-----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, CQRMUVPLqBo/F2vbKbDmdolySit9pUXZF2PkSDXVz6eTxf6owyQlmYZ7+vKks9S5 CuNxtv+VHaMBeD6W0VXRww== 0001047469-97-006085.txt : 19971126 0001047469-97-006085.hdr.sgml : 19971126 ACCESSION NUMBER: 0001047469-97-006085 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19971125 EFFECTIVENESS DATE: 19971125 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: SEC FILE NUMBER: 033-22821 FILM NUMBER: 97728350 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: SEC FILE NUMBER: 811-05601 FILM NUMBER: 97728351 BUSINESS ADDRESS: STREET 1: 2 OLIVER ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 2: 530 E SWEDESFORD RD CITY: WAYNE STATE: PA ZIP: 19087-1693 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 485BPOS 1 485BPOS AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 25, 1997 FILE NO. 33-22821 FILE NO. 811-5601 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / / POST-EFFECTIVE AMENDMENT NO. 24 /X/ AND REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 / / AMENDMENT NO. 25 /X/ ------------------------ SEI INTERNATIONAL TRUST (Exact name of registrant as specified in charter) C/O CT CORPORATION 2 Oliver Street Boston, Massachusetts 02109 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including Area Code (800) 342-5734 DAVID G. LEE c/o SEI Investments Company Oaks, Pennsylvania 19456 (Name and Address of Agent for Service) COPIES TO: Richard W. Grant, Esquire John H. Grady, Jr. Morgan, Lewis & Bockius LLP Morgan, Lewis & Bockius LLP 2000 One Logan Square 1800 M Street, N.W. Philadelphia, PA 19103 Washington, D.C. 20036
------------------------ Title of Securities Being Registered . . . . . . . . . . . . . . Units of Beneficial Interest It is proposed that this filing become effective (check appropriate box) /X/ immediately upon filing pursuant to paragraph (b) / / on [date] pursuant to paragraph (b) / / 60 days after filing pursuant to paragraph (b) / / 75 days after filing pursuant to paragraph (a) / / on [date] pursuant to paragraph (a) of Rule 485.
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SEI INTERNATIONAL TRUST CROSS REFERENCE SHEET
N-1A ITEM NO. LOCATION - -------------------------------------------------------------- ------------------------------------------------- PART A--INTERNATIONAL EQUITY, EMERGING MARKETS EQUITY, INTERNATIONAL FIXED INCOME AND EMERGING MARKETS DEBT PORTFOLIOS PORTFOLIOS--CLASS A Item 1. Cover page....................................... Cover Page Item 2. Synopsis......................................... Annual Operating Expenses Item 3. Condensed Financial Information.................. Financial Highlights; Performance Item 4. General Description of Registrant................ The Trust; Investment Objectives and Policies; Investment Policies and Risk Factors; Description of Permitted Investments and Risk Factors; Investment Limitations Item 5. Management of the Fund........................... General Information--Trustees of the Trust; The Manager; The Advisers; The Sub-Advisers Item 5A. Management's Discussion of Fund Performance...... ** Item 6. Capital Stock and Other Securities............... General Information--Voting Rights, Shareholder Inquiries; Dividends; Taxes Item 7. Purchase of Securities Being Offered............. Purchase and Redemption of Shares; Distribution and Shareholder Servicing Item 8. Redemption or Repurchase......................... Purchase and Redemption of Shares Item 9. Pending Legal Proceedings........................ * PART A--INTERNATIONAL EQUITY PORTFOLIO--CLASS D Item 1. Cover page....................................... Cover Page Item 2. Synopsis......................................... Shareholder Transaction Expenses; Annual Operating Expenses Item 3. Condensed Financial Information.................. Financial Highlights Item 4. General Description of Registrant................ The Trust; Investment Objective; Investment Policies; Description of Permitted Investments and Risk Factors; Investment Limitations Item 5. Management of the Fund........................... General Information--Trustees of the Trust, The Manager; The Adviser; The Sub-Advisers Item 5A. Management's Discussion of Fund Performance...... ** Item 6. Capital Stock and Other Securities............... General Information--Voting Rights, Shareholder Inquiries; Dividends; Taxes Item 7. Purchase of Securities Being Offered............. Purchase of Shares; Distribution Item 8. Redemption or Repurchase......................... Redemption of Shares Item 9. Pending Legal Proceedings........................ *
(i)
N-1A ITEM NO. LOCATION - -------------------------------------------------------------- ------------------------------------------------- PART B--ALL PORTFOLIOS Item 10. Cover Page....................................... Cover Page Item 11. Table of Contents................................ Table of Contents Item 12. General Information and History.................. The Trust Item 13. Investment Objectives and Policies............... Description of Permitted Investments; Investment Limitations Item 14. Management of the Registrant..................... Trustees and Officers of the Trust; The Manager; The Advisers and Sub-Advisers Item 15. Control Persons and Principal Holders of Securities..................................... 5% Shareholders; Trustees and Officers of the Trust Item 16. Investment Advisory and Other Services........... The Advisers; The Manager; Distribution and Shareholder Servicing; Experts Item 17. Brokerage Allocation............................. Portfolio Transactions Item 18. Capital Stock and Other Securities............... Description of Shares Item 19. Purchase, Redemption, and Pricing of Securities Being Offered.................................. Purchase and Redemption of Shares (Prospectus) Item 20. Tax Status....................................... Taxes (Prospectus); Tax Item 21. Underwriters..................................... Distribution and Shareholder Servicing Item 22. Calculation of Performance Data.................. Performance Item 23. Financial Statements............................. Financial Statements
PART C Information required to be included in Part C is set forth under the appropriate Item, so numbered, in Part C of this Registration Statement. - ------------------------ * Not Applicable ** Information required by Item 5A is contained in the Annual Report for the fiscal year ending February 28, 1997. (ii) SEI INTERNATIONAL TRUST EMERGING MARKETS DEBT PORTFOLIO SUPPLEMENT DATED NOVEMBER 25, 1997 TO THE PROSPECTUS DATED JUNE 30, 1997 THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS. Salomon Brothers Asset Management Inc. ("SBAM") currently serves as Sub-Adviser for the Emerging Markets Debt Portfolio (the "Portfolio") of SEI International Trust (the "Trust"). Effective November 26, 1997, Salomon Inc. ("Salomon"), the ultimate parent company of SBAM, will be acquired by Travelers Group Inc. ("Travelers"). On September 24, 1997, Travelers and Salomon announced their agreement to merge Salomon with and into Smith Barney Holdings Inc., a subsidiary of Travelers, to form a new company expected to be called Salomon Smith Barney Holdings Inc. (the "Transaction"). Upon consummation of the Transaction, Travelers will become the ultimate parent of SBAM, which will continue to serve as the investment sub-adviser to the Portfolio. Travelers is a diversified financial services company engaged in investment services, asset management, consumer finance and life and property casualty insurance services. The Transaction is expected to be completed by the end of November, 1997, subject to a number of conditions, including the receipt of U.S. and foreign regulatory approvals and the approval of Salomon's stockholders. The Transaction is deemed an "assignment," as defined in the Investment Company Act of 1940, of the Sub-Advisory Agreement between SEI Investments Management Corporation ("SIMC") and SBAM relating to the Portfolio, which will result in the termination of the Agreement. Accordingly, at a Board of Trustees Meeting to be held on December 1-2, 1997, the Board will be asked to approve a new sub-advisory agreement between SIMC and SBAM that is identical in all material respects to the existing agreement. This Prospectus is hereby amended to reflect this change in SBAM's ownership. --------------------- The Prospectus dated June 30, 1997 is hereby amended by the addition of the following unaudited financial information for the Emerging Markets Debt Portfolio (the "Portfolio") for the period ended October 31, 1997. FINANCIAL HIGHLIGHTS _______________________________________________________________ SEI INTERNATIONAL TRUST -- FOR THE PERIOD ENDED OCTOBER 31, 1997 (UNAUDITED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
NET ASSET NET DISTRIBUTIONS VALUE INVESTMENT NET REALIZED AND FROM NET DISTRIBUTIONS BEGINNING INCOME/ UNREALIZED INVESTMENT FROM REALIZED RETURN OF OF PERIOD (LOSS) GAINS/(LOSSES) INCOME (2) CAPITAL GAINS CAPITAL - ------------------------------------------------------------------------------------------------------------------ - ------------------------ EMERGING MARKETS DEBT - ------------------------ CLASS A 1997(1)* $ 10.00 $ 0.14 $(0.67) $ -- $ -- $ -- RATIO OF NET RATIO OF INVESTMENT NET RATIO OF INCOME/ NET INVESTMENT EXPENSES (LOSS) TO ASSET RATIO OF INCOME/ TO AVERAGE AVERAGE VALUE NET ASSETS EXPENSES (LOSS) TO NET ASSETS NET ASSETS END OF TOTAL END OF TO AVERAGE AVERAGE (EXCLUDING (EXCLUDING PERIOD RETURN PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) - ------------------------------ ------------------------------------------------------------------------------------------ - ------------------------ EMERGING MARKETS DEBT - ------------------------ CLASS A 1997(1)* $ 9.47 (5.30)% $ 88,550 1.35% 6.94% 2.08% 6.21% PORTFOLIO AVERAGE TURNOVER COMMISSION RATE RATE+ - ------------------------------ - ------------------------ EMERGING MARKETS DEBT - ------------------------ CLASS A 1997(1)* 95% n/a
* FOR THE PERIOD ENDED OCTOBER 31, 1997 (UNAUDITED). ALL RATIOS, EXCLUDING TOTAL RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED. (1) EMERGING MARKETS DEBT PORTFOLIO CLASS A SHARES WERE OFFERED BEGINNING JUNE 29, 1997. ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (2) DISTRIBUTIONS FROM NET INVESTMENT INCOME INCLUDE DISTRIBUTIONS OF CERTAIN FOREIGN CURRENCY GAINS AND LOSSES. + AVERAGE COMMISSION RATE PAID PER SHARE FOR SECURITY PURCHASES AND SALES DURING THE PERIOD. PRESENTATION OF THE RATE IS ONLY REQUIRED FOR EQUITY FUNDS FOR FISCAL YEARS BEGINNING AFTER SEPTEMBER 1, 1995. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE SEI-A-095-01 SEI INTERNATIONAL TRUST EMERGING MARKETS DEBT PORTFOLIO SUPPLEMENT DATED NOVEMBER 25, 1997 TO THE STATEMENT OF ADDITIONAL INFORMATION DATED JUNE 30, 1997 The Statement of Additional Information for the Trust is hereby amended and supplemented by the following unaudited financial statements for the Emerging Markets Debt Portfolio for the period from June 29, 1997 (commencement of operations) through October 31, 1997, along with the notes to the financial statements for the Portfolio. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE S-1 STATEMENT OF NET ASSETS SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) EMERGING MARKETS DEBT PORTFOLIO
FACE AMOUNT MARKET VALUE DESCRIPTION (000)(1) (000) - ----------------------------------------------------------------------------------------------------------------- FOREIGN BONDS 78.8% ALGERIA--2.9% Republic of Algeria FRN 7.250%, 09/04/06................................................................. 3,250 $ 2,567 ------------ ARGENTINA--15.7% Government of Argentina 8.375%, 12/20/03................................................................. 900 795 11.000%, 10/09/06................................................................ 750 736 11.375%, 01/30/17................................................................ 1,750 1,680 5.500%, 03/31/23................................................................. 3,750 2,643 Government of Argentina FRN 6.750%, 03/31/05................................................................. 8,640 7,279 6.875%, 03/31/23................................................................. 1,000 782 ------------ 13,915 ------------ BRAZIL--8.6% Government of Brazil 8.000%, 04/15/14................................................................. 7,395 5,168 Government of Brazil FRN 6.813%, 01/01/01................................................................. 588 542 6.750%, 04/15/12................................................................. 2,500 1,875 ------------ 7,585 ------------ BULGARIA--2.4% Government of Bulgaria FLIRB 2.281%, 07/28/12................................................................. 3,950 2,094 ------------ ECUADOR--4.2% Government of Ecuador PDI 6.688%, 02/27/15................................................................. 6,211 3,704 ------------ IVORY COAST--0.9% Ivory Coast When Issued FRB........................................................ 2,500 775 ------------ MEXICO--16.0% Government of Mexico 11.500%, 05/15/26................................................................ 1,000 1,080 Government of Mexico FRN, Series A (including 500,000 rights) 6.250%, 12/31/19................................................................. 500 395 Government of Mexico FRN, Series B (including 800,000 rights) 6.836%, 12/31/19................................................................. 800 712 Government of Mexico FRN, Series W-A, with recovery rights
S-2 STATEMENT OF NET ASSETS (CONTINUED) SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) EMERGING MARKETS DEBT PORTFOLIO
FACE AMOUNT MARKET VALUE DESCRIPTION (000)(1) (000) - ----------------------------------------------------------------------------------------------------------------- 6.250%, 12/31/19................................................................. 3,000 2,320 Government of Mexico FRN, Series W-B, with recovery rights 6.250%, 12/31/19................................................................. 7,000 $ 5,674 Government of Mexico, Series B (including 384,000 rights) 6.250%, 12/31/19................................................................. 250 198 United Mexican States 11.375%, 09/15/16................................................................ 3,500 3,780 ------------ 14,159 ------------ PANAMA--8.0% Government of Panama 8.875%, 09/30/27................................................................. 2,550 2,215 Government of Panama IRB 3.750%, 07/17/14................................................................. 4,750 3,356 Government of Panama PDI 6.688%, 07/17/16................................................................. 2,070 1,541 ------------ 7,112 ------------ PERU--4.8% Republic of Peru FLIRB 3.250%, 03/07/17................................................................. 4,250 2,131 Republic of Peru PDI 4.000%, 03/07/17................................................................. 3,750 2,119 ------------ 4,250 ------------ PHILIPPINES--1.3% Government of Philippines 8.750%, 10/07/16................................................................. 500 425 Government of Phillppines Treasury Bill 5.329%, 08/14/98................................................................. 800 768 ------------ 1,193 ------------ POLAND--3.4% Government of Poland 12.000%, 06/12/02................................................................ PZL 6,500 1,354 Government of Poland 12.000%, 02/12/02................................................................ PZL 8,000 1,676 ------------ 3,030 ------------
S-3 STATEMENT OF NET ASSETS (CONTINUED) SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) EMERGING MARKETS DEBT PORTFOLIO
FACE AMOUNT MARKET VALUE DESCRIPTION (000)(1) (000) - ----------------------------------------------------------------------------------------------------------------- VENEZUELA--10.6% Government of Venezuela 9.250%, 09/15/27................................................................. 3,000 $ 2,414 Government of Venezuela FRN 6.750%, 12/18/07................................................................. 8,000 6,934 ------------ 9,348 ------------ Total Foreign Bonds (Cost $75,672)................................................... 69,732 ------------ LOAN PARTICIPATIONS--19.2% MOROCCO--8.2% Morocco R&C Loan FRN (Participation: Chase Securities)(3)............................................. 2,400 1,875 (Participation: ING)(3).......................................................... 1,700 1,328 (Participation: J.P. Morgan)(3) 6.594%, 01/01/09................................................................. 5,265 4,113 ------------ RUSSIA--11.0% Russian IAN When Issued(2) (Participation: Bank of America)(3).............................................. 14,500 9,715 ------------ Total Loan Participations (Cost $19,683)............................................. 17,031 ------------ CURRENCY OPTIONS--0.0% Brazil Real Call Strike 103.2, 11/05/97............................................ 5,000,000 -- Brazil Real Call Strike 103.36, 11/06/97........................................... 5,000,000 -- ------------ Total Currency Options (Cost $117)................................................... -- ------------ REPURCHASE AGREEMENTS--32.4% State Street Bank Repo 5.55%, dated 10/31/97, matured 11/03/97, repurchase price $28,715,275 (collaterized by U.S. Treasury Note, par value $28,925,000, 5.85%, 08/31/99, market value $29,278,810)........................................................ 28,702 28,702 ------------ Total Repurchase Agreements (Cost $28,702)........................................... 28,702 ------------ Total Investments--130.4% (Cost $124,174)............................................ 115,465 ------------
S-4 STATEMENT OF NET ASSETS (CONTINUED) SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) EMERGING MARKETS DEBT PORTFOLIO
MARKET VALUE DESCRIPTION (000) - ----------------------------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES--(30.4%) Investment Securities Sold....................................................................... $ 17,825 Investment Securities Purchased.................................................................. (47,651) Capital Shares Sold.............................................................................. 2,145 Other Assets and Liabilities..................................................................... 766 ------------ Other Assets and Liabilities, Net.................................................................. (26,915) ------------ NET ASSETS: Portfolio Shares of Class A (unlimited authorization--no par value) based on 9,349,498 outstanding shares of beneficial interest......................................................................................... 96,881 Undistributed net investment income................................................................ 1,259 Accumulated net realized loss on investments....................................................... (888) Net unrealized appreciation on forward foreign currency contracts, foreign currency and translation of other assets and liabilities in foreign currency.............................................. 7 Net unrealized depreciation on investments......................................................... (8,709) ------------ Total Net Assets--100.0%........................................................................... $ 88,550 ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE--CLASS A.................................. $ 9.47 ------------ ------------
- ------------------------ FLIRB--FRONT LOADED INTEREST REDUCTION BOND FRB--FLOATING RATE BOND FRN--FLOATING RATE NOTE IAN--INTEREST ARREARS NOTE IRB--INTEREST RATE BOND PDI--PAST DUE INTEREST PZL--POLISH ZLOTY (1) IN U.S. DOLLARS UNLESS OTHERWISE INDICATED. (2) NON-INCOME PRODUCING SECURITY. SECURITY IS IN DEFAULT. (3) PARTICIPATIONS WERE ACQUIRED THROUGH FINANCIAL INSTITUTIONS INDICATED PARENTHETICALLY. SEE NOTE 8. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. The accompanying notes are an integral part of the financial statements. S-5 STATEMENT OF OPERATIONS SEI INTERNATIONAL TRUST--FOR THE PERIOD ENDED OCTOBER 31, 1997 (UNAUDITED)
EMERGING MARKETS DEBT (000)(1) - ------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Interest.......................................................................................... $ 1,538 Less: Foreign Taxes Withheld...................................................................... -- ------------- Total Investment Income........................................................................... 1,538 ------------- EXPENSES: Management fees................................................................................... 121 Less: management fees waived...................................................................... (46) Investment advisory fees.......................................................................... 158 Less: investment advisory fees waived............................................................. (43) Custodian/wire agent fees......................................................................... 39 Shareholder servicing fees........................................................................ 46 Less: shareholder servicing fees waived........................................................... (46) Professional fees................................................................................. 2 Registration & filing fees........................................................................ 7 Printing fees..................................................................................... 1 Trustee fees...................................................................................... 1 Pricing fees...................................................................................... 40 Amortization of deferred organization costs....................................................... 5 Miscellaneous fees................................................................................ 1 ------------- Total Expenses.................................................................................... 250 ------------- NET INVESTMENT INCOME............................................................................... 1,288 ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized loss from security transactions...................................................... (888) Net realized loss on forward foreign currency contracts and foreign currency transactions......... (29) Net change in unrealized appreciation on forward foreign currency contracts, futures contracts, foreign currencies, and translation of other assets and liabilities in foreign currency......... 7 Net change in unrealized depreciation on investments.............................................. (8,709) ------------- NET DECREASE IN NET ASSETS FROM OPERATIONS.......................................................... $ (8,331) ------------- -------------
- ------------------------ (1) EMERGING MARKETS DEBT PORTFOLIO COMMENCED OPERATIONS ON JUNE 29, 1997. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. The accompanying notes are an integral part of the financial statements. S-6 STATEMENT OF CHANGES IN NET ASSETS SEI INTERNATIONAL TRUST--FOR THE PERIOD ENDED OCTOBER 31, 1997 (UNAUDITED)
EMERGING MARKETS DEBT (000)(1) - --------------------------------------------------------------------------------------------- 1997 ----------- OPERATIONS: Net investment income......................................................... $ 1,288 Net realized loss from investment transactions................................ (888) Net realized loss on forward foreign currency contracts and foreign currency transactions................................................................ (29) Net change in unrealized appreciation on forward foreign currency contracts, futures contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies............................... 7 Net change in unrealized depreciation on investments.......................... (8,709) ----------- Net decrease in net assets from operations.................................... (8,331) ----------- CAPITAL SHARE TRANSACTIONS(1): Class A: Proceeds from shares issued................................................. 97,967 Cost of shares redeemed..................................................... (1,086) ----------- Increase in net assets from Class A transactions............................ 96,881 ----------- INCREASE IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS.................. 47,941 ----------- Net increase in net assets................................................ 88,550 NET ASSETS: Beginning of period........................................................... -- ----------- End of period................................................................. $ 88,550 ----------- ----------- 1. CAPITAL SHARE TRANSACTIONS: Class A: Shares issued............................................................... 9,454 Shares redeemed............................................................. (105) ----------- Total Class A transactions.................................................. 9,349 ----------- Net increase in capital shares............................................ 9,349 ----------- -----------
- ------------------------ (1) EMERGING MARKETS DEBT PORTFOLIO COMMENCED OPERATIONS ON JUNE 29, 1997. The accompanying notes are an integral part of the financial statements. S-7 FINANCIAL HIGHLIGHTS SEI INTERNATIONAL TRUST--FOR THE PERIOD ENDED OCTOBER 31, 1997 (UNAUDITED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
NET REALIZED NET ASSET NET AND DISTRIBUTIONS NET ASSET VALUE INVESTMENT UNREALIZED FROM NET DISTRIBUTIONS VALUE BEGINNING INCOME/ GAINS/ INVESTMENT FROM REALIZED RETURN END OF OF PERIOD (LOSS) (LOSSES) INCOME(2) CAPITAL GAINS OF CAPITAL PERIOD - ------------------------------------------------------------------------------------------------------------------------------ EMERGING MARKETS DEBT CLASS A 1997(1)* $ 10.00 $ 0.14 $ (0.67) $ -- $ -- $ -- $ 9.47 RATIO OF RATIO OF NET INVESTMENT TO AVERAGE TO AVERAGE NET ASSETS EXPENSES INCOME/(LOSS) NET ASSETS NET ASSETS END OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TOTAL RETURN PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) - -------------------------- EMERGING MARKETS DEBT CLASS A 1997(1)* (5.30)% $ 88,550 1.35% 6.94% 2.08% 6.21% PORTFOLIO AVERAGE TURNOVER COMMISSION RATE RATE+ - -------------------------- EMERGING MARKETS DEBT CLASS A 1997(1)* 180% n/a
- ---------------------------------- * FOR THE PERIOD ENDED OCTOBER 31, 1997 (UNAUDITED). ALL RATIOS, EXCLUDING TOTAL RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED. (1) EMERGING MARKETS DEBT PORTFOLIO CLASS A SHARES WERE OFFERED BEGINNING JUNE 29, 1997. ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (2) DISTRIBUTIONS FROM NET INVESTMENT INCOME INCLUDE DISTRIBUTIONS OF CERTAIN FOREIGN CURRENCY GAINS AND LOSSES. + AVERAGE COMMISSION RATE PAID PER SHARE FOR SECURITY PURCHASES AND SALES DURING THE PERIOD. PRESENTATION OF THE RATE IS ONLY REQUIRED FOR EQUITY FUNDS FOR FISCAL YEARS BEGINNING AFTER SEPTEMBER 1, 1995. AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0. The accompanying notes are an integral part of the financial statements. S-8 NOTES TO FINANCIAL STATEMENTS SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) 1. ORGANIZATION SEI International Trust, (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four portfolios: the International Equity Portfolio, the Emerging Markets Equity Portfolio, the International Fixed Income Portfolio and the Emerging Markets Debt Portfolio (together the "Portfolios"). The Trust's prospectuses provide a description of each Fund's investment objectives, policies, and strategies. The Trust is registered to offer Class A shares of each of the Portfolios and Class D shares of the International Equity Portfolio. These financial statements relate only to the Emerging Markets Debt Portfolio. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of the financial statements. The policies are in conformity with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION--Investment securities that are listed on a securities exchange for which market quotations are readily available are valued by an independent pricing service at the last quoted sales price for such securities, or if there is no such reported sale on the valuation date, at the most recent quoted bid price. Unlisted securities for which market quotations are readily available are valued at the most recent quoted bid price. Debt obligations with sixty days or less remaining until maturity may be valued at amortized cost, which approximates market value. FEDERAL INCOME TAXES--It is the intention of each Portfolio to continue to qualify as a regulated investment company and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes is required in the financial statements. The Portfolios may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Portfolios accrue such taxes when the related income is earned. REPURCHASE AGREEMENTS--Securities pledged as collateral for repurchase agreements are held by the custodian bank until maturity of the repurchase agreements. Provisions of the repurchase agreements and procedures adopted by the Trust require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Portfolios may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker's custodian bank until maturity of the repurchase agreement. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty of the Portfolio. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed or limited. S-9 NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) FOREIGN CURRENCY TRANSLATION--The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (I) market value of investment securities, other assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. For foreign equity securities, the Portfolios do not isolate that portion of gains and losses on investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of such securities. The Portfolios do isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations for Federal income tax purposes. The Portfolios report gains and losses on foreign currency-related transactions as realized and unrealized gains and losses for financial reporting purposes, whereas such gains and losses are treated as ordinary income or loss for Federal income tax purposes. FORWARD FOREIGN CURRENCY CONTRACTS--The Portfolios may enter into forward foreign currency contracts as hedges against either specific transactions, portfolio positions or anticipated portfolio positions. The aggregate principal amounts of the contracts are not recorded as the Portfolios do not intend to hold the contracts to maturity. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Portfolios realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. CLASSES--Class-specific expenses, such as Shareholder Servicing for Class A and 12b-1 and Transfer Agent for Class D, are borne by that class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets. EXPENSES--Expenses that are directly related to one of the Portfolios are charged directly to that Portfolio. Other operating expenses of the Portfolios are prorated to the Portfolios on the basis of relative net assets. DISTRIBUTIONS--Distributions from net investment income and net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under generally accepted accounting principles. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid in capital in the period that the difference arises. OTHER--Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of investment securities are those of the specific securities sold. Purchase discounts and premiums on securities held by the Portfolios are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. Dividend income is recognized on the ex-dividend date and interest income is recognized using the accrual method. 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS SEI Fund Management (the "Manager") and the Trust are parties to a management agreement dated August 30, 1988, under which the Manager provides management, administrative and shareholder services S-10 NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) to the Portfolio for an annual fee equal to .65% of the average daily net assets of the Emerging Markets Debt Portfolio. The Manager has voluntarily agreed to waive all or a portion of its fees and, if necessary, reimburse other operating expenses in order to limit the operating expenses of each Portfolio. SEI Investments Management Corporation ("SIMC") acts as the investment adviser for the Emerging Markets Debt Portfolio. Under the Investment Advisory Agreement, SIMC receives an annual fee of .85% of the average daily net assets of the Emerging Markets Debt Portfolio. Pursuant to Sub-Advisory Agreements with SIMC, Salomon Brothers Asset Management, Inc. serves as the Sub-Adviser to the Emerging Markets Debt Portfolio. SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments and a registered broker-dealer, serves as each Portfolio's distributor pursuant to a distribution agreement with the Trust. Effective April 15, 1996, the Trust adopted a shareholder servicing plan ("the Class A Plan") pursuant to which a shareholder servicing fee of up to .25% of the average daily net assets attributable to the Class A shares are paid to the Distributor. Under the Class A Plan, the Distributor may perform, or may compensate other service providers for performing certain shareholder and administrative services. Certain Officers and/or Trustees of the Trust are also Officers and/or Directors of the Manager. Compensation of Officers and affiliated Trustees is paid by the Manager. 4. ORGANIZATIONAL COSTS Organizational costs have been capitalized by the Portfolios and are being amortized using the straight line method over sixty months beginning with the commencement of operations. In the event any of the initial shares of a Portfolio acquired by the Manager are redeemed during the period that the Portfolio is amortizing its organizational costs, the redemption proceeds payable to the Manager by the Portfolio will be reduced by an amount equal to a pro-rata portion of the unamortized organizational costs. 5. FORWARD FOREIGN CURRENCY CONTRACTS The Portfolios enter into forward foreign currency exchange contracts as hedges against portfolio positions and anticipated portfolio positions. Such contracts, which are designed to protect the value of the Portfolio's investment securities against a decline in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities; they simply establish an exchange rate at a future date. Also, although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of such foreign currency increase. The following forward foreign currency contracts were outstanding at October 31, 1997:
IN UNREALIZED CONTRACTS TO EXCHANGE APPRECIATION MATURITY DATES DELIVER/RECEIVE FOR (DEPRECIATION) - ---------------------------------------------- -------------- ---------- ------------- EMERGING MARKETS DEBT PORTFOLIO: FOREIGN CURRENCY SALES: 11/21/97................................... DM 1,352,000 $ 767,746 $ (18,118) ------------- -------------
- ------------------------ CURRENCY LEGEND DM German Mark S-11 NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEI INTERNATIONAL TRUST--OCTOBER 31, 1997 (UNAUDITED) 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 October 31, 1997, were as follows:
PURCHASES SALES (000) (000) ---------- ---------- Emerging Markets Debt Portfolio................................... $ 196,204 $ 100,689
The Emerging Markets Debt Portfolio purchased $7,018,757 and sold $7,031,457 in U.S. government securities, during the period ended October 31, 1997. For Federal income tax purposes, the cost of securities owned at October 31, 1997 and the net realized gains or losses on securities sold for the period then ended was not materially different from the amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation at October 31, 1997 for the Portfolios is as follows:
APPRECIATED DEPRECIATED NET UNREALIZED SECURITIES SECURITIES DEPRECIATION (000) (000) (000) ------------- ----------- -------------- Emerging Markets Debt Portfolio................ $ 252 $ (8,961) $ (8,709)
7. CONCENTRATION OF RISKS Each Portfolio invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The Emerging Markets Debt Portfolio invests in debt securities, the market value of which may change in response to interest rate changes. Also, the ability of the issuers of debt securities held by the Emerging Markets Debt Portfolio to meet its obligations may be affected by economic and political developments in a specific country, industry or region. 8. LOAN PARTICIPATIONS/ASSIGNMENTS The Emerging Markets Debt Portfolio (the "Portfolio") invests in U.S. dollar-denominated fixed and floating rate loans ("Loans") arranged through private negotiations between a foreign sovereign entity and one or more financial institutions ("Lenders"). The Portfolio invests in such Loans in the form of participations in Loans ("Participations") or assignments of all or a portion of loans from third parties ("Assignments"). Participations typically result in the Portfolio having a contractual relationship only with the Lender, not with the sovereign borrower. The Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Portfolio generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Portfolio will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. The Portfolio may have difficulty disposing of Participations and Assign-ments because the market for such instruments is not highly liquid. S-12 PART C: OTHER INFORMATION Item 24. FINANCIAL STATEMENTS AND EXHIBITS: (a) Financial Statements: Part A--Financial Highlights Part B-- (i) Financial Highlights for the Emerging Markets Debt Portfolio are included in Part A as a prospectus supplement. (ii) The Registrant's unaudited Financial Statements for the Emerging Markets Debt Portfolio are filed herewith. The Financial Statements include: Statement of Net Assets Statement of Operations Statement of Changes in Net Assets Financial Highlights Notes to Financial Statements
(b) Additional Exhibits: (1) Agreement and Declaration of Trust dated June 28, 1988 as originally filed with Registrant's Registration Statement on Form N-1A (File No. 33-22821) filed with the Securities and Exchange Commission ("SEC") on June 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (2) By-Laws as originally filed with Registrant's Registration Statement on Form N-1A (File No. 33-22821) filed with the SEC on June 30, 1988, are incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. (2)(a) Amended By-Laws are incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (3) Not Applicable (4) Not Applicable (5)(a) Investment Advisory Agreement between Registrant and Brinson Partners, Inc. dated June 5, 1991 as originally filed as Exhibit (5)(b) to Post-Effective Amendment No. 6 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on May 16, 1991, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. (5)(b) Investment Advisory Agreement between Registrant and Strategic Fixed Income L.P. dated June 15, 1993 as originally filed as Exhibit (5)(c) to Post-Effective Amendment No. 9 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on March 31, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (5)(c) Investment Advisory Agreement between Registrant and Morgan Grenfell Investment Services Ltd. dated April 25, 1994 as originally filed as Exhibit (5)(e) to Post-Effective Amendment No. 16 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on May 2, 1994, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997.
(5)(d) Investment Advisory Agreement between Registrant and Schroder Capital Management International Limited dated April 25, 1994 as originally filed as Exhibit (5)(f) to Post-Effective Amendment No. 16 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on May 2, 1994, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. (5)(e) Investment Advisory Agreement between Registrant and SEI Financial Management Corporation dated December 16, 1994 incorporated herein by reference as Exhibit (5)(g) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. (5)(f) Investment Advisory Agreement between Registrant and Strategic Fixed Income L.P. dated April 25, 1994, as previously filed as Exhibit (5)(h) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. (5)(g) Investment Sub-Advisory Agreement between Registrant and Morgan Grenfell Investment Services Ltd. dated March 25, 1996, previously filed as Exhibit (5)(i) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. (5)(h) Investment Sub-Advisory Agreement between Registrant and Schroder Capital Management International Limited dated December 14, 1995 previously filed as Exhibit (5)(j) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. (5)(i) Investment Sub-Advisory Agreement between Registrant and Montgomery Asset Management L.P. dated December 21, 1994 incorporated herein by reference as Exhibit (5)(k) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. (5)(j) Investment Sub-Advisory Agreement between Registrant and Acadian Asset Management, Inc. dated December 16, 1994 incorporated herein by reference as Exhibit (5)(l) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. (5)(k) Investment Sub-Advisory Agreement between Registrant and WorldInvest Limited dated December 16, 1994 incorporated herein by reference as Exhibit (5)(m) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. (5)(l) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Schroder Capital Management International Limited incorporated herein by reference as Exhibit (5)(n) to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 25, 1996. (5)(m) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Morgan Grenfell Investment Services Limited incorporated herein by reference as Exhibit (5)(o) to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 25, 1996.
2 (5)(n) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Coronation Asset Management (Proprietary) Limited dated September 30, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(o) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Parametric Portfolio Associates dated September 11, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(p) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Farrell Wako Global Investment Management, Inc. dated June 14, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(q) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Lazard London International Investment Management Limited dated December 30, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(r) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Seligman Henderson Co. dated June 14, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(s) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Yamaichi Capital Management/Yamaichi Capital Management (Singapore) Limited dated June 14, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(t) Investment Advisory Agreement between Registrant and Acadian Asset Management, Inc. dated November 7, 1994 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (5)(u) Investment Advisory Agreement between Registrant and World Invest Limited dated November 7, 1994 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (6) Distribution Agreement between Registrant and SEI Financial Services Company as originally filed with Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on August 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (7) Not Applicable (8)(a) Custodian Agreement between Registrant and State Street Bank and Trust Company as originally filed as Exhibit (8) to Post-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on September 16, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997.
3 (8)(b) Custodian Agreement between Registrant and The Chase Manhattan Bank, N.A. as originally filed as Exhibit (8)(c) to Post-Effective Amendment No. 9 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on March 31, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (9)(a) Management Agreement between Registrant and SEI Financial Management Company as originally filed as Exhibit (5)(a) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on August 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (9)(b) Schedule C to Management Agreement between Registrant and SEI Financial Management Company adding the International Fixed Income Portfolio as originally filed as Exhibit (5)(d) to Post-Effective Amendment No. 10 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 28, 1993, is incorporated herein by reference to Post-Effective Amendment No. 22 filed with the SEC on April 8, 1997. (9)(c) Consent to Assignment and Assumption Agreement between SFM and SEI Fund Management dated May 31, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (10) Opinion and Consent of Counsel as originally filed with Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on August 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 22 filed with the SEC on April 8, 1997. (11) Not Applicable (12) Not Applicable (13) Not Applicable (14) Not Applicable (15)(a) Distribution Plan (Class D) as originally filed with Post-Effective Amendment No. 10 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 28, 1993, is incorporated herein by reference to Post-Effective Amendment No. 22 filed with the SEC on April 8, 1997. (15)(b) Distribution Plan (Core International Equity Portfolio Class A) as originally filed with Post-Effective Amendment No. 11 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 29, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (15)(c) Distribution Plan (International Fixed Income Portfolio) as originally filed with Post-Effective Amendment No. 11 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 29, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. (15)(d) Amended and Restated Distribution Plan is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (15)(e) Shareholder Service Plan and Agreement with respect to the Class A shares is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997.
4 (16) Performance Quotation Computation as originally filed with Post-Effective Amendment No. 7 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 30, 1992, is incorporated herein by reference to Post-Effective Amendment No. 22 filed with the SEC on April 8, 1997. (17) Financial Data Schedule for the Emerging Markets Debt Portfolio is filed herewith. (18)(a) Rule 18f-3 Multiple Class Plan as originally filed as Exhibit (15)(d) to Registrant's Registration Statement on Form N-14 (File No. 33-65361), filed with the SEC on December 22, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22 filed with the SEC on April 8, 1997. (18)(b) Amendment No. 1 to Rule 18f-3 Plan relating to Class A and Class D shares is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. (24) Powers of Attorney for Robert A. Nesher, William M. Doran, Mark E. Nagle, F. Wendell Gooch, George J. Sullivan, Jr., James M. Storey, David G. Lee and Frank E. Morris are incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997.
Item 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT See the Prospectus and Statement of Additional Information regarding the Trust's control relationships. The Manager is a subsidiary of SEI Investments Company which also controls the distributor of the Registrant (SEI Investments Distribution Co.) and other corporations engaged in providing various financial and record keeping services, primarily to bank trust departments, pension plan sponsors and investment managers. Item 26. NUMBER OF HOLDERS OF SECURITIES: As of November 3, 1997:
NUMBER OF RECORD TITLE OF CLASS HOLDERS - ---------------------------------------------------------------------------------- ------------- Units of beneficial interest, without par value-- International Equity Portfolio Class A......................................................................... 321 International Equity Portfolio Class D......................................................................... 32 International Fixed Income Portfolio Class A......................................................................... 177 Emerging Markets Equity Portfolio Class A......................................................................... 172 Emerging Markets Debt Portfolio Class A......................................................................... 42
Item 27. INDEMNIFICATION: Article VIII of the Agreement and Declaration of Trust filed as Exhibit 1 to the Registration Statement is incorporated by reference. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Act"), may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant's Agreement and Declaration of 5 Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. Item 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER: ACADIAN ASSET MANAGEMENT, INC. Acadian Asset Management, Inc. ("Acadian") is a sub-adviser for the Registrant's International Equity Portfolio. The principal address of Acadian is Two International Place, 26th Floor, Boston, Massachusetts 02110. Acadian is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Acadian, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Acadian pursuant to the Advisers Act (SEC File No. 801-28078). CORONATION ASSET MANAGEMENT (PROPRIETARY) LIMITED Coronation Asset Management (Proprietary) Limited ("Coronation") is a sub-adviser for the Registrant's Emerging Markets Equity Portfolio. The principal business address of Coronation is 80 Strand Street, Cape Town, South Africa 8001. Coronation is a sub-adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Coronation, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Coronation pursuant to the Advisers Act (SEC File No. 801-52830). FARRELL WAKO GLOBAL INVESTMENT MANAGEMENT COMPANY, INC. Farrell Wako Global Investment Management Company, Inc. ("Farrell Wako") is a sub-adviser for the Registrant's International Equity Portfolio. The principal business address of Farrell Wako is 780 Third Avenue, New York, New York 10017. Farrell Wako is a sub-adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Farrell Wako, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Farrell Wako pursuant to the Advisers Act (SEC File No. 801-41830). LAZARD LONDON INTERNATIONAL INVESTMENT MANAGEMENT LIMITED Lazard London International Investment Management Limited ("Lazard") is a sub-adviser for the Registrant's International Equity Portfolio. The principal business address of Lazard is 21 Moorfields London, England, EC2P 2HT. Lazard is a sub-adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Lazard, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Lazard pursuant to the Advisers Act (SEC File No. 801-15430). 6 PARAMETRIC PORTFOLIO ASSOCIATES Parametric Portfolio Associates ("Parametric") is a sub-adviser for the Registrant's Emerging Markets Equity Portfolio. The principal business address of Parametric is 701 Fifth Avenue, Suite 7310, Seattle, WA 98104. Parametric is a sub-adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Parametric, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Parametric pursuant to the Advisers Act (SEC File No. 801-48184). MONTGOMERY ASSET MANAGEMENT, L.L.C. Montgomery Asset Management, L.L.C. ("MAM") is a sub-adviser for the Registrant's Emerging Markets Equity Portfolio. The principal address of MAM is 101 California Street, San Francisco, California 94111. MAM is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of MAM, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by MAM pursuant to the Advisers Act (SEC File No. 801-36790). SALOMON BROTHERS ASSET MANAGEMENT INC. Salomon Brothers Asset Management Inc. ("SBAM") is the sub-adviser for the Registrant's Emerging Markets Debt Portfolio. The principal address of SBAM is 7 World Trade Center, New York, New York 10048. SBAM is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of SBAM, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by SBAM pursuant to the Advisers Act (SEC File No. 801-32046). SEI INVESTMENTS MANAGEMENT CORPORATION SEI Investments Management Corporation ("SIMC") is the adviser for the Registrant's International Equity, Emerging Markets Equity and Emerging Markets Debt Portfolios. The principal address of SIMC is Oaks, Pennsylvania 19456. SIMC is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of SIMC, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by SIMC pursuant to the Advisers Act (SEC File No. 801-24593). SELIGMAN HENDERSON CO. Seligman Henderson Co. is a sub-adviser for the Registrant's International Equity Portfolio. The principal business address of Seligman Henderson Co. is 100 Park Avenue, New York, New York 10017. Seligman Henderson Co. is a sub-adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Seligman Henderson Co., together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Seligman Henderson Co. pursuant to the Advisers Act (SEC File No. 801-40670). 7 STRATEGIC FIXED INCOME L.P. Strategic Fixed Income L.P. ("Strategic") is the adviser for the Registrant's International Fixed Income Portfolio. The principal business address of Strategic is 1001 Nineteenth Street North, 16th Floor, Arlington, Virginia 22209. Strategic is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Strategic, together with information as to any other business, profession, vocation or employment of substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Strategic pursuant to the Advisers Act (SEC File No. 801-38734). YAMAICHI CAPITAL MANAGEMENT, INC. Yamaichi Capital Management, Inc. ("Yamaichi") is a sub-adviser for the Registrant's International Equity and Emerging Markets Equity Portfolios. The principal business address of Yamaichi is 2 World Trade Center, Suite 9828, New York, New York 10048. Yamaichi is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of Yamaichi, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Yamaichi pursuant to the Advisers Act (SEC File No. 801-15955). YAMAICHI CAPITAL MANAGEMENT (SINGAPORE) LIMITED Yamaichi Capital Management (Singapore) Limited ("YCMS") is a sub-adviser for the Registrant's International Equity and Emerging Markets Equity Portfolios. The principal address of YCMS is 138 Robinson Road #13-01/05, Hong Leong Center, Singapore, 068906. YCMS is an investment adviser registered under the Advisers Act. The list required by this Item 28 of officers and directors of YCMS, together with information as to any other business, profession, vocation or employment of substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by YCMS pursuant to the Advisers Act (SEC File No. 801-44118). Item 29. PRINCIPAL UNDERWRITERS: (a) Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser. 8 Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for: SEI Daily Income Trust July 15, 1982 SEI Liquid Asset Trust November 29, 1982 SEI Tax Exempt Trust December 3, 1982 SEI Index Funds July 10, 1985 SEI Institutional Managed Trust January 22, 1987 The Advisors' Inner Circle Fund November 14, 1991 The Pillar Funds February 28, 1992 CUFUND May 1, 1992 STI Classic Funds May 29, 1992 CoreFunds, Inc. October 30, 1992 First American Funds, Inc. November 1, 1992 First American Investment Funds, Inc November 1, 1992 The Arbor Fund January 28, 1993 Boston 1784 Funds-Registered Trademark- June 1, 1993 The PBHG Funds, Inc. July 16, 1993 Marquis Funds-Registered Trademark- August 17, 1993 Morgan Grenfell Investment Trust January 3, 1994 The Achievement Funds Trust December 27, 1994 Bishop Street Funds January 27, 1995 CrestFunds, Inc. March 1, 1995 STI Classic Variable Trust August 18, 1995 ARK Funds November 1, 1995 Monitor Funds January 11, 1996 FMB Funds, Inc. March 1, 1996 SEI Asset Allocation Trust April 1, 1996 TIP Funds April 28, 1996 SEI Institutional Investments Trust June 14, 1996 First American Strategy Funds, Inc October 1, 1996 HighMark Funds February 15, 1997 Armada Funds March 8, 1997 PBHG Insurance Series Fund, Inc. April 1, 1997 The Expedition Funds June 9, 1997
The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink"). (b) Furnish the Information required by the following table with respect to each director, officer or partner of each principal underwriter named in the answer to Item 21 of Part B. Unless otherwise noted, the business address of each director or officer is Oaks, PA 19456.
POSITION AND OFFICE POSITIONS AND OFFICES NAME WITH UNDERWRITER WITH REGISTRANT - ------------------------------- ------------------------------------------------------ ------------------------ Alfred P. West, Jr. Director, Chairman & Chief Executive Officer -- Henry H. Greer Director, President & Chief Operating Officer -- Carmen V. Romeo Director, Executive Vice President & President- -- Investment Advisory Group Gilbert L. Beebower Executive Vice President --
9
POSITION AND OFFICE POSITIONS AND OFFICES NAME WITH UNDERWRITER WITH REGISTRANT - ------------------------------- ------------------------------------------------------ ------------------------ Richard B. Lieb Executive Vice President, President-Investment -- Services Division Dennis J. McGonigle Executive Vice President -- Leo J. Dolan, Jr. Senior Vice President -- Carl A. Guarino Senior Vice President -- Larry Hutchison Senior Vice President -- David G. Lee Senior Vice President President & Chief Executive Officer Jack May Senior Vice President -- A. Keith McDowell Senior Vice President -- Hartland J. McKeown Senior Vice President -- Barbara J. Moore Senior Vice President -- Kevin P. Robins Senior Vice President, General Counsel & Secretary Vice President & Assistant Secretary Robert Wagner Senior Vice President -- Patrick K. Walsh Senior Vice President -- Robert Aller Vice President -- Marc H. Cahn Vice President & Assistant Secretary Vice President & Assistant Secretary Gordon W. Carpenter Vice President -- Todd Cipperman Vice President & Assistant Secretary Vice President & Assistant Secretary Robert Crudup Vice President & Managing Director -- Barbara Doyne Vice President -- Jeff Drennen Vice President -- Vic Galef Vice President & Managing Director -- Kathy Heilig Vice President & Treasurer -- Michael Kantor Vice President -- Samuel King Vice President -- Kim Kirk Vice President & Managing Director -- John Krzeminski Vice President & Managing Director -- Carolyn McLaurin Vice President & Managing Director -- W. Kelso Morrill Vice President -- Joanne Nelson Vice President -- Barbara A. Nugent Vice President & Assistant Secretary Vice President & Assistant Secretary Sandra K. Orlow Vice President & Assistant Secretary Vice President & Assistant Secretary Cynthia M. Parrish Vice President & Assistant Secretary --
10
POSITION AND OFFICE POSITIONS AND OFFICES NAME WITH UNDERWRITER WITH REGISTRANT - ------------------------------- ------------------------------------------------------ ------------------------ Donald Pepin Vice President & Managing Director -- Kim Rainey Vice President -- Mark Samuels Vice President & Managing Director -- Steve Smith Vice President -- Daniel Spaventa Vice President -- Kathryn L. Stanton Vice President & Assistant Secretary Vice President & Assistant Secretary Wayne M. Withrow Vice President & Managing Director -- James Dougherty Director of Brokerage Services --
Item 30. LOCATION OF ACCOUNTS AND RECORDS: Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), and the rules promulgated thereunder, are maintained as follows: (a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records are maintained at the offices of the Portfolios' Custodians: State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110 (b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1), (4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are maintained at the offices of Registrant's Manager: SEI Fund Management Oaks, PA 19456 (d) With respect to Rules 31a-(b)(5); (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the offices of Registrant's Advisers: SEI Investments Management Corporation Oaks, PA 19456 Acadian Asset Management, Inc. Two International Place, 26th Floor Boston, MA 02110 Coronation Asset Management (Proprietary) Limited 80 Strand Street Cape Town, South Africa, 8001 Farrell Wako Global Investment Management, Inc. 780 Third Avenue New York, New York 10017 Lazard London International Investment Management Limited 21 Moorfields London, England EC2P 2HT 11 Montgomery Asset Management, L.L.C. 101 California Street San Francisco, CA 94111 Parametric Portfolio Associates 701 Fifth Avenue, Suite 7310 Seattle, WA 98104 Salomon Brothers Asset Management, Inc. 7 World Trade Center New York, New York 10048 Seligman Henderson Co. 100 Park Avenue New York, New York 10017 Strategic Fixed Income L.P. 1001 Nineteenth Street North, 17th Floor Arlington, VA 22209 Yamaichi Capital Management, Inc. 2 World Trade Center Suite 9828 New York, New York 10048 Yamaichi Capital Management (Singapore) Limited 138 Robinson Road, #13-01/05 Hong Leong Centre Singapore, 068906 Item 31. MANAGEMENT SERVICES: None. Item 32. UNDERTAKINGS: Registrant hereby undertakes that whenever shareholders meeting the requirements of Section 16(c) of the 1940 Act inform the Board of Trustees of their desire to communicate with shareholders of the Trust, the Trustees will inform such shareholders as to the approximate number of shareholders of record and the approximate costs of mailing or afford said shareholders access to a list of shareholders. Registrant hereby undertakes to call a meeting of shareholders for the purpose of voting upon the question of removal of a Trustee(s) when requested in writing to do so by the holders of at least 10% of Registrant's outstanding shares and in connection with such meetings to comply with the provisions of Section 16(c) of the 1940 Act relating to shareholder communications. Registrant hereby undertakes to furnish, upon request and without charge, to each person to whom a prospectus is delivered, a copy of the Registrant's latest annual report to Shareholders, when such annual report is issued containing information called for by Item 5A of Form N-1A. NOTICE A copy of the Agreement and Declaration of Trust of SEI International Trust is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this Registration Statement has been executed on behalf of the Trust by an officer of the Trust as an officer and by its Trustees as trustees and not individually and the obligations of or arising out of this Registration Statement are not binding upon any of the Trustees, officers, or shareholders individually but are binding only upon the assets and property of the Trust. 12 SIGNATURES Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 24 to Registration Statement No. 33-22821 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Oaks, Commonwealth of Pennsylvania on the 24th day of November, 1997. SEI INTERNATIONAL TRUST By /s/ DAVID G. LEE ----------------------------------------- David G. Lee, PRESIDENT Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacity on the dates indicated. * - ------------------------------ Trustee November 24, 1997 William M. Doran * - ------------------------------ Trustee November 24, 1997 F. Wendell Gooch * - ------------------------------ Trustee November 24, 1997 Frank E. Morris * - ------------------------------ Trustee November 24, 1997 Robert A. Nesher * - ------------------------------ Trustee November 24, 1997 James M. Storey * - ------------------------------ Trustee November 24, 1997 George J. Sullivan, Jr. /s/ DAVID G. LEE - ------------------------------ President & Chief November 24, 1997 David G. Lee Executive Officer /s/ MARK E. NAGLE - ------------------------------ Controller & Chief November 24, 1997 Mark E. Nagle Financial Officer *By /s/ DAVID G. LEE ------------------------- David G. Lee ATTORNEY-IN-FACT 13 EXHIBIT INDEX
EXHIBITS: - -------------------- EX-99.B(1) Agreement and Declaration of Trust dated June 28, 1988 as originally filed with Registrant's Registration Statement on Form N-1A (File No. 33-22821) filed with the Securities and Exchange Commission ("SEC") on June 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(2) By-Laws as originally filed with Registrant's Registration Statement on Form N-1A (File No. 33-22821) filed with the SEC on June 30, 1988, are incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(2)(a) Amended By-Laws are incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(3) Not Applicable EX-99.B(4) Not Applicable EX-99.B(5)(a) Investment Advisory Agreement between Registrant and Brinson Partners, Inc. dated June 5, 1991 as originally filed as Exhibit (5)(b) to Post-Effective Amendment No. 6 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on May 16, 1991, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(5)(b) Investment Advisory Agreement between Registrant and Strategic Fixed Income L.P. dated June 15, 1993 as originally filed as Exhibit (5)(c) to Post-Effective Amendment No. 9 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on March 31, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(5)(c) Investment Advisory Agreement between Registrant and Morgan Grenfell Investment Services Ltd. dated April 25, 1994 as originally filed as Exhibit (5)(e) to Post-Effective Amendment No. 16 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on May 2, 1994, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(5)(d) Investment Advisory Agreement between Registrant and Schroder Capital Management International Limited dated April 25, 1994 as originally filed as Exhibit (5)(f) to Post-Effective Amendment No. 16 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on May 2, 1994, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(5)(e) Investment Advisory Agreement between Registrant and SEI Financial Management Corporation dated December 16, 1994 incorporated herein by reference as Exhibit (5)(g) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. EX-99.B(5)(f) Investment Advisory Agreement between Registrant and Strategic Fixed Income L.P. dated April 25, 1994, previously filed as Exhibit (5)(h) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997.
EXHIBITS: - -------------------- EX-99.B(5)(g) Investment Sub-Advisory Agreement between Registrant and Morgan Grenfell Investment Services Ltd. dated March 25, 1996, previously filed as Exhibit (5)(i) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(5)(h) Investment Sub-Advisory Agreement between Registrant and Schroder Capital Management International Limited dated December 14, 1995, previously filed as Exhibit (5) (j) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(5)(i) Investment Sub-Advisory Agreement between Registrant and Montgomery Asset Management L.P. dated December 21, 1994 incorporated herein by reference as Exhibit (5)(k) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. EX-99.B(5)(j) Investment Sub-Advisory Agreement between Registrant and Acadian Asset Management, Inc. dated December 16, 1994 incorporated herein by reference as Exhibit (5)(l) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. EX-99.B(5)(k) Investment Sub-Advisory Agreement between Registrant and WorldInvest Limited dated December 16, 1994 incorporated herein by reference as Exhibit (5)(m) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 28, 1995. EX-99.B(5)(l) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Schroder Capital Management International Limited incorporated herein by reference as Exhibit (5)(n) to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 25, 1996. EX-99.B(5)(m) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Morgan Grenfell Investment Services Limited incorporated herein by reference as Exhibit (5)(o) to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 25, 1996. EX-99.B(5)(n) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Coronation Asset Management (Proprietary) Limited dated September 30, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(5)(o) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Parametric Portfolio Associates dated September 11, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(5)(p) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Farrell Wako Global Investment Management, Inc. dated June 14, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997.
EXHIBITS: - -------------------- EX-99.B(5)(q) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Lazard London International Investment Management Limited dated December 30, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(5)(r) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Seligman Henderson Co. dated June 14, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(5)(s) Investment Sub-Advisory Agreement between SEI Financial Management Corporation and Yamaichi Capital Management/Yamaichi Capital Management (Singapore) Limited dated June 14, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(5)(t) Investment Advisory Agreement between Registrant and Acadian Asset Management, Inc. dated November 7, 1994 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(5)(u) Investment Advisory Agreement between Registrant and WorldInvest Limited dated November 7, 1994 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(6) Distribution Agreement between Registrant and SEI Financial Services Company as originally filed with Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on August 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(7) Not Applicable EX-99.B(8)(a) Custodian Agreement between Registrant and State Street Bank and Trust Company as originally filed as Exhibit (8) to Post-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on September 16, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(8)(b) Custodian Agreement between Registrant and The Chase Manhattan Bank, N.A. as originally filed as Exhibit (8)(c) to Post-Effective Amendment No. 9 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on March 31, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(9)(a) Management Agreement between Registrant and SEI Financial Management Company as originally filed as Exhibit (5)(a) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on August 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997.
EXHIBITS: - -------------------- EX-99.B(9)(b) Schedule C to Management Agreement between Registrant and SEI Financial Management Company adding the International Fixed Income Portfolio as originally filed as Exhibit (5)(d) to Post-Effective Amendment No. 10 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 28, 1993, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(9)(c) Consent to Assignment and Assumption Agreement between SFM and SEI Fund Management dated May 31, 1996 is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(10) Opinion and Consent of Counsel as originally filed with Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on August 30, 1988, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(11) Not Applicable EX-99.B(12) Not Applicable EX-99.B(13) Not Applicable EX-99.B(14) Not Applicable EX-99.B(15)(a) Distribution Plan (Class D) as originally filed with Post-Effective Amendment No. 10 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 28, 1993, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(15)(b) Distribution Plan (Core International Equity Portfolio Class A) as originally filed with Post-Effective Amendment No. 11 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 29, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(15)(c) Distribution Plan (International Fixed Income Portfolio) as originally filed with Post-Effective Amendment No. 11 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 29, 1993, is incorporated herein by reference to Post-Effective Amendment No. 23, filed with the SEC on June 23, 1997. EX-99.B(15)(d) Amended and Restated Distribution Plan is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(15)(e) Shareholder Service Plan and Agreement with respect to the Class A shares is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(16) Performance Quotation Computation as originally filed with Post-Effective Amendment No. 7 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on June 30, 1992, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997.
EXHIBITS: - -------------------- EX-99.B(18)(a) Rule 18f-3 Multiple Class Plan as originally filed as Exhibit (15)(d) to Registrant's Registration Statement on Form N-14 (File No. 33-65361), filed with the SEC on December 22, 1995, is incorporated herein by reference to Post-Effective Amendment No. 22, filed with the SEC on April 8, 1997. EX-99.B(18)(b) Amendment No. 1 to Rule 18f-3 Plan relating to Class A and Class D shares is incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-99.B(24) Powers of Attorney for Robert A. Nesher, William M. Doran, Mark E. Nagle, F. Wendell Gooch, George J. Sullivan, Jr., James M. Storey, David G. Lee and Frank E. Morris are incorporated herein by reference to Post-Effective Amendment No. 22 to Registrant's Registration Statement on Form N-1A (File No. 33-22821), filed with the SEC on April 8, 1997. EX-27.1 Financial Data Schedule for the Emerging Markets Debt Portfolio.
EX-27.1 2 EXHIBIT 27.1
6 0000835597 SEI INTERNATIONAL TRUST 040 EMERGING MARKET DEBT FUND 1000 4-MOS FEB-28-1998 JUN-29-1997 OCT-31-1997 124174 115465 19970 1292 0 136727 45944 2233 0 48177 0 96881 9349 0 1259 0 (888) 0 (8702) 88550 0 1538 0 (250) 1288 (917) (8702) (8331) 96881 0 0 0 9454 (105) 0 88550 0 0 0 0 (121) 0 (385) 55042 10.00 0.14 (0.67) 0 0 0 9.47 1.35 0 0
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