<SEC-DOCUMENT>0000935069-99-000092-index.html : 19990624
<SEC-HEADER>0000935069-99-000092.hdr.sgml : 19990624
ACCESSION NUMBER: 0000935069-99-000092
CONFORMED SUBMISSION TYPE: N-30D
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 19990331
FILED AS OF DATE: 19990525
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: SEI INSTITUTIONAL 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: 99633734
BUSINESS ADDRESS:
STREET 1: C/O SEI INVESTMENTS CO
STREET 2: ONE FREEDOM VALLEY RD
CITY: OAKS
STATE: PA
ZIP: 19456
BUSINESS PHONE: 8003425734
MAIL ADDRESS:
STREET 2: 530 E SWEDESFORD RD
CITY: WAYNE
STATE: PA
ZIP: 19087-1693
FORMER COMPANY:
FORMER CONFORMED NAME: SEI INTERNATIONAL TRUST
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST
DATE OF NAME CHANGE: 19900129
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<DESCRIPTION>SEI INSTITUTIONAL INTERNATIONAL TRUST
<TEXT>
SEMI-ANNUAL REPORT AS OF
MARCH 31, 1999(Unaudited)
SEI INSTITUTIONAL
INTERNATIONAL
TRUST
--------------------------------------------------------------------------------
International Equity Fund
--------------------------------------------------------------------------------
Emerging Markets Equity Fund
--------------------------------------------------------------------------------
International Fixed Income Fund
--------------------------------------------------------------------------------
Emerging Markets Debt Fund
--------------------------------------------------------------------------------
(LOGO)
[GRAPHIC OMITTED]
<PAGE>
TABLE OF CONTENTS
--------------------------------------------------------------------------------
STATEMENTS OF NET ASSETS/SCHEDULE OF INVESTMENTS..................... 1
STATEMENT OF ASSETS AND LIABILITIES.................................. 15
STATEMENTS OF OPERATIONS............................................. 16
STATEMENTS OF CHANGES IN NET ASSETS.................................. 17
FINANCIAL HIGHLIGHTS................................................. 19
NOTES TO FINANCIAL STATEMENTS........................................ 20
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
INTERNATIONAL
EQUITY FUND
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
FOREIGN COMMON STOCKS -- 95.7%
ARGENTINA -- 0.1%
Telecom Argentina ADR* 43,000 $ 1,180
--------
AUSTRALIA -- 3.9%
AMP Limited 29,300 321
Australia & New Zealand
Bank Group 226,050 1,642
Australia Gas & Light Company 145,764 1,040
Brambles Industries 26,705 679
Broken Hill Proprietary 563,854 4,810
Broken Hill Proprietary ADR 2,300 40
Coles Myer 959,300 5,206
Colonial 56,820 226
Commonwealth Bank of Australia 187,200 3,074
Fosters Brewing 491,800 1,448
Leighton Holdings 212,700 703
Lend Lease 140,000 1,784
Macquarie Bank Limited 83,100 1,007
National Australia Bank 541,002 9,830
News Corporation 623,500 4,615
Qantas Airways 1,632,000 4,313
Rio Tinto Limited 84,525 1,181
Tabcorp Holdings Limited 49,400 376
Telstra Corporation 454,781 2,381
Westpac Banking Corporation 425,000 3,100
WMC Limited 131,625 419
Woodside Petroleum 607,000 3,673
Woolworths 196,190 628
--------
52,496
--------
BELGIUM -- 0.3%
Cobepa 10,200 679
Fortis, Series B 36,900 1,360
Tractebel 10,300 1,620
--------
3,659
--------
BRAZIL -- 0.1%
Unibanco GDR 50,000 963
--------
CANADA -- 1.6%
Air Canada* 147,900 657
Bank of Nova Scotia 191,100 4,062
BCE Incorporated 16,200 717
Bombardier Inc, Series B 37,400 492
Bombardier Incorporated 170,000 2,174
Canadian Tire Corporation,
Class A 81,500 2,170
Newbridge Networks* 31,600 985
Royal Bank of Canada 61,600 2,890
Suncor Energy 54,000 1,817
Teleglobe 82,000 2,496
Thomson Corporation 132,500 3,712
--------
22,172
--------
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
DENMARK -- 0.7%
Den Danske Bank 21,190 $ 2,222
Tele Danmark, Series B* 70,412 6,964
--------
9,186
--------
FINLAND -- 1.4%
Nokia Oyj, Series A 71,900 11,551
Nokia, Series K 17,000 2,729
UPM-Kymmene 167,300 4,615
--------
18,895
--------
FRANCE -- 12.7%
Accor 6,000 1,487
Assurances Generales de France 64,800 3,491
AXA UAP 97,030 12,839
Banque National Paris, Series A 173,851 15,098
Canal Plus 13,700 4,008
Carrefour 21,487 16,531
Castorama Dubois 71,976 15,046
Cie de Saint Gobain 26,550 4,205
Elf Aquitaine 87,661 11,882
Equant 133,460 10,124
Eridania Beghin-Say 4,250 628
France Telecom 20,550 1,659
Lafarge 100,568 9,048
Louis Vuitton Moet Hennessy 47,500 11,746
Paribas 8,000 891
Pechiney Ord, Series A 76,500 2,761
Peugeot 103,400 14,840
Pinault-Printemps-Redoute 51,923 8,269
Renault 198,972 6,996
Sanofi 33,750 5,673
Scor 10,150 510
Stmicroelectonics* 38,500 3,814
Synthelabo 15,600 3,387
Total Compaigne, Series B 25,700 3,160
Total Petroleum of North America
ADR* 5,000 305
Usinor Sacilor 120,000 1,577
Vivendi 10,250 2,517
--------
172,492
--------
GERMANY -- 7.9%
Agiv 54,480 1,024
Allianz 25,200 7,657
Bayerische Motoren Werke 3,350 2,191
Continental 69,100 1,705
DaimlerChrysler* 5,100 443
Deutsche Bank 30,600 1,571
Deutsche Telekom 139,100 5,658
Gehe 192,989 8,963
Heidelberger Druckmaschinen 32,340 1,741
Henkel 16,800 1,231
Hoechst 262,473 11,355
1
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
INTERNATIONAL
EQUITY FUND--CONTINUED
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Industrie Werke Karlsruhe
Augsburg 86,500 $ 1,836
Lufthansa 536,600 11,708
Mannesmann 230,298 29,356
Merck 19,350 667
RWE 21,950 970
Siemens 193,668 12,917
Varta 6,200 838
VEBA 45,000 2,361
Volkswagen 50,500 3,357
--------
107,549
--------
HONG KONG -- 1.9%
Cathay Pacific Airways 962,000 1,105
Cheung Kong Holdings 464,000 3,533
Citic Pacific Limited 199,000 419
CLP Holdings Limited 164,000 787
Hang Seng Bank 124,000 1,140
Hong Kong Electric Holdings 199,000 602
Hong Kong Telecommunications 1,787,000 3,528
HSBC Holdings 28,800 903
Hutchison Whampoa 323,000 2,543
Kumagai Gumi 971,100 395
Legend Holdings 924,000 408
Peregrine Investment
Holdings*(1) 526,000 --
Shuntak 2,896,000 561
Sun Hung Kai Properties 1,025,000 7,672
Swire Pacific, Series A 502,000 2,332
Wharf Holdings 378,000 581
--------
26,509
--------
IRELAND -- 0.1%
CRH 46,000 793
--------
ITALY -- 4.5%
Assicurazioni Generali 108,500 4,337
Banca Popolare Di Milano 136,600 1,270
ENI 1,422,700 9,045
Fiat 830,000 2,737
Istituto Nazionale delle
Assicurazioni 2,353,900 7,102
Montedison 1,166,900 1,207
San Paolo-IMI 561,917 9,112
Telecom Italia 1,887,102 20,008
Telecom Italia Mobile 500,000 1,929
Telecom Italia RNC 845,800 5,012
--------
61,759
--------
JAPAN -- 22.0%
Acom 23,700 1,670
Advantest 65,000 4,952
Aiful Corporation 18,720 1,272
Ajinomoto 127,000 1,507
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Alps Electric 66,000 $ 1,108
Aoyama Trading 500 14
Asahi Breweries 230,000 3,001
Asahi Glass 181,000 1,310
Azwell 600 2
Bank of Tokyo-Mitsubishi 388,000 5,330
Bridgestone Corporation 160,000 4,067
Canon 380,000 9,372
Cugai Pharmaceutical 97,000 1,117
Dai Ichi Pharmaceutical 130,000 2,178
Dai Nippon Printing 101,000 1,530
DDI Corporation 800 3,771
East Japan Railway 456 2,702
Ebara 116,000 1,277
Fuji Bank 656,000 3,871
Fuji Photo Film 271,000 10,220
Fuji Soft ABC 4,200 274
Fujikura Limited 167,000 900
Fujitsu 219,000 3,506
Hitachi 1,403,000 10,357
Honda Motor 288,000 12,970
Hoya Corporation 119,000 6,731
Industrial Bank of Japan 264,000 1,778
Ito-Yokado 38,000 2,437
Jusco 93,000 1,613
Kansai Electric Power 74,000 1,492
Kao Corporation* 93,000 2,047
Keyence Corporation 18,500 2,756
Kirin Brewery 148,000 1,729
Marubeni 870,000 1,648
Marui 77,000 1,306
Matsushita Communications 37,000 2,495
Matsushita Electric 686,000 13,339
Meiji Milk Products 411,000 1,308
Mitsubishi Heavy Industries 681,000 3,067
Mitsubishi Trust & Banking 164,000 1,695
Mitsui 296,000 1,996
Mitsui Fudosan Real Estate 170,000 1,527
Mitsui Mining & Smelting 227,000 1,093
Murata Manufacturing 102,000 5,409
NEC 440,000 5,278
New Oji Paper 279,000 1,482
Nichiei 53,200 4,751
Nidec Corporation 40,000 4,916
Nikon 26,000 315
Nintendo 76,600 6,590
Nippon Express 246,000 1,452
Nippon Paper Industries 244,000 1,222
Nippon Steel 918,000 1,878
Nippon Telegraph & Telephone 2,004 19,568
Nippon Yusen Kabushiki Kaishi 320,000 1,266
Nissan Motors 1,065,000 4,124
Nomura Securities 317,000 3,309
NTT Data 104 802
2
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
NTT Mobile Communications* 22 $ 1,083
Ono Pharmaceutical 123,000 4,949
Orix Corporation 43,600 3,263
Osaka Gas 411,000 1,412
Rohm Limited 56,000 6,670
Sankyo 85,000 1,817
Secom 19,000 1,794
Sekisui House 256,000 2,715
Seven-Eleven 10,000 774
Shaddy 600 6
Shin-Etsu Chemical 67,000 1,754
Shinden 17,200 91
Skylark 53,000 1,048
SMC Corporation 13,000 1,160
Sony Corporation 110,000 10,139
Sony Corporation ADR 1,400 128
Sony Music Entertainment 8,500 640
Sumitomo Bank 437,000 5,897
Sumitomo Chemical 358,000 1,437
Suzuki Motor 210,000 2,777
Takeda Chemical Industries 157,000 6,066
Takefuji Corporation 21,000 1,609
TDK Corporation 13,000 1,049
Terumo 125,000 2,488
THK Corporation 31,000 459
Tokai Bank 247,000 1,588
Tokio Marine & Fire Insurance 166,000 1,888
Tokyo Electric Power 431,000 9,251
Tokyo Electronics 143,000 7,379
Tokyo Ohka Kogyo 29,000 798
Toray 308,000 1,594
Toshiba 146,000 994
Toyota Motor 270,000 7,795
Yamanouchi Pharmaceutical 142,000 4,482
Yamato Transportation 72,000 1,172
--------
298,863
--------
MALAYSIA (2) -- 0.1%
Austral Enterprises 188,000 132
Berjaya Sports 72,000 68
Genting Berhad 30,000 50
IOI Properties 222,000 82
Kuala Lumpur Kepong Berhad,
Series B 63,000 59
Petronas Gas 70,000 106
Rothmans of Pall Mall 21,000 93
Sime Darby 88,000 60
Telekom Malaysia 71,000 107
Westmont Berhad Industries*(1) 218,000 --
YTL 96,000 89
--------
846
--------
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
MEXICO -- 0.5%
Cenentos de Mexico ADR 365,000 $ 2,989
Telefonos de Mexico ADR 63,000 4,127
--------
7,116
--------
NETHERLANDS -- 7.5%
Aegon 68,773 6,265
DSM 129,224 11,076
Elsevier 762,600 11,340
Fortis Amev 329,062 12,605
Heineken 56,000 2,818
Hoogovens 162,323 5,370
Ing Groep 92,195 5,071
Koninklijke Ahold 103,800 3,971
Koninklijke Pakhoed Holdings 26,800 648
KPN 88,360 3,508
Laurus 411,422 9,974
Royal Dutch Petroleum 153,150 8,127
TNT Post Group 303,117 9,112
Van Ommeren 15,200 442
VNU 314,919 12,250
--------
102,577
--------
NEW ZEALAND -- 0.1%
Telecom of New Zealand 164,381 802
--------
NORWAY -- 0.1%
Orkla AS, Series A 101,000 1,545
--------
SINGAPORE -- 0.5%
City Developments 70,000 365
Cycle & Carriage 48,000 203
Development Bank of Singapore `F' 482,000 3,657
Keppel 58,000 157
Keppel Tat Lee Bank Ltd. 145,000 244
OCBC `F' 58,000 393
Overseas Union Bank `F' 68,000 240
Parkway Holdings 118,000 231
Singapore International
Airlines `F' 64,000 463
Singapore Press Holdings 17,078 189
Singapore Telecommunications 294,000 419
Wing Tai Holdings 360,000 292
--------
6,853
--------
SOUTH AFRICA -- 0.2%
Sasol 236,200 1,171
South African Brewery 165,089 1,436
--------
2,607
--------
SPAIN -- 2.2%
Autopistas Concesionaria Espanola 75,075 960
Banco Santander 106,549 2,181
Endesa 271,500 6,840
Energia e Industrias Aragonesas 72,000 375
3
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
INTERNATIONAL
EQUITY FUND--CONCLUDED
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Repsol 90,100 $ 4,631
Sevillana de Electricidad 62,800 849
Telefonica de Espana 348,558 14,756
----------
30,592
----------
SWEDEN -- 2.7%
Astra AB, Series A 308,000 7,041
Electrolux AB 546,801 10,809
Ericsson, Series B 412,500 10,005
Foreningssparbaken, Series A 58,000 1,361
Hennes & Mauritz, Series B 30,000 2,256
Investor, Series B 18,000 786
Scania, Series A 81,400 2,211
Skandinaviska Enskilda Bank 104,300 1,271
SKF, Series B 64,200 911
Trelleborg, Series B 48,800 471
----------
37,122
----------
SWITZERLAND -- 6.1%
Adecco 20,786 10,537
Baloise Holding 7,170 6,146
Compagnie Financiere Richemont 1,725 2,864
Credit Suisse Group 8,500 1,584
Holderbank Financiere Glarus 2,500 2,793
Julius Baer Holdings 300 972
Nestle SA, Registered 4,570 8,295
Novartis AG 8,054 13,053
Oz Holdings AG, Series B 1,580 1,440
Sairgroup-- Registered 19,230 4,134
Schweizerische Rueckversicherungs 960 2,122
Swisscom AG* 8,984 3,505
UBS AG, Registered 42,743 13,416
Zurich Allied 18,691 11,948
----------
82,809
----------
UNITED KINGDOM -- 18.5%
3I Group 319,200 3,220
Abbey National 661,955 13,591
Allied Zurich* 90,250 1,215
Barclays Bank 652,800 18,737
Berkeley Group 120,633 1,220
BG 176,470 1,035
Boc Group 172,800 2,406
British Telecommunications 792,373 12,910
Cadbury Schweppes 208,400 3,019
CMG 55,100 1,558
Coca-Cola Beverages* 303,000 488
EMI Group 289,100 2,061
George Wimpey 346,800 883
GKN 167,000 2,535
Glaxo Wellcome 355,800 11,904
Great Universal Stores 1,062,000 11,553
Halifax 139,800 1,711
------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
------------------------------------------------------------
Kingfisher 1,014,600 $ 12,770
Lasmo 896,900 1,814
Lex Service 127,000 842
National Westminster Bank 673,769 15,506
Orange* 168,000 2,346
Powergen 405,900 4,461
Railtrack Group 293,300 6,722
Reckitt & Colman 61,693 593
Reuters Group 262,000 3,842
RJB Mining 295,500 300
Royal & Sun Alliance Insurance
Group 9,293 934
Safeway 300,000 1,171
Scottish Power 99,000 862
Siebe 1,105,700 4,869
Signet Group* 1,065,600 824
SmithKline Beecham 1,278,763 18,414
Standard Chartered Bank 1,198,700 16,913
Tate & Lyle 320,000 2,138
TI Group 290,000 1,878
Thames Water 212,575 3,220
United Assurance Group 166,800 1,180
United Utilities 397,200 4,737
Vodafone Group 1,719,507 31,896
Whitbread, Series A 942,500 14,582
Yorkshire Water 239,700 1,721
Zeneca Group 148,600 7,012
----------
251,593
----------
Total Foreign Common Stocks
(Cost $1,161,743) 1,300,978
----------
FOREIGN PREFERRED STOCKS -- 0.2%
GERMANY -- 0.0%
SAP* 1,200 385
----------
ITALY -- 0.2%
Fiat* 1,640,200 2,757
----------
Total Foreign Preferred Stocks
(Cost $4,193) 3,142
----------
U.S. TREASURY OBLIGATION -- 0.2%
U.S. Treasury Bill (3)
4.38%, 05/20/99 $ 3,000 2,982
----------
Total U.S. Treasury Obligation
(Cost $2,982) 2,982
----------
4
<PAGE>
------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.8%
J.P. Morgan (3)
4.95%, dated 03/31/99, matures
04/01/99, repurchase price
$24,244,029 (collateralized
by Federal Home Loan Bank
Discount Note, due 04/01/99, par
value $24,651,000,
market value $24,644,566) $24,161 $ 24,161
State Street Bank 4.00%,
dated 03/31/99, matures
04/01/99, repurchase price
$13,302,477 (collateralized
by U.S. Treasury Note, 7.25%,
due 08/15/22, par value
$11,515,000, market value
$13,573,306) 13,301 13,301
----------
Total Repurchase Agreements
(Cost $37,462) 37,462
----------
Total Investments -- 98.9%
(Cost $1,206,380) 1,344,564
----------
Other Assets and Liabilities, Net-- 1.1% 14,558
----------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value)
based on 126,309,867 outstanding
shares of beneficial interest 1,236,779
Fund Shares of Class D (unlimited
authorization -- no par value)
based on 36,631
outstanding shares of
beneficial interest 367
Distributions in excess of net
investment income (4,489)
Accumulated net realized loss
on investments (11,892)
Net unrealized appreciation on investments 138,184
Net unrealized appreciation on futures contracts 263
Net unrealized depreciation on forward
foreign currency contracts, foreign currency
and translation of other assets and liabilities
in foreign currency (90)
----------
Total Net Assets -- 100.0% $1,359,122
==========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE --
CLASS A $10.76
==========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE --
CLASS D $10.66
==========
MAXIMUM OFFERING PRICE PER SHARE --
CLASS D ($10.66/95%) $11.22
==========
* NON-INCOME PRODUCING SECURITY
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
ADR -- AMERICAN DEPOSITORY RECEIPT
`F' -- FOREIGN
GDR -- GLOBAL DEPOSITORY RECEIPT
RNC -- RISPARMIO NON-CONVERTIBLE
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) SECURITY FAIR VALUED USING METHODS DETERMINED IN GOOD FAITH BY THE VALUATION
COMMITTEE OF THE BOARD OF TRUSTEES.
(2) THE REPATRIATION OF PROCEEDS RECEIVED FROM THE SALE OF THESE SECURITITES
ARE SUBJECT TO A LEVY DEPENDING UPON THE LENGTH OF TIME THE POSITION HAS
BEEN HELD. THIS LEVY IS APPLICABLE TO SECURITIES PURCHASED BEFORE
FEBRUARY 15, 1999. THESE SECURITIES ARE CONSIDERED ILLIQUID AND
ARE BEING FAIR VALUED USING METHODS DETERMINED IN GOOD FAITH BY THE
VALUATION COMMITTEE OF THE BOARD OF TRUSTEES.
(3) SECURITIES SEGREGATED TO COLLATERALIZE FUTURES CONTRACTS WITH AN AGGREGATE
MARKET VALUE OF $27,993,692.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EMERGING MARKETS
EQUITY FUND
FOREIGN COMMON STOCKS -- 92.2%
ARGENTINA -- 4.3%
Banco De Galicia ADR* 124,900 $ 2,006
Perez Companc 515,172 2,408
Quilmes Industrial ADR 439,860 4,151
Telecom Argentina Stet France
ADR* 233,495 6,407
Telefonica Argentina ADR 117,431 3,552
YPF ADR 340,094 10,734
--------
29,258
--------
BRAZIL -- 5.5%
Aracruz Celulose, ADR 123,600 1,792
Centrais Eletricas Brasileiras 47,026,000 916
CIA Electric Est Rio Janeiro 6,066,202,000 1,415
CIA Paranaense Energia ADR 292,415 2,193
CIA Vale Rio Doce ADR* 107,595 1,568
Companhia Riograndense
Telecom* 17,351,441 5,261
Eletropaulo Eletrecidade
Metropolitana 17,060,000 620
Petrobras ADR 18 258
Sider Nacional, Series A 67,965,000 1,131
Tele Centro Sul Participacoes
ADR* 49,000 2,263
Tele Norte Leste Participacoes
ADR* 391,920 6,027
Telebras ADR 86,235 6,953
Telecomunicacoes de Sao Paulo
Participacoes ADR 116,300 2,399
Teleleste Celular Participacoes
ADR 3,200 102
5
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
EMERGING MARKETS
EQUITY FUND--CONTINUED
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Telenordeste Cel Participacoes
ADR 7,130 $ 159
Telesudeste Celular ADR 43,615 883
Unibanco GDR* 212,566 4,092
-------
38,032
-------
CHILE -- 2.7%
Banco De A. Edwards ADR* 67,460 767
Banco Santander ADR 26,851 403
Banco Santiago ADR 15,356 271
Cervecerias Unidas ADR 95,216 2,077
Chilectra ADR 178,828 3,866
CIA Telecomunicacion Chile
ADR 192,902 4,545
Distribucion y Sevicio ADR 115,576 1,423
Empresa Nacional de
Electricidad ADR* 179,796 2,528
Enersis ADR 64,903 1,740
Quinenco 88,542 880
-------
18,500
-------
CHINA -- 0.0%
Shenzhen Konka Electronics
Group, Series B 44,400 27
-------
CZECH REPUBLIC -- 0.7%
Ceske Radiokomunikace (A)* 58,400 2,002
Ceske Radiokomunikace GDR* 4,900 168
Galena* 8,000 77
Komercni Banka GDR* 242,600 958
SPT Telecom* 84,380 1,127
Tabak 2,200 481
-------
4,813
-------
EGYPT -- 0.4%
AL Ahram Beverage SA
GDR (A)* 40,900 1,303
Alexandria National Iron
& Steel* 2,947 130
EFG Hermes GDR* 70,700 855
Orascom Projects* 16,884 129
-------
2,417
-------
ESTONIA -- 0.2%
Eesti Telekom GDR (A)* 45 1,020
Eesti Telekom GDR* 17 401
-------
1,421
-------
GREECE -- 7.2%
Alpha Credit Bank 91,444 6,075
Alpha Finance 44,400 1,533
Athens Medical Care 86,640 1,747
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Attica Enterprises* 77,600 $ 661
Chipita International 14,250 518
Commercial Bank of Greece 27,700 4,328
Delta Informatics 32,400 1,233
Ergo Bank 14,801 1,107
Hellenic Bottling 74,431 2,210
Hellenic Petroleum* 106,000 828
Hellenic Technodomiki 44,000 485
Hellenic Telecommunications
Organization 212,388 5,157
Intracom 96,486 5,621
Intrasoft 53,400 1,260
Maillis 62,040 1,438
National Bank of Greece 159,920 10,826
Panafon Hellenic Telecom GDR* 50,900 1,288
Panafon Hellenic Telecom* 27,750 721
Sarantis* 52,249 778
Titan Cement 18,670 1,421
-------
49,235
-------
HONG KONG -- 1.4%
Cheung Kong Holdings 51,000 388
Cheung Kong Infrastructure 142,000 271
China Resources Enterprises 580,000 846
China Telecom* 1,511,000 2,515
Cosco Pacific 900,000 421
Dah Sing Financial 200,400 494
Dao Heng Bank Group 158,600 524
Formosa Fund* 90 689
Legend Holdings Limited 3,000,000 1,326
Li & Fung 374,000 792
NG Fung Hong 300,000 228
Shanghai Industrial Holdings 328,000 574
Zhejiang Expressway* 2,948,000 502
-------
9,570
-------
HUNGARY -- 1.2%
Borsodchem 11,100 205
Borsodchem GDR 4,000 75
Cofinec GDR 23,450 164
Gedeon Richter GDR (A) 7,050 229
Gedeon Richter GDR 3,945 130
Magyar Tavkozlesi ADR 167,900 4,491
MOL Magyar Olaj-ES Gazipari
GDR 96,640 1,981
OTP Bank GDR 28,670 1,111
-------
8,386
-------
INDIA -- 7.1%
Agora GDR* 46,500 484
Bajaj Auto GDR 217,580 3,704
BSES GDR 451,350 4,457
Hindalco Industries GDR 352,400 4,343
6
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
India Fund 971,530 $ 9,108
Industrial Credit and Investment
of India 468,620 2,894
Infosys Technologies* 84,830 3,658
ITC GDR 343,670 9,382
Mahanagar Telephone Nigam Ltd.
GDR 308,975 3,275
Ranbaxy Laboratories GDR 252,100 4,160
Videsh Sanchar GDR 335,900 3,351
--------
48,816
--------
INDONESIA -- 0.5%
Reliance Industries GDR 520,900 3,295
--------
ISRAEL -- 0.8%
Bank Hapoalim 538,800 1,265
Bezeq Israeli Telecommunication* 441,265 1,820
Gilat Satellite Networks* 42,000 2,520
--------
5,605
--------
MALAYSIA (1) -- 2.4%
Berjaya Sports 997,000 936
Genting Berhad 774,000 1,298
IOI Corporated Berhad 4,819,000 1,787
Kian Joo Can Factory 295,000 297
Kuala Lumpur Kepong Berhad 748,000 702
Malayan Cement Berhad 956,000 243
Malaysia International Shipping 1,354,000 1,293
Malaysian Assurance Alliance 954,400 636
Malaysian Pacific Industries 657,000 745
O.Y.L. Industries 546,200 657
Petronas Gas 736,000 1,118
Rothmans of Pall Mall 550,400 2,443
Sime Darby Malaysia 1,375,000 938
Technology Resources 890,000 232
Telekom Malaysia 905,000 1,366
Tenaga Nas 691,000 763
YTL Corporation Berhad 1,185,000 1,103
--------
16,557
--------
MEXICO -- 15.5%
ALFA, Series A 461,847 1,404
Carso Telecom Common 1,626,732 8,442
Cemex 2,577,374 10,529
Cemex ADR 158,392 1,330
Cemex, Series B 493,419 2,075
Cifra ADR, Class V 193,100 2,988
Cifra de CV, Series C* 471,370 729
Cifra, Series V* 594,914 922
Corporacion Interamericana de
Enterenemienta, Series L* 278,000 743
Corporacion Interamericana de
Enterenemienta, Series B* 1,070,000 3,173
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Fomento Economico Mexica
Units 2,972,609 $ 9,159
Fomento Economico Mexicano,
ADR 54,768 1,694
Grupo Carso, Series A1* 1,632,330 6,660
Grupo Financiero Banamex,
Series O* 978,120 2,119
Grupo Financiero Bancomer,
Series O 4,457,000 1,528
Grupo Financiero Banorte,
Series B* 1,188,727 1,575
Grupo Financiero Inbursa 239,000 638
Grupo Industria Bimbo, Series A 270,753 604
Grupo Modelo, Series C 732,000 1,859
Grupo Televisa* 380,340 11,933
Kimberly-Clark de Mexico,
Series A 2,385,583 8,930
Organizacion Soriana,
Series B 900,813 3,135
Telefonos de Mexico ADR 325,872 21,345
Tubos de Acero de Mexico
ADR* 165,845 1,493
TV Avteca ADR 82,564 516
Vitro ADR* 193,780 1,126
--------
106,649
--------
PAKISTAN -- 0.0%
Pakistan State Oil 5,051 9
--------
PERU -- 0.9%
Buenaventura ADR 90,329 1,197
Cementos Lima ADR 65,100 822
Credicorp ADR* 100,000 975
Ferreyros SA 1,275,400 892
Telefoncia del Peru ADR 198,028 2,525
--------
6,411
--------
PHILIPPINES -- 2.9%
Ayala Land 3,173,600 925
Bank of Philippine Islands 1,401,334 3,521
International Container
Terminal Services* 3,049,375 205
Manila Electric Company,
Series B 1,025,310 3,400
Metro Bank & Trust Company 158,600 1,263
Philippine Long Distance 153,540 4,057
Queenbee Res Jollibee,
Series F* 5,336,200 2,696
San Miguel, Class B 17 --
SM Prime Holdings 18,810,200 3,899
--------
19,966
--------
POLAND -- 1.7%
Agora GDR (A)* 77,700 847
Bank Polska Kasa Opieki* 35,500 369
7
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
EMERGING MARKETS
EQUITY FUND--CONTINUED
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Bank Przemyslowo 8,300 $ 395
Bank Rozwoju Eksportu 40,258 772
Elektrim 142,090 1,514
Mostosal-Warszawa GDR* 194,300 767
Orbis* 76,504 604
Pliva GDR* 125,480 2,014
Prokom GDR 80,400 1,363
Softbank SA GDR 40,100 1,248
Telekom Polska GDR* 350,855 1,903
-------
11,796
-------
PORTUGAL -- 0.4%
Banco Comercial Portugues* 33,158 1,000
Brisa Auto-Estradas 6,800 314
Ibersol 6,000 542
Jeronimo Martins 18,800 668
Jeronimo Martins New* 8,166 290
-------
2,814
-------
RUSSIA -- 1.4%
Gazprom ADR 65,000 674
Lukoil Holding ADR 182,800 5,256
Mosenergo ADR 180,000 383
Surgutneftegaz ADR 443,500 2,785
Unified Energy System GDR 125,000 578
-------
9,676
-------
SINGAPORE -- 0.8%
Datacraft Asia 1,242,000 2,906
Keppel Bank of Singapore 406,000 684
Natsteel Electronics 361,000 987
Venture Manufacturing 277,000 1,251
-------
5,828
-------
SOUTH AFRICA -- 10.7%
African Oxygen 807,992 1,248
Amalgamated Banks of
South Africa 991,300 4,754
Anglo American 22,100 769
Anglovaal Mining Limited 135,171 572
B.O.E, Series N 2,249,008 1,645
Bidvest Group 466,643 3,831
Billiton PLC 539,700 1,294
Boe Limited 529,075 473
C.G. Smith Foods 126,400 1,202
De Beers Centenary 141,400 2,735
Dimension Data Holdings* 1,572,890 7,006
Firstrand 938,700 902
Foschini* 711,955 1,458
Gencor Limited 841,500 1,929
Gold Fields 345,123 1,995
Hudaco Industries 355,800 318
Imperial Holdings Limited* 225,440 1,832
Investec Bank 43,100 1,604
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Ixchange Technology Holdings* 481,228 $ 1,467
Johnnies Industrial 510 3
Kagiso Media Limited 794,600 497
Kersaf Investments 181,324 637
Lewis Foschini Investment* 176,400 109
Lewis Foschini Investment,
Series N* 742,070 410
Lonrho 518,008 3,789
Medi-Clinic Limited 152,700 69
Nedcor 124,142 2,777
New Africa Investments,
Series N* 4,659,381 2,689
Pick N Pay Holdings 29,900 15
Pick N Pay Holdings, Series N 1,088,200 522
Pick N Pay Stores 28,300 37
Pick N Pay Stores, Series N 43,000 50
Protea Furnishers 834,409 638
Real Africa Holdings Limited* 62,664 151
Real Africa Investments* 595,598 1,452
Rembrandt Group 328,520 2,366
RMB Holdings 1,801,400 2,650
Sanlam* 3,479,000 3,020
Sasol 350,000 1,735
South African Breweries* 632,379 5,500
South African Breweries (UK)* 311,800 2,736
Spicer Holdings* 2,962,200 761
Tegniese Beleg Korp 349,900 1,249
Theta Group* 595,400 2,033
Unitrans Limited 316,800 623
Woolworths Holdings 377,300 313
-------
73,865
-------
SOUTH KOREA -- 9.0%
Dae Duck Electronics 882 66
Hanjin Heavy Industries* 7,780 36
Hanwha Chemical* 607,309 3,458
Housing & Commercial Bank* 142,170 2,841
Hyundai Industrial Development
& Construction 176,720 1,874
Kookmin Bank 227,500 2,245
Korea Electric Power 283,650 6,848
Korea Electric Power ADR 187,950 2,385
Korea Fund* 207,675 2,142
Korea Mobile Telecom ADR* 283,517 3,455
Korean Air 131,250 1,220
Mirae 414,000 1,499
Nong Shim 19,580 1,070
Pohang Iron & Steel 40,110 2,454
Pohang Iron & Steel ADR 172,900 3,091
Pusan City Gas 68,010 1,659
Samsung Display Devices 55,657 2,737
Samsung Electronic 114,523 8,874
Samsung Electronics
GDR (A)* 90,947 3,720
8
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Samsung Electronics GDR,
Class A* 874 $ 14
Samsung Eletro-Mechanics 94,735 2,171
Samsung Fire & Marine Insurance* 8,236 3,144
Samsung Securities* 86,343 2,296
SK Telecom 592 491
Ssangyong Oil Refining* 155,730 2,413
--------
62,203
--------
TAIWAN -- 8.5%
Accton Technology GDR* 400,838 1,323
Acer GDR* 260,000 1,716
Advanced Semiconductor
Engineering GDR* 45,789 618
Advanced Semiconductor
Engineering* 1,024,600 2,413
Ase Test* 47,600 1,880
Asia Cement GDR 198,743 1,481
Asustek Computer GDR* 362,454 3,316
Asustek Computer* 120,236 1,017
Bank Sinopac* 3,814,000 2,096
Cathay Construction 2,555,000 1,381
Cathay Life Insurance 800,000 2,585
China Development 2,085,000 3,525
China Steel GDS* 50,000 655
China Steel* 1,000,000 655
Chung Housing Bills Finance* 1,486,000 835
Compal Electronics* 404,186 1,062
CTCI* 500,000 587
D-Link* 200,000 356
Delta Electronics 580,000 1,550
Formosa Chemical & Fiber 1,000,000 945
Goldsun Development &
Construction* 1,956,000 659
Hon Hai Precision Industries* 400,000 2,138
Hua Nan Bank 880,000 1,515
Nan Ya Plastic* 380,000 559
Pacific Electric Wire & Cable 500,000 293
Siliconware Precision GDR* 70,000 926
Siliconware Precision Industries* 600,000 1,223
Synnex Technology International 400,136 1,637
Taiwan American Fund 80,000 990
Taiwan Semiconductor ADR* 352,875 8,337
Taiwan Semiconductor* 1,700,000 5,338
Winbond Electronics (A)* 167,500 1,960
Winbond Electronics* 722,000 855
Yageo GDR* 296,000 1,332
Yang Ming Marine Transport
GDR* 123,425 793
--------
58,551
--------
THAILAND -- 2.6%
Advanced Info Service 149,200 1,081
Bangkok Bank `F'* 2,122,200 4,352
Bangkok Expressway `F'* 99,600 72
------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
------------------------------------------------------------
Bangkok Expressway Public* 629,900 $ 453
Bec World Public `F' 187,300 908
Electric Generating Public
Company* 473,310 945
Italian Thai Development `F'* 140,100 261
Italian Thai Development* 79,600 148
Kce Electronics* 245,100 450
National Petrochemical `F'* 658,400 298
National Petrochemical* 618,000 280
PTT Exploration `F'* 178,300 1,386
Shinawatra Computer Public* 123,600 323
Siam Cement* 60,700 1,229
Thai Airways International `F'* 150,300 212
Thai Airways International* 470,600 664
Thai Farmers Bank `F'* 2,080,100 4,209
Thai Farmers Bank Warrants* 26,138 3
Tipco Asphalt `F'* 199,200 342
--------
17,616
--------
TURKEY -- 3.0%
Akbank 80,752,400 2,602
Akcansa Cimento 20,200,000 483
Aksigorta 29,551,000 1,547
Cukurova Elektrik 390,000 492
Dogan Sirketler Grubu Holdings 42,376,500 381
Ege Biracilik ve Malt Sanayi 4,450,000 466
Haci Omer Sabanci Holdings 23,419,400 566
Hurriyet Gazetesi 14,800,000 250
Koc Holdings 4,900,000 612
Migros Turk 1,897,206 2,496
Milliyet Gazetecilik* 81,097,000 729
Tansas 2,307,250 728
Tupras Turkiye Petrol Rafine* 6,875,000 489
Turkiye Garanti Bankasi* 44,150,000 1,837
Turkiye Is Bankasi 79,550,000 3,471
Usas Ucak Servisi 140,000 256
Yapi Ve Kredi Bankasi 164,559,849 3,049
--------
20,454
--------
VENEZUELA -- 0.4%
Compania Anonima Nacional
Telecom ADR 109,869 1,998
La Electricidad de Caracas 51,133 787
--------
2,785
--------
Total Foreign Common Stocks
(Cost $559,783) 634,555
--------
FOREIGN PREFERRED STOCKS -- 6.2%
BRAZIL -- 6.2%
Banco Estudo de Sao Paulo* 29,700 1,351
Banco Itau 3,825,132 1,940
Cemig ADR* 49,700 1,124
Cemig CIA Energy* 318,260,175 7,098
9
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
EMERGING MARKETS
EQUITY FUND--CONCLUDED
------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
------------------------------------------------------------
Centrais Eletricas Brasileiras
SA, Series B* 56,174,000 $ 1,179
CIA Vale do Rio, Series A 453,073 6,605
Companhia Paranese de
Energia, Series B* 388,043,169 2,919
Embratel Participacoes* 223,706,000 3,731
Gerdau 106,815,000 1,102
Petrol Brasileiros 52,784,286 7,354
Tele Centro Sul Participacoes* 250,521,817 2,337
Tele Leste Celular
Participacoes 1,154,020,000 767
Tele Nordeste Cel
Participacoes 599,937,800 647
Tele Norte Celular
Particacoes* 1,087,991,000 647
Tele Norte Leste
Participacoes* 96,577,000 1,475
Tele Sudeste Cellular
Participacoes 115,965,000 486
Telecom Brasileiros 2,291,000 186
Telesp Celular Participacoes 122,213,000 1,019
Usiminas Gerais* 199,931 342
-------
42,309
-------
Total Foreign Preferred Stocks
(Cost $37,547) 42,309
-------
FOREIGN CONVERTIBLE BONDS -- 0.4%
TAIWAN -- 0.4%
Delta Electronic
1.08%, 02/23/06 1,000 995
Far East Department Stores
8.08%, 07/06/01 350 314
Nan Ya Plastics 144A (A)
1.750%, 07/19/01 390 440
Pacific Construction
5.61%, 10/20/04 1,000 778
Walsin Lihwa
11.26%, 06/16/04 500 349
-------
2,876
-------
Total Foreign Convertible Bonds
(Cost $3,088) 2,876
-------
REPURCHASE AGREEMENTS -- 1.8%
J.P. Morgan,
4.95%, dated 03/31/99, matures
04/01/99, repurchase price $6,624,734
(collateralized by Federal
Home Loan Bank Discount Note,
due 04/21/99, par
value $6,742,000, market
value $6,722,634) $6,590 6,590
------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
------------------------------------------------------------
State Street Bank,
4.00%, dated 03/31/99,
matures 4/01/99,
repurchase price $5,496,611
(collateralized by
U.S. Treasury Note, 7.25%,
due 08/15/22, par
value $4,760,000,
market value $5,610,850) $5,496 $ 5,496
--------
Total Repurchase Agreements
(Cost $12,086) 12,086
--------
Total Investments -- 100.6%
(Cost $612,504) 691,826
--------
Other Assets and Liabilities, Net-- (0.6%) (3,945)
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value)
based on 89,596,357 outstanding
shares of beneficial interest 867,506
Distributions in excess of net
investment income (2,585)
Accumulated net realized loss
on investments (256,112)
Net unrealized appreciation on investments 79,322
Net unrealized depreciation on forward
foreign currency contracts, foreign
currency and translation of other assets
and liabilities in foreign currency (250)
--------
Total Net Assets -- 100.0% $687,881
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $7.68
========
* NON-INCOME PRODUCING SECURITIES
AMOUNTS DESIGNATED AS "-" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(A) SECURITIES SOLD WITHIN TERMS OF A PRIVATE PLACEMENT MEMORANDUM, EXEMPT FROM
REGISTRATION UNDER SECTION 144A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND
MAY BE SOLD ONLY TO DEALERS IN THAT PROGRAM OR OTHER "ACCREDITED INVESTORS".
THESE SECURITIES HAVE BEEN DETERMINED TO BE LIQUID UNDER GUIDELINES ESTABLISHED
BY THE BOARD OF TRUSTEES.
ADR -- AMERICAN DEPOSITORY RECEIPT
'F' -- FOREIGN SHARES
GDR -- GLOBAL DEPOSITORY RECEIPT
GDS -- GLOBAL DEPOSITORY SHARE
UK -- BRITISH POUNDS STERLING
(1) THE REPATRIATION OF PROCEEDS RECEIVED FROM THE SALE OF THESE SECURITITES
ARE SUBJECT TO A LEVY DEPENDING UPON THE LENGTH OF TIME THE
POSITION HAS BEEN HELD. THIS LEVY IS APPLICABLE TO SECURITIES PURCHASED
BEFORE FEBRUARY 15, 1999. THESE SECURITIES ARE CONSIDERED ILLIQUID AND
ARE BEING FAIR VALUED USING METHODS DETERMINED IN GOOD FAITH BY THE
VALUATION COMMITTEE OF THE BOARD OF TRUSTEES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
10
<PAGE>
--------------------------------------------------------------------------------
INTERNATIONAL FIXED
INCOME FUND
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
FOREIGN BONDS -- 91.4%
AUSTRALIA -- 0.4%
Queensland Treasury
6.500%, 06/14/05 4,367 $ 2,905
-------
CANADA -- 2.5%
Government of Canada
7.250%, 06/01/07 19,608 14,805
9.000%, 06/01/25 1,005 1,003
-------
15,808
-------
DENMARK -- 5.8%
Kingdom of Denmark
7.000%, 11/15/07 32,800 5,678
7.000%, 11/10/24 3,200 578
Nykredit
7.000%, 10/01/19 60,919 9,015
Unikredit Realkredit
6.000%, 10/01/29 160,551 22,666
-------
37,937
-------
FRANCE -- 2.2%
Government of France BTAN
4.750%, 03/12/02 4,674 5,265
Government of France OAT
8.500%, 10/25/19 5,610 8,958
-------
14,223
-------
GERMANY -- 20.2%
Depfa Bank
4.750%, 03/20/03 8,636 9,760
Deutschland Republic
6.000%, 02/16/06 53,310 65,314
6.000%, 07/04/07 30,150 37,192
6.250%, 01/04/24 14,331 18,275
KFW International Finance
6.625%, 04/15/03 582 703
-------
131,244
-------
ITALY -- 4.3%
Republic of Italy
5.000%, 01/15/01 6,878 7,680
4.500%, 07/15/03 14,729 16,574
6.750%, 07/01/07 3,055 3,878
-------
28,132
-------
JAPAN -- 22.9%
Asian Development Bank
3.125%, 06/29/05 3,413,000 32,023
European Investment Bank
3.000%, 09/20/06 7,291,000 68,486
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
Export-Import Bank
2.875%, 07/28/05 3,280,000 $ 30,450
Japanese Development Bank
2.875%, 12/20/06 1,940,000 17,942
--------
148,901
--------
NETHERLANDS -- 15.2%
Kingdom of Netherlands
5.750%, 01/15/04 77,532 91,902
5.500%, 01/15/28 5,808 6,725
--------
98,627
--------
NEW ZEALAND -- 1.5%
Government of New Zealand
10.000%, 03/15/02 12,230 7,402
7.000%, 07/15/09 4,395 2,562
--------
9,964
--------
NORWAY -- 1.1%
Government of Norway
7.000%, 05/31/01 52,810 7,111
--------
SWEDEN -- 3.1%
Kingdom of Sweden
10.250%, 05/05/03 133,600 20,341
--------
UNITED KINGDOM -- 12.2%
United Kingdom Treasury
7.000%, 06/07/02 16,881 29,098
8.500%, 07/16/07 10,097 20,495
7.250%, 12/07/07 15,490 29,623
--------
79,216
--------
Total Foreign Bonds
(Cost $586,649) 594,409
--------
U.S. GOVERNMENT MORTGAGE-BACKED
OBLIGATIONS -- 3.8%
FNMA
6.875% 06/07/02 UK 10,305 17,428
6.375%, 08/15/07 AD 10,700 6,994
--------
Total U.S. Government Mortgage-
Backed Obligations (Cost $24,797) 24,422
--------
U.S. TREASURY OBLIGATIONS -- 0.9%
U.S. Treasury Bond
6.125%, 11/15/27 790 819
U.S. Treasury Notes
6.000%, 06/30/99 440 442
4.500%, 09/30/00 2,520 2,501
5.750%, 11/30/02 502 511
5.250%, 08/15/03 1,400 1,403
11
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
INTERNATIONAL FIXED
INCOME FUND--CONCLUDED
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
U.S. Treasury Strips
5.930%, 08/15/12 959 $ 439
--------
Total U.S. Treasury Obligations
(Cost $6,197) 6,115
--------
REPURCHASE AGREEMENT -- 0.2%
State Street Bank
4.00%, dated 03/31/99, matures
04/01/99, repurchase price
$1,549,172 (collaterialized
by U.S. Treasury Note, 7.25%,
08/15/22, par value $1,345,000,
market value $1,585,418) $1,549 1,549
--------
Total Repurchase Agreement
(Cost $1,549) 1,549
--------
Total Investments -- 96.3%
(Cost $619,192) 626,495
========
Other Assets and Liabilities, Net -- 3.7% 23,947
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
59,139,903 outstanding shares
of beneficial interest 645,576
Distributions in excess of net
investment income (3,815)
Accumulated net realized gain
on investments 2,252
Net unrealized appreciation on investments 7,303
Net unrealized depreciation on forward
foreign currency contracts, foreign
currency and translation of other assets
and liabilities in foreign currency (874)
--------
Total Net Assets -- 100.0% $650,442
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $11.00
======
(1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED.
AD -- AUSTRALIAN DOLLAR
BTAN -- BONS DU TRESOR A TAUX FIXE ET A INTERET ANNEL
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
OAT -- OBLIGATIONS ASSIMILABLES DE TRESOR
STRIPS -- SEPARATELY TRADED REGISTERED INTEREST AND PRINCIPAL SECURITIES
UK -- BRITISH POUNDS STERLING
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EMERGING MARKETS
DEBT FUND
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
FOREIGN BONDS -- 98.6%
ALGERIA -- 2.8%
Republic of Algeria FRN Tranche
Restructured, Series 3
6.375%, 03/04/10 5,800 $ 2,494
Republic of Algeria FRN Tranche
Restructured, Series 1
6.375%, 09/04/06 3,000 1,395
Republic of Algeria FRN Tranche
Restructured, Series A
7.188%, 03/04/00 2,433 2,080
-------
5,969
-------
ARGENTINA -- 17.4%
Government of Argentina
11.000%, 12/04/05 17,125 16,269
11.750%, 02/12/07 AR 6,250 5,739
11.375%, 01/30/17 1,500 1,414
Government of Argentina (A)
11.750%, 02/12/07 AR 2,750 2,525
Government of Argentina Bocon
Proveedores 1
2.953%, 04/01/07 AR 4,972 3,296
Government of Argentina FRN (A)
14.250%, 11/30/02 2,000 1,900
12.110%, 04/10/05 6,250 5,766
Government of Argentina Global
Warrant* 10,875 261
-------
37,170
-------
BRAZIL -- 10.5%
Government of Brazil, Series EI
6.211%, 04/15/06 1,224 884
Government of Brazil Discount
Notes, Series L
6.188%, 04/15/12 6,550 3,807
Government of Brazil Discount
Notes, Series ZL
6.125%, 04/15/24 12,250 7,610
Government of Brazil NMB L
Bearer (A)
6.188%, 04/15/09 7,700 4,861
Government of Brazil NMB L
Registered (A)
6.188%, 04/15/09 8,250 5,208
-------
22,370
-------
BULGARIA -- 2.1%
Republic of Bulgaria FLIRB,
Series A
2.535%, 07/28/12 3,950 2,232
12
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
-----------------------------------------------------------
Republic of Bulgaria Discount
Notes, Series A
5.875%, 07/28/24 3,350 $ 2,244
-------
4,476
-------
COLOMBIA -- 5.2%
Republic of Colombia
7.250%, 02/15/03 800 722
10.875%, 03/09/04 6,000 6,210
Republic of Columbia
7.270%, 06/15/03 1,250 1,103
Republic of Columbia FRN (A)
10.986%, 08/13/05 3,250 2,966
-------
11,001
-------
COSTA RICA -- 1.0%
Government of Costa Rica FRN,
Series B (A)
5.869%, 05/21/05 52 50
Government of Costa Rica,
Series B
6.250%, 05/21/15 2,600 2,158
-------
2,208
-------
CROATIA -- 3.2%
Government of Croatia FRN,
Series A
5.813%, 07/31/10 6,250 4,875
Government of Croatia FRN,
Series B (A)
5.813%, 07/31/06 2,434 1,996
-------
6,871
-------
ECUADOR -- 3.1%
Government of Ecuador FRB,
Series IE (A)
6.000%, 12/21/04 200 84
Government of Ecuador FRN
6.000%, 02/28/25 1,750 814
Government of Ecuador Par
4.000%, 02/28/25 13,700 5,617
Government of Ecuador PDI
3.750%, 02/27/15 93 31
-------
6,546
-------
IVORY COAST -- 1.1%
Ivory Coast FLIRB (A)
11.92%, 03/29/18 2,500 650
Ivory Coast PDI
9.79%, 03/29/18 5,184 1,730
-------
2,380
-------
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
MEXICO -- 16.7%
Government of Mexico Par Bonds,
Series A
6.250%, 12/31/19 15,400 $12,012
Government of Mexico Par Bonds,
Series B
6.250%, 12/31/19 7,850 6,123
Petroleos Mexicanos
9.250%, 03/30/18 3,750 3,263
United Mexican States
10.375%, 02/17/09 13,100 13,526
United Mexico States Warrant* 16,325 620
-------
35,544
-------
MOROCCO -- 4.2%
Morocco R&C Loan FRN,
Tranche A
6.063%, 01/01/09 11,154 9,035
-------
PANAMA -- 2.5%
Government of Panama
8.250%, 04/22/08 2,000 1,865
Government of Panama IRB
4.000%, 07/17/14 4,050 3,179
Government of Panama PDI
4.000%, 07/17/16 295 233
-------
5,277
-------
PERU -- 4.7%
Republic of Peru FRB
3.750%, 03/07/17 12,625 7,449
Republic of Peru PDI
4.500%, 03/07/17 4,000 2,525
-------
9,974
-------
PHILIPPINES -- 3.7%
Government of Philippines
8.750%, 10/07/16 500 465
9.875%, 01/15/19 7,500 7,481
-------
7,946
-------
POLAND -- 3.3%
Republic of Poland RSTA
4.000%, 10/27/24 6,350 4,382
Telekomunikacja Polska
SA (A)
7.750%, 12/10/08 2,750 2,681
-------
7,063
-------
RUSSIA -- 4.8%
Russian Government Principal
Loans*
0.000%, 12/15/20 32,850 2,258
13
<PAGE>
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
EMERGING MARKETS DEBT
FUND--CONCLUDED
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
Russian Government
12.750%, 06/24/28 6,235 $ 1,777
Russian IAN FRN*
0.000%, 12/15/15 10,186 788
Russian Ministry Finance
11.000%, 07/24/18 21,500 5,482
--------
10,305
--------
SOUTH KOREA -- 2.3%
Korea Development Bank
7.900%, 02/01/02 1,625 1,625
6.625%, 11/21/03 1,250 1,184
Korea Export-Import Bank
7.250%, 06/25/01 1,750 1,731
6.500%, 02/10/02 385 369
--------
4,909
--------
VENEZUELA -- 10.0%
Government of Venezuela
13.625%, 08/15/18 20,275 16,423
Government of Venezuela
Discount, Series A (A)
5.813%, 03/31/20 1,500 998
Government of Venezuela FLIRB,
Series A
6.000%, 03/31/07 5,904 4,008
Government of Venezuela FRN
5.938%, 12/18/07 -- --
-------
21,429
-------
Total Foreign Bonds
(Cost $216,494) 210,473
--------
------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.4%
State Street Bank
4.87%, dated 03/31/99, matures 04/01/99,
repurchase price $3,080,417
(collateralized by U.S. Treasury
Note, 8.175%, 05/15/21, par
value $2,420,000,
market value $3,146,000) $ 3,080 $ 3,080
--------
Total Repurchase Agreement
(Cost $3,080) 3,080
--------
Total Investments-- 100.0%
(Cost $219,574) $213,553
--------
* NON-INCOME PRODUCING SECURITY
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(A) SECURITIES SOLD WITHIN TERMS OF A PRIVATE PLACEMENT MEMORANDUM, EXEMPT FROM
REGISTRATION UNDER SECTION 144A OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY BE SOLD ONLY TO DEALERS IN THAT PROGRAM OR OTHER "ACCREDITED
INVESTORS."
THESE SECURITIES HAVE BEEN DETERMINED TO BE LIQUID UNDER GUIDELINES ESTABLISHED
BY THE BOARD OF TRUSTEES.
AR -- ARGENTINA PESO
FLIRB -- FRONT LOADED INTEREST REDUCTION BOND
FRB -- FLOATING RATE BOND
FRN -- FLOATING RATE NOTE
IAN -- INTEREST ARREARS NOTE
IRB -- INTEREST REVENUE BOND
NMB -- NEW MONEY BOND
PDI -- PAST DUE INTEREST
RSTA -- REVOLVING SHORT TERM AGREEMENT
(1) IN U.S. DOLLARS UNLESS OTHERWISE INDICATED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
14
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
---------
EMERGING
MARKETS
DEBT FUND
---------
ASSETS:
Investment securities (Cost $219,574) $213,553
Interest receivable 6,583
Receivable for investment securities sold 19,479
Receivable for shares of beneficial interest sold 585
Other assets 54
--------
Total Assets 240,254
--------
LIABILITIES:
Payable for investment securities purchased 8,408
Payable for shares of beneficial interest redeemed 2,583
Payable to affiliates 314
Other liabilities 1,197
--------
Total Liabilities 12,502
--------
Net Assets $227,752
========
NET ASSETS:
Fund shares of Class A (unlimited
authorization -- no par value) based on
30,182,594 outstanding shares of
beneficial interest 268,674
Undistributed net investment income 6,755
Accumulated net realized loss on investments (41,656)
Net unrealized depreciation on investments (6,021)
--------
Net Assets $227,752
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $7.55
========
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
15
<PAGE>
STATEMENT OF OPERATIONS (000)
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED
MARCH 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
------------- ----------- ------------- ----------
EMERGING INTERNATIONAL EMERGING
INTERNATIONAL MARKETS FIXED MARKETS
EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND
------------- ----------- ------------- ----------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Dividends $ 6,556 $ 3,727 $ -- $ --
Interest 727 945 12,310 14,707
Less: Foreign Taxes Withheld (961) (283) (4) --
--------- --------- -------- --------
Total Investment Income 6,322 4,389 12,306 14,707
--------- --------- -------- --------
EXPENSES:
Management fees 2,610 1,931 1,755 635
Investment advisory fees 2,928 3,119 878 831
Less: Investment advisory fees waived (182) (614) (146) (277)
Shareholder servicing fees 1,449 743 731 244
Less: Shareholder servicing fees waived -- -- (465) (188)
Custodian/wire agent fees 450 528 98 29
Professional fees 41 21 18 13
Registration & filing fees 64 36 31 13
Printing fees 22 8 14 3
Trustee fees 12 5 6 2
Pricing fees 10 7 9 9
Distribution fees 1 -- -- --
Amortization of deferred organization costs -- 1 -- 2
Miscellaneous expenses 18 7 8 3
--------- --------- -------- --------
Total Expenses 7,423 5,792 2,937 1,319
--------- --------- -------- --------
NET INVESTMENT INCOME (LOSS) (1,101) (1,403) 9,369 13,388
--------- --------- -------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) from:
Security transactions (10,548) (81,197) 6,512 (9,689)
Futures contracts 858 -- -- --
Net realized loss on forward foreign
currency contracts and foreign
currency transactions (646) (1,160) (3,554) --
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 1,119 32 (2,602) --
Net change in unrealized appreciation
(depreciation) on investments 236,442 217,121 (22,289) 34,309
--------- --------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 226,124 $ 133,393 $(12,564) $ 38,008
========= ========= ======== ========
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
16
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH
31, 1999 (UNAUDITED) AND FOR THE SEVEN MONTH PERIOD ENDED SEPTEMBER 30, AND FOR
THE YEAR ENDED FEBRUARY 28
<TABLE>
<CAPTION>
------------------------------------- --------------------------------
INTERNATIONAL EMERGING MARKETS
EQUITY FUND EQUITY FUND
------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
10/1/98- 3/1/98- 2/28/97- 10/1/98- 3/1/98- 2/28/97-
3/31/99 9/30/98 2/28/98 3/31/99 9/30/98 2/28/98
------------------------------------- ---------------------------------
OPERATIONS:
Net investment income (loss) $ (1,101) $ 9,403 $ 8,682 $ (1,403) $ 4,679 $ (241)
Net realized gain (loss) from
investment transactions (9,690) 56,947 (9,726) (81,197) (146,444) (26,146)
Net realized gain (loss) on
forward foreign currency
contracts and foreign currency transactions (646) (2,404) 4,310 (1,160) (1,510) (2,534)
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 1,119 (6,248) 5,259 32 (302) 9
Net change in unrealized
appreciation (depreciation)
on investments 236,442 (171,208) 60,622 217,121 (127,954) (38,411)
---------- --------- --------- --------- --------- --------
Net increase (decrease) in
net assets from operations 226,124 (113,510) 69,147 133,393 (271,531) (67,323)
---------- --------- --------- --------- --------- --------
DISTRIBUTIONS FROM:
Net investment income:
Class A (11,193) -- (13,649) (1,048) -- (1,039)
Class D (3) -- (4) -- -- --
Net realized gains:
Class A (37,113) -- (19,564) -- -- (284)
Class D (12) -- (6) -- -- --
---------- --------- --------- --------- --------- --------
Total distributions (48,321) -- (33,223) (1,048) -- (1,323)
---------- --------- --------- --------- --------- --------
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from shares issued 431,329 445,665 485,986 199,139 361,528 421,404
Reinvestment of cash distributions 43,631 -- 25,961 1,011 -- 1,122
Cost of shares redeemed (260,683) (217,039) (220,367) (143,084) (101,275) (65,606)
---------- --------- --------- --------- --------- --------
Increase in net assets from
Class A transactions 214,277 228,626 291,580 57,066 260,253 356,920
---------- --------- --------- --------- --------- --------
Class D:
Proceeds from shares issued 18 128 150 -- -- --
Reinvestment of cash distributions 15 -- 10 -- -- --
Cost of shares redeemed (29) (50) (59) -- -- --
---------- --------- --------- --------- --------- --------
Increase in net assets from
Class D transactions 4 78 101 -- -- --
---------- --------- --------- --------- --------- --------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 214,281 228,704 291,681 57,066 260,253 356,920
---------- --------- --------- --------- --------- --------
Net increase (decrease) in net assets 392,084 115,194 327,605 189,411 (11,278) 288,274
NET ASSETS:
Beginning of period 967,038 851,844 524,239 498,470 509,748 221,474
---------- --------- -------- --------- --------- --------
End of period $1,359,122 $ 967,038 $851,844 $ 687,881 $ 498,470 $509,748
========== ========= ======== ========= ========= ========
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 41,874 42,475 49,078 28,924 44,898 36,760
Shares issued in lieu of cash distributions 4,292 -- 2,802 141 -- 112
Shares redeemed (25,419) (20,820) (22,162) (20,271) (12,415) (5,763)
---------- --------- -------- --------- --------- --------
Total Class A transactions 20,747 21,655 29,718 8,794 32,483 31,109
---------- --------- -------- --------- --------- --------
Class D:
Shares issued 1 12 16 -- -- --
Shares issued in lieu of cash distributions 2 -- 1 -- -- --
Shares redeemed (3) (5) (6) -- -- --
---------- --------- -------- --------- --------- --------
Total Class D transactions -- 7 11 -- -- --
---------- --------- -------- --------- --------- --------
Net increase in capital shares 20,747 21,662 29,729 8,794 32,483 31,109
========== ========= ======== ========= ========= ========
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE N INTEGRAL PART OF THE FINANCIAL STATEMENTS.
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH
31, 1999 (UNAUDITED) AND FOR THE SEVEN MONTH PERIOD ENDED SEPTEMBER 30, AND FOR
THE YEAR ENDED FEBRUARY 28
<TABLE>
<CAPTION>
------------------------------------- --------------------------------
INTERNATIONAL EMERGING MARKETS
FIXED INCOME FUND DEBT FUND (1)
-------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
10/1/98- 3/1/98- 2/28/97- 10/1/98- 3/1/98- 6/29/97-
3/31/99 9/30/98 2/28/98 3/31/99 9/30/98 2/28/98
------------------------------------- ---------------------------------
OPERATIONS:
Net investment income $ 9,369 $ 9,840 $ 11,722 $ 13,388 $ 10,065 $ 4,652
Net realized gain (loss) from
investment transactions 6,512 5,777 2,697 (9,689) (29,101) (2,866)
Net realized gain (loss) on
forward foreign currency
contracts and foreign
currency transactions (3,554) 7,250 (8,722) -- (1) (26)
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 (2,602) 3,174 (2,725) -- -- --
Net change in unrealized
appreciation (depreciation)
on investments (22,289) 28,366 8,742 34,309 (42,403) 2,073
---------- --------- -------- --------- --------- --------
Net increase (decrease) in net
assets from operations (12,564) 54,407 11,714 38,008 (61,440) 3,833
---------- --------- -------- --------- --------- --------
DISTRIBUTIONS FROM:
Net investment income:
Class A (25,854) -- (2,928) (18,629) -- (2,694)
Net realized gains:
Class A (9,656) -- (3,022) -- -- --
---------- --------- -------- --------- --------- --------
Total distributions (35,510) -- (5,950) (18,629) -- (2,694)
---------- --------- -------- --------- --------- --------
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from shares issued 221,609 169,657 271,882 70,132 108,932 160,754
Reinvestment of cash distributions 33,746 -- 5,305 18,391 -- 2,651
Cost of shares redeemed (90,639) (99,238) (78,196) (43,088) (38,838) (10,260)
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 164,716 70,419 198,991 45,435 70,094 153,145
---------- --------- -------- --------- --------- --------
Net increase in net assets 116,642 124,826 204,755 64,814 8,654 154,284
NET ASSETS:
Beginning of period 533,800 408,974 204,219 162,938 154,284 --
---------- --------- -------- --------- --------- --------
End of period $650,442 $ 533,800 $408,974 $227,752 $162,938 $154,284
========== ========= ======== ========= ========= ========
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 19,044 15,600 25,735 9,625 13,614 15,725
Shares issued in lieu of cash distributions 2,845 -- 504 2,533 -- 263
Shares redeemed (7,647) (8,988) (7,344) (5,827) (4,725) (1,025)
---------- --------- -------- --------- --------- --------
Net increase in capital shares 14,242 6,612 18,895 6,331 8,889 14,963
========== ========= ======== ========= ========= ========
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) EMERGING MARKETS DEBT COMMENCED OPERATIONS ON JUNE 29, 1997.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED
MARCH 31, 1999 AND FOR THE SEVEN MONTH
PERIOD ENDED SEPTEMBER 30, 1998 AND
FOR THE YEARS ENDED FEBRUARY 28 OR 29,
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
NET ASSET DISTRIBUTIONS DISTRIBUTIONS
VALUE NET NET REALIZED AND FROM NET FROM NET ASSET
BEGINNING INVESTMENT UNREALIZED INVESTMENT REALIZED CAPITAL RETURN VALUE END TOTAL
OF PERIOD INCOME/(LOSS) GAINS/(LOSSES) INCOME (5) GAINS OF CAPITAL OF PERIOD RETURN
--------------------------------------------------------------------------------------------------------------------------------
-------------------------
INTERNATIONAL EQUITY FUND
-------------------------
CLASS A
For the six month period ended March 31:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 $ 9.16 $(0.01) $ 2.06 $(0.10) $(0.35) $ -- $10.76 19.18%*
For the seven month period ended September 30:
1998(6) $10.15 $ 0.07 $(1.06) $ -- $ -- $ -- $ 9.16 (9.75)%*
For the years ended February 28:
1998(6) 9.67 $ 0.17 $ 0.77 $(0.18) $(0.28) $ -- $10.15 10.21%
1997 10.00 0.09 0.47 (0.07) (0.82) -- 9.67 5.70
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
CLASS D
For the six month period ended March 31:
1999 $ 9.07 $(0.02) $ 2.05 $(0.09) $(0.35) $ -- $10.66 19.08%*
For the seven month period ended September 30:
1998(6) $10.06 $ 0.06 $(1.05) $ -- $ -- $ -- $ 9.07 (9.84)%*
For the years ended February 28:
1998(6) $ 9.58 $ 0.15 $ 0.77 $(0.16) $(0.28) $ -- $10.06 9.92%
1997 9.93 0.05 0.47 (0.05) (0.82) -- 9.58 5.39
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 FUND
----------------------------
CLASS A
For the six month period ended March 31:
1999 $ 6.17 $(0.03) $ 1.55 $(0.01) $ -- $ -- $ 7.68 21.15%*
For the seven month period ended September 30:
1998 $10.55 $ 0.07 $(4.45) -- $ -- $ -- $ 6.17 (41.52)%*
For the years ended February 28:
1998 $12.87 $(0.03) $(2.25) $(0.03) $(0.01) $ -- $10.55 (17.72)%
1997 10.93 0.01 1.96 (0.02) (0.01) -- 12.87 18.02
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 FUND
-------------------------------
CLASS A
For the six month period ended March 31:
1999 $11.89 $ 0.13 $(0.28) $ (0.53) $(0.21) $ -- $11.00 (1.54)%*
For the seven month period ended September 30:
1998 $10.68 $ 0.40 $ 0.81 $ -- $ -- $ -- $11.89 11.33%*
For the years ended February 28:
1998 $10.53 $ 0.23 $ 0.11 $(0.10) $(0.09) $ -- $10.68 3.23%
1997 10.77 0.71 (0.49) (0.38) (0.08) -- 10.53 1.85
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*
--------------------------
EMERGING MARKETS DEBT FUND
--------------------------
CLASS A
For the six month period ended March 31:
1999 $ 6.83 $ 0.54 $ 0.93 $(0.75) $ -- $ -- $ 7.55 19.30%*
For the seven month period ended September 30:
1998 $10.31 $(0.11) $(3.37) $ -- $ -- $ -- $ 6.83 (33.75)%*
For the year ended February 28:
1998(4) $10.00 $ 0.56 $ -- $(0.25) $ -- $ -- $10.31 5.64%*
</TABLE>
<TABLE>
<CAPTION>
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
END OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER
PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE
---------------------------------------------------------------------------------------------------
-------------------------
INTERNATIONAL EQUITY FUND
-------------------------
CLASS A
For the six month period ended March 31:
<S> <C> <C> <C> <C> <C> <C>
1999 $1,358,729 1.28%(DAGGER) (0.19)%(DAGGER) 1.31%(DAGGER) (0.22)%(DAGGER) 33%
For the seven month period ended September 30:
1998(6) $ 966,707 1.24%(DAGGER) 1.60%(DAGGER) 1.31%(DAGGER) 1.53%(DAGGER) 66%
For the years ended February 28:
1998(6) $ 851,542 1.21% 1.31% 1.30% 1.22% 75%
1997 524,062 1.28 1.11 1.42 0.97 117
1996 347,646 1.25 1.29 1.29 1.25 102
1995 328,503 1.19 1.30 1.21 1.28 64
1994 503,498 1.10 1.46 1.24 1.32 19
CLASS D
For the six month period ended March 31:
1999 $ 393 1.43%(DAGGER) (0.36)%(DAGGER) 1.46%(DAGGER) (0.39)%(DAGGER) 33%
For the seven month period ended September 30:
1998(6) $ 331 1.39%(DAGGER) 1.36%(DAGGER) 1.46%(DAGGER) 1.29%(DAGGER) 66%
For the years ended February 28:
1998(6) $ 302 1.36% 1.16% 1.45% 1.07% 75%
1997 177 1.55 0.71 1.65 0.61 117
1996 199 1.65 0.58 1.90 0.33 102
1995(1) 51 1.47 0.42 1.48 0.41 64
----------------------------
EMERGING MARKETS EQUITY FUND
----------------------------
CLASS A
For the six month period ended March 31:
1999 $ 687,881 1.95%(DAGGER) (0.47)%(DAGGER) 2.16%(DAGGER) (0.68)%(DAGGER) 76%
For the seven month period ended September 30:
1998 $ 498,470 1.95%(DAGGER) 1.51%(DAGGER) 2.24%(DAGGER) 1.22%(DAGGER) 46%
For the years ended February 28:
1998 $ 509,748 1.95% (0.12)% 2.36% (0.53)% 76%
1997 221,474 1.95 (0.04) 2.55 (0.64) 100
1996 67,181 1.95 (0.23) 2.72 (1.00) 104
1995(2) 5,300 1.95 1.79 4.98 (1.24) --
-------------------------------
INTERNATIONAL FIXED INCOME FUND
-------------------------------
CLASS A
For the six month period ended March 31:
1999 $ 650,442 1.00%(DAGGER) 3.20%(DAGGER) 1.21%(DAGGER) 2.99%(DAGGER) 91%
For the seven month period ended September 30:
1998 $ 533,800 1.00%(DAGGER) 3.61%(DAGGER) 1.21%(DAGGER) 3.40%(DAGGER) 112%
For the years ended February 28:
1998 408,974 1.00% 3.92% 1.24% 3.68% 280%
1997 204,219 1.00 3.99 1.39 3.60 352
1996 84,318 1.00 4.70 1.27 4.43 269
1995 42,580 1.00 4.68 1.30 4.38 303
1994(3) 23,678 1.00 3.81 1.61 3.20 126
--------------------------
EMERGING MARKETS DEBT FUND
--------------------------
CLASS A
For the six month period ended March 31:
1999 $ 227,752 1.35%(DAGGER) 13.70%(DAGGER) 1.83%(DAGGER) 13.22%(DAGGER) 119%
For the seven month period ended September 30:
1998 $ 162,938 1.35%(DAGGER) 10.28%(DAGGER) 1.84%(DAGGER) 9.79%(DAGGER) 186%
For the year ended February 28:
1998(4) $ 154,284 1.35% 8.05% 1.94% 7.46% 269%
</TABLE>
(DAGGER) ANNUALIZED.
*RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT 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.
(6) PER SHARE NET INVESTMENT INCOME AND NET REALIZED AND UNREALIZED GAINS/
(LOSSES) CALCULATED USING AVERAGE SHARES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
1. ORGANIZATION
SEI Institutional International Trust, (the "Trust") formerly SEI International
Trust, was organized as a Massachusetts business trust under a Declaration of
Trust dated June 30, 1988. The operations of the Trust commenced on December 20,
1989.
The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end investment company with four funds: the International
Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income
Fund and the Emerging Markets Debt Fund (together the "Funds"). The Trust's
prospectuses provide a description of each Fund's investment objectives,
policies, and strategies. The Trust is registered to offer Class A shares of
each of the Funds and Class D shares of the International Equity Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of the financial statements. The
policies are in conformity with 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 recently
quoted bid price. Unlisted securities for which market quotations are readily
available are valued at the most recently quoted bid price. Debt obligations
with sixty days or less remaining until maturity may be valued at amortized
cost, which approximates market value. Other securities for which market
quotations are not readily available or securities whose market quotations do
not reflect market value are valued at fair value using good faith pricing
procedures approved by the Board of Trustees.
FEDERAL INCOME TAXES -- It is the intention of each Fund 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 has been
made in the financial statements.
The Funds may be subject to taxes imposed by countries in which they invest
with respect to their investments in issuers existing or operating in such
countries. Such taxes are generally based on income earned.
The Funds accrue such taxes when the related income is earned.
NET ASSET VALUE PER SHARE -- Net asset value per share is calculated on a
daily basis by dividing the assets of each Fund less its liabilities by the
number of outstanding shares of the Fund.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until maturity of the repurchase
agreements. Provisions of the repurchase agreements and procedures adopted by
the Trust require that the market value of the collateral to cover principal and
interest, including accrued interest thereon, is sufficient in the event of
default by the counterparty.
The Funds may also invest in tri-party repurchase agreements. Securities
held as collateral for tri-party repurchase agreements are maintained in a
segregated account by the broker's custodian bank until maturity of the
repurchase agreement. Provisions of the agreements require that the market value
of the collateral, including accrued interest thereon, is sufficient to cover
principal and interest in the event of default by the counterparty of the
repurchase agreement.
If the counterparty defaults and the value of the collateral declines or if
the counterparty enters an insolvency proceeding, realization of the collateral
by the Fund may be delayed or limited.
FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following bases: (I) market value of investment securities, other
assets and liabilities at the current rate of exchange; and (II) purchases and
sales of investment securities, income and expenses at the relevant rates of
exchange prevailing on the respective dates of such transactions.
20
<PAGE>
--------------------------------------------------------------------------------
For foreign equity securities, the Funds do not isolate that portion of
gains and losses on investment securities that is due to changes in the foreign
exchange rates from that which is due to changes in market prices of such
securities.
The Funds do isolate the effect of fluctuations in foreign currency rates
when determining the gain or loss upon sale or maturity of foreign currency
denominated debt obligations for Federal income tax purposes.
The Funds report gains and losses on foreign currency-related transactions
as realized and unrealized gains and losses for financial reporting purposes,
whereas such gains and losses are treated as ordinary income or loss for Federal
income tax purposes.
FORWARD FOREIGN CURRENCY CONTRACTS -- The Funds may enter into forward
foreign currency contracts as hedges against either specific transactions, fund
positions or anticipated fund positions. The aggregate principal amounts of the
contracts are not recorded as the Funds 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 Funds realize gains and losses at the time forward contracts are
extinguished. Unrealized gains or losses on outstanding positions in forward
foreign currency contracts held at the close of the year are recognized as
ordinary income or loss for federal income tax purposes.
FUTURES CONTRACTS -- The International Equity Fund utilized futures
contracts during the period March 31, 1999. The Fund's investment in these
futures contracts is designed to enable the Fund 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 Fund 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 value of the
contract may not directly correlate with changes in the value of the underlying
securities, and that the counterparty to a contract may default on its
obligation to perform.
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 Funds are
charged directly to that Fund. Other operating expenses of the Funds are
prorated to the Funds on the basis of relative net assets.
DISTRIBUTIONS -- Distributions from net investment income and net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under 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 reported for on the trade date of the
security purchase or sale. Costs used in determining net realized capital gains
and losses on the sale of investment securities are those of the specific
securities sold. Purchase discounts and premiums on securities held by the Funds
are accreted and amortized to maturity using the scientific interest method,
which approximates the effective interest method. Dividend income is recognized
on the ex-dividend date and interest income is recognized using the accrual
method.
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Investments Fund Management (the "Manager") and the Trust are parties to a
management agreement dated September 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
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
assets of the International Equity Fund, .60% of the average daily net assets of
the International Fixed Income Fund, and .65% of the average daily net assets of
the Emerging Markets Equity and Emerging Markets Debt Funds. The Manager has
voluntarily agreed to waive all or a portion of its fees and, if necessary,
reimburse other operating expenses in order to limit the operating expenses of
each Fund.
SEI Investments Management Corporation ("SIMC") acts as the investment
adviser for the International Equity, Emerging Markets Equity and Emerging
Markets Debt Funds. Under the Invest-ment Advisory Agreement, SIMC receives an
annual fee of .505% of the average daily net assets of the International Equity
Fund, 1.05% of the average daily net assets of the Emerging Markets Equity Fund,
and .85% of the average daily net assets of the Emerging Markets Debt Fund.
As of March 31, 1999, pursuant to Sub-Advisory Agreements with SIMC,
Acadian Asset Manage-ment, Inc., Capital Guardian Trust Company, Scottish Widows
Investment Management Ltd., and SG Pacific Asset Management Inc. (formally
Yamaichi Capital Management, Inc.) serve as Sub-Advisers to the International
Equity Fund, and Parametric Portfolio Associates, SG Pacific Asset Management
Inc. (formally Yamaichi Capital Management. Inc.), Morgan Stanley Asset
Management Inc., Nicholas-Applegate Capital Management Inc., Coronation Asset
Management (Proprietary) Limited, and Credit Suisse Asset Management Limited
serve as Sub-Advisers to the Emerging Markets Equity Fund. Salomon Brothers
Asset Management, Inc. serves as the Sub-Adviser to the Emerging Markets Debt
Fund.
Strategic Fixed Income, LLC, the Adviser for the International Fixed Income
Fund, is a party to an investment advisory agreement with the Trust dated June
15, 1993. Under the investment advisory agreement, Strategic Fixed Income, LLC,
receives an annual fee of up to .30% of the average daily net assets of the
Fund. Strategic Fixed Income, LLC, 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 Fund.
SEI Investments Distribution Co. (the "Distributor"), a wholly-owned
subsidiary of SEI Investments and a registered broker-dealer, serves as each
Fund's distributor pursuant to a distribution agreement with the Trust.
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 Fund 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 March 31, 1999, 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 fees 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.
For the period ended March 31, 1999, the Funds paid commissions of $430,967
to affiliated broker-dealers.
4. ORGANIZATIONAL COSTS
Organizational costs have been capitalized by the Funds 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 Fund acquired by the
Manager are redeemed during the period that the Fund is amortizing its
organizational costs, the redemption proceeds payable to the Manager by the Fund
will be reduced by an amount equal to a pro-rata portion of the unamortized
organizational costs.
22
<PAGE>
--------------------------------------------------------------------------------
5. FORWARD FOREIGN CURRENCY CONTRACTS
The Funds enter into forward foreign currency exchange contracts as hedges
against fund positions and anticipated fund positions. Such contracts, which are
designed to protect the value of the Fund's investment securities against a
decline in the value of the hedged currency, do not eliminate fluctuations in
the underlying prices of the securities; they simply establish an exchange rate
at a future date. Also, although such contracts tend to minimize risk of loss
due to a decline in the value of a hedged currency, at the same time they tend
to limit any potential gain that might be realized should the value of such
foreign currency increase.
The following forward foreign currency contracts were outstanding at March
31, 1999:
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
------------------- --------------- ----------- --------------
EMERGING MARKETS EQUITY FUND
-----------------------------------------------------------------
FOREIGN CURRENCY SALES:
4/1/99 GD 200,000,000 $ 661,813 $ (241)
4/5/99 MP 2,500,000 262,674 (207)
4/1/99 TL 10,894,871,153 29,162 (91)
------------ --------------
$ 953,649 $ (539)
------------ --------------
$ (539)
==============
INTERNATIONAL EQUITY FUND
-----------------------------------------------------------------
FOREIGN CURRENCY SALES:
4/5/99 JY 18,301,828 $ 154,537 $ 412
4/1/99 - 4/7/99 UK 119,065 192,722 851
------------ --------------
$ 347,259 $ 1,263
------------ --------------
FOREIGN CURRENCY PURCHASES:
4/6/99 EU 232,194 $ 249,377 $ 878
4/1/99 - 4/5/99 JY 222,613,915 188,885 1,495
4/1/99 - 4/8/99 UK 588,494 953,321 (4,976)
------------ --------------
$ 1,391,583 $ (2,603)
------------ --------------
$ (1,340)
==============
INTERNATIONAL FIXED INCOME FUND
--------------------------------------------------------------------------------
FOREIGN CURRENCY SALES:
5/6/99 AD 37,571,512 $ 23,694,437 $ (135,376)
5/6/99 CD 37,253,216 24,547,913 (159,034)
5/6/99 CH 60,638,802 41,893,506 815,728
4/6/99 - 5/6/99 DK 62,115,475 9,204,337 182,956
5/6/99 EU 314,754,119 345,293,678 5,396,388
1/11/00 HD 18,865,415 2,403,850 (16,655)
5/6/99 JY 18,160,307,177 154,549,910 927,022
5/6/99 NK 39,763,775 21,119,261 (153,360)
5/6/99 SK 229,230,463 28,309,410 458,668
5/6/99 UK 80,170,513 130,296,685 1,208,710
------------ --------------
$781,312,985 $ 8,525,047
------------ ==============
FOREIGN CURRENCY PURCHASES:
5/6/99 AD 25,310,601 $ 15,974,508 $ 78,795
5/6/99 CD 51,151,148 33,684,851 239,433
5/6/99 CH 90,637,748 62,329,868 (930,282)
5/6/99 DK 35,411,398 5,237,533 (94,304)
5/6/99 EU 258,719,114 284,709,276 (5,323,177)
1/11/00 HD 18,865,415 2,395,000 25,505
5/6/99 JY 22,116,549,553 188,650,937 (1,561,139)
5/6/99 NK 25,106,714 13,348,893 82,569
5/6/99 SK 160,033,263 19,772,070 (328,558)
5/6/99 UK 77,527,486 126,284,821 (1,452,564)
------------ --------------
$752,387,757 $ (9,263,722)
------------ --------------
$ (738,675)
==============
CURRENCY LEGEND
AD Australian Dollar JY Japanese Yen
CD Canadian Dollar MP Mexican Peso
CH Swiss Franc NK Norwegian Kroner
DK Danish Kroner SK Swedish Krona
EU Euro Currency UK British Pound Sterling
GD Greek Drachma TL Turkish Lira
HD Hong Kong Dollar
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 March 31, 1999, were as follows:
PURCHASES SALES
(000) (000)
--------- --------
International Equity Fund $518,808 $375,881
Emerging Markets Equity Fund 497,615 133,500
International Fixed Income Fund 612,538 480,846
Emerging Markets Debt Fund 136,186 104,163
23
<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 1999 (UNAUDITED)
The International Fixed Income Fund purchased $216,569,118 and sold
$228,982,061 in U.S. government securities, during the period ended March 31,
1999.
For Federal income tax purposes, the cost of securities owned at March 31,
1999 and the net realized gains or losses on securities sold for the period then
ended was different from the amounts reported for financial reporting purposes
as shown below. The aggregate gross unrealized appreciation and depreciation at
March 31, 1999 for the Funds is as follows:
BOOK
NET UNREALIZED
APPRECIATED DEPRECIATED APPRECIATION/
SECURITIES SECURITIES (DEPRECIATION)
(000) (000) (000)
------------ ----------- --------------
International Equity
Fund $181,869 $(43,685) $138,184
Emerging Markets
Equity Fund 123,298 (43,976) 79,322
International Fixed
Income Fund 14,612 (7,309) 7,303
Emerging Markets Debt
Fund 14,969 (20,990) (6,021)
7. FUTURES CONTRACTS
The International Equity Fund had futures contracts open as of March 31, 1999:
CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED
DESCRIPTION CONTRACTS PRICE MONTH GAIN/(LOSS)
------------------- ----------- --------- ---------- -----------
Australia Ords Index 8 2994 June 1999 $ (3,191)
Australia Ords Index 2 3010 June 1999 (1,307)
Australia Ords Index 4 3019 June 1999 (3,188)
Australia Ords Index 1 3027 June 1999 (922)
Australia Ords Index 2 3020 June 1999 (1,623)
CAC 40 Index 30 3991 June 1999 52,069
CAC 40 Index 3 4008 June 1999 4,634
CAC 40 Index 12 4028 June 1999 15,925
CAC 40 Index 2 4116 June 1999 743
CAC 40 Index 18 4082 June 1999 13,259
CAC 40 Index 3 4130 June 1999 666
CAC 40 Index 1 4140 June 1999 113
CAC 40 Index 6 4130 June 1999 1,328
DAX Index 3 4779 June 1999 7,166
DAX Index 4 5085 June 1999 (23,887)
DAX Index 2 5085 June 1999 (11,971)
DAX Index 4 5048 June 1999 (19,837)
DAX Index 1 4840 June 1999 703
DAX Index 6 4830 June 1999 5,872
DAX Index 1 4891 June 1999 (679)
DAX Index 8 4825 June 1999 8,738
DAX Index 1 4905 June 1999 (1,053)
DAX Index 4 4861 June 1999 524
CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED
DESCRIPTION CONTRACTS PRICE MONTH GAIN/(LOSS)
-------------------- ----------- --------- ---------- -----------
FT-SE 100 Index 7 6325 June 1999 (1,331)
FT-SE 100 Index 20 6228 June 1999 27,676
FT-SE 100 Index 5 6185 June 1999 10,424
FT-SE 100 Index 2 6029 June 1999 9,275
FT-SE 100 Index 12 6060 June 1999 49,562
FT-SE 100 Index 3 6130 June 1999 8,955
FT-SE 100 Index 11 6240 June 1999 13,242
FT-SE 100 Index 6 6235 June 1999 7,708
FT-SE 100 Index 3 6330 June 1999 (755)
FT-SE 100 Index 7 6305 June 1999 1,062
Hang Seng Index 1 10900 April 1999 (65)
Hang Seng Index 2 10845 April 1999 580
Hang Seng Index 1 10860 April 1999 193
Hang Seng Index 2 10790 April 1999 1,290
Hang Seng Index 1 10920 April 1999 (194)
Hang Seng Index 2 10800 April 1999 1,161
Hang Seng Index 1 10770 April 1999 774
Hang Seng Index 1 10850 April 1999 258
IBEX 35 Index 2 10180 April 1999 (10,716)
IBEX 35 Index 4 10155 April 1999 (20,315)
IBEX 35 Index 1 10180 April 1999 (5,342)
IBEX 35 Index 1 9640 April 1999 549
IBEX 35 Index 2 9745 April 1999 (1,194)
IBEX 35 Index 1 9875 April 1999 (2,011)
IBEX 35 Index 4 9670 April 1999 759
IBEX 35 Index 1 9825 April 1999 (1,474)
IBEX 35 Index 2 9690 April 1999 (44)
NIKKEI 225 Index 44 14835 June 1999 170,054
NIKKEI 225 Index 4 15830 June 1999 (1,216)
NIKKEI 225 Index 13 15720 June 1999 2,170
NIKKEI 225 Index 4 15740 June 1999 329
NIKKEI 225 Index 3 16190 June 1999 (5,445)
NIKKEI 225 Index 25 16040 June 1999 (29,774)
NIKKEI 225 Index 1 16010 June 1999 (1,066)
NIKKEI 225 Index 5 16200 June 1999 (9,272)
NIKKEI 225 Index 7 15920 June 1999 (4,876)
NIKKEI 225 Index 5 15930 June 1999 (3,694)
SPI Index 1 37035 June 1999 (2,391)
SPI Index 2 36700 June 1999 (1,115)
SPI Index 1 36700 June 1999 (561)
SPI Index 1 35475 June 1999 6,112
SPI Index 2 35905 June 1999 7,540
SPI Index 1 36205 June 1999 2,168
---------
$ 263,072
=========
24
<PAGE>
--------------------------------------------------------------------------------
8. CONCENTRATION OF RISKS
Each Fund invests in securities of foreign issuers in various countries. These
investments may involve certain considerations and risks not typically
associated with investments in the United States, as a result of, among other
factors, the possibility of future political and economic developments and the
level of governmental supervision and regulation of securities markets in the
respective countries. The International Fixed Income Fund and Emerging Markets
Debt Fund invest in debt securities, the market value of which may change in
response to interest rate changes. Also, the ability of the issuers of debt
securities held by the International Fixed Income Fund and Emerging Markets Debt
Fund to meet its obligations may be affected by economic and political
developments in a specific country, industry or region.
9. LOAN PARTICIPATIONS AND BRADY BONDS
The Emerging Markets Debt Fund (the "Fund") invests in U.S. dollar-denominated
fixed and floating rate loans ("Loans") arranged through private negotiations
between a foreign sovereign entity and one or more financial institutions
("Lenders"). The Fund invests in such Loans in the form of participations in
Loans ("Participations") or assignments of all or a portion of loans from third
parties ("Assignments"). Participations typically result in the Fund having a
contractual relationship only with the Lender, not with the sovereign borrower.
The Fund has the right to receive payments of principal, interest and any fees
to which it is entitled from the Lender selling the Participation and only upon
receipt by the Lender of the payments from the borrower. In connection with
purchasing Participations, the Fund generally has no right to enforce compliance
by the borrower with the terms of the loan agreement relating to the Loan, nor
any rights of set-off against the borrower, and the Fund will not benefit
directly from any collateral supporting the Loan in which it has purchased the
Participation. As a result, the Fund assumes the credit risk of both the
borrower and the Lender that is selling the Participation. The Fund may have
difficulty disposing of Participations and Assignments because the market for
such instruments is not highly liquid.
Certain debt obligations, customarily referred to as "Brady Bonds," are
created through the exchange of existing commercial bank loans to foreign
entities for new obligations in connection with debt restructuring under a plan
introduced by former U.S. Secretary of the Treasury, Nicholas F. Brady. Brady
Bonds have only been issued since 1989, and, accordingly, do not have a long
payment history. They are issued by governments that may have previously
defaulted on the loans being restructured by the Brady Bonds, so are subject to
the risk of default by the issuer. They may be fully or partially collateralized
or uncollateralized and issued in various currencies.
25
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
--------------------
SEI INSTITUTIONAL
INTERNATIONAL TRUST
--------------------
SEMI-ANNUAL REPORT
--------------------
MARCH 31, 1999
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
James M. Storey
George J. Sullivan, Jr.
OFFICERS
Edward D. Loughlin
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Mark E. Nagle
CONTROLLER, CHIEF FINANCIAL OFFICER
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Kathy Heilig
VICE PRESIDENT, ASSISTANT SECRETARY
Joseph M. O'Donnell
VICE PRESIDENT, ASSISTANT SECRETARY
Cynthia M. Parrish
VICE PRESIDENT, ASSISTANT SECRETARY
Lydia A. Gavalis
VICE PRESIDENT, ASSISTANT SECRETARY
Lynda J. Striegel
VICE PRESIDENT, ASSISTANT SECRETARY
James R. Foggo
VICE PRESIDENT, ASSISTANT SECRETARY
Robert Ludwig
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
INVESTMENT ADVISORS
INTERNATIONAL EQUITY FUND
SEI Investments Management Corporation
EMERGING MARKETS EQUITY FUND
SEI Investments Management Corporation
INTERNATIONAL FIXED INCOME FUND
Strategic Fixed Income LLC
EMERGING MARKETS DEBT FUND
SEI Investments Management Corporation
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Investments Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers 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
<PAGE>
[LOGO OMITTED]
SEI
INVESTMENTS
DISTRIBUTION
CO.
OAKS, PA 9456-00
800-DIAL-SEI/800-342-5734
SEI-F-03-08
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>