<PAGE>
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
TO OUR SHAREHOLDERS:
The fiscal year ended February 28, 1995 provided classic examples of both the
risks and the potential rewards of international investing.
For instance, one of the primary risks of international investing is that of
economic and/or political instability--a risk that was illustrated well in De-
cember of 1994 by the unexpected devaluation of the Mexican peso. In addition,
January's Kobe earthquake and the collapse of Barings Plc in February were two
other catastrophes that negatively influenced international investing. These
events and their aftermaths demonstrate the importance of maintaining a true
global strategy, with investments diversified among many nations. This includes
investment in developed economies, where both the governments and the economies
are more stable. This is evident in our Core International Equity, Pacific Ba-
sin Equity, and European Equity Portfolios that emphasize investment in devel-
oped economies and have no exposure to the Mexican stock market.
Fortunately, the Mexican crisis and other global difficulties were mitigated
somewhat by one of the potential rewards of international investing, which is
the ability to benefit from favorable currency fluctuations. As the dollar
posted new lows against the German mark and the Japanese yen, weaknesses in lo-
cal terms were balanced by gains in dollar terms. For instance, while German
government bonds returned only 2.40% locally, their U.S. dollar return was
19.36%, Japanese bonds were also lackluster on a local basis with a return of
3.39%, but delivered a 11.35% gain to U.S. dollar investors.
Looking forward, we believe that despite their inherent risk, the global mar-
kets offer tremendous opportunities for long-term investors, and add an impor-
tant measure of diversification to any domestic portfolio. Therefore, we con-
tinue to approach these markets using prudent investment strategies that empha-
size value and seek to minimize undue risk. We look forward to putting these
strategies to work for you in the months and years ahead.
Sincerely,
/s/ David G. Lee
David G. Lee
President and Chief Executive Officer
<PAGE>
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
REVIEW OF NON-U.S. EQUITY MARKETS........................................... 1
REVIEW OF NON-U.S. BOND MARKETS............................................. 3
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FUND PERFORMANCE
CORE INTERNATIONAL EQUITY................................................. 4
EUROPEAN EQUITY .......................................................... 5
PACIFIC BASIN EQUITY...................................................... 7
INTERNATIONAL FIXED INCOME ............................................... 9
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS............................. 11
STATEMENT OF ASSETS AND LIABILITIES ........................................ 21
STATEMENT OF OPERATIONS .................................................... 22
STATEMENT OF CHANGES IN NET ASSETS ......................................... 23
FINANCIAL HIGHLIGHTS ....................................................... 24
NOTES TO FINANCIAL STATEMENTS .............................................. 25
REPORT OF INDEPENDENT ACCOUNTANTS .......................................... 30
NOTICE TO SHAREHOLDERS...................................................... 31
</TABLE>
<PAGE>
REVIEW OF NON-U.S. EQUITY MARKETS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
Global equity markets fought a losing battle with rising interest rates and in-
vestor uncertainty for most of the past twelve months and posted generally poor
results in local currency terms. For the fiscal year ended February 28, 1995,
the Morgan Stanley Capital International Europe, Australia, Far East Index
(EAFE) fell by 13.4% in local currency terms. Persistent dollar weakness
against the Japanese yen and major European currencies, however, stemmed this
loss to only 4.5% in U.S. dollar terms. As measured by the IFC Investable Com-
posite Index, developing markets were hit even harder, falling by 14.5% as in-
vestors reconsidered the potential risk of these markets in the wake of the
Mexican peso devaluation.
During the Trust's fiscal year, preemptive credit tightening and a series of
spectacular events have caused investors to dramatically reassess the valua-
tions of equities, thus affecting returns. Moves by the U.S. Federal Reserve
Board (the "Fed") to tighten interest rates in February and March of 1994
caused most non-U.S. markets to sell off. The smaller Asian markets were par-
ticularly hard hit due in part to their ties to U.S. interest rates or their
proximity to emerging markets. Fears of liquidity rationing caused many invest-
ors to retreat from emerging markets. European markets eased slightly, but re-
turns were buoyed by dollar weakness. In contrast, the Japanese market posted
gains in local currency terms as investors took advantage of earlier sell-offs
to bargain hunt and increasing evidence of an economic recovery.
Further Fed hikes and dollar weakness continued to dominate non-U.S. markets
through the spring and into the summer. In early fall, however, the markets be-
gan to respond to local influences. Positive corporate announcements in Europe
bolstered markets in the region, although currency gains persisted as major
components of returns for U.S. investors. Many Japanese stocks began to give
back earlier gains as investors questioned the pace of economic recovery.
The late fall and winter months brought heightened volatility to interna-
tional markets. A short-lived dollar rally was consumed by the Mexican peso
crisis, and investors sought the perceived relative safety of the German mark
and Japanese yen. The decision by the Mexican government shortly before Christ-
mas to allow the peso to freely float raised concerns about the financial sta-
bility and commitment to economic reform of other developing markets. Global
interest rate hikes gave investors further reasons to abandon the prospective
growth of emerging markets for the safety of developed markets.
As the fiscal year ended, the Pacific Rim hosted a series of events that lit-
erally and figuratively shook the financial markets. Although short-lived and
of limited economic influence, January's Kobe earthquake and February's col-
lapse of Barings Plc gave investors further reasons to avoid equities.
1
<PAGE>
REVIEW OF NON-U.S. EQUITY MARKETS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
(BAR GRAPH APPEARS HERE)
Bar graphs depicting the returns of World Equity Markets, Select European Equity
Markets and Pacific Basin Equity Markets in U.S. dollars for the period March 1,
1994 to February 28, 1995.
2
<PAGE>
REVIEW OF NON-U.S. BOND MARKETS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
Interest rates around the world rose dramatically over the twelve month pe-
riod ending February 28, 1995. The Federal Reserve Board's rate increases,
which began in the first quarter of 1994, put the world markets on alert for
signs of inflation. Further U.S. rate increases and signs of recovery in the
U.S., Europe and Japan gave birth to forecasts of a global recovery and rising
price levels as the year continued.
The strengthening world economy benefited the higher-yielding government bond
markets during the first half of the year. Italy, France, Sweden, and Spain
outperformed Germany and Japan as investors believed that the improving economy
would heal the fiscal, political, and employment problems that plagued these
markets. But as the summer came to a close, the higher-yielding markets began
to suffer from a variety of domestic crises. In Italy, the government of Prime
Minister Silvio Berlusconi failed a confidence vote and was replaced by an in-
terim government headed by Lamberto Dini. The fate of the government's pension
reforms, the key component of Italy's massive deficit, became unclear and Ital-
ian bond yields rose while the lira fell to record lows against other curren-
cies. In Spain, the government of Prime Minister Gonzalez lost its political
strength after accusations of involvement in death squads surfaced. And in
France, the elections scheduled for May 1995 became the primary focus of the
bond and currency markets. Jacques Delors, the market's favorite candidate, did
not enter the presidential race and the outlook for improved fiscal restraint
and deficit reduction bleakened.
With a focus on quality and safety, investors turned to the core markets of
Germany, the Netherlands, and Belgium in the latter half of the year. The U.S.
dollar depreciated against other currencies throughout the year, dropping pre-
cipitously after Mexico's decision to devalue the peso. Dollar depreciation
served to improve the lackluster bond market returns throughout the world. For
example, according to the Salomon Non-U.S. World Government Bond Unhedged In-
dex, the local market return of German government bonds of 2.40% was boosted to
19.36% when measured in U.S. dollar terms. Similarly, Japanese bonds returned
3.39% in local currency terms and 11.35% when measured in U.S. dollar terms.
[GRAPH APPEARS HERE]
A line graph depicting the Comparative Yields to maturity of 10-Year
Government Bonds in the U.S., Japan, U.K. and Germany for the period February
1994 to February 1995.
3
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
CORE INTERNATIONAL EQUITY PORTFOLIO
OBJECTIVE. The Core International Equity Portfolio seeks to provide capital
appreciation through investments in equity securities of non-U.S. issuers. The
Portfolio also seeks to provide U.S. investors with a vehicle for international
diversification which can reduce the variability of portfolio returns to the
extent that foreign markets have a relatively low correlation with the U.S.
market
STRATEGY. On November 7, 1994, the Portfolio was restructured to incorporate
a multi-manager strategy. Acadian Asset Management, Inc. and WorldInvest Lim-
ited replaced Brinson Partners, Inc. as sub-advisers to the Portfolio. Acadian
follows a quantitatively based country allocation process with stock selection
focusing on large cap, value securities. Country deviation from the benchmark
and overall positioning of the Portfolio are tightly risk-controlled. Active
currency management is minimal. WorldInvest uses a "top-down" approach to in-
vesting that can result in measured deviations away from the benchmark. Secu-
rity selection focuses on value criteria. Currency management is most typically
demonstrated at the country allocation level. The result of these investment
styles is a Portfolio characterized by large capitalization, value-oriented se-
curities with lower price-to-earnings and market-to-book ratios and above-aver-
age dividend yields.
ANALYSIS. The total return of the Core International Equity Portfolio was -
7.67% for the fiscal year ended February 28, 1995 . By comparison, the Morgan
Stanley Europe, Australia, Far East Index (EAFE) returned -4.5%.
- --------------------------------------------------------------------------------
CORE INTERNATIONAL EQUITY
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN/1/
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
One Inception
Year Five-Year to Date
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Core International Equity, Class A -7.67% 2.99% 2.13%
- --------------------------------------------------------------------------------
Core International Equity,
ProVantage w/o Load -7.95% 2.93% 2.08%
- --------------------------------------------------------------------------------
Core International Equity,
ProVantage w/Load -12.56% 1.95% 1.18%
- --------------------------------------------------------------------------------
</TABLE>
A line graph depicting the total growth (including reinvestment of dividends and
capital gains) of a hypothetical investment of $10,000 in SEI Core International
Equity Portfolio Class A and ProVantage Funds Class shares from December 31,
1989 through February 28, 1995 as compared with the growth of a $10,000
investment in the Morgan Stanley EAFE Index. The plot points used to draw the
line graph were as follows:
[GRAPH APPEARS HERE]
<TABLE>
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
CORE INTERNATIONAL EQUITY PORTFOLIO, CLASS A, VERSUS THE CORE INTERNATIONAL
EQUITY PORTFOLIO, PROVANTAGE AND THE MORGAN STANLEY EAFE INDEX
<CAPTION>
GROWTH OF
GROWTH OF $10,000 GROWTH OF
$10,000 INVESTED $10,000
INVESTED IN INVESTED IN
IN PROVANTAGE THE MORGAN
Measurement period CLASS A FUNDS CLASS STANLEY EAFE
(Fiscal Year Covered) SHARES SHARES Index
- --------------------- --------- ----------- ------------
<S> <C> <C> <C>
12/31/89 $10,000 $ 9,500 $10,000
2/28/90 $ 9,573 $ 9,094 $ 8,957
2/28/91 $ 9,607 $ 9,127 $ 8,751
2/29/92 $ 9,451 $ 8,978 $ 8,101
2/28/93 $ 9,656 $ 9,173 $ 7,766
2/28/94 $12,016 $11,415 $10,809
2/28/95 $11,094 $10,507 $10,329
</TABLE>
/1/For the periods ended February 28, 1995. Past performance is no indication
of future performance. ProVantage Funds Class opened on May 1, 1994. The
performance shown for the ProVantage Funds Class prior to such date is based on
the performance of Class A Shares adjusted to reflect the maximum sales charge
of 5.0% for the ProVantage Funds Class. Class A Shares were offered beginning
December 30, 1989.
As noted in the Review of Non-U.S. Equity Markets, dollar-based international
investors benefited greatly from currency movements over the past year. In lo-
cal currency terms, the EAFE markets returned -13.4% as rising global interest
rates caused investors to reassess company valuations. However, persistent dol-
lar weakness, particularly against the Japanese yen and German mark, enhanced
returns for U.S. investors. Within regions, European markets as measured by the
MSCI Europe Index, fared slightly better than Pacific
4
<PAGE>
- -------------------------------------------------------------------------------
CORE INTERNATIONAL EQUITY (continued)
[GRAPH APPEARS HERE]
A line graph depicting currency values in U.S. dollars versus major world
currencies (Japanese yen, British pound, and the German mark) for the period
February 1994 to February 1995.
markets as measured by the MSCI Pacific Index, falling by 9.7% versus a slide
of 16.6%.
The Portfolio's underperformance relative to the EAFE is chiefly attribut-
able to currency hedging activities. Until the November restructuring, the
Portfolio utilized foreign currency hedges that reduced its exposure to the
Japanese yen and the German mark. Exposure to the U.S. and Canadian dollars
was generally above 50%. An overweight to banking stocks which reacted poorly
to rising interest rates also hampered results. An underweighting to Japanese
stocks proved favorable. However, a mix within Japan that emphasized exporters
in anticipation of a fall in the yen's value undermined the favorable country
allocation. Underweightings to smaller markets in Asia (Hong Kong, Malaysia
and Singapore) that were maintained by the previous adviser to the Portfolio
generally proved beneficial.
Since the restructuring, the Portfolio has moved in line with the perfor-
mance of EAFE. Over the last three months of the fiscal year (roughly corre-
lating with the adviser change on November 7), the Portfolio has slipped by
3.75% while EAFE has fallen by 3.5%. Significant changes in the Portfolio's
structure accompanying the adviser change included a sharp reduction in dollar
exposure and an expansion of holdings in smaller European and Pacific markets.
As of the end of the fiscal year, the yen hedge was approximately 10%
(versus 20% to 25% previously) and overall Japanese holdings were reduced re-
flecting the uncertain shape of the local recovery. Canadian dollar exposure
also was reduced in line with security holdings. Little other currency hedging
activity was taking place or contemplated at the present.
PORTFOLIO MARKET ALLOCATIONS
VERSUS MSCI EAFE INDEX
<TABLE>
<CAPTION>
FEBRUARY 28, 1995 FEBRUARY 28, 1994
------------------- -------------------
PORTFOLIO EAFE PORTFOLIO EAFE
------------------- -------------------
<S> <C> <C> <C> <C>
Australia 7.0% 4.8% 6.5% 2.7%
Belgium 2.9% 0.8% 2.4% 1.1%
Canada 2.6% 1.1% 3.1% 0.0%
France 10.4% 7.8% 6.9% 6.1%
Germany 4.1% 6.9% 2.8% 5.9%
Hong Kong 2.6% 4.2% 1.6% 4.0%
Italy 2.8% 2.3% 1.7% 2.1%
Japan 30.7% 32.1% 33.2% 44.1%
Netherlands 3.7% 6.0% 5.1% 3.1%
New Zealand 3.0% 0.8% 1.6% 0.4%
Spain 2.5% 2.7% 2.8% 1.9%
Sweden 1.0% 2.4% 0.0% 1.5%
Switzerland 2.5% 4.4% 3.1% 4.6%
United Kingdom 17.5% 14.9% 17.8% 16.5%
All Other 5.1% 8.4% 0.0% 6.0%
Cash 1.6% 0.0% 11.5% 0.0%
</TABLE>
Numbers may not add up to 100% due to rounding.
EUROPEAN EQUITY PORTFOLIO
OBJECTIVE. The European Equity Portfolio seeks to provide long-term capital
appreciation by investing primarily in a diversified portfolio of equity secu-
rities of issuers located in Europe.
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
EUROPEAN EQUITY (continued)
STRATEGY. The adviser utilizes a "bottom-up", stock driven approach to manag-
ing the Portfolio. A country overlay is placed upon the firm's fundamental
stock research to derive the final portfolio construction which is typically
invested in 90 growth stocks across 12 markets. Additionally, the Portfolio
will have a medium to small capitalization bias. The European Equity Portfolio
will invest primarily in equity securities of issuers located in any of the
following countries: United Kingdom, Germany, France, Austria, Belgium, Den-
mark, Finland, Italy, Ireland, the Netherlands, Norway, Spain, Sweden, and
Switzerland.
ANALYSIS. Since its inception on April 29, 1994, the total return of the Eu-
ropean Equity Portfolio was -0.40% versus a gain of 1.17% in the benchmark MSCI
Europe Index. As noted in the Review of Non-U.S. Equity Markets, European
stocks were hampered by rising global interest rates and concerns about the
pace of economic expansion. Most markets posted losses in local currency terms
over the past 12 months. A persistently weak dollar, however, enhanced returns
for U.S.-based investors.
The Portfolio's underperformance is principally due to a bias toward economi-
cally sensitive stocks coupled with a representation in smaller and medium-
sized companies. Fears of an aborted economic recovery caused investors to fa-
vor more defensive stocks during the past ten months at the expense of economi-
cally-sensitive companies. Rising interest rates depressed the shares of
smaller companies which typically sell at premium multiples to their promising
earnings growth rates. In addition, cash flow effects associated with the mar-
keting of the Portfolio created a drag on Portfolio results.
The Portfolio's country allocations generally contributed favorably to per-
formance. Overall, European markets as measured by the MSCI Europe Index fell
by 6.39% in local currency terms for the ten months ending February 28, 1995.
Underweightings to markets undergoing political upheaval such as France and It-
aly proved positive. From April 1994 to February 1995, French stocks slumped by
16.03% in local currency terms as measured by the MSCI France Index, while
Italian shares plummeted by 18.39% in local currency terms as
- --------------------------------------------------------------------------------
EUROPEAN EQUITY
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURN
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
One Three Inception
Month Month to Date
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
European Equity, Class A 2.27% 1.63% -0.48%
- --------------------------------------------------------------------------------
</TABLE>
A line graph depicting the total growth (including reinvestment of dividends and
capital gains) of a hypothetical investment of $10,000 in SEI European Equity
Portfolio Class A shares from April 30, 1994 through February 28, 1995 as
compared with the growth of a $10,000 investment on the MSCI Europe Index. The
plot points used to draw the line graph were as follows:
[GRAPH APPEARS HERE]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
EUROPEAN EQUITY PORTFOLIO, CLASS A, VERSUS THE MSCI EUROPE INDEX
<TABLE>
<CAPTION>
GROWTH OF GROWTH OF
$10,000 $10,000
INVESTED INVESTED
Measurement period IN CLASS IN THE MSCI
(Fiscal Year Covered) A SHARES EUROPE INDEX
- --------------------- -------- ------------
<S> <C> <C>
4/30/94 $10,000 $10,000
2/28/95 $ 9,959 $10,125
</TABLE>
/1/For the period ended February 28, 1995. Past performance is no indication of
future performance. Class A Shares were offered beginning April 29, 1994.
6
<PAGE>
- --------------------------------------------------------------------------------
EUROPEAN EQUITY (continued)
measured by the MSCI Italy Index. An overweight to Swedish stocks, which was
gradually increased during the past ten months, also enhanced returns as re-
flected by the MSCI Sweden Index's return of 2.59%. Swedish stocks were favored
for their economically-sensitive profile and in acknowledgment of their more
attractive valuations relative to German and Dutch industrials.
Despite the Portfolio's favorable country allocations, poor stock selection
and an unfavorable currency mix hampered results. The Portfolio's UK stocks in
particular, hurt results. During the fourth calendar quarter, the Portfolio's
smaller capitalization German stocks (such as software producer SAP) corrected
sharply to a third quarter rally and exerted a negative impact on Portfolio
performance. Currency allocation, which was in line with country allocations,
also hindered results. In particular, the Portfolio's underweight to the Ger-
man, Dutch and Swiss stocks imposed an underweighting to the mark, guilder and
Swiss franc. For the ten months ended February 28, these "deutschemark bloc"
currencies were among Europe's strongest performers versus the dollar--gaining
more than 13%.
Looking ahead, the Portfolio will maintain its commitment to economically-
sensitive shares as the European economy continues to expand toward peak pro-
duction. With U.S. interest rates appearing to have plateaued and political un-
certainty in selected markets moving toward resolution, investors should begin
to refocus on fundamentals, which have been quietly upbeat for the past several
months.
PORTFOLIO MARKET ALLOCATIONS
VERSUS MSCI EAFE INDEX
<TABLE>
<CAPTION>
FEBRUARY 28, 1995 FEBRUARY 28, 1994
------------------- --------------------
PORTFOLIO EAFE PORTFOLIO EAFE
------------------- ----------- --------
<S> <C> <C> <C> <C>
Austria 0.0% 0.9% -- --
Belgium 1.3% 2.4% -- --
Denmark 1.1% 1.7%
Finland 1.2% 1.2%
France 9.8% 12.4% -- --
Germany 9.5% 15.0% -- --
Ireland 0.0% 0.6%
Italy 2.7% 4.9% -- --
Netherlands 5.4% 8.2% -- --
Norway 1.8% 0.9% -- --
Spain 6.6% 3.5% -- --
Sweden 9.7% 3.7% -- --
Switzerland 7.2% 10.6% -- --
United Kingdom 35.5% 33.9% -- --
All Other 0.0% 0.0% -- --
Cash 8.3% 0.0% -- --
</TABLE>
Fund was not open as of February 28, 1994
Numbers may not add up to 100% due to rounding.
PACIFIC BASIN EQUITY PORTFOLIO
OBJECTIVE. The Pacific Basin Equity Portfolio seeks to provide long-term cap-
ital appreciation by investing primarily in a diversified portfolio of equity
securities of issuers located in Japan and other markets in the Far East.
STRATEGY. The adviser adopts a combined "top-down", "bottom-up" approach to
managing the Pacific Basin Equity Portfolio. The Portfolio is typically in-
vested in 12 markets and in 80 to 100 stocks. Further diversification is pro-
vided by investment in a wide range of capitalization stocks. The Pacific Basin
Equity Portfolio will invest primarily in equity securities of issuers located
in any of the following countries: Japan, Hong Kong, Singapore, Malaysia, Aus-
tralia, New Zealand and South Korea.
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
PACIFIC BASIN EQUITY (continued)
ANALYSIS. Launched on April 29, 1994, the total return of the Pacific Basin
Equity Portfolio was -12.7% since its inception. The Portfolio has failed to
beat its benchmark, the Morgan Stanley Capital International (MSCI) Pacific In-
dex, which had a total return of -8.62% over the same time period. The primary
reasons for the Portfolio's underperformance were an overexposure to South Ko-
rea coupled with poor stock selection within Japan. Partially offsetting these
influences were an overweight to Hong Kong securities, and an underweighted po-
sition in Japanese stocks overall.
The Portfolio was unable to invest in South Korean securities until October
pending approval of local regulators. Shortly thereafter, on November 11, the
Korean market hit its 1994 high and began a 15.69% slide (which lasted through
the end of February) in response to the Korean central bank's adoption of
strict monetary controls to reduce inflation. This tight monetary policy
spurred local interest rates to their highest point in nearly three years,
sending the equity market spiraling downward as investors sold off equities to
invest in more attractive fixed income investments.
Within Japan, the Portfolio emphasized consumer goods on the hopes of an eco-
nomic recovery and exporters' anticipation of a fall in the value of the yen.
Sluggish growth that has dominated Japan for the past year and a persistently
strong yen undermined this strategy. Holdings in Japan were further hampered by
a confluence of specific and unrelated events during January leading to an
underperformance of 3% versus the benchmark. On January 17, the region of Osa-
ka, centered around the city of Kobe was hit by a devastating earthquake.
- --------------------------------------------------------------------------------
PACIFIC BASIN EQUITY
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN/1/
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
One Three Inception
Month Month to Date
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Pacific Basin Equity, Class A -1.02% -9.81% -15.00%
- --------------------------------------------------------------------------------
</TABLE>
A line graph depicting the total growth (including reinvestment of dividends and
capital gains) of a hypothetical investment of $10,000 in SEI Pacific Basin
Equity Portfolio Class A shares from April 30, 1994 through February 28, 1995 as
compared with the growth of a $10,000 investment in the MSCI Pacific Index. The
plot points used to draw the line graph were as follows:
[GRAPH APPEARS HERE]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
PACIFIC BASIN EQUITY PORTFOLIO, CLASS A VERSUS THE MSCI PACIFIC INDEX
<TABLE>
<CAPTION>
GROWTH OF A
GROWTH OF A $10,000
$10,000 INVESTMENT IN
Measurement period INVESTMENT IN THE MSCI
(Fiscal Year Covered) CLASS A SHARES PACIFIC INDEX
- --------------------- -------------- -------------
<S> <C> <C>
4/30/94 $10,000 $10,000
2/28/95 $ 8,730 $ 9,134
</TABLE>
/1/For the period ended February 28, 1995. Past performance is no indication of
future performance. Class A Shares were offered beginning April 29, 1994.
Over the next few weeks, construction issues were bid up on the assumption of
increased earnings through the rebuilding of the Osaka region. The Portfolio
was underweighted to these issues as, absent the earthquake, fundamentals did
not warrant investment. In addition, the region is a hub for overseas shipping
which adversely affected the Portfolio given its bias toward exporters. Sepa-
rately, during the last week of January, Sumitomo Bank announced that it would
report a net loss for the first time since World War II. On the announcement,
the banking sector rose just over ten percent on speculation that the rest of
the banking sector would begin to finally write off bad loans acquired during
the bubble economy
8
<PAGE>
- --------------------------------------------------------------------------------
PACIFIC BASIN EQUITY (continued)
years and reinvigorate the waning Japanese banking market. Banking related is-
sues represent 30% of the Japanese market and, again reflecting an assessment
of weak fundamentals, the Portfolio was significantly underweighted in this ar-
ea. This underweight to banks helped as banking issues were steadily sold off
all year as rising global interest rates were thought to hurt margins and loan
volume. Overall investments in Japan were off 12.86% since the Portfolio's in-
ception. As of February 28, 1995, the Portfolio is approximately 10%
underweighted to Japan.
The Portfolio's Hong Kong exposure, which has been maintained at nearly twice
the benchmark exposure, enhanced performance for the fiscal year. The Hang Seng
Index was down 5.36% from the Portfolio's inception through February 28, 1995.
The Portfolio's Hong Kong representation is highly concentrated in Hang Seng
securities, which is dominated by property stocks. These property stocks were
sold off all year as local property prices went into a free fall, losing about
40% of its value from its peak at the beginning of 1994.
PORTFOLIO MARKET ALLOCATIONS
VERSUS MSCI EAFE INDEX
<TABLE>
<CAPTION>
FEBRUARY 28, 1995 FEBRUARY 28, 1994
------------------- --------------------
PORTFOLIO EAFE PORTFOLIO EAFE
------------------- ----------- --------
<S> <C> <C> <C> <C>
Australia 4.7% 5.1% -- --
Hong Kong 10.1% 5.9% -- --
Japan 62.0% 81.4% -- --
Malaysia 3.9% 4.6% -- --
New Zealand 1.7% 0.8% -- --
Singapore 4.1% 2.3%
South Korea 7.2% 0.0%
All Other 0.0% 0.0% -- --
Cash 6.3% 0.0% -- --
</TABLE>
Fund was not open as of February 28, 1994
Numbers may not add up to 100% due to rounding.
INTERNATIONAL FIXED INCOME PORTFOLIO
OBJECTIVES. The International Fixed Income Portfolio seeks to provide capital
appreciation and current income through investments in fixed income securities
of non-U.S. issuers. The Portfolio also seeks to provide U.S.-based investors
with a vehicle to diversify and enhance the returns of the domestic fixed in-
come portion of their portfolios. The Portfolio invests primarily in high-qual-
ity, non-U.S. dollar denominated government and corporate debt obligations.
There are no restrictions on the Portfolio's average maturity, although the du-
ration is expected to range between one and nine years.
STRATEGY. Portfolio construction entails a two-stage process which combines
fundamental macroeconomic analysis and technical price analysis. First, a fun-
damental judgment is made about the direction of a market's interest rates and
its currency. A technical price overlay is then applied to the fundamental po-
sition to ensure that the Portfolio is not substantially overweighted in a de-
clining market or underweighted in a rising one.
Country and currency allocations are made separately. As a result, the Port-
folio's currency exposure may differ from its underlying bond holdings. Invest-
ments will generally be diversified across 6 to 12 countries with continual ex-
posure to the three major trading blocs: North America, Europe, and the Pacific
Basin. Depending upon the relative fundamental and technical views, each trad-
ing bloc is over or underweighted relative to the Portfolio's benchmark index.
Currency exposure is actively managed to maximize return through the use of
forward currency contracts and cross-currency hedging techniques.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
INTERNATIONAL FIXED INCOME (continued)
- --------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN/1/
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Inception
One to
Year Date
- --------------------------------------------------------------------------------
<S> <C> <C>
International Fixed Income, Class A 8.43% 7.81%
- --------------------------------------------------------------------------------
</TABLE>
A line graph depicting the total growth (including reinvestment of dividends and
capital gains) of a hypothetical investment of $10,000 in SEI International
Fixed Income Portfolio Class A shares from September 30, 1993 through
February 28, 1995 as compared with the growth of a $10,000 investment in the
Salomon Non-U.S. World Government Bond Unhedged Index. The plot points used to
draw the line graph were as follows:
[GRAPH APPEARS HERE]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
INTERNATIONAL FIXED INCOME PORTFOLIO, CLASS A VERSUS THE
SALOMON NON-U.S. WORLD GOVERNMENT BOND UNHEDGED INDEX
<TABLE>
<CAPTION>
GROWTH OF A
$10,000
INVESTMENT IN
THE SALOMON
GROWTH OF A NON-U.S. WORLD
$10,000 GOVERNMENT
Measurement period INVESTMENT IN BOND
(Fiscal Year Covered) CLASS A SHARES UNHEDGED INDEX
- --------------------- -------------- --------------
<S> <C> <C>
9/30/93 $10,000 $10,000
2/28/94 $10,087 $10,089
2/28/95 $10,937 $11,156
</TABLE>
/1/For the period ended February 28, 1995. Past performance is no indication of
future performance. Class A Shares were offered beginning September 1, 1993.
ANALYSIS: The International Fixed Income Portfolio posted a total return of
8.43% for the year ended February 28, 1995. By comparison, the Salomon Brothers
Non-U.S. World Government Bond Index (Unhedged) returned 10.58% during the same
time period.
As noted in the Review of Non-U.S. Bond Markets, the higher-yielding markets
of Europe were among the best performing markets during the first half of the
fiscal year. The stability of foreign exchange rates coupled with improving
economic conditions provided a lift to those countries struggling with budget
deficits. Italian, French and Swedish bonds outperformed the core markets of
Germany and the Netherlands, which were overweighted in the Portfolio, and per-
formance lagged the index as a result.
The Portfolio also suffered from its long duration stance versus the bench-
mark index. Duration ranged between 120% and 140% of the index during early
1994, and as rising interest rates spread from the U.S. to Europe and Japan,
the Portfolio suffered more price depreciation than the index. Portfolio dura-
tion was pared back through the summer to approximately 90% of the index which
allowed the Portfolio to recover some of its losses.
Towards the end of 1994 and into 1995, the Portfolio's strategy of emphasiz-
ing the core markets of Europe began to generate increasing returns. The deval-
uation of the Mexican peso and the political problems of Italy, Spain and
France drove investors to the deutschemark. The Italian lira and French franc
touched lows against the deutschemark in early 1995. This benefited performance
and the Portfolio recouped much of its underperformance from the first half of
the fiscal year.
MARKET ALLOCATIONS AND PORTFOLIO DURATION
VERSUS THE SALOMON NON-U.S.
WORLD GOVERNMENT BOND INDEX
<TABLE>
<CAPTION>
MARKET WEIGHTING DURATION
---------------- ---------------
PORTFOLIO INDEX PORTFOLIO INDEX
--------- ------ --------- -----
<S> <C> <C> <C> <C>
Japan 30.99% 31.42% 6.52 5.54
Germany 36.86% 16.62% 5.60 4.53
Italy 3.22% 10.15% 3.12 3.21
France 3.80% 9.71% 4.21 5.31
United Kingdom 8.72% 8.44% 7.27 5.92
Netherlands 5.70% 4.88% 5.05 5.47
Canada 1.95% 4.18% 7.81 5.05
Belgium 0.87% 4.06% 4.65 4.70
Spain 0.96% 3.30% 5.75 3.51
Denmark 1.53% 2.18% 5.64 4.35
Sweden 0.27% 2.08% 4.60 4.24
Australia 1.17% 1.32% 4.60 4.48
Austria 0.00% 1.16% 0.00 4.60
Switzerland (0.08)% 0.00% 0.00 0.00
New Zealand 1.76% 0.00% 2.17 0.00
European Currency Unit 0.88% 0.00% 0.00 0.00
United States 1.40% 0.00% 0.21 0.00
</TABLE>
10
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
CORE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- -------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS -- 98.7%
AUSTRALIA -- 7.0%
Australia & New Zealand Bank Group 531,827 $ 1,864
Australian National 1,128,000 1,124
Boral 450,000 1,205
Brambles 179,441 1,700
Broken Hill Proprietary 427,100 5,894
Burns Philip 209,326 502
Coles Myer 236,100 791
Lend Lease 46,000 577
National Australia Bank 350,272 2,822
Newscorp 308,456 1,372
Pioneer 761,900 1,833
SA Breweries 383,350 883
Westpac Banking 682,707 2,519
--------
23,086
--------
BELGIUM -- 2.9%
Electrabel 11,400 2,233
Fortis 8,600 741
Groupe Bruxelles Lambert 5,500 669
Kredietbank 6,810 1,434
Petrofina 2,330 685
Societe Generale de Belgique 25,820 1,763
Solvay 1,500 776
Tractebel 3,000 915
Union Miniere* 6,800 447
--------
9,663
--------
CANADA -- 2.6%
Alcan Aluminum 17,100 416
Bank of Montreal 54,500 1,061
Bank of Nova Scotia 86,900 1,715
Canadian Imperial Bank of Commerce 71,200 1,738
Imperial Oil 24,900 847
Nova Corporation of Alberta 91,200 736
Oshawa Group 15,300 206
Royal Bank of Canada 43,200 892
Seagram 30,200 929
--------
8,540
--------
FRANCE -- 10.4%
Banque National de Paris 19,400 860
Cap Gemini Sogeti 30,000 979
Christian Dior 21,000 1,678
Cie Bancaire 17,450 1,656
Cie de Saint Gobain 26,121 3,075
Cie Financier de Suez 8,800 386
Cie Generale D'Industrie Et de Part 4,000 816
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- ---------------------------------------------------
<S> <C> <C>
Cie Generale de Eaux 31,330 $ 2,900
Colas 3,000 497
Credit Local de France 21,800 1,734
De Dietrich Et Compagnie 750 395
Ecco 4,400 517
Epeda Bertrand Faure 3,650 669
Financiere Poliet 6,150 472
Groupe de La Cite 5,760 833
Lafarge Coppee 28,650 1,848
LVMH Moet Hennessy 14,811 2,367
Michelin "B"* 26,300 1,051
Pechiney 17,500 1,177
Peugeot 15,025 2,050
Saint Louis-Bouchon 5,250 1,435
Societe Nationale Elf Aquitaine 59,291 4,256
Sommer Allibert 900 306
Total Compaigne "B" 37,637 2,081
--------
34,038
--------
GERMANY -- 4.1%
BASF 17,600 3,898
Bayer 11,017 2,717
Degussa 4,200 1,349
Hochtief 2,100 1,192
Hoechst 7,350 1,635
Karstadt 3,400 1,373
Man 4,600 1,297
--------
13,461
--------
HONG KONG -- 2.6%
China Light & Power 162,200 791
Hang Seng Bank 103,000 640
Henderson Investment 1,098,000 767
Hong Kong Telecommunications 116,000 209
HSBC Holdings 150,000 1,576
Kumagai Gumi 424,000 293
New World China Fund 88,000 933
Regal Hotels 3,940,000 759
Sino Land 2,034,000 1,631
Varitronix 653,000 955
--------
8,554
--------
ITALY -- 2.8%
Fiat SPA* 482,000 1,212
Fidis 282,600 639
Mondadori 140,000 896
Olivetti* 1,000,000 1,113
Rinascente di Risp 49,000 132
SAI di Risp 101,000 469
STET 582,900 1,622
</TABLE>
11
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
CORE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- ---------------------------------------------
<S> <C> <C>
Telecom Italia 540,000 $ 1,303
Telecom Italia di Risp 970,400 1,884
--------
9,270
--------
JAPAN -- 30.9%
Advantest 37,000 954
Amada 75,000 746
Aoyama Trading 77,000 1,324
Asahi Chemical 72,000 477
Asahi Glass 89,000 986
Canon 25,000 373
Central Glass* 60,000 230
Chiba Kogyo Bank 1,100 48
Chubu Electric Power 34,000 828
Citizen Watch 122,000 840
Dai Nippon Ink & Chemical 368,000 1,608
Dai Nippon Printing 158,000 2,340
Daicel Chemical 39,000 184
Daido Steel 278,000 1,368
Daihatsu Motor 371,000 1,729
Daikin Industries 172,000 1,286
Daikyo 222,000 1,607
Daito Trust Construction 87,000 748
Daiwa Bank 128,000 1,069
Daiwa House 87,000 1,271
Daiwa Securities 177,000 1,980
Fanuc 18,900 771
Fuji Photo Film 96,000 2,058
Fujita 108,000 579
Fujitsu 273,000 2,494
Hankyu Realty 36,000 247
Hino Motors 190,000 1,496
Hitachi 609,000 5,330
Hokkaido Takushoku Bank 232,000 800
Honda Motor 121,000 1,830
Hyakugo Bank 93,000 583
Kagoshima Bank 116,000 847
Kirin Brewery 188,000 1,947
Kishu Paper 97,000 412
Matsushita Electric 353,000 5,119
Mitsubishi Estate 145,000 1,464
Mitsubishi Gas Chemical 431,000 1,763
Mitsubishi Paper 44,000 256
Mitsui Fudosan 152,000 1,557
Mitsui Trust & Banking 206,000 1,854
Navix Line* 517,000 1,483
Nichii 81,000 881
Nikko Securities 118,000 1,080
Nintendo 23,700 1,249
Nippon Chemical 104,000 787
Nippon Credit Bank 101,000 520
Nippon Meat Packers 103,000 1,344
Nippon Sheet Glass 135,000 692
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- ----------------------------------------------------
<S> <C> <C>
Nippon Steel 137,000 $ 480
Nissan Fire & Marine Insurance 56,000 363
Nissan Motors 263,000 1,801
NKK* 384,000 990
NSK 159,000 980
Obayashi 172,000 1,301
Orient 118,000 631
Orix 31,000 1,085
Osaka Gas 656,000 2,412
Pioneer Electronics 70,000 1,494
Sangetsu 1,000 26
Seino Transportation 59,000 929
Sekisui House 228,000 2,574
Shimizu 126,000 1,253
Shinmaywa Industries 103,000 882
Skylark 44,000 647
Sumitomo Bank 182,000 3,318
Sumitomo Metal* 751,000 2,155
Sumitomo Realty & Development 110,000 599
Taisei 193,000 1,243
Takeda Chemical 192,000 2,227
Tokyo Electric Power 87,500 2,374
Tokyo Steel 54,500 1,225
Toray Industries 429,000 2,693
Toshiba 598,000 3,784
Victor of Japan* 144,000 1,596
Yokogawa Bridge 41,000 531
--------
101,032
--------
MALAYSIA -- 1.7%
Faber Group* 1,009,000 965
Land and General 280,500 797
Malaysian International Shipping 668,000 1,832
MBF Capital 458,000 519
Rashid Hussain 378,000 992
Westmont Berhad 93,000 459
--------
5,564
--------
NETHERLANDS -- 3.7%
ABN Amro Holdings 51,000 1,857
Ahold 52,000 1,674
DSM 10,100 822
Heineken 10,800 1,695
International Nederlanden 56,700 2,780
KPN 25,600 905
Philips Electronics 76,665 2,543
--------
12,276
--------
NEW ZEALAND -- 3.0%
Carter Holt Harvey 1,027,837 2,265
Fernz 89,600 298
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- ----------------------------------------------------------
<S> <C> <C>
Fisher & Paykel 130,400 $ 334
Fletcher Challenge 889,400 2,214
Fletcher Challenge Forest 266,700 338
Lion Nathan 498,600 947
Telecom Corporation of New Zealand 685,600 2,375
Telecom Corporation of New Zealand ADR 20,200 1,119
--------
9,890
--------
NORWAY -- 0.6%
Den Norske Bank "B"* 242,909 640
Kvaerner "B" 30,000 1,302
--------
1,942
--------
SINGAPORE -- 2.8%
Creative Technology* 72,800 819
DBS Land 184,000 480
Fraser and Neave 54,000 570
Jardine Matheson Holdings 155,000 1,426
Jardine Strategic Holdings 166,000 618
Sembawang Maritime 129,000 539
Singapore Press "F" 67,000 1,152
Strait Steamship Land 251,000 776
United Overseas Bank "F" 280,000 2,725
--------
9,105
--------
SPAIN -- 2.5%
Banco Bilbao-Vizcaya 23,480 627
Banco de Santander 19,200 689
Banco Intercon 11,800 969
Banco Popular 8,000 1,019
Iberdrola 293,900 1,843
Repsol 33,800 968
Telefonica de Espana 143,000 1,788
Viscofan Envoltura 30,400 398
--------
8,301
--------
SWEDEN -- 1.0%
Autoliv AB* 10,000 369
Pharmacia AB 103,000 1,898
Trelleborg AB "B"* 80,000 1,109
--------
3,376
--------
SWITZERLAND -- 2.5%
Holderbank Glarus 2,250 1,670
Nestle SA 2,020 1,954
Roche Holdings 354 1,964
Schweiz Ruckversicherung 3,210 1,927
Zurich Versicherung 800 766
--------
8,281
--------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- -----------------------------------------------
<S> <C> <C>
UNITED KINGDOM -- 17.6%
AAH Holdings 60,000 $ 406
ASDA Group 630,000 675
Bass 170,000 1,359
BAT Industries 210,347 1,385
Booker 102,000 604
British Gas 859,000 3,956
British Petroleum 411,385 2,578
BTR 211,000 1,047
Charter 98,650 1,165
Courtaulds 30,000 199
Dixons Group 301,000 1,000
Guinness 263,500 1,733
Hillsdown Holdings 457,000 1,287
HSBC Holdings 83,000 872
HSBC Holdings 40,300 423
Imperial Metal 40,000 196
Lasmo* 449,998 1,097
Lloyds Abbey Life 160,000 868
Lloyds Bank 350,200 3,176
London Electricty 35,000 398
Marks & Spencer 164,000 967
Midlands Electric 39,600 460
Mirror Group 196,000 419
National Power 65,000 477
National Westminster 256,500 1,952
Northern Foods 310,000 1,001
Ocean Group 239,500 1,057
Peninsular & Oriental 209,700 1,872
Reckitt & Coleman 10,625 105
Royal Insurance 407,500 1,799
RTZ 155,955 1,818
Sainsbury (J) 149,490 970
Scottish Power 190,000 986
Sears 586,000 918
Smith (Wh) Group 97,000 637
Smithkline Beecham Units 533,628 4,074
Storehouse 283,000 996
Sun Alliance Group 343,900 1,693
T & N 1,070,000 2,726
Tesco 475,000 1,883
Thames Water 245,500 1,853
Thorn EMI 86,290 1,422
Unilever 43,000 796
Whitbread "A" 170,000 1,447
Yorkshire Water 131,000 1,064
--------
57,816
--------
Total Foreign Common Stocks
(Cost $322,366) 324,195
--------
</TABLE>
13
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
CORE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Face Amount Value
Description (000) (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.6%
J.P. Morgan
6.01%, dated 2/28/95, matures 3/1/95, repurchase price
$2,099,539 (collateralized by Federal National Mortgage
Association, 7.375%, due 12/25/21, par value
$2,298,052; market value $2,155,098) $ 2,100 $ 2,100
--------
Total Repurchase Agreement
(Cost $2,100) 2,100
--------
Total Investments -- 99.3%
(Cost $324,466) 326,295
--------
OTHER ASSETS AND LIABILITIES -- 0.7%
Other Assets and Liabilities, Net 2,259
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization --
no par value) based on 34,249,039 outstanding shares
of beneficial interest 318,688
Portfolio shares of ProVantage Funds (unlimited
authorization -- no par value) based on 5,286 shares of
beneficial interest 55
Accumulated net realized gain on investments 17,784
Accumulated net realized loss on foreign currency
transactions (8,715)
Net unrealized depreciation on forward foreign currency
contracts, foreign currencies and translation of other
assets and liabilities denominated in foreign
currencies (1,056)
Net unrealized appreciation on investments 1,829
Accumulated net investment loss (31)
--------
Total Net Assets -- 100.0% $328,554
========
Net Asset Value, Offering and Redemption Price Per
Share -- Class A $ 9.59
========
Net Asset Value and Redemption Price Per Share --
ProVantage Funds $ 9.56
========
Maximum Offering Price Per Share -- ProVantage Funds
($9.56 / 95%) $ 10.06
========
</TABLE>
*Non-income producing security
ADRAmerican Depository Receipt
EUROPEAN EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- --------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS -- 94.3%
BELGIUM -- 1.3%
Solvay 900 $ 466
---------
DENMARK -- 1.2%
ISS International 13,700 423
---------
FINLAND -- 1.2%
Nokia 2,880 433
---------
FRANCE -- 10.1%
Carrefour 1,540 629
Cetelem 2,500 443
Cie de Saint Gobain 3,600 424
Cie Generale des Eaux 4,080 378
Credit Foncier de France 2,790 363
Galeries Lafayette 750 307
LVMH Moet Hennessey 3,890 621
Societe Nationale Elf Aquitaine 7,000 502
---------
3,667
---------
GERMANY -- 9.8%
BASF 2,200 487
Beiersdorf 517 344
Hoechst 1,860 414
Hornbach Baumarket New 200 119
Hornbach Holdings 330 329
Jungheinrich 1,950 451
Rhon Klinikum 460 309
SAP 745 621
Wella 680 468
---------
3,542
---------
ITALY -- 2.7%
Ansaldo Transport 125,920 324
Benetton Group 15,000 144
Mediobanca Warrants* 272 --
STET 189,000 526
---------
994
---------
NETHERLANDS -- 5.6%
ABN Amro Holdings 9,018 328
Boskalis Westminster 15,150 297
Reed Elsevier 51,000 499
International Nederlanden 7,820 383
Royal Dutch Petroleum 4,630 523
---------
2,030
---------
NORWAY -- 1.9%
Norsk Hydro 12,000 456
Saga Petroleum "B" 17,640 219
---------
675
---------
</TABLE>
14
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- ----------------------------------------------------
<S> <C> <C>
SPAIN -- 6.7%
Autopistas Cesa 36,362 $ 302
Continente* 19,150 392
Empresa Nacional de Electricidad 8,700 380
Fomento de Construcciones Contratas 4,300 356
Gas Natural SDG 4,450 391
Telefonica de Espana 50,000 625
-------
2,446
-------
SWEDEN -- 9.9%
AGA Free "B" 61,000 654
Astra Free "B" 8,300 206
Electrolux "B" 7,000 353
Kalmar Industries* 25,000 345
Marieberg Tidnings "A" 14,000 334
Mo Och Domsjo "B"* 10,150 507
Svenska Cellulosa* 28,000 497
Svenskt Stal "B" 7,300 328
Volvo Free "B" 19,100 383
-------
3,607
-------
SWITZERLAND -- 7.3%
Brown Boveri & Cie 590 515
Holderbank Glarus 697 517
Nestle SA 545 527
Roche Holdings 120 666
Societe Generale de Surveillance 295 430
-------
2,655
-------
UNITED KINGDOM -- 36.6%
Abbey National 60,000 418
Argyll Group 30,000 128
BAT Industries 60,000 395
Blue Circle Industries 59,000 239
Britannic Assurance 16,000 130
British Aerospace 36,000 268
British Aerospace New 4,000 30
British Airways 53,000 327
British Petroleum 116,000 727
British Sky Broadcasting* 86,000 345
British Telecommunications 104,400 624
BTR 70,000 347
Commercial Union 38,458 308
Dalgety 51,000 343
De La Rue 23,000 373
English China Clay 17,750 96
General Electric 67,000 308
Glaxo Holdings 38,700 388
Granada Group 56,000 451
Grand Metropolitan 69,500 421
Great Universal Stores 33,000 266
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- --------------------------------------------------------------------------
<S> <C> <C>
Hammerson "A" 51,500 $ 264
Harrison & Crossfield 62,000 140
Heath, C.E. 18,000 70
Lasmo* 100,000 244
Lex Service 24,000 106
MEPC 23,000 144
Morrison Supermarket 87,000 191
Mowlem, John* 40,400 57
Next 59,000 244
Prudential 74,000 357
Reckitt & Coleman 46,625 462
Reuters Holdings 55,000 386
Rothman Units 58,000 412
Royal Insurance 71,499 316
Saatchi & Saatchi* 63,159 92
Scottish Power 60,000 311
Sears 95,000 149
Sedgwick Group 95,000 233
Severn Trent 31,500 251
Smithkline Beecham Units 93,000 710
Smiths Industries 51,000 351
Tate & Lyle 57,000 392
Williams Holdings 85,000 440
-------
13,254
-------
Total Foreign Common Stocks
(Cost $34,071) 34,192
-------
FOREIGN PREFERRED STOCKS -- 0.0%
NETHERLANDS -- 0.0%
International Nederlanden* 1,012 5
-------
Total Foreign Preferred Stocks
(Cost $1) 5
-------
Total Investments -- 94.3% (of net assets) (Cost $34,072) $34,197
=======
</TABLE>
*Non-income producing security
PACIFIC BASIN EQUITY PORTFOLIO
<TABLE>
<S> <C> <C>
FOREIGN COMMON STOCKS -- 93.1%
AUSTRALIA -- 4.6%
Amcor 16,000 $115
Australia & New Zealand Bank Group 36,000 126
Australian National 30,000 30
Broken Hill Proprietary 19,000 262
CRA 10,000 128
John Fairfax 68,000 142
Mayne Nickless 26,000 118
Newscorp 40,000 178
Normandy Poseidon 50,000 64
</TABLE>
15
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
PACIFIC BASIN EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- --------------------------------------------------
<S> <C> <C>
Oil Search 75,000 $ 49
Pancontinental Mining 60,000 77
Western Mining 31,125 167
Woodside Petroleum 17,000 63
-------
1,519
-------
HONG KONG -- 10.0%
Cheung Kong Holdings 71,000 309
Citic Pacific 80,000 199
Hong Kong & Shanghai Hotels 48,000 56
Hong Kong Electric 97,000 290
Hong Kong Telecommunications 190,800 343
HSBC Holdings 37,090 390
Hutchison Whampoa 103,000 437
Mandarin Oriental 272,718 323
Sun Hung Kai Properties 49,200 331
Swire Pacific "A" 46,000 323
Wharf Holdings 91,000 313
-------
3,314
-------
JAPAN -- 61.8%
Amada 34,000 338
Aoyama Trading 2,000 34
Bridgestone 54,000 738
Canon 23,000 343
Canon Sales 4,000 91
Chain Store Okuwa 5,000 96
Credit Saison 11,000 194
Dai Tokyo Fire & Marine Insurance 15,000 96
Daiwa Securities 30,000 336
DDI 30 223
Denny's 8,000 245
East Japan Railway 107 472
Familymart 5,040 233
Fuji Photo Film 11,000 236
Glory 4,000 111
Hirose Electric 4,000 213
Innotech 2,000 62
Ito Yokado 15,000 684
Japan Airport Terminal 18,000 196
Japan Associated Finance 2,000 215
Kahma 8,000 216
Koa Fire & Marine Insurance 31,000 170
Kobe Steel 45,000 116
Koito Industries 5,000 55
Kokusai Electric 6,000 100
Kuraray 20,000 207
Mabuchi Motor 3,000 187
Makita 22,000 342
Matsushita Electric 48,000 696
Mitsubishi 59,000 636
Mitsubishi Electric 108,000 702
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- ----------------------------------------------
<S> <C> <C>
Mitsubishi Gas Chemical 67,000 $ 274
Mitsubishi Motor 39,000 323
Mitsubishi Trust & Banking 36,000 511
Mitsui 77,000 534
Mitsui Petrochem 21,000 148
Mos Food Services 2,000 60
Mr. Max 4,200 90
Murata Manufacturing 16,000 529
National House 8,000 136
New Oji Paper 55,000 526
Nippon Shinpan 27,000 201
Nippon Steel 85,000 298
Nippon Television 1,000 205
Nomura Securities 22,000 381
Okinawa Electric Power 4,000 110
Omron 12,000 204
Sangetsu 5,000 132
Sankyo 16,000 376
Santen Pharmaceutical 5,000 127
Seino Transportation 19,000 299
Sekisui House 33,000 373
Seven Eleven 1,100 72
Shimachu 8,000 210
Shimamura 5,500 204
Shinetsu 11,000 178
Showa Shell Sekiyo 53,000 593
Sony 4,000 174
Sony Music Entertainment 2,000 91
Sumitomo Electric 7,000 80
Sumitomo Forestry 20,000 280
Taisho Pharmaceutical 7,000 119
Takashimaya 12,000 158
Toho 3,000 472
Tokio Marine & Fire Insurance 57,000 596
Tokyo Broadcasting System 23,000 312
Tokyo Electronics 13,000 343
Toray Industries 31,000 195
Toshiba 120,000 759
Toyota Motor 47,000 847
Yamanouchi Pharmaceutical 4,000 78
Yokogawa Electric 27,000 247
-------
20,428
-------
MALAYSIA -- 3.9%
Genting Berhad 33,500 290
Larut Consolidated 87,500 120
Larut Convertable Loan Stock* 42,000 12
Larut Warrants* 42,000 30
Malayan Banking 37,500 248
New Straits Times Press 33,000 91
Perusahaan Otomobil 48,000 169
Renong Berhad 47,000 64
</TABLE>
16
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
Description Shares (000)
- --------------------------------------------------------------------------
<S> <C> <C>
Technology Resources 40,000 $ 137
Telekom Malaysia 18,000 126
-------
1,287
-------
NEW ZEALAND -- 1.7%
Carter Holt Harvey 255,511 563
-------
SINGAPORE -- 4.1%
DBS Land 32,000 84
Development Bank of Singapore "F" 18,000 174
Jurong Ship Yard 18,000 150
Keppel 25,000 200
Singapore International Airlines "F" 26,000 260
Singapore Press "F" 12,400 213
United Overseas Bank "F" 28,187 275
-------
1,356
-------
SOUTH KOREA -- 7.0%
Daewoo Securities 5,000 147
Goldstar 13,776 478
Hanil Bank 1,500 17
Hanshin 8,000 160
Korea Electric Power 14,700 477
Pohang Iron & Steel 7,000 545
Samsung Electronic 2,040 295
Shinhan Bank 8,000 156
Shinhan Bank (New) 1,468 29
-------
2,304
-------
Total Foreign Common Stocks
(Cost $35,397) 30,771
-------
FOREIGN PREFERRED STOCKS -- 0.3%
AUSTRALIA -- 0.1%
Newscorp 10,500 42
-------
SOUTH KOREA -- 0.2%
Hanshin 5,500 67
-------
Total Foreign Preferred Stocks
(Cost $156) 109
-------
Total Investments -- 93.4% (of net assets) (Cost $35,553) $30,880
=======
</TABLE>
*Non-income producing security
EMERGING MARKETS EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS -- 77.8%
ARGENTINA -- 3.0%
Central Costanera 11,500 $ 28
Ciadea SA* 2,800 15
IRSA GDS* 3,400 66
Perez Companc 16,200 52
------
161
------
BRAZIL -- 5.3%
Brazil Fund 6,400 169
Cia Vale Do Rio Doce ADR 1,500 55
Telebras ADR 2,000 59
------
283
------
CHILE -- 5.1%
Banco Osorno ADS* 7,700 81
Chilgener ADR 7,000 164
Maderas Y Sintecticos Sociedad ADR 1,500 26
------
271
------
CHINA -- 0.4%
Huaneng Power ADS* 1,300 20
------
GREECE -- 1.5%
Hellenic Bottling 2,210 79
------
HONG KONG -- 4.3%
CDL Hotels International 116,000 50
Guang Dong Investment 96,000 44
Johnson Electric Holdings 22,000 44
MC Packaging 70,000 23
Shangri-La Asia 42,000 43
Siu-Fung Ceramics 160,000 23
------
227
------
INDIA -- 1.8%
India Investment Fund 9,500 94
------
INDONESIA -- 4.9%
Indonesia Satellite ADR* 4,100 146
Indorayon 14,000 35
Semen Gresik "F" 17,000 79
------
260
------
KOREA -- 2.1%
Korea Equity Fund 3,400 27
Korea Fund 1,400 27
Korea Investment Fund 4,600 57
------
111
------
</TABLE>
17
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
EMERGING MARKETS EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- -------------------------------------------------------
<S> <C> <C>
MALAYSIA -- 13.7%
Arab Malaysian Merchant Bank 31,000 $ 288
IJM Corp Berhad 36,000 124
Resorts World Berhad 15,000 81
United Engineers 42,000 234
------
727
------
MEXICO -- 1.8%
Cemex SA "B" 3,000 7
Kimberly Clark "A" 1,000 7
Panamerican Beverages ADR 695 17
Penoles* 5,000 10
Telefonos de Mexico ADS 1,900 53
------
94
------
PHILIPPINES -- 6.0%
Ayala "B" 38,800 52
Bacnotan Cement* 51,200 62
Manila Mining "B" 5,100,000 20
Petron 121,000 88
Philippine Long Distance ADR 1,650 98
------
320
------
SINGAPORE -- 10.1%
City Developments 8,000 39
Singapore International Airlines 13,000 130
Singapore Press "F" 5,000 86
United Overseas Bank "F" 29,000 282
------
537
------
SOUTH AFRICA -- 0.9%
Anglo American 500 27
Barlow 2,200 22
------
49
------
SOUTH KOREA -- 1.5%
Korea Electric Power ADR 2,050 38
Pohang Iron & Steel ADS 1,600 41
------
79
------
TAIWAN -- 2.6%
Taiwan (ROC) Fund* 6,800 76
Taiwan Equity Fund 5,200 59
------
135
------
THAILAND -- 12.8%
Electricity Generating* 66,300 169
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Face Market
Description Amount (000)(1) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Siam Cement 4,300 $ 258
Thai Farmers Bank 30,200 250
------
677
------
Total Foreign Common Stocks
(Cost $4,070) 4,124
------
Total Investments -- 77.8% (of net assets) (Cost
$4,070) $4,124
======
*Non-income producing security
ADRAmerican Depository Receipt
ADSAmerican Depository Shares
GDS Global Depository Shares
INTERNATIONAL FIXED
INCOME PORTFOLIO
FOREIGN BONDS -- 85.3%
AUSTRALIA -- 1.2%
Australian Government
8.750%, 01/15/01 705 $ 498
------
BELGIUM -- 2.4%
Kingdom of Belgium
9.000%, 06/27/01 15,000 527
7.250%, 04/29/04 15,000 470
------
997
------
CANADA -- 1.8%
Canadian Government
7.500%, 12/01/03 35 24
6.500%, 06/01/04 615 386
9.250%, 06/01/22 255 193
9.000%, 06/01/25 240 178
------
781
------
DENMARK -- 4.1%
Kingdom of Denmark
8.000%, 11/15/01 4,320 719
8.000%, 05/15/03 6,300 1,041
------
1,760
------
FRANCE -- 9.6%
French Treasury Bill
5.920%, 04/20/95 8,500 1,643
Government of France OAT
9.500%, 01/25/01 3,200 673
5.500%, 04/25/04 4,310 709
8.500%, 10/25/08 5,260 1,061
------
4,086
------
</TABLE>
18
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Face Amount Market
Description (000)(1) Value (000)
- ---------------------------------------------------
<S> <C> <C>
GERMANY -- 18.8%
Bundesrepublic
9.000%, 10/20/00 2,095 $ 1,557
Bundesschatzanweisungen
6.875%, 02/24/99 1,295 890
Deutschland Republic
6.250%, 01/04/24 625 354
Deutschland Republic Float
5.280%, 09/20/04 1,100 746
KFW International Finance
6.625%, 04/15/03 1,140 739
Treuhandanstalt
7.125%, 01/29/03 210 141
7.500%, 09/09/04 5,190 3,581
-------
8,008
-------
ITALY -- 4.8%
Italian Government BTPS
8.500%, 04/01/99 2,675,000 1,408
8.500%, 08/01/99 1,190,000 619
-------
2,027
-------
JAPAN -- 25.8%
Asian Development Bank
5.000%, 02/05/03 226,000 2,413
Export-Import Bank
4.375%, 10/01/03 250,000 2,566
Japanese Development Bank
5.000%, 10/01/99 50,000 544
Republic of Austria
6.250%, 10/16/03 173,000 2,009
3.750%, 02/03/09 5,000 46
Republic of Finland
6.000%, 01/29/02 130,000 1,466
World Bank
4.500%, 06/20/00 65,000 691
4.500%, 03/20/03 120,000 1,252
-------
10,987
-------
NETHERLANDS -- 5.6%
Kingdom of Netherlands
6.500%, 01/15/99 137 83
Netherlands Government
6.250%, 07/15/98 878 527
7.500%, 06/15/99 800 498
8.500%, 03/15/01 350 227
7.250%, 10/01/04 1,725 1,038
-------
2,373
-------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Face Amount Market
Description (000)(1) Value (000)
- -----------------------------------------------------------
<S> <C> <C>
NEW ZEALAND -- 2.6%
New Zealand Government
9.000%, 11/15/96 1,150 $ 728
6.500%, 02/15/00 255 147
8.000%, 04/15/04 150 92
New Zealand Treasury Bill
8.810%, 04/05/95 200 126
-------
1,093
-------
NORWAY -- 0.6%
Government of Norway
9.500%, 10/31/02 1,600 271
-------
SPAIN -- 1.1%
Kingdom of Spain
10.300%, 06/15/02 14,400 104
8.000%, 05/30/04 60,000 372
-------
476
-------
SWEDEN -- 0.8%
Kingdom of Sweden
10.250%, 05/05/03 1,800 242
Swedish Treasury Note
11.000%, 01/21/99 800 112
-------
354
-------
UNITED KINGDOM -- 6.1%
European Investment Bank
7.000%, 03/30/98 200 302
United Kingdom Treasury
10.000%, 02/26/01 415 695
6.750%, 11/26/04 90 125
8.500%, 12/07/05 245 384
8.750%, 08/25/17 680 1,106
-------
2,612
-------
Total Foreign Bonds
(Cost $35,283) 36,323
-------
U. S. TREASURY OBLIGATIONS -- 4.5%
U.S. Treasury Bills
5.750%, 03/23/95 $ 400 399
5.400%, 04/06/95 1,300 1,293
U.S. Treasury Note
7.750%, 01/31/00 20 21
5.875%, 02/15/04 140 128
10.375%, 11/15/12 20 25
7.500%, 11/15/24 35 35
-------
1,901
-------
Total U. S. Treasury Obligations
(Cost $1,896) 1,901
-------
</TABLE>
19
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
SEI International Trust -- February 28, 1995
INTERNATIONAL FIXED INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Face Amount Market
Description (000)(1) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 4.7%
Prudential Mortgage
6.01%, dated 2/28/95, matures 3/1/95, repurchase
price $2,010,980 (collateralized by Federal
National Mortgage Association, 9.00%, due 2/1/23,
par value $12,485,623; market value $2,051,200) $ 2,011 $ 2,011
-------
Total Repurchase Agreement
(Cost $2,011) 2,011
-------
FOREIGN CURRENCY OPTIONS -- 0.1%
UNITED STATES -- 0.1%
German Deutschmark Call
04/17/95 1,203 1
06/23/95 1,863 44
-------
45
-------
Total Foreign Currency Options
(Cost $28) 45
-------
Total Investments -- 94.6% (of net assets) (Cost
$39,218) $40,280
=======
</TABLE>
(1)In local currency
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
- --------------------------------------------------------------------------------
February 28, 1995
<TABLE>
<CAPTION>
-------- ------------ -------------- -------------
EUROPEAN PACIFIC EMERGING INTERNATIONAL
EQUITY BASIN EQUITY MARKETS EQUITY FIXED INCOME
-------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities
(Cost $34,072, $35,553,
$4,070, and $39,218,
respectively) $34,197 $30,880 $4,124 $40,280
Cash and foreign currency 3,093 2,062 3,240 1,772
Dividends and interest
receivable 102 15 -- 893
Investment securities sold 500 104 -- 3,541
Other assets 300 275 173 842
------- ------- ------ -------
Total assets 38,192 33,336 7,537 47,328
------- ------- ------ -------
LIABILITIES:
Investment securities
purchased 1,784 -- 2,227 4,582
Other liabilities 130 288 10 166
------- ------- ------ -------
Total liabilities 1,914 288 2,237 4,748
------- ------- ------ -------
NET ASSETS:
Portfolio shares of Class
A (unlimited
authorization -- no par
value) based on
3,662,624, 3,783,728,
516,020 and 4,086,471
respectively, outstanding
shares of beneficial
interest 36,439 37,766 5,240 41,893
Accumulated net realized
loss on investments (165) (37) -- (927)
Accumulated net realized
gain (loss) on foreign
currency transactions (98) 73 1 (374)
Net unrealized
appreciation
(depreciation) on forward
foreign currency
contracts, foreign
currencies and
translation of other
assets and liabilities
denominated in foreign
currencies (13) (81) (1) 472
Net unrealized
appreciation
(depreciation) on
investments 125 (4,673) 54 1,062
Undistributed net
investment income (loss) (10) -- 6 454
------- ------- ------ -------
Net assets $36,278 $33,048 $5,300 $42,580
======= ======= ====== =======
NET ASSET VALUE, OFFERING
AND REDEMPTION PRICE PER
SHARE -- CLASS A $ 9.90 $ 8.73 $10.27 $ 10.42
======= ======= ====== =======
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
STATEMENT OF OPERATIONS (000)
- --------------------------------------------------------------------------------
For the period ended February 28, 1995
<TABLE>
<CAPTION>
------------- --------- --------- --------- -------------
CORE PACIFIC EMERGING
INTERNATIONAL EUROPEAN BASIN MARKETS INTERNATIONAL
EQUITY EQUITY(1) EQUITY(2) EQUITY(3) FIXED INCOME
------------- --------- --------- --------- -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 11,275 $ 471 $ 136 -- --
Interest 1,985 80 59 $ 13 $1,946
Less: Foreign Taxes Withheld (1,483) (73) (17) -- --
-------- ----- ------- ---- ------
Total Investment Income 11,777 478 178 13 1,946
-------- ----- ------- ---- ------
EXPENSES:
Management fees 2,729 164 159 2 206
Less management fees waived (77) (57) (76) (2) (84)
Reimbursement by
manager -- -- -- (9) --
Investment advisory
fees 1,516 67 80 4 103
Less investment
advisory fees waived -- -- -- -- (17)
Custodian/wire agent fees 524 23 24 5 36
Professional fees 147 10 11 1 15
Registration & filing
fees 11 15 15 2 10
Printing fees 142 9 9 -- 13
Trustee fees 25 1 1 -- 2
Pricing fees 39 8 10 1 8
Distribution fees 562 22 21 1 40
Amortization of
deferred
organization costs 8 5 5 -- 9
Miscellaneous fees 14 -- -- 2 2
-------- ----- ------- ---- ------
Total Expenses 5,640 267 259 7 343
-------- ----- ------- ---- ------
NET INVESTMENT INCOME (LOSS) 6,137 211 (81) 6 1,603
-------- ----- ------- ---- ------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain
(loss) from security transactions 36,204 (165) (37) -- (927)
Net realized gain
(loss) on forward
foreign currency
contracts and foreign
currency transactions (25,138) (154) (74) 1 670
Net change in
unrealized
appreciation (depreciation)
on forward foreign currency
contracts, foreign currencies
and translation of
other assets and
liabilities
denominated in foreign
currencies 10,819 (13) (81) (1) 313
Net change in
unrealized
appreciation (depreciation)
on investments (58,990) 125 (4,673) 54 1,420
-------- ----- ------- ---- ------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
OPERATIONS $(30,968) $ 4 $(4,946) $ 60 $3,079
======== ===== ======= ==== ======
</TABLE>
(1) European Equity commenced operations on April 29, 1994.
(2) Pacific Basin Equity commenced operations on April 29, 1994.
(3) Emerging Markets Equity commenced operations on January 17, 1995.
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
- --------------------------------------------------------------------------------
For the periods ended February 28
<TABLE>
<CAPTION>
-------------------- --------- --------- --------- -----------------
CORE PACIFIC EMERGING INTERNATIONAL
INTERNATIONAL EUROPEAN BASIN MARKETS FIXED
EQUITY EQUITY(1) EQUITY(2) EQUITY(3) INCOME(4)
-------------------- --------- --------- --------- -----------------
1995 1994 1995 1995 1995 1995 1994
-------------------- --------- --------- --------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss) $ 6,137 $ 5,010 $ 211 $ (81) $ 6 $ 1,603 $ 270
Net realized gain (loss)
from security
transactions 36,204 8,679 (165) (37) -- (927) 67
Net realized gain (loss)
on forward foreign
currency contracts and
foreign currency
transactions (25,138) 1,305 (154) (74) 1 670 32
Net change in unrealized
appreciation
(depreciation) on
forward foreign
currency contracts,
foreign currencies and
translation of other
assets and liabilities
denominated in foreign
currencies 10,819 (13,616) (13) (81) (1) 313 159
Net change in unrealized
appreciation
(depreciation) on
investments (58,990) 64,790 125 (4,673) 54 1,420 (357)
--------- --------- ------- ------- ------ -------- -------
Net increase (decrease)
in net assets from
operations (30,968) 66,168 4 (4,946) 60 3,079 171
--------- --------- ------- ------- ------ -------- -------
DIVIDENDS DISTRIBUTED
FROM:
Net investment income:
Class A -- (4,197) (165) -- -- (2,335) (161)
ProVantage Funds -- -- -- -- -- -- --
Net realized gains:
Class A (23,038) -- -- -- -- (67) --
ProVantage Funds (2) -- -- -- -- -- --
--------- --------- ------- ------- ------ -------- -------
Total dividends
distributed (23,040) (4,197) (165) -- -- (2,402) (161)
--------- --------- ------- ------- ------ -------- -------
CAPITAL SHARE
TRANSACTIONS (1):
Class A:
Proceeds from shares
issued 340,533 386,567 41,513 49,353 5,264 36,006 25,391
Shares issued in lieu
of cash distributions 14,427 2,264 144 -- -- 1,486 99
Cost of shares
repurchased (475,951) (125,591) (5,218) (11,359) (24) (19,267) (1,822)
--------- --------- ------- ------- ------ -------- -------
Increase (decrease) in
net assets derived
from Class A (120,991) 263,240 36,439 37,994 5,240 18,225 23,668
--------- --------- ------- ------- ------ -------- -------
ProVantage Funds:
Proceeds from shares
issued 53 -- -- -- -- -- --
Shares issued in lieu
of cash distributions 2 -- -- -- -- -- --
Cost of shares
repurchased -- -- -- -- -- -- --
--------- --------- ------- ------- ------ -------- -------
Increase in net assets
derived from
ProVantage Funds 55 -- -- -- -- -- --
--------- --------- ------- ------- ------ -------- -------
INCREASE (DECREASE) IN
NET ASSETS DERIVED FROM
CAPITAL SHARE
TRANSACTIONS (120,936) 263,240 36,439 37,994 5,240 18,225 23,668
--------- --------- ------- ------- ------ -------- -------
Net increase
(decrease) in net
assets (174,944) 325,211 36,278 33,048 5,300 18,902 23,678
NET ASSETS:
Beginning of period 503,498 178,287 -- -- -- 23,678 --
--------- --------- ------- ------- ------ -------- -------
End of period $ 328,554 $ 503,498 $36,278 $33,048 $5,300 $ 42,580 $23,678
========= ========= ======= ======= ====== ======== =======
(1) CAPITAL SHARE
TRANSACTIONS:
Class A:
Shares issued 32,225 37,661 4,171 5,018 518 3,504 2,483
Shares issued in lieu
of cash distributions 1,437 219 15 -- -- 150 10
Shares repurchased (45,194) (12,060) (523) (1,234) (2) (1,882) (178)
--------- --------- ------- ------- ------ -------- -------
Total Class A
transactions (11,532) 25,820 3,663 3,784 516 1,772 2,315
--------- --------- ------- ------- ------ -------- -------
ProVantage Funds:
Shares issued 5 -- -- -- -- -- --
Shares issued in lieu
of cash distributions -- -- -- -- -- -- --
Shares repurchased -- -- -- -- -- -- --
--------- --------- ------- ------- ------ -------- -------
Total ProVantage Funds
transactions 5 -- -- -- -- -- --
--------- --------- ------- ------- ------ -------- -------
Net increase
(decrease) in capital
shares (11,527) 25,820 3,663 3,784 516 1,772 2,315
========= ========= ======= ======= ====== ======== =======
</TABLE>
(1) European Equity commenced operations on April 29, 1994.
(2) Pacific Basin Equity commenced operations on April 29, 1994.
(3) Emerging Markets Equity commenced operations on January 17, 1995.
(4) International Fixed Income commenced operations on September 1, 1993.
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
For the period ended February 28, 1995
For a Share Outstanding Throughout each Period
<TABLE>
<CAPTION>
Net Asset Distributions Distributions
Value Net Net Realized and from Net from Net Asset Net Assets
Beginning Investment Unrealized Investment Realized Capital Return Value End Total End of
of Period Income/(Loss) Gains/(Losses) Income(6) Gains of Capital of Period Return Period(000)
- ----------------------------------------------------------------------------------------------------------------------------
CORE INTERNATIONAL EQUITY PORTFOLIO
-----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1995 $11.00 $ 0.15 $(0.97) -- $(0.59) -- $ 9.59 (7.67)% $328,503
1994 8.93 0.13 2.05 $(0.11) -- -- 11.00 24.44 503,498
1993 9.09 0.16 0.04 (0.36) -- -- 8.93 2.17 178,287
1992 9.56 0.19 (0.36) (0.30) -- -- 9.09 (1.63) 92,456
1991 9.62 0.18 (0.14) -- (0.01) $(0.09) 9.56 0.36 35,829
PROVANTAGE FUNDS
1995(1) $10.81 $ 0.01 $(0.67) -- $(0.59) -- $ 9.56 (6.33)% $ 51
<CAPTION>
EUROPEAN EQUITY PORTFOLIO
-------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1995(2) $10.00 $ 0.06 $(0.11) $(0.05) -- -- $ 9.90 (0.40)% $ 36,278
<CAPTION>
PACIFIC BASIN EQUITY PORTFOLIO
------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1995(3) $10.00 $(0.02) $(1.25) -- -- -- $ 8.73 (12.70)% $ 33,048
<CAPTION>
EMERGING MARKETS EQUITY PORTFOLIO
---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1995(4) $10.00 $ 0.01 $ 0.26 -- -- -- $10.27 2.70% $ 5,300
<CAPTION>
INTERNATIONAL FIXED INCOME PORTFOLIO
------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
1995 $10.23 $ 0.43 $0.40 $ (0.62) $(0.02) -- $10.42 8.43% $ 42,580
1994(5) 10.00 0.14 0.18 (0.09) -- -- 10.23 6.41 23,678
<CAPTION>
Ratio of
Ratio of Net Investment
Ratio of Expenses Income (Loss)
Ratio of Net Investment to Average to Average
Expenses Income (Loss) Net Assets Net Assets Portfolio
to Average to Average (Excluding (Excluding Turnover
Net Assets Net Assets Waivers) Waivers) Rate
- ----------------------------------------------------------------------------------------------------------------------------
CORE INTERNATIONAL EQUITY PORTFOLIO
-----------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
1995 1.19% 1.30% 1.21% 1.28% 64%
1994 1.10 1.46 1.24 1.32 19
1993 1.10 1.80 1.53 1.37 23
1992 1.10 2.07 1.52 1.63 79
1991 1.10 3.52 1.64 2.98 14
PROVANTAGE FUNDS
1995(1) 1.47% 0.42% 1.48% 0.41% 64%
<CAPTION>
EUROPEAN EQUITY PORTFOLIO
-------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
1995(2) 1.30% 1.02% 1.57% 0.75% 29%
<CAPTION>
PACIFIC BASIN EQUITY PORTFOLIO
------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
1995(3) 1.30% (0.41)% 1.68% (0.79)% 9%
<CAPTION>
EMERGING MARKETS EQUITY PORTFOLIO
---------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
1995(4) 1.95% 1.79% 4.98% (1.24)% --
<CAPTION>
INTERNATIONAL FIXED INCOME PORTFOLIO
------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
1995 1.00% 4.68% 1.30% 4.38% 303%
1994(5) 1.00 3.81 1.61 3.20 126
</TABLE>
(1) Core International Equity ProVantage Funds shares were offered beginning
May 1, 1994. All ratios for that period have been annualized.
(2) European Equity Class A shares were offered beginning April 29, 1994. All
ratios for that period have been annualized.
(3) Pacific Basin Equity Class A shares were offered beginning April 29, 1994.
All ratios for that period have been annualized.
(4) Emerging Markets Equity Class A shares were offered beginning January 17,
1995. All ratios for that period have been annualized.
(5) International Fixed Income Class A shares were offered beginning September
1, 1993. All ratios for that period have been annualized.
(6) Distributions from net investment income include distributions of certain
foreign currency gains and losses.
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
February 28, 1995
1. ORGANIZATION
SEI International Trust (the "Trust") was organized as a Massachusetts business
trust under a Declaration of Trust dated June 30, 1988. The operations of the
Trust commenced on December 20, 1989.
2. SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company with five portfolios: the Core In-
ternational Equity Portfolio (formerly the International Equity Portfolio), the
European Equity Portfolio, the Pacific Basin Equity Portfolio, the Emerging
Markets Equity Portfolio and the International Fixed Income Portfolio (together
the "Portfolios"). The Trust is registered to offer Class A shares for all
portfolios and ProVantage Funds shares of the Core International Equity Portfo-
lio. The following is a summary of significant accounting policies followed by
the Portfolios.
Security Valuation--Securities listed on a securities exchange for which mar-
ket quotations are readily available are valued at the last quoted sales price
for such securities, or if there is no such reported sale on the valuation
date, at the most recent quoted bid price. Unlisted securities for which market
quotations are readily available are valued at the most recent quoted bid
price. Short-term investments may be valued at amortized cost which approxi-
mates market value.
Federal Income Taxes--It is the intention of each Portfolio to continue to
qualify as a regulated investment company and to distribute all of its taxable
income. Accordingly, no provision for Federal income taxes is required in the
accompanying financial statements.
Net Asset Value Per Share--The net asset value per share of each Portfolio is
calculated on each business day. It is computed by dividing the assets of the
portfolio, less its liabilities, by the number of outstanding shares of the
portfolio.
Repurchase Agreements--Securities pledged as collateral for repurchase agree-
ments are held by the custodian bank until maturity of the repurchase agree-
ments. Provisions of the repurchase agreements and procedures adopted by the
Trust require that the market value of the collateral, including accrued inter-
est thereon, is sufficient in the event of default by the counterparty.
The Portfolios may also invest in tri-party repurchase agreements. Securities
held as collateral for tri-party repurchase agreements are maintained in a seg-
regated account by the broker's custodian bank until maturity of the repurchase
agreement. Provisions of the agreements require that the market value of the
collateral, including accrued interest thereon, is sufficient in the event of
default.
If the counterparty defaults and the value of the collateral declines or if
the counterparty enters an insolvency proceeding, realization of the collateral
by the Portfolio may be delayed or limited.
Foreign Currency Translation--The books and records of the Portfolios are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following bases:
(I) market value of investment securities, other assets and liabilities at
the current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses at the
relevant rates of exchange prevailing on the respective dates of such transac-
tions.
The Portfolios do not isolate that portion of gains and losses on investment
securities which is due to changes in the foreign exchange rates from that
which is due to changes in market prices of such securities.
The Portfolios report gains and losses on foreign currency related transac-
tions as realized and unrealized gains and losses for financial reporting pur-
poses, whereas such gains and losses are treated as ordinary income or loss for
Federal income tax purposes.
Forward Foreign Currency Contracts--The Portfolios enter into forward foreign
currency contracts as hedges against either specific transactions or portfolio
positions. The aggregate principal amounts of the contracts are not recorded as
the Portfolios do not intend to hold the contracts to maturity. All commitments
are "marked-to-market" daily at the applicable foreign exchange rate and any
resulting unrealized gains or losses are recorded currently. The Portfolios re-
alize gains or losses at the time for-
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
February 28, 1995
ward contracts are extinguished. Unrealized gains or losses on outstanding po-
sitions in forward foreign currency contracts held at the close of the year
will be recognized as ordinary income or loss for federal income tax purposes.
Foreign Currency Options--Premiums paid by a portfolio for the purchase of an
option are included in the portfolio's Schedule of Investments as an investment
and subsequently marked to market to reflect the current market value of the
option. For an option held by a portfolio on the stipulated expiration date,
the portfolio realizes a gain or loss. If the portfolio enters into a closing
sale transaction, it realizes a gain or loss, depending on whether the proceeds
from the sale are greater or less than the cost of the purchased option. If the
portfolio exercises a purchased put option, it realizes a gain or loss from the
sale of the underlying investment and the proceeds from such sale will be de-
creased by the premium originally paid. If the portfolio exercises a purchased
call option, the cost of the underlying investment which the fund purchases
upon exercise will be increased by the premium originally paid.
Classes--Class-specific expenses are borne by that class. Income, expenses,
and realized and unrealized gains/losses are allocated to the respective clas-
ses on the basis of relative daily net assets.
Other--Security transactions are accounted for on the trade date of the secu-
rity purchase or sale. Costs used in determining net realized capital gains and
losses on the sale of investment securities are those of the specific securi-
ties sold. Purchase discounts and premiums on securities held by the Portfolios
are accreted and amortized to maturity using the scientific interest method,
which approximates the effective interest method. Distributions from net in-
vestment income and any net realized capital gains are generally made to Share-
holders annually. Dividend income is recognized on the ex-dividend date and in-
terest income is recognized using the accrual method.
The amounts of the distributions from net investment income and net realized
capital gains are determined in accordance with Federal income tax regulations,
which may differ from those amounts determined under generally accepted ac-
counting principles. The 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 the difference arises.
During the fiscal year ended February 28, 1995 the following amounts relating
to permanent differences attributable to cumulative net operating losses and
differences in the characterization of certain foreign currency realized and
unrealized gains (losses) have been reclassified as follows:
<TABLE>
<CAPTION>
CORE PACIFIC
INTERNATIONAL BASIN
EQUITY EQUITY
(000) (000)
------------- -------
<S> <C> <C>
Paid-in Capital $(5,615) $(228)
Accumulated net realized gain on investments (2,288) --
Accumulated net realized gain (loss) on foreign currency
transactions 15,349 147
Undistributed net investment income (loss) (7,446) 81
</TABLE>
These reclassifications have no effect on net assets or net asset values per
share.
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Financial Management Corporation (the "Manager"), a wholly owned subsidiary
of SEI Corporation, and the Trust are parties to a management agreement dated
August 30, 1988, under which the Manager provides management, administrative
and shareholder services to each Portfolio for an annual fee equal to .45% of
the average daily net assets of the Core International Equity Portfolio, .60%
of the average daily net assets of the International Fixed Income Portfolio,
.80% of the average daily net assets of the European Equity and the Pacific Ba-
sin Equity Portfolios and .65% of the average daily net assets of the Emerging
Markets Equity Portfolio . The Manager has agreed to waive all or a portion of
its fees in order to limit the operating expenses of the Portfolios to a speci-
fied percentage of its average daily net assets as follows:
26
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Core International Equity
Portfolio 1.25%
European Equity Portfolio 1.30%
Pacific Basin Equity
Portfolio 1.30%
Emerging Markets Equity
Portfolio 1.95%
International Fixed Income
Portfolio 1.00%
</TABLE>
In addition, the Trust and Manager have entered into a separate Transfer
Agent Agreement with respect to the ProVantage Funds under which the Manager is
entitled to a fee of .15% of the average daily net assets of the ProVantage
Funds plus out-of-pocket costs.
SEI Financial Management Corporation (SFM), the adviser for the Core Interna-
tional Equity and the Emerging Markets Equity Portfolios, is a party to an in-
vestment advisory agreement dated December 16, 1994. Under the Investment Advi-
sory Agreement, SFM receives an annual fee of .475% of the average daily net
assets of the Core International Equity Portfolio and 1.05% of the average
daily net assets of the Emerging Markets Equity Portfolio. Pursuant to a Sub-
Advisory Agreement with SFM, Acadian Asset Management, Inc. and World Invest
Limited serve as Sub-Advisers to the Core International Equity Portfolio and
Montgomery Asset Management, L.P. serves as Sub-Adviser to the Emerging Markets
Equity Portfolio.
Morgan Grenfell Investment Services Limited, the advisor for the European Eq-
uity Portfolio, is a party to an investment advisory agreement with the Trust
dated April 25, 1994. Under the investment advisory agreement, Morgan Grenfell
Investment Services Limited receives an annual fee of .325% of the average
daily net assets of the Portfolio.
Schroder Capital Management International Limited, the adviser for the Pa-
cific Basin Equity Portfolio, is a party to an investment advisory agreement
with the Trust dated April 25, 1994. Under the investment advisory agreement,
Schroder Capital Management International Limited receives an annual fee of
.40% of the average daily net assets of the Portfolio up to $100 million, .30%
for the next $50 million in assets, and .20% of assets in excess of $150 mil-
lion.
Strategic Fixed Income, L.P., the adviser for the International Fixed Income
Portfolio, is a party to an investment advisory agreement with the Trust dated
June 15, 1993. Under the investment advisory agreement, Strategic Fixed Income,
L.P. receives an annual fee of .30% of the average daily net assets of the
Portfolio. Strategic Fixed Income, L.P. has voluntarily agreed to waive its
fee, in conjunction with the Manager, in order to limit the operating expenses
of the Portfolio to not more than 1.00% of average daily net assets.
SEI Financial Services Company (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 plan which provides for the Trust
to reimburse the Distributor for distribution. Such expenses may not exceed
.30% of the daily average net assets of each Portfolio. Distribution expenses
include, among other items, the compensation and benefits of sales personnel
incurred by the Distributor in connection with the promotion and sale of
shares. Distribution expenses are allocated among the Portfolios on the basis
of their relative average daily net assets. In addition, the Core International
Equity Portfolio has registered an additional class of shares, the ProVantage
Funds shares, for which a separate distribution plan has been adopted. This
plan provides for additional payments to the Distributor of up to .30% of
ProVantage Funds average daily net assets.
Certain Officers and/or Trustees of the Trust are also officers and/or Direc-
tors of the Manager. Compensation of officers and affiliated Trustees is paid
by the Manager.
4. ORGANIZATIONAL COSTS
Organizational costs have been capitalized by the Portfolios and are being am-
ortized using the straight line method over sixty months commencing with opera-
tions of the respective Portfolio. In the event any of the initial shares of
the Portfolios acquired by the Manager are redeemed during the period that the
Portfolios are amortizing their organizational costs, the redemption proceeds
payable to the Manager by the Portfolios will be reduced by an amount equal to
a pro rata portion of unamortized organizational costs.
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Concluded)
- --------------------------------------------------------------------------------
February 28, 1995
5. FORWARD FOREIGN CURRENCY CONTRACTS
The Portfolios enter into forward foreign currency exchange contracts as hedges
against portfolio positions. Such contracts, which protect the value of the
Portfolio's investment securities against a decline in the value of the hedged
currency, do not eliminate fluctuations in the underlying prices of the securi-
ties. They simply establish an exchange rate at a future date. Also, although
such contracts tend to minimize the risk of loss due to a decline in the value
of a hedged currency, at the same time they tend to limit any potential gain
that might be realized should the value of such foreign currency increase.
The following forward foreign currency contracts were outstanding at February
28, 1995:
<TABLE>
<CAPTION>
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
- ----------------- ----------------- ----------- --------------
<S> <C> <C> <C> <C>
CORE INTERNATIONAL EQUITY PORTFOLIO:
- ------------------------------------
FOREIGN CURRENCY SALE:
04/20/95-05/15/95 JY 5,100,000,000 $52,101,331 $(1,081,262)
=========== ===========
EUROPEAN EQUITY PORTFOLIO:
- --------------------------
FOREIGN CURRENCY SALE:
05/31/95 FF 15,100,000 $ 2,925,676 $ (16,144)
=========== -----------
FOREIGN CURRENCY PURCHASES:
03/01/95 UK 41,312 $ 65,355 $ 22
03/02/95 SK 1,178,924 160,234 726
03/02/95 SP 6,267,783 48,853 276
----------- -----------
$ 274,442 $ 1,024
=========== -----------
$ (15,120)
===========
PACIFIC BASIN EQUITY PORTFOLIO:
- -------------------------------
FOREIGN CURRENCY SALES:
03/02/95 AD 140,810 $ 103,805 $ (98)
06/19/95 JY 490,000,000 5,058,287 (81,248)
----------- -----------
$ 5,162,092 $ (81,346)
=========== ===========
EMERGING MARKETS EQUITY PORTFOLIO:
- ----------------------------------
FOREIGN CURRENCY PURCHASES:
03/01/95 GD 10,820,835 $ 46,700 $ (99)
03/06/95-03/09/95 MR 425,258 166,723 (37)
----------- -----------
$ 213,423 $ (136)
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
- ----------------- ----------------- ----------- --------------
<S> <C> <C> <C> <C>
SEI INTERNATIONAL FIXED INCOME PORTFOLIO:
- -----------------------------------------
FOREIGN CURRENCY SALES:
03/01/95-06/22/95 UK 6,789,050 $10,607,691 $ (113,582)
03/24/95 NK 1,750,979 260,601 (11,119)
03/24/95 XE 2,612,071 3,164,524 (162,701)
03/24/95-05/24/95 AD 3,082,228 2,363,490 92,884
03/24/95-05/24/95 BF 54,377,595 1,724,324 (87,589)
03/24/95-06/22/95 CD 4,342,377 3,091,877 (17,064)
03/24/95-06/22/95 CH 9,286,428 7,284,469 (282,176)
03/24/95-06/22/95 DK 24,287,435 4,067,706 (125,046)
03/24/95-06/22/95 DM 27,340,943 17,762,745 (1,026,039)
03/24/95-06/22/95 FF 43,534,398 8,202,363 (279,944)
03/24/95-06/22/95 IT 8,856,438,040 5,403,326 121,646
03/24/95-06/22/95 JY 1,365,334,338 13,848,417 (374,925)
03/24/95-06/22/95 NG 3,415,114 2,003,430 (90,558)
03/24/95-06/22/95 NZ 3,897,356 2,463,113 9,128
03/24/95-06/22/95 SK 10,286,619 1,379,195 (18,912)
03/24/95-06/22/95 SP 513,363,079 3,865,044 (137,082)
----------- -----------
$87,492,315 $(2,503,079)
=========== -----------
FOREIGN CURRENCY PURCHASES:
03/01/95-05/24/95 DK 20,440,272 $ 3,353,324 $ 174,717
03/02/95-06/22/95 DM 39,169,662 25,544,138 1,379,007
03/23/95-06/22/95 JY 1,604,667,710 16,314,309 412,282
03/24/95 BF 27,463,710 850,270 64,802
03/24/95 SK 8,243,792 1,088,701 35,341
03/24/95-06/22/95 IT 7,829,728,298 4,792,055 (124,155)
03/24/95-06/22/95 NG 3,355,870 1,921,027 135,012
03/24/95-06/22/95 XE 2,909,062 3,589,716 115,218
03/24/95-06/22/95 AD 2,970,091 2,229,202 (47,544)
03/24/95-06/22/95 CD 4,201,320 2,973,131 32,492
03/24/95-06/22/95 CH 9,269,875 7,088,375 442,480
03/24/95-06/22/95 FF 29,448,682 5,558,262 179,649
03/24/95-06/22/95 NZ 3,434,231 2,176,250 (12,480)
03/24/95-06/22/95 SP 498,746,118 3,747,948 140,481
03/24/95-06/22/95 UK 6,658,962 10,467,981 24,108
06/22/94 NK 2,726,600 419,929 4,106
----------- -----------
$92,114,618 $ 2,955,516
=========== -----------
$ 452,437
===========
</TABLE>
CURRENCY LEGEND
AD Australian Dollar
BF Belgian Franc
CD Canadian Dollar
CH Swiss Franc
DK Danish Kroner
DM German Mark
FF French Franc
GD Greek Drachma
IT Italian Lira
JY Japanese Yen
28
<PAGE>
- --------------------------------------------------------------------------------
MR Malaysian Ringgitt
NG Netherlands Guilder
NK Norwegian Kroner
NZ New Zealand Dollar
SK Swedish Krona
SP Spanish Peseta
UK British Pounds Sterling
XE European Currency Unit
6. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments and U.S. government securities, during the
period ended February 28, 1995, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
(000) (000)
--------- --------
<S> <C> <C>
Core International Equity Portfolio $276,432 $373,505
European Equity Portfolio 40,928 6,690
Pacific Basin Equity Portfolio 37,650 2,061
Emerging Markets Equity Portfolio 4,070 --
International Fixed Income Portfolio 91,156 77,265
</TABLE>
The International Fixed Income Portfolio purchased $4,097,993 and sold
$2,288,382 in U.S. government securities during the period ended February 28,
1995.
For Federal income tax purposes, the cost of securities owned at February 28,
1995 and the net realized gains or losses on securities sold for the period
then ended was not materially different from the amounts reported for financial
reporting purposes. The aggregate gross unrealized appreciation and deprecia-
tion at February 28, 1995 for each portfolio is as follows:
<TABLE>
<CAPTION>
NET
UNREALIZED
APPRECIATED DEPRECIATED APPRECIATION/
SECURITIES SECURITIES (DEPRECIATION)
(000) (000) (000)
------------ ----------- --------------
<S> <C> <C> <C>
Core International Equity Portfolio $18,788 $16,959 $ 1,829
European Equity Portfolio 1,649 1,524 125
Pacific Basin Equity Portfolio 225 4,898 (4,673)
Emerging Markets Equity Portfolio 126 72 54
International Fixed Income Portfolio 1,247 185 1,062
</TABLE>
At February 28, 1995 the following Portfolios had available realized capital
losses to offset future net capital gains through fiscal year 2003.
<TABLE>
<CAPTION>
(000)
-----
<S> <C>
European Equity Portfolio $ 32
Pacific Basin Equity Portfolio 18
International Fixed Income Portfolio 795
</TABLE>
29
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees
SEI International Trust
In our opinion, the accompanying statement of net assets and where applicable,
the schedules of investments and statements 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
the Core International Equity, European Equity, Pacific Basin Equity, Emerging
Markets Equity and International Fixed Income Portfolios of SEI International
Trust (the "Fund") at February 28, 1995, the results of each of their opera-
tions, the changes in each of their net assets and the financial highlights for
each of the respective 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
Fund's management; our responsibility is to express an opinion on these finan-
cial statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which re-
quire 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 dis-
closures in the financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall finan-
cial statement presentation. We believe that our audits, which included confir-
mation of securities at February 28, 1995 by correspondence with the custodians
and brokers and the application of alternative auditing procedures where con-
firmations from brokers were not received, provide a reasonable basis for the
opinion expressed above.
PRICE WATERHOUSE LLP
Philadelphia, PA
April 11, 1995
30
<PAGE>
NOTICE TO SHAREHOLDERS
- --------------------------------------------------------------------------------
February 28, 1995 (Unaudited)
For shareholders that do not have a February 28, 1995 taxable year end, this
notice is for informational purposes only. For shareholders with a February 28,
1995 taxable year end, please consult your tax advisor as to the pertinence of
this notice.
For the fiscal year ended February 28, 1995 the Portfolios of the SEI Interna-
tional Trust are designating long term capital gains and qualifying dividend
income with regard to distributions paid during the year as follows:
<TABLE>
<CAPTION>
(A) (B)
LONG TERM ORDINARY
CAPITAL GAINS INCOME TOTAL
DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS
PORTFOLIO (TAX BASIS) (TAX BASIS) (TAX BASIS)
- --------- ------------- ------------- -------------
<S> <C> <C> <C>
Core International Equity 100% 0% 100%
European Equity 0% 100% 100%
Pacific Basin Equity 0% 0% 0%
Emerging Markets Equity 0% 0% 0%
International Fixed Income 0% 100% 100%
<CAPTION>
(C) (D) (E)
QUALIFYING TAX-EXEMPT FOREIGN
PORTFOLIO DIVIDENDS(1) INTEREST TAX CREDIT
- --------- ------------- ------------- -------------
<S> <C> <C> <C>
Core International Equity 0% 0% 0%
European Equity 0% 0% 28%
Pacific Basin Equity 0% 0% 0%
Emerging Markets Equity 0% 0% 0%
International Fixed Income 0% 0% 0%
</TABLE>
(1) Qualifying dividends represent dividends which qualify for the corporate
dividends received deduction.
* Items (A) and (B) are based on the percentage of each fund's total distribu-
tion.
** Item (C) is based on the percentage of ordinary income of each fund.
*** Item (D) is based on the percentage of gross income of each fund.
31
<PAGE>
- --------------------------
SEI INTERNATIONAL TRUST
- --------------------------
ANNUAL REPORT
- --------------------------
February 28, 1995
Robert A. Nesher
Chairman
TRUSTEES
Edward W. Binshandler
Richard F. Blanchard
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
OFFICERS
David G. Lee
President and Chief Executive Officer
Carmen V. Romeo
Treasurer, Assistant Secretary
Jeffrey A. Cohen
Controller, Assistant Secretary
Sandra K. Orlow
Vice President, Assistant Secretary
Kevin P. Robins
Vice President, Assistant Secretary
Robert B. Carroll
Vice President, Assistant Secretary
Kathryn L. Stanton
Vice President, Assistant Secretary
Richard W. Grant
Secretary
INVESTMENT ADVISORS
Core International Equity Portfolio/Emerging Markets Equity Portfolio
SEI Financial Management Corporation
European Equity Portfolio
Morgan Grenfell Investment Services Limited
Pacific Basin Equity Portfolio
Schroder Capital Management International Limited
International Fixed Income Portfolio
Strategic Fixed Income L.P.
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Financial Management Corporation
DISTRIBUTOR
SEI Financial Services Company
LEGAL COUNSEL
Morgan, Lewis & Bockius
INDEPENDENT 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 more information call 1.800.DIAL.SEI/1.800.342.5734
