act") requires that the initial approval of, as well as the continuation of, each Fund's Investment Advisory Agreements must be specifically approved: (i) by the vote of the Board of Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or "interested persons" of any party (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of such approvals, the Fund's Trustees must request and evaluate, and SIMC and the sub-advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission ("SEC") takes the position that, as part of their fiduciary duties with respect to a mutual fund's fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement. Consistent with these responsibilities, the Trust's Board of Trustees calls and holds meetings each year that are dedicated to considering whether to renew the Investment Advisory Agreements between the Trust and SIMC and SIMC and each of the sub-advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the sub-advisers, including information about SIMC's and the sub-advisers' affiliates, personnel and operations. The Board also receives extensive data provided by third parties. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from Fund counsel and independent counsel to the Independent Trustees regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust's Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the sub-advisers. Specifically, the Board requested and received written materials from SIMC and each sub-adviser regarding: (a) the quality of SIMC's and sub-advisers' investment management and other services; (b) SIMC's and sub-advisers' investment management personnel; (c) SIMC's and sub-advisers' operations and financial condition; (d) SIMC's and sub-advisers' brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that SIMC and each sub-adviser charges a Fund compared with the fees each charges to comparable mutual funds; (f) a Fund's overall fees and operating -------------------------------------------------------------------------------- 40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2005 expenses compared with similar mutual funds; (g) the level of SIMC's and each sub-adviser's profitability from its Fund-related operations; (h) SIMC's and sub-advisers' compliance systems; (i) SIMC's and sub-advisers' policies on and compliance procedures for personal securities transactions; (j) SIMC's and sub-advisers' reputation, expertise and resources in domestic and/or international financial markets; and (k) each Fund's performance compared with similar mutual funds. At the December 9, 2004 and March 9, 2005 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Investment Advisory Agreements and approved the selection of SIMC and the sub-advisers to act in their respective capacities for the Funds. The Board's approval was based on its consideration and evaluation of a variety of specific factors discussed at the meetings and at prior meetings, including: o the nature, extent and quality of the services provided to the Funds under the Investment Advisory Agreements, including the resources of SIMC and the sub-advisers and their affiliates dedicated to the Funds; o each Fund's investment performance and how it compared to that of other comparable mutual funds; o each Fund's expenses under each Investment Advisory Agreement and how those expenses compared to those of other comparable mutual funds; o the profitability of SIMC and the sub-advisers and their affiliates with respect to each Fund, including both direct and indirect benefits accruing to SIMC and the sub-advisers and their affiliates; and o the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Investment Advisory Agreements reflect those economies of scale for the benefit of Fund investors. NATURE, EXTENT AND QUALITY OF SERVICES. The Board of Trustees considered the nature, extent and quality of the services provided by SIMC and the sub-advisers to the Funds and the resources of SIMC and the sub-advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC's and the sub-advisers' personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the sub-advisers to the Funds and the resources of SIMC and the sub-advisers and their affiliates dedicated to the Funds supported renewal of the Investment Advisory Agreements. FUND PERFORMANCE. The Board of Trustees considered Fund performance in determining whether to renew the Investment Advisory Agreements. Specifically, the Trustees considered each Fund's performance relative to its peer group and appropriate indices/benchmarks, in light of total return, yield and market trends. As part of this review, the Trustees considered the composition of the peer group and selection criteria. In evaluating performance, the Trustees considered both market risk and shareholder risk expectations for a given Fund. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported renewal of the Investment Advisory Agreements. FUND EXPENSES. With respect to the Funds' expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and each Fund's net operating expense ratio in comparison to those of other comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund's respective peer group. Finally, the Trustees considered the effects of SIMC's voluntary waiver of management and other fees and the sub-advisers' fees to prevent total Fund expenses from exceeding a specified cap and that SIMC and the sub-advisers, through waivers, have maintained the Funds' net operating expenses at competitive levels for their respective distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 41 -------------------------------------------------------------------------------- SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2005 PROFITABILITY. With regard to profitability, the Trustees considered all compensation flowing to SIMC and the sub-advisers and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Funds by SIMC and the sub-advisers and their affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of SIMC and the sub-advisers is reasonable and supported renewal of the Investment Advisory Agreements. ECONOMIES OF SCALE. The Trustees considered the existence of any economies of scale and whether those were passed along to a Fund's shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Trustees did not identify any particular information that was all-important or controlling. -------------------------------------------------------------------------------- 42 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- SHAREHOLDER VOTING RESULTS (Unaudited) At a special meeting held on October 27, 2004, the shareholders of the SEI Institutional International Trust voted on the proposals listed below. The results of the voting were as follows: PROPOSAL 1: To elect Trustees of the Trust % OF NUMBER OF OUTSTANDING % OF SHARES SHARES SHARES PRESENT --------------- ------------- ------------ Rosemarie B. Greco Affirmative 259,381,368.116 50.349% 98.949% Withhold 2,754,416.559 .535% 1.051% TOTAL 262,135,784.675 50.884% 100.000% Nina Lesavoy Affirmative 259,482,370.901 50.369% 98.988% Withhold 2,653,413.774 .515% 1.012% TOTAL 262,135,784.675 50.884% 100.000% James M. Williams Affirmative 259,565,852.619 50.385% 99.020% Withhold 2,569,932.056 .499% .980% TOTAL 262,135,784.675 50.884% 100.000% PROPOSAL 2: To approve eliminating or reclassifying certain fundamental policies and restrictions for all Funds. INTERNATIONAL EQUITY FUND 4(a) Fundamental Policies Regarding Diversification Affirmative 135,608,978.341 48.717% 96.007% Against 992,254.964 .356% .702% Abstain 1,864,068.783 .670% 1.320% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% 4(b) Fundamental Policy Regarding Concentration Affirmative 135,418,258.371 48.648% 95.872% Against 1,140,413.673 .410% .807% Abstain 1,906,630.044 .685% 1.350% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% 4(c) Fundamental Policies Regarding Borrowing and Senior Securities Affirmative 135,088,443.906 48.530% 95.638% Against 1,405,826.145 .505% .995% Abstain 1,971,032.037 .708% 1.396% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 43 -------------------------------------------------------------------------------- SHAREHOLDER VOTING RESULTS (Unaudited) (Continued) % OF NUMBER OF OUTSTANDING % OF SHARES SHARES SHARES PRESENT --------------- ------------- ------------ 4(d) Fundamental Policy Regarding Lending Affirmative 135,043,211.952 48.513% 95.606% Against 1,456,619.885 .524% 1.031% Abstain 1,965,470.251 .706% 1.392% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% 4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities Affirmative 135,365,447.108 48.629% 95.834% Against 1,216,022.717 .437% .861% Abstain 1,883,832.263 .677% 1.334% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% 4(i) Fundamental Policy Regarding Underwriting and Securities Affirmative 135,142,395.084 48.549% 95.676% Against 1,378,639.556 .495% .976% Abstain 1,944,267.448 .699% 1.377% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% 4(n) Fundamental Policy Regarding Investment in Oil and Gas Affirmative 135,298,730.160 48.605% 95.787% Against 1,211,545.116 .435% .858% Abstain 1,955,026.812 .703% 1.384% Broker Non-votes 2,784,326.000 1.000% 1.971% TOTAL 141,249,628.088 50.743% 100.000% EMERGING MARKETS EQUITY FUND 4(a) Fundamental Policies Regarding Diversification Affirmative 47,280,221.514 50.516% 89.897% Against 448,202.001 .479% .853% Abstain 3,964,181.757 4.236% 7.537% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% 4(b) Fundamental Policy Regarding Concentration Affirmative 47,197,191.186 50.427% 89.740% Against 535,726.935 .573% 1.018% Abstain 3,959,687.151 4.231% 7.529% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% -------------------------------------------------------------------------------- 44 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- % OF NUMBER OF OUTSTANDING % OF SHARES SHARES SHARES PRESENT --------------- ------------- ------------ 4(c) Fundamental Policies Regarding Borrowing and Senior Securities Affirmative 47,087,945.170 50.311% 89.532% Against 639,784.700 .683% 1.216% Abstain 3,964,875.402 4.237% 7.539% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% 4(d) Fundamental Policy Regarding Lending Affirmative 47,062,000.670 50.283% 89.483% Against 647,170.226 .691% 1.230% Abstain 3,983,434.376 4.257% 7.575% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% 4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities Affirmative 47,130,506.197 50.356% 89.613% Against 601,092.424 .642% 1.143% Abstain 3,961,006.651 4.233% 7.531% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% 4(i) Fundamental Policy Regarding Underwriting and Securities Affirmative 47,136,962.328 50.363% 89.625% Against 581,126.437 .621% 1.105% Abstain 3,974,516.507 4.247% 7.557% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% 4(n) Fundamental Policy Regarding Investment in Oil and Gas Affirmative 47,106,647.592 50.331% 89.567% Against 606,080.213 .647% 1.153% Abstain 3,979,877.467 4.253% 7.567% Broker Non-votes 900,897.000 .963% 1.713% TOTAL 52,593,502.272 56.193% 100.000% INTERNATIONAL FIXED INCOME FUND 4(b) Fundamental Policies Regarding Concentration Affirmative 35,157,389.491 46.430% 88.671% Against 3,233,603.385 4.270% 8.156% Abstain 435,339.000 .575% 1.098% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 45 -------------------------------------------------------------------------------- SHAREHOLDER VOTING RESULTS (Unaudited) (Continued) % OF NUMBER OF OUTSTANDING % OF SHARES SHARES SHARES PRESENT --------------- ------------- ------------ 4(c) Fundamental Policies Regarding Borrowing and Senior Securities Affirmative 35,044,103.491 46.280% 88.386% Against 3,312,443.385 4.375% 8.354% Abstain 469,785.000 .620% 1.185% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(d) Fundamental Policy Regarding Lending Affirmative 35,024,397.491 46.254% 88.336% Against 3,336,604.385 4.407% 8.415% Abstain 465,330.000 .614% 1.174% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(e) Fundamental Policy Regarding Pledging and Mortgaging of Fund Assets Affirmative 35,119,826.491 46.380% 88.577% Against 3,251,421.385 4.294% 8.200% Abstain 455,084.000 .601% 1.148% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(f) Fundamental Policy Regarding Control of an Issuer Affirmative 35,166,546.491 46.442% 88.694% Against 3,209,616.385 4.239% 8.095% Abstain 450,169.000 .594% 1.135% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities Affirmative 35,191,028.491 46.474% 88.756% Against 3,192,632.385 4.216% 8.052% Abstain 442,671.000 .585% 1.117% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(h) Fundamental Policy Regarding Short Sales Affirmative 35,094,866.491 46.347% 88.514% Against 3,264,870.385 4.312% 8.234% Abstain 466,595.000 .616% 1.177% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% -------------------------------------------------------------------------------- 46 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- % OF NUMBER OF OUTSTANDING % OF SHARES SHARES SHARES PRESENT --------------- ------------- ------------ 4(i) Fundamental Policy Regarding Underwriting and Securities Affirmative 35,166,566.491 46.442% 88.694% Against 3,254,937.385 4.298% 8.210% Abstain 404,828.000 .535% 1.020% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(j) Fundamental Policy Regarding Investments in Securities of Other Investment Companies Affirmative 35,176,464.491 46.455% 88.719% Against 3,233,984.385 4.271% 8.157% Abstain 415,883.000 .549% 1.048% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(k) Eliminate Policy Regarding the Investing in Issuers when Securities are Owned by Officers and Trustees Affirmative 34,537,476.491 45.611% 87.108% Against 3,863,987.385 5.103% 9.745% Abstain 424,868.000 .561% 1.072% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(l) Fundamental Policy Regarding Investments in "Unseasoned Issuers" Affirmative 35,125,753.491 46.388% 88.591% Against 3,285,313.385 4.339% 8.286% Abstain 415,265.000 .548% 1.047% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(n) Fundamental Policy Regarding Investment in Oil and Gas Affirmative 35,250,487.491 46.553% 88.906% Against 3,162,257.385 4.176% 7.976% Abstain 413,587.000 .546% 1.043% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% 4(o) Fundamental Policy Regarding Investments in Illiquid and Restricted Securities Affirmative 35,090,779.491 46.342% 88.503% Against 3,269,511.385 4.318% 8.246% Abstain 466,041.000 .615% 1.176% Broker Non-votes 822,803.000 1.087% 2.075% TOTAL 39,649,134.876 52.362% 100.000% -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 47 -------------------------------------------------------------------------------- SHAREHOLDER VOTING RESULTS (Unaudited) (Concluded) % OF NUMBER OF OUTSTANDING % OF SHARES SHARES SHARES PRESENT --------------- ------------- ------------ EMERGING MARKETS DEBT FUND 4(b) Fundamental Policies Regarding Concentration Affirmative 37,834,067.936 56.060% 96.653% Against 637,471.604 .944% 1.628% Abstain 270,771.826 .402% .692% Broker Non-votes 402,078.000 .596% 1.027% TOTAL 39,144,389.366 58.001% 100.000% 4(c) Fundamental Policies Regarding Borrowing and Senior Securities Affirmative 37,797,026.989 56.005% 96.558% Against 681,070.855 1.009% 1.740% Abstain 264,213.522 .392% .675% Broker Non-votes 402,078.000 .596% 1.027% TOTAL 39,144,389.366 58.001% 100.000% 4(d) Fundamental Policy Regarding Lending Affirmative 37,783,870.468 55.985% 96.524% Against 685,623.241 1.016% 1.752% Abstain 272,817.657 .405% .696% Broker Non-votes 402,078.000 .596% 1.027% TOTAL 39,144,389.366 58.001% 100.000% 4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities Affirmative 37,812,861.626 56.028% 96.598% Against 662,915.732 .983% 1.694% Abstain 266,534.008 .395% .680% Broker Non-votes 402,078.000 .596% 1.027% TOTAL 39,144,389.366 58.001% 100.000% 4(i) Fundamental Policy Regarding Underwriting of Securities Affirmative 38,065,873.919 56.403% 97.245% Against 402,659.726 .597% 1.028% Abstain 273,777.721 .406% .700% Broker Non-votes 402,078.000 .596% 1.027% TOTAL 39,144,389.366 58.001% 100.000% 4(n) Fundamental Policy Regarding Investment in Oil and Gas Affirmative 37,816,164.725 56.033% 96.607% Against 667,071.914 .989% 1.704% Abstain 259,074.727 .384% .662% Broker Non-votes 402,078.000 .596% 1.027% TOTAL 39,144,389.366 58.001% 100.000% -------------------------------------------------------------------------------- 48 SEI Institutional International Trust / Semi-Annual Report / March 31, 2005 -------------------------------------------------------------------------------- Notes -------------------------------------------------------------------------------- Notes -------------------------------------------------------------------------------- Notes -------------------------------------------------------------------------------- Notes -------------------------------------------------------------------------------- SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2005 Robert A. Nesher, CHAIRMAN TRUSTEES William M. Doran F. Wendell Gooch James M. Storey George J. Sullivan, Jr. Rosemarie B. Greco Nina Lesavoy James M. Williams OFFICERS Edward D. Loughlin PRESIDENT AND CHIEF EXECUTIVE OFFICER Peter (Pedro) A. Rodriguez CONTROLLER AND CHIEF FINANCIAL OFFICER Timothy D. Barto VICE PRESIDENT, 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 James Ndiaye VICE PRESIDENT, ASSISTANT SECRETARY Michael T. Pang VICE PRESIDENT, ASSISTANT SECRETARY Nicole Alexander ANTI-MONEY LAUNDERING 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 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-031 (3/05) ITEM 2. CODE OF ETHICS. Not applicable for semi-annual report. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable for semi-annual report. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable for semi-annual report. 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, ummarized 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) Not applicable for semi-annual report. (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: May 24, 2005 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: May 24, 2005 By (Signature and Title)* /s/ Peter (Pedro) A. Rodriquez ------------------------------ Peter (Pedro) A. Rodriguez Chief Financial Officer Date: May 24, 2005 * Print the name and title of each signing officer under his or her signature.