-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F4Q9/SmFthUQKECPWCJRhrMXZGjs30u4Lp4rt5CtWI3NXRt5/IljX5MGKisxLn6w h3hhBR0bEi5jK2AeiY6+Fw== 0000935069-96-000121.txt : 19961030 0000935069-96-000121.hdr.sgml : 19961030 ACCESSION NUMBER: 0000935069-96-000121 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960831 FILED AS OF DATE: 19961029 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05601 FILM NUMBER: 96649670 BUSINESS ADDRESS: STREET 1: 2 OLIVER ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 1: SEI INTERNATIONAL TRUST STREET 2: 680 E SWEDESFORD RD CITY: WAYNE STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 N-30D 1 SEI INTERNATIONAL TRUST SEMI-ANNUAL REPORT SEMI-ANNUAL REPORT AS OF AUGUST 31, 1996 (UNAUDITED) SEI INTERNATIONAL TRUST ================================================================================ International Equity ================================================================================ Emerging Markets Equity ================================================================================ International Fixed Income ================================================================================ SEI STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO - ------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - ------------------------------------------------------------------------------- FOREIGN COMMON STOCKS -- 96.1% AUSTRALIA -- 2.2% Advance Bank Australia 233,500 $ 997 Amcor 27,000 165 Australia & New Zealand Bank 62,784 328 Boral 93,400 225 Broken Hill Proprietary 67,000 912 Coca Cola Amatil 10,000 130 Coles Myer 38,000 132 CRA 16,525 251 Email 53,200 134 Foodland 91,500 321 Fosters Brewing 67,800 124 Futuris 64,890 74 General Property Trust 75,000 136 Goodman Fielder 103,000 107 Incitec 25,200 127 Lend Lease 10,800 177 M.I.M. Holdings 102,000 131 Mayne Nickless 23,000 154 National Australia Bank 244,772 2,386 Newscorp 67,900 362 Pacific Magazines & Print 100,300 269 Pioneer 50,600 146 Publishing & Broadcasting 25,000 118 Qantas Airways 61,000 96 Qct Resouces 82,000 111 Rothmans Holdings 71,400 401 Santos 35,000 134 Western Mining* 64,325 448 Westpac Banking 175,807 863 Woodside Petroleum 16,200 96 ---------- 10,055 ---------- AUSTRIA -- 0.5% Bank Fuer Oberoesterr 1,600 91 Omv 7,550 754 SCA Laakirchen 100 44 Vienna International Airport 14,350 1,002 Vorarlberger Kraftwerke 600 195 ---------- 2,086 ---------- BELGIUM -- 1.6% Arbed 2,910 330 Banque Bruxelles Lambert* 2,600 503 CMB 4,570 365 Electrabel 5,090 1,125 Gevaert 910 59 GIB 27,117 1,197 Kredietbank 5,090 1,614 Solvay 1,500 877 Tessenderlo 400 144 Tractabel 2,460 1,039 ---------- 7,253 ---------- - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- CANADA -- 1.7% Bank of Montreal 18,500 $ 454 Bank of Nova Scotia 43,900 1,088 Canadian Imperial Bank 32,600 1,088 Cascades 19,500 86 CCL Industries, series B 14,000 130 Dominion Textile 13,200 71 Dorset Exploration* 17,400 63 Finning Limited 6,300 120 London Insurance 12,700 287 National Bank Canada 33,000 279 Nova 93,900 834 Nova Scotia Power 13,600 127 Oshawa Group 23,300 359 Philip Environmental* 36,700 292 Royal Bank of Canada 39,300 987 Slocan Forest Products 12,100 130 Stelco* 57,900 277 Toronto Dominion 39,900 761 ---------- 7,433 ---------- DENMARK -- 0.6% Kobenhavns Lufthavne 11,140 1,101 Novo Nordisk, series B 8,203 1,261 Sparekassen Bikuben* 12,580 460 ---------- 2,822 ---------- FINLAND -- 0.1% Enso Oy, series A 43,300 370 Finnlines 3,600 77 ---------- 447 ---------- FRANCE -- 8.4% Bazar de L'hotel de Ville 850 79 Bertrand Faure 9,100 299 Bic 3,650 533 Bollore Technologies 2,150 219 Bongrain 825 377 C.G.I.P. 1,750 416 Carrefour 2,772 1,401 Casino 2,668 105 Castorama Dubois 7,837 1,523 Cetelem 6,644 1,388 Christian Dior 8,000 964 CIC Union Europe 1,200 85 Colas 1,950 298 Credit Commerce France 24,200 1,112 Credit Local de France 11,250 926 Credit Lyonnais* 3,147 69 Credit National 6,800 436 De Dietrich et Compagnie 3,100 130 Devanlay 600 59 Devanlay SA Rights* 600 6 Dollfus Mieg 2,300 92 -1- STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONTINUED - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Ecia 550 $ 74 Eiffage 1,705 133 Elf Aquitaine 35,541 2,589 Elf Gabon 300 63 Eridania Beghin Say 6,900 970 Europe 1 Communication 400 84 Fromageries Bel 50 46 Gaumont 4,300 296 Generale des Eaux 15 1 Havas 12,750 856 Imetal 5,150 679 Interbail 100 4 La Rochette* 7,750 45 Lafarge 18,115 1,002 Lagardere Groupe 13,050 311 Legris Industries 4,000 149 LVMH Moet Hennessy 6,995 1,474 Manitou 800 87 Marine Wendel 4,350 388 Michelin, series B 23,800 1,112 Nord Est 400 10 Paribas 18,700 1,176 Parisienne de Rees 4,200 340 Pernod Ricard 18,950 1,148 Peugeot 8,900 1,019 Publicis 900 71 Saint Gobain 13,100 1,622 Saint Louis-Bouchon 1,350 315 Sanofi 16,448 1,300 SAT 550 163 Scac Delmas Viel 521 106 Seita 43,900 1,760 SGE* 4,100 79 SGS Thomson Micro* 24,048 964 Skis Rossingnol 700 261 Societe Generale 11,350 1,249 Sommer Allibert 12,000 308 Thomson 40,000 1,108 Total Compaigne, series B* 18,837 1,386 UIF 2,100 166 Union Assurances Federal 3,200 367 Usinor Sacilor 124,700 1,712 Vallourec 7,850 310 ---------- 37,820 ---------- GERMANY -- 5.3% Aachener & Muenchener 493 203 Adidas AG 15,180 1,308 Agiv* 17,180 282 Allianz Lebensuersicherungs 190 146 Andrea-Noris Zahn 960 328 BASF 100,800 3,004 Bayer 100,750 3,598 Bayerische Motoren Werke 3,728 2,156 - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- BHF Bank 6,680 $ 184 Colonia Konzern 5,300 432 Continental 26,000 440 DBV Holding 910 328 Deutche Pfandrbrief & Hypotheken Bank 9,320 371 DLW* 1,000 77 Draegerwerk 320 46 Dresdner Bank 36,180 985 Dyckerhoff 1,225 267 Dywidag 410 55 Escada 320 50 Franfurt Hypothekenbank Centralboden 425 16 Fried Krupp 2,510 373 Gehe AG 10,700 701 Heidelberger 640 425 Herlitz* 910 97 Holsten Brau 500 116 Kabelmetall 1,050 86 Kaufring* 820 53 Kloeckner-Werke* 6,050 208 Kolbenschmidt AG* 7,300 90 Lehnkering 460 64 Nuernberger BET 50 41 Praktiker Bau-Und Heimwerker* 12,770 311 Salamander 960 97 Siemens 15,550 822 Springer Axel* 150 89 Strabag* 910 77 Varta* 820 151 Veba 16,270 853 Viag 2,190 798 Viag AG New 985 353 Villeroy and Boch 1,730 236 Volksfursorge 1,210 413 Volkswagen 7,990 2,964 ---------- 23,694 ---------- HONG KONG -- 3.7% Bank of East Asia 61,000 221 Cathay Pacific Airways 756,000 1,256 Cheung Kong Holdings 92,000 646 Cheung Kong Infrastructure* 40,000 65 China Light & Power 56,000 238 Citic Pacific 73,000 321 Dickson Concepts 107,000 130 Great Eagle Holdings 148,000 429 Guang Dong Investment 232,000 167 Hang Lung Development 213,000 402 Hang Seng Bank 36,000 369 Henderson Land Development 39,000 305 Hong Kong & China Gas 150,000 243 Hong Kong Aircraft Engineering 40,800 103 -2- ================================================================================ - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Hong Kong Electric 50,000 $ 149 Hong Kong Ferry 131,000 173 Hong Kong Telecommunications 128,000 214 Hopewell Holdings 129,000 69 HSBC Holdings 323,490 5,585 Hutchison Whampoa 95,000 575 Hysan Development 48,000 148 Jardine International Motor 262,000 341 Kowloon Motor 194,600 325 Kumagai Gumi 392,400 365 Kumagai Gumi Warrants* 86,280 17 Lai Sun Garment 290,000 373 Liu Chong Hing 77,000 76 New World Development 80,000 388 Peregrine Investment Holdings 202,000 285 Peregrine Investments Warrants* 20,200 3 Shangri-La Asia 104,000 136 Sun Hung Kai Properties 70,200 685 Swire Pacific, series A 53,000 471 Tai Cheung Hlds 285,000 219 Top Glory 1,700,000 207 Union Bank Hong Kong 78,000 83 Wharf Holdings 55,000 208 Wheelock 113,000 228 Wing Hang Bank 40,000 155 Wing Lung Bank 26,800 155 Yue Yuen 339,000 98 ---------- 16,626 ---------- IRELAND -- 0.0% Avonmore Food 56,700 136 ---------- ITALY -- 1.4% Banca Popolare Bergamo 20,100 295 Banca Popolare di Milano 48,900 233 ENI SPA 271,243 1,185 Parmalat Finanziaria 103,400 142 SAI di Risp 61,600 201 Stet Soc Fin Telefonica 401,455 1,275 Telecom Italia 691,700 1,110 Telecom Italia di Risp 219,700 268 Telecom Italia Mobile SPA 618,100 1,272 Toro Assicurazioni 17,100 185 Unipol 23,200 46 ---------- 6,212 ---------- JAPAN -- 33.6% 77th Bank 60,000 580 Achilles 114,000 420 Airport Facilities 28,500 238 Aiya 28,000 425 Apollo Electronics 25,000 439 Ariake Japan 400 14 - ------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - ------------------------------------------------------------------------------- Asahi Bank 129,000 $ 1,437 Asatsu 21,000 847 Ashikaga Bank 149,000 857 Bank of Fukuoka 103,000 809 Bank of Tokyo-Mitsubishi 148,000 3,010 Best Denki 36,000 487 Canon 72,000 1,339 Casio Computer 105,000 908 Chiba Bank 117,000 926 Chuba Electric Power 79,000 1,745 Chubu Nippon Broadcasting 13,600 332 Chubu Steel Plate 73,000 447 Chubu Suisan 5,000 26 Chugai Pharmaceutical 108,000 959 Chuo Trust & Banking 30,000 306 Chuo Warehouse 9,000 109 Chuoh Pack 12,000 149 Comany 8,000 133 Computer Engineering & Consult 14,000 129 Cosmo Oil 168,000 974 Dai Ichi Pharmaceutical 138,000 2,108 Dai Nippon Ink & Chemical 160,000 698 Dai Nippon Printing 20,000 352 Dai Tokyo Fire & Marine Insurance 128,000 853 Dai-Ichi Kangyo Bank 154,000 2,551 Daido Metal 23,000 144 Daidoh 10,000 78 Daiwa Bank 37,000 240 Daiwa House Industries 134,000 1,912 Daiwa Securities 179,000 2,026 Danto 35,000 396 Data Communication Systems 6,000 147 Denyo 11,000 151 Dio Chemicals 9,000 107 Dowa Mining 213,000 939 East Japan Railway 438 2,051 Fanuc 6,000 219 Fuji Photo Film 46,000 1,384 Fujitsu 160,000 1,442 Fujitsu Business Systems 33,000 850 Fujitsu Kiden 11,000 140 Fukuyama Transporting 38,000 335 General Sekiyu 77,000 629 Glory 37,000 1,137 Gunma Bank 134,000 1,344 Gunze 158,000 886 Hachijuni Bank 73,000 746 Harim 'B' Steam 300 3 Heiwa 50,000 1,008 Hitachi 210,000 1,929 Hitachi Medical 53,000 878 Hokuriko Bank 61,000 343 Hokuriku Electric Power 43,000 930 -3- STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONTINUED - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Honda Motor 29,000 $ 670 Horiba 33,000 419 Horipro 22,000 300 Ichiken 47,000 394 Ichiyoshi Securities 46,000 263 Iino Kaiun* 89,000 402 Inax 76,000 727 Industrial Bank of Japan 38,000 808 Itoham Foods 60,000 427 Izumi Industries 10,000 82 Japan Airport Terminal 8,000 113 Japan Industrial Test 1,500 40 Japan Living Service 30,000 298 Japan Maintenance 250 6 Japan Process Development 4,000 50 Japan Tobacco 95 699 Jastec 6,000 91 Joyo Bank 90,000 654 Kentucky Fried Chicken Japan 24,000 426 Keyence 7,000 889 King Jim 28,000 688 Kirin Brewery 110,000 1,134 Kiyo Bank 76,000 371 Kobe Steel* 383,000 1,005 Kokusai Electric 60,000 1,066 Konica 143,000 987 KVK 10,000 121 Kyocera 19,000 1,291 Kyushu Electric Power 53,300 1,143 Long Term Credit Bank 232,000 1,584 Makita 73,000 1,048 Mandom 700 11 Marubeni 154,000 748 Marukyo 17,000 302 Matsudo Kousan 22,000 233 Matsushita Electric 133,000 2,240 Matsushita Electric Works 105,000 1,044 Matsushita Refrigeration 37,000 255 Minebea 54,000 451 Mitsubishi Electric 383,000 2,457 Mitsubishi Gas Chemical 231,000 952 Mitsubishi Motor 223,000 1,818 Mitsubishi Oil 259,000 1,990 Mitsui Marine & Fire 140,000 973 Mitsui Petrochem 120,000 808 Mitsui Trust & Banking 92,000 923 Miura 27,000 452 Mizuno 39,000 311 Morita Fire Pump Manufacturing 62,000 409 NAC 800 22 Nakayamafuku 6,000 61 Namura Shipbuilding 84,000 375 Nanaboshi 16,000 328 NBC Industries 5,000 93 - ------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - ------------------------------------------------------------------------------- NEC 170,000 $ 1,815 New Oji Paper 121,000 982 NIC 27,000 442 Nikko Securities 107,000 1,064 Nintendo 17,700 1,085 Nippon Computer Systems 14,000 174 Nippon Credit Bank 259,000 894 Nippon Hodo 16,000 237 Nippon Kanzai 9,000 273 Nippon Light Metal 141,000 711 Nippon Meat Packers 68,000 945 Nippon Paper 85,000 509 Nippon Shoji Kaisha 47,000 437 Nishio Rent All 20,000 484 Nissan Fire & Marine Insurance 40,000 259 Nisshin Steel 234,000 851 Nittetsu Mining 60,000 541 Nittetsu Shoji* 16,000 48 Nomura Securities 104,000 1,809 NSK 136,000 895 Ohishi Sangyo 1,000 9 Ohmoriya 9,000 137 Paltac 11,000 161 Pioneer Electronics 24,000 486 Rengo 176,000 1,152 Ricoh Elemex 10,000 156 RKB Mainichi Broadcasting 20,000 169 Roland 24,000 429 Royal Hotel 19,000 161 Ryobi Limited 98,000 455 Ryoyo Electro 21,000 445 Sagami Chain 24,000 455 Sakura Bank 298,000 2,825 Sanko 9,000 149 Sankyu Aluminium 144,000 762 Sanseido 200 2 Santen Pharmaceutical 900 20 Sanwa Bank 52,000 919 Sanyo Special Steel 314,000 1,170 Sotoh 41,000 460 Satoh & Company 200 3 Seijo 10,000 283 Seino Transportation 51,000 751 Sekisui Chemical 75,000 815 Sekisui House 202,000 2,138 Sekisui House Hokuriku 22,000 304 Shaddy 14,000 254 Shikoku Electric Power 88,000 1,855 Shimojima 13,000 297 Shinden 4,000 46 Shiseido 88,000 1,069 Shizuoka Bank 98,000 1,091 Showa Shell Sekiyo 95,000 918 SK Kaken 4,000 97 -4- ================================================================================ - ------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - ------------------------------------------------------------------------------- Spancrete 18,000 $ 166 Stanley Electric 125,000 752 Sumitomo 116,000 979 Sumitomo Bank 75,000 1,374 Sumitomo Marine and Fire Insurance 129,000 997 Sumitomo Metal 190,000 537 Sumitomo Realty & Development 134,000 942 Sumitomo Rubber 77,000 589 Takano 300 8 Takashimaya 63,000 858 Takeda Chemical 19,000 329 TDK 20,000 1,152 Teijin 270,000 1,317 Toho Gas 146,000 443 Tohoku Electric Power 87,000 1,874 Toin 12,000 137 Tokai Rika 43,000 423 Tokushu Paper 28,000 273 Tokyo Gas 281,000 936 Tokyo Ohka Kogyo 36,000 918 Tokyo Steel 300 5 Tokyo Tungsten 23,000 195 Toppan Printing 149,000 1,879 Toshiba 390,000 2,520 Toyo Ink 164,000 860 Toyo Seikan Kaisha 32,000 1,028 Toyo Trust & Banking 96,000 831 Toyota Motor 39,000 940 Trancom 9,000 137 Trusco Nakayama 17,800 423 Tsuba Nakashima 80,000 832 Tsudakoma 138,000 934 Tsutsumi Jewelry 10,000 442 Victor of Japan 64,000 789 Xebio 24,000 833 Yaizu Suisankagaku 5,700 95 Yakult Honsha 72,000 941 Yamaguchi Bank 18,000 273 Yamaichi Securities 168,000 1,021 Yamanouchi Pharmaceutical 81,000 1,670 Yasuda Trust & Banking 169,000 845 Yodogawa Steel Works 115,000 796 Yonex 21,000 228 Yonkyu 7,000 189 Yushiro Chemical 9,000 92 ---------- 151,153 ---------- MALAYSIA -- 2.9% Angkasa Marketing 65,000 90 Arab Malaysian 91,000 372 Berjaya Group Berhad 479,000 317 Berjaya Singer 75,000 72 - ------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - ------------------------------------------------------------------------------- Bousted 151,000 $ 315 Cement Industries 17,000 54 Datuk Keramat Holdings* 182,000 314 DCB Holdings 46,000 140 Diversified Resource 20,000 65 Edaran Otomobil 98,000 1,022 Faber Group* 67,000 64 Genting Berhad 300 2 Guinness Anchor 31,000 70 Hicom Holdings 35,000 98 Hume Industries 20,000 103 IGB 142,000 147 IOI Properties 129,900 391 Jaya Taisa Holdings 11,000 61 KFC 23,000 148 Kuala Lumpur Kepong Berhad 252,500 628 Land and General 28,000 51 Magnum 80,000 130 Malayan Banking 30,500 290 Malaysian Airline System 76,000 227 Malaysian International Shipping 309,000 942 Malaysian Resources 27,000 86 Matsushita Electric 11,000 105 MBF Capital 621,000 887 Negara Properties 10,000 35 Nestle 8,000 80 New Straits Times Press 12,000 67 Nylex Berhad 13,500 32 Oriental Holdings 135,000 1,089 Perusahaan Otomobil 19,000 103 Petronas Dagangan 62,000 174 Rashid Hussain 299,000 1,074 Renong 61,000 89 Resorts World 35,000 191 Rj Reynolds Berhad 21,000 61 Rothmans of Pall Mall 6,000 63 Sime Uep Properties 33,000 68 Southern Bank 95,000 269 Sungei Way Holdings 22,000 111 Tasek Cement 109,000 308 Technology Resources Industries 19,000 55 Telekom Malaysia 30,000 265 Tenaga Nasionale 46,000 167 UMW Holdings Berhad 120,000 477 United Engineers 109,530 778 Westmont Berhad Industries 118,000 210 YTL 13,000 64 ---------- 13,021 ---------- NETHERLANDS -- 6.0% ABN-Amro Holdings 58,464 3,194 ACF Holdings 4,200 66 Aegon 27,339 1,334 Ahold 29,343 1,640 -5- STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONTINUED - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Akzo Nobel 9,800 $ 1,139 Beers 1,100 229 DSM 6,200 571 Elsevier 102,050 1,623 Eriks 600 52 EVC 8,500 250 Hollandsche Beton Groep 2,200 400 Hoogovens 12,000 427 Ing Groep 120,622 3,757 KLM 15,600 429 Kondor Wessels 3,900 135 KPN 14,300 501 Macintosh 6,700 159 National Invest Bank 4,200 355 Nedlloyd Groep 11,600 276 Nijverdal Tencate 4,000 206 NKF Holdings 5,200 185 Phillips Electronics 10,400 351 Polygram 13,950 830 Polynorm 500 43 Royal Dutch Petroleum 32,700 4,885 Schuitema 100 181 Stad Rotterdam 9,300 330 Stork 15,400 461 Telegraaf 300 54 Van Der Moolen 6,600 301 Van Ommeren 9,100 357 Vendex International 11,600 407 Volker Stevin 5,200 432 Wolters Kluwer 13,081 1,643 ---------- 27,203 ---------- NEW ZEALAND -- 0.9% Air New Zealand, series B 21,000 63 Brierley Investment 270,000 268 Carter Holt Harvey 125,879 282 Fisher & Paykel Industries 106,607 358 Fletcher Challenge Building 39,000 86 Fletcher Challenge Energy 25,200 58 Fletcher Challenge Paper 478,051 921 Independent Newspaper 13,270 51 Lion Nathan 495,148 1,309 Telecom of New Zealand 126,064 603 ---------- 3,999 ---------- NORWAY -- 0.7% Den Norske Bank 155,409 500 Dyno Industrier 6,000 137 Kvaerner, series B 19,300 632 Leif Hoegh & Company 7,500 130 Norske Skog 32,000 986 SAS Norge 15,136 146 UNI-Storebrand, series A 100,000 554 ---------- 3,085 ---------- - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- SINGAPORE -- 1.5% BAT 71,000 $ 273 City Developments 97,000 807 Clipsal Industries 30,000 60 Comfort Group 126,000 120 Cycle & Carriage 105,000 1,008 Development Bank of Singapore 14,000 164 Far East Levingstone 12,000 58 Fraser and Neave 36,800 371 Goldtron 237,000 157 Hai Sun Hup 70,000 52 Haw Par Brothers 62,000 135 Hotel Properties 183,000 290 Inchcape Berhad 20,000 63 Industrial & Commercial Bank 62,000 240 Jardine Matheson Holdings 28,000 176 Jurong Engineering 14,000 38 Keppel 31,000 236 Marco Polo Development 31,000 59 Overseas Chinese Banking 27,000 324 Overseas Union Bank 31,000 216 Overseas Union Enterprises 15,000 79 Pacific Carriers 235,000 170 Parkway Holdings 43,000 135 Republic Hotel and Resort 69,000 88 Singapore International Airlines 37,000 392 Singapore Land 8,000 52 Singapore Press 19,880 345 Ssangyong Cement 52,000 136 United Overseas Bank 15,824 152 Van Der Horst 52,000 185 Wing Tai Holdings 33,000 71 ---------- 6,652 ---------- SPAIN -- 3.8% Acerinox 5,000 560 Argentaria 31,000 1,281 Azucarera Espana 2,400 85 Banco Bilbao-Vizcaya 25,962 1,092 Banco de Santander 10,760 552 Banco Popular Espana 4,873 845 Conserva Campofrio 1,600 60 Cristeria 2,300 141 Cubiertas y Mzov 4,900 322 Dragados 28,700 362 Ebro 6,600 73 Elec Reun Zaragoza 3,400 92 Empresa Nacional de Electricidad 22,500 1,311 Empresas Nacional de Cellulosa 24,300 361 Energia E Ind Aragonesas 26,900 125 Fomento de Construcciones Contratas 4,100 321 G.E.S.A 6,700 368 Gas Natural 7,933 1,522 Iberdrola 341,850 3,088 -6- ================================================================================ - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Porsegur 2,300 $ 85 Repsol 16,940 550 Tabacalera, series A 11,200 457 Telefonica de Espana 113,600 2,111 Uniland 3,700 136 Union Electrica Fenosa 180,200 1,093 Uralita 29,000 246 Vidrala 1,200 64 ---------- 17,303 ---------- SWEDEN -- 2.0% Catena, series A 18,900 176 Elkem, series A 25,000 355 Enator AB* 9,600 208 Ericsson 57,630 1,345 Hennes & Mauritz, series B free 19,000 1,974 Marieberg Tidnings, series A 6,600 144 Mo Och Domsjo 9,500 275 Skandia Forrestry* 64,700 1,519 Skanska, series B free 12,300 461 Sparbanken Sverige, series A 66,600 830 SSAB, series B 23,700 333 Stora Kopparbergs, series A 72,800 1,022 Svedala AB free 13,700 236 ---------- 8,878 ---------- SWITZERLAND -- 2.8% Aare-Tessin 410 291 Baer Holdings 340 378 Baloise 230 489 Banque Cantonale Vaud 1,120 333 BBC Brown Boveri 813 1,003 Bucher Holdings 280 215 Ciba Geigy 452 571 CS Holdings 13,170 1,368 Daetwyler Holdings 160 287 Danzas Holding Regd 60 62 Kuoni Reisen Holdings 190 441 Kw Laufenburg* 350 70 Nestle SA 200 234 Rieter 820 209 Roche Holdings 165 1,258 Sandoz Pharmaceutical 1,899 2,262 Schindler Holdings 280 275 Schweiz Ruckversicherung 800 865 Sig Schweiz 20 48 Swiss Bank* 3,570 696 Zurich Versicherung 4,040 1,112 ---------- 12,467 ---------- UNITED KINGDOM -- 16.4% Abbey National 100,700 929 Adwest Group 23,500 44 - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Albert Fisher Group 392,200 $ 262 Amec 152,200 223 Anglian Group 46,600 140 Anglian Water 118,600 1,081 Argyll Group 189,600 1,009 ASDA Group 572,600 1,001 Associated British Foods 96,800 602 Astec 172,000 384 Baird (William) 70,400 204 Bass 161,200 2,094 BAT Industries 290,400 1,952 Bicc 69,300 362 Blue Circle Industries 116,600 671 Boots 17,600 171 Bridon 32,500 53 Britannic Assurance 12,800 143 British Aerospace 50,100 778 British Airways 236,000 1,936 British Biotech 51,180 174 British Gas 190,000 607 British Sky Broadcasting 41,900 374 British Telecommunications 619,600 3,632 Bullough 64,900 85 Burmah Castrol 55,500 909 Burn Stewart Distillers 23,000 36 Charter 18,600 247 Commercial Union 56,400 520 Cortaulds 78,000 525 Cowie Group 69,066 404 Cray Electronics* 110,300 60 Davis Service Group 46,600 182 De La Rue 63,000 630 East Midlands Electricity 41,600 374 Ed and F Man PLC 71,600 181 Edinburgh Fund Manage 8,600 84 EIS Group 7,900 41 Electron House* 9,100 28 Ferguson International Holding 17,300 63 Fine Art Devs 14,700 117 Frost Group 54,710 105 General Accident 119,900 1,229 General Electric 157,300 947 Glaxo Wellcome 122,700 1,759 GO Ahead Group 16,900 79 Grampian Holdings 17,000 34 Granada Group 58,200 792 Grand Metropolitan 67,200 497 Great Universal Stores 42,200 429 Guardian Royal Exchange 279,400 1,104 Guinness 69,900 522 Hambros 96,700 397 Hammerson 104,600 629 Hanson 529,300 1,302 Harrison & Crossfield 158,500 330 -7- STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONCLUDED - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Hillsdown Holdings 159,300 $ 455 HSBC Holdings 36,400 639 HSBC Holdings (HK) 48,000 823 Hunting 66,700 116 Hyder PLC 34,700 396 Invseco PLC 64,600 243 Kenwood Appliance 19,000 62 Kwik Save Group 21,800 135 Lasmo 198,700 602 Lex Service 61,000 371 Life Sciences 32,000 54 London Electric 45,400 447 Marston Thompson 11,600 53 McKechnie 42,300 338 Mirror Group 128,800 397 Morrison Supermarket 118,200 317 National Power 139,000 872 National Westminster 176,000 1,820 Next 73,700 668 Northern Electric 40,900 344 North West Water Group 149,500 1,414 Northern Ireland Electricity 29,700 155 Nurdin & Peacock 11,600 24 Ocean Group 31,300 219 Peninsular & Oriental 154,000 1,236 Perkins Food 36,300 46 Persimmon 44,200 148 Powergen 82,200 649 Premier Cons Oil 197,900 92 Prudential 131,400 886 Rank Organisation 123,000 860 Reckitt & Coleman 88,500 941 Redland 80,800 553 Renold 77,800 357 Reuters Holdings 74,600 869 RJB Mining 48,900 401 Rolls Royce 220,000 763 Scapa Group 62,900 247 Scottish Hydro-Electric 97,400 458 Scottish Power 214,500 1,026 Sedgwick Group 165,000 312 Severn Trent 123,900 1,170 Shell Transportation & Trading 252,700 3,673 Smiths Industries 51,900 614 South West Water 40,100 449 Southern Electric 80,900 848 Staveley Industries 23,200 71 Sun Alliance Group 332,337 2,107 Tarmac Ord 225,400 354 Tate & Lyle 219,700 1,581 Taylor Woodrow 151,000 402 Thames Water 125,400 1,090 Tomkins 150,000 612 TSB Lloyds Group* 374,400 2,192 TT Group 37,900 189 Unigate 68,200 459 - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Vaux Group 42,400 $ 186 Vendome Units 71,400 664 Vodafone Group 109,100 411 Vosper Thornycroft 4,900 61 Waddington (John) 9,300 38 Wardle Storeys 11,300 83 Watson & Philip 9,500 71 Wessex Water 64,300 345 Whitecroft 12,100 34 Williams Holdings 180,500 996 Yorkshire Electric 35,800 430 Yorkshire Water 32,100 341 ---------- 73,746 ---------- Total Foreign Common Stocks (Cost $417,528) 432,091 ---------- FOREIGN PREFERRED STOCKS -- 0.2% GERMANY -- 0.0% Herlitz Preferred* 500 51 Krones Preferred 730 271 Suedzucker Preferred 320 160 ---------- 482 ---------- ITALY -- 0.2% Fiat Preferred 438,100 696 ---------- Total Foreign Preferred Stocks (Cost $1,319) 1,178 ---------- FOREIGN CONVERTIBLE BOND -- 0.0% FRANCE -- 0.0% Castorama Dubois 3.15%, 01/01/03 216 52 ---------- Total Foreign Convertible Bond (Cost $45) 52 ---------- U.S. TREASURY OBLIGATION -- 0.2% U.S. Treasury Bill 5.200%, 01/09/97 (A) $1,000 981 ---------- Total U.S. Treasury Obligation (Cost $981) 981 ---------- REPURCHASE AGREEMENTS -- 1.4% State Street Bank 4.75%, dated 08/30/96, matures 09/03/96, repurchase price $1,106,584 (collateralized by U.S. Treasury Bond, 7.5%, due 11/15/16, par value $860,652, market value $906,988) 1,106 1,106 -8- ================================================================================ - -------------------------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000) VALUE (000) - -------------------------------------------------------------------------------- JP Mortgage 5.23%, dated 08/30/96, matures 09/03/96, repurchase price $5,091,737 (collateralized by various GNMA obligations, 7%, due 02/15/26-05/15/96, total par value $5,347,026, total market value $5,101,978) $5,089 $ 5,089 ---------- Total Repurchase Agreements (Cost $6,195) 6,195 ---------- Total Investments-- 97.9% (Cost $426,068) 440,497 ---------- Other Assets and Liabilities, Net -- 2.1% 9,270 ---------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 44,040,681 outstanding shares of beneficial interest 392,506 Portfolio Shares of Class D (unlimited authorization -- no par value) based on 11,082 outstanding shares of beneficial interest 110 Undistributed net investment income 1,970 Accumulated net realized gain on investments 40,861 Net unrealized appreciation on foreign currency and translation of other assets and liabilities in foreign currency 6 Net unrealized depreciation on futures contracts (115) Net unrealized appreciation on investments 14,429 ---------- Total Net Assets--100.0% $449,767 ---------- ---------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- CLASS A $10.21 ---------- ---------- NET ASSET VALUE AND REDEMPTION PRICE PER SHARE -- CLASS D $10.12 ---------- ---------- MAXIMUM OFFERING PRICE PER SHARE -- CLASS D ($10.12/95%) $10.65 ---------- ---------- * NON-INCOME PRODUCING SECURITY (A) SECURITY HAS BEEN PLEDGED AS COLLATERAL ON OPEN FUTURES CONTRACTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. EMERGING MARKETS EQUITY PORTFOLIO - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS -- 78.3% ARGENTINA -- 3.2% Banco Frances ADR 39,700 $ 918 Ciadea* 151,470 673 Cresud* 591,600 965 Irsa 92,550 258 Irsa ADR 2,777 77 Perez Companc 135,146 757 Sidera* 487,249 1,146 ---------- 4,794 ---------- BRAZIL -- 1.8% Cia Vale Rio Doce ADR 7,800 141 Telecom Brasileiras ADR 23,300 1,733 Telemig* 207,302 19 Telesp 217,452 37 Telebras 12,800,000 775 ---------- 2,705 ---------- CHILE -- 2.7% Compania de Telecom Chile ADR 24,030 2,349 Enersis ADR 39,430 1,227 Moneda Chile Fund* 27,222 231 Quimica y Minera Chile ADR 4,500 237 ---------- 4,044 ---------- CHINA -- 0.4% Huaneng Power International ADR* 35,900 633 ---------- CZECH REPUBLIC -- 2.8% Cokoladovny 1,730 238 Czech Value Fund* 59,500 536 Czech Value Fund Warrants* 5,900 7 Komercni Banka 42,216 1,153 Komercni Banka GDR 15,400 479 PIF 22,259 326 Sporitelni Privat Vseobecny* 20,893 59 SPT Telecom* 7,200 945 Vynosovy* 77,655 422 ---------- 4,165 ---------- GREECE -- 0.4% Aegek 30,070 176 Greek Progress Fund 55,460 466 Hellenic Bottling 5 -- ---------- 642 ---------- HONG KONG -- 2.8% Guang Dong Investment 1,011,000 726 Guangshen Railway ADR* 44,200 845 Johnson Electric Holdings 292,900 653 MC Packaging 1,076,000 421 -9- STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) EMERGING MARKETS EQUITY PORTFOLIO--CONTINUED - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Shangri-La Asia 682,000 $ 891 Yue Yuen 2,466,000 710 ---------- 4,246 ---------- HUNGARY -- 0.2% Borsodchem GDR 17,800 334 ---------- INDIA -- 5.5% Bajaj Auto GDR 64,000 2,328 Indian Hotels GDS* 52,600 1,374 Industrial Credit and Investment of India* 143,900 1,646 Tata Engineering GDR 178,100 2,951 ---------- 8,299 ---------- INDONESIA -- 3.2% Asahimas Flat Glass 242,500 145 Bank Bali 75 -- Bank Bali Warrants* 400 -- Bimantara Citra 786,500 806 Ciputra Development 68,000 64 Matahari Putra Prima 209,000 274 Mulia Industrindo 328,100 333 PT Aneka Kimia Raya 142,000 152 PT Telecom ADR 42,300 1,179 PT Timbang Timah 136,000 218 Hanjaya Mandala Sampoerna 119,500 1,151 Semen Gresik 110,000 307 Tambang Timah GDR 6,700 107 Tjiwi Kimia 178 -- ---------- 4,736 ---------- ISRAEL -- 0.5% Koor Industries ADR 7,700 133 Koor Industries Limited 646 56 Osem Investment Limited 16,942 100 Teva Pharmaceuticals 814 297 Teva Pharmaceuticals ADR 5,200 190 ---------- 776 ---------- MALAYSIA -- 12.5% Arab Malaysian 549,000 2,246 Arab Malaysian Finance 118,000 573 DCB Holdings 588,000 1,793 DCB Holdings Warrants* 144,000 172 Edaran Otomobil 171,000 1,784 IJM 855,000 1,598 IOI 1,881,000 2,762 Malaysian Resources 180,000 570 Metacorp 349,000 994 New Straits Times Press 267,000 1,500 Petronas Gas 379,000 1,581 Resorts World 211,000 1,151 - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- SAP Holdings 170,000 $ 839 Telekom Malaysia 145,000 1,280 ---------- 18,843 ---------- MEXICO -- 8.8% Banamex Accival, series L* 328,340 674 Bufete Industrial ADR 38,000 684 Cemex, series B 407,400 1,704 Cemex CPO 253,500 926 Empresas la Maderna 271,800 1,377 Grupo Industria Alfa, series A 610,899 2,684 Grupo Financiero Banamex, series B* 1,073,000 2,316 Grupo Radio Centro ADR 51,400 405 Industrias Penoles 196,000 848 Kimberly Clark, series A 24,000 440 San Luis CPO 216,100 1,280 ---------- 13,338 ---------- MORROCCO -- 0.1% Banque Marocaine GDR* 15,000 195 ---------- PAKISTAN -- 0.1% Adamjee Insurance 2,850 8 D.G. Khan Cement* 55,440 16 Engro Chemicals 4,040 16 Pakistan State Oil 9,230 86 ---------- 126 ---------- PERU -- 1.8% Buenaventura ADR* 24,200 457 Credicorp 67,288 1,312 Telefonica del Peru, series B 419,900 982 ---------- 2,751 ---------- PHILIPPINES -- 3.2% Aboitiz Equity Ventures* 2,845,700 397 C & P Homes 272,500 198 DMCI Holdings* 1,245,000 904 Filinvest Land 610,900 215 Keppel Philippine Holdings, series B* 244,200 58 Manila Mining, series B* 38,920,000 30 Metro Pacific 4,877,000 1,491 Philippine Long Distance 20 1 Philippine Long Distance ADR 12,680 759 Philippine National Bank * 35,900 600 Republic Glass 593,000 154 Uniwide Holdings 273,000 58 ---------- 4,865 ---------- PORTUGAL -- 3.1% Capital Portugal Fund* 7,500 771 -10- ================================================================================ - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- Empresa Fabril de Maquinas Electricas* 53,200 $ 579 Portucel Industrial Empresa 162,100 1,100 Sonae Investimentos 76,760 2,211 ---------- 4,661 ---------- RUSSIA -- 0.8% Irkutskenegro RDC GDR* 12 246 Mosenergo ADS* 33,700 969 ---------- 1,215 ---------- SOUTH AFRICA -- 6.8% Anglo American Gold Investment Company 9,100 838 Anglovaal, series N 37,800 1,188 Barlow 54,500 502 Clinic Holdings 325,500 381 Highstone Property Fund 832,200 293 Iscor 1,853,088 1,111 Lonrho 542,000 1,486 Pepsi International 3,000 294 Randgold 116,500 784 Sappi 82,900 799 Sasol 147,721 1,647 Servgro International 73,600 379 Waltons Stationary 244,300 545 ---------- 10,247 ---------- SOUTH KOREA -- 5.2% Korea Electric Power ADR 85,150 1,809 Korea Fund 84,500 1,616 Korea Investment Fund* 32,933 313 Korea Mobile Telecom ADR* 32,100 514 Korea Mobile Telecom ADR* 99,700 1,570 Pohang Iron & Steel ADR 56,900 1,245 Samsung Electronics GDS* 19 -- Samsung Electronics Non-voting GDS* 874 20 Samsung Electronics GDS* 21,680 520 Samsung Electronics New 1/2 Non-voting GDS* 3,163 149 ---------- 7,756 ---------- TAIWAN -- 3.5% Advanced Semiconductors Engineering GDR 81,810 575 China Steel GDR* 64,450 1,458 ROC Taiwan Fund* 175,300 1,928 Taiwan Equity Fund* 64,000 656 Yageo GDR* 89,864 736 ---------- 5,353 ---------- - -------------------------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - -------------------------------------------------------------------------------- THAILAND -- 7.2% Bangkok Bank SER 13,300 $ 115 Bangkok Bank SER 2 368,000 3,171 Banpu Public 14,832 380 Central Pattana 68,100 283 CH Karnchang 117,800 810 Dhana Siam Finance & Securities 230,000 1,100 Electric Generating 390,010 1,156 Phatra Thanakit 99,000 528 PTT Exploration 44,800 613 Regional Container 14,700 195 Siam Cement 19,800 761 Thai Farmers Bank 33,000 350 Thai Farmers Bank SER 208,100 1,423 Thai Farmers Bank Warrant* 4,125 7 ---------- 10,892 ---------- TURKEY -- 1.7% Alarko 1,618,000 242 Cimentas 1,442,629 233 Erciyas Biracilik GDR 47,100 485 Koc Holdings 735,000 150 Migros 637,000 507 Tat Konservecili 942,598 133 Trakya Cam 8,328,964 389 Yapi Ve Kredi Bankas 18,300,000 380 ---------- 2,519 ---------- Total Foreign Common Stocks (Cost $117,143) 118,135 ---------- FOREIGN PREFERRED STOCKS -- 15.3% BRAZIL -- 15.1% Banco Bradesco 410,099,968 3,470 Brahma 550,000 349 Cemig 75,600,000 2,276 Electrobras, series B 8,136,000 2,234 Lojas Americana 61,300,000 1,062 Lojas Renner 7,700,000 432 Marco Polo, series B* 730,000 152 Petrol Brasileiros 18,154,000 2,170 Randon Participacoes 146,500,000 65 Sadia Concordia 453,000 281 Schulz 1,200,000 21 Telebras 28,009,000 2,078 Telemig, series B 15,350,000 1,745 Telerj 15,710,232 1,685 Telesp 5,074,000 974 Uniao De Bancos Brasilias 40,500,000 1,036 Usiminas Gerais 1,800,000,000 1,877 Vale Rio Doce 32,352 627 Weg 630,000 291 ---------- 22,825 ---------- -11- STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) EMERGING MARKETS EQUITY PORTFOLIO--CONCLUDED - -------------------------------------------------------------------------------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- PHILIPPINES -- 0.2% Philippine Long Distance 7,300 $ 248 ---------- Total Foreign Preferred Stocks (Cost $20,504) 23,073 ---------- FOREIGN CONVERTIBLE BONDS -- 3.0% PHILIPPINES -- 0.2% Ayala 0.000%, 12/08/00 $ 260 242 ---------- SOUTH AFRICA -- 0.1% Barlow 7.000%, 09/20/04 190 204 ---------- TAIWAN -- 1.5% Nanya Plastic 1.750%, 07/19/01 1,465 1,575 United Microelectronics 1.250%, 06/08/04 618 743 ---------- 2,318 ---------- THAILAND -- 1.2% Bangkok Bank 3.250%, 03/03/04 150 162 Banpu Public 2.750%, 04/10/03 1,365 1,392 Central Patana 2.750%, 04/10/01 240 252 ---------- 1,806 ---------- Total Foreign Convertible Bonds (Cost $4,611) 4,570 ---------- REPURCHASE AGREEMENT -- 5.7% State Street Bank 4.75%, dated 08/30/96, matures 09/03/96, repurchase price $8,613,544 (collateralized by U.S. Treasury Bond, 7.5%, due 11/15/16, par value $8,335,000, market value $8,783,740) 8,609 8,609 ---------- Total Repurchase Agreement (Cost $8,609) 8,609 ---------- Total Investments-- 102.3% (Cost $150,867) 154,387 ---------- Other Assets and Liabilities, Net -- (2.3%) (3,548) ---------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 13,036,864 outstanding shares of beneficial interest 146,164 - -------------------------------------------------------------------------------- FACE MARKET DESCRIPTION AMOUNT (000)(1) VALUE (000) - -------------------------------------------------------------------------------- Accumulated net investment loss $ (106) Accumulated net realized gain on investments 1,268 Net unrealized depreciation on foreign currency translation of other assets and liabilities in foreign currency (7) Net unrealized appreciation on investments 3,520 ---------- Total Net Assets--100.0% $150,839 ---------- ---------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- INSTITUTIONAL CLASS $11.57 ---------- ---------- * NON-INCOME PRODUCING SECURITY ADR -- AMERICAN DEPOSITORY RECEIPT ADS -- AMERICAN DEPOSITORY SHARES GDR -- GLOBAL DEPOSITORY RECEIPT GDS -- GLOBAL DEPOSITORY SHARES SER -- SHAREHOLDER EQUITY RIGHTS THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. INTERNATIONAL FIXED INCOME PORTFOLIO FOREIGN BONDS -- 84.0% AUSTRALIA -- 0.6% Australian Government 9.500%, 08/15/03 565 $ 485 Queensland Treasury 8.000%, 08/14/01 478 383 ---------- 868 ---------- AUSTRIA -- 5.1% Republic of Austria 4.500%, 09/28/05 JY 220,000 2,275 3.750%, 02/03/09 JY 526,000 5,068 ---------- 7,343 ---------- BELGIUM -- 2.7% Kingdom of Belgium 7.250%, 04/29/04 15,000 520 5.100%, 11/21/04 99,500 3,353 ---------- 3,873 ---------- CANADA -- 1.8% Canadian Government 6.500%, 06/01/04 1,150 805 9.000%, 06/01/25 2,130 1,749 ---------- 2,554 ---------- -12- ================================================================================ - -------------------------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - -------------------------------------------------------------------------------- DENMARK -- 1.4% Danish Mortgage 6.000%, 10/01/26 2,820 $ 405 Kingdom of Denmark 8.000%, 03/15/06 6,455 1,177 7.000%, 11/10/24 3,200 485 ---------- 2,067 ---------- EUROPEAN CURRENCY UNIT -- 2.8% European Investment Bank 6.625%, 03/15/00 374,000 4,032 ---------- FRANCE -- 4.3% Government of France 5.500%, 04/25/04 32,670 6,167 ---------- GERMANY -- 22.9% Bundesobligation 8.375%, 01/20/97 12,003 8,262 Deutschland Republic 6.000%, 02/16/06 18,710 12,296 6.250%, 01/04/24 1,070 645 KFW International Finance 6.625%, 04/15/03 1,140 795 Treuhandanstalt 6.375%, 07/01/99 6,790 4,831 6.500%, 04/23/03 8,945 6,222 ---------- 33,051 ---------- ITALY -- 4.7% Italian Government 8.500%, 08/01/99 2,050,000 1,357 10.500%, 09/01/05 7,720,000 5,435 ---------- 6,792 ---------- JAPAN -- 21.4% Export-Import Bank 4.375%, 10/01/03 481,000 4,904 World Bank 4.500%, 06/20/00 1,076,900 10,987 5.250%, 03/20/02 769,600 8,218 4.500%, 03/20/03 656,900 6,778 ---------- 30,887 ---------- NETHERLANDS -- 2.1% Kingdom of Netherlands 5.750%, 01/15/04 5,040 2,984 ---------- SPAIN -- 1.6% Kingdom of Spain 11.300%, 01/15/02 263,050 2,366 ---------- SWEDEN -- 3.2% Kingdom of Sweden 10.250%, 05/05/03 8,900 1,514 Swedish Treasury Note 11.000%, 01/21/99 18,600 3,088 ---------- 4,602 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - -------------------------------------------------------------------------------- UNITED KINGDOM -- 9.4% European Investment Bank 7.000%, 03/30/98 200 $ 315 United Kingdom Treasury 8.000%, 12/07/00 3,850 6,218 6.750%, 11/26/04 3,098 4,548 8.000%, 12/07/15 1,580 2,415 ---------- 13,496 ---------- Total Foreign Bonds (Cost $119,843) 121,082 ---------- U.S. TREASURY OBLIGATIONS -- 7.9% U.S. Treasury Bill 5.394%, 09/19/96 2,700 2,692 5.205%, 10/10/96 8,000 7,954 U.S. Treasury Bond 6.000%, 02/15/26 40 34 U.S. Treasury Note 6.250%, 04/30/01 615 603 6.875%, 05/15/06 92 92 ---------- Total U.S. Treasury Obligations (Cost $11,387) 11,375 ---------- REPURCHASE AGREEMENT -- 2.2% State Street Bank 4.75%, dated 08/30/96, matures 09/03/96, repurchase price $3,241,710 (collateralized by U.S. Treasury Bond, 7.5%, due 11/15/16, par value $3,136,880, market value $3,305,763) 3,240 3,240 ---------- Total Repurchase Agreement (Cost $3,240) 3,240 ---------- FOREIGN CURRENCY OPTION -- 0.0% German Deutschemark Call 2,683 33 ---------- Total Foreign Currency Option (Cost $21) 33 ---------- Total Investments-- 94.1% (Cost $134,491) $135,730 ---------- ---------- JY -- JAPANESE YEN (1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. -13- STATEMENT OF ASSETS AND LIABILITIES (000) ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) ------------------ INTERNATIONAL FIXED INCOME ------------------ ASSETS: Investment securities (Cost $134,491) $135,730 Cash 20 Foreign currency (Cost $1,911) 1,909 Interest receivable 3,487 Investment securities sold 6,508 Unrealized gain on forward foreign currency contracts 257 Other assets 95 ---------- Total Assets 148,006 ---------- LIABILITIES: Investment securities purchased 3,368 Capital shares redeemed 375 Other liabilities 123 ---------- Total Liabilities 3,866 ---------- Net Assets $144,140 ---------- ---------- NET ASSETS: Portfolio shares of Class A (unlimited authorization -- no par value) based on 12,980,323 outstanding shares of beneficial interest 140,947 Undistributed net investment income 583 Accumulated net realized gain on investments 1,088 Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 283 Net unrealized appreciation on investments 1,239 ---------- Net Assets $144,140 ---------- ---------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- CLASS A $ 11.10 ---------- ---------- THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-14- STATEMENT OF OPERATIONS (000) ================================================================================ SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996 (UNAUDITED) ------------------ ------------------ ------------------ EMERGING INTERNATIONAL INTERNATIONAL MARKETS FIXED EQUITY EQUITY INCOME ------------------ ------------------ ------------------ INVESTMENT INCOME: Dividends $ 7,420 $ 1,306 $ -- Interest 573 207 3,058 Less: Foreign taxes withheld (970) (79) (56) -------- -------- -------- Total Investment Income 7,023 1,434 3,002 -------- -------- -------- EXPENSES: Management fees 1,034 385 354 Management fees waived (35) (132) (86) Investment advisory fees 1,154 619 174 Investment advisory fees waived (48) (80) (29) Custodian/wire agent fees 314 277 83 Shareholder servicing fee 181 -- -- Professional fees 86 19 15 Registration & filing fees 35 37 20 Printing fees 83 13 19 Trustee fees 20 4 5 Pricing fees 10 6 5 Distribution fees 46 -- 9 Amortization of deferred organization costs -- 1 6 Miscellaneous fees 47 7 9 -------- -------- -------- Total Expenses 2,927 1,156 584 -------- -------- -------- NET INVESTMENT INCOME 4,096 278 2,418 -------- -------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) from: Security transactions 26,986 1,231 318 Futures contracts (971) -- -- In-Kind redemption 4,240 -- -- Net realized loss on forward foreign currency contracts and foreign currency transactions (387) (185) (712) Net change in unrealized depreciation on forward foreign currency contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies (71) (4) (286) Net change in unrealized appreciation (depreciation) on investments (24,206) 2,416 2,686 -------- -------- -------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 9,687 $ 3,736 $4,424 -------- -------- -------- -------- -------- -------- AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-15- STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996 (UNAUDITED) AND FOR THE YEAR ENDED FEBRUARY 29, 1996.
------------------ ---------------- ---------------- EMERGING INTERNATIONAL INTERNATIONAL MARKETS FIXED EQUITY EQUITY INCOME ------------------ ---------------- ---------------- 1996* 1996 1996* 1996 1996* 1996 ------------------ ---------------- ---------------- OPERATIONS: Net investment income (loss) $ 4,096 $ 4,107 $ 278 $ (70) $ 2,418 $ 2,910 Net realized gain from security transactions 30,255 21,730 1,231 180 318 2,362 Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions (387) (983) (185) (125) (712) 2,856 Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies (71) 1,021 (4) (2) (286) 97 Net change in unrealized appreciation (depreciation) on investments (24,206) 24,496 2,416 1,050 2,686 (2,509) --------- --------- --------- -------- --------- -------- Net increase in net assets from operations 9,687 50,371 3,736 1,033 4,424 5,716 --------- --------- --------- -------- --------- -------- DIVIDENDS DISTRIBUTED FROM: Net investment income: Class A -- (5,932) -- (11) -- (6,969) Class D -- (3) -- -- -- -- Net realized gains: Class A -- (28,871) -- (143) -- (665) Class D -- (17) -- -- -- -- --------- --------- --------- -------- --------- -------- Total dividends distributed -- (34,823) -- (154) -- (7,634) --------- --------- --------- -------- --------- -------- CAPITAL SHARE TRANSACTIONS(1): Class A: Proceeds from shares issued in merger 150,364 -- -- -- -- -- Proceeds from shares issued 165,671 203,255 88,898 64,401 67,849 70,012 Reinvestment of cash distributions -- 20,015 -- 148 -- 6,218 Cost of shares redeemed (177,078) (219,674) (8,976) (3,547) (12,451) (32,574) Cost of shares redeemed in-kind (46,630) -- -- -- -- -- --------- --------- --------- -------- --------- -------- Increase in net assets derived from Class A 92,327 3,596 79,922 61,002 55,398 43,656 --------- --------- --------- -------- --------- -------- Class D: Proceeds from shares issued 112 146 -- -- -- -- Reinvestment of cash distributions -- 19 -- -- -- -- Cost of shares redeemed (204) (18) -- -- -- -- --------- --------- --------- -------- --------- -------- Increase (decrease) in net assets derived from Class D (92) 147 -- -- -- -- --------- --------- --------- -------- --------- -------- INCREASE IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS 92,235 3,743 79,922 61,002 55,398 43,656 --------- --------- --------- -------- --------- -------- Net increase in net assets 101,922 19,291 83,658 61,881 59,822 41,738 NET ASSETS: Beginning of period 347,845 328,554 67,181 5,300 84,318 42,580 --------- --------- --------- -------- --------- -------- End of period $449,767 $347,845 $150,839 $67,181 $144,140 $84,318 --------- --------- --------- -------- --------- -------- --------- --------- --------- -------- --------- -------- (1) CAPITAL SHARE TRANSACTIONS: Class A: Shares issued in merger 14,951 -- -- -- -- -- Shares issued 16,055 20,144 7,670 5,959 6,297 6,081 Reinvestment of cash distributions -- 2,037 -- 1 -- 559 Shares redeemed (18,902) (21,676) (780) (329) (1,150) (2,894) Shares redeemed in-kind (4,462) -- -- -- -- -- --------- --------- --------- -------- --------- -------- Total Class A transactions 7,642 505 6,890 5,631 5,147 3,746 --------- --------- --------- -------- --------- -------- Class D: Shares issued 10 15 -- -- -- -- Reinvestment of cash distributions -- 2 -- -- -- -- Shares redeemed (20) (2) -- -- -- -- --------- --------- --------- -------- --------- -------- Total Class D transactions (10) 15 -- -- -- -- --------- --------- --------- -------- --------- -------- Net increase in capital shares 7,632 520 6,890 5,631 5,147 3,746 --------- --------- --------- -------- --------- -------- --------- --------- --------- -------- --------- -------- * FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-16- FINANCIAL HIGHLIGHTS ================================================================================ SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996 (UNAUDITED) AND FOR THE YEARS ENDED FEBRUARY 28 OR 29, FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
NET NET ASSET NET REALIZED DISTRIBUTIONS DISTRIBUTIONS VALUE INVESTMENT AND FROM NET FROM NET ASSET BEGINNING INCOME UNREALIZED INVESTMENT REALIZED CAPITAL VALUE END TOTAL OF PERIOD (LOSS) GAINS/(LOSSES) INCOME(4) GAINS OF PERIOD RETURN - ------------------------------------------------------------------------------------------- - ------------------------------- INTERNATIONAL EQUITY PORTFOLIO - ------------------------------- CLASS A 1996* $10.00 $ 0.09 $ 0.12 $ -- $ -- $10.21 2.10% 1996 9.59 0.14 1.45 (0.19) (0.99) 10.00 17.30 1995 11.00 0.15 (0.97) -- (0.59) 9.59 (7.67) 1994 8.93 0.13 2.05 (0.11) -- 11.00 24.44 1993 9.09 0.16 0.04 (0.36) -- 8.93 2.17 1992 9.56 0.19 (0.36) (0.30) -- 9.09 (1.63) CLASS D 1996* $ 9.93 $ 0.08 $ 0.11 $ -- $ -- $10.12 1.91% 1996 9.56 0.04 1.50 (0.18) (0.99) 9.93 16.77 1995(1) 10.81 0.01 (0.67) -- (0.59) 9.56 (6.33) - ---------------------------------- EMERGING MARKETS EQUITY PORTFOLIO - ---------------------------------- CLASS A 1996* $10.93 $ 0.03 $0.61 $ -- $ -- $11.57 5.86% 1996 10.27 (0.02) 0.72 -- (0.04) 10.93 6.83 1995(2) 10.00 0.01 0.26 -- -- 10.27 2.70 - ------------------------------------- INTERNATIONAL FIXED INCOME PORTFOLIO - ------------------------------------- CLASS A 1996* $10.77 $0.37 $(0.04) $ -- $ -- $11.10 3.06% 1996 10.42 0.58 0.89 (1.02) (0.10) 10.77 13.96 1995 10.23 0.43 0.40 (0.62) (0.02) 10.42 8.43 1994(3) 10.00 0.14 0.18 (0.09) -- 10.23 6.41
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES INCOME/(LOSS) RATIO OF NET INVESTMENT TO AVERAGE TO AVERAGE NET ASSETS EXPENSES INCOME/(LOSS) NET ASSETS NET ASSETS PORTFOLIO AVERAGE END OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER COMMISSION PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE RATE+ - ----------------------------------------------------------------------------------------------------- - ------------------------------- INTERNATIONAL EQUITY PORTFOLIO - ------------------------------- CLASS A 1996* $449,655 1.27% 1.78% 1.31% 1.74% 54% $0.0168 1996 347,646 1.25 1.29 1.29 1.25 102 n/a 1995 328,503 1.19 1.30 1.21 1.28 64 n/a 1994 503,498 1.10 1.46 1.24 1.32 19 n/a 1993 178,287 1.10 1.80 1.53 1.37 23 n/a 1992 92,456 1.10 2.07 1.52 1.63 79 n/a CLASS D 1996* $ 112 1.65% 1.22% 1.70% 1.17% 54% $0.0168 1996 199 1.65 0.58 1.90 0.33 102 n/a 1995(1) 51 1.47 0.42 1.48 0.41 64 n/a - ---------------------------------- EMERGING MARKETS EQUITY PORTFOLIO - ---------------------------------- CLASS A 1996* $150,839 1.95% 0.46% 2.30% 0.11% 22% $0.0002 1996 67,181 1.95 (0.23) 2.72 (1.00) 104 n/a 1995(2) 5,300 1.95 1.79 4.98 (1.24) -- n/a - ------------------------------------- INTERNATIONAL FIXED INCOME PORTFOLIO - ------------------------------------- CLASS A 1996* $144,140 1.00% 3.04% 1.20% 2.84% 136% n/a 1996 84,318 1.00 4.70 1.27 4.43 269 n/a 1995 42,580 1.00 4.68 1.30 4.38 303 n/a 1994(3) 23,678 1.00 3.81 1.61 3.20 126 n/a * FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996. ALL RATIOS, EXCLUDING TOTAL RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. (1) INTERNATIONAL EQUITY CLASS D SHARES WERE OFFERED BEGINNING MAY 1, 1994. ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (2) EMERGING MARKETS EQUITY CLASS A SHARES WERE OFFERED BEGINNING JANUARY 17, 1995. ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (3) INTERNATIONAL FIXED INCOME CLASS A SHARES WERE OFFERED BEGINNING SEPTEMBER 1, 1993. ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (4) DISTRIBUTIONS FROM NET INVESTMENT INCOME INCLUDE DISTRIBUTIONS OF CERTAIN FOREIGN CURRENCY GAINS AND LOSSES. + AVERAGE COMMISSION RATE PAID PER SHARE FOR SECURITY PURCHASES AND SALES DURING THE PERIOD. PRESENTATION OF THE RATE IS ONLY REQUIRED FOR FISCAL YEARS BEGINNING AFTER SEPTEMBER 1, 1995. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-17- NOTES TO FINANCIAL STATEMENTS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) 1. ORGANIZATION SEI International Trust, (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with three portfolios: the International Equity Portfolio (formerly the Core International Equity Portfolio), the Emerging Markets Equity Portfolio and the International Fixed Income Portfolio (together the "Portfolios"). The Trust's prospectus provides a description of each Funds investment objectives, policies, and strategies. The Trust is registered to offer Class A shares of each of the Portfolios and Class D shares of the International Equity Portfolio. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Portfolios in the preparation of the financial statements. The policies are in conformity with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION -- Investment securities which are listed on a securities exchange for which market quotations are readily available are valued by an independent pricing service at the last quoted sales price for such securities, or if there is no such reported sale on the valuation date, at the most recent quoted bid price. Unlisted securities for which market quotations are readily available are valued at the most recent quoted bid price. Debt obligations sixty days or less remaining until maturity are valued at amortized cost which approximates market value. FEDERAL INCOME TAXES -- It is the intention of each Portfolio to continue to qualify as a regulated investment company and to distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required in the financial statements. The Portfolios 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 either income earned or repatriated. The Portfolios accrue such taxes when the related income is earned. NET ASSET VALUE PER SHARE -- The net asset value per share of each Portfolio is calculated on each business day. It is computed by dividing the assets of the portfolio, less its liabilities, by the number of outstanding shares of the portfolio. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until maturity of the repurchase agreements. Provisions of the repurchase agreements and procedures adopted by the Trust require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Portfolios may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker's custodian bank until maturity of the repurchase agreement. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty of the Portfolio. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed or limited. FOREIGN CURRENCY TRANSLATION -- The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (I) market value of investment securities, other assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Portfolios do not isolate that portion of gains and losses on investment securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of such securities. -18- ================================================================================ The Portfolios 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 pursuant to the Federal income tax regulations. Such amounts are categorized as foreign currency gain or loss for both financial reporting and income tax reporting purposes. The Portfolios report gains and losses on foreign currency related transactions as realized and unrealized gains and losses for financial reporting purposes, whereas such gains and losses are treated as ordinary income or loss for Federal income tax purposes. FORWARD FOREIGN CURRENCY CONTRACTS -- The portfolios enter into forward foreign currency contracts as hedges against either specific transactions or portfolio positions. The aggregate principal amounts of the contracts are not recorded as the Portfolios do not intend to hold the contracts to maturity. All commitments are "marked-to-market" daily at the applicable foreign exchange rate and any resulting unrealized gains or losses are recorded currently. The Portfolios realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. FOREIGN CURRENCY OPTIONS -- Premiums paid by a portfolio for the purchase of an option are included in the portfolio's Schedule of Investments as an investment and subsequently "marked-to-market" to reflect the current value of the option. For an option held by a portfolio on the stipulated expiration date, the portfolio realizes a gain or loss. If the portfolio enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the purchased option. If the portfolio exercises a purchased call option, the cost of the underlying investment which the fund purchases upon exercise will be increased by the premium originally paid. FUTURES CONTRACTS -- The International Equity Portfolio utilized futures contracts during the six month period ended August 31, 1996. The Portfolio's investment in these futures contracts is designed to enable the Portfolio to more closely approximate the performance of it's benchmark index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Portfolio records 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 values of the contract may not directly correlate with changes in the values of the underlying securities, and that the counterparty to a contract may default on its obligation to perform. CLASSES -- Class-specific expenses are borne by that class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets. EXPENSES -- Expenses that are directly related to one of the Portfolios are charged directly to that Portfolio. Other operating expenses of the Portfolios are prorated to the Portfolios on the basis of relative net assets. DISTRIBUTIONS -- Distributions from net investment income and net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under generally accepted accounting principles. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid in capital in the period that the difference arises. OTHER -- Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of investments securities are those of the specific securities sold. Purchase discounts and premiums on securities held by the Portfolio are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. Dividend income is recognized on the ex-dividend date and interest income is recognized using the accrual method. -19- NOTES TO FINANCIAL STATEMENTS (CONTINUED) ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS SEI Fund Management (the "Manager"), a wholly owned subsidiary of SEI Corporation, and the Trust are parties to a management agreement dated August 30, 1988, under which the Manager provides management, administrative and shareholder services to the Fund for an annual fee equal to .45% of the average daily net assets of the International Equity Portfolio, .60% of the average daily net assets of the International Fixed Income Portfolio, and .65% of the average daily net assets of the Emerging Markets Equity Portfolio. The Manager has voluntarily agreed to waive all or a portion of its fees and, if necessary, reimburse other operating expenses in order to limit the operating expenses of each Portfolio. SEI Financial Management Corporation (SFM) acts as the investment advisor for the International Equity and the Emerging Markets Equity Portfolios. Under the Investment Advisory Agreement, SFM receives an annual fee of .475% of the average daily net assets of the International Equity Portfolio and 1.05% of the average daily net assets of the Emerging Markets Equity Portfolio. Pursuant to Sub-Advisory Agreements with SFM, Acadian Asset Management, Inc., Farrell Wako Global Investment Management, Inc., Morgan Grenfell Investment Services Limited, Seligman Henderson Co., Yamaichi Capital Management, Inc. and Yamaichi Capital Management (Singapore) Limited serve as Sub-Advisors to the International Equity Portfolio, and Montgomery Asset Management, L.P. serves as Sub-Advisor to the Emerging Markets Equity Portfolio. Strategic Fixed Income, L.P., the advisor for the International Fixed Income Portfolio, is a party to an investment advisory agreement with the Trust dated June 15, 1993. Under the investment advisory agreement, Strategic Fixed Income, L.P. receives an annual fee of .30% of the average daily net assets of the Portfolio. Strategic Fixed Income, L.P. has voluntarily agreed to waive all or a portion of its fee, in conjunction with the Manager, in order to limit the total operating expenses of the Portfolio. SEI Financial Services Company (the "Distributor"), a wholly-owned subsidiary of SEI, serves as each Portfolio's distributor pursuant to a distribution agreement with the Trust. The Portfolio's have adopted a shareholder service plan for Class A shares ("the Class A Plan") under which firms, including the Distributor, that provide shareholder and administrative services may receive compensation therefore. Under the Class A Plan, the Distributor may provide those services itself, or may enter into arrangements under which third parties provide such services and are compensated by the Distributor. In addition, the Portfolios may enter into such arrangements directly. Under the Class A Plan, a Portfolio may pay the Distributor a fee at a negotiated annual rate of up to .25% of the average daily net assets of such Portfolio attributable to Class A shares that are subject to the arrangement in return for provision of a broad range of shareholder and administrative services. The International Equity Portfolio has adopted a distribution plan for its Class D shares (the "Class D Plan") pursuant to which a 12b-1 fee of up to .30% of the average daily net assets attributable to the Class D shares will be paid to the Distributor. As of August 31, 1996, the Distributor was taking a fee under the Class D Plan of only .25% of the average daily net assets attributable to Class D shares. This payment may be used to compensate financial institutions that provide distribution-related services to their customers. Under both the Class A Plan and the Class D Plan, the Distributor may retain as profit any difference between the fee it receives and the amount it pays to third parties. Certain Officers and/or Trustees of the Trust are also Officers and/or Directors of the Manager. Compensation of Officers and affiliated Trustees is paid by the Manager. 4. ORGANIZATIONAL COSTS Organizational costs have been capitalized by the Portfolio and are being amortized using the straight line method over sixty months beginning with the commencement of operations. In the event any of the initial shares of the Portfolio acquired by the Manager are redeemed during the period that the Portfolio is amortizing its organizational costs, the redemption proceeds payable to the Manager by the Portfolio will be reduced by an amount equal to a pro rata portion of the unamortized organizational costs. 5. FORWARD FOREIGN CURRENCY CONTRACTS The Portfolios enter into forward foreign currency exchange contracts as hedges against portfolio positions. Such contracts, which are designed to protect the value of the Portfolio's investment securities -20- ================================================================================ against a decline in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities; they simply establish an exchange rate at a future date. Also, although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of such foreign currency increase. The following forward foreign currency contracts were outstanding at August 31, 1996: IN UNREALIZED MATURITY CONTRACTS TO EXCHANGE APPRECIATION DATES DELIVER/RECEIVE FOR (DEPRECIATION) -------------- ------------------- --------- -------------- INTERNATIONAL FIXED INCOME PORTFOLIO: - ------------------------------------- Foreign Currency Sales: 09/24/96-10/24/96 AD 15,594,479 $ 12,263,521 $ (52,892) 09/24/96 BF 105,963,385 3,426,098 (50,037) 09/24/96-10/24/96 CD 10,693,766 7,813,939 (11,414) 09/24/96-10/24/96 CH 22,129,219 18,008,801 (497,929) 09/24/96-10/24/96 DK 60,742,765 10,436,582 (202,261) 09/24/96-10/24/96 DM 113,470,407 73,306,881 (1,561,039) 09/24/96-10/24/96 FF 142,957,164 28,002,821 (262,806) 09/24/96-10/24/96 IT 39,498,948,103 25,786,542 (277,944) 09/24/96-10/24/96 JY 9,474,662,026 87,923,798 387,339 09/24/96 NG 10,679,998 6,347,926 (97,555) 09/24/96-10/24/96 SK 53,793,277 8,101,821 (24,994) 09/24/96-10/24/96 SP 1,136,630,081 8,960,773 (112,508) 09/24/96-10/24/96 UK 29,126,416 44,861,293 (581,501) 09/24/96 XE 2,612,071 3,230,087 (97,987) ------------ ------------ $340,470,883 $(3,443,528) ------------ ------------ ------------ ------------ Foreign Currency Purchases: 09/24/96-10/24/96 AD 16,114,480$ 12,691,343 $ 37,197 09/24/96 BF 28,842,916 916,018 30,175 09/24/96-10/24/96 CD 13,100,574 9,619,484 (30,569) 09/24/96-10/24/96 CH 26,005,949 21,107,356 638,052 09/24/96-10/24/96 DK 77,284,310 13,346,131 181,637 09/24/96-10/24/96 DM 118,988,058 79,495,843 1,038,553 09/24/96-10/24/96 FF 129,216,040 25,109,560 436,597 09/24/96-10/24/96 IT 44,096,985,404 28,640,737 453,499 09/24/96-10/24/96 JY 9,562,312,662 88,576,702 (163,703) 09/24/96-10/24/96 NG 9,833,542 5,826,664 111,128 09/24/96-10/24/96 SK 41,306,323 6,199,524 39,559 09/24/96-10/24/96 SP 1,373,232,899 10,676,629 280,133 09/24/96-10/24/96 UK 34,224,593 52,848,478 543,770 09/24/96 XE 2,909,062 3,598,074 108,401 ------------ ------------ $358,652,543 $3,704,429 ------------ ------------ ------------ ------------ $ 260,901 ------------ ------------ CURRENCY LEGEND AD Australian Dollar IT Italian Lira BF Belgian Franc JY Japanese Yen CD Canadian Dollar NG Netherlands Guilder CH Swiss Frank SK Swedish Krona DK Danish Kroner SP Spanish Peseta DM German Mark UK British Pounds Sterling FF French Franc XE European Currency Unit At August 31, 1996, the International Fixed Income Portfolio had unrealized losses on closed but unsettled forward foreign currency contracts of $3,725 scheduled to settle on September 24, 1996. 6. INVESTMENT TRANSACTIONS The cost of security purchases and the proceeds from the sale of securities, other than short-term investments and U.S. government securities, during the period ended August 31, 1996, were as follows: PURCHASES SALES (000) (000) ---------- ---------- International Equity Portfolio $262,315 $287,147 Emerging Markets Equity Portfolio 102,569 23,864 International Fixed Income Portfolio 168,623 127,215 The International Fixed Income Portfolio sold $138,000 in U.S. government securities, during the period ended August 31, 1996. For Federal income tax purposes, the cost of securities owned at August 31, 1996 and the net realized gains or losses on securities sold for the period then ended was not materially different from the amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation at August 31, 1996 for the Portfolios is as follows: NET APPRECIATED DEPRECIATED UNREALIZED SECURITIES SECURITIES APPRECIATION (000) (000) (000) ----------- ----------- ------------ International Equity Portfolio $34,667 $(20,238) $14,429 Emerging Markets Equity Portfolio 11,616 (8,096) 3,520 International Fixed Income Portfolio 1,557 (318) 1,239
-21- NOTES TO FINANCIAL STATEMENTS (CONCLUDED) ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) 7. FUTURES CONTRACTS The International Equity Portfolio had the following futures contracts open as of August 31, 1996: Contract Number of Trade Settlement Unrealized Description Contracts Price Month Gain/(Loss) - -------------- --------- -------- ----------- ----------- IBEX 35 Index 74 4,082.50 Sept. 1996$ (2,130) IBEX 35 Index 8 4,031.00 Sept. 1996 99 IBEX 35 Index 25 4,090.00 Sept. 1996 (870) IBEX 35 Index 15 4,081.00 Sept. 1996 (414) IBEX 35 Index 8 4,112.00 Sept. 1996 (419) CAC 40 Index 1 1,983.50 Sept. 1996 (425) CAC 40 Index 1 2,019.50 Sept. 1996 (1,844) CAC 40 Index 1 1,999.00 Sept. 1996 (1,038) CAC 40 Index 1 1,992.00 Sept. 1996 (761) CAC 40 Index 1 2,023.00 Sept. 1996 (1,988) CAC 40 Index 2 2,035.00 Sept. 1996 (4,925) CAC 40 Index 1 2,020.50 Sept. 1996 (1,889) DAX Index 1 2,554.00 Sept. 1996 (1,024) DAX Index 1 2,568.00 Sept. 1996 (1,972) DAX Index 1 2,575.00 Sept. 1996 (2,446) FT-SEI 100 Index 1 3,818.50 Sept. 1996 2,394 FT-SEI 100 Index 1 3,803.00 Sept. 1996 2,999 FT-SEI 100 Index 1 3,888.00 Sept. 1996 (322) FT-SEI 100 Index 1 3,882.00 Sept. 1996 (88) FT-SEI 100 Index 1 3,903.00 Sept. 1996 (908) FT-SEI 100 Index 2 3,916.00 Sept. 1996 (2,832) FT-SEI 100 Index 1 3,908.00 Sept. 1996 (1,103) Hang Seng Index 3 11,340.00 Sept. 1996 (4,850) Hang Seng Index 1 11,339.00 Sept. 1996 (1,610) Australia Ords Index 1 2,219.00 Sept. 1996 823 Australia Ords Index 1 2,233.00 Sept. 1996 546 Australia Ords Index 2 2,242.00 Sept. 1996 736 Australia Ords Index 1 2,285.00 Sept. 1996 (483) Australia Ords Index 1 2,269.00 Sept. 1996 (166) Australia Ords Index 2 2,289.00 Sept. 1996 (1,124) Australia Ords Index 1 2,299.00 Sept. 1996 (760) Australia Ords Index 1 2,279.00 Sept. 1996 (364) Nikkei 225 Index 1 20,815.00 Sept. 1996 (2,785) Nikkei 225 Index 2 20,790.00 Sept. 1996 (5,341) Nikkei 225 Index 2 20,590.00 Sept. 1996 (3,499) Nikkei 225 Index 1 20,645.00 Sept. 1996 (2,003) Nikkei 225 Index 3 20,900.00 Sept. 1996 (9,530) Nikkei 225 Index 2 21,180.00 Sept. 1996 (8,932) Nikkei 225 Index 3 21,230.00 Sept. 1996 (14,088) Nikkei 225 Index 4 21,455.00 Sept. 1996 (22,928) Nikkei 225 Index 3 21,205.00 Sept. 1996 (13,743) Nikkei 225 Index 1 20,935.00 Sept. 1996 (3,338) ------------- $(115,345) ------------- ------------- 8. CONCENTRATION OF RISKS Each Portfolio 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 Portfolio invests 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 Portfolio to meet their obligations may be a affected by economic and political developments in a specific country, industry or region. 9. FUND MERGERS Effective March 25, 1996, all the assets and liabilities of the European Equity Portfolio and Pacific Basin Portfolio were transferred to the International Equity Portfolio in a tax-free reorganization pursuant to a Reorganization Agreement approved by the shareholders. The net asset value of the European Equity and Pacific Basin Portfolios of $81,709,082 and $68,655,364, respectively, were transferred to the International Equity Portfolio, in exchange for 8,126,302 and 6,828,057 shares of the International Equity Portfolio; those shares were then distributed to shareholders in liquidation of the European Equity and Pacific Basin Equity Portfolios. -22- SHAREHOLDERS VOTING RESULTS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) There was a special meeting scheduled for March 15, 1996 at which the shareholders of the International Equity Portfolio (the "Portfolio") voted on a series of proposals (the "Proposals"). The proposals and the results of the shareholder meeting are set forth below. PROPOSAL 1: To approve or disapprove the selection of Schroder Capital Management International Limited ("Schroder") as Investment Sub-Adviser for the Portfolio, and to approve or disapprove the Investment Sub-Advisory Agreement between SEI Financial Management Corporation ("SFM" or "Adviser") and Schroder relating to the Portfolio. SHARES VOTED ------------ For 17,659,400 Against 45,468 Abstain 167,635 Broker Non-Vote 0 PROPOSAL 2: To approve or disapprove the selection of Morgan Grenfell Investment Services Limited ("Morgan Grenfell") as Investment Sub-Adviser for the Portfolio, and to approve or disapprove the Investment Sub-Advisory Agreement between SFM and Morgan Grenfell relating to the Portfolio. SHARES VOTED ------------ For 17,677,064 Against 40,629 Abstain 154,810 Broker Non-Vote 0 PROPOSAL 3: To approve or disapprove an Amended Investment Sub-Advisory Agreement between SFM and Acadian Management, Inc. ("Acadian") which would increase the sub-advisory fee paid to Acadian by SFM. SHARES VOTED ------------ For 16,911,937 Against 389,829 Abstain 169,555 Broker Non-Vote 401,182 PROPOSAL 4: To approve or disapprove an Amended Investment Advisory Agreement between the Portfolio and SFM which would increase the advisory fee paid to SFM. SHARES VOTED ------------ For 16,873,568 Against 427,017 Abstain 170,736 Broker Non-Vote 401,182 There was a special meeting scheduled for March 15, 1996 at which the shareholders of the European Equity and Pacific Basin Funds (the "Portfolios") voted on a proposal (the "Proposal"). The proposal and results of the shareholder meeting are set forth below. PROPOSAL 1: The approval or disapproval of an Agreement and Plan of Reorganization and Liquidation providing for (i) the transfer of substantially all of the assets and liabilities of the Pacific Basin Equity Portfolio to the International Equity Portfolio in exchange for Class A Shares of the International Equity Portfolio; (ii) the distribution of the International Equity Portfolio Shares so received to shareholders of the Pacific Basin Equity Portfolio; and (iii) the termination under state law of the Pacific Basin Equity Portfolio. European Equity Portfolio: SHARES VOTED ------------ For 3,063,788 Against 46,127 Abstain 50,364 Pacific Basin Portfolio: SHARES VOTED ------------ For 3,582,944 Against 66,922 Abstain 49,330 -23- SHAREHOLDERS VOTING RESULTS (CONTINUED) ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) There was a special meeting scheduled for April 30, 1996 at which the shareholders of the International Fixed Income Portfolio (the "Portfolio") voted on a series of proposals ("the Proposals"). The meeting was adjourned until June 28, 1996, however, none of the Proposals passed due to a failure to reach quorum within 60 days of the meeting date. The Proposals and results of the shareholder meeting are set forth below. PROPOSAL 1: To eliminate the Portfolio's fundamental limitations concerning diversification and the acquisition of more than 10% of the outstanding voting securities of any one issuer. SHARES VOTED ------------ For 3,077,302 Against 511,516 Abstain 129,733 PROPOSAL 2: To amend the Portfolio's fundamental limitation concerning industry concentration. SHARES VOTED ------------ For 3,300,537 Against 264,782 Abstain 153,232 PROPOSAL 3: To amend the Portfolio's fundamental limitation concerning borrowing to enhance the Portfolio's ability to borrow money. SHARES VOTED ------------ For 3,253,043 Against 299,939 Abstain 165,569 PROPOSAL 4: To amend the Portfolio's fundamental limitation concerning making loans to enhance the Portfolio's ability to make loans. SHARES VOTED ------------ For 3,285,583 Against 296,625 Abstain 136,343 PROPOSAL 5: To reclassify the Portfolio's fundamental limitation concerning pledging assets as non-fundamental, and to amend certain language. SHARES VOTED ------------ For 3,292,908 Against 258,736 Abstain 166,908 PROPOSAL 6: To reclassify the Portfolio's fundamental limitation concerning investment in securities for the purpose of exercising control as non-fundamental. SHARES VOTED ------------ For 3,355,129 Against 219,874 Abstain 143,548 PROPOSAL 7: To amend the Portfolio's fundamental limitation concerning investment in real estate and commodities to clarify the Portfolio's ability to invest in commodities contracts relating to financial instruments. SHARES VOTED ------------ For 3,182,261 Against 404,927 Abstain 131,363 PROPOSAL 8: To reclassify the Portfolio's fundamental limitation concerning short sales and margin sales as non-fundamental, and to amend certain language. SHARES VOTED ------------ For 3,145,445 Against 438,897 Abstain 134,209 -24- ================================================================================ PROPOSAL 9: To reclassify the Portfolio's fundamental investment limitation concerning investment in securities of investment companies as non-fundamental, and to amend certain language. SHARES VOTED ------------ For 3,338,906 Against 242,612 Abstain 137,032 PROPOSAL 10: To amend the Portfolio's fundamental limitation concerning the issuance of senior securities to clarify the Portfolio's ability to issue senior securities. SHARES VOTED ------------ For 3,138,395 Against 446,834 Abstain 133,322 PROPOSAL 11: To reclassify the Portfolio's fundamental limitation concerning investment in securities of an issuer whose securities are owned by officers and trustees of the Trust as non-fundamental. SHARES VOTED ------------ For 3,040,487 Against 547,917 Abstain 130,147 PROPOSAL 12: To reclassify the Portfolio's fundamental limitation concerning investment of more than 5% of total assets in securities of companies with less than three years of operating history as non-fundamental. SHARES VOTED ------------ For 3,312,687 Against 281,404 Abstain 124,460 PROPOSAL 13: To reclassify the Portfolio's fundamental limitation concerning investment in restricted securities as non-fundamental, and to amend certain language. SHARES VOTED ------------ For 3,080,522 Against 503,929 Abstain 134,100 PROPOSAL 14: To authorize the Board of Trustees to appoint additional or replacement sub-advisers for the Portfolio without seeking approval of the Shareholders of the contracts pursuant to which such sub-advisers serve. SHARES VOTED ------------ For 3,361,475 Against 179,242 Abstain 177,834 PROPOSAL 15: To approve the selection of SFM as the Investment Adviser for the Portfolio, and to approve the Investment Advisory Agreement between the Trust, on behalf of the Portfolio, and SFM. SHARES VOTED ------------ For 3,469,393 Against 119,067 Abstain 130,091 PROPOSAL 16: To approve the selection of Strategic Fixed Income, L.P. ("Strategic") as an investment sub-adviser for the Portfolio, and to approve the form of investment sub-advisory agreement between SFM and Strategic. SHARES VOTED ------------ For 3,433,005 Against 122,045 Abstain 163,501 -25- SHAREHOLDERS VOTING RESULTS (CONCLUDED) ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED) There was a special meeting scheduled for July 5, 1996 at which the shareholders of the SEI International Trust voted on a proposal to elect a Board of Trustees. Due to a lack of quorum on July 5, 1996, the meeting was adjourned until August 14, 1996. The name of each Trustee elected at the meeting and the results of the Shareholder Vote are listed below. There are no additional trustees whose term of office continued after the meeting. PROPOSAL 1: To consider and act upon a proposal to elect a Board of Trustees. TRUSTEE SHARES SHARES - -------- ------ ------ VOTED WITHHELD ------ ---------- "FOR" AUTHORITY ------ ---------- Robert A Nesher 41,157,709 273,208 Frank E. Morris 41,160,705 270,212 William M. Doran 41,162,075 268,842 F. Wendell Gooch 41,163,507 267,410 James M. Storey 41,162,075 268,842 George J. Sullivan, Jr. 41,162,075 268,842 -26- NOTES ================================================================================ SEI INTERNATIONAL TRUST ================================================================================ SEMI-ANNUAL REPORT ================================================================================ AUGUST 31, 1996 Robert A. Nesher CHAIRMAN TRUSTEES William M. Doran F. Wendell Gooch Frank E. Morris James M. Storey George J. Sullivan, Jr. OFFICERS David G. Lee PRESIDENT AND CHIEF EXECUTIVE OFFICER Stephen G. Meyer CONTROLLER, CHIEF FINANCIAL OFFICER Marc H. Cahn VICE PRESIDENT, ASSISTANT SECRETARY Todd Cipperman VICE PRESIDENT, ASSISTANT SECRETARY Joseph M. Lydon VICE PRESIDENT, ASSISTANT SECRETARY Barbara A. Nugent VICE PRESIDENT, ASSISTANT SECRETARY Sandra K. Orlow VICE PRESIDENT, ASSISTANT SECRETARY Kevin P. Robins VICE PRESIDENT, ASSISTANT SECRETARY Kathryn L. Stanton VICE PRESIDENT, ASSISTANT SECRETARY Richard W. Grant SECRETARY INVESTMENT ADVISORS INTERNATIONAL EQUITY PORTFOLIO SEI Financial Management EMERGING MARKETS EQUITY PORTFOLIO SEI Financial Management INTERNATIONAL FIXED INCOME PORTFOLIO Strategic Fixed Income L.P. MANAGER AND SHAREHOLDER SERVICING AGENT SEI Fund Management DISTRIBUTOR SEI Financial Services Company INDEPENDENT ACCOUNTANTS Price Waterhouse LLP LEGAL COUNSEL Morgan, Lewis & Bockius LLP THIS SEMI-ANNUAL REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE TRUST AND MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. SHARES OF THE SEI FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK. THE SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC), THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY. INVESTMENT IN THE SHARES INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SEI FINANCIAL SERVICES COMPANY, THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT AFFILIATED WITH ANY BANK. FOR MORE INFORMATION CALL 1-800-DIAL-SEI/1-800-342-5734 SEI FINANCIAL SERVICES COMPANY 680 East Swedesford Road Wayne, PA 19087-1658 800-DIAL-SEI/800-342-5734 SEI-F-031-06 -----END PRIVACY-ENHANCED MESSAGE-----