ANNUAL REPORT AS OF
JUNE 30, 1997
SEI LIQUID
ASSET TRUST
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Treasury Securities Portfolio
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Government Securities Portfolio
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Prime Obligation Portfolio
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Institutional Cash Portfolio
[SEI INVESTMENTS LOGO]
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TO OUR SHAREHOLDERS:
Short term interest rates remained steady at 5.25% for the majority of the past
year. It wasn't until March of 1997 that the Federal Reserve Board (the "Fed")
decided to raise short-term interest rates to 5.50% in order to combat a growing
economy and keep inflationary pressures in check.
Yields on money market funds likewise remained flat for most of the past twelve
month period and average weighted maturities lengthened as the Fed remained in
a holding pattern. The market began to price in the Fed tightening during the
weeks before the move in short term rates, and maturities on money funds
shortened so as to take advantage of the impending move. Assets continue to flow
into money market funds, as investors respond to the favorable differential
between money funds and other short-term instruments.
As investment advisor for the Trust, Wellington Management Company LLP was able
to find opportunities to capture yield by extending maturities during the time
when short term rates remained flat. Likewise, Wellington consistently looks to
capitalize on Fed moves by positioning the portfolios accordingly. As a result
the shareholders in the Liquid Asset Trust have benefited from this diligent and
anticipatory style of management.
As we reach the halfway point of 1997, the growth of the economy has slowed and
signs of inflation are not apparent, permitting the Fed to remain in a holding
pattern. As in the past, Wellington Management will continue to seek out prudent
investment opportunities which provide our investors with the competitive yields
they have come to expect. We look forward to serving your investment needs, and
we appreciate your continued confidence in the SEI Liquid Asset Trust.
Sincerely,
/S/DAVID G. LEE
David G. Lee
President and Chief Executive Officer
SEI Liquid Asset Trust
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TABLE OF CONTENTS
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MONEY MARKET REVIEW .................................................... 1
STATEMENT OF NET ASSETS ................................................ 2
STATEMENT OF ASSETS AND LIABILITIES .................................... 6
STATEMENT OF OPERATIONS ................................................ 7
STATEMENT OF CHANGES IN NET ASSETS ..................................... 8
FINANCIAL HIGHLIGHTS ................................................... 10
NOTES TO FINANCIAL STATEMENTS .......................................... 11
REPORT OF INDEPENDENT ACCOUNTANTS ...................................... 13
NOTICE TO SHAREHOLDERS ................................................. 14
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MONEY MARKET REVIEW
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SEI LIQUID ASSET MONEY MARKET PORTFOLIOS
TREASURY SECURITIES
GOVERNMENT SECURITIES
PRIME OBLIGATION
SEI LIQUID ASSET TRUST PORTFOLIOS ARE ADVISED BY WELLINGTON
MANAGEMENT COMPANY
Growth in money fund assets continued as total industry assets added
another $130 billion in the twelve month period ending June 30, 1997 for a total
of $960 billion; or a 16% increase. Continued growth in corporate profitability
and increased municipal revenues generated by the expanding economy have been
key contributors to this growth.
The financial markets entered the year enjoying the sixth year of economic
expansion, and were cognizant of the fact that the targeted federal funds rate
had not been increased in almost 2 years. As the new year progressed, market
participants became wary of inflationary pressures increasing, and expectations
grew that the Fed would tighten monetary policy at least once, possible several
times during the year. Yields on the one year Treasury bill rose from the 5.49%
level at December 31, 1996 as these expectations intensified. Just prior to the
FOMC's (Federal Open Market Committee) March meeting, the advisor shortened each
of the portfolio's weighted average maturities in order to fully take advantage
of the expected increase as well as the pressures associated with quarter-end
financial statement dates. After the increase in late March, many participants
concluded that additional tightenings would be forthcoming. This was exemplified
by managers continuing their shortening programs. As it turned out, yields
peaked shortly after the March tightening, as the economy indicated signs of
slowing from the 5.9% growth rate recorded in the first quarter, despite the
lowest unemployment rate in decades.
With the approach of the May FOMC meeting, consensus for a second
tightening was waning as growth was slowing and inflation measures were
negligible. In the days that followed the unchanged policy of the May meeting,
maturities were extended by many money funds. As the expectations of multiple
tightenings over the short term faded, yields on the one-year Treasury bill
fell. By June 30, the one year Treasury bill was yielding 5.65%. Near-term
expectations are for still lower yields in the longer maturity sector, as
participants evaluate the timing of the next change in monetary policy.
1
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STATEMENT OF NET ASSETS
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SEI LIQUID ASSET TRUST--JUNE 30, 1997
TREASURY SECURITIES PORTFOLIO
- ------------------------------------------------------------
FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 11.6%
U.S. Treasury Notes
5.250%, 12/31/97 $ 19,000 $ 18,963
5.125%, 02/28/98 14,000 13,940
5.125%, 03/31/98 15,000 14,939
6.125%, 03/31/98 15,000 15,042
5.875%, 04/30/98 19,000 18,998
--------
Total U.S. Treasury Obligations
(Cost $81,882) 81,882
--------
REPURCHASE AGREEMENTS -- 88.7%
Chase Bank (A)
5.95%, dated 06/30/97, matures
07/01/97, repurchase price
$150,024,792 (collateralized by
U.S. Treasury Notes, ranging in
par value $474,000-$66,210,000,
5.875%-9.125%, 03/31/99-06/30/99;
with total market value
$152,643,223) 150,000 150,000
Greenwich Capital Markets (A)
6.03%, dated 06/30/97, matures
07/01/97, repurchase price
$150,025,125 (collaterized by
U.S. Treasury Notes, ranging in
par value $43,000-$56,355,000,
5.875%-8.000%, 03/31/99-12/31/99
and U.S. Treasury STRIPS par
value $19,490,000, matures
01/15/07; with total market
value $153,003,927) 150,000 150,000
J.P. Morgan (B)
5.95%, dated 06/30/97, matures
07/01/97, repurchase price
$7,236,196 (collateralized by
U.S. Treasury Note par value
$6,989,000, 8.250%, matures
07/15/98; market
value $7,420,986) 7,235 7,235
Lehman Brothers (B)
6.00%, dated 06/30/97, matures
07/01/97, repurchase price
$9,651,608 (collateralized by
U.S. Treasury STRIPS, ranging in
par value $2,350,500-$6,395,000,
02/15/11-02/15/14; with total
market value $10,038,707) 9,650 9,650
- ------------------------------------------------------------
FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
Swiss Bank (A)
5.95%, dated 06/30/97, matures 07/01/97,
repurchase price $155,025,618
(collateralized by U.S.
Treasury Bonds, ranging in
par value $2,642,000-$48,000,000,
6.250%-13.250%, 05/15/14-08/15/23
and by a U.S. Treasury Bill par
value $3,000,000, matures
04/02/98; with total market
value $156,098,865) $155,000 $155,000
Union Bank of Switzerland (A)
5.95%, dated 06/30/97, matures
07/01/97, repurchase price
$155,025,618 (collateralized by U.S.
Treasury Bonds, ranging in par
value $45,000-$72,716,000,
7.25%-11.25%, 03/15/15-11/15/18;
with total market $158,102,310) 155,000 155,000
--------
Total Repurchase Agreements
(Cost $626,885) 626,885
--------
Total Investments -- 100.3%
(Cost $708,767) 708,767
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OTHER ASSETS AND LIABILITIES -- (0.3%)
Other Assets and Liabilities, Net (2,319)
--------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 706,254,957 outstanding shares
of beneficial interest 706,255
Portfolio Shares of Class D (unlimited
authorization -- no par value) based
on 216,373 outstanding shares
of beneficial interest 216
Undistributed net investment income 246
Accumulated net realized loss
on investments (269)
--------
Total Net Assets -- 100.0% $706,448
========
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
========
(A) TRI-PARTY REPURCHASE AGREEMENT
(B) TERM REPURCHASE AGREEMENT
STRIPS -- SEPARATE TRADING OF REGISTERED INTEREST AND
PRINCIPAL OF SECURITIES
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
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GOVERNMENT SECURITIES PORTFOLIO
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FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 70.7%
FHLB (A)
5.630%, 08/05/97 $ 5,000 $ 5,000
FHLB
5.532%, 07/17/97 23,000 22,945
5.492%, 08/08/97 3,950 3,928
5.696%, 12/03/97 1,000 976
5.707%, 02/27/98 4,750 4,578
FHLMC
5.713%, 11/07/97 3,080 3,019
FNMA (A)
5.250%, 07/07/97 22,000 22,000
FNMA MTN
8.950%, 07/10/97 4,000 4,003
FNMA
5.480%, 10/20/97 5,000 4,915
5.683%, 11/06/97 3,000 2,942
5.640%, 11/17/97 5,000 4,895
5.648%, 11/19/97 2,450 2,398
SLMA (A)
5.260%, 07/01/97 15,400 15,400
5.420%, 07/01/97 8,000 8,008
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Total U.S. Government Agency Obligations
(Cost $105,007) 105,007
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REPURCHASE AGREEMENTS -- 29.5%
Goldman Sachs (B)
6.12%, dated 06/30/97, matures
07/01/97, repurchase price
$25,004,250 (collateralized
by FNMA obligations, par value
$10,089,737-$15,426,402,
7.000%-7.500%, 07/01/12-10/01/26;
with total market value
$25,500,000) 25,000 25,000
J.P. Morgan (C)
5.95%, dated 06/30/97, matures
07/01/97, repurchase price
$3,840,835 (collateralized
by various U.S. Treasury Notes,
ranging in par value
$759,000-$2,148,000, 8.25%-13.75%,
07/15/98-08/15/04; with
total market value $3,915,813) 3,840 3,840
- ------------------------------------------------------------
FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
Morgan Stanley (B)
5.525%, dated 06/30/97, matures
07/08/97, repurchase price
$15,002,302 (collateralized by
various FNMA obligations, ranging
in par value $23,000-$2,200,000,
5.500%-9.000%, 09/01/97-05/01/22;
with total market value
$15,375,261) $15,000 $ 15,000
--------
Total Repurchase Agreements
(Cost $43,840) 43,840
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Total Investments -- 100.2%
(Cost $148,847) 148,847
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OTHER ASSETS AND LIABILITIES -- (0.2%)
Other Assets and Liabilities, Net (241)
--------
NET ASSETS:
Portfolio Shares (unlimited
authorization -- no par value)
based on 148,645,418 outstanding
shares of beneficial interest 148,645
Overdistributed net investment income (4)
Accumulated net realized loss
on investments (35)
--------
Total Net Assets -- 100.0% $148,606
========
Net Asset Value, Offering and Redemption
Price Per Share $1.00
========
(A) VARIABLE RATE INSTRUMENT. THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON JUNE 30, 1997. THE MATURITY DATE SHOWN IS THE RESET
DATE AND THE DEMAND DATE.
(B) TRI-PARTY REPURCHASE AGREEMENT
(C) TERM REPURCHASE AGREEMENT
FHLB -- FEDERAL HOME LOAN BANK
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
MTN -- MEDIUM TERM NOTE
SLMA -- STUDENT LOAN MARKETING ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
<PAGE>
STATEMENT OF NET ASSETS
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SEI LIQUID ASSET TRUST--JUNE 30, 1997
PRIME OBLIGATION PORTFOLIO
- ------------------------------------------------------------
FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
COMMERCIAL PAPER -- 58.6%
AC Acquisition
5.701%, 07/15/97 $25,000 $24,946
American Express Credit
6.250%, 07/02/97 25,000 24,996
Aon Corporation
5.778%, 07/15/97 16,528 16,492
5.841%, 08/18/97 8,500 8,436
Associates of North America
5.764%, 08/25/97 25,000 24,786
Avco Financial
5.727%, 09/15/97 5,500 5,435
Bank of New York
5.655%, 07/14/97 20,000 19,960
Bear Stearns
5.689%, 07/07/97 20,000 19,981
BT Securities
5.600%, 07/23/97 25,000 24,914
Centric Funding
5.673%, 07/09/97 10,000 9,988
5.717%, 07/16/97 7,000 6,984
5.718%, 07/18/97 10,000 9,974
CPC International
5.758%, 08/20/97 15,000 14,883
Enterprise Funding
5.696%, 07/21/97 9,000 8,972
Falcon Asset
5.677%, 07/15/97 7,545 7,529
5.706%, 07/22/97 7,100 7,077
Fleet Funding
5.580%, 07/29/97 11,159 11,111
5.570%, 07/31/97 12,000 11,944
General Electric Credit
5.550%, 07/30/97 10,000 9,955
5.927%, 11/26/97 10,000 9,766
General Motors Acceptance
Corporation
5.731%, 07/14/97 9,000 8,982
5.820%, 10/09/97 17,000 16,725
Island Finance PR
5.600%, 08/22/97 11,000 10,911
Kitty Hawk Funding
5.660%, 09/02/97 15,000 14,851
5.758%, 09/15/97 10,000 9,882
Merrill Lynch
5.688%, 07/07/97 10,000 9,991
5.570%, 08/04/97 10,000 9,947
5.600%, 08/20/97 5,000 4,961
Morgan Stanley Group
5.580%, 07/21/97 25,000 24,922
New Center Asset Trust
5.494%, 08/13/97 5,000 4,968
- -------------------------------------------------------------
FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Private Export Funding
5.550%, 08/15/97 $25,000 $ 24,827
Prudential Funding
5.560%, 07/10/97 13,500 13,481
5.925%, 11/24/97 5,000 4,885
Ranger Funding
5.717%, 07/18/97 7,000 6,982
5.590%, 08/04/97 8,000 7,958
5.773%, 08/13/97 10,000 9,933
Sears Roebuck Acceptance
6.250%, 07/01/97 20,000 20,000
--------
Total Commercial Paper
(Cost $482,335) 482,335
--------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.2%
FNMA (A)
5.250%, 07/07/97 30,000 30,000
SLMA (A)
5.260%, 07/01/97 24,000 24,000
5.270%, 07/01/97 7,000 7,000
5.280%, 07/01/97 23,000 23,002
--------
Total U.S. Government Agency Obligations
(Cost $84,002) 84,002
--------
CERTIFICATES OF DEPOSIT -- 11.3%
Chase Manhattan Bank
5.500%, 07/01/97 15,000 15,000
First National Bank of Boston
5.690%, 10/14/97 20,500 20,500
First of America Bank MI
5.950%, 01/12/98 25,000 24,993
Key Bank of Utah Bankers Note (A)
5.600%, 07/01/97 7,000 6,998
Wilmington Trust
5.900%, 11/19/97 20,000 20,000
5.900%, 11/24/97 5,000 5,000
--------
Total Certificates of Deposit
(Cost $92,491) 92,491
--------
BANK NOTES -- 8.7%
Bank of Hawaii Bankers Acceptance
5.831%, 08/27/97 12,000 11,892
Bank One (A)
5.540%, 07/01/97 30,000 29,983
BankAmerica
5.570%, 11/07/97 25,000 24,960
Morgan Guaranty Trust of NY
5.965%, 06/22/98 5,000 4,998
--------
Total Bank Notes
(Cost $71,833) 71,833
--------
4
<PAGE>
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PRIME OBLIGATION PORTFOLIO (CONTINUED)
- ------------------------------------------------------------
FACE
DESCRIPTION AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
FLOATING RATE INSTRUMENTS -- 9.8%
Allstate (A)
5.805%, 09/28/97 $10,000 $ 10,000
Asset Backed Securities
Investment Trust 1996-M (A)
5.688%, 07/30/97 5,000 5,000
People's Security Funding
Agreement (A) (B)
6.063%, 09/28/97 25,000 25,000
SMM-Trust 96-B (A) (B)
5.738%, 07/02/97 10,000 10,000
SMM-Trust 97-L (A)
5.688%, 07/29/97 10,000 10,000
Travelers Insurance (A)
5.694%, 07/30/97 6,000 6,000
5.687%, 09/28/97 5,000 5,000
Travelers Insurance (A) (B)
5.863%, 09/28/97 10,000 10,000
--------
Total Floating Rate Instruments
(Cost $81,000) 81,000
--------
REPURCHASE AGREEMENTS -- 1.5%
J.P. Morgan (C)
5.95%, dated 06/30/97, matures
07/01/97, repurchase price
$1,979,327 (collateralized by U.S.
Treasury Note par value $1,911,000,
8.25%, matures 07/15/98;
market value $2,029,118) 1,979 1,979
Lehman Brothers (C)
6.00%, dated 06/30/97, matures
07/01/97, repurchase price
$10,351,701 (collateralized by
U.S. Treasury STRIPS par value
$33,713,000, matures 02/15/14;
with total market value
$10,739,276) 10,350 10,350
--------
Total Repurchase Agreements
(Cost $12,329) 12,329
--------
Total Investments -- 100.1%
(Cost 823,990) 823,990
--------
OTHER ASSETS AND LIABILITIES -- (0.1%)
Other Assets and Liabilities, Net (720)
--------
- ------------------------------------------------------------
DESCRIPTION VALUE (000)
- ------------------------------------------------------------
NET ASSETS:
Portfolio Shares (unlimited
authorization -- no par value)
based on 823,320,456 outstanding
shares of beneficial interest $823,320
Undistributed net investment income 55
Accumulated net realized loss
on investments (105)
--------
Total Net Assets -- 100.0% $823,270
========
Net Asset Value, Offering and Redemption
Price Per Share $1.00
========
(A) VARIABLE RATE INSTRUMENT. THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON JUNE 30, 1997. THE MATURITY DATE SHOWN IS THE RESET
DATE.
(B) PRIVATE PLACEMENT
(C) TERM REPURCHASE AGREEMENT
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
SLMA -- STUDENT LOAN MARKETING ASSOCIATION
STRIPS -- SEPARATE TRADING OF REGISTERED INTEREST AND PRINCIPAL OF SECURITIES
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
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SEI LIQUID ASSET TRUST--AS OF JUNE 30, 1997
<TABLE>
<CAPTION>
------------------ --------------------
INSTITUTIONAL
CASH MONEY MARKET
PORTFOLIO PORTFOLIO
------------------ --------------------
ASSETS:
<S> <C> <C>
Cash $ 100 $ 100
----- -----
Total assets 100 100
----- -----
NET ASSETS:
Applicable to 100 outstanding shares of beneficial interest
(unlimited authorization -- no par value) 100 100
----- -----
Total net assets $ 100 $ 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.
6
<PAGE>
STATEMENT OF OPERATIONS (000)
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SEI LIQUID ASSET TRUST--FOR THE YEAR ENDED JUNE 30, 1997
<TABLE>
<CAPTION>
-------------- --------------- --------------- ----------------
TREASURY GOVERNMENT PRIME INSTITUTIONAL
SECURITIES SECURITIES OBLIGATION CASH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
Interest Income $39,406 $9,293 $45,434 $ 92
------- ------ ------- ----
EXPENSES:
Management fee 3,050 720 3,450 9
Less management fees waived (384) (43) (419) --
Investment advisory fee 261 62 296 --
Shareholder servicing fee -- Class A 1,817 428 2,056 5
Less shareholder servicing fee waived -- Class A (1,817) (428) (2,056) (5)
Distribution fee-- Class D 1 -- -- --
Less distribution fee waived -- Class D (1) -- -- --
Custodian/wire agent fees 74 10 85 --
Professional fees 36 1 46 --
Trustee fees 13 -- 13 --
Registration & filing fees 59 -- 65 --
Insurance -- -- 2 --
Other fees 85 2 73 --
------- ------ ------- ----
Net expenses 3,194 752 3,611 9
------- ------ ------- ----
NET INVESTMENT INCOME 36,212 8,541 41,823 83
------- ------ ------- ----
Net realized loss from security transactions (121) -- (40) --
------- ------ ------- ----
NET INCREASE IN NET ASSETS FROM OPERATIONS $36,091 $8,541 $41,783 $ 83
======= ====== ======= =====
<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 YEAR ENDED JUNE 30,
<TABLE>
<CAPTION>
------------------------ ----------------------
TREASURY GOVERNMENT
SECURITIES SECURITIES
------------------------ ----------------------
1997 1996 1997 1996
------------------------ ----------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income $ 36,212 $ 62,193 $ 8,541 $ 10,113
Net realized loss from security transactions (121) (54) -- (18)
----------- ----------- --------- -----------
Net increase in net assets resulting from operations 36,091 62,139 8,541 10,095
----------- ----------- --------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A (36,201) (62,141) (8,541) (10,112)
Class D (11) (52) -- --
----------- ----------- --------- -----------
Total dividends distributed (36,212) (62,193) (8,541) (10,112)
----------- ----------- --------- -----------
CAPITAL SHARE TRANSACTIONS (ALL AT $1.00 PER SHARE):
Class A:
Proceeds from shares issued 4,199,778 7,781,924 830,772 1,017,301
Reinvestment of cash distributions 663 847 818 836
Cost of shares redeemed (4,326,481) (8,205,213) (852,117) (1,049,755)
----------- ----------- --------- -----------
Decrease in net assets derived from Class A transactions (126,040) (422,442) (20,527) (31,618)
----------- ----------- --------- -----------
Class D:
Proceeds from shares issued 230 5,034 -- --
Reinvestment of cash distributions 10 11 -- --
Cost of shares redeemed (243) (14,623) -- --
----------- ----------- --------- -----------
Decrease in net assets derived from Class D transactions (3) (9,578) -- --
----------- ----------- --------- -----------
Net decrease in net assets derived from
capital share transactions (126,043) (432,020) (20,527) (31,618)
----------- ----------- --------- -----------
Net decrease in net assets (126,164) (432,074) (20,527) (31,635)
----------- ----------- --------- -----------
NET ASSETS:
Beginning of Period 832,612 1,264,686 169,133 200,768
----------- ----------- --------- -----------
End of Period $ 706,448 $ 832,612 $ 148,606 $ 169,133
=========== =========== ========= ===========
<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>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
SEI LIQUID ASSET TRUST--FOR THE YEAR ENDED JUNE 30,
<TABLE>
<CAPTION>
-------------------------- ---------------------
PRIME INSTITUTIONAL
OBLIGATION CASH
-------------------------- ---------------------
1997 1996 1997 1996
-------------------------- ---------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income $ 41,823 $ 44,637 $ 83 $ 118
Net realized gain (loss) from security transactions (40) 7 -- (37)
----------- ----------- --------- ---------
Net increase in net assets resulting from operations 41,783 44,644 83 81
----------- ----------- --------- ---------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A (41,821) (44,637) (83) (118)
Class D -- -- -- --
----------- ----------- --------- ---------
Total dividends distributed (41,821) (44,637) (83) (118)
----------- ----------- --------- ---------
CAPITAL SHARE TRANSACTIONS (ALL AT $1.00 PER SHARE):
Class A:
Proceeds from shares issued 6,067,983 6,940,159 385,019 236,351
Reinvestment of cash distributions 10,339 9,384 -- --
Cost of shares redeemed (6,002,866) (7,142,561) (385,019) (236,351)
----------- ----------- --------- ---------
Increase (decrease) in net assets derived from Class A transactions 75,456 (193,018) -- --
----------- ----------- --------- ---------
Class D:
Proceeds from shares issued -- -- -- --
Reinvestment of cash distributions -- -- -- --
Cost of shares redeemed -- -- -- --
----------- ----------- --------- ---------
Increase in net assets derived from Class D transactions -- -- -- --
----------- ----------- --------- ---------
Net Increase (decrease) in net assets derived
from capital share transactions 75,456 (193,018) -- --
Contributions of capital from the manager -- -- -- 37
----------- ----------- --------- ---------
Net increase (decrease) in net assets 75,418 (193,011) -- --
----------- ----------- --------- ---------
NET ASSETS:
Beginning of Period 747,852 940,863 -- --
----------- ----------- --------- ---------
End of Period $ 823,270 $ 747,852 $ -- $ --
=========== =========== ========= =========
<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.
9
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
SEI LIQUID ASSET TRUST--FOR THE YEARS ENDED JUNE 30,
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
NET ASSET REALIZED AND DISTRIBUTIONS DISTRIBUTIONS RATIO OF
VALUE NET UNREALIZED FROM NET FROM NET ASSET NET ASSETS EXPENSES
BEGINNING INVESTMENT GAINS ON INVESTMENT REALIZED CAPITAL VALUE END TOTAL END OF TO AVERAGE
OF PERIOD INCOME SECURITIES INCOME GAINS OF PERIOD RETURN PERIOD (000) NET ASSETS
- --------------------------------------------------------------------------------------------------------------------------
- --------------------
TREASURY SECURITIES
- --------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1997 $1.00 $0.05 -- $(0.05) -- $1.00 5.10% $ 706,232 0.44%
1996 1.00 0.05 -- (0.05) -- 1.00 5.37 832,393 0.44
1995 1.00 0.05 -- (0.05) -- 1.00 5.05 1,254,888 0.44
1994 1.00 0.03 -- (0.03) -- 1.00 3.00 1,501,510 0.44
1993 1.00 0.03 -- (0.03) -- 1.00 3.03 2,219,701 0.44
1992 1.00 0.05 -- (0.05) -- 1.00 4.69 2,304,153 0.44
1991 1.00 0.07 -- (0.07) -- 1.00 7.04 2,248,497 0.44
1990 1.00 0.08 -- (0.08) -- 1.00 8.41 2,076,845 0.44
1989 1.00 0.08 -- (0.08) -- 1.00 8.51 2,318,763 0.44
1988 1.00 0.06 -- (0.06) -- 1.00 6.56 2,671,802 0.44
CLASS D
1997 $1.00 $0.05 -- $(0.05) -- $1.00 4.73% $ 216 0.79%
1996 1.00 0.05 -- (0.05) -- 1.00 5.01 219 0.79
1995 1.00 0.05 -- (0.05) -- 1.00 4.69 9,798 0.79
1994(1) 1.00 0.01 -- (0.01) -- 1.00 0.50** 23 0.79*
- -----------------------
GOVERNMENT SECURITIES
- -----------------------
CLASS A
1997 $1.00 $0.05 -- $(0.05) -- $1.00 5.09% $ 148,606 0.44%
1996 1.00 0.05 -- (0.05) -- 1.00 5.30 169,133 0.44
1995 1.00 0.05 -- (0.05) -- 1.00 5.18 200,768 0.44
1994 1.00 0.03 -- (0.03) -- 1.00 3.04 255,554 0.44
1993 1.00 0.03 -- (0.03) -- 1.00 3.05 507,832 0.44
1992 1.00 0.05 -- (0.05) -- 1.00 4.72 399,938 0.44
1991 1.00 0.07 -- (0.07) -- 1.00 7.08 520,187 0.44
1990 1.00 0.08 -- (0.08) -- 1.00 8.48 368,318 0.44
1989 1.00 0.08 -- (0.08) -- 1.00 8.69 467,056 0.44
1988 1.00 0.07 -- (0.07) -- 1.00 6.83 523,274 0.44
- -----------------
PRIME OBLIGATION
- -----------------
CLASS A
1997 $1.00 $0.05 -- $(0.05) -- $1.00 5.20% $ 823,270 0.44%
1996 1.00 0.05 -- (0.05) -- 1.00 5.39 747,852 0.44
1995 1.00 0.05 -- (0.05) -- 1.00 5.20 940,863 0.44
1994 1.00 0.03 -- (0.03) -- 1.00 3.08 918,509 0.44
1993 1.00 0.03 -- (0.03) -- 1.00 3.07 1,173,109 0.44
1992 1.00 0.05 -- (0.05) -- 1.00 4.73 1,515,554 0.44
1991 1.00 0.07 -- (0.07) -- 1.00 7.36 1,729,845 0.44
1990 1.00 0.08 -- (0.08) -- 1.00 8.57 1,804,367 0.44
1989 1.00 0.09 -- (0.09) -- 1.00 8.85 2,160,859 0.44
1988 1.00 0.07 -- (0.07) -- 1.00 7.12 2,224,159 0.44
- ---------------------
INSTITUTIONAL CASH(2)
- ---------------------
CLASS A
1997 $1.00 $0.0002 $ -- $(0.0002) $ -- $1.00 3.94% $ -- 0.44%
1996 1.00 0.0005 -- (0.0005) -- 1.00 4.58 -- 0.44
1995 1.00 0.0003 -- (0.0003) -- 1.00 4.94 -- 0.44
1994 1.00 0.0003 -- (0.0003) -- 1.00 2.60 -- 0.44
1993 1.00 0.0003 -- (0.0003) -- 1.00 2.83 -- 0.44
1992 1.00 0.0002 -- (0.0002) -- 1.00 3.47 -- 0.44
1991 1.00 0.0003 0.0001 (0.0003) (0.0001) 1.00 7.12 -- 0.42
1990 1.00 0.0008 0.0003 (0.0008) (0.0003) 1.00 10.22 -- 0.44
1989 1.00 0.0007 0.0002 (0.0007) (0.0002) 1.00 8.49 -- 0.44
1988 1.00 0.0006 0.0001 (0.0006) (0.0001) 1.00 4.02 -- 0.44
RATIO OF
NET
RATIO OF RATIO OF INVESTMENT
NET EXPENSES INCOME
INVESTMENT TO AVERAGE TO AVERAGE
INCOME NET ASSETS NET ASSETS
TO AVERAGE (EXCLUDING (EXCLUDING
NET ASSETS WAIVERS) WAIVERS)
- --------------------------------------------
- --------------------
TREASURY SECURITIES
- --------------------
CLASS A
<S> <C> <C> <C>
1997 4.98% 0.74% 4.68%
1996 5.27 0.52 5.19
1995 4.93 0.54 4.83
1994 2.91 0.51 2.84
1993 2.99 0.50 2.93
1992 4.60 0.50 4.50
1991 6.80 0.47 6.80
1990 8.10 0.45 8.10
1989 8.20 0.44 8.20
1988 6.40 0.44 6.40
CLASS D
1997 4.64% 1.09% 4.34%
1996 4.92 0.87 4.84
1995 5.15 0.89 5.05
1994(1) 3.23* 0.98* 3.04*
- ----------------------
GOVERNMENT SECURITIES
- ----------------------
CLASS A
1997 4.98% 0.71% 4.71%
1996 5.19 0.54 5.09
1995 5.04 0.53 4.95
1994 2.96 0.51 2.89
1993 3.00 0.50 2.94
1992 4.60 0.50 4.60
1991 6.80 0.48 6.70
1990 8.10 0.45 8.10
1989 8.30 0.46 8.30
1988 6.70 0.44 6.70
- ----------------
PRIME OBLIGATION
- ----------------
CLASS A
1997 5.08% 0.74% 4.78%
1996 5.27 0.53 5.18
1995 5.21 0.53 5.12
1994 3.03 0.51 2.96
1993 3.04 0.50 2.98
1992 4.70 0.49 4.60
1991 7.10 0.47 7.10
1990 8.30 0.45 8.30
1989 8.50 0.44 8.50
1988 6.90 0.44 6.90
- ----------------------
INSTITUTIONAL CASH (2)
- ----------------------
CLASS A
1997 3.94% 0.69% 3.69%
1996 4.58 0.44 4.58
1995 5.19 0.44 5.19
1994 2.63 0.44 2.63
1993 2.66 0.44 2.66
1992 3.50 0.44 3.50
1991 5.90 0.42 5.90
1990 7.80 0.44 7.80
1989 6.80 0.44 6.80
1988 5.20 0.44 5.20
<FN>
(1) TREASURY SECURITIES CLASS D COMMENCED OPERATIONS ON MAY 4, 1994.
(2) ALL RATIOS AND TOTAL RETURNS FOR THE INSTITUTIONAL CASH PORTFOLIO HAVE BEEN
ANNUALIZED.
* ANNUALIZED
** NOT 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.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI LIQUID ASSET TRUST -- JUNE 30, 1997
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 shares of the Treasury Securities
Portfolio. Shares of the Institutional Cash Portfolio were last sold to
shareholders on December 31, 1996 and then fully redeemed at the end of business
on January 2, 1997. It is anticipated that this portfolio will again be
available to shareholders on December 31, 1997. As of June 30, 1997 the Money
Market Portfolio had not commenced operations. The assets of each Portfolio are
segregated and a shareholder's interest is limited to the Portfolio in which
shares are held. A description of the Fund's investment objective, policies, and
strategies are provided in the prospectus.
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. 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 and procedures adopted by the
Manager of the Trust require that the market value of the collateral, including
accrued interest thereon, is sufficient to cover interest and principal in the
event of default by the counterparty.
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 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--Class specific expenses, such as 12b-1 and transfer agent for
Class D, 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.
DISTRIBUTIONS--Distributions from ordinary 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 can be either temporary or
permanent in nature, and may necessitate reclassifications between undistributed
net investment income, undistributed net realized capital gains and/or
additional paid in capital.
For the fiscal year ended June 30, 1997, reclassifications from
undistributed net realized capital gains to undistributed net investment income
in the amounts of $246,319 and $53,182 were recorded for the Treasury Securities
and Prime Obligation Portfolios respectively. For the Government Securities
Portfolio, $4,444 was reclassified from undistributed investment income to net
realized capital gains. These reclassifications between components of capital
have no effect on net assets or net asset value per share.
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 investment 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.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI LIQUID ASSET TRUST -- JUNE 30, 1997
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Investments (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.
Wellington Management Company serves as the Investment Adviser of the
Trust. For its services, 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. The fees of the Investment
Adviser are paid monthly.
SEI Investments Distribution Co. ("the Distributor"), a wholly-owned
subsidiary of SEI Corporation and a registered broker-dealer, acts as the
distributor of the shares of the Trust under a Distribution Agreement. The Trust
has adopted a shareholder servicing plan for its Class A shares (the "Class A
Plan") pursuant to which a shareholder servicing fee of up to .25% of the
average daily net assets attributable to Class A shares will be paid to the
Distributor. Under the Class A Plan the Distributor may perform, or may
compensate other service providers for performing, certain shareholder and
administrative services.
The Trust has adopted a distribution plan for its Class D shares (the
"Class D Plan") pursuant to which a 12b-1 fee of up to .25% of the average daily
net assets attributable to Class D shares will be paid to the Distributor. As of
the fiscal year end, the Distributor is taking a fee under the Class D Plan of
only .20% of the average daily net assets attributable to Class D shares. This
payment may be used to compensate financial institutions that provide
distribution-related services to their customers. Under both the Class A Plan
and the Class D Plan, the Distributor may retain as a profit any difference
between the fee it receives and the amount it pays to third parties.
In addition, the Trust has 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.
4. TRANSACTIONS WITH AFFILIATES
Certain officers and/or Trustees of the Trust are also officers and/or Directors
of the Manager or the Distributor. Compensation of officers and affiliated
Trustees of the Trust is paid by the Manager and/or the Distributor.
An officer of the Trust is also a partner in the firm that serves as legal
counsel. The Trust paid a total of $59,583 in legal fees for the fiscal year
ending June 30, 1997.
CoreStates N.A., which is a Trust shareholder, acts as Custodian and Wire
Agent for the Trust.
During the period ended June 30, 1996, the Manager made a capital
contribution of $37,000 to the Institutional Cash Portfolio to reimburse the
Portfolio for a loss on securities sold. The loss and related capital
contribution did not change the net asset value of the Portfolio.
5. CAPITAL LOSS CARRYOVERS
At June 30, 1997, the Portfolios had a capital loss carryover, to the extent
provided in regulations, for Federal income tax purposes as follows:
Treasury Securities
Portfolio: $148,751 expiring in 2005
Government Securities
Portfolio: $16,296 expiring in 2002
1,741 expiring in 2004
7,997 expiring in 2005
Prime Obligation
Portfolio: $59,535 expiring in 2000
5,140 expiring in 2003
9,189 expiring in 2005
Institutional Cash
Portfolio: $37,279 expiring in 2004
In addition, from November 1, 1996 through June 30, 1997, the following Funds
incurred net realized capital losses, as follows:
AMOUNT
==========
Treasury Securities Portfolio $121,129
Government Securities Portfolio 9,349
Prime Obligation Portfolio 31,148
As permitted by tax regulations, the Funds intend to elect to defer and
treat these losses as arising in the fiscal year ended June 30, 1998. No capital
loss carryovers were utilized in the fiscal year ended June 30, 1997.
12
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
================================================================================
To the Trustees and Shareholders of
SEI Liquid Asset Trust
In our opinion, the accompanying statement of assets and liabilities presents
fairly, in all material respects, the financial position of Money Market
Portfolio at June 30, 1997, and the accompanying statements of net assets and of
assets and liabilities and the related statements of operations and of changes
in net assets and the financial highlights present fairly, in all material
respects, the financial position of Treasury Securities Portfolio, Government
Securities Portfolio, Prime Obligation Portfolio, Institutional Cash Portfolio
(which, with Money Market Portfolio, constitute SEI Liquid Asset Trust,
hereafter referred to as the "Trust") at June 30, 1997, the results of each of
their operations for the year then ended, the changes in each of their net
assets for each of the two years in the period then ended, and the financial
highlights for the periods presented, in conformity with generally accepted
accounting principles. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Trust's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at June 30, 1997 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Philadelphia, PA
August 7, 1997
13
<PAGE>
NOTICE TO SHAREHOLDERS (UNAUDITED)
================================================================================
SEI LIQUID ASSET TRUST--JUNE 30, 1997
FOR TAXPAYERS FILING ON A CALENDAR YEAR BASIS, THIS NOTICE IS FOR
INFORMATIONAL PURPOSES ONLY.
Dear SEI Liquid Asset Trust Shareholders:
For the fiscal year ended June 30, 1997, each portfolio is designating long term
capital gains, qualifying dividends and exempt income with regard to
distributions paid during the year as follows:
<TABLE>
<CAPTION>
(A) (B)
LONG TERM ORDINARY (C) (E)
CAPITAL GAINS INCOME TOTAL (D) TAX
DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS QUALIFYING EXEMPT
PORTFOLIO (TAX BASIS) (TAX BASIS) (TAX BASIS) DIVIDENDS(1) INTEREST
- -------- ------------- ------------- ------------- ------------ ---------
<S> <C> <C> <C> <C> <C>
Treasury Securities Portfolio 0% 100% 100% 0% 0%
Government Securities Portfolio 0% 100% 100% 0% 0%
Prime Obligation Portfolio 0% 100% 100% 0% 0%
Institutional Cash Portfolio 0% 100% 100% 0% 0%
<FN>
(1) Qualifying dividends represent dividends which qualify for the corporate
dividends received deduction.
* Items (A) and (B) are based on a percentage of the portfolio's total
distribution.
** Items (D) and (E) are based on a percentage of ordinary income distributions
of the portfolio.
Please consult your tax adviser for proper treatment of this information.
</FN>
</TABLE>
14
<PAGE>
=======================
SEI LIQUID ASSET TRUST
=======================
ANNUAL REPORT
=======================
JUNE 30, 1997
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
Marc H. Cahn
VICE PRESIDENT, ASSISTANT SECRETARY
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Joseph M. Lydon
VICE PRESIDENT, ASSISTANT SECRETARY
Barbara A. Nugent
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
John H.Grady, Jr.
ASSISTANT SECRETARY
INVESTMENT ADVISER
Wellington Management Company
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT PUBLIC ACCOUNTANTS
Price Waterhouse LLP
THIS 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>
[SEI LOGO] INVESTMENTS
DISTRIBUTION
CO.
Oaks, PA 19456-1100
800-DIAL-SEI/800-342-5734
SEI-F-097-04
