SEMI-ANNUAL REPORT AS OF
SEPTEMBER 30, 1997 (UNAUDITED)
SEI ASSET
ALLOCATION TRUST
================================================
Diversified Conservative Income
================================================
Diversified Conservative
================================================
Diversified Global Moderate Growth
================================================
Diversified Moderate Growth
================================================
Diversified Global Growth
================================================
Diversified Global Stock
================================================
Diversified U.S. Stock
================================================
(LOGO)
[GRAPHIC OMITTED]
<PAGE>
TABLE OF CONTENTS
===============================================================================
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS........................... 1
STATEMENT OF ASSETS AND LIABILITIES....................................... 5
STATEMENT OF OPERATIONS................................................... 6
STATEMENT OF CHANGES IN NET ASSETS........................................ 8
FINANCIAL HIGHLIGHTS...................................................... 10
NOTES TO FINANCIAL STATEMENTS............................................. 12
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
===============================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
DIVERSIFIED CONSERVATIVE
INCOME FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 22.7%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 40,999 $ 836
SEI Institutional Managed Trust
Large Cap Value Portfolio 43,376 840
SEI Institutional Managed Trust
Small Cap Growth Portfolio 9,921 192
SEI Institutional Managed Trust
Small Cap Value Portfolio 10,622 190
------
TOTAL EQUITY FUNDS
(Cost $1,852) 2,058
------
FIXED INCOME FUNDS -- 49.7%
SEI Institutional Managed Trust
Core Fixed Income Portfolio 432,571 4,499
------
TOTAL FIXED INCOME FUNDS
(Cost $4,438) 4,499
------
MONEY MARKET FUNDS -- 19.9%
SEI Liquid Asset Trust Prime
Obligation Portfolio 1,800 1,800
------
TOTAL MONEY MARKET FUNDS
(Cost $1,800) 1,800
------
TOTAL INVESTMENTS -- 92.3%
(Cost $8,090) $8,357
------
DIVERSIFIED CONSERVATIVE
FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 40.0%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 134,604 $ 2,746
SEI Institutional Managed Trust
Large Cap Value Portfolio 142,209 2,755
SEI Institutional Managed Trust
Small Cap Growth Portfolio 31,850 615
SEI Institutional Managed Trust
Small Cap Value Portfolio 34,133 609
SEI International Trust
International Equity Portfolio 159,757 1,684
-------
TOTAL EQUITY FUNDS
(Cost $7,383) 8,409
-------
FIXED INCOME FUNDS -- 58.6%
SEI Institutional Managed Trust
Core Fixed Income Portfolio 885,782 9,212
SEI International Trust
International Fixed
Income Portfolio 288,387 3,103
-------
TOTAL FIXED INCOME FUNDS
(Cost $12,140) 12,315
-------
MONEY MARKET FUNDS -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Portfolio 209 209
-------
TOTAL MONEY MARKET FUNDS
(Cost $209) 209
-------
TOTAL INVESTMENTS -- 99.6%
(Cost $19,732) 20,933
-------
OTHER ASSETS AND LIABILITIES -- 0.4%
Other Assets and Liabilities, Net 83
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
1,408,926 outstanding shares
of beneficial interest 14,172
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
521,959 outstanding shares
of beneficial interest 5,261
Undistributed net investment income 112
Accumulated net realized gain on investments 270
Net unrealized appreciation on investments 1,201
-------
TOTAL NET ASSETS -- 100.0% $21,016
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $ 10.89
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $ 10.86
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
DIVERSIFIED GLOBAL
MODERATE GROWTH FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 60.0%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 92,489 $ 1,887
SEI Institutional Managed Trust
Large Cap Value Portfolio 97,707 1,893
SEI Institutional Managed Trust
Small Cap Growth Portfolio 21,851 422
SEI Institutional Managed Trust
Small Cap Value Portfolio 23,414 418
SEI International Trust
International Equity Portfolio 125,443 1,322
SEI International Trust Emerging
Markets Equity Portfolio 51,805 660
-------
TOTAL EQUITY FUNDS
(Cost $6,213) 6,602
-------
FIXED INCOME FUNDS -- 38.7%
SEI Institutional Managed Trust
High Yield Bond Portfolio 36,668 428
SEI Institutional Managed Trust
Core Fixed Income Portfolio 265,285 2,759
SEI International Trust Emerging
Markets Debt Portfolio 40,205 427
SEI International Trust International
Fixed Income Portfolio 60,175 647
-------
TOTAL FIXED INCOME FUNDS
(Cost $4,189) 4,261
-------
MONEY MARKET FUNDS -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Portfolio 110 110
-------
TOTAL MONEY MARKET FUNDS
(Cost $110) 110
-------
TOTAL INVESTMENTS -- 99.7%
(Cost $10,512) 10,973
-------
OTHER ASSETS AND LIABILITIES -- 0.3%
Other Assets and Liabilities, Net 31
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 425,560 outstanding shares
of beneficial interest 4,791
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
505,471 outstanding shares
of beneficial interest 5,664
Undistributed net investment income 31
Accumulated net realized gain on investments 57
Net unrealized appreciation on investments 461
-------
TOTAL NET ASSETS -- 100.0% $11,004
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $ 11.87
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $ 11.78
=======
DIVERSIFIED MODERATE
GROWTH FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 57.8%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 343,863 $ 7,015
SEI Institutional Managed Trust
Large Cap Value Portfolio 363,279 7,037
SEI Institutional Managed Trust
Small Cap Growth Portfolio 79,933 1,544
SEI Institutional Managed Trust
Small Cap Value Portfolio 85,648 1,529
SEI International Trust
International Equity Portfolio 411,562 4,338
-------
TOTAL EQUITY FUNDS
(Cost $17,995) 21,463
-------
FIXED INCOME FUNDS -- 37.3%
SEI Institutional Managed Trust
Core Fixed Income Portfolio 995,656 10,355
SEI International Trust
International Fixed
Income Portfolio 327,587 3,525
-------
TOTAL FIXED INCOME FUNDS
(Cost $13,675) 13,880
-------
MONEY MARKET FUNDS -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Portfolio 371 371
-------
TOTAL MONEY MARKET FUNDS
(Cost $371) 371
-------
TOTAL INVESTMENTS -- 96.1%
(Cost $32,041) 35,714
-------
OTHER ASSETS AND LIABILITIES -- 3.9%
Other Assets and Liabilities, Net 1,442
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
2,333,965 outstanding shares
of beneficial interest 26,178
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
611,621 outstanding shares
of beneficial interest 6,031
Undistributed net investment income 142
Accumulated net realized gain on investments 1,132
Net unrealized appreciation on investments 3,673
-------
TOTAL NET ASSETS -- 100.0% $37,156
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $ 12.63
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $ 12.57
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
===============================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
DIVERSIFIED GLOBAL
GROWTH FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 69.9%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 521,111 $10,631
SEI Institutional Managed Trust
Large Cap Value Portfolio 551,656 10,686
SEI Institutional Managed Trust
Small Cap Growth Portfolio 121,687 2,351
SEI Institutional Managed Trust
Small Cap Value Portfolio 130,348 2,327
SEI International Trust
International Equity Portfolio 703,654 7,416
SEI International Trust Emerging
Markets Equity Portfolio 290,473 3,703
-------
TOTAL EQUITY FUNDS
(Cost $31,889) 37,114
-------
FIXED INCOME FUNDS -- 16.5%
SEI Institutional Managed Trust
High Yield Bond Portfolio 75,445 880
SEI Institutional Managed Trust
Core Fixed Income Portfolio 545,613 5,674
SEI International Trust Emerging
Markets Debt Portfolio 82,693 878
SEI International Trust
International Fixed
Income Portfolio 124,340 1,338
-------
TOTAL FIXED INCOME FUNDS
(Cost $8,615) 8,770
-------
MONEY MARKET FUNDS -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Portfolio 531 531
-------
TOTAL MONEY MARKET FUNDS
(Cost $531) 531
-------
TOTAL INVESTMENTS -- 87.4%
(Cost $41,035) $46,415
=======
DIVERSIFIED GLOBAL
STOCK FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 98.7%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 176,320 $ 3,597
SEI Institutional Managed Trust
Large Cap Value Portfolio 186,656 3,615
SEI Institutional Managed Trust
Small Cap Growth Portfolio 41,407 800
SEI Institutional Managed Trust
Small Cap Value Portfolio 44,355 792
SEI International Trust
International Equity Portfolio 242,503 2,556
SEI International Trust Emerging
Markets Equity Portfolio 100,176 1,277
-------
TOTAL EQUITY FUNDS
(Cost $11,290) 12,637
-------
MONEY MARKET FUNDS -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Portfolio 127 127
-------
TOTAL MONEY MARKET FUNDS
(Cost $127) 127
-------
TOTAL INVESTMENTS -- 99.7%
(Cost $11,417) 12,764
-------
OTHER ASSETS AND LIABILITIES -- 0.3%
Other Assets and Liabilities, Net 37
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 889,358 outstanding shares 9,618
of beneficial interest
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
143,992 outstanding shares
of beneficial interest 1,683
Undistributed net investment income 6
Accumulated net realized gain on investments 147
Net unrealized appreciation on investments 1,347
-------
TOTAL NET ASSETS -- 100.0% $12,801
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $ 12.40
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $ 12.31
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
DIVERSIFIED U.S.
STOCK FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
EQUITY FUNDS -- 98.5%
SEI Institutional Managed Trust
Large Cap Growth Portfolio 506,150 $10,326
SEI Institutional Managed Trust
Large Cap Value Portfolio 535,591 10,374
SEI Institutional Managed Trust
Small Cap Growth Portfolio 119,035 2,300
SEI Institutional Managed Trust
Small Cap Value Portfolio 128,078 2,286
-------
TOTAL EQUITY FUNDS
(Cost $20,058) 25,286
-------
MONEY MARKET FUNDS -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Portfolio 257 257
-------
TOTAL MONEY MARKET FUNDS
(Cost $257) 257
-------
TOTAL INVESTMENTS -- 99.5%
(Cost $20,315) 25,543
-------
OTHER ASSETS AND LIABILITIES -- 0.5%
Other Assets and Liabilities, Net 134
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 1,001,525 outstanding
shares of beneficial interest 11,621
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
712,742 outstanding shares
of beneficial interest 7,562
Undistributed net investment income 12
Accumulated net realized gain on investments 1,254
Net unrealized appreciation on investments 5,228
-------
TOTAL NET ASSETS -- 100.0% $25,677
-------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $ 15.04
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $ 14.89
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
===============================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
-------------- ------------
DIVERSIFIED DIVERSIFIED
CONSERVATIVE GLOBAL
INCOME GROWTH
FUND FUND
-------------- ------------
ASSETS:
Investments at value (cost $8,090 and
$41,035, respectively) $8,357 $46,415
Cash 632 6,623
Deferred organization costs 14 14
Prepaid state registration fees 0 31
Dividends receivable 31 40
Receivable from Administrator 44 2
------ -------
Total assets 9,078 53,125
------ -------
LIABILITIES:
Other liabilities 19 46
------ -------
Total liabilities 19 46
------ -------
Net assets $9,059 $53,079
====== =======
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
579,067 and 3,012,843, respectively, of
outstanding shares of beneficial interest 6,226 35,062
Portfolio Shares of Class D (unlimited
authorization--no par value) based on 205,810
and 1,047,224, respectively, of outstanding
shares of beneficial interest 2,192 11,261
Undistributed net investment income 85 110
Accumulated net realized gain on investments 289 1,266
Net unrealized appreciation on investments 267 5,380
------ -------
TOTAL NET ASSETS -- 100.0% $9,059 $53,079
====== =======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $11.56 $ 13.09
====== =======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $11.50 $ 13.04
====== =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
STATEMENT OF OPERATIONS (000)
===============================================================================
SEI ASSET ALLOCATION TRUST -- FOR THE SIX MONTH PERIOD ENDED
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
------------ ------------ ------------
DIVERSIFIED DIVERSIFIED
CONSERVATIVE DIVERSIFIED GLOBAL
INCOME CONSERVATIVE MODERATE
FUND FUND GROWTH FUND
------------ ------------ ------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends $147 $ 204 $ 53
---- ------ ----
EXPENSES:
Administration fees 6 14 4
Less administration fees waived (6) (14) (4)
Investment advisory fees 3 7 2
Less investment advisory fees waived (3) (7) (2)
Reimbursement by administrator (40) (51) (29)
Custodian fees 2 3 1
Transfer agent fees 20 26 22
Professional fees 2 4 1
Registration & filing fees 15 18 6
Printing fees 2 4 1
Trustee fees 1 2 1
Distribution & shareholder
servicing fees* 9 17 11
Amortization of deferred
organization costs 2 2 --
Miscellaneous fees -- -- --
---- ------ ----
Total expenses 13 25 14
---- ------ ----
NET INVESTMENT INCOME 134 179 39
NET REALIZED AND UNREALIZED GAIN/ ---- ------ ----
(LOSS) ON INVESTMENTS:
Net realized gain from
security transactions 215 61 57
Net change in unrealized
appreciation on investments 300 1,395 464
---- ------ ----
NET INCREASE IN NET ASSETS
FROM OPERATIONS $649 $1,635 $560
==== ====== ====
</TABLE>
*All distribution and shareholder servicing fees are incurred at the Class D
level.
Amounts designated as "--" are zero or have been rounded to zero.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
========================================================================
----------- ----------- ----------- -----------
DIVERSIFIED DIVERSIFIED DIVERSIFIED
MODERATE GLOBAL GLOBAL DIVERSIFIED
GROWTH GROWTH STOCK U.S. STOCK
FUND FUND FUND FUND
----------- ----------- ----------- -----------
$ 306 $ 269 $ 19 $ 76
------ ------ ------ ------
28 35 9 20
(28) (35) (9) (20)
14 17 4 10
(14) (17) (4) (10)
(57) (75) (32) (50)
8 10 2 6
24 34 19 21
9 11 5 8
18 20 4 15
7 11 4 5
5 6 2 4
37 56 2 44
2 2 -- 2
1 2 1 1
------ ------ ------ ------
54 77 7 56
------ ------ ------ ------
252 192 12 20
------ ------ ------ ------
398 433 21 458
3,848 5,422 1,480 4,964
------ ------ ------ ------
$4,498 $6,047 $1,513 $5,442
====== ====== ====== ======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
===============================================================================
SEI ASSET ALLOCATION TRUST -- FOR THE SIX MONTH PERIOD ENDED SEPTEMBER 30, 1997
(UNAUDITED) AND FOR THE PERIOD ENDED MARCH 31, 1997.
<TABLE>
<CAPTION>
----------------- -------------------
DIVERSIFIED
CONSERVATIVE DIVERSIFIED
INCOME CONSERVATIVE
FUND (1) FUND (2)
----------------- -------------------
<S> <C> <C> <C> <C>
4/1/97- 6/13/96- 4/1/97- 6/26/96-
9/30/97 3/31/97 9/30/97 3/31/97
------- --------- ------- ---------
OPERATIONS:
Net investment income $ 134 $ 75 $ 179 $ 84
Capital gain received from investments -- 62 -- 142
Net realized gain (loss) from security transactions 215 12 61 94
Net change in unrealized appreciation (depreciation) on investments 300 (33) 1,395 (194)
------ ------ -------- ------
Net increase (decrease) in net assets resulting from operations 649 116 1,635 126
------ ------ ------- ------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A (68) (36) (83) (33)
Class D (12) (8) (12) (24)
Net realized gains:
Class A -- -- -- (14)
Class D -- -- -- (12)
------ ------ ------- ------
Total dividends distributed (80) (44) (95) (83)
------ ------ ------- ------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Proceeds from shares issued 5,502 3,329 9,540 6,012
Shares issued in lieu of cash distributions 60 30 76 40
Cost of shares redeemed (2,257) (534) (1,447) (49)
------ ------ ------- ------
Increase in net assets derived from Class A transactions 3,305 2,825 8,169 6,003
------ ------ ------- ------
CLASS D:
Proceeds from shares issued 3,304 635 3,813 3,171
Shares issued in lieu of cash distributions 11 8 12 36
Cost of shares redeemed (1,716) (51) (211) (1,561)
------ ------ ------- ------
Increase in net assets derived from Class D transactions 1,599 592 3,614 1,646
------ ------ ------- ------
Increase in net assets derived from capital share transactions 4,904 3,417 11,783 7,649
------ ------ ------- ------
Net increase in net assets 5,473 3,489 13,323 7,692
------ ------ ------- ------
NET ASSETS:
Beginning of period 3,586 97 7,693 1
------ ------ ------- ------
End of period $9,059 $3,586 $21,016 $7,693
====== ====== ======= ======
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares issued 492 321 917 623
Shares issued in lieu of cash distributions 6 3 7 4
Shares redeemed (202) (51) (137) (5)
------ ------ ------- ------
Total Class A transactions 296 273 787 622
------ ------- ------- ------
CLASS D:
Shares issued 300 62 364 342
Shares issued in lieu of cash distributions 1 1 1 4
Shares redeemed (152) (5) (21) (168)
------ ------- ------- ------
Total Class D transactions 149 58 344 178
------ ------- ------- ------
Increase in capital shares 445 331 1,131 800
====== ======= ======= ======
<FN>
(1) COMMENCED OPERATIONS 6/13/96.
(2) COMMENCED OPERATIONS 6/26/96.
AMOUNTS DESIGNATED AS "--" ARE ZERO OR HAVE BEEN ROUNDED TO ZERO.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
------------------ -------------------- ------------------- ------------------- --------------------
DIVERSIFIED DIVERSIFIED DIVERSIFIED DIVERSIFIED
GLOBAL MODERATE GLOBAL GLOBAL DIVERSIFIED
MODERATE GROWTH GROWTH GROWTH STOCK U.S. STOCK
FUND (3) FUND (4) FUND (4) FUND (3) FUND (5)
------------------ -------------------- ------------------- ------------------- --------------------
4/1/97- 12/5/96- 4/1/97- 5/30/96- 4/1/97- 5/30/96- 4/1/97- 12/5/96- 4/1/97- 5/13/96-
9/30/97 3/31/97 9/30/97 3/31/97 9/30/97 3/31/97 9/30/97 3/31/97 9/30/97 3/31/97
------- --------- ------- -------- ------- -------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 39 $ -- $ 252 $ 233 $ 192 $ 132 $ 12 $ 7 $ 20 $ 18
-- -- -- 730 -- 835 -- 127 -- 862
57 -- 398 28 433 5 21 -- 458 (49)
464 (3) 3,848 (175) 5,422 (42) 1,480 (133) 4,964 264
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
560 (3) 4,498 816 6,047 930 1,513 1 5,442 1,095
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
(5) -- (141) (115) (104) (70) (6) (8) (8) (26)
(3) -- (26) (61) (9) (31) -- -- -- (9)
-- -- -- (14) -- (4) -- -- -- --
-- -- -- (10) -- (3) -- -- --
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
(8) -- (167) (200) (113) (108) (6) (8) (8) (35)
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
4,897 72 13,842 16,131 21,107 16,553 5,346 4,833 4,510 10,616
5 -- 135 123 99 70 6 8 7 22
(180) (3) (3,014) (1,040) (1,944) (824) (547) (28) (1,614) (1,921)
------- ----- ------- ------- ------- ------- ------- ------ ------- ------
4,722 69 10,963 15,214 19,262 15,799 4,805 4,813 2,903 8,717
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
6,098 87 2,706 7,822 8,026 7,566 1,647 47 4,616 6,308
3 -- 26 71 9 34 -- -- -- 9
(524) -- (2,781) (1,813) (3,083) (1,291) (11) -- (2,226) (1,145)
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
5,577 87 (49) 6,080 4,952 6,309 1,636 47 2,390 5,172
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
10,299 156 10,914 21,294 24,214 22,108 6,441 4,860 5,293 13,889
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
10,851 153 15,245 21,910 30,148 22,930 7,948 4,853 10,727 14,949
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
153 -- 21,911 1 22,931 1 4,853 -- 14,950 1
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
$11,004 $ 153 $37,156 $21,911 $53,079 $22,931 $12,801 $4,853 $25,677 $14,950
======= ===== ======= ======= ======= ======= ======= ====== ======= =======
434 7 1,141 1,525 1,692 1,539 457 481 332 982
1 -- 12 12 8 7 -- 1 1 2
(16) -- (257) (99) (158) (75) (47) (3) (127) (188)
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
419 7 896 1,438 1,542 1,471 410 479 206 796
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
542 8 240 779 663 757 140 5 356 631
-- -- 2 6 1 3 -- -- -- 1
(45) -- (236) (179) (250) (127) (1) -- (163) (112)
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
497 8 6 606 414 633 139 5 193 520
------- ----- ------- ------- ------- ------- ------- ------ ------- -------
916 15 902 2,044 1,956 2,104 549 484 399 1,316
======= ===== ======= ======= ======= ======= ======= ====== ======= =======
<FN>
(3) COMMENCED OPERATIONS 12/5/96.
(4) COMMENCED OPERATIONS 5/30/96.
(5) COMMENCED OPERATIONS 5/13/96.
</FN>
</TABLE>
9
<PAGE>
FINANCIAL HIGHLIGHTS
===============================================================================
SEI ASSET ALLOCATION TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE SIX MONTH PERIOD ENDED SEPTEMBER 30,
1997 (UNAUDITED) AND FOR THE PERIOD ENDED MARCH 31.
<TABLE>
<CAPTION>
NET RATIO OF NET
REALIZED NET INVESTMENT
NET ASSET NET AND DISTRIBUTIONS DISTRIBUTIONS ASSET RATIO OF INCOME/
VALUE INVESTMENT UNREALIZED FROM NET FROM VALUE NET ASSETS EXPENSES (LOSS) TO
BEGINNING INCOME/ GAINS ON INVESTMENT CAPITAL END OF TOTAL END OF TO AVERAGE AVERAGE
OF PERIOD (LOSS) SECURITIES INCOME GAINS PERIOD RETURN PERIOD (000) NET ASSETS NET ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------
DIVERSIFIED CONSERVATIVE INCOME FUND
- ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1997 $10.55 $0.22 $1.00 ($0.21) -- $11.56 11.77%* $ 6,693 0.12% 4.45%
1997(1)# 10.12 0.37 0.27 (0.21) -- 10.55 6.35%* 2,983 0.12% 4.38%
CLASS D
1997 $10.49 $0.21 $0.95 ($0.15) -- $11.50 11.19%* $ 2,366 1.12% 3.37%
1997(2)# 10.09 0.27 0.30 (0.17) -- 10.49 5.67%* 603 1.12% 3.37%
- -----------------------------
DIVERSIFIED CONSERVATIVE FUND
- -----------------------------
CLASS A
1997 $ 9.62 $0.13 $1.24 ($0.10) -- $10.89 14.34%* $15,347 0.12% 2.81%
1997(3)# 9.26 0.26 0.35 (0.18) (0.07) 9.62 6.54%* 5,989 0.12% 3.56%
CLASS D
1997 $ 9.58 $0.06 $1.27 ($0.05) -- $10.86 13.96%* $ 5,669 1.12% 1.79%
1997(4)# 9.33 0.19 0.26 (0.13) (0.07) 9.58 4.84%* 1,704 1.12% 2.60%
- ---------------------------------------
DIVERSIFIED GLOBAL MODERATE GROWTH FUND
- ---------------------------------------
CLASS A
1997 $10.15 $0.07 $1.69 ($0.04) -- $11.87 17.37%* $ 5,050 0.12% 2.32%
1997(6)# 10.00 0.06 0.14 (0.05) -- 10.15 1.96%* 68 0.12% 2.03%
CLASS D
1997 $10.11 $0.04 $1.65 ($0.02) -- $11.78 16.76%* $ 5,954 1.12% 1.31%
1997(5)# 10.00 0.02 0.13 (0.04) -- 10.11 1.52%* 85 1.12% 0.60%
- --------------------------------
DIVERSIFIED MODERATE GROWTH FUND
- --------------------------------
CLASS A
1997 $10.74 $0.12 $1.86 ($0.09) -- $12.63 18.68%* $29,467 0.12% 2.04%
1997(7)# 10.19 0.23 0.50 (0.16) (0.02) 10.74 7.12%* 15,440 0.12% 2.64%
CLASS D
1997 $10.67 $0.07 $1.87 ($0.04) -- $12.57 18.21%* $ 7,689 1.12% 1.09%
1997(8)# 10.21 0.15 0.44 (0.11) (0.02) 10.67 5.71%* 6,471 1.12% 1.63%
</TABLE>
RATIO RATIO OF
OF EXPENSES NET INVESTMENT
TO AVERAGE INCOME/(LOSS)
NET ASSETS TO AVERAGE NET
(EXCLUDING ASSETS (EXCLUDING PORTFOLIO
WAIVERS AND WAIVERS AND TURNOVER
REIMBURSEMENT) REIMBURSEMENT) RATE
- ------------------------------------------------------
- ------------------------------------
DIVERSIFIED CONSERVATIVE INCOME FUND
- ------------------------------------
CLASS A
1997 1.54% 3.03% 57%
1997(1)# 3.65%+ 0.85%+ 27%
CLASS D
1997 2.83% 1.66% 57%
1997(2)# N/A++ N/A++ 27%
- -----------------------------
DIVERSIFIED CONSERVATIVE FUND
- -----------------------------
CLASS A
1997 1.10% 1.83% 10%
1997(3)# 2.75%+ 0.93%+ 65%
CLASS D
1997 2.34% 0.57% 10%
1997(4)# 3.72%+ 0.00%+ 65%
- ---------------------------------------
DIVERSIFIED GLOBAL MODERATE GROWTH FUND
- ---------------------------------------
CLASS A
1997 1.77% 0.67% 13%
1997(6)# N/A++ N/A++ 3%
CLASS D
1997 2.68% (0.25%) 13%
1997(5)# N/A++ N/A++ 3%
- --------------------------------
DIVERSIFIED MODERATE GROWTH FUND
- --------------------------------
CLASS A
1997 0.80% 1.36% 16%
1997(7)# 1.45%+ 1.31%+ 22%
CLASS D
1997 1.91% 0.30% 16%
1997(8)# 2.57%+ 0.18%+ 22%
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
10
<PAGE>
===============================================================================
<TABLE>
<CAPTION>
NET
REALIZED NET
NET ASSET NET AND DISTRIBUTIONS DISTRIBUTIONS ASSET
VALUE INVESTMENT UNREALIZED FROM NET FROM VALUE NET ASSETS
BEGINNING INCOME/ GAINS ON INVESTMENT CAPITAL END OF TOTAL END OF
OF PERIOD (LOSS) SECURITIES INCOME GAINS PERIOD RETURN PERIOD (000)
- ---------------------------------------------------------------------------------------------------------------------------
- --------------------------------
DIVERSIFIED GLOBAL GROWTH FUND
- --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1997 $10.91 $0.07 $2.17 ($0.06) -- $13.09 20.58%* $39,429
1997(1)# 10.19 0.15 0.68 (0.10) (0.01) 10.91 8.10%* 16,049
CLASS D
1997 $10.87 $0.02 $2.16 ($0.01) -- $13.04 20.07%* $13,650
1997(8)# 10.24 0.06 0.63 (0.05) (0.01) 10.87 6.69%* 6,882
-------------------------------
DIVERSIFIED GLOBAL STOCK FUND
- -------------------------------
CLASS A
1997 $10.04 $0.02 $2.35 ($0.01) -- $12.40 23.60%* $11,029
1997(10)# 10.00 0.02 0.05 (0.03) -- 10.04 0.67%* 4,807
CLASS D
1997 $10.01 ($0.01) $2.31 $ -- -- $12.31 22.98%* $ 1,772
1997(5)# 10.00 (0.03) 0.06 (0.02) -- 10.01 0.31%* 46
- -----------------------------
DIVERSIFIED U.S. STOCK FUND
- -----------------------------
CLASS A
1997 $11.38 $0.04 $3.63 ($0.01) -- $15.04 32.26%* $15,064
1997(9)# 10.27 0.07 1.09 (0.05) -- 11.38 11.33%* 9,065
CLASS D
1997 $11.32 ($0.01) $3.58 $ -- -- $14.89 31.54%* $10,613
1997(4)# 10.36 (0.03) 1.01 (0.02) -- 11.32 9.43%* 5,885
RATIO RATIO OF
RATIO OF NET OF EXPENSES NET INVESTMENT
INVESTMENT TO AVERAGE INCOME/(LOSS)
RATIO OF INCOME/ NET ASSETS TO AVERAGE NET
EXPENSES (LOSS) TO (EXCLUDING ASSETS (EXCLUDING PORTFOLIO
TO AVERAGE AVERAGE WAIVERS AND WAIVERS AND TURNOVER
NET ASSETS NET ASSETS REIMBURSEMENT) REIMBURSEMENT) RATE
- ------------------------------------------------------------------------------
- -------------------------------
DIVERSIFIED GLOBAL GROWTH FUND
- -------------------------------
1997 0.12% 1.41% 0.82% 0.71% 9%
1997(1)# 0.12% 1.74% 1.53%+ 0.33%+ 13%
CLASS D
1997 1.12% 0.38% 1.87% (0.37%) 9%
1997(8)# 1.12% 0.71% 2.56%+ (0.73%)+ 13%
- -------------------------------
DIVERSIFIED GLOBAL STOCK FUND
- -------------------------------
CLASS A
1997 0.12% 0.38% 1.13% (0.63%) 3%
1997(10)# 0.12% 0.65% 2.13%+ (1.36%)+ --
CLASS
1997 1.12% (0.81%) 4.39% (4.08%) 3%
1997(5)# 1.12% (1.06%) N/A++ N/A++ --
- ------------------------------
DIVERSIFIED U.S. STOCK FUND
- ------------------------------
CLASS A
1997 0.12% 0.64% 0.89% (0.13%) 15%
1997(9)# 0.12% 0.72% 1.84%+ (1.00%)+ 28%
CLASS D
1997 1.12% (0.39%) 1.92% (1.19%) 15%
1997(4)# 1.12% (0.39%) 2.75%+ (2.02%)+ 28%
<FN>
(DAGGER) RATIOS REFLECT THE IMPACT OF THE INITIAL LOW LEVEL OF AVERAGE NET
ASSETS ASSOCIATED WITH COMMENCEMENT OF OPERATIONS AND THE EFFECTS
OF ANNUALIZATION.
(DOUBLE RATIO IS NOT MEANINGFUL DUE TO LOW LEVEL OF ASSETS AND BECAUSE
DAGGER) SEI INVESTMENTS WILL BEAR ALL EXPENSES EXCEEDING SPECIFIC
LIMITATIONS.
# PER SHARE CALCULATIONS WERE PERFORMED USING AVERAGE SHARES FOR
THE PERIOD.
* TOTAL RETURN HAS NOT BEEN ANNUALIZED.
(1) COMMENCED OPERATIONS 6/13/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(2) COMMENCED OPERATIONS 6/21/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(3) COMMENCED OPERATIONS 6/26/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(4) COMMENCED OPERATIONS 7/1/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(5) COMMENCED OPERATIONS 12/5/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(6) COMMENCED OPERATIONS 12/13/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(7) COMMENCED OPERATIONS 6/10/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(8) COMMENCED OPERATIONS 5/30/96. ALL RATIOS FOR THAT PERIOD HAVE
BEEN ANNUALIZED.
(9) COMMENCED OPERATIONS 5/13/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
(10) COMMENCED OPERATIONS 12/9/96. ALL RATIOS FOR THAT PERIOD HAVE BEEN
ANNUALIZED.
AMOUNTS DESIGNATED AS "--" ARE ZERO OR HAVE BEEN ROUNDED TO ZERO.
</FN>
</TABLE>
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
===============================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
1. ORGANIZATION:
SEI Asset Allocation Trust, (the "Trust") is organized as a Massachusetts
Business Trust under a Declaration of Trust dated November 20, 1995 and had no
operations through May 12, 1996, other than those related to organizational
matters and the sale of initial shares to SEI Investments Management
Corporation (the "Manager"). Each Fund and class of shares commenced operations
upon the purchase of fund shares other than the initial shares purchased by the
Manager. The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end investment company with seven diversified Funds:
Diversified Conservative Income Fund, Diversified Conservative Fund,
Diversified Global Moderate Growth Fund, Diversified Moderate Growth Fund,
Diversified Global Growth Fund, Diversified Global Stock Fund and Diversified
U.S. Stock Fund. Each Fund offers shareholders the opportunity to invest in
certain of the underlying Portfolios, which are separately- managed series of
the following investment companies: SEI Institutional Managed Trust, SEI
International Trust, and SEI Liquid Asset Trust. The Declaration of Trust
permits the Trust to offer separate classes of shares in each Fund, Class A
Shares and Class D Shares. The assets of each Fund are segregated, and a
shareholder's interest is limited to the Fund in which shares are held. The
Fund's prospectus provides a description of each Fund's investment objectives,
policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed by
the Funds.
SECURITY VALUATION -- The assets of each Fund consist primarily of the
underlying Portfolios, which are valued at their respective net asset values.
The underlying Portfolios' investments in equity securities which are traded
on a national securities exchange (or reported on NASDAQ national market
system) are stated at the last quoted sales price if readily available for such
equity securities on each business day; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale price
was reported on that date are stated at the last quoted bid price. Debt
obligations with remaining maturities in excess of sixty days are valued at the
most recently quoted bid price. Debt obligations with remaining maturities of
sixty days or less are valued at their amortized cost.
FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a
regulated investment company for Federal income tax purposes by complying with
the appropriate provisions of the Internal Revenue Code. Accordingly, no
provision for Federal income taxes is required in the accompanying financial
statements.
SECURITY TRANSACTIONS AND RELATED INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date. Costs used in
determining realized gains and losses on the sales of investment securities are
those of the specific securities sold.
CLASSES -- Class specific expenses are borne by that class of shares.
Income, realized and unrealized gains/losses and non class-specific expenses
are allocated to the respective classes on the basis of relative daily net
assets.
EXPENSES -- Expenses that are directly related to one of the Funds are
charged directly to that Fund. Other operating expenses of the Trust are
prorated to the Funds on the basis of relative net assets.
3. INVESTMENT ADVISORY, MANAGEMENT, DISTRIBUTION AND SHAREHOLDER SERVICING
AGREEMENTS:
Under the Investment Advisory Agreement with the Trust, SEI Investments
Management Corporation ("SIMC" or the "Adviser") acts as the investment adviser
to each Fund. For its investment advisory services to the Trust, the Adviser is
entitled to a fee, which is calculated daily and paid monthly, at an annual
rate of .10% of each Fund's average daily net assets.
Under the Administration Agreement with the Trust, the Manager provides the
Trust with overall management services and shareholder servicing. For these
services to the Funds, the Manager is entitled
12
<PAGE>
================================================================================
to a fee, which is calculated daily and paid monthly, at an annual rate of
.20% of the average daily net assets of each Fund. The Manager and the Adviser
have agreed to waive their fee so that the total annual expenses of each fund
will not exceed the expense limitations adopted by the Manager. This waiver may
be terminated by the Manager and Adviser at any time at their sole discretion.
In the event that the total annual expenses of the Fund, after reflecting a
waiver of all fees by the Manager and the Adviser, exceed the specific
limitation, the Manager has agreed to bear such excess.
SEI Investments Distribution Co. (the "Distributor"), a wholly-owned
subsidiary of SEI Investments, serves as each Fund's distributor pursuant to a
distribution agreement (the "Distribution Agreement") with the Trust. The
Trustees of the Trust have adopted a distribution and service plan for the
Trust's Class D shares (the "Class D Plan") pursuant to Rule 12b-1 under the
1940 Act. The Class D Plan provides for payments to the distributor for
distribution-related services at an annual rate of .75% of each Fund's average
daily net assets attributable to Class D Shares. In addition, each Fund is
authorized to pay the Distributor a fee in connection with the ongoing servicing
of shareholder accounts owning such Class D Shares, calculated and payable
monthly, at an annual rate of .25% of the value of the average daily net assets
attributable to Class D Shares of the Fund.
4. ORGANIZATIONAL COSTS AND TRANSACTIONS WITH AFFILIATES:
Organizational costs have been capitalized by the Trust and are being amortized
over 60 months commencing with operations. In the event any of the initial
shares are redeemed by any holder thereof during the period that the Trust is
amortizing its organizational costs, the redemption proceeds payable to the
holder thereof by the Trust will be reduced by the unamortized organizational
costs in the same ratio as the number of initial shares being redeemed bears to
the number of initial shares outstanding at the time of the redemption. These
costs include legal fees of approximately $50,000 for organizational work
performed by a law firm of which an officer and Trustee of the Trust are
Partners.
Certain officers of the Trust are also officers of the Manager and Adviser.
The Trust pays each unaffiliated Trustee an annual fee for attendance of
quarterly, interim and committee meetings. Compensation of officers and
affiliated Trustees of the Trust is paid by the Manager.
5. INVESTMENT TRANSACTIONS:
The cost of security purchases and the proceeds from the sale of securities
during the period ended September 30, 1997 were as follows:
Total
(000)
-------
Diversified Conservative Income Fund
PURCHASES................................... $ 6,192
SALES....................................... 2,828
Diversified Conservative Fund
PURCHASES................................... $14,421
SALES....................................... 1,312
Diversified Global Moderate Growth Fund
PURCHASES................................... $10,785
SALES....................................... 595
Diversified Moderate Growth Fund
PURCHASES................................... $16,239
SALES....................................... 4,467
Diversified Global Growth Fund
PURCHASES................................... $21,430
SALES....................................... 2,971
Diversified Global Stock Fund
PURCHASES................................... $ 6,604
SALES....................................... 264
Diversified U.S. Stock Fund
PURCHASES................................... $8,129
SALES....................................... 2,931
At September 30, 1997, the total cost of securities and the net realized gains
or losses on securities sold for Federal income tax purposes were not materially
different from amounts reported for financial reporting purposes. The aggregate
gross
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI ASSET ALLOCATION TRUST -- SEPTEMBER 30, 1997 (UNAUDITED)
unrealized appreciation and depreciation on investment securities at
September 30, 1997 for each Fund is as follows:
NET
APPRECIATED DEPRECIATED UNREALIZED
SECURITIES SECURITIES APPRECIATION
(000) (000) (000)
----------- ----------- ------------
Diversified
Conservative
Income $ 268 $ (1) $ 267
Diversified
Conservative 1,232 (31) 1,201
Diversified
Global
Moderate
Growth 476 (15) 461
Diversified
Moderate
Growth 3,729 (56) 3,673
Diversified
Global
Growth 5,489 (109) 5,380
Diversified
Global Stock 1,383 (36) 1,347
Diversified
U.S. Stock 5,236 (8) 5,228
14
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
============================
SEI ASSET ALLOCATION TRUST
============================
SEMI-ANNUAL REPORT
============================
SEPTEMBER 30, 1997 (UNAUDITED)
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
George J. Sullivan, Jr.
OFFICERS
David G. Lee
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Mark Nagle
CONTROLLER AND CHIEF FINANCIAL OFFICER
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Kathryn L. Stanton
VICE PRESIDENT, ASSISTANT SECRETARY
Sandra K. Orlow
VICE PRESIDENT, ASSISTANT SECRETARY
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Barbara A. Nugent
VICE PRESIDENT, ASSISTANT SECRETARY
Marc H. Cahn
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
John H. Grady, Jr.
ASSISTANT SECRETARY
INVESTMENT ADVISER
SEI Investments Management Corporation
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
THIS SEMI-ANNUAL REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE TRUST AND MUST
BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. SHARES OF THE SEI FUNDS ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK. THE
SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(FDIC), THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY. INVESTMENT IN
THE SHARES INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SEI
INVESTMENTS DISTRIBUTION CO., THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT
AFFILIATED WITH ANY BANK.
FOR MORE INFORMATION CALL 1(BULLET)800(BULLET)DIAL(BULLET)
SEI/1(BULLET)800(BULLET)342(BULLET)5734
<PAGE>
[LOGO GRAPHIC OMITTED]
INVESTMENTS
DISTRIBUTION
CO.
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-118-02