-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UjiVLHUcbmScAwvGxmrjcmYntpEaHLJuT+oM29t3sIPQTkA8IbMTVJ0pZFEzTQGW 00iXZvbmwK/Micx3ahjCWA== 0000935069-99-000092.txt : 19990624 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 N-30D 1 SEI INSTITUTIONAL INTERNATIONAL TRUST 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] 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 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 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 - -------------------------------------------------------------------------------- - ------------------------------------------------------------ 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 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 - ------------------------------------------------------------ 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 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 - -------------------------------------------------------------------------------- - ------------------------------------------------------------ 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 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 - -------------------------------------------------------------------------------- - ------------------------------------------------------------ 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 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 - -------------------------------------------------------------------------------- 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 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 - -------------------------------------------------------------------------------- - ------------------------------------------------------------ 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 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 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 STATEMENT OF OPERATIONS (000) - -------------------------------------------------------------------------------- SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH 31, 1999 (UNAUDITED)
------------- ----------- ------------- ---------- EMERGING INTERNATIONAL EMERGING INTERNATIONAL MARKETS FIXED MARKETS EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND ------------- ----------- ------------- ---------- INVESTMENT INCOME: 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 ========= ========= ======== ========
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 16 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
------------------------------------- -------------------------------- INTERNATIONAL EMERGING MARKETS EQUITY FUND EQUITY FUND ------------------------------------- --------------------------------- 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 ========== ========= ======== ========= ========= ========
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. THE ACCOMPANYING NOTES ARE N INTEGRAL PART OF THE FINANCIAL STATEMENTS. 17 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
------------------------------------- -------------------------------- INTERNATIONAL EMERGING MARKETS FIXED INCOME FUND DEBT FUND (1) -------------------------------------- --------------------------------- 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 ========== ========= ======== ========= ========= ========
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 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
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: 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%*
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: 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%
(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 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 - -------------------------------------------------------------------------------- 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 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 - -------------------------------------------------------------------------------- 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 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 - -------------------------------------------------------------------------------- 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 NOTES NOTES NOTES - -------------------- 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 [LOGO OMITTED] SEI INVESTMENTS DISTRIBUTION CO. OAKS, PA 9456-00 800-DIAL-SEI/800-342-5734 SEI-F-03-08 -----END PRIVACY-ENHANCED MESSAGE-----