-----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, FURFlLEqULVvT9BdJXK8dh6rRcgau383hlKyRRitaWkMLPWlzLqe82I2LnyyjNk2 1gTsUYeuitK04RIUooQ74g== 0000935069-97-000171.txt : 19971030 0000935069-97-000171.hdr.sgml : 19971030 ACCESSION NUMBER: 0000935069-97-000171 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970831 FILED AS OF DATE: 19971029 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: SEC FILE NUMBER: 811-05601 FILM NUMBER: 97702485 BUSINESS ADDRESS: STREET 1: 2 OLIVER ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 2: 530 E SWEDESFORD RD CITY: WAYNE STATE: PA ZIP: 19087-1693 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, 1997 (UNAUDITED) SEI INTERNATIONAL TRUST =========================================================== International Equity =========================================================== Emerging Markets Equity =========================================================== International Fixed Income =========================================================== Emerging Markets Debt =========================================================== (LOGO) [GRAPHIC OMITTED] TABLE OF CONTENTS =============================================================================== STATEMENTS OF NET ASSETS .................................. 2 STATEMENTS OF OPERATIONS .................................. 18 STATEMENTS OF CHANGES IN NET ASSETS ....................... 19 FINANCIAL HIGHLIGHTS ...................................... 20 NOTES TO FINANCIAL STATEMENTS ............................. 21 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- FOREIGN COMMON STOCKS -- 92.9% AUSTRALIA -- 4.4% Advance Property Fund 155,600 $ 173 Amalgamated Holdings 36,000 184 Amcor 47,000 285 Australia & New Zealand Bank 226,050 1,624 Australian Resources 292,600 106 Broken Hill Proprietary 157,800 1,980 Capral Aluminum 204,600 654 Coles Myer 178,000 829 Commonwealth Bank of Australia 125,300 1,385 Consolidated Rutile 412,200 212 CRA* 105,725 1,562 Foodland 283,900 2,025 Futuris 64,890 97 Goodman Fielder 334,000 479 Hardie (James) Industries 125,000 425 Jupiters 107,600 251 Lend Lease 70,000 1,510 MacMahon Holdings 145,500 87 Mayne Nickless 105,000 600 National Australia Bank 425,972 5,916 Newscorp 119,000 536 Pacific Magazines & Print* 100,300 241 Pasminco 238,000 431 Pioneer 277,000 932 Qantas Airways 536,400 1,175 QBE Insurance 100,000 542 Rothmans Holdings 75,100 397 Simsmetal 33,900 249 Stockland Trust Group 49,500 124 Western Mining 83,625 424 Westpac Banking 385,807 2,237 Westpac Property Trust 155,500 197 Woodside Petroleum 75,000 601 -------- 28,470 -------- AUSTRIA -- 0.1% Brauerei Schwechat 3,700 141 Radex Heraklith 8,400 323 SCA Laakirchen 100 53 Strabag Oesterreich 1,200 70 Voest-Alpine Stahl 7,700 320 -------- 907 -------- BELGIUM -- 0.4% Arbed 2,910 386 CMB 6,670 431 Kredietbank 3,190 1,183 Tractabel 2,060 818 -------- 2,818 -------- - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- CANADA -- 2.6% Acklands* 8,800 $ 111 BC Gas 15,100 270 BC Telecom 50,500 1,215 Canadian Imperial Bank 22,200 575 Canadian Utilities 5,000 134 Canfor 10,200 110 Cascades 43,700 316 CCL Industries, Series B 31,100 381 Cinram International 17,900 522 Cott 25,300 241 Empire, Series A 8,400 111 Imasco 71,100 2,020 International Forestech* 29,300 198 Jannock 17,900 250 Magna International, Series A 8,400 557 Maritime Telegraph & Telephone 15,800 312 Methanex* 50,900 427 National Bank Canada 78,900 1,017 Newtel Enterprises 7,800 152 Noranda Forest 48,200 326 Northstar Energy* 49,400 429 Nova Scotia Power 71,500 742 Oshawa Group, Series A 79,900 1,232 Premdor* 14,200 132 Rio Alto Exploration* 29,700 276 Royal Bank of Canada 30,400 1,426 Seagram* 61,800 2,159 Slocan Forest Products 13,200 113 Stelco 91,300 776 Videotron Groupe 23,000 177 -------- 16,707 -------- DENMARK -- 0.9% Danske Traelast 2,080 181 Den Danske Bank 33,500 3,166 FIH, Series B 10,320 258 Kobenhavns Lufthavne 20,200 2,154 Monberg & Thorsen Holding 2,400 110 -------- 5,869 -------- FINLAND -- 0.2% Enso Oy, Series A 43,300 374 Finnair, Series 1 10,000 73 Metsa Serla, Series B 60,700 502 UPM-Kymmene 10,100 239 -------- 1,188 -------- FRANCE -- 5.5% Alcatel Alsthom 18,900 2,314 AXA UAP 32,100 2,044 Banque National Paris 50,750 2,163 2 =============================================================================== - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Bazar de L'hotel de Ville 850 $ 79 Bertrand Faure 9,100 443 Bongrain 825 292 C.G.I.P. 6,700 1,875 Chargeurs International 2,650 157 CIC Union Europe 2,550 171 De Dietrich et Compagnie 1,981 81 Ecia 1,300 203 Elf Aquitaine 18,400 2,044 Eridania Beghin Say 6,900 897 Fimalac 1,200 101 Galeries Lafayette 700 255 Gaumont 4,300 307 Generale des Eaux 16,615 1,854 Generale des Eaux Warrants* 19,815 11 Havas 31,900 1,947 Lafarge 28,915 1,865 Marine Wendel 7,300 747 Paribas 45,200 3,112 Parisienne de Rees 4,200 314 Pernod Ricard 14,850 693 Peugeot 20,750 2,326 Rhone Poulenc 59,900 2,196 Saint Gobain 7,950 1,091 Seita 9,100 280 Societe Generale 17,450 2,165 Union Assurances Federal 4,200 435 Valeo 33,300 2,000 Vallourec 7,850 468 Worms et Compagnie 7,400 403 -------- 35,333 -------- GERMANY -- 6.6% Agiv* 54,480 1,207 Andrea-Noris Zahn 25,100 799 BASF 131,100 4,531 Bayer 109,750 4,036 Bayer Vereinsbank 16,900 872 Bayerische Motoren Werke 4,178 2,976 Berliner Kraft und Licht 20,500 430 Binding Brauerei 300 75 CKAG Colonia Konzern 5,300 452 Continental 26,000 631 Daimler-Benz 7,300 538 DBV Holding 1,810 649 Deutche Pfandrbrief & Hypotheken Bank 9,320 506 Deutsche Telekom 13,650 273 DLW* 1,450 148 Dresdner Bank 45,300 1,774 Dresdner Bank Rights* 45,300 7 Dywidag 410 52 Henkel Kgaa 45,500 2,298 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Herlitz 910 $ 75 Holsten Brau 500 107 IWKA 1,200 292 Kolbenschmidt AG* 7,300 109 Lufthansa 117,600 2,377 Man 1,160 317 Mannesmann 5,500 2,531 Metro 49,400 2,249 Nuernberger BET 150 143 Phoenix 21,750 379 PWA 4,600 841 SGL Carbon 1,900 232 Veba 5,770 302 Viag 9,190 3,795 Viag AG New 985 397 Volkswagen 7,810 5,602 -------- 42,002 -------- HONG KONG -- 4.7% Cathay Pacific Airways 387,000 632 Cheung Kong Holdings 157,000 1,661 China Resources Development 88,000 369 Citic Pacific 111,000 592 Guangdong Investment 381,000 460 Guangdong Investment Warrants 99* 38,100 22 Guoco Group 81,000 315 Hang Lung Development 791,000 1,429 Hang Seng Bank 68,000 820 Harbour Centre Development 43,000 66 Henderson Land Development 173,000 1,434 Hon Kwok Land Investment 534,000 219 Hong Kong & China Gas 331,800 617 Hong Kong Aircraft Engineering 84,800 279 Hong Kong Electric 583,000 2,039 Hong Kong Telecommunications 301,000 633 HSBC Holdings 304,690 9,279 Hutchison Whampoa 180,000 1,498 Jardine International Motor 262,000 298 Kowloon Motor 194,600 527 Kumagai Gumi 1,087,400 2,042 Lai Sun Garment 290,000 350 Liu Chong Hing 205,000 287 New World Development 140,000 873 Oriental Overseas International 264,000 179 Semi-Tech (Global) 66,000 99 Sun Hung Kai Properties 96,200 1,092 Swire Pacific, Series A 115,000 879 Tai Cheung Hlds 285,000 211 Tysan Holdings 362,000 85 Wharf Holdings 192,000 695 -------- 29,981 -------- 3 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONTINUED - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- IRELAND -- 0.5% Anglo Irish Bank 115,200 $ 161 Avonmore Food 56,700 253 Golden Vale 25,000 29 Greencore Group 463,000 2,186 Hibernian Group 28,600 166 Irish Continental Group 13,200 161 -------- 2,956 -------- ITALY -- 2.5% Assicurazioni Generali 98,370 2,073 Banca Popolare di Bergamo 37,600 504 Banca Popolare di Milano 136,600 729 Banca Popular di Brescia 59,400 402 ENI SPA 577,543 3,223 Ericsson 6,400 110 Istituto Bancario san Paolo di Torino* 356,900 2,487 Milano Assicurazioni 32,500 91 Montedison 2,095,700 1,270 Montefibre 95,000 55 Parmalat Finanziaria 743,100 1,151 Telecom Italia* 581,355 3,451 Toro Assicurazioni 26,600 331 -------- 15,877 -------- JAPAN -- 24.3% Achilles 159,000 355 Aiya 33,000 322 Ajis 11,000 126 Apollo Electronics 43,000 552 Asahi Bank 310,000 2,243 Asahi Chemical Industries 280,000 1,456 Asatsu 31,000 808 Bank of Tokyo-Mitsubishi 182,000 3,299 Bank of Yokohama 181,000 767 Belc 18,000 162 Best Denki 87,000 668 Canon 61,000 1,682 Charle 19,000 184 Chichibu Onoda Cement 250,000 743 Chuba Electric Power 50,100 838 Chubu Steel Plate 120,000 447 Chubu Suisan 38,000 160 Chugai Pharmaceutical 76,000 635 Chuo Warehouse 23,000 149 Comany 14,000 146 Computer Engineering & Consult 27,000 282 Cosmo Oil 249,000 804 Dai-Ichi Kangyo Bank 131,000 1,518 Daicel Chemical 161,000 456 Daido Metal 35,000 148 Daikin Industries 122,000 881 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Daiwa House Industries 406,000 $ 4,672 Danto 45,000 399 Data Communication Systems 8,000 159 Denso 40,000 861 Denyo 19,000 149 Dio Chemicals 26,400 151 East Japan Railway 360 1,639 Fuji Bank 56,000 681 Fujitsu Business Systems 43,000 1,075 Genki Sushi 8,000 113 Glory 51,000 958 Gunze 97,000 373 Hitachi 378,000 3,473 Hitachi Information Systems 40,000 444 Hitachi Medical 69,000 828 Horiba 43,000 498 Horipro 41,000 295 House of Rose 13,000 149 Ichiken 92,000 200 Iino Kaiun* 167,000 442 Inax 43,000 210 Industrial Bank of Japan 95,040 1,306 Institute of General Education 23,000 103 Izumi Industries 42,000 149 Japan Energy 524,000 924 Japan Knowledge 15,000 160 Japan Living Service 72,000 304 Japan Process Development 23,000 145 Japan Tobacco 221 1,773 Jastec 15,000 155 Kajima 123,000 646 Kamigumi 106,000 487 Kansai Electric Power 51,100 952 Kawasaki Heavy Industries 221,000 862 Keihanshin Real Estate 77,000 436 Kentucky Fried Chicken Japan 41,000 445 Keyence 5,960 868 King Jim 52,800 590 Kirin Brewery 181,000 1,464 Kobe Steel* 1,834,000 2,505 Kubota 241,000 970 KVK 13,000 54 Lilycolor 78,000 323 Lion 162,000 622 Long Term Credit Bank 334,000 1,651 Marubeni 446,000 1,613 Marukyo 32,000 291 Matsudo Kousan 33,000 199 Matsushita Electric 133,000 2,444 Minebea 29,000 288 Mitsubishi Electric 537,000 2,458 Mitsubishi Heavy Industries 269,000 1,779 Mitsubishi Materials 651,000 2,064 4 =============================================================================== - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Mitsubishi Motor 165,000 $ 956 Mitsubishi Oil 217,000 754 Mitsui Petrochem 159,000 546 Miura 35,000 432 Mizuno 53,000 264 Morita 143,000 470 NAC 20 -- Nakayamafuku 31,400 155 Namura Shipbuilding 135,000 526 NBC Industries 17,000 151 NGK Spark Plug 120,000 1,023 NIC 48,000 421 Nihon Decoluxe 16,000 152 Nintendo 58,100 4,781 Nippon Computer Systems 17,000 167 Nippon Express 369,000 2,425 Nippon Hodo 23,000 156 Nippon Kanzai 17,600 302 Nippon Meat Packers 68,000 816 Nippon Paper 258,000 1,491 Nippon Shoji Kaisha 64,600 353 Nippon Shokubai 100,000 728 Nippon Telegraph & Telephone 253 2,367 Nishimatsuya Chain* 13,000 150 Nishio Rent All 43,000 434 Nissan Motors 413,000 2,660 Nittetsu Mining 74,000 436 NKK 578,000 919 Nova 17,000 203 Ogura Clutch 9,000 64 Ohishi Sangyo 26,000 157 Ohmoriya 15,000 101 Oie Sangyo 18,200 143 Oji Paper 210,000 1,060 Ono Pharmaceutical 61,000 1,894 Orient 104,000 331 Osaka Gas 264,000 603 Paltac 55,000 282 Pioneer Electronics 98,000 1,947 Rengo 212,000 1,027 Ricoh Elemex 15,000 142 Roki Techno 14,000 136 Roland 25,000 559 Royal Hotel 29,000 144 Ryobi Limited 141,000 425 Ryoyo Electro 29,000 410 Sagami Chain 37,200 447 Sakura Bank 414,000 2,433 Sanko 18,000 140 Sankyu Aluminium 206,000 426 Sanwa Bank 111,000 1,378 Sanyo Electric 283,000 1,007 Sanyo Special Steel 477,000 912 Sato Foods Industries 2,000 33 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Seijo 40,000 $ 308 Seino Transportation 84,000 834 Sekisui Chemical 148,000 1,250 Sekisui House 797,000 7,521 Sekisui House Hokuriku 37,000 315 Seven-Eleven 12,000 856 Shaddy 34,600 324 Sharp 380,000 3,806 Shidax 4,800 156 Shikoku Electric Power 68,800 1,111 Shimojima 26,800 266 Shinden 15,200 147 Shionogi 167,000 1,121 Showa Shell Sekiyo 95,000 657 SK Kaken 11,000 209 Sotoh 53,000 404 Spancrete 19,000 105 Sumitomo 150,000 1,242 Sumitomo Bank 30,000 442 Sumitomo Marine and Fire Insurance 162,000 1,084 Sumitomo Rubber 116,000 670 Sun-Life 14,000 153 Suzuki Motor 215,000 2,029 Takara Standard 60,000 460 Teijin 155,000 627 Toin 25,000 134 Tokai Bank 123,000 1,069 Tokai Rika 66,000 450 Tokyo Electric Power 40,700 775 Tokyo Gas 383,000 919 Toppan Printing 142,000 2,034 Toshiba 430,000 2,371 Tostem 38,000 790 Toto 95,500 1,004 Toyo Ink 356,000 1,084 Toyo Seikan Kaisha 46,000 792 Toyota Motor 72,000 1,877 Trancom 17,000 74 Tsuba Nakashima 100,000 625 Tsudakoma 252,000 949 Tsutsumi Jewelry 23,700 426 Xebio 42,000 831 Yaizu Suisankagaku 22,700 272 Yakult Honsha 60,000 586 Yamaichi Securities 437,000 854 Yamanouchi Pharmaceutical 91,000 2,170 Yodogawa Steel Works 165,000 886 Yokohoma Rubber 210,000 600 Yonex 25,000 125 Yonkyu 20,000 311 Yoshitomi Pharmaceutical 108,000 702 -------- 155,876 -------- 5 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONTINUED - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- MALAYSIA -- 1.3% Austral Enterprises 464,000 $ 572 Berjaya Sports 98,000 268 Bousted 231,000 356 Edaran Otomobil 218,000 784 Grand Central Enterprises 134,000 82 KFC Holdings 111,000 236 Kuala Lumpur Kepong Berhad, Series B 174,000 355 Kulim 78,000 89 Landmarks 573,000 369 Lion Land 127,000 72 Magnum 245,000 227 Malayan Banking 92,500 615 Malaysia International Shipping 318,000 653 Malaysian Airline System 76,000 144 Malaysian Pacific Industries 245,000 667 MBF Capital 225,000 211 New Straits Times Press 96,000 427 Public Finance 186,000 127 RHB Sakura Merchant Bankers* 7,400 9 Rothmans of Pall Mall 28,000 225 Sime Darby 232,000 548 Tan Chong Motor Holdings 118,000 124 Tenaga Nasionale 170,000 506 UMW Holdings Berhad 75,000 202 United Engineers 104,000 424 Westmont Berhad Industries 218,000 123 -------- 8,415 -------- NETHERLANDS -- 5.0% ABN-Amro Holding 88,808 1,743 ACF Holdings 11,400 210 Aegon 32,713 2,430 Akzo Nobel 20,100 3,116 ASR Verzkerings Groep 9,565 458 Beers 5,500 185 DSM 20,606 1,941 Elsevier 149,250 2,261 Eriks 600 40 Gamma Holding 8,000 401 Heineken 12,000 1,892 Hollandsche Beton Groep 22,620 501 Hoogovens 10,913 615 Ing Groep 126,775 5,519 KLM 11,200 357 KPN 18,769 666 National Invest Bank 4,275 495 Nijverdal Tencate 7,624 362 NKF Holdings 5,416 151 Phillips Electronics 12,400 883 Royal Dutch Petroleum 93,800 4,762 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Unilever 9,400 $ 1,900 Van Ommeren 9,219 378 Volker Wessels Stevin 28,234 833 -------- 32,099 -------- NEW ZEALAND -- 0.5% Brierley Investment 272,000 233 Carter Holt Harvey 77,879 161 Fisher & Paykel Industries 106,607 357 Fletcher Challenge Building 32,500 91 Fletcher Challenge Energy 31,100 110 Fletcher Challenge Forests 16,370 19 Fletcher Challenge Paper 216,751 437 Guinness Peat Group 94,800 56 Independent Newspaper 35,370 184 Lion Nathan 522,348 1,317 Ports of Auckland 13,400 62 Telecom of New Zealand 90,564 446 -------- 3,473 -------- NORWAY -- 0.5% Bona Shipholding* 531 7 Den Norske Bank 298,409 1,218 Leif Hoegh & Company 7,500 160 Norske Skog 15,800 585 Saga Petroleum, Series A 22,500 476 Sparebanken Norway 29,300 886 Storli 4,500 98 -------- 3,430 -------- SINGAPORE -- 1.1% Acma 186,000 277 Bukit Sembawang Estates 13,000 179 City Developments 154,000 974 Hai Sun Hup 70,000 45 Haw Par Brothers 118,000 227 Hong Kong Land Holdings 76,000 220 Jardine Matheson Holdings 47,000 329 Keppel 87,000 311 Natsteel 307,000 837 Overseas Chinese Banking 83,800 655 Overseas Union Bank 43,000 195 Pacific Carriers 235,000 128 Parkway Holdings 41,000 155 Singapore International Airlines 19,000 138 Singapore Press 20,880 264 Singapore Technologies Aerospace 160,000 316 Ssangyong Cement 52,000 102 United Overseas Bank 36,824 285 Wing Tai Holdings 655,000 1,388 -------- 7,025 -------- 6 =============================================================================== - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- SPAIN -- 1.3% Azucarera Espana 2,400 $ 125 Banco de Andalucia 300 48 Banco de Santander 112,680 3,136 Energia e Industrias Aragonesas 54,200 370 Fomento de Construcciones y Contratas 1,900 227 G.E.S.A 12,300 762 Repsol 55,300 2,185 Tabacalera, Series A 17,700 943 Uniland 3,700 194 -------- 7,990 -------- SWEDEN -- 2.4% ASG, Series B 6,300 114 Avesta Sheffield 34,100 323 Bergman & Beving, Series B 5,000 187 Bylock & Nordsjofr, Series B 26,400 137 Catena, Series A 32,900 468 Electrolux, Series B 26,200 1,862 Gorthon Lines, Series B* 26,400 154 Rottneros 113,800 129 SKF, Series B 64,200 1,736 Sparbanken Sverige, Series A 173,100 3,758 Stora Kopparbergs, Series A 96,900 1,538 Svedala AB free 7,600 164 Swedish Match 771,700 2,341 Trelleborg, Series B 38,800 596 Trygg-Hansa, Series B 20,100 426 Volvo, Series B 56,600 1,451 -------- 15,384 -------- SWITZERLAND -- 5.5% Aare-Tessin 410 232 ABB - Asea Brown Boveri Group 540 796 Adecco 6,700 2,282 Baer Holding 900 1,270 Baloise Holding* 350 910 Banca del Gottardo, Series B 290 148 Banque Cantonale Vaud 1,120 278 Bucher Holding 280 284 Cie Financiere Richemont 510 685 Clariant 4,200 2,743 CS Holding* 51,370 6,169 Daetwyler Holding 160 269 EMS Chemie Holding* 310 1,418 Internshop Holding 370 172 Keramik Holding 210 116 Kw Laufenburg 1,310 233 Motor-Columbus 260 493 Nestle SA 480 558 Novartis 1,931 2,735 Roche Holding 385 3,246 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Swiss Bank* 9,270 $ 2,233 Union Bank of Switzerland 4,420 4,380 Vontobel Holding 150 99 Winterthur 2,240 1,941 Zurich Versicherung 4,230 1,535 -------- 35,225 -------- UNITED KINGDOM -- 22.6% Abbey National 728,500 9,797 Albert Fisher Group 392,200 245 Alvis 60,000 136 Amec 152,200 353 Anglian Water 88,100 1,110 Argyll Group* 189,600 1,152 ASDA Group 2,471,100 5,795 Astec 73,500 151 Barclays Bank 181,288 4,149 Barratt Developments 117,900 490 BAT Industries 794,588 6,649 Berkeley Group 98,700 1,199 BG 200,000 875 Blue Circle Industries 207,363 1,299 British Aerospace 86,238 2,018 British Airport Authority 172,738 1,552 British Airways 380,263 3,962 British Petroleum 176,000 2,459 British Telecommunications 390,080 2,525 British Vita 505,500 1,904 BTP 41,600 206 BTR 1,965,500 6,942 Bullough 64,900 94 Carlton Communications 217,000 1,726 Charter 18,600 232 Commercial Union 87,125 1,047 Cowie Group 35,566 209 Crest Nicholson 86,000 148 Davis Service Group 46,600 217 Dixons Group 184,000 1,941 Ed and F Man 163,100 548 Energy Group 52,930 536 Firstbus 306,300 1,035 General Accident 160,500 2,359 Glaxo Wellcome 107,938 2,160 Granada Group 162,250 2,133 Greenalls Group 57,000 438 Guardian Royal Exchange 279,400 1,229 Guinness 159,800 1,415 Halifax* 139,800 1,599 Hambro Countrywide 72,700 135 Harrison & Crossfield 137,000 245 Hazlewood Foods 340,400 745 Heywood Williams 125,000 420 Hillsdown Holdings 467,100 1,222 7 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) INTERNATIONAL EQUITY PORTFOLIO--CONCLUDED - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- HSBC Holdings 76,288 $ 2,373 Hyder 98,800 1,337 Iceland Frozen Foods 523,488 827 IMI 26,600 147 Kingfisher 251,350 2,953 Kwik Save Group 288,900 1,510 Lex Service 127,000 912 Lloyds TSB Group 394,000 4,615 London & Manchester Group 30,800 203 LucasVarity 350,013 1,117 M & G Group 18,100 353 Marston Thompson 117,100 564 Morrison Supermarket 107,900 313 National Grid Group 280,000 1,207 National Power 139,000 1,279 Northern Ireland Electricity 29,700 211 Persimmon 44,200 166 Premier Cons Oil 472,900 349 Prudential 190,638 1,881 Railtrack Group 65,100 815 Rank Group 254,375 1,457 Reckitt & Coleman 82,025 1,265 Redrow Group 31,500 85 Renold 77,800 343 Reuters Holdings 199,400 2,022 Rexam 259,363 1,250 RJB Mining 295,500 1,556 Scottish Hydro-Electric 78,000 562 Scottish Power 244,283 1,722 Sedgwick Group 710,300 1,387 Severn Trent 149,815 2,130 Shell Transportation & Trading 582,625 3,936 South West Water 54,400 715 Southern Electric 62,453 470 Stakis 323,400 545 Standard Chartered 105,050 1,407 Storehouse 123,200 455 Sun Alliance Group 515,786 4,178 T & N 689,500 1,793 Tesco 223,800 1,483 Thames Water 215,300 2,765 Thorn 102,942 273 TI Group 114,000 1,088 TLG 117,000 202 Tomkins 259,475 1,257 Triplex Lloyd 41,000 120 Unigate 143,000 1,221 United Utilities 149,500 1,671 Vaux Group 82,400 379 Weir Group 384,000 1,661 Wessex Water 271,670 2,102 Willis Corroon Group 615,200 1,236 Wilson Bowden 16,400 143 - --------------------------------------------------------------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000) VALUE (000) - --------------------------------------------------------------- Wimpey (George) 346,800 $ 747 Wolseley 201,000 1,451 -------- 145,010 -------- Total Foreign Common Stocks (Cost $583,545) 596,035 -------- FOREIGN PREFERRED STOCKS -- 0.3% AUSTRIA -- 0.2% Creditanstalt Bankverein 32,200 1,572 -------- GERMANY -- 0.1% Draegerwerk 3,200 66 Suedzucker 530 242 -------- 308 -------- ITALY -- 0.0% Unipol 32,480 57 -------- Total Foreign Preferred Stocks (Cost $1,596) 1,937 -------- U.S. TREASURY OBLIGATION -- 0.3% U.S. Treasury Bill 5.998%, 09/18/97 (1) $1,610 1,605 -------- Total U.S. Treasury Obligation (Cost $1,605) 1,605 -------- REPURCHASE AGREEMENTS -- 5.3% J.P. Morgan 5.55%, dated 08/29/97, matured 09/02/97, repurchase price $14,372,926 (collateralized by various U.S. Treasury Bonds, ranging in par value $10,726,000, 11/15/12-11/15/15, 9.875%-10.375%, market value $14,659,145) 14,371 14,371 State Street Bank 5.00%, dated 08/29/97, matured 09/02/97, repurchase price $19,680,197 (collateralized by U.S. Treasury Note, par value $1,920,000, 12/31/97, 5.25%, market value $20,071,392) 19,672 19,672 -------- Total Repurchase Agreements (Cost $34,043) 34,043 -------- Total Investments -- 98.8% (Cost $620,789) 633,620 -------- Other Assets and Liabilities, Net -- 1.2% 8,001 -------- 8 =============================================================================== - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 63,685,558 outstanding shares of beneficial interest $592,935 Portfolio Shares of Class D (unlimited authorization -- no par value) based on 20,239 outstanding shares of beneficial interest 200 Accumulated net realized gain on investments 29,343 Net unrealized depreciation on forward foreign currency contracts, futures contracts, foreign currency and translation of other assets and liabilities in foreign currency (755) Net unrealized appreciation on investments 12,831 Undistributed net investment income 7,067 -------- Total Net Assets -- 100.0% $641,621 ======== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- CLASS A $10.07 ======== NET ASSET VALUE AND REDEMPTION PRICE PER SHARE -- CLASS D $9.97 ======== MAXIMUM OFFERING PRICE PER SHARE -- CLASS D ($9.97 / 95%) $10.49 ======== (1) SECURITIES SEGREGATED TO COLLATERALIZE FUTURES CONTRACTS WITH AN AGGREGATE MARKET VALUE OF $15,279,912. * NON-INCOME PRODUCING SECURITY AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. EMERGING MARKETS EQUITY PORTFOLIO FOREIGN COMMON STOCKS -- 82.1% ARGENTINA -- 3.8% Banco Frances ADR 92,135 $ 3,017 Cresud 548,900 1,307 Irsa 300,050 1,333 Irsa ADR 2,777 123 Sidera 603,649 3,093 Telefonica Argentina ADR 28,800 999 YPF ADR 73,000 2,377 -------- 12,249 -------- BRAZIL -- 2.9% Companhia Energetica de Sao Paulo ADR* 83,300 1,751 Sabesp 2,835,000 741 Telebras 53,150,000 5,699 Telebras ADR 10,350 1,221 -------- 9,412 -------- - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- CHILE -- 6.0% Chilectra ADR 117,100 $ 3,610 CIA Telecomunicacion Chile ADR 84,927 2,553 Empresa Nacional de Electricidad ADR 261,000 5,807 Quimica y Minera Chile ADR 77,400 4,673 Supermercados Unimarc ADR* 176,700 2,938 -------- 19,581 -------- CHINA -- 0.2% Shanghai Dajiang Group, Series B 226,600 73 Shanghai Dazhong Taxi 159,000 188 Shanghai Lujiazui Finance and Trade, Series B* 313,540 370 Shanghai Yaohua Pilkington Glass, Series B 162,000 55 -------- 686 -------- COLOMBIA -- 1.2% Banco Gandero ADR 60,110 2,179 Banco Industrial Colombiano ADR 47,140 822 Cementos Diamante GDR 36,590 512 Cementos Paz del Rio GDR* 14,030 236 Gran Cadena Almacenes GDR 29,884 271 -------- 4,020 -------- CZECH REPUBLIC -- 1.3% CEZ* 40,244 1,251 IPS* 19,487 139 Komercni Banka 8,216 159 Skoda* 15,520 406 SPT Telecom* 18,044 2,262 -------- 4,217 -------- GREECE -- 3.9% Aegek 30,070 150 Aktor 11,820 116 Alpha Credit Bank 41,554 2,712 Aluminum Company of Greece 5,100 323 Attica Enterprises 30,575 324 Commercial Bank of Greece 17,180 683 Delta Dairy 13,815 190 Elais Oleaginous 6,540 183 Ergo Bank 26,914 1,570 Hellas Can Packaging 9,320 122 Hellenic Bottling 36,075 1,304 Hellenic Sugar Industry 10,860 61 Heracles General Cement 25,570 478 Intracom 13,870 575 Ionian Bank 10,393 203 Michaniki 17,916 110 9 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) EMERGING MARKETS EQUITY PORTFOLIO--CONTINUED - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- National Bank of Greece 12,558 $ 1,465 OTE 38,084 847 Papastratos Cigarettes 15,840 270 Silver & Baryte Ores Mining 6,060 95 Titan Cement Company 19,970 1,020 -------- 12,801 -------- HONG KONG -- 2.2% Beijing Enterprises* 44,000 332 Cheung Kong Infrastructure* 162,000 475 China International Marine 123,500 153 China Pharmaceutic 898,000 284 China Resources Enterprise, Series B 105,000 440 Guangdong Electric Power Development, Series B 201,840 147 Guangdong Warrants* 28,000 16 Guangshen Railway, Series H* 1,236,000 514 Jilin Chemical Industrial, Series H 760,000 243 Maanshan Iron & Steel, Series H 2,104,000 665 Qingling Motors, Series H 772,000 436 Shanghai Hai Xing Shipping, Series H 1,150,000 1,039 Shanghai Industrial Holdings 73,000 480 Shanghai Petrochemical, Series H 2,022,000 835 Shenzen China Bicycle, Series B 228,714 70 Tsingtao Brewery, Series H 272,000 168 Yizheng Chemical Fibre, Series H 1,102,000 804 -------- 7,101 -------- HUNGARY -- 1.1% Borsodchem 7,500 281 Danubius Hotel* 7,590 209 Egis 7,400 360 Gedeon Richter 11,690 1,153 MOL 52,387 1,075 OTP Bank 12,754 397 -------- 3,475 -------- INDIA -- 2.4% BSES GDR 37,735 645 EIH GDR* 8,350 113 Gujarat Ambuja Cement GDR* 50,000 475 Hindalco Industries GDR 55,400 1,641 India Fund 87,030 723 Industrial Credit and Investment of India* 43,700 612 ITC GDR* 58,105 973 Mahindra & Mahindra GDR 65,000 741 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- State Bank of India GDR* 38,100 $ 752 Videsh Sanchar GDR 70,200 965 Videsh Senchar 144A GDR 6,950 103 -------- 7,743 -------- INDONESIA -- 3.8% Astra 'F' 460,000 1,016 Bank International Indonesia 'F' 1,962,340 554 Bank International Indonesia Warrants* 38,520 3 Citra Marga Nusaphala Persada 'F' 990,000 263 Daya Guna Samudera 'F' 1,290,000 1,767 Gudang Garam 'F' 800,000 2,192 Kawasan Industries 'F' 728,666 537 Putra Surya Multi 'F'* 55,000 29 Reliance Industries GDR* 132,800 2,629 Telekomunikasi Indonesia 'F' 1,944,000 1,781 Telekomunikasi Indonesia ADR 42,300 830 Tjiwi Kimia 'F' 705,992 387 United Tractors 'F' 191,000 327 -------- 12,315 -------- MALAYSIA -- 7.2% AMMB Holdings Rights* 121,000 29 Berjaya Sports Toto 419,000 1,148 IJM 824,000 897 IOI Properties 1,230,000 1,104 KFC 472,000 1,002 Kuala Lumpur Kepong Berhad 920,000 1,875 Kwong Yik Bank 161,000 471 Magnum 1,161,000 1,078 Malayan Banking 484,000 3,216 Malaysian Assurance Alliance 411,400 1,198 Malaysian Pacific Industries 400,000 1,089 New Straits Times Press 420,000 1,870 RHB Sakura Merchant Bankers* 30,900 36 Rothmans of Pall Mall 160,400 1,291 Sime Darby 1,026,000 2,424 Sime Uep Properties 640,000 855 Tenaga Nasionale 470,000 1,400 UMW Holdings Berhad 435,000 1,169 United Engineers 340,000 1,386 -------- 23,538 -------- MEXICO -- 7.4% Accel, Series B* 2,405,000 665 Acer Computec Latino* 392,000 1,512 Bufete Industrial ADR* 4,900 102 Cifra ADR 590,000 1,122 Corporacion Interamericana de Enterenemienta* 295,800 1,647 Grupo Alfa, Series A 658,899 5,083 10 =============================================================================== - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Grupo Fernandez Edit, Series B* 4,532,000 $ 1,206 Grupo Financiero Banorte, Series B* 275,000 424 Grupo Radio Centro ADR 41,400 600 Grupo Televisa GDR* 50,500 1,648 Hylsamex 254,000 1,839 Pepsi-Gemex GDR 138,000 2,122 San Luis 428,100 3,407 Telefonos de Mexico ADR 41,700 2,033 Vitro ADR 43,800 564 -------- 23,974 -------- PAKISTAN -- 1.2% Adamjee Insurance 3,562 10 D.G. Khan Cement 55,440 16 Engro Chemicals 76,650 290 Fauji Fertilizer 224,400 496 Hub Power* 1,012,300 1,200 ICI Pakistan* 690,000 386 Muslim Commercial Bank* 166,000 156 Pakistan State Oil 58,479 514 Pakistan Telecom* 524,500 474 Sui Northern Gas Pipelines* 139,500 109 Sui Southern Gas 174,625 118 -------- 3,769 -------- PERU -- 1.6% Banco Wiese ADR 32,870 214 Buenaventura ADR 26,470 490 Cementos Lima 14,755 303 Credicorp 40,380 851 Ferreyros ADS 10,166 224 Southern Peru Copper* 36,100 659 Telefoncia del Peru ADR 85,808 2,006 Telefonica del Peru, Series B 234,750 550 -------- 5,297 -------- PHILIPPINES -- 2.6% Ayala, Series B 967,250 458 Ayala Land, Series B 750,000 374 Fil-Estate Land* 265,000 30 International Container Terminal Services* 2,612,250 564 Manila Electric, Series B 323,320 1,106 Metropolitan Bank & Trust 53,685 597 Philippine Long Distance 94,640 2,421 Philippine Long Distance ADR 25,360 640 San Miguel, Series B 278,417 463 SM Prime Holdings 8,436,000 1,766 -------- 8,419 -------- - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- POLAND -- 1.3% Agros Holdings, Series C* 5,880 $ 168 Bank Handlowy* 53,800 678 Bank Inicjatyw Gospodarczych* 170,506 199 Bank Przemyslowo-Handlowy 5,868 326 Bank Rozwoju Eksportu 9,256 187 Bank Slaski 8,069 597 Debica 12,024 334 Elektrim 58,290 537 Exbud* 6,100 73 Gorazdze 5,247 214 Mostostal Export 30,991 101 Okocim 13,378 66 Polifarb Wroclaw 15,257 61 Rolimpex* 9,272 36 Stomil Olsztyn 16,986 171 Wielkopolski Bank Kredytowy 59,952 328 ZML Kety 7,478 138 Zywiec 2,106 164 -------- 4,378 -------- PORTUGAL -- 3.9% Banco Comercial Portugues 114,058 2,117 Banco Espirito Santo 16,585 408 Banco Totta & Acores 11,980 215 BPI-SGPS 70,300 1,383 Cimentos de Portugal 41,508 998 Electricidade de Portugal 91,200 1,424 Jeronimo Martins & Filho 20,823 1,285 Modelo Continente 7,510 298 Mundial Confianca* 31,400 548 Portucel Industrial Empresa 24,951 187 Portugal Telecom 40,798 1,516 Semapa 15,100 340 Sonae Investimentos 30,385 1,132 Soporcel* 24,345 732 -------- 12,583 -------- SOUTH AFRICA -- 9.8% Amalgamated Banks of South Africa 50,748 329 Amalgamated Beverage 48,680 367 Anglo American 22,800 1,170 Anglo American Gold Investment Company 6,300 339 Anglo American Investment Trust 26,100 863 Anglovaal, Series N 34,000 710 Avmin 104,600 256 B.O.E, Series N 975,000 1,476 Bidvest Group 100,000 795 Billiton Entitlement* 66,875 258 Billiton* 200,625 774 Bonnita Holdings 346,338 170 11 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) EMERGING MARKETS EQUITY PORTFOLIO--CONTINUED - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- C.G. Smith 194,100 $ 991 Compagnie Financiere Richemont 92,100 1,242 CTP Holdings 30,100 392 De Beers Centenary 38,400 1,224 Delta Electrical Industries 58,600 306 Ellerine Holdings 45,880 381 First National Bank 104,800 827 Gencor 53,500 136 Gold Fields of South Africa 33,300 682 Investec Bank 10,000 364 JCI 57,365 361 Johnnies Industrial 138,500 1,816 Lebowa Platinum Mines* 260,000 277 Lewis Foschini Investment* 45,000 48 Liberty Life Association of Africa 38,945 1,200 Liblife Strategic Investments 161,500 596 Malbak 71,900 99 Murray & Roberts 358,100 958 Nedcor 24,460 480 New Africa Investments, Series N* 494,961 359 New Africa Investments Rights* 371,220 20 NK Properties 325,000 225 OTK Holdings 535,225 628 Palabora Mining 27,000 481 Plessey 157,901 321 Power Technologies 285,800 548 Randgold & Exploration* 187,700 660 Rembrandt Group 83,400 807 Reunert 100,000 331 Rustenburg Platinum 34,000 578 Saflife* 175,000 534 Sasol 163,521 2,179 Shoprite Holdings 174,200 293 Siltek 154,300 737 South African Breweries 48,287 1,449 Standard Bank 10,000 448 Tiger Oats 59,900 894 Western Deep Levels 5,000 120 Wooltru 91,943 510 -------- 32,009 -------- SOUTH KOREA -- 2.9% Cho Hung Bank 20,000 98 Dong-A Pharmaceuticals 6,060 164 Dong-Ah Construction 5,500 94 Dongah Tire* 1,428 80 Hankuk Glass Industry 3,600 104 Housing & Commercial Bank 2,000 37 Housing & Commercial Bank GDR* 7,700 135 Hyundai Engineering & Construction 8,334 176 Kookmin Bank 2,433 31 - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- Kookmin Bank GDR 144A* 5,000 $ 73 Kookmin Bank Rights* 1 -- Korea Asia Fund* 120 1,028 Korea Electric Power 5,990 157 Korea Electric Power ADR 62,050 1,012 Korea Exchange Bank* 18,320 105 Korea Fund 132,973 1,654 LG Chemical* 13,350 221 LG Information & Communication* 2,000 211 LG Information & Communication Rights* 144 4 LG Insurance 2,000 118 Pohang Iron & Steel 5,580 483 Pohang Iron & Steel ADR* 32,400 838 Samchully 2,800 181 Samsung Display Devices * 5,270 267 Samsung Electronics 2,165 238 Samsung Electronics GDR* 6,900 365 Samsung Electronics New 1/2 Non-voting GDS* 3,296 181 Samsung Electronics Non-voting GDS* 874 23 Samsung Eletro-Mechanics 10,000 278 Samsung Fire & Marine Insurance 390 156 Seoul City Gas* 4,200 173 Shinhung 6,000 208 SK Telecom 130 69 SK Telecom ADR 55,900 503 Yukong 3,970 91 -------- 9,556 -------- TAIWAN -- 6.1% Accton Technology GDR* 74,000 500 Acer GDR* 96,250 1,266 Advanced Semiconductor Engineering GDR 37,560 951 Asia Cement GDR 97,500 1,219 Asustek Computer GDR* 126,000 2,665 China Steel GDR 60,336 1,219 Lite-On Technology GDR* 28,860 844 President Enterprises GDS* 68,400 1,154 ROC Taiwan Fund 151,300 1,967 Siliconware Precision GDR* 77,200 1,641 Taiwan American Fund* 50,000 1,018 Teco Electric & Machinery GDR* 28,060 473 Tung Ho Steel GDR* 100,575 950 Yageo GDR 144A* 113,932 2,834 Yageo GDR* 14,000 348 Yang Ming Marine Transport GDR* 90,000 865 -------- 19,914 -------- 12 =============================================================================== - --------------------------------------------------------------- MARKET DESCRIPTION SHARES VALUE (000) - --------------------------------------------------------------- THAILAND -- 2.3% Bangkok Bank 'F' 265,600 $ 1,315 Electric Generating 'F' 975,510 1,714 Industrial Finance 'F' 129,300 102 Lanna Lignite 'F' 45,500 304 National Finance and Securities 'F' 219,100 125 Phatra Thanakit 'F' 261,000 260 PTT Exploration 'F' 96,100 1,025 TelecomAsia 'F' 358,500 291 Thai Airways International 'F' 711,400 823 Thai Engine Manufacturing 'F' 36,000 202 Thai Farmers Bank 'F' 316,700 909 Thai Farmers Bank Warrants* 26,138 10 Thai Petrochemical 'F' 98,400 31 Tipco Asphalt 'F' 135,000 411 -------- 7,522 -------- TURKEY -- 3.8% Akbank 28,242,240 1,812 Akcansa Cimento 2,061,000 308 Aktas Elektrik Ticaret 146,154 218 Arcelik 5,214,013 521 Brisa 401,399 151 Cukurova Elektrik 320,107 463 Ege Biracilik Ve Malt Sanayii 1,362,850 305 Erciyas Biracilik Ve Malt Sanayii 1,157,147 150 Eregli Demir Ve Celik Fabrikalari 3,269,943 537 Ihlas Gazetecil* 1,543,761 219 Koc Holdings 6,404,420 1,644 Migros 604,806 397 Netas* 670,264 178 Otosan 500,573 306 Peg Profilo 1,884,585 108 Petkim Petrokimya 491,740 197 Petrol Ofisi 1,128,919 202 Tupras* 4,453,094 372 Turk Hava Yollari* 1,687,903 448 Turkiye Garanti Bankasi 25,615,869 1,025 Turkiye Is Bankasi 6,384,808 2,058 Yapi Ve Kredi Bankas 32,276,217 665 -------- 12,284 -------- UNITED STATES -- 0.9% Formosa Fund* 194 2,909 -------- VENEZUELA -- 2.3% Banco Provincial 350,142 694 Compania Anonima Nacional Telecom ADR 51,900 2,141 Electricdid de Caracas 1,917,640 3,302 - --------------------------------------------------------------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000)(1) VALUE (000) - --------------------------------------------------------------- Mavesa ADR 31,125 $ 243 Sivensa ADR 80,785 431 Venezolana de Cementos 290,836 703 -------- 7,514 -------- Total Foreign Common Stocks (Cost $262,834) 267,266 -------- FOREIGN PREFERRED STOCKS -- 7.2% BRAZIL -- 7.1% Banco Bradesco 356,269,968 3,526 Banco Credito Nacional* 151,000,000 1,647 Cemig 43,900,000 1,972 Cofap 148,000 1,221 Electrobras, Series B 6,446,000 2,936 Itausa Investimentos 830,000 768 Lojas Renner 7,700,000 332 Petrol Brasileiros 11,664,000 2,844 Telebras 9,009,000 1,086 Teleceara, Series C 2,721,494 1,372 Telemig, Series B 7,643,645 1,121 Telerj 5,109,919 688 Telesp 1,851,306 551 Unibanco 46,260,000 1,711 Unibanco GDR* 17,900 627 Usiminas Gerais 82,600 903 -------- 23,305 -------- GREECE -- 0.0% Michaniki 2,000 9 -------- PERU -- 0.1% Cerveceria Backus & Johnston, Series A 29,073 258 -------- Total Foreign Preferred Stocks (Cost $17,160) 23,572 -------- FOREIGN CONVERTIBLE BONDS -- 3.3% INDIA -- 0.4% Indian Petrochemicals 2.500%, 03/11/02 US $ 470 466 Mahindra & Mahindra 5.000%, 07/01/01 US $ 912 950 -------- 1,416 -------- MALAYSIA -- 0.0% AMMB 5.000%, 05/13/02 121 36 -------- MEXICO -- 0.6% Alfa 8.000%, 09/15/00 US $1,120 1,910 -------- 13 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) EMERGING MARKETS EQUITY PORTFOLIO--CONCLUDED - --------------------------------------------------------------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000)(1) VALUE (000) - --------------------------------------------------------------- TAIWAN -- 2.3% Delta Electronics 0.500%, 03/06/04 US $1,228 $ 2,299 GVC 0.000%, 05/21/02 US $ 500 534 Lite-On Technologies 0.750%, 05/01/04 US $ 700 827 Nanya Plastics 1.750%, 07/19/01 US $ 590 968 Siliconware Precision 0.500%, 07/21/04 US $1,000 1,101 Taiwan Seminconductor 0.000%, 07/03/02 US $ 500 538 Walsin Lihwa 3.250%, 06/16/04 US $1,000 1,075 -------- 7,342 -------- Total Foreign Convertible Bonds (Cost $8,672) 10,704 -------- REPURCHASE AGREEMENTS -- 6.0% Morgan Stanley 5.53%, dated 8/29/97, matured 09/02/97, repurchase price $4,757,569 (collateralized by various U.S. Treasury Notes and Agency instruments, ranging in par value $30,000-$9,650,000, 0%- 5.875%, 06/01/98-04/15/24, total market value $4,866,353) 4,755 4,755 State Street Bank 5.00%, dated 08/29/97, matured 09/02/97, repurchase price $14,617,088 (collateralized by U.S. Treasury Note, par value $14,870,000, 5.25%, 12/31/97, market value $14,912,805) 14,611 14,611 -------- Total Repurchase Agreements (Cost $19,366) 19,366 -------- Total Investments -- 98.6% (Cost $308,032) 320,908 -------- Other Assets and Liabilities, Net -- 1.4% 4,643 -------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 26,404,802 outstanding shares of beneficial interest 313,449 Undistributed net investment income 422 - --------------------------------------------------------------- SHARES/FACE MARKET DESCRIPTION AMOUNT (000)(1) VALUE (000) - --------------------------------------------------------------- Accumulated net realized loss on investments $ (1,180) Net unrealized appreciation on forward foreign currency contracts, foreign currency and translation of other assets and liabilities in foreign currency 3 Net unrealized appreciation on investments (2) 12,857 -------- Total Net Assets -- 100.0% $325,551 ======== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- CLASS A $12.33 ======== * NON-INCOME PRODUCING SECURITY AMOUNTS DESGINATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. ADR -- AMERICAN DEPOSITORY RECEIPT ADS -- AMERICAN DEPOSITORY SHARE F --FOREIGN SHARES GDR -- GLOBAL DEPOSITORY RECEIPT GDS -- GLOBAL DEPOSITORY SHARE (1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED. (2) NET OF 19,000 ACCRUED FOREIGN WITHHOLDING TAXES. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. INTERNATIONAL FIXED INCOME PORTFOLIO FOREIGN BONDS -- 86.8% AUSTRALIA -- 1.2% Government of Australia 7.500%, 07/15/05 3,826 $ 2,999 Queensland Treasury 8.000%, 08/14/01 953 756 -------- 3,755 -------- AUSTRIA -- 2.4% Republic of Austria 3.750%, 02/03/09 JY 803,000 7,511 -------- CANADA -- 1.6% Government of Canada 6.500%, 06/01/04 3,912 2,935 9.000%, 06/01/25 2,000 1,883 -------- 4,818 -------- DENMARK -- 3.7% Danish Mortgage 7.000%, 10/01/29 16,940 2,364 Kingdom of Denmark 8.000%, 03/15/06 52,595 8,586 7.000%, 11/10/24 3,200 465 -------- 11,415 -------- 14 =============================================================================== - --------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - --------------------------------------------------------------- FRANCE -- 5.2% Government of France 8.125%, 05/25/99 23,250 $ 4,098 5.500%, 04/25/04 71,010 11,954 -------- 16,052 -------- GERMANY -- 13.2% Bundesschatzanweisungen 5.250%, 02/25/98 7,610 4,251 Deutschland Republic 6.000%, 02/16/06 26,629 15,162 6.250%, 01/04/24 22,080 12,069 KFW International Finance 6.625%, 04/15/03 1,140 677 Treuhandanstalt 6.375%, 07/01/99 2,480 1,433 6.500%, 04/23/03 12,020 7,114 -------- 40,706 -------- ITALY -- 13.2% Republic of Italy 8.500%, 08/01/99 43,150,000 25,408 8.500%, 08/01/04 24,290,000 15,205 -------- 40,613 -------- JAPAN -- 19.5% Asian Development Bank 3.125%, 06/29/05 1,700,000 15,506 European Investment Bank 3.000%, 09/20/06 1,416,000 12,565 Export-Import Bank 4.375%, 10/01/03 1,702,000 16,227 Japanese Development Bank 2.875%, 12/20/06 1,800,000 15,813 -------- 60,111 -------- NETHERLANDS -- 3.7% Kingdom of Netherlands 5.750%, 01/15/04 22,920 11,586 -------- SPAIN -- 4.3% Kingdom of Spain 11.300%, 01/15/02 1,673,230 13,409 -------- SWEDEN -- 2.9% Kingdom of Sweden 10.250%, 05/05/03 58,200 8,829 -------- UNITED KINGDOM -- 15.9% European Investment Bank 7.000%, 03/30/98 200 323 United Kingdom Treasury 7.250%, 03/30/98 6,910 11,206 - --------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - --------------------------------------------------------------- 7.000%, 11/06/01 8,550 $ 13,824 9.000%, 07/12/11 12,000 22,669 8.000%, 06/07/21 550 997 -------- 49,019 -------- Total Foreign Bonds (Cost $276,153) 267,824 -------- U.S. TREASURY OBLIGATIONS -- 11.3% U.S. Treasury Notes 5.875%, 10/31/98 29,330 29,342 6.625%, 04/30/02 5,115 5,190 6.250%, 06/30/02 220 220 -------- Total U.S. Treasury Obligations (Cost $34,805) 34,752 -------- REPURCHASE AGREEMENT -- 0.1% State Street Bank 5.50%, dated 08/29/97, matured 09/02/97, repurchase price $476,198 (collateralized by U.S. Treasury Note, par value $485,000, 12/31/97, 5.25%, market value $488,686) 476 476 -------- Total Repurchase Agreement (Cost $476) 476 -------- Total Investments -- 98.2% (Cost $311,434) 303,052 -------- Other Assets and Liabilities, Net -- 1.8% 5,573 -------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 29,452,348 outstanding shares of beneficial interest 317,261 Accumulated net realized gain on investments 513 Net unrealized depreciation on forward foreign currency contracts, foreign currency and translation of other assets and liabilities in foreign currency (1,487) Net unrealized depreciation on investments (8,382) Undistributed net investment income 720 -------- Total Net Assets -- 100.0% $308,625 ======== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- CLASS A $10.48 ======== JY -- JAPANESE YEN (1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 15 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) EMERGING MARKETS DEBT PORTFOLIO - --------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - --------------------------------------------------------------- FOREIGN BONDS -- 64.5% ALGERIA -- 3.2% Republic of Algeria FRN 6.909%, 09/04/06 1,750 $ 1,544 ------- ARGENTINA -- 5.1% Government of Argentina 11.000%, 10/09/06 750 858 5.500%, 03/31/23 1,000 729 Government of Argentina FRN 6.875%, 03/31/23 1,000 905 ------- 2,492 ------- BRAZIL -- 12.8% Government of Brazil 8.000%, 04/15/14 7,664 6,237 ------- BULGARIA -- 3.4% Government of Bulgaria FLIRB 2.250%, 07/28/12 950 585 Government of Bulgaria IAB FRN 6.688%, 07/28/11 1,400 1,075 ------- 1,660 ------- ECUADOR -- 3.4% Government of Ecuador PDI 6.688%, 02/27/15 2,346 1,648 ------- IVORY COAST -- 2.0% Ivory Coast When Issued FLIRB 2,500 981 ------- MEXICO -- 11.1% Government of Mexico FRN, Series A (including 500,000 rights) 6.250%, 12/31/19 500 400 Government of Mexico FRN, Series B (including 1,230,000 rights) 6.836%, 12/31/19 800 752 Government of Mexico, Series B (including 250,000 rights) 6.250%, 12/31/19 250 200 United Mexican States 11.375%, 09/15/16 3,500 4,047 ------- 5,399 ------- PANAMA -- 4.5% Government of Panama IRB 3.750%, 07/17/14 550 424 Government of Panama PDI 6.688%, 07/17/16 2,061 1,798 ------- 2,222 ------- PERU -- 4.0% Republic of Peru PDI 4.000%, 03/07/17 3,000 1,969 ------- - --------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - --------------------------------------------------------------- PHILIPPINES -- 2.6% Government of Philippines 8.750%, 10/07/16 500 $ 494 Government of Philippines Treasury Bill 0.926%, 08/14/98 800 793 ------- 1,287 ------- POLAND -- 2.8% Government of Poland 12.000%, 06/12/02 6,500 1,356 ------- VENEZUELA -- 9.6% Government of Venezuela (including 20,000 rights) 6.750%, 03/31/20 4,000 3,275 Government of Venezuela FRN 6.750%, 12/18/07 1,500 1,401 ------- 4,676 ------- Total Foreign Bonds (Cost $31,657) 31,471 ------- LOAN PARTICIPATIONS -- 14.6% MOROCCO -- 3.8% Morocco R&C Loan FRN 6.813%, 01/01/09 (Participation: J.P. Morgan) (3) 650 597 (Participation: Chase Manhattan Bank) (3) 650 597 (Participation: ING Bank) (3) 700 644 -------- 1,838 -------- RUSSIA -- 10.8% Russian Loan Agreement (2) (Participation: Chase Manhattan Bank) (3) 1,000 993 Russian Principal When Issued (Participation: Chase Manhattan Bank) (3) 2,000 1,430 (Participation: Morgan Stanley)(3) 4,000 2,860 -------- 5,283 -------- Total Loan Participations (Cost $6,861) 7,121 -------- U.S. TREASURY OBLIGATIONS -- 26.6% U.S. Treasury Bill 5.998%, 09/18/97 6,000 5,982 U.S. Treasury Note 5.875%, 07/31/99 7,000 6,990 -------- Total U.S. Treasury Obligations (Cost $12,974) 12,972 -------- 16 =============================================================================== - --------------------------------------------------------------- FACE AMOUNT MARKET DESCRIPTION (000)(1) VALUE (000) - --------------------------------------------------------------- REPURCHASE AGREEMENTS -- 4.3% Merrill Lynch 5.53%, dated 08/29/97, matured 09/02/97, repurchase price $1,000,461 (collateralized by U.S. Treasury Note, par value $1,020,000, 07/31/99, 5.875%, market value $1,023,825) $1,000 $ 1,000 State Street Bank 5.50%, dated 08/29/97, matured 09/02/97, repurchase price $1,107,507 (collateralized by U.S. Treasury Note, par value $1,125,000, 12/31/97, 5.25%, market value $1,133,550) 1,107 1,107 ------- Total Repurchase Agreements (Cost $2,107) 2,107 ------- Total Investments -- 110.0% (Cost $53,599) 53,671 ------- Other Assets and Liabilities, Net -- (10.0%) (4,874) ------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 4,736,936 outstanding shares of beneficial interest 47,941 Undistributed net investment income 476 Accumulated net realized gain on investments 281 Net unrealized appreciation on forward foreign currency contracts, foreign currency and translation of other assets and liabilities in foreign currency 27 Net unrealized appreciation on investments 72 ------- Total Net Assets -- 100.0% $48,797 ======= NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE -- CLASS A $10.30 ======= FLIRB -- FRONT LOADED INTEREST REDUCTION BOND FRB -- FLOATING RATE BOND FRN -- FLOATING RATE NOTE IAB -- INTEREST ARREARS BOND IRB -- INTEREST RATE BOND PDI -- PAST DUE INTEREST (1) IN U.S. DOLLARS UNLESS OTHERWISE INDICATED. (2) NON-INCOME PRODUCING SECURITY. SECURITY IS IN DEFAULT. (3) PARTICIPATIONS WERE ACQUIRED THROUGH FINANCIAL INSTITUTIONS INDICATED PARENTHETICALLY. SEE NOTE 9. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 17 STATEMENT OF OPERATIONS (000) =============================================================================== SEI INTERNATIONAL TRUST-- FOR THE PERIOD ENDED AUGUST 31, 1997 (UNAUDITED)
--------------- ---------------- --------------- ------------- EMERGING INTERNATIONAL EMERGING INTERNATIONAL MARKETS FIXED MARKETS EQUITY EQUITY INCOME DEBT(1) --------------- ---------------- --------------- ------------- INVESTMENT INCOME: Dividends $10,336 $ 3,677 $ -- $ -- Interest 686 480 6,414 597 Less: Foreign Taxes Withheld (926) (387) (130) -- ------- --------- ------- ---- Total Investment Income 10,096 3,770 6,284 597 ------- --------- ------- ---- EXPENSES: Management fees 1,380 904 757 45 Less management fees waived -- -- (11) (24) Investment advisory fees 1,549 1,460 378 59 Less investment advisory fees waived (282) (484) (63) (15) Custodian/wire agent fees 271 436 65 21 Shareholder servicing fees 767 348 316 17 Less shareholder servicing fees waived -- (46) (259) (17) Professional fees 27 21 18 1 Registration & filing fees 52 31 21 3 Printing fees 15 20 17 1 Trustee fees 23 6 6 -- Pricing fees 7 7 8 2 Distribution fees -- -- -- -- Amortization of deferred organization costs -- 1 3 -- Miscellaneous fees 21 8 9 1 ------- --------- ------- ---- Total Expenses 3,830 2,712 1,265 94 ------- --------- ------- ---- NET INVESTMENT INCOME 6,266 1,058 5,019 503 ------- --------- ------- ---- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) from: Security transactions 15,243 (804) 196 281 Futures contracts 958 -- -- -- Net realized loss on forward foreign currency contracts and foreign currency transactions (509) (251) (2,988) (27) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, futures contracts, foreign currencies, and translation of other assets and liabilities in foreign currency (798) (8) (2,766) 27 Net change in unrealized appreciation (depreciation) on investments 503 (15,709)* (866) 72 ------- -------- ------- ---- NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $21,663 $(15,714) $(1,405) $856 ======= ======== ======= ====
(1) EMERGING MARKETS DEBT COMMENCED OPERATIONS ON JUNE 29, 1997. * NET OF $19,000 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAXES. AMOUNTS DESIGNATED ARE "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 18 STATEMENT OF CHANGES IN NET ASSETS (000) =============================================================================== SEI INTERNATIONAL TRUST -- FOR THE PERIOD ENDED AUGUST 31, 1997 (UNAUDITED) AND FOR THE YEAR ENDED FEBRUARY 28, 1997.
------------------- -------------------- EMERGING INTERNATIONAL MARKETS EQUITY EQUITY ------------------- -------------------- 1997(2) 1997 1997(2) 1997 ------------------- -------------------- OPERATIONS: Net investment income (loss) $ 6,266 $ 5,137 $ 1,058 $ (55) Net realized gain (loss) from investment transactions 16,201 47,383 (804) 331 Net realized loss on forward foreign currency contracts and foreign currency transactions (509) (531) (251) (457) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, futures contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies (798) 81 (8) 14 Net change in unrealized appreciation (depreciation) on investments 503 (26,307) (15,709)* 27,462 -------- -------- -------- -------- Net increase (decrease) in net assets from operations 21,663 25,763 (15,714) 27,295 -------- -------- -------- -------- DIVIDENDS DISTRIBUTED FROM: Net investment income: Class A -- (3,619) -- (297) Class D -- (1) -- -- Net realized gains: Class A -- (37,589) -- (121) Class D -- (14) -- -- -------- -------- -------- -------- Total dividends distributed -- (41,223) -- (418) -------- -------- -------- -------- CAPITAL SHARE TRANSACTIONS(1): Class A: Proceeds from shares issued in merger -- 150,364 -- -- Proceeds from shares issued 195,657 333,733 145,819 163,899 Reinvestment of cash distributions -- 31,663 -- 383 Cost of shares redeemed (99,954) (277,258) (26,028) (36,866) Cost of shares redeemed in-kind -- (46,630) -- -- -------- -------- -------- -------- Increase in net assets from Class A transactions 95,703 191,872 119,791 127,416 -------- -------- -------- -------- Class D: Proceeds from shares issued 44 183 -- -- Reinvestment of cash distributions -- 15 -- -- Cost of shares redeemed (28) (216) -- -- -------- -------- -------- -------- Increase (decrease) in net assets from Class D transactions 16 (18) -- -- -------- -------- -------- -------- INCREASE IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS 95,719 191,854 119,791 127,416 -------- -------- -------- -------- Net increase in net assets 117,382 176,394 104,077 154,293 NET ASSETS: Beginning of period 524,239 347,845 221,474 67,181 -------- -------- -------- -------- End of period $641,621 $524,239 $325,551 $221,474 ======== ======== ======== ======== 1. CAPITAL SHARE TRANSACTIONS: Class A: Shares issued in merger -- 14,954 -- -- Shares issued 19,134 32,925 11,135 14,081 Shares issued in lieu of cash distributions -- 3,215 -- 34 Shares redeemed (9,639) (27,199) (1,941) (3,052) Shares redeemed in-kind -- (4,462) -- -- -------- -------- -------- -------- Total Class A transactions 9,495 19,433 9,194 11,063 -------- -------- -------- -------- Class D: Shares issued 4 18 -- -- Shares issued in lieu of cash distributions -- 1 -- -- Shares redeemed (2) (21) -- -- -------- -------- -------- -------- Total Class D transactions 2 (2) -- -- -------- -------- -------- -------- Net increase in capital shares 9,497 19,431 9,194 11,063 ======== ======== ======== ========
--------------------- ----------- INTERNATIONAL EMERGING FIXED MARKETS INCOME DEBT(1) --------------------- ----------- 1997(2) 1997 1997 --------------------- ----------- OPERATIONS: Net investment income (loss) $ 5,019 $ 5,803 $ 503 Net realized gain (loss) from investment transactions 196 2,409 281 Net realized loss on forward foreign currency contracts and foreign currency transactions (2,988) (1,329) (27) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, futures contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies (2,766) 710 27 Net change in unrealized appreciation (depreciation) on investments (866) (6,069) 72 -------- -------- ------- Net increase (decrease) in net assets from operations (1,405) 1,524 856 -------- -------- ------- DIVIDENDS DISTRIBUTED FROM: Net investment income: Class A -- (6,286) -- Class D -- -- -- Net realized gains: Class A -- (1,238) -- Class D -- -- -- -------- -------- ------- Total dividends distributed -- (7,524) -- -------- -------- ------- CAPITAL SHARE TRANSACTIONS(1): Class A: Proceeds from shares issued in merger -- -- -- Proceeds from shares issued 127,949 146,550 48,540 Reinvestment of cash distributions -- 6,287 -- Cost of shares redeemed (22,138) (26,936) (599) Cost of shares redeemed in-kind -- -- -- -------- -------- ------- Increase in net assets from Class A transactions 105,811 125,901 47,941 -------- -------- ------- Class D: Proceeds from shares issued -- -- -- Reinvestment of cash distributions -- -- -- Cost of shares redeemed -- -- -- -------- -------- ------- Increase (decrease) in net assets from Class D transactions -- -- -- -------- -------- ------- INCREASE IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS 105,811 125,901 47,941 -------- -------- ------- Net increase in net assets 104,406 119,901 48,797 NET ASSETS: Beginning of period 204,219 84,318 -- -------- -------- ------- End of period $308,625 $204,219 $48,797 ======== ======== ======= 1. CAPITAL SHARE TRANSACTIONS: Class A: Shares issued in merger -- -- -- Shares issued 12,171 13,451 4,795 Shares issued in lieu of cash distributions -- 570 -- Shares redeemed (2,109) (2,464) (58) Shares redeemed in-kind -- -- -- -------- -------- ------- Total Class A transactions 10,062 11,557 4,737 -------- -------- ------- Class D: Shares issued -- -- -- Shares issued in lieu of cash distributions -- -- -- Shares redeemed -- -- -- -------- -------- ------- Total Class D transactions -- -- -- -------- -------- ------- Net increase in capital shares 10,062 11,557 4,737 ======== ======== =======
(1) EMERGING MARKETS DEBT COMMENCED OPERATIONS ON JUNE 29, 1997. (2) FOR THE SIX-MONTH PERIOD ENDED AUGUST 31, 1997. * NET OF $19,000 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAXES. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 19 FINANCIAL HIGHLIGHTS =============================================================================== SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1997 (UNAUDITED) AND FOR THE YEARS ENDED FEBRUARY 28 OR 29, FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
NET ASSET DISTRIBUTIONS DISTRIBUTIONS VALUE NET NET REALIZED AND FROM NET FROM NET ASSET NET ASSETS BEGINNING INVESTMENT UNREALIZED INVESTMENT REALIZED CAPITAL RETURN VALUE END TOTAL END OF OF PERIOD INCOME/(LOSS) GAINS/(LOSSES) INCOME (5) GAINS OF CAPITAL OF PERIOD RETURN PERIOD(000) - --------------------------------------------------------------------------------------------------------------------------------- - -------------------- INTERNATIONAL EQUITY - -------------------- CLASS A 1997* $ 9.67 $ 0.09 $ 0.31 $ -- $ -- $ -- $10.07 4.14% $641,419 1997 10.00 0.09 0.47 (0.07) (0.82) -- 9.67 5.70 524,062 1996 9.59 0.14 1.45 (0.19) (0.99) -- 10.00 17.30 347,646 1995 11.00 0.15 (0.97) -- (0.59) -- 9.59 (7.67) 328,503 1994 8.93 0.13 2.05 (0.11) -- -- 11.00 24.44 503,498 1993 9.09 0.16 0.04 (0.36) -- -- 8.93 2.17 178,287 1992 9.56 0.19 (0.36) (0.30) -- -- 9.09 (1.63) 92,456 1991 9.62 0.18 (0.14) -- (0.01) (0.09) 9.56 0.36 35,829 CLASS D 1997* $ 9.58 $ 0.10 $ 0.29 $ -- $ -- $ -- $ 9.97 3.96% $ 202 1997 9.93 0.05 0.47 (0.05) (0.82) -- 9.58 5.39 177 1996 9.56 0.04 1.50 (0.18) (0.99) -- 9.93 16.77 199 1995(1) 10.81 0.01 (0.67) -- (0.59) -- 9.56 (6.33) 51 - ----------------------- EMERGING MARKETS EQUITY - ----------------------- CLASS A 1997* $12.87 $ 0.05 $ (0.59) $ -- $ -- $ -- $12.33 (4.20)% $325,551 1997 10.93 0.01 1.96 (0.02) (0.01) -- 12.87 18.02 221,474 1996 10.27 (0.02) 0.72 -- (0.04) -- 10.93 6.83 67,181 1995(2) 10.00 0.01 0.26 -- -- -- 10.27 2.70 5,300 - -------------------------- INTERNATIONAL FIXED INCOME - -------------------------- CLASS A 1997* $10.53 $ 0.26 $(0.31) $ -- $ -- $ -- $10.48 (0.47)% $308,625 1997 10.77 0.71 (0.49) (0.38) (0.08) -- 10.53 1.85 204,219 1996 10.42 0.58 0.89 (1.02) (0.10) -- 10.77 13.96 84,318 1995 10.23 0.43 0.40 (0.62) (0.02) -- 10.42 8.43 42,580 1994(3) 10.00 0.14 0.18 (0.09) -- -- 10.23 6.41 23,678 - --------------------- EMERGING MARKETS DEBT - --------------------- CLASS A 1997(4)* $10.00 $ 0.11 $ 0.19 $ -- $ -- $ -- $10.30 3.00% $48,797
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES INCOME/(LOSS) RATIO OF NET INVESTMENT TO AVERAGE TO AVERAGE EXPENSES INCOME/(LOSS) NET ASSETS NET ASSETS PORTFOLIO AVERAGE TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER COMMISSION NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE RATE+ - -------------------------------------------------------------------------------------------- - -------------------- INTERNATIONAL EQUITY - -------------------- CLASS A 1997* 1.25% 2.04% 1.34% 1.95% 35% $0.0125 1997 1.28 1.11 1.42 0.97 117 0.0172 1996 1.25 1.29 1.29 1.25 102 n/a 1995 1.19 1.30 1.21 1.28 64 n/a 1994 1.10 1.46 1.24 1.32 19 n/a 1993 1.10 1.80 1.53 1.37 23 n/a 1992 1.10 2.07 1.52 1.65 79 n/a 1991 1.10 3.52 1.64 2.98 14 n/a CLASS D 1997* 1.46% 1.85% 1.55% 1.76% 35% $0.0125 1997 1.55 0.71 1.65 0.61 117 0.0172 1996 1.65 0.58 1.90 0.33 102 n/a 1995(1) 1.47 0.42 1.48 0.41 64 n/a - ----------------------- EMERGING MARKETS EQUITY - ----------------------- CLASS A 1997* 1.95% 0.76% 2.33% 0.38% 31% $0.0028 1997 1.95 (0.04) 2.55 (0.64) 100 0.0004 1996 1.95 (0.23) 2.72 (1.00) 104 n/a 1995(2) 1.95 1.79 4.98 (1.24) -- n/a - -------------------------- INTERNATIONAL FIXED INCOME - -------------------------- CLASS A 1997* 1.00% 3.98% 1.27% 3.71% 134% n/a 1997 1.00 3.99 1.39 3.60 352 n/a 1996 1.00 4.70 1.27 4.43 269 n/a 1995 1.00 4.68 1.30 4.38 303 n/a 1994(3) 1.00 3.81 1.61 3.20 126 n/a - --------------------- EMERGING MARKETS DEBT - --------------------- CLASS A 1997(4)* 1.35% 7.22% 2.18% 6.39% 40% n/a * FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1997 (UNAUDITED). ALL RATIOS, EXCLUDING TOTAL RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED. (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) EMERGING MARKETS DEBT CLASS A SHARES WERE OFFERED BEGINNING JUNE 29, 1997. ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (5) 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 EQUITY FUNDS FOR FISCAL YEARS BEGINNING AFTER SEPTEMBER 1, 1995. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
20 NOTES TO FINANCIAL STATEMENTS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (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 company with four portfolios: the International Equity Portfolio, the Emerging Markets Equity Portfolio, the International Fixed Income Portfolio and the Emerging Markets Debt Portfolio (together the "Portfolios"). 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 Portfolios and Class D shares of the International Equity Portfolio. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently 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 that are listed on a securities exchange for which market quotations are readily available are valued by an independent pricing service at the last quoted sales price for such securities, or if there is no such reported sale on the valuation date, at the most recent quoted bid price. Unlisted securities for which market quotations are readily available are valued at the most recent quoted bid price. Debt obligations with 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 substantially 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 income earned. The Portfolios accrue such taxes when the related income is earned. 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. For foreign equity securities, the Portfolios 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. 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 for Federal income tax purposes. 21 NOTES TO FINANCIAL STATEMENTS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) 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 may enter into forward foreign currency contracts as hedges against either specific transactions, portfolio positions or anticipated 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. FUTURES CONTRACTS -- The International Equity Portfolio utilized futures contracts during the period ended August 31, 1997. The Portfolio's investment in these futures contracts is designed to enable the Portfolio to more closely approximate the performance of its benchmark index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are "marked to market" daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the 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, such as Shareholder Servicing for Class A and 12b-1 and Transfer Agent for Class D, are borne by that class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets. EXPENSES -- Expenses that are directly related to one of the 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 investment securities are those of the specific securities sold. Purchase discounts and premiums on securities held by the Portfolios 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. 22 =============================================================================== 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS SEI Fund Management (the "Manager") 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 Portfolio 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 and Emerging Markets Debt Portfolios. 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 Investments Management Corporation ("SIMC") acts as the investment adviser for the International Equity, Emerging Markets Equity and Emerging Markets Debt Portfolios. Under the Investment Advisory Agreement, "SIMC" receives an annual fee of .505% of the average daily net assets of the International Equity Portfolio, 1.05% of the average daily net assets of the Emerging Markets Equity Portfolio, and .85% of the average daily net assets of the Emerging Markets Debt Portfolio. Pursuant to Sub-Advisory Agreements with SIMC, Acadian Asset Management, Inc., Farrell Wako Global Investment Management, Inc., Lazard London International Investment Management Limited, Seligman Henderson Co., Yamaichi Capital Management, Inc. and Yamaichi Capital Management (Singapore) Limited serve as Sub-Advisers to the International Equity Portfolio, and Parametric Portfolio Associates, Yamaichi Capital Management, Inc., Yamaichi Capital Management (Singapore) Limited, Montgomery Asset Management, LLC, and Coronation Asset Management (Proprietary) Limited, serve as Sub-Advisers to the Emerging Markets Equity Portfolio. Salomon Brothers Asset Management, Inc. serves as the Sub-Adviser to the Emerging Markets Debt Portfolio. Strategic Fixed Income, L.P., the Adviser 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 up to .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 Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments and a registered broker-dealer, serves as each Portfolio's distributor pursuant to a distribution agreement with the Trust. Effective April 15, 1996, the Trust adopted a shareholder servicing plan ("the Class A Plan") pursuant to which a shareholder servicing fee of up to .25% of the average daily net assets attributable to the Class A shares are paid to the Distributor. Under the Class A Plan, the Distributor may perform, or may compensate other service providers for performing certain 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 is paid to the Distributor. As of August 31, 1997, 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. In addition, Class D shares incur transfer agency fee of up to .15% of the average daily net assets. Class D is also subject to a 5% sales load on purchases of shares. 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 Portfolios 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 a 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. 23 NOTES TO FINANCIAL STATEMENTS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) 5. FORWARD FOREIGN CURRENCY CONTRACTS The Portfolios enter into forward foreign currency exchange contracts as hedges against portfolio positions and anticipated portfolio positions. Such contracts, which are designed to protect the value of the Portfolio's investment securities against a decline in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities; they simply establish an exchange rate at a future date. Also, although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of such foreign currency increase. The following forward foreign currency contracts were outstanding at August 31, 1997: IN UNREALIZED MATURITY CONTRACTS TO EXCHANGE APPRECIATION DATES DELIVER/RECEIVE FOR (DEPRECIATION) - ---------------------------- ------------------- ------------- -------------- INTERNATIONAL FIXED INCOME PORTFOLIO: - ------------------------------------- FOREIGN CURRENCY SALES: 9/25/97 AD 3,848,435 $ 2,861,235 $ 32,099 9/25/97 CD 4,180,500 3,000,000 (15,251) 9/25/97 CH 47,250,914 31,166,134 (667,281) 9/25/97 DK 36,790,141 5,264,383 (92,817) 9/25/97 DM 80,935,254 43,897,620 (1,000,012) 9/25/97 FF 175,744,385 28,485,329 (482,687) 9/25/97 IT 73,779,688,888 41,072,230 (691,944) 9/25/97 J(YEN) 8,319,627,680 70,634,549 1,539,151 9/25/97 NG 8,561,441 4,148,789 (68,652) 9/25/97 SK 72,815,445 9,090,000 (161,777) 9/25/97 SP 199,962,310 1,286,958 (25,604) 9/25/97 UK 25,240,557 39,989,936 (804,059) ------------ ----------- $280,897,163 $(2,438,834) ------------ ----------- FOREIGN CURRENCY PURCHASES: 9/25/97 AD 2,208,540 $ 1,650,000 $ (26,416) 9/25/97 CD 4,872,004 3,509,078 4,931 9/25/97 CH 43,111,935 28,591,089 453,855 9/25/97 DM 252,705,494 138,037,336 2,147,289 9/25/97 FF 30,996,028 5,140,000 (30,912) 9/25/97 IT 34,371,257,020 19,289,639 166,761 9/25/97 J(YEN) 8,471,210,554 72,499,468 (2,153,333) 9/25/97 SK 104,766,137 13,074,358 237,006 9/25/97 UK 17,283,217 27,735,439 197,838 ------------ ----------- $309,526,407 $ 997,019 ============ =========== $(1,441,815) =========== EMERGING MARKETS DEBT PORTFOLIO: - -------------------------------- FOREIGN CURRENCY SALES: 9/22/97 DM 1,400,000 $ 758,191 $ 18,810 =========== CURRENCY LEGEND AD Australian Dollar IT Italian Lira CD Canadian Dollar J(YEN) Japanese Yen CH Swiss Franc NG Netherlands Guilder DK Danish Kroner SK Swedish Krona DM German Mark SP Spanish Peseta FF French Franc UK British Pounds Sterling 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, 1997, were as follows: PURCHASES SALES (000) (000) ---------- ---------- International Equity Portfolio $285,953 $202,439 Emerging Markets Equity Portfolio 185,025 79,643 International Fixed Income Portfolio 416,247 283,848 Emerging Markets Debt Portfolio 39,195 9,519 The International Fixed Income Portfolio purchased $52,353,372 and sold $22,349,113 in U.S. government securities, during the period ended August 31, 1997. For Federal income tax purposes, the cost of securities owned at August 31, 1997 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, 1997 for the Portfolios is as follows: NET UNREALIZED APPRECIATED DEPRECIATED APPRECIATION/ SECURITIES SECURITIES DEPRECIATION (000) (000) (000) ------------ ------------ ------------ International Equity Portfolio $63,950 $(51,119) $12,831 Emerging Markets Equity Portfolio 48,511 (35,654) 12,857* International Fixe Income Portfolio 390 (8,772) (8,382) Emerging Markets Debt Portfolio 444 (372) 72 * NET OF $19,000 ACCRUED FOREIGN WITHHOLDING TAXES. 24 =============================================================================== Internal Revenue Code regulations permit the Fund to defer into its next fiscal year net realized losses incurred from each November 1 to the end of its fiscal year ("post-October losses"). From November 1, 1996 through February 28, 1997, the International Equity, Emerging Markets Equity and International Fixed Income Portfolios incurred net realized foreign currency exchange losses of $217,570, $116,203 and $1,586,983, respectively, which have been deferred to the fiscal year ending February 28, 1998. 7. FUTURES CONTRACTS The International Equity Portfolio had the following futures contracts open as of August 31, 1997: CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED DESCRIPTION CONTRACTS PRICE MONTH (LOSS) - ------------- ------------ ------------- ------------ ------------- IBEX 35 Index 4 6,837.00 Sept. 1997 $ (7,972) IBEX 35 Index 1 6,778.00 Sept. 1997 (1,605) IBEX 35 Index 4 6,640.00 Sept. 1997 (2,789) IBEX 35 Index 2 6,750.00 Sept. 1997 (2,842) IBEX 35 Index 2 6,821.00 Sept. 1997 (3,776) IBEX 35 Index 1 6,681.00 Sept. 1997 (967) IBEX 35 Index 2 6,705.00 Sept. 1997 (2,250) IBEX 35 Index 1 6,706.00 Sept. 1997 (1,131) IBEX 35 Index 1 6,582.00 Sept. 1997 (316) CAC 40 Index 2 3,029.00 Sept. 1997 (17,023) CAC 40 Index 1 2,948.50 Sept. 1997 (5,857) CAC 40 Index 4 1,917.00 Sept. 1997 (19,273) CAC 40 Index 1 2,985.00 Sept. 1997 (7,060) CAC 40 Index 1 3,008.50 Sept. 1997 (7,835) CAC 40 Index 1 2,949.50 Sept. 1997 (5,890) CAC 40 Index 1 2,945.50 Sept. 1997 (5,758) CAC 40 Index 2 2,898.00 Sept. 1997 (8,383) CAC 40 Index 1 2,861.50 Sept. 1997 (2,988) DAX Index 1 4,361.00 Sept. 1997 (24,227) DAX Index 1 4,359.00 Sept. 1997 (24,116) DAX Index 1 4,359.50 Sept. 1997 (24,144) DAX Index 3 4,125.00 Sept. 1997 (33,353) DAX Index 1 4,248.00 Sept. 1997 (17,950) DAX Index 1 4,290.00 Sept. 1997 (20,283) DAX Index 1 4,164.00 Sept. 1997 (13,284) DAX Index 2 4,053.50 Sept. 1997 (14,292) FT-SE 100 Index 2 4,975.00 Sept. 1997 (12,264) FT-SE 100 Index 1 5,053.00 Sept. 1997 (9,295) FT-SE 100 Index 2 5,090.00 Sept. 1997 (21,589) FT-SE 100 Index 2 5,045.00 Sept. 1997 (17,940) FT-SE 100 Index 5 5,900.00 Sept. 1997 (15,456) FT-SE 100 Index 2 4,985.00 Sept. 1997 (13,075) FT-SE 100 Index 3 4,986.00 Sept. 1997 (19,734) FT-SE 100 Index 1 4,969.00 Sept. 1997 (5,889) FT-SE 100 Index 5 4,925.00 Sept. 1997 (20,524) FT-SE 100 Index 1 4,894.00 Sept. 1997 (2,848) CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED DESCRIPTION CONTRACTS PRICE MONTH (LOSS) - ------------- ------------ ------------- ------------ ------------- Hang Seng Index 7 15,400.00 Sept. 1997 $ (67,977) Australia Ords Index 4 2,678.00 Sept. 1997 (8,182) Australia Ords Index 1 2,637.00 Sept. 1997 (1,293) Australia Ords Index 5 2,634.00 Sept. 1997 (6,188) Australia Ords Index 2 2,633.00 Sept. 1997 (2,439) Australia Ords Index 1 2,646.00 Sept. 1997 (1,458) Australia Ords Index 1 2,608.00 Sept. 1997 (760) Australia Ords Index 2 2,613.00 Sept. 1997 (1,704) Australia Ords Index 2 2,620.00 Sept. 1997 (1,961) Australia Ords Index 1 2,602.00 Sept. 1997 (650) Nikkei 225 Index 2 19,515.00 Sept. 1997 (11,098) Nikkei 225 Index 1 19,750.00 Sept. 1997 (6,526) Nikkei 225 Index 5 18,940.00 Sept. 1997 (15,795) Nikkei 225 Index 4 18,950.00 Sept. 1997 (12,802) Nikkei 225 Index 2 19,120.00 Sept. 1997 (7,814) Nikkei 225 Index 14 19,240.00 Sept. 1997 (61,684) Nikkei 225 Index 8 18,970.00 Sept. 1997 (26,270) Nikkei 225 Index 4 19,360.00 Sept. 1997 (19,619) Nikkei 225 Index 4 18,900.00 Sept. 1997 (11,971) Nikkei 225 Index 7 18,700.00 Sept. 1997 (15,130) Nikkei 225 Index 8 18,580.00 Sept. 1997 (13,301) Nikkei 225 Index 2 18,630.00 Sept. 1997 (3,741) ---------- $ (712,342) ========== 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 International Fixed Income Portfolio to meet its obligations may be affected by economic and political developments in a specific country, industry or region. 25 NOTES TO FINANCIAL STATEMENTS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED) 9. LOAN PARTICIPATIONS/ASSIGNMENTS The Emerging Markets Debt Portfolio (the "Portfolio") 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 Portfolio 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 Portfolio having a contractual relationship only with the Lender, not with the sovereign borrower. The Portfolio 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 Portfolio 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 Portfolio will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. The Portfolio may have difficulty disposing of Participations and Assign-ments because the market for such instruments is not highly liquid. 26 NOTES NOTES ======================= SEI INTERNATIONAL TRUST ======================= SEMI-ANNUAL REPORT ======================= AUGUST 31, 1997 (UNAUDITED) 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 Mark E. Nagle CONTROLLER, CHIEF FINANCIAL OFFICER Marc H. Cahn VICE PRESIDENT, ASSISTANT SECRETARY Todd Cipperman 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 Investments Management Corporation EMERGING MARKETS EQUITY PORTFOLIO SEI Investments Management Corporation INTERNATIONAL FIXED INCOME PORTFOLIO Strategic Fixed Income L.P. EMERGING MARKETS DEBT PORTFOLIO SEI Investments Management Corporation MANAGER AND SHAREHOLDER SERVICING AGENT SEI Fund Management DISTRIBUTOR SEI Investments Distribution Co. 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 INVESTMENTS DISTRIBUTION CO., THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT AFFILIATED WITH ANY BANK. FOR MORE INFORMATION CALL 1(BULLET)800(BULLET)DIAL(BULLET)SEI/1(BULLET) 800(BULLET)342(BULLET)5734 (LOGO OMITTED) INVESTMENTS DISTRIBUTION CO. Oaks, PA 19456-1100 800-DIAL-SEI/800-342-5734 SEI-F-031-07 -----END PRIVACY-ENHANCED MESSAGE-----