======================================================================
SEI LIQUID ASSET TRUST
======================================================================
SEMI-ANNUAL REPORT
======================================================================
December 31, 1995
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI Liquid Asset Trust--December 31, 1995 (Unaudited)
TREASURY SECURITIES PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 23.4%
U.S. Treasury Bill
5.880%, 05/30/96 $ 204,000 $ 199,291
U.S. Treasury Note
4.380%, 08/15/96 80,000 79,332
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $278,623,353) 278,623
-----------
REPURCHASE AGREEMENTS -- 77.0%
Goldman Sachs(A) 5.90%, dated
12/29/95, matures 01/02/96,
repurchase price $135,088,500
(collateralized by U.S. Treasury
Bonds total par value $31,290,030,
7.5%-13.75%, 08/15/04-11/15/24:
U.S. Treasury Notes total par
value $93,540,630, 4.375%-8.875%,
02/29/96-08/15/02: total market
value $137,853,457) 135,000 135,000
Goldman Sachs (B) 5.75%, dated
12/12/95, matures 01/17/96,
repurchase price $130,747,500
(collateralized by U.S. Treasury
Bonds total par value $30,062,970,
7.5%-13.75%, 8/15/04-11/15/24:
U.S. Treasury Notes total par
value $89,872,370, 4.375%-8.875%,
02/29/96-08/15/02: total market
value $132,447,439) 130,000 130,000
Lanston (A) 5.90%, dated 12/29/95,
matures 01/02/96, repurchase
price $827,542 (collateralized by
U.S. Treasury Note par value
$805,000, 7.875%, matures
07/31/96: market value $842,174) 827 827
Lehman Brothers(A) 5.95%, dated 12/29/95,
matures 01/02/96, repurchase price
$218,044,056 (collateralized by U.S.
Treasury Notes total par value
$219,019,000, 5.12-5.5%, 11/15/98-11/30/98:
total market value $222,237,417) 217,900 217,900
Morgan Stanley(A) 5.90%, dated
12/29/95, matures 01/02/96,
repurchase price $250,163,889
(collateralized by U.S. Treasury
Note par value $248,785,000,
6.75%, matures 05/31/97: market
value $255,123,030) 250,000 250,000
Swiss Bank Corporation(A) 5.87%,
dated 12/29/95, matures
01/02/96, repurchase price
$187,120,661 (collateralized by
U.S. Treasury Bonds total par
value $140,924,000, 7.25%-10.375%,
11/15/12-08/15/22: U.S. Treasury
Note par value $1,200,000,
6.00%, matures 08/31/97: total
market value $188,818,903) $ 185,000 $ 185,000
-----------
Total Repurchase Agreements
(Cost $918,727,000) 918,727
-----------
Total Investments -- 100.4%
(Cost $1,197,350,353) 1,197,350
-----------
OTHER ASSETS AND LIABILITIES -- (0.4)%
Other Asset and Liabilities, Net (4,218)
-----------
NET ASSETS:
Portfolio shares of Class A
(unlimited authorization -- no
par value) based on
1,192,737,651 outstanding shares
of beneficial interest 1,192, 738
Portfolio shares of Class D (unlimited
authorization -- no par value) based
on 215,306 outstanding shares of
beneficial interest 215
Distributions in excess of net
investment income (3)
Accumulated net realized gain on
investments 182
-----------
Total Net Assets-- 100.0% $ 1,193,132
===========
Net Asset Value, Offering and
Redemption Price Per Share --
Class A $ 1.00
===========
Net Asset Value, Offering and
Redemption Price Per Share --
Class D $ 1.00
===========
<FN>
(A) Tri-party repurchase agreement
(B) Term repurchase agreement
The accompanying notes are an integral part of the financial statements.
</FN>
</TABLE>
1
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI Liquid Asset Trust--December 31, 1995 (Unaudited)
GOVERNMENT SECURITIES PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 90.3%
Federal Farm Credit Bank
5.830%, 02/12/96 $ 5,000 $ 4,967
5.700%, 02/20/96 1,785 1,771
Federal Home Loan Bank
5.680%, 01/24/96 30,000 29,997
5.820%, 02/12/96 7,000 6,954
5.820%, 02/15/96 12,590 12,502
5.710%, 02/28/96 9,215 9,133
5.600%, 03/15/96 13,000 12,854
5.720%, 03/20/96 1,000 988
5.640%, 03/27/96 2,235 2,206
5.690%, 04/30/96 330 324
5.770%, 10/04/96 535 513
5.810%, 10/15/96 1,410 1,349
Federal Home Loan Mortgage Corp.
5.630%, 03/13/96 5,000 4,945
Federal National Mortgage
5.230%, 01/03/96 (A) 22,000 22,000
5.820%, 02/22/96 17,000 16,863
5.720%, 03/13/96 3,000 2,967
5.710%, 03/15/96 5,000 4,944
5.680%, 04/30/96 6,000 5,891
Student Loan Marketing
5.240%, 01/03/96 (A) 15,400 15,400
5.400%, 01/03/96 (A) 8,000 8,028
5.420%, 01/03/96 (A) 5,800 5,811
---------
Total U.S. Government Agency Obligations
(Cost $170,406,781) 170,407
---------
REPURCHASE AGREEMENTS -- 10.1%
Goldman Sachs (B) 5.77%, dated
12/12/95, matures 01/17/96,
repurchase price $19,129,630
(collateralized by Federal Home
Loan Mortgage Corporation par
value $18,829,604, 7.50%, matures
11/01/25: market value
$19,380,001) 19,000 19,000
---------
Total Repurchase Agreements
(Cost $19,000,000) 19,000
---------
Total Investments -- 100.4%
(Cost $189,406,781) 189,407
---------
OTHER ASSETS AND LIABILITIES -- (0.4)%
Other Assets and Liabilities, Net (765)
---------
NET ASSETS:
Portfolio Shares (unlimited
authorization -- no par value) based
on 188,661,537 outstanding shares of
beneficial interest $ 188,662
Accumulated net realized loss on
investments (20)
---------
Total Net Assets-- 100.0% $ 188,642
=========
Net Asset Value, Offering and
Redemption Price per Share $ 1.00
=========
<FN>
(A) Variable rate instrument. The rate reflected on the Statement of Net Assets
is the rate in effect on December 29, 1995.
(B) Term repurchase agreement.
The accompanying notes are an integral part of the financial statements.
</FN>
</TABLE>
<TABLE>
<CAPTION>
PRIME OBLIGATION PORTFOLIO
<S> <C> <C>
COMMERCIAL PAPER -- 58.0%
American Express Credit
5.520%, 04/19/96 $15,000 $ 14,749
American General Financial
5.690%, 01/30/96 10,000 9,954
American Home Products (B)
5.700%, 02/12/96 7,000 6,953
5.660%, 03/07/96 10,000 9,896
Associates Corporation of
North America
5.680%, 02/12/96 15,000 14,901
Bear Stearns Companies
5.770%, 01/16/96 7,000 6,983
Chase Manhattan
5.650%, 02/29/96 15,000 14,861
Chevron UK Investment PLC
5.720%, 02/05/96 4,600 4,574
Ciesco LP
5.650%, 02/13/96 10,000 9,933
5.580%, 03/08/96 9,200 9,104
CIT Group Holdings
5.650%, 02/12/96 5,000 4,967
Clipper Receivables
5.870%, 01/31/96 5,000 4,976
Corestates Capital
5.680%, 02/16/96 8,000 7,942
Esc Securitization
5.720%, 02/02/96 21,000 20,893
Ford Motor Credit
5.680%, 02/09/96 5,000 4,969
5.580%, 03/27/96 10,000 9,867
</TABLE>
2
<PAGE>
================================================================================
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
General Electric Capital
5.690%, 02/13/96 $ 10,000 $ 9,932
5.590%, 03/01/96 15,000 14,860
5.580%, 04/11/96 5,000 4,922
General Motors Acceptance
5.680%, 02/15/96 10,000 9,929
5.700%, 02/22/96 5,000 4,959
Hewlett-Packard
5.650%, 02/13/96 3,000 2,980
Household International
5.730%, 02/08/96 15,000 14,909
IBM Credit
5.510%, 04/24/96 15,000 14,738
John Deere Capital
5.640%, 03/29/96 15,000 14,793
5.510%, 04/25/96 10,000 9,824
McKenna Triangle
5.660%, 02/15/96 7,775 7,720
National Fuel Gas
5.770%, 01/19/96 10,000 9,971
NationsBanc
5.640%, 04/03/96 8,000 7,884
New Center Asset Trust
5.710%, 02/02/96 15,000 14,924
PNC Funding
5.770%, 02/05/96 30,000 29,832
Prefco
5.870%, 01/18/96 5,000 4,986
5.720%, 01/25/96 5,000 4,981
5.730%, 01/25/96 8,000 7,969
Province of Quebec
5.800%, 01/23/96 6,000 5,979
5.700%, 03/01/96 20,000 19,810
Prudential Funding
5.530%, 04/18/96 5,000 4,917
Puerto Rico Development Bank
5.650%, 02/28/96 5,000 4,954
Riverwood Funding
5.680%, 02/15/96 15,000 14,894
Sears Roebuck Acceptance
5.700%, 02/13/96 10,000 9,932
5.720%, 02/13/96 10,000 9,932
5.700%, 02/22/96 10,000 9,918
Suntrust Banks
5.610%, 02/08/96 5,000 4,970
5.600%, 02/28/96 5,000 4,955
Whirlpool
5.750%, 01/29/96 10,000 9,955
5.760%, 02/14/96 5,000 4,965
5.680%, 02/15/96 5,000 4,965
5.710%, 02/16/96 5,000 4,963
--------
Total Commercial Paper
(Cost $460,744,637) 460,744
--------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 10.6%
Federal National Mortgage
5.230%, 01/03/96 (A) $ 30,000 $ 30,000
Student Loan Marketing (A)
5.240%, 01/03/96 (A) 24,000 24,000
5.250%, 01/03/96 (A) 7,000 7,001
5.260%, 01/03/96 (A) 15,000 15,003
5.260%, 01/03/96 (A) 8,000 8,000
--------
Total U.S. Government Agency
Obligations
(Cost $84,003,928) 84,004
--------
CERTIFICATES OF DEPOSIT -- 7.0%
Bank of America
5.740%, 02/16/96 15,000 15,000
Chase Manhattan
5.770%, 04/15/96 12,000 12,000
FNB Maryland
5.740%, 02/05/96 14,000 14,000
Wilmington Trust of Delaware
5.680%, 03/27/96 15,000 15,000
-------
Total Certificates of Deposit
(Cost $55,999,944) 56,000
-------
BANK NOTES -- 3.8%
Bank of New York
5.520%, 05/22/96 15,000 14,995
NationsBanc
5.500%, 06/10/96 10,000 10,000
Society National Bank Key
6.000%, 04/25/96 5,000 5,002
-------
Total Corporate Bond
(Cost $29,997,381) 29,997
-------
FLOATING RATE INSTRUMENTS -- 13.8%
Allstate (A)
5.910%, 10,000 10,000
Corestates Capital (A)
5.860%, 01/05/96 10,000 10,000
First Bank of South Dakota (A)
5.910%, 05/06/96 21,000 20,999
People's Security Funding
Agreement (A) (B)
6.090%, 01/01/96 33,000 33,000
SMM Trust 1995-B (A)(B)
5.990%, 01/03/96 10,000 10,000
SMM Trust 1995-I (A)(B)
5.770%, 01/28/96 19,998 19,998
South Trust Bank of Alabama (A)
5.920%, 04/19/96 6,000 6,000
-------
Total Floating Rate Instruments
(Cost $109,996,037) 109,997
-------
</TABLE>
3
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI Liquid Asset Trust--December 31, 1995 (Unaudited)
PRIME OBLIGATION PORTFOLIO (continued)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 7.1%
Lanston (C) 5.90%, dated 12/29/95,
matures 01/02/96, repurchase
price $146,096 (collateralized by
U.S. Treasury Note par value
$143,000, 7.875%, matures
07/31/96: market value $149,604) $ 146 $ 146
Lehman Brothers(C) 5.95%, dated
12/29/95, matures 01/02/96,
repurchase price $6,003,967
(collateralized by U.S. Treasury
Note par value $5,965,000, 6.125%,
matures 05/15/98: market
value $6,121,008) 6,000 6,000
Lehman Brothers(C) 5.97%, dated 12/29/95,
matures 01/02/96, repurchase price
$50,233,299 (collateralized by Government
mortgage agency securities total
par value $50,320,000, 0.00%-7.98%,
09/26/97-10/06/05: total market
value $51,190,625) 50,200 50,200
---------
Total Repurchase Agreements
(Cost $56,346,000) 56,346
---------
Total Investments -- 100.3%
(Cost $797,087,929) $ 797,088
---------
OTHER ASSETS AND LIABILITIES -- (0.3)%
Other Asset and Liabilities, Net (2,074)
---------
NET ASSETS:
Portfolio shares (unlimited
authorization--no par value) based
on 795,036,738 outstanding shares
of beneficial interest 795,037
Accumulated net realized loss on
investments (23)
---------
Total Net Assets-- 100.0% $ 795,014
=========
Net Asset Value, Offering and
Redemption Price Per Share $ 1.00
=========
<FN>
(A) Variable rate instrument. The rate reflected on the Statement of Net Assets
is the rate in effect on December 29, 1995.
(B) Private Placement
(C) Tri-party repurchase agreement
The accompanying notes are an integral part of the financial statements.
</FN>
</TABLE>
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
================================================================================
SEI Liquid Asset Trust--for the period ended December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
-------------- --------------
INSTITUTIONAL
CASH MONEY MARKET
PORTFOLIO PORTFOLIO
-------------- -------------
<S> <C> <C>
ASSETS:
Investments at Value:
U.S. Treasury Bill, 4.81%, 3/14/96 (Cost $137,475,515)
(Face Amount $138,840,000) $137,475,516 --
U.S. Treasury Bill, 4.96%, 3/28/96 (Cost $98,801,333)
(Face Amount $100,000,000) 98,801,333 --
Cash 645 $ 100
------------ ------------
Total assets 236,277,494 100
------------ ------------
LIABILITIES:
Accrued expense payable 8,542 --
Distributions payable 88,866 --
------------ ------------
Total liabilities 97,408 --
------------ ------------
NET ASSETS:
Applicable to 236,180,086 outstanding shares of beneficial interest
(unlimited authorization -- no par value) 236,180,086 --
Applicable to 100 outstanding shares of beneficial interest
(unlimited authorization-- no par value) -- 100
------------ ------------
Total net assets $236,180,086 $ 100
------------ ------------
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE $ 1.00 $ 1.00
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
SEI Liquid Asset Trust--for the period ended December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
---------- ---------- ---------- -------------
TREASURY GOVERNMENT PRIME INSTITUTIONAL
SECURITIES SECURITIES OBLIGATION CASH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ---------- -------------
<S> <C> <C> <C> <C>
Interest Income $ 38,964 $ 6,032 $ 26,685 $ 98
-------- -------- -------- --------
EXPENSES:
Management fee 2,781 434 1,902 8
Less management fees waived (475) (171) (378) --
Investment advisory fee 208 32 142 --
Custodian/wire agent fees 54 42 44 --
Professional fees 16 19 13 --
Trustee fees 10 6 9 --
Registration & filing fees 89 45 87 --
Distribution fees 212 34 157 --
Insurance 2 4 4 --
Other fees 20 10 12 1
-------- -------- -------- --------
Total expenses 2,917 455 1,992 9
-------- -------- -------- --------
NET INVESTMENT INCOME 36,047 5,577 24,693 89
-------- -------- -------- --------
Net realized gain (loss) from security transactions 30 1 (4) --
-------- -------- -------- --------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 36,077 $ 5,578 $ 24,689 $ 89
======== ======== ======== ========
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
SEI Liquid Asset Trust--for the period ended December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
-------------------------- --------------------------
TREASURY GOVERNMENT
SECURITIES SECURITIES
-------------------------- --------------------------
07/01/95- 07/01/94- 07/01/95- 07/01/94-
12/31/95 06/30/95 12/31/95 06/30/95
-------------------------- --------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 36,047 $ 63,230 $ 5,577 $ 12,192
Net realized gain from security
transactions 30 240 1 39
----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations 36,077 63,470 5,578 12,231
----------- ----------- ----------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A (36,000) (62,948) (5,576) (12,193)
Class D (50) (282) -- --
Net realized gains:
Class A -- -- -- --
Class D -- -- -- --
----------- ----------- ----------- -----------
Total dividends distributed (36,050) (63,230) (5,576) (12,193)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS (ALL AT $1.00 PER
SHARE):
Class A:
Proceeds from shares issued 4,793,948 9,652,814 705,276 1,544,000
Shares issued in lieu of cash distributions 469 823 559 579
Cost of shares repurchased (4,856,416) (9,900,410) (717,963) (1,599,403)
----------- ----------- ----------- -----------
Decrease in net assets derived from
Class A transactions (61,999) (246,773) (12,128) (54,824)
----------- ----------- ----------- -----------
Class D
Proceeds from shares issued 5,009 25,743 -- --
Shares issued in lieu of cash distributions 6 2 -- --
Cost of shares repurchased (14,597) (15,971) -- --
----------- ----------- ----------- -----------
Increase in net assets derived from
Class D transactions (9,582) 9,774 -- --
----------- ----------- ----------- -----------
Decrease in net assets derived from
capital share transactions (71,581) (236,999) (12,128) (54,824)
----------- ----------- ----------- -----------
Net decrease in net assets (71,554) (236,759) (12,126) (54,786)
----------- ----------- ----------- -----------
NET ASSETS:
Beginning of Period 1,264,686 1,501,445 200,768 255,554
----------- ----------- ----------- -----------
End of Period $ 1,193,132 $ 1,264,686 $ 188,642 $ 200,768
=========== =========== =========== ===========
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
SEI Liquid Asset Trust--for the period ended December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
-------------------------- --------------------------
PRIME INSTITUTIONAL
OBLIGATION CASH
-------------------------- --------------------------
07/01/95- 07/01/94- 07/01/95- 07/01/94-
12/31/95 06/30/95 12/31/95 06/30/95
-------------------------- --------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 24,693 $ 52,597 $ 89 $ 93
Net realized gain (loss) from security
transactions (4) 55 -- --
----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations 24,689 52,652 89 93
----------- ----------- ----------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A (24,693) (52,597) (89) (93)
Class D -- -- -- --
Net realized gains:
Class A -- -- -- --
Class D -- -- -- --
----------- ----------- ----------- -----------
Total dividends distributed (24,693) (52,597) (89) (93)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS (ALL AT $1.00 PER
SHARE):
Class A:
Proceeds from shares issued 3,761,923 9,162,056 236,351 163,880
Shares issued in lieu of cash distributions 5,466 11,333 -- --
Cost of shares repurchased (3,913,234) (9,151,091) (171) (163,880)
----------- ----------- ----------- -----------
Increase (decrease) in net assets derived from
Class A transactions (145,845) 22,298 236,180 --
----------- ----------- ----------- -----------
Class D
Proceeds from shares issued -- -- -- --
Shares issued in lieu of cash distributions -- -- -- --
Cost of shares repurchased -- -- -- --
----------- ----------- ----------- -----------
Increase in net assets derived from
Class D transactions -- -- -- --
----------- ----------- ----------- -----------
Increase (decrease) in net assets derived
from capital share transactions (145,845) 22,298 236,180 --
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (145,849) 22,353 236,180 --
----------- ----------- ----------- -----------
NET ASSETS:
Beginning of Period 940,863 918,510 -- --
----------- ----------- ----------- -----------
End of Period $ 795,014 $ 940,863 $ 236,180 $ --
=========== =========== =========== ===========
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
SEI Liquid Asset Trust--for the period ended December 31, 1995 (Unaudited)
For a Share Outstanding Throughout each Period
<TABLE>
<CAPTION>
Ratio of
Net
Net Asset Distributions Distributions Ratio of Investment
Value Net Realized and from Net from Net Asset Net Assets Expenses Income
Beginning Investment Unrealized Investment Realized Capital Value End Total End of to Average to Average
Of Period Income Gains on Securities Income Gains of Period Return Period (000) Net Assets Net Assets
====================================================================================================================================
- -------------------
TREASURY SECURITIES
- -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1995*** $1.00 $0.03 -- $(0.03) -- $1.00 2.78%** 1,192,917 0.44% 5.46%
1995 1.00 0.05 -- (0.05) -- 1.00 5.05 1,254,888 0.44 4.93
1994 1.00 0.03 -- (0.03) -- 1.00 3.00 1,501,510 0.44 2.91
1993 1.00 0.03 -- (0.03) -- 1.00 3.03 2,219,701 0.44 2.99
1992 1.00 0.05 -- (0.05) -- 1.00 4.69 2,304,153 0.44 4.60
1991 1.00 0.07 -- (0.07) -- 1.00 7.04 2,248,497 0.44 6.80
1990 1.00 0.08 -- (0.08) -- 1.00 8.41 2,076,845 0.44 8.10
1989 1.00 0.08 -- (0.08) -- 1.00 8.51 2,318,763 0.44 8.20
1988 1.00 0.06 -- (0.06) -- 1.00 6.56 2,671,802 0.44 6.40
1987 1.00 0.06 -- (0.06) -- 1.00 5.91 2,580,118 0.44 5.70
1986 1.00 0.07 -- (0.07) -- 1.00 7.40 2,041,343 0.44 7.20
CLASS D
1995*** 1.00 0.03 -- (0.03) -- 1.00 2.60%** 215 0.79 5.11
1995 1.00 0.05 -- (0.05) -- 1.00 4.69 9,798 0.79 5.15
1994(1) 1.00 0.01 -- (0.01) -- 1.00 0.50** 23 0.79* 3.23*
- ---------------------
GOVERNMENT SECURITIES
- ---------------------
CLASS A
1995*** $1.00 $0.03 -- $(0.03) -- $1.00 2.75%** 188,642 0.44% 5.39%
1995 1.00 0.05 -- (0.05) -- 1.00 5.18 200,768 0.44 5.04
1994 1.00 0.03 -- (0.03) -- 1.00 3.04 255,554 0.44 2.96
1993 1.00 0.03 -- (0.03) -- 1.00 3.05 507,832 0.44 3.00
1992 1.00 0.05 -- (0.05) -- 1.00 4.72 399,938 0.44 4.60
1991 1.00 0.07 -- (0.07) -- 1.00 7.08 520,187 0.44 6.80
1990 1.00 0.08 -- (0.08) -- 1.00 8.48 368,318 0.44 8.10
1989 1.00 0.08 -- (0.08) -- 1.00 8.69 467,056 0.44 8.30
1988 1.00 0.07 -- (0.07) -- 1.00 6.83 523,274 0.44 6.70
1987 1.00 0.06 -- (0.06) -- 1.00 5.99 479,968 0.44 5.80
1986 1.00 0.07 -- (0.07) -- 1.00 7.52 222,215 0.44 7.30
- ----------------
PRIME OBLIGATION
- ----------------
CLASS A
1995*** $1.00 $0.03 -- $(0.03) -- $1.00 2.78%** 795,014 0.44% 5.47%
1995 1.00 0.05 -- (0.05) -- 1.00 5.20 940,863 0.44 5.21
1994 1.00 0.03 -- (0.03) -- 1.00 3.08 918,509 0.44 3.03
1993 1.00 0.03 -- (0.03) -- 1.00 3.07 1,173,109 0.44 3.04
1992 1.00 0.05 -- (0.05) -- 1.00 4.73 1,515,554 0.44 4.70
1991 1.00 0.07 -- (0.07) -- 1.00 7.36 1,729,845 0.44 7.10
1990 1.00 0.08 -- (0.08) -- 1.00 8.57 1,804,367 0.44 8.30
1989 1.00 0.09 -- (0.09) -- 1.00 8.85 2,160,859 0.44 8.50
1988 1.00 0.07 -- (0.07) -- 1.00 7.12 2,224,159 0.44 6.90
1987 1.00 0.06 -- (0.06) -- 1.00 6.08 1,851,072 0.44 5.90
1986 1.00 0.07 -- (0.07) -- 1.00 7.58 1,469,066 0.44 7.30
- -------------------
INSTITUTIONAL CASH*
- -------------------
CLASS A
1995*** $1.00 $0.0004 -- $(0.0004) -- $1.00 4.58% 236,180 0.44% 4.58%
1995 1.00 0.0003 -- (0.0003) -- 1.00 4.94 -- 0.44 5.19
1994 1.00 0.0003 -- (0.0003) -- 1.00 2.60 -- 0.44 2.63
1993 1.00 0.0003 -- (0.0003) -- 1.00 2.83 -- 0.44 2.66
1992 1.00 0.0002 -- (0.0002) -- 1.00 3.47 -- 0.44 3.50
1991 1.00 0.0003 0.0001 (0.0003) (0.0001) 1.00 7.12 -- 0.42 5.90
1990 1.00 0.0008 0.0003 (0.0008) (0.0003) 1.00 10.22 -- 0.44 7.80
1989 1.00 0.0007 0.0002 (0.0007) (0.0002) 1.00 8.49 -- 0.44 6.80
1988 1.00 0.0006 0.0001 (0.0006) (0.0001) 1.00 4.02 -- 0.44 5.20
1987(2) 1.00 0.0003 -- (0.0003) -- 1.00 5.48 -- 0.44 5.30
</TABLE>
<TABLE>
<CAPTION>
Ratio of
Net
Ratio of Investment
Expenses Income
to Average to Average
Net Assets Net Assets
(Excluding (Excluding
Waivers) Waivers)
=======================================================
- -------------------
TREASURY SECURITIES
- -------------------
<S> <C> <C>
CLASS A
1995*** 0.52% 5.38%
1995 0.54 4.83
1994 0.51 2.84
1993 0.50 2.93
1992 0.50 4.50
1991 0.47 6.80
1990 0.45 8.10
1989 0.44 8.20
1988 0.44 6.40
1987 0.45 5.70
1986 0.44 7.20
CLASS D
1995*** 0.87 5.03
1995 0.89 5.05
1994(1) 0.98* 3.04*
- ---------------------
GOVERNMENT SECURITIES
- ---------------------
CLASS A
1995*** 0.60% 5.23%
1995 0.53 4.95
1994 0.51 2.89
1993 0.50 2.94
1992 0.50 4.60
1991 0.48 6.70
1990 0.45 8.10
1989 0.46 8.30
1988 0.44 6.70
1987 0.46 5.80
1986 0.44 7.30
- ----------------
PRIME OBLIGATION
- ----------------
CLASS A
1995*** 0.53% 5.38%
1995 0.53 5.12
1994 0.51 2.96
1993 0.50 2.98
1992 0.49 4.60
1991 0.47 7.10
1990 0.45 8.30
1989 0.44 8.50
1988 0.44 6.90
1987 0.45 5.90
1986 0.44 7.30
- -------------------
INSTITUTIONAL CASH*
- -------------------
CLASS A
1995*** 0.44% 4.58%
1995 0.44 5.19
1994 0.44 2.63
1993 0.44 2.66
1992 0.44 3.50
1991 0.42 5.90
1990 0.44 7.80
1989 0.44 6.80
1988 0.44 5.20
1987(2) 0.44 5.30
<FN>
(1) Treasury Securities Class D commenced operations on May 4, 1994.
(2) Institutional Cash Fund commended operations on December 31, 1986.
* Annualized
** Not Annualized
*** Ratios for Semi-Annual Period Ended December 31, 1995 (unaudited) have been annualized.
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI Liquid Asset Trust--December 31, 1995 (Unaudited)
1. ORGANIZATION
SEI Liquid Asset Trust (the "Trust") was organized as a Massachusetts business
trust under a Declaration of Trust dated July 20, 1981.
The Trust is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company with five
portfolios: the Treasury Securities Portfolio, the Government Securities
Portfolio, the Prime Obligation Portfolio, the Institutional Cash Portfolio and
the Money Market Portfolio (the "Portfolios"). The Trust is registered to offer
Class A shares of the portfolios and Class D (formerly the ProVantage Funds)
shares of the Treasury Securities Portfolio. The assets of each Portfolio are
segregated and a shareholder's interest is limited to the Portfolio in which
shares are held. As of December 31, 1995 the Money Market Portfolio had not
commenced operations.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Trust.
Security Valuation--Investment securities are stated at amortized cost,
which approximates market value. Under this valuation method, purchase discounts
and premiums are accreted and amortized ratably to maturity and are included in
interest income.
Federal Income Taxes--It is each Portfolio's intention to continue to
qualify as a regulated investment company and distribute all of its taxable
income. Accordingly, no provision for Federal income taxes is required.
Repurchase Agreements--Securities pledged as collateral for Repurchase
Agreements are held by the Portfolio's custodian bank until maturity of the
Repurchase Agreement. Provisions of the Agreement and procedures adopted by the
Manager of the Trust ensure that the market value of the collateral, including
accrued interest thereon, is sufficient in the event of default by the
counterparty.
The Trust also invests in tri-party repurchase agreements. Securities held
as collateral for tri-party repurchase agreements are maintained in a segregated
account by the broker's custodian bank until maturity of the repurchase
agreement. Provisions of the agreements ensure that the market value of the
collateral, including accrued interest thereon, is sufficient in the event of
default.
If the counterparty defaults and the value of
the collateral declines or if the counterparty enters an insolvency proceeding,
realization of the collateral by the Trust may be delayed or limited.
Discount and Premium Amortization--All amortization is calculated using the
effective interest method over the holding period of the security. Amortization
of premiums and discounts is currently included in interest income.
Expenses--Expenses of the Trust which are not directly associated to a
specific Portfolio are allocated on the basis of relative net asset value of the
affected Portfolios.
Classes--Expenses of a class of shares of beneficial interest are borne by
that class. Income, expenses and realized gains/losses are allocated to the
respective classes on the basis of relative daily net assets.
Other--Security transactions are accounted for on the date the securities
are purchased or sold. Costs used in determining realized gains and losses on
the sale of investment securities are those of the specific securities sold.
Distributions from net in-
vestment income are declared on a daily basis and are payable on the first
business day of the following month. Any net realized capital gains of the
Portfolios are distributed to the shareholders of the affected Portfolios
annually.
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Financial Management Corporation (the "Manager") provides management,
administrative and shareholder services to the Trust for an annual fee, which is
calculated daily and paid monthly, of .42% of the average daily net assets of
each Portfolio with the exception of the Institutional Cash Portfolio for which
the fee is calculated at an annual rate of .36%. The Manager has agreed to bear
certain expenses of the Trust so that the total expenses do not exceed .44% of
average daily net assets annually. For the fiscal year ended December 31, 1995
the management fee was $5,063,000 of which $1,024,000 was waived by the Manager
in accordance with the expense limitation discussed above.
10
<PAGE>
================================================================================
In addition, the Trust and the Manager have entered into a separate
Transfer Agent Agreement with respect to Class D shares under which DST Systems,
Inc. is entitled to a fee of .15% of the average daily net assets of Class D
plus out-of-pocket costs.
Wellington Management Company serves as
the Investment Adviser of the Trust. For its servic-
es, the Investment Adviser receives an annual fee equal to .075% of the Trust's
average daily net asset value up to $500 million and .02% of such net asset
value in excess of $500 million. At December 31, 1995, the Investment Adviser
was a holder of beneficial interest in the Trust. The fees of the Investment
Adviser are paid monthly.
SEI Financial Services Company ("SFS") acts as the distributor of the
shares of the Trust under a Distribution Agreement and Distribution Plans which
provide for the Trust to reimburse SFS for its distribution expenses.
Reimbursement for expenses incurred by SFS may not exceed .30% of a Portfo-lio's
average daily net assets. Distribution expenses include, among other items, the
compensation and benefits of sales personnel incurred by SFS in connection with
the promotion and sale of shares. Dis-tribution expenses not attributable to a
specific Portfolio are allocated among the Portfolios on the basis of their
relative average daily net assets.
In addition, the Treasury Securities Portfolio has registered an additional
class of shares, Class D shares, for which a separate distribution plan has been
adopted. The Class D Distribution Plan (the "Class D" Plan) provides for
additional payments to the distributor of .25% of each of the Class D shares
average daily net assets. As of the fiscal year end, SFS is taking a fee under
the Class D Plan of only .20% of each of the Class D average daily net assets.
4. TRANSACTIONS WITH AFFILIATES
Certain officers and/or Trustees of the Trust are also officers and/or Directors
of the Manager or SFS. Compensation of officers and affiliated Trustees of the
Trust is paid by the Manager and/or SFS.
CoreStates N.A., which is a Trust shareholder, acts as Custodian and Wire
Agent for the Trust.
5. CAPITAL LOSS CARRYOVERS
At June 30, 1995, the Portfolios had a capital loss carryover, to the extent
provided in regulations, for Federal income tax purposes as follows:
Government Securities
Portfolio: $16,295 expiring in 2001
Prime Obligation
Portfolio: $67,346 expiring in 2000
5,140 expiring in 2003
11
<PAGE>
========================
SEI LIQUID ASSET TRUST
========================
SEMI-ANNUAL REPORT
========================
December 31, 1995
Robert A. Nesher
Chairman
TRUSTEES
Richard F. Blanchard
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
OFFICERS
David G. Lee
President and Chief Executive Officer
Jeffrey A. Cohen
Controller, Chief Financial Officer
Robert B. Carroll
Vice President, Assistant Secretary
Todd Cipperman
Vice President, Assistant Secretary
Joseph M. Lydon
Vice President, Assistant Secretary
Sandra K. Orlow
Vice President, Assistant Secretary
Kevin P. Robins
Vice President, Assistant Secretary
Kathryn L. Stanton
Vice President, Assistant Secretary
Richard W. Grant
Secretary
INVESTMENT ADVISER
Wellington Management Company
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Financial Management Corporation
DISTRIBUTOR
SEI Financial Services Company
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT PUBLIC 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
Financial Services Company, the Distributor of the SEI Funds, is not affiliated
with any bank.
For information call 1-800-DIAL-SEI/1-800-342-5734
<PAGE>
NOTES
<PAGE>
SEI-F-013-02
