Semi-Annual Report as of
September 30, 1999
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 OMITTED]
SEI Investments
The art of people.
The science of results.
<PAGE>
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
Statements of Net Assets.................................................. 1
Statements of Assets and Liabilities...................................... 5
Statements of Operations.................................................. 6
Statements of Changes in Net Assets....................................... 8
Financial Highlights...................................................... 10
Notes to Financial Statements............................................. 12
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI Asset Allocation Trust -- September 30, 1999 (Unaudited)
Diversified Conservative Income Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 23.8%
SEI Institutional Managed Trust
Large Cap Growth Fund 131,294 $ 3,752
SEI Institutional Managed Trust
Large Cap Value Fund 192,293 3,647
SEI Institutional Managed Trust
Small Cap Growth Fund 23,867 504
SEI Institutional Managed Trust
Small Cap Value Fund 30,568 430
---------
Total Equity Funds
(Cost $7,960) 8,333
---------
Fixed Income Funds -- 53.0%
SEI Institutional Managed Trust
Core Fixed Income Fund 1,854,144 18,597
---------
Total Fixed Income Funds
(Cost $19,333) 18,597
---------
Money Market Funds -- 19.3%
SEI Liquid Asset Trust Prime
Obligation Fund 6,781,544 6,782
---------
Total Money Market Funds
(Cost $6,782) 6,782
---------
Total Investments -- 96.1%
(Cost $34,075) 33,712
---------
Other Assets and Liabilities,
Net -- 3.9% 1,383
---------
Net Assets:
Fund Shares of Class A (unlimited authorization --
no par value) based on 2,470,060 outstanding shares
of beneficial interest 27,993
Fund Shares of Class D (unlimited authorization --
no par value) based on
626,637 outstanding shares
of beneficial interest 7,059
Undistributed net investment income 81
Accumulated net realized gain on investments 326
Net unrealized depreciation on investments (363)
---------
Total Net Assets -- 100.0% $ 35,095
=========
Net Asset Value, Offering and Redemption
Price Per Share -- Class A $ 11.35
=========
Net Asset Value, Offering and Redemption
Price Per Share -- Class D $ 11.27
=========
Diversified Conservative Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 39.5%
SEI Institutional International Trust
International Equity Fund 392,902 $ 4,750
SEI Institutional Managed Trust
Large Cap Growth Fund 290,880 8,313
SEI Institutional Managed Trust
Large Cap Value Fund 434,897 8,250
SEI Institutional Managed Trust
Small Cap Growth Fund 54,571 1,152
SEI Institutional Managed Trust
Small Cap Value Fund 66,228 931
---------
Total Equity Funds
(Cost $20,470) 23,396
---------
Fixed Income Funds -- 58.3%
SEI Institutional International Trust
International Fixed Income Fund 786,127 8,671
SEI Institutional Managed Trust
Core Fixed Income Fund 2,579,221 25,870
---------
Total Fixed Income Funds
(Cost $36,006) 34,541
---------
Money Market Funds -- 1.0%
SEI Liquid Asset Trust
Prime Obligation Fund 613,879 614
---------
Total Money Market Funds
(Cost $614) 614
---------
Total Investments -- 98.8%
(Cost $57,090) 58,551
---------
Other Assets and Liabilities, Net -- 1.2% 695
---------
Net Assets:
Fund Shares of Class A (unlimited authorization --
no par value) based on
3,880,208 outstanding shares
of beneficial interest 41,370
Fund Shares of Class D (unlimited authorization --
no par value) based on
1,404,805 outstanding shares
of beneficial interest 15,264
Overdistributed net investment income (265)
Accumulated net realized gain on investments 1,416
Net unrealized appreciation on investments 1,461
---------
Total Net Assets -- 100.0% $ 59,246
=========
Net Asset Value, Offering and Redemption
Price Per Share -- Class A $ 11.22
=========
Net Asset Value, Offering and Redemption
Price Per Share -- Class D $ 11.17
=========
The accompanying notes are an integral part of the financial statements.
1
<PAGE>
SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Asset Allocation Trust -- September 30, 1999 (Unlimited)
Diversified Global Moderate Growth Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 56.0%
SEI Institutional International Trust
Emerging Markets Equity
Fund 244,131 $ 2,229
SEI Institutional International Trust
International Equity Fund 382,759 4,628
SEI Institutional Managed Trust
Large Cap Growth Fund 246,572 7,047
SEI Institutional Managed Trust
Large Cap Value Fund 368,171 6,984
SEI Institutional Managed Trust
Small Cap Growth Fund 45,080 952
SEI Institutional Managed Trust
Small Cap Value Fund 55,502 780
-------
Total Equity Funds
(Cost $21,047) 22,620
-------
Fixed Income Funds -- 37.4%
SEI Institutional International Trust
Emerging Markets Debt
Fund 187,223 1,518
SEI Institutional International Trust
International Fixed Income
Fund 210,872 2,326
SEI Institutional Managed Trust
Core Fixed Income Fund 976,024 9,789
SEI Institutional Managed Trust
High Yield Bond Fund 148,939 1,506
--------
Total Fixed Income Funds
(Cost $15,714) 15,139
--------
Money Market Funds -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Fund 388,944 389
--------
Total Money Market Funds
(Cost $389) 389
--------
Total Investments -- 94.4%
(Cost $37,150) $ 38,148
========
Diversified Moderate Growth Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 59.0%
SEI Institutional International Trust
International Equity Fund 1,801,356 $ 21,778
SEI Institutional Managed Trust
Large Cap Growth Fund 1,320,009 37,726
SEI Institutional Managed Trust
Large Cap Value Fund 1,962,988 37,238
SEI Institutional Managed Trust
Small Cap Growth Fund 250,446 5,287
SEI Institutional Managed Trust
Small Cap Value Fund 292,282 4,109
--------
Total Equity Funds
(Cost $99,332) 106,138
--------
Fixed Income Funds -- 39.7%
SEI Institutional International Trust
International Fixed Income
Fund 1,649,300 18,192
SEI Institutional Managed Trust
Core Fixed Income Fund 5,305,835 53,218
--------
Total Fixed Income Funds
(Cost $73,294) 71,410
--------
Money Market Funds -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Fund 1,824,081 1,824
--------
Total Money Market Funds
(Cost $1,824) 1,824
--------
Total Investments -- 99.7%
(Cost $174,450) 179,372
--------
Other Assets and Liabilities, Net -- 0.3% 628
--------
Net Assets:
Fund Shares of Class A (unlimited authorization --
no par value) based on
11,261,563 outstanding shares
of beneficial interest 142,953
Fund Shares of Class D (unlimited authorization --
no par value) based on
2,358,626 outstanding shares
of beneficial interest 29,094
Overdistributed net investment income (194)
Accumulated net realized gain on investments 3,225
Net unrealized appreciation on investments 4,922
--------
Total Net Assets -- 100.0% $180,000
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class A $ 13.23
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class D $ 13.15
========
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
- --------------------------------------------------------------------------------
Diversified Global Growth Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 75.9%
SEI Institutional International Trust
Emerging Markets Equity
Fund 945,386 $ 8,632
SEI Institutional International Trust
International Equity Fund 1,457,327 17,619
SEI Institutional Managed Trust
Large Cap Growth Fund 946,141 27,041
SEI Institutional Managed Trust
Large Cap Value Fund 1,410,185 26,751
SEI Institutional Managed Trust
Small Cap Growth Fund 180,481 3,810
SEI Institutional Managed Trust
Small Cap Value Fund 210,045 2,953
--------
Total Equity Funds
(Cost $78,060) 86,806
--------
Fixed Income Funds -- 18.3%
SEI Institutional International Trust
Emerging Markets Debt
Fund 264,708 2,147
SEI Institutional International Trust
International Fixed Income
Fund 294,163 3,245
SEI Institutional Managed Trust
High Yield Bond Fund 207,133 2,094
SEI Institutional Managed Trust
Core Fixed Income Fund 1,345,481 13,495
--------
Total Fixed Income Funds
(Cost $21,922) 20,981
--------
Money Market Funds -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Fund 1,149,354 1,149
--------
Total Money Market Funds
(Cost $1,149) 1,149
--------
Total Investments -- 95.2%
(Cost $101,131) 108,936
--------
Other Assets and Liabilities, Net -- 4.8% 5,444
--------
- --------------------------------------------------------------------------------
Market
Description Value (000)
- --------------------------------------------------------------------------------
Net Assets:
Fund Shares of Class A (unlimited authorization
-- no par value) based on
6,753,676 outstanding shares
of beneficial interest $ 84,320
Fund Shares of Class D (unlimited authorization
-- no par value) based on
1,686,792 outstanding shares
of beneficial interest 19,824
Overdistributed net investment income (399)
Accumulated net realized gain on investments 2,830
Net unrealized appreciation on investments 7,805
--------
Total Net Assets -- 100.0% $114,380
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class A $ 13.57
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class D $ 13.48
========
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
Schedule of Investments/Statement of Net Assets
- --------------------------------------------------------------------------------
SEI Asset Allocation Trust - September 30, 1999 (Unaudited)
Diversified Global Stock Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 93.9%
SEI Institutional International Trust
Emerging Markets Equity
Fund 652,112 $ 5,954
SEI Institutional International Trust
International Equity Fund 1,022,309 12,360
SEI Institutional Managed Trust
Large Cap Growth Fund 647,765 18,513
SEI Institutional Managed Trust
Large Cap Value Fund 962,284 18,254
SEI Institutional Managed Trust
Small Cap Growth Fund 120,052 2,534
SEI Institutional Managed Trust
Small Cap Value Fund 149,357 2,100
--------
Total Equity Funds
(Cost $55,547) 59,715
--------
Money Market Funds -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Fund 614,531 615
--------
Total Money Market Funds
(Cost $615) 615
--------
Total Investments -- 94.9%
(Cost $56,162) $60,330
========
Diversified U.S. Stock Fund
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Equity Funds -- 99.2%
SEI Institutional Managed Trust
Large Cap Growth Fund 1,715,607 $ 49,032
SEI Institutional Managed Trust
Large Cap Value Fund 2,553,973 48,449
SEI Institutional Managed Trust
Small Cap Growth Fund 316,436 6,680
SEI Institutional Managed Trust
Small Cap Value Fund 397,518 5,589
--------
Total Equity Funds
(Cost $103,399) 109,750
--------
Money Market Funds -- 1.0%
SEI Liquid Asset Trust Prime
Obligation Fund 1,134,235 1,134
--------
Total Money Market Funds
(Cost $1,134) 1,134
--------
Total Investments -- 100.2%
(Cost $104,533) 110,884
--------
Other Assets and Liabilities, Net -- (0.2%) (275)
--------
Net Assets:
Fund Shares of Class A (unlimited authorization
-- no par value) based on
4,636,164 outstanding shares
of beneficial interest 68,820
Fund Shares of Class D (unlimited authorization
-- no par value) based on
2,423,203 outstanding shares
of beneficial interest 34,692
Overdistributed net investment income (293)
Accumulated net realized gain on investments 1,039
Net unrealized appreciation on investments 6,351
--------
Total Net Assets -- 100.0% $110,609
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class A $ 15.80
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class D $ 15.42
========
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, 1999 (Unaudited)
<TABLE>
<CAPTION>
--------------- -----------
Diversified Diversified
Global Global
Moderate Growth Stock
Fund Fund
--------------- -----------
Assets:
<S> <C> <C>
Cash $ 2,283 $ 3,257
Investments (Cost $56,162 and $37,150) 38,148 60,330
Income receivable 58 2
Capital shares sold receivable 15 40
-------- --------
Total Assets 40,504 63,629
-------- --------
Liabilities:
Investment securities purchased 64 28
Accrued expenses payable 26 9
-------- --------
Total Liabilities 90 37
-------- --------
Total Net Assets $ 40,414 $ 63,592
======== ========
Net Assets:
Fund Shares of Class A (unlimited authorization -- no par value)
based on 2,668,772 and 4,049,244 outstanding shares of beneficial interest 32,084 50,104
Fund Shares of Class D (unlimited authorization -- no par value)
based on 628,991 and 723,667 outstanding shares of beneficial interest 7,124 9,451
Overdistributed net investment income (81) (224)
Accumulated net realized gain on investments 289 93
Net unrealized appreciation on investments 998 4,168
-------- --------
Total Net Assets -- 100.0% $ 40,414 $ 63,592
======== ========
Net Asset Value, Offering and Redemption Price Per Share -- Class A $ 12.28 $ 13.36
======== ========
Net Asset Value, Offering and Redemption Price Per Share -- Class D $ 12.16 $ 13.11
======== ========
</TABLE>
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, 1999
(Unaudited)
<TABLE>
<CAPTION>
------------ ------------- -----------
Diversified Diversified
Conservative Diversified Global
Income Conservative Moderate
Fund Fund Growth Fund
------------ ------------- -----------
<S> <C> <C> <C>
Investment Income:
Income distributions from
affiliated funds $ 635 $ 776 $ 359
------ ------ ------
Expenses:
Administration fees 31 59 36
Less administration fees waived (31) (59) (36)
Less contribution from administrator (12) (37) (26)
Investment advisory fees 16 29 18
Custodian fees 2 3 2
Transfer agent fees 5 15 12
Professional fees 1 4 1
Registration & filing fees 3 15 13
Printing fees 1 3 2
Trustee fees 1 1 --
Distribution & shareholder
servicing fees* 33 70 38
Amortization of deferred
organization costs 2 2 --
Other expenses -- -- --
------ ------ ------
Total expenses after waivers
and reimbursements 52 105 60
------ ------ ------
Net investment income 583 671 299
------ ------ ------
Net realized and unrealized gain
on investments:
Net realized gain from
security transactions 133 430 281
Net change in unrealized
appreciation/(depreciation) on investments (675) (541) 303
------ ------ ------
Net increase/(decrease) in net assets
from operations $ 41 $ 560 $ 883
====== ====== ======
</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>
<TABLE>
<CAPTION>
----------- ----------- ----------- -----------
Diversified Diversified Diversified
Moderate Global Global Diversified
Growth Growth Stock U.S. Stock
Fund Fund Fund Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Income distributions from
affiliated funds $ 1,602 $ 631 $ 102 $ 257
------- ------ ------ ------
Expenses:
Administration fees 174 107 56 103
Less administration fees waived (174) (107) (56) (103)
Less contribution from administrator (57) (78) (17) (54)
Investment advisory fees 87 54 28 51
Custodian fees 8 10 3 8
Transfer agent fees 23 28 4 19
Professional fees 13 14 1 9
Registration & filing fees 20 26 8 19
Printing fees 6 6 3 5
Trustee fees 2 2 -- 2
Distribution & shareholder
servicing fees* 150 105 41 163
Amortization of deferred
organization costs 2 2 4 2
Other expenses -- 1 -- --
------- ------- ------- -------
Total expenses after waivers
and reimbursements 254 170 75 224
------- ------- ------- -------
Net investment income 1,348 461 27 33
------- ------- ------- -------
Net realized and unrealized gain
on investments:
Net realized gain from
security transactions 1,999 1,515 477 742
Net change in unrealized
appreciation/(depreciation) on investments (865) 1,815 1,258 (1,514)
------- ------- ------- -------
Net increase/(decrease) in net assets
from operations $ 2,482 $ 3,791 $ 1,762 $ (739)
======= ======= ======= =======
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
- -------------------------------------------------------------------------------------------------------
SEI Asset Allocation Trust -- For Six Month Period Ended September 30, 1999
(Unaudited) and for the Year Ended March 31, 1999
------------------- ------------------
Diversified
Conservative Diversified
Income Conservative
Fund Fund
------------------- ------------------
4/1/99- 4/1/98- 4/1/99- 4/1/98-
9/30/99 3/31/99 9/30/99 3/31/99
------- ------- ------- -------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 583 $ 891 $ 671 $ 1,367
Capital gain distributions received from investments -- 443 -- 1,206
Net realized gain from security transactions 133 494 430 1,564
Net change in unrealized appreciation/(depreciation)
on investments (675) (209) (541) 339
------- ------- ------- -------
Net increase/(decrease) in net assets resulting
from operations 41 1,619 560 4,476
------- ------- ------- -------
Distributions from:
Net investment income:
Class A (614) (674) (1,232) (745)
Class D (127) (119) (314) (160)
Net realized gains:
Class A -- (845) -- (1,979)
Class D -- (220) -- (612)
------- ------- ------- -------
Total distributions (741) (1,858) (1,546) (3,496)
------- ------- ------- -------
Capital share transactions:
Class A:
Proceeds from shares issued 10,186 22,245 11,951 29,879
Reinvestment of distributions 487 1,156 1,104 2,414
Cost of shares redeemed (4,070) (15,111) (9,084) (15,023)
------- ------- ------- -------
Increase in net assets derived from
Class A transactions 6,603 8,290 3,971 17,270
------- ------- ------- -------
Class D:
Proceeds from shares issued 3,006 3,547 4,836 8,741
Reinvestment of distributions 116 309 309 761
Cost of shares redeemed (1,010) (1,289) (1,593) (3,010)
------- ------- ------- -------
Increase in net assets derived from
Class D transactions 2,112 2,567 3,552 6,492
------- ------- ------- -------
Increase in net assets derived from
capital share transactions 8,715 10,857 7,523 23,762
------- ------- ------- -------
Net increase in net assets 8,015 10,618 6,537 24,742
------- ------- ------- -------
Net Assets:
Beginning of period 27,080 16,462 52,709 27,967
------- ------- ------- -------
End of period $35,095 $27,080 $59,246 $52,709
======= ======= ======= =======
Capital share transactions:
Class A:
Shares issued 888 1,915 1,056 2,678
Shares issued in lieu of cash distributions 43 100 99 214
Shares redeemed (355) (1,300) (805) (1,319)
------- ------- ------- -------
Total Class A transactions 576 715 350 1,573
------- ------- ------- -------
Class D:
Shares issued 263 305 428 771
Shares issued in lieu of cash distributions 10 27 28 68
Shares redeemed (89) (111) (142) (267)
------- ------- ------- -------
Total Class D transactions 184 221 314 572
------- ------- ------- -------
Increase in capital shares 760 936 664 2,145
======= ======= ======= =======
</TABLE>
Amounts designated as "--" are zero or have been rounded to zero.
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
------------------ ------------------ ------------------
Diversified Diversified Diversified
Global Moderate Global
Moderate Growth Growth Growth
Fund Fund Fund
------------------ ------------------ ------------------
4/1/99- 4/1/98- 4/1/99- 4/1/98- 4/1/99- 4/1/98-
9/30/99 3/31/99 9/30/99 3/31/99 9/30/99 3/31/99
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net investment income $ 299 $ 676 $ 1,348 $1,879 $ 461 $ 1,246
Capital gain distributions received from investments -- 629 -- 2,325 -- 2,161
Net realized gain from security transactions 281 240 1,999 3,143 1,515 2,128
Net change in unrealized appreciation/(depreciation)
on investments 303 (262) (865) 256 1,815 (1,136)
------- ------- -------- -------- -------- -------
Net increase/(decrease) in net assets resulting
from operations 883 1,283 2,482 7,603 3,791 4,399
------- ------- -------- -------- -------- -------
Distributions from:
Net investment income:
Class A (516) (404) (2,027) (1,111) (1,215) (733)
Class D (116) (78) (290) (178) (198) (37)
Net realized gains:
Class A -- (1,120) -- (4,761) -- (4,714)
Class D -- (354) -- (1,681) -- (1,053)
------- ------- -------- -------- -------- -------
Total distributions (632) (1,956) (2,317) (7,731) (1,413) (6,537)
------- ------- -------- -------- -------- -------
Capital share transactions:
Class A:
Proceeds from shares issued 13,271 20,824 31,262 97,031 24,725 41,154
Reinvestment of distributions 425 1,250 1,829 4,777 1,114 5,084
Cost of shares redeemed (5,133) (10,804) (15,831) (20,958) (15,033) (22,669)
------- ------- -------- -------- ------- -------
Increase in net assets derived from
Class A transactions 8,563 11,270 17,260 80,850 10,806 23,569
------- ------- -------- -------- -------- -------
Class D:
Proceeds from shares issued 1,592 2,019 7,501 19,641 5,601 7,270
Reinvestment of distributions 116 491 280 1,800 197 1,054
Cost of shares redeemed (1,260) (2,211) (4,274) (2,708) (2,379) (2,939)
------- ------- -------- -------- -------- -------
Increase in net assets derived from
Class D transactions 448 299 3,507 18,733 3,419 5,385
------- ------- -------- -------- -------- -------
Increase in net assets derived from
capital share transactions 9,011 11,569 20,767 99,583 14,225 28,954
------- ------- -------- -------- -------- -------
Net increase in net assets 9,262 10,896 20,932 99,455 16,603 26,816
------- ------- -------- -------- -------- -------
Net Assets:
Beginning of period 31,152 20,256 159,068 59,612 97,777 70,961
------- ------- -------- -------- -------- -------
End of period $40,414 $31,152 $180,000 $159,068 $114,380 $97,777
======= ======= ======== ======== ======== =======
Capital share transactions:
Class A:
Shares issued 1,068 1,722 2,322 7,382 1,796 3,131
Shares issued in lieu of cash distributions 35 106 139 373 84 405
Shares redeemed (413) (911) (1,181) (1,605) (1,089) (1,752)
------- ------- -------- -------- -------- -------
Total Class A transactions 690 917 1,280 6,150 791 1,784
------- ------- -------- -------- -------- -------
Class D:
Shares issued 129 169 560 1,494 404 562
Shares issued in lieu of cash distributions 10 43 21 141 15 84
Shares redeemed (104) (184) (324) (212) (176) (228)
------- ------- -------- -------- -------- -------
Total Class D transactions 35 28 257 1,423 243 418
------- ------- -------- -------- -------- -------
Increase in capital shares 725 945 1,537 7,573 1,034 2,202
======= ======= ======== ======== ======== =======
<CAPTION>
- ------------------------------------------------------------------------------------------------------
------------------ ------------------
Diversified
Global Diversified
Stock U.S. Stock
Fund Fund
------------------ ------------------
4/1/99- 4/1/98- 4/1/99- 4/1/98-
9/30/99 3/31/99 9/30/99 3/31/99
------- ------- ------- -------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 27 $ 134 $ 33 $ 114
Capital gain distributions received from investments -- 997 -- 1,936
Net realized gain from security transactions 477 670 742 3,513
Net change in unrealized appreciation/(depreciation)
on investments 1,258 561 (1,514) 800
------- ------- -------- -------
Net increase/(decrease) in net assets resulting
from operations 1,762 2,362 (739) 6,363
------- ------- -------- -------
Distributions from:
Net investment income:
Class A (287) (54) (315) (44)
Class D (27) -- (46) --
Net realized gains:
Class A -- (2,398) -- (5,045)
Class D -- (465) -- (2,197)
------- ------- -------- -------
Total distributions (314) (2,917) (361) (7,286)
------- ------- -------- -------
Capital share transactions:
Class A:
Proceeds from shares issued 21,617 24,792 24,918 49,418
Reinvestment of distributions 270 2,345 282 4,601
Cost of shares redeemed (7,140) (8,643) (12,507) (18,120)
------- ------- -------- -------
Increase in net assets derived from
Class A transactions 14,747 18,494 12,693 35,899
------- ------- -------- -------
Class D:
Proceeds from shares issued 4,332 5,849 16,532 12,119
Reinvestment of distributions 26 450 46 2,163
Cost of shares redeemed (1,212) (2,627) (2,595) (3,376)
------- ------- -------- -------
Increase in net assets derived from
Class D transactions 3,146 3,672 13,983 10,906
------- ------- -------- -------
Increase in net assets derived from
capital share transactions 17,893 22,166 26,676 46,805
------- ------- -------- -------
Net increase in net assets 19,341 21,611 25,576 45,882
------- ------- -------- -------
Net Assets:
Beginning of period 44,251 22,640 85,033 39,151
------- ------- -------- -------
End of period $63,592 $44,251 $110,609 $85,033
======= ======= ======== =======
Capital share transactions:
Class A:
Shares issued 1,587 1,986 1,508 3,189
Shares issued in lieu of cash distributions 21 196 17 315
Shares redeemed (526) (701) (759) (1,216)
------- ------- -------- -------
Total Class A transactions 1,082 1,481 766 2,288
------- ------- -------- -------
Class D:
Shares issued 316 455 1,003 782
Shares issued in lieu of cash distributions 2 38 3 151
Shares redeemed (91) (217) (163) (225)
------- ------- -------- -------
Total Class D transactions 227 276 843 708
------- ------- -------- -------
Increase in capital shares 1,309 1,757 1,609 2,996
======= ======= ======== =======
</TABLE>
9
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SEI Asset Allocation Trust
For a Share Outstanding Throughout the Six Month Period Ended September 30, 1999
(Unaudited), and for the Periods Ended March 31,
<TABLE>
<CAPTION>
Net
Realized
and Net
Net Asset Unrealized Distributions Distributions Asset Ratio of
Value Net Gains/ from Net from Value Net Assets Expenses
Beginning Investment (Losses)on Investment Capital End of Total End of to Average
of Period Income Securities Income Gains Period Return Period (000) Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------
Diversified Conservative Income Fund
- ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
1999 $11.60 $0.20 $(0.14) $(0.31) $ -- $11.35 0.54%* $ 28,031 0.12%
1999 # 11.76 0.56 0.26 (0.45) (0.53) 11.60 7.22 21,973 0.12
1998 # 10.55 0.50 1.46 (0.44) (0.31) 11.76 19.16 13,862 0.12
1997(1)# 10.12 0.37 0.27 (0.21) -- 10.55 6.35* 2,983 0.12
Class D
1999 $11.53 $0.15 $(0.15) $(0.26) $ -- $11.27 (0.01)%* $ 7,064 1.12%
1999 # 11.70 0.40 0.30 (0.34) (0.53) 11.53 6.19 5,107 1.12
1998 # 10.49 0.38 1.46 (0.32) (0.31) 11.70 17.90 2,600 1.12
1997(2)# 10.09 0.27 0.30 (0.17) -- 10.49 5.67* 603 1.12
- -----------------------------
Diversified Conservative Fund
- -----------------------------
Class A
1999 $11.42 $0.15 $(0.01) $(0.34) $ -- $11.22 1.24%* $ 43,548 0.12%
1999 # 11.31 0.50 0.48 (0.29) (0.58) 11.42 8.92 40,304 0.12
1998 # 9.62 0.33 1.78 (0.27) (0.15) 11.31 22.35 22,125 0.12
1997(3)# 9.26 0.26 0.35 (0.18) (0.07) 9.62 6.54* 5,989 0.12
Class D
1999 $11.37 $0.07 $ 0.01 $(0.28) $ -- $11.17 0.75%* $ 15,698 1.12%
1999 # 11.27 0.38 0.48 (0.18) (0.58) 11.37 7.84 12,405 1.12
1998 # 9.58 0.24 1.78 (0.18) (0.15) 11.27 21.29 5,842 1.12
1997(4)# 9.33 0.19 0.26 (0.13) (0.07) 9.58 4.84* 1,704 1.12
- ---------------------------------------
Diversified Global Moderate Growth Fund
- ---------------------------------------
Class A
1999 $12.14 $0.11 $ 0.28 $(0.25) $ -- $12.28 3.28%* $ 32,768 0.12%
1999 # 12.49 0.40 0.12 (0.25) (0.62) 12.14 4.63 24,010 0.12
1998 # 10.15 0.31 2.28 (0.19) (0.06) 12.49 25.68 13,255 0.12
1997(6)# 10.00 0.06 0.14 (0.05) -- 10.15 1.96* 68 0.12
Class D
1999 $12.02 $0.05 $ 0.28 $(0.19) $ -- $12.16 2.81%* $ 7,646 1.12%
1999 # 12.38 0.30 0.10 (0.14) (0.62) 12.02 3.54 7,142 1.12
1998 # 10.11 0.17 2.28 (0.12) (0.06) 12.38 24.38 7,001 1.12
1997(5)# 10.00 0.02 0.13 (0.04) -- 10.11 1.52* 85 1.12
- --------------------------------
Diversified Moderate Growth Fund
- --------------------------------
Class A
1999 $13.18 $0.12 $ 0.13 $(0.20) $ -- $13.23 1.91%* $148,991 0.12%
1999 # 13.22 0.32 0.79 (0.23) (0.92) 13.18 8.87 131,531 0.12
1998 # 10.74 0.29 2.76 (0.25) (0.32) 13.22 29.08 50,677 0.12
1997(7)# 10.19 0.23 0.50 (0.16) (0.02) 10.74 7.12* 15,440 0.12
Class D
1999 $13.10 $0.04 $ 0.15 $(0.14) $ -- $13.15 1.51%* $ 31,009 1.12%
1999 # 13.16 0.26 0.72 (0.12) (0.92) 13.10 7.71 27,537 1.12
1998 # 10.67 0.18 2.76 (0.13) (0.32) 13.16 27.99 8,935 1.12
1997(8)# 10.21 0.15 0.44 (0.11) (0.02) 10.67 5.71* 6,471 1.12
<CAPTION>
Ratio Ratio of
of Expenses Net Investment
Ratio of Net to Average Income
Investment Net Assets to Average Net
Income to (Excluding Assets (Excluding Portfolio
Average Waivers and Waivers and Turnover
Net Assets Reimbursement) Reimbursement) Rate
- ---------------------------------------------------------------------------
- ------------------------------------
Diversified Conservative Income Fund
- ------------------------------------
<S> <C> <C> <C> <C>
Class A
1999 3.95% 0.40% 3.67% 11%
1999 # 4.02 0.45 3.69 63
1998 # 4.37 1.01 3.48 52
1997(1)# 4.38 3.65+ 0.85+ 27
Class D
1999 2.95% 1.40% 2.67% 11%
1999 # 2.98 1.45 2.65 63
1998 # 3.35 2.27 2.20 52
1997(2)# 3.37 N/A++ N/A++ 27
- -----------------------------
Diversified Conservative Fund
- -----------------------------
Class A
1999 2.53% 0.45% 2.20% 12%
1999 # 3.42 0.45 3.09 30
1998 # 3.12 0.81 2.43 24
1997(3)# 3.56 2.75+ 0.93+ 65
Class D
1999 1.52% 1.45% 1.19% 12%
1999 # 2.41 1.46 2.07 30
1998 # 2.13 1.91 1.34 24
1997(4)# 2.60 3.72+ 0.00+ 65
- ---------------------------------------
Diversified Global Moderate Growth Fund
- ---------------------------------------
Class A
1999 1.89% 0.47% 1.54% 12%
1999 # 2.76 0.49 2.39 34
1998 # 2.66 0.86 1.92 30
1997(6)# 2.03 N/A++ N/A++ 3
Class D
1999 0.90% 1.47% 0.55% 12%
1999 # 1.79 1.49 1.42 34
1998 # 1.72 1.93 0.91 30
1997(5)# 0.60 N/A++ N/A++ 3
- --------------------------------
Diversified Moderate Growth Fund
- --------------------------------
Class A
1999 1.72% 0.39% 1.45% 7%
1999 # 2.41 0.50 2.03 22
1998 # 2.39 0.74 1.77 20
1997(7)# 2.64 1.45+ 1.31+ 22
Class D
1999 0.72% 1.39% 0.45% 7%
1999 # 1.40 1.48 1.04 22
1998 # 1.37 1.80 0.69 20
1997(8)# 1.63 2.57+ 0.18+ 22
</TABLE>
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 Ratio of
Value Investment Unrealized from Net from Value Net Assets Expenses
Beginning Income Gains on Investment Capital End of Total End of to Average
of Period (Loss) Securities Income Gains Period Return Period (000) Net Assets
- ----------------------------------------------------------------------------------------------------------------------------
- ------------------------------
Diversified Global Growth Fund
- ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A
1999 $13.22 $ 0.07 $0.48 $(0.20) $ -- $13.57 4.21%* $91,637 0.12%
1999 # 13.64 0.29 0.27 (0.14) (0.84) 13.22 4.63 78,798 0.12
1998 # 10.91 0.22 3.04 (0.19) (0.34) 13.64 30.38 57,012 0.12
1997(1)# 10.19 0.15 0.68 (0.10) (0.01) 10.91 8.10* 16,049 0.12
Class D
1999 $13.14 $(0.13) $0.48 $(0.01) $ -- $13.48 2.70%* $22,743 1.12%
1999 # 13.59 0.14 0.28 (0.03) (0.84) 13.14 3.50 18,979 1.12
1998 # 10.87 0.10 3.04 (0.08) (0.34) 13.59 29.22 13,949 1.12
1997(8)# 10.24 0.06 0.63 (0.05) (0.01) 10.87 6.69* 6,882 1.12
- -----------------------------
Diversified Global Stock Fund
- -----------------------------
Class A
1999 $12.80 $ 0.02 $0.64 $(0.10) $ -- $13.36 5.15%* $54,106 0.12%
1999 # 13.28 0.12 0.36 (0.03) (0.93) 12.80 4.22 37,987 0.12
1998 # 10.04 0.15 3.31 (0.09) (0.13) 13.28 34.70 19,730 0.12
1997(10)# 10.00 0.02 0.05 (0.03) -- 10.04 0.67* 4,807 0.12
Class D
1999 $12.59 $(0.04) $0.61 $(0.05) $ -- $13.11 4.58%* $ 9,486 1.12%
1999 # 13.16 0.03 0.33 -- (0.93) 12.59 3.23 6,264 1.12
1998 # 10.01 0.01 3.31 (0.04) (0.13) 13.16 33.38 2,910 1.12
1997(5)# 10.00 (0.03) 0.06 (0.02) -- 10.01 0.31* 46 1.12
- ---------------------------
Diversified U.S. Stock Fund
- ---------------------------
Class A
1999 $15.70 $0.03 $0.15 $(0.08) $ -- $15.80 1.14%* $73,232 0.12%
1999 # 16.03 0.09 1.25 (0.03) (1.64) 15.70 9.33 60,766 0.12
1998 # 11.38 0.08 5.53 (0.05) (0.91) 16.03 50.40 25,357 0.12
1997(9)# 10.27 0.07 1.09 (0.05) -- 11.38 11.33* 9,065 0.12
Class D
1999 $15.36 $(0.02) $0.11 $(0.03) $ -- $15.42 0.58%* $37,377 1.12%
1999 # 15.83 0.03 1.14 -- (1.64) 15.36 8.18 24,267 1.12
1998 # 11.32 (0.11) 5.53 -- (0.91) 15.83 48.86 13,794 1.12
1997(4)# 10.36 (0.03) 1.01 (0.02) -- 11.32 9.43* 5,885 1.12
<CAPTION>
- --------------------------------------------------------------------------------
Ratio Ratio of
of Expenses Net Investment
Ratio of Net to Average Income/Loss
Investment Net Assets to Average Net
Income/Loss (Excluding Assets (Excluding Portfolio
to Average Waivers and Waivers and Turnover
Net Assets Reimbursement) Reimbursement) Rate
- --------------------------------------------------------------------------------
- ------------------------------
Diversified Global Growth Fund
- ------------------------------
<S> <C> <C> <C> <C>
Class A
1999 1.06% 0.46% 0.72% 10%
1999 # 1.66 0.50 1.28 18
1998 # 1.76 0.72 1.16 15
1997(1)# 1.74 1.53+ 0.33+ 13
Class D
1999 0.05% 1.46% (0.29)% 10%
1999 # 0.49 1.50 0.11 18
1998 # 0.72 1.76 0.08 15
1997(8)# 0.71 2.56+ (0.73)+ 13
- -----------------------------
Diversified Global Stock Fund
- -----------------------------
Class A
1999 0.25% 0.38% (0.01)% 7%
1999 # 0.58 0.50 0.20 30
1998 # 0.85 1.13 (0.16) 10
1997(10)# 0.65 2.13+ (1.36)+ --
Class D
1999 (0.79)% 1.38% (1.05)% 7%
1999 # (0.56) 1.50 (0.94) 30
1998 # (0.07) 2.52 (1.47) 10
1997(5)# (1.06) N/A++ N/A++ --
- ---------------------------
Diversified U.S. Stock Fund
- ---------------------------
Class A
1999 0.40% 0.43% 0.09% 6%
1999 # 0.48 0.49 0.11 30
1998 # 0.57 0.80 (0.11) 21
1997(9)# 0.72 1.84+ (1.00)+ 28
Class D
1999 (0.66)% 1.43% (0.97)% 6%
1999 # (0.53) 1.50 (0.91) 30
1998 # (0.42) 1.82 (1.12) 21
1997(4)# (0.39) 2.75+ (2.02)+ 28
</TABLE>
+ Ratios reflect the impact of the initial low level of average net assets
associated with commencement of operations.
++ Ratio is not meaningful due to low level of assets and because 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.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI Asset Allocation Trust -- September 30, 1999 (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 Fund Management (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 underlying Funds,
which are separately-managed series of the following investment companies: SEI
Institutional Managed Trust, SEI Institutional 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
investments in the underlying Funds, which are valued at their respective net
asset values.
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.
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.
These reclassifications have no effect on net assets or net asset value per
share.
Uses of Estimates in the Preparation of Financial Statements -- The
preparation of financial statements, in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions
that affect the reported
12
<PAGE>
amount of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results could differ
from those estimates.
3. Investment Advisory, Management, Distribution and Shareholder Servicing
Agreements
Under the Investment Advisory Agreement with the Trust, SEI Investments
Management Corporation ("SIMCO" 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 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 Company (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. In addition, there are fees paid to the law firm for current legal
services rendered.
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.
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI Asset Allocation Trust -- September 30, 1999 (Unaudited)
5. Investment Transactions
The cost of security purchases and the proceeds from the sale of securities
during the period ended September 30, 1999 were as follows:
Total
(000)
-------
Diversified Conservative Income Fund
Purchases ................................................... $ 8,505
Sales ....................................................... 2,707
Diversified Conservative Fund
Purchases ................................................... $12,884
Sales ....................................................... 6,994
Diversified Global Moderate Growth Fund
Purchases ................................................... $10,579
Sales ....................................................... 4,252
Diversified Moderate Growth Fund
Purchases ................................................... $82,375
Sales ....................................................... 12,132
Diversified Global Growth Fund
Purchases ................................................... $18,086
Sales ....................................................... 10,220
Diversified Global Stock Fund
Purchases ................................................... $18,013
Sales ....................................................... 4,008
Diversified U.S. Stock Fund
Purchases ................................................... $32,404
Sales ....................................................... 6,082
At September 30, 1999, 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 unrealized appreciation and depreciation on investment securities at
September 30, 1999 for each Fund is as follows:
Net
Unrealized
Appreciated Depreciated Appreciation/
Securities Securities Depreciation
(000) (000) (000)
----------- ----------- -------------
Diversified
Conservative
Income $ 454 $ (817) $ (363)
Diversified
Conservative 2,974 (1,513) $1,461
Diversified
Global
Moderate
Growth 1,876 (878) 998
Diversified
Moderate
Growth 7,989 (3,067) 4,922
Diversified
Global
Growth 9,258 (1,453) 7,805
Diversified
Global Stock 5,050 (882) 4,168
Diversified
U.S. Stock 8,603 (2,252) 6,351
14
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
- --------------------------
SEI ASSET ALLOCATION TRUST
- --------------------------
SEMI-ANNUAL REPORT
- --------------------------
September 30, 1999
Robert A. Nesher
Chairman
Trustees
William M. Doran
F. Wendell Gooch
James M. Storey
George J. Sullivan, Jr.
Officers
Edward D. Loughlin
President and Chief Executive Officer
Mark Nagle
Controller and Chief Financial Officer
Todd Cipperman
Vice President, Assistant Secretary
Lydia A. Gavalis
Vice President, Assistant Secretary
Kathy Heilig,
Vice President and Assistant Secretary
Lynda J. Striegel
Vice President, Assistant Secretary
Kevin P. Robins
Vice President, Assistant Secretary
Cynthia M. Parrish
Vice President, Assistant Secretary
James R. Foggo
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 Public Accountants
PricewaterhouseCoopers 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>
SEI Investments Distribution Co.
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-118-04
