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Previous: DREYFUS LAUREL INVESTMENT SERIES, 24F-2NT, 1995-10-30 |
Next: EVERGREEN MUNICIPAL TRUST, 24F-2NT, 1995-10-30 |
===============================================================================
SEI INTERNATIONAL TRUST
===============================================================================
SEMI-ANNUAL REPORT
===============================================================================
August 31, 1995
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
CORE INTERNATIONAL
EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS--94.7%
AUSTRALIA--4.4%
Advance Bank Australia 66,600 $ 467
Australia & New Zealand
Bank Group 531,827 2,157
Australian National 1,128,000 992
Boral 450,000 1,143
Brambles 121,000 1,217
Broken Hill Proprietary 47,360 687
National Australia Bank 350,272 3,007
Pioneer 761,900 1,981
Westpac Banking 650,007 2,443
---------
14,094
---------
BELGIUM--1.7%
Electrabel 10,600 2,238
Kredietbank 5,600 1,260
Solvay 1,500 786
Tractabel 3,000 1,039
---------
5,323
---------
CANADA--2.2%
Bank of Montreal 54,500 1,198
Bank of Nova Scotia 86,900 1,893
Canadian Imperial Bank 71,200 1,750
Oshawa Group 15,300 244
Royal Bank of Canada 43,200 961
Seagram 30,200 1,114
---------
7,160
---------
FINLAND--0.1%
Enso-Gutzeit "A" 47,600 408
---------
FRANCE--9.9%
Alcatel Alsthom 26,900 2,698
Bertrand Faure 18,250 702
Cap Gemini Sogeti* 30,000 762
Carnaud Metal Box 25,700 1,093
Christian Dior 24,300 2,144
Saint Gobain 26,121 3,319
CGIP 6,250 1,341
Colas 3,000 562
De Dietrich 750 364
Eaux Generale 17,730 1,877
Ecco 10,800 1,745
Eiffage 1,500 231
Eridania Beghin Say 8,800 1,301
Financiere Poliet 6,150 532
Lafarge 31,515 2,355
LVMH Moet Hennessy 2,400 432
Michelin "B" 24,000 1,042
Navigation Mixte 1,600 263
Saint Louis-Bouchon 5,250 1,552
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Societe Nationale Elf Aquitaine 56,991 $ 4,174
Sommer Allibert 2,900 987
Total Compaigne "B" 37,637 2,211
---------
31,687
---------
GERMANY--4.2%
BASF 16,400 3,672
Bayer 11,017 2,849
Degussa 3,300 1,062
Hochtief 2,100 1,047
Hoechst 7,350 1,765
Karstadt 2,750 1,223
Man 4,600 1,283
Mannesmann 1,300 410
---------
13,311
---------
HONG KONG--2.1%
Esprit Asia 1,092,000 423
HSBC Holdings 253,200 3,402
Kumagai Gumi 1,005,000 779
New World Development 184,000 671
Regal Hotels 3,190,000 577
Sino Hotels Holdings* 488,500 113
Sino Land 958,000 668
---------
6,633
---------
ITALY--1.1%
Fiat 482,000 1,088
Fidis 282,600 619
Mondadori 140,000 905
SAI di Risp 101,000 491
Telecom Italia di Risp 241,700 311
Telecom Italia Mobile di Risp* 241,700 242
---------
3,656
---------
JAPAN--32.3%
Advantest 37,000 2,128
Bunka Shutter 45,000 256
Catena 22,000 353
Central Glass* 60,000 206
Chiba Kogyo Bank 1,100 44
Chiyoda 141,000 1,472
Chuba Electric Power 36,000 840
Citizen Watch 122,000 933
Cosmo Oil 103,000 537
Dai Nippon Ink & Chemical 268,000 1,190
Dai Nippon Printing 150,000 2,379
Dai Tokyo Fire & Marine
Insurance 4,000 27
Daido Steel 278,000 1,408
Daikyo 222,000 1,792
Daito Trust Construction 132,000 1,648
</TABLE>
3
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
CORE INTERNATIONAL
EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Daiwa Bank 40,000 $ 328
Daiwa Securities 177,000 2,228
Diahatsu Motor 448,000 2,017
Ezaki Glico 48,000 417
Fuji Photo Film 96,000 2,407
Fujita 108,000 550
Fujitsu 412,000 4,469
Hankyu Realty 36,000 250
Hino Motors 45,000 400
Hitachi 447,000 4,894
Hitachi Maxell 34,000 546
Hokkaido Takushoku Bank 407,000 1,258
Honda Motor 121,000 2,154
Hyakugo Bank 93,000 589
Jaccs 40,000 373
Japan Steel Works* 186,000 569
Joshin Denki 81,000 1,036
Kagoshima Bank 116,000 946
Kankaku Securities* 61,000 227
Kirin Brewery 188,000 1,962
Kishu Paper 97,000 665
Kyushu Electric Power 33,000 793
Long Term Credit Bank Japan 241,000 2,035
Matsushita Electric 261,000 4,086
Mazda Motor* 292,000 1,213
Meisei Industrial 57,000 356
Mitsubishi Estate 176,000 2,071
Mitsui Fudosan 184,000 2,372
Mitsui Trust & Banking 315,000 3,256
Nagase 43,000 356
Naigai 70,000 301
Navix Line* 517,000 1,529
NEC 145,000 1,899
Nichii 81,000 928
Nikko Securities 200,000 1,961
Nintendo 700 44
Nippon Chemical 104,000 766
Nippon Credit Bank 284,000 1,203
Nippon Sheet Glass 135,000 613
Nippon Shinpan 123,000 793
Nippon Steel 137,000 465
Nippon Telegraph & Telephone 157 1,420
Nissan Fire & Marine Insurance 56,000 341
Nissan Motors 238,000 1,827
NKK* 384,000 943
NSK 159,000 1,072
Obayashi 73,000 574
Orient 118,000 574
Orix 31,000 1,098
Pioneer Electronics 105,000 2,009
Renown* 63,000 203
Shimizu 80,000 843
Shinmaywa Industries 103,000 854
Showa Shell Sekiyo 84,000 740
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Sumitomo Bank 45,000 $ 833
Sumitomo Metal* 313,000 875
Sumitomo Realty &
Development 257,000 1,889
Sumitomom Trust & Banking 80,000 1,089
SXL 145,000 1,499
Taisei 138,000 933
Takeda Chemical 169,000 2,284
Tokyo Electric Power 72,500 1,937
Tokyo Steel 54,500 1,049
Toshiba 434,000 3,137
Toyo Shutter 47,000 302
Victor of Japan* 144,000 1,784
Yamaichi Securities 271,000 1,745
Yuasa Trading 122,000 649
-------
103,041
-------
MALAYSIA--3.2%
AMMB Holdings 38,000 518
Arab Malaysian 68,000 271
DCB Holdings 159,000 472
Edaran Otomobil 69,000 608
Faber Group* 655,000 630
IJM 185,000 701
IOI Properties 227,000 819
Kuala Lumpur Kepong 155,000 463
Land and General 283,000 907
Malaysian International
Shipping 668,000 1,915
MBF Capital 458,000 532
Oriental Holdings 47,000 245
Petronas Gas* 37,000 119
Rashid Hussain 525,000 1,663
Resorts World 42,000 219
-------
10,082
-------
NETHERLANDS--4.9%
Ahold 43,000 1,533
DSM 18,300 1,515
Heineken 7,250 1,097
Hoogovens 33,700 1,373
International Nederlanden
Group 58,117 3,231
KPN 50,200 1,731
Phillips Electronics 68,365 3,069
Stad Rotterdam 43,702 1,125
VNU 8,400 996
-------
15,670
-------
NEW ZEALAND--1.2%
Fisher & Paykel 130,400 399
Lion Nathan 498,600 1,034
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Telecom Corporation
New Zealand ADR 20,200 $ 1,290
Telecom Corporation
New Zealand 313,900 1,245
-------
3,968
-------
NORWAY--0.5%
Den Norske Bank "B" 242,909 633
Kvaerner "B" 30,000 1,113
-------
1,746
-------
SINGAPORE--2.2%
City Developments 68,000 409
DBS Land 72,000 207
Fraser and Neave 62,000 703
Jardine Matheson Holdings 155,000 1,116
Overseas Chinese Banking "F" 82,000 923
Sembawang Maritime 104,000 360
Singapore Press "F" 46,800 646
Strait Steamship Land 203,000 574
United Overseas Bank "F" 250,600 2,170
-------
7,108
-------
SPAIN--3.1%
Banco Bilbao-Vizcaya 23,480 710
Banco de Santander 14,000 573
Banco Popular 8,000 1,231
Dragados 17,000 272
Iberdrola 270,400 2,077
Mapfre 3,000 159
Repsol 26,000 816
Repsol ADR 33,800 1,069
Telefonica de Espana 207,000 2,807
Vallehermosa 16,000 283
-------
9,997
-------
SWEDEN--0.5%
Marieberg Tidnings "A" 16,100 331
SSAB 127,600 1,383
-------
1,714
-------
SWITZERLAND--4.4%
Baloise Holdings 660 1,321
Ciba Geigy 3,260 2,309
CS Holdings 27,030 2,216
Nestle 2,020 2,044
Rieter 3,450 940
Roche Holdings 394 2,640
Schweizerischer
Ruckversicherung 3,210 2,601
-------
14,071
-------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM--16.4%
ASDA Group 630,000 $ 1,063
BTR 216,538 1,146
Bass 92,500 927
British Airways 123,700 818
BET 305,800 645
British Gas 601,000 2,583
British Petroleum 528,410 3,964
British Steel 557,800 1,562
Charter 98,650 1,440
Courtaulds 90,000 653
General Accident 159,500 1,472
Guardian Royal Exchange 460,300 1,500
HSBC Holdings 83,000 1,118
Hanson 582,300 1,956
Hazlewood Foods 331,300 678
Hillsdown Holdings 471,600 1,398
IMI 90,000 445
Lloyds Bank 288,400 3,083
National Westminster 215,500 1,968
National Power 65,000 529
Norweb 111,200 1,503
Northumbrian Water 28,300 397
Ocean Group 239,500 1,226
RJB Mining 215,100 1,368
Redland 140,000 845
Royal Insurance 283,800 1,479
Sainsbury 149,490 1,075
Scottish Hydroelctric 234,700 1,256
Shell Transport & Trading 158,300 1,806
Smithkline Beecham Units 101,400 889
Southern Water 116,800 1,272
Storehouse 240,000 1,151
Tesco 475,000 2,406
Thames Water 245,500 2,062
Thorn EMI 40,332 926
T & N 349,000 1,014
Whitbread "A" 170,000 1,619
Yorkshire Water 131,000 1,235
-------
52,477
-------
Total Foreign Common Stocks
(Cost $281,574) 302,146
-------
</TABLE>
5
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
CORE INTERNATIONAL
EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Face Amount Market
Description (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS--1.7%
J.P. Morgan
5.80%, dated 8/31/95, matures
9/1/95, repurchase price
$5,286,080 (collateralized by
Federal National Mortgage
Association with maturities
of 8/25/20 and 2/25/21,
interest rates of 7.50%
and 8.00%, total par value
$5,266,214; total market value
of collateral $5,390,851) $5,285 $ 5,285
----------
Total Repurchase Agreements
(Cost $5,285) 5,285
----------
TOTAL INVESTMENTS--96.4%
(Cost $286,859) 307,431
----------
OTHER ASSETS AND LIABILITIES--3.6%
Other Assets and Liabilities, Net 11,618
----------
NET ASSETS:
Portfolio shares of Class A
(unlimited authorization -- no
par value) based on 30,059,505
outstanding shares of beneficial
interest 276,519
Portfolio shares of Class D
Funds (unlimited
authorization -- no par value)
based on 15,696 shares of
beneficial interest 159
Accumulated net realized gain
on investments 28,161
Accumulated net realized loss
on forward foreign currency
transactions (13,061)
Net unrealized appreciation on
forward foreign currency
contracts, foreign currencies
and translation of other assets
and liabilities denominated in
foreign currencies 3,050
Net unrealized appreciation
on investments 20,572
Undistributed net investment
income 3,649
--------
Total Net Assets-- 100% $319,049
========
Net Asset Value, Offering Price and
Redemption Price Per
Share-- Class A $ 10.61
========
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value and Redemption
Price Per Share -- Class D
Funds $ 10.55
========
Maximum Offering Price Per Share
Class D Funds ($10.55/95%) $ 11.11
========
<FN>
* Non-income producing security
ADR American Depository Receipt
</FN>
</TABLE>
<TABLE>
<CAPTION>
EUROPEAN EQUITY PORTFOLIO
<S> <C> <C>
FOREIGN COMMON STOCKS--90.0%
AUSTRIA--0.4%
VA Technologie* 2,020 $ 223
------
BELGIUM--0.7%
Arbed* 2,600 353
------
DENMARK--1.1%
Den Danske Bank 8,830 569
------
FINLAND--2.0%
Nokia "A" 11,520 799
Nokia "K" 4,000 277
------
1,076
------
FRANCE--12.6%
Carrefour 1,540 860
Castorama Dubois 4,000 634
Cetelem 5,244 813
Saint Gobain 4,300 546
Eaux Generale 6,505 689
Credit Local De France 5,120 433
Galaries Lafayette 500 163
LVMH Moet Hennessy 3,670 661
Sanofi 10,000 618
Seita 6,000 212
Societe Generale 5,301 554
Societe Nationale Elf Aquitaine 7,222 529
------
6,712
------
GERMANY--6.8%
BASF 1,200 269
Bayer 1,000 259
Beiersdorf 417 315
Deutsche Pfandbrief &
Hypotheken Bank 6,000 256
Gehe 900 407
SAP 5,950 882
Veba 13,500 516
Wella 890 689
------
3,593
------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
ITALY--2.0%
Alleanza Assicurazioni Warrants* 272 $ 0
Telecom Italia 190,000 305
Telecom Italia Mobile* 520,000 767
-------
1,072
-------
NETHERLANDS--5.2%
Aegon 5,500 185
Ahold 13,972 498
Elsevier 67,000 848
Hunter Douglas 15,120 759
International Nederlanden Group 195 11
VNU 4,000 474
-------
2,775
-------
NORWAY--1.1%
Saga Petroleum "B" 48,040 577
-------
SPAIN--6.1%
Banco Bilbao-Vizcaya 28,100 850
Banco Popular 1,000 154
Continente 19,150 472
Fomento de Construcciones
Contratas 1,917 159
Gas Natural 6,050 743
Telefonica de Espana 40,000 542
Uralita 30,000 333
-------
3,253
-------
SWEDEN--9.5%
Astra "B" 18,800 611
Ericsson 40,000 856
Getinge Industries "B" 17,500 636
Kalmar Industries 40,000 686
Kinnevik Investment "B" 6,500 194
Mo Och Domsjo "B" 11,650 671
Scribona 25,000 185
Securitas "B" 6,000 206
SSAB "B" 23,200 251
Stadshypotek 14,000 229
Stora Kopparbergs "B" 42,000 524
-------
5,049
-------
SWITZERLAND--6.5%
BBC Brown Boveri 670 707
Hilti 600 508
Roche Holdings 139 931
Sandoz 1,070 772
Societe Generale de Surveillance 265 477
-------
3,395
-------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM--36.0%
Abbey National 95,000 $ 787
Associated British Foods 36,400 406
Bass 59,300 594
BAT Industries 70,600 552
Blue Circle Industries 103,900 514
Britannic Assurance 16,000 142
British Aerospace Warrants* 1,600 5
British Aerospace 43,400 444
British Airways 47,000 311
British Petroleum 116,000 870
British Sky Broadcasting 108,250 571
British Telecommunications 215,500 1,353
BTR 83,100 440
Commercial Union 44,458 407
Cordiant* 63,159 113
English China Clay 17,750 104
General Electric 138,900 672
Glaxo Wellcome 86,600 1,029
Granada Group 61,200 591
Grand Metropolitan 94,400 599
Great Universal Stores 49,100 466
Hammerson "A" 65,000 358
Heath, C.E 18,000 56
HSBC Holdings 42,700 575
Lasmo 184,300 506
Lex Service 24,000 120
MEPC 24,900 146
Morrison Supermarket 87,000 217
Mowlem, John 40,400 47
Next 70,000 419
Prudential 105,900 559
Reckitt & Coleman 38,925 402
Reuters Holdings 74,800 650
Royal Insurance 84,899 443
Scottish Power 76,500 404
Sears 95,000 165
Sedgwick Group 110,000 207
Severn Trent 43,300 423
Smithkline Beecham 83,000 728
Smiths Industries 70,000 611
Tate & Lyle 62,300 444
Williams Holdings 135,300 670
-------
19,120
-------
Total Foreign Common Stocks
(Cost $43,258) 47,767
-------
</TABLE>
7
<PAGE>
SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EUROPEAN EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN PREFERRED STOCKS--1.9%
GERMANY--1.9%
Jungheinrich 2,600 $ 580
Rhon Klinikum 460 423
-------
1,003
-------
Total Foreign Preferred Stocks
(Cost $818) 1,003
-------
Total Investments--91.9%
(Cost $44,076) $48,770
=======
<FN>
* Non-income producing security
</FN>
</TABLE>
<TABLE>
<CAPTION>
PACIFIC BASIN EQUITY PORTFOLIO
<S> <C> <C>
FOREIGN COMMON STOCKS--94.5%
AUSTRALIA--7.2%
Amcor 18,000 $ 140
Australia & New Zealand Bank
Group 36,000 146
Broken Hill Proprietary 37,900 550
CRA 23,000 368
Lend Lease 8,000 114
Mayne Nickless 60,000 288
M.I.M. Holdings 135,000 193
Newscorp 32,000 184
Normandy Mining 64,000 84
Oil Search 175,000 157
Qantas Airways 41,000 67
Tabcorp 80,000 197
TNT 190,000 258
Western Mining 63,125 424
Westpac Banking 54,000 203
Woodside Petroleum 17,000 79
-------
3,452
-------
HONG KONG--9.6%
Chen Hsong 230,000 163
Cheung Kong Holdings 78,000 387
Citic Pacific 80,000 228
Giordano 196,000 161
Hong Kong Electric 125,000 434
Wharf Holdings 91,000 262
Hong Kong & Shanghai Hotels 48,000 59
Hong Kong Telecommunications 212,800 385
HSBC Holdings 42,290 568
Hutchison Whampoa 174,000 838
New World Development 62,000 226
Sung Hung Kai Properties 60,200 437
Swire Pacific "A" 67,000 502
-------
4,650
-------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
JAPAN--65.0%
Amada 59,000 $ 616
Asatsu 6,000 220
Bridgestone 81,000 1,194
Canon 23,000 417
Canon Sales 4,000 107
Chain Store Okuwa 13,000 204
Credit Saison 11,000 231
Dai Tokyo Fire & Marine
Insurance 45,000 299
Daiwa Securities 30,000 378
DDI 12 101
DDI 42 355
Denny's 8,000 221
East Japan Railway 128 609
Familymart 5,000 220
Fuji Photo Film 25,000 627
Glory 10,000 365
Heiwa 5,000 146
Hirose Electric 8,000 544
Hitachi 142,000 1,555
Innotech 4,000 157
Ito Yokado 27,000 1,440
Japan Airport Terminal 18,000 208
Japan Associated Finance 2,000 207
Kahma 10,400 185
Keyence 2,000 256
Koa Fire & Marine Insurance 31,000 180
Kobe Steel 45,000 117
Koito Industries 5,000 51
Kuraray 53,000 532
Mabuchi Motor 4,000 271
Makita 28,000 450
Matsushita Electric 95,000 1,487
Mitsubishi 71,000 785
Mitsubishi Electric 108,000 810
Mitsubishi Gas Chemical 67,000 281
Mitsubishi Motor 39,000 338
Mitsubishi Trust & Banking 36,000 600
Mitsui 112,000 877
Mitsui Petrochem 21,000 161
Mos Food Services 2,200 56
Mr. Max 400 7
Murata Manufacturing 19,000 758
New Oji Paper 55,000 496
Nihon Dempa Kogyo 6,000 167
Nippon Shinpan 27,000 174
Nippon Steel 85,000 289
Nippon Television 1,000 235
Nomura Securities 36,000 707
Okinawa Electric Power 4,000 119
Omron 27,000 594
Promise 4,000 167
Sangetsu 5,000 124
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Sankyo 27,000 $ 602
Santen Pharmaceutical 5,000 121
Seino Transportation 19,000 317
Sekisui House 33,000 415
Seven Eleven 1,000 68
Shimachu 8,000 209
Shimamura 7,000 265
Showa Shell Sekiyo 60,950 537
Sony 4,000 219
Sony Music Entertainment 5,000 229
Sumitomo Electric 19,000 247
Sumitomo Forestry 20,000 317
Sumitomo Metal* 75,000 210
Takashimaya 24,000 337
Toho 5,280 827
Tokio Marine & Fire Insurance 78,000 926
Tokyo Broadcasting System 23,000 370
Tokyo Electronics 18,000 726
Toshiba 120,000 867
Toyota Motor 63,000 1,251
Yasuda Fire & Marine Insurance 42,000 277
Yokogawa Electric 39,000 367
-------
31,399
-------
MALAYSIA--7.2%
DCB Holdings 71,000 211
Gamuda 42,000 204
Genting 71,500 633
Larut Consolidated 161,500 271
Larut Convertable Loan Stock* 42,000 13
Larut Warrants* 42,000 34
Malayan Banking 69,500 571
Malaysian Assurance Alliance 23,000 90
New Straits Times Press 33,000 103
Perusahaan Otomobil 48,000 184
Petronas Gas 49,000 157
Renong 179,000 346
Resorts World 41,000 214
Telekom Malaysia 50,000 351
United Engineers 13,000 87
-------
3,469
-------
NEW ZEALAND--0.9%
Carter Holt Harvey 127,511 290
Telecom Corporation of
New Zealand 32,000 127
-------
417
-------
SINGAPORE--4.6%
City Developments 47,000 283
DBS Land 97,000 279
Development Bank of
Singapore "F" 11,000 125
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Jurong Ship Yard 18,000 $ 125
Keppel 50,000 401
Mandarin Oriental 175,718 159
Singapore Press "F" 14,880 205
Singapore International
Airlines "F" 26,000 220
United Overseas Bank "F" 50,824 440
--------
2,237
--------
SOUTH KOREA--0.0%
Samsung Electronics 28 5
--------
Total Foreign Common Stocks
(Cost $46,647) 45,629
--------
Total Investments--94.5%
(Cost $46,647) $ 45,629
========
<FN>
* Non-income producing security
</FN>
</TABLE>
<TABLE>
<CAPTION>
EMERGING MARKETS
EQUITY PORTFOLIO
<S> <C> <C>
FOREIGN COMMON STOCKS--76.7%
ARGENTINA--6.1%
Ciadea* 24,600 $ 101
Cresud* 294,600 401
IRSA GDS* 2,700 59
IRSA* 110,000 242
Perez Companc* 169,416 793
Siderca 240,900 195
-------
1,791
-------
BRAZIL--3.4%
Aracruz Cellulose ADR 45,800 550
Telecom Brasileiras ADR 10,400 451
-------
1,001
-------
CHILE--2.0%
A.F.P. Provida ADR* 3,100 81
Chilgener ADR 6,900 155
Compania de Telecom Chile ADR 400 29
Empresa Nacional de Electricidad
ADR 2,000 40
Enersis ADR 6,900 175
Moneda Chile Fund* 2,022 20
Quimica Y Minera Chile ADR 1,000 47
Vina Concha Y Toro Chile ADR 2,000 35
-------
582
-------
</TABLE>
9
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EMERGING MARKETS
EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CHINA--0.7%
Huaneng Power International
ADR* 4,500 $ 79
Shanghai Diesel Engine "B" 104,000 67
Shanghai Dazhong Taxi "B" 84,000 71
-------
217
-------
COLOMBIA--2.5%
Banco de Colombia GDS* 81,900 557
Banco Industrial Colombiano
ADR 12,200 166
-------
723
-------
GERMANY--0.2%
Ashanti Goldfields GDS 2,700 56
-------
GREECE--1.7%
Aegek 8,000 94
Aegek Rights* 800 1
Aluminum of Greece 1,060 52
Ergo Bank 970 45
Greek Progress Fund 8,600 79
Hellenic Bottling 4,025 129
Nikas 3,400 44
Themeliodomi 4,600 43
-------
487
-------
HONG KONG--2.0%
CDL Hotels International 116,000 56
Guang Dong Investment 164,000 94
Guangzhou Investment 130,000 24
HSBC Holdings 2,500 34
Johnson Electric Holdings 34,000 68
MC Packaging 186,000 72
Shangri-La Asia 68,000 74
Siu-Fung Ceramics 334,000 73
Tian An China 142,000 21
Yue Yuen 216,000 55
-------
571
-------
HUNGARY--0.3%
Egis* 3,700 87
-------
INDIA--2.6%
Arvind Mills GDR* 25,600 99
Bajaj Auto GDR* 2,700 82
Grasim Industries GDR 3,400 83
India Growth Fund 6,300 109
Indian Hotels GDS* 6,400 109
Larsen & Toubro GDS 1,900 38
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MS India Fund 9,500 $ 99
Reliance Industries GDR* 7,400 142
-------
761
-------
INDONESIA--3.1%
Asia Pacific Resource "A"* 7,600 68
Astra 32,500 65
Bank International Indonesia* 22,000 79
Bimantara* 61,500 43
Dankos Labs - "F" 26,000 78
Hanjaya Mandala Sampoerna 15,500 147
Indorama - "F" 30,500 101
Indorayon 59,000 114
Indosat ADR 500 18
Bank Bali Warrants* 2,900 1
Bank Bali - "F" 22,575 54
Sekar Bumi* 21,000 28
Semen Gresik Rights* 30,000 44
Semen Gresik - "F" 10,000 30
Tjiwi Kimia 10,000 22
-------
892
-------
MALAYSIA--18.9%
AMMB Holdings 37,000 504
Arab Malaysian 190,000 758
Arab Malaysian Merchant Bank 78,000 313
DCB Holdings Warrants* 144,000 158
DCB Holdings 67,000 199
Genting 40,000 354
Hong Leong Credit 1,000 5
IJM 138,000 523
IOI* 540,000 667
Kwong Yik Bank 83,000 188
Leader Universal Holdings 104,000 344
Metacorp 37,000 112
Petronas Gas* 32,000 103
Resorts World 71,000 370
Sime Darby 1,000 2
Tan Jong 22,000 63
Telekom Malaysia 18,000 126
United Engineers 108,000 723
-------
5,512
-------
MEXICO--6.2%
Grupo Mexico "B"* 50,000 258
Industrias Penoles 149,000 552
Kimberly Clark "A" 19,000 262
Telefonos de Mexico ADR 22,500 737
-------
1,809
-------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
PAKISTAN--1.2%
Adamjee Insurance* 11,400 $ 42
D.G. Khan* 55,400 88
Engro Chemicals* 20,200 108
Nishat Textile Mills* 32,000 35
Pakistan State Oil* 7,100 88
----------
361
----------
PERU--2.9%
Banco de Credito del Peru "C"* 168,560 328
Telefonos Peru "A" 144,100 278
Southern Peru Copper "T"* 52,800 228
----------
834
----------
PHILIPPINES--5.6%
Aboitiz Equity Ventures* 741,000 146
Ayala "B" 41,520 50
Ayala Land "B" 57,300 71
Bacnotan Cement 107,800 112
Benpres Holdings GDS* 16,090 117
C & P Homes* 90,400 56
Filinvest Land* 567,000 213
Keppel Philippine
Holdings "B"* 20,700 100
La Tondena Distillers 52,200 60
Manila Mining "B" 27,800,000 102
Metro Pacific 1,229,000 204
Petron 123,000 69
Philippine Long Distance ADR 3,850 242
Philippine Long Distance 1,420 90
----------
1,632
----------
POLAND--0.2%
Agros Holdings "C"* 4,200 47
----------
PORTUGAL--2.5%
Capital Portugal Fund* 1,890 172
Cimentos de Portugal* 5,590 87
Empresa Fabril de Maquinas
Electricas 8,000 74
Estoril Sol* 5,400 35
Portucel Industrial Empresa* 9,400 68
Soporcel* 2,150 49
Sonae Investimentos 8,700 198
Sumolis 3,200 34
----------
717
----------
SOUTH AFRICA--6.7%
Anglo American 3,680 197
Barlow 7,100 77
Clinic Holdings 174,200 143
Foodcorp 13,000 130
Iscor 343,000 394
Lonrho 53,200 134
Multichoice* 14,900 36
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Murray & Roberts 21,500 $ 135
Nampak EDR* 2,600 33
Nampak 42,100 186
Nedcor 7,900 100
Nedcor Units ADR* 700 36
Sasol 23,500 201
Seardel Investment 11,000 28
Standard Bank 4,070 136
South Africa Breweries 88 3
-------
1,969
-------
SOUTH KOREA--1.0%
Kepco ADR 2,050 47
Korea Equity Fund* 3,400 28
Korea Fund 3,000 61
Korea Investment Fund* 6,300 72
Korea Mobile Telecom GDR* 1,200 38
Pohang Iron & Steel ADR 1,600 50
-------
296
-------
TAIWAN--1.9%
Advanced Semiconductors
Engineering GDR* 9,300 126
ROC Taiwan Fund 19,900 206
Taiwan Equity Fund 22,400 227
-------
559
-------
THAILAND--2.4%
Banpu Public - "F" 1,600 37
Bangkok Bank - "F" 5,100 57
Bangkok Bank SER 5,100 42
Electric Generating* 25,700 79
Land and House - "F" 3,600 62
Regional Container - "F" 6,600 98
Siam Cement 1,800 123
Thai Farmers Bank SER 10,500 70
Thai Farmers Bank 5,600 54
United Communications 4,900 67
Wongpaitoon Footwear - "F" 17,000 20
-------
709
-------
TURKEY--1.7%
Akbank* 355,000 91
Cimentas 70,800 39
Erciyas Biracilik GDR* 11,900 155
Koc Holdings 62,000 43
Tat Konservecili 121,500 77
Tofas Otomobil 532,400 81
-------
486
-------
</TABLE>
11
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EMERGING MARKETS
EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Shares/Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
VENEZUELA--1.0%
Sivensa ADR 152,300 $ 228
Venprecar GDR* 13,300 75
------------
303
------------
Total Foreign Common Stocks
(cost $22,232) 22,402
------------
PREFERRED STOCKS--6.9%
BRAZIL--6.9%
Banco Bradesco 31,200,000 302
Brahma* 360,000 135
Cimento Itau 380,000 114
Coteminas 460,000 155
Electrobras "B"* 895,000 247
Lojas Renner 3,300,000 73
Petrol Brasileiros 3,950,000 381
Randon Participacoes 106,500,000 103
Sadia Concordia 115,000 121
Usiminas Gerais 91,900,000 94
Vale Rio Doce 1,884,000 291
------------
2,016
------------
Total preferred stocks
(cost $2,050) 2,016
------------
CONVERTIBLE BONDS--5.3%
Bangkok Bank
3.250%, 03/03/04 $ 150 147
Barlow
7.000%, 09/20/04 270 326
Banpu Public
3.500%, 08/25/04 70 87
Essar Gujarat
5.500%, 08/05/98 30 30
Liberty Life
6.500%, 09/30/04 140 161
SAP 144A
7.500%, 08/01/02 150 154
Sappi Finance
7.500%, 08/01/02 60 62
Tata Iron & Steel
2.250%, 04/01/99 100 99
United Engineers
2.000%, 03/01/04 425 494
------------
Total Convertible Bonds
(Cost $1,570) 1,560
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Face Amount Market
Description (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS--13.4%
State Street Bank
4.50%, dated 8/31/95, matures
9/1/95, repurchase price
$3,902,000 (collateralized by
U.S. Treasury Note, maturity
10/31/96, interest
rate 6.875%) $ 3,902 $ 3,902
--------
Total Repurchase Agreements
(Cost $3,902) 3,902
--------
Total Investments--102.4%
(Cost $29,754) 29,880
--------
OTHER ASSETS AND LIABILITIES-- -2.4%
Other Assets and Liabilities, Net (703)
--------
NET ASSETS:
Portfolio shares of Class A
(unlimited authorization -- no
par value) based on 2,662,851
outstanding shares of beneficial
interest 28,813
Accumulated net realized gain
on investments 241
Accumulated net realized loss on
foreign currency transactions (48)
Net unrealized depreciation on
forward foreign currency
contracts, foreign currencies
and translation of other assets
and liabilities denominated in
foreign currencies (2)
Net unrealized appreciation
on investments 126
Undistributed net investment
income 47
--------
Total Net Assets-- 100% $ 29,177
========
Net Asset Value, Offering Price and
Redemption Price Per
Share-- Class A $ 10.96
========
<FN>
* Non-income producing security
ADR American Depository Receipt
GDR Global Depository Receipt
GDS Global Depository Share
EDR European Depository Receipt
</FN>
</TABLE>
12
<PAGE>
================================================================================
<TABLE>
<CAPTION>
INTERNATIONAL FIXED
INCOME PORTFOLIO
- --------------------------------------------------------------------------------
Face Amount Market
Description (000)(1) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN BONDS--92.2%
AUSTRALIA--1.3%
Australian Government
9.500%, 08/15/03 408 $ 317
Queensland Treasury
8.000%, 08/14/01 506 367
--------
684
--------
BELGIUM--2.4%
Kingdom of Belgium
9.000%, 06/27/01 17,000 630
7.250%, 04/29/04 20,050 670
--------
1,300
--------
CANADA--2.7%
Canadian Government
7.500%, 09/01/00 75 55
6.500%, 06/01/04 1,500 1,016
9.250%, 06/01/22 255 208
9.000%, 06/01/25 240 191
--------
1,470
--------
DENMARK--7.4%
Kingdom of Denmark
6.250%, 02/10/97 6,495 1,146
9.000%, 11/15/00 5,790 1,090
8.000%, 11/15/01 5,370 965
8.000%, 03/15/06 4,725 820
--------
4,021
--------
FRANCE--11.6%
French Treasury Bill
7.750%, 04/12/00 5,800 1,200
Government of France OAT
8.500%, 11/12/97 9,300 1,934
8.500%, 03/28/00 4,960 1,058
9.500%, 01/25/01 6,570 1,461
8.500%, 10/25/08 3,330 713
--------
6,366
--------
GERMANY--15.5%
Bundesobligation
6.750%, 09/15/99 4,115 2,919
Deutschland Republic
6.250%, 01/04/24 500 295
German Unity Fund
8.500%, 02/20/01 2,330 1,757
KFW International Finance
6.630%, 04/15/03 1,140 775
Treuhandanstalt
6.500%, 04/23/03 4,020 2,721
--------
8,467
--------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Face Amount Market
Description (000)(1) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
ITALY--9.4%
Italian Government BTPS
9.000%, 10/01/96 2,500,000 $ 1,518
8.500%, 04/01/99 2,430,000 1,384
8.500%, 08/01/99 500,000 282
9.500%, 01/01/05 3,575,000 1,954
---------
5,138
---------
JAPAN--19.0%
Asian Development Bank
5.000%, 02/05/03 229,000 2,610
Export-Import Bank
4.380%, 10/01/03 249,000 2,743
Japanese Development Bank
5.000%, 10/01/99 114,000 1,299
Republic of Austria
4.500%, 09/28/05 20,000 224
3.750%, 02/03/09 48,000 495
World Bank
4.500%, 06/20/00 152,100 1,710
4.500%, 03/20/03 118,800 1,323
---------
10,404
---------
NETHERLANDS--9.0%
Netherlands Government
6.250%, 07/15/98 878 548
7.500%, 06/15/99 3,250 2,102
8.500%, 03/15/01 880 595
7.250%, 10/01/04 2,520 1,595
Kingdom of Netherlands
6.500%, 01/15/99 137 86
---------
4,926
---------
NORWAY--0.5%
Government of Norway
9.500%, 10/31/02 1,700 299
---------
SPAIN--2.7%
Kingdom of Spain
12.250%, 03/25/00 48,000 401
10.300%, 06/15/02 140,000 1,080
---------
1,481
---------
SWEDEN--1.7%
Kingdom of Sweden
10.250%, 05/05/03 1,300 179
9.000%, 04/20/09 3,500 433
Swedish Treasury Note
11.000%, 01/21/99 2,300 325
---------
937
---------
</TABLE>
13
<PAGE>
SCHEDULE OF INVESTMENTS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
INTERNATIONAL FIXED
INCOME PORTFOLIO
- --------------------------------------------------------------------------------
Face Amount Market
Description (000)(1) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM--9.0%
European Investment Bank
7.000%, 03/30/98 200 $ 307
United Kingdom Treasury
8.000%, 12/07/00 1,385 2,182
8.500%, 12/07/05 1,530 2,437
------
4,926
------
Total Foreign Bonds
(Cost $50,973) 50,419
------
U. S. TREASURY OBLIGATIONS--0.3%
U.S. Treasury Note
6.500%, 04/30/97 35 35
6.250%, 08/15/23 70 66
7.630%, 02/15/25 40 45
------
Total U. S. Treasury Obligations
(Cost $142) 146
------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Face Amount Market
Description (000)(1) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN CURRENCY OPTIONS--0.0%
CANADA--0.0%
U.S. Dollar Call
10/31/95 728 $ 1
-------
UNITED KINGDOM--0.0%
German Deutschmark Put
12/29/95 1,463 14
-------
Total Foreign Currency Options
(Cost $35) 15
-------
Total Investments--92.5%
(Cost $51,150) $50,580
=======
<FN>
(1) In local currency
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
================================================================================
AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
-------- -------- -------------
Pacific International
European Basin Fixed
Equity Equity Income
-------- -------- -------------
<S> <C> <C> <C>
ASSETS:
Investment securities (Cost $44,076, $46,647, $51,150 respectively) $ 48,770 $ 45,629 $ 50,580
Cash and foreign currency 3,837 1,896 2,379
Dividend and interest receivable 295 20 1,653
Investment securities sold 862 -- 1,594
Unrealized gain on forward foreign currency contracts -- 1,165 1,287
Other assets 213 31 226
-------- -------- --------
Total Assets 53,977 48,741 57,719
-------- -------- --------
LIABILITIES:
Investment securities purchased 653 245 2,909
Other liabilities 244 227 109
-------- -------- --------
Total liabilities 897 472 3,018
-------- -------- --------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par value) based
on 4,709,456, 5,035,246, and 4,789,405,
respectively, outstanding shares of beneficial interest 47,730 49,083 50,094
Accumulated net realized gain (loss) on investments 129 (212) 408
Accumulated net realized gain (loss) on forward foreign
currency transactions (93) (828) 1,785
Net unrealized appreciation/depreciation on forward foreign
currency contracts, foreign currency and translation of
other assets and liabilities in foreign currency (6) 1,165 1,228
Net unrealized appreciation (depreciation) on investments 4,694 (1,018) (570)
Undistributed net investment income 626 79 1,756
-------- -------- --------
Total Net Assets $ 53,080 $ 48,269 $ 54,701
======== ======== ========
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE-- CLASS A $ 11.27 $ 9.59 $ 11.42
======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
FOR THE PERIOD ENDED AUGUST 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
------------- ---------- --------- ---------- -------------
Core Pacific Emerging International
International European Basin Markets Fixed
Equity Equity Equity Equity Income
------------- ---------- --------- ---------- -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 6,140 $ 931 $ 312 $ 118 --
Interest 165 87 73 94 $ 1,584
Less: Foreign Taxes Withheld (586) (85) (33) (13) (37)
-------- -------- -------- -------- --------
Total Investment Income 5,719 933 352 199 1,547
-------- -------- -------- -------- --------
EXPENSES:
Management fees 734 78 165 53 149
Less management fees waived (161) (46) (62) (53) (57)
Reimbursement by manager -- -- -- -- --
Investment advisory fees 775 179 87 86 74
Less investment advisory fees
waived -- -- -- -- (12)
Custodian/wire agent fees 258 19 18 40 21
Professional fees 62 8 8 1 9
Registration & filing fees 35 6 7 9 7
Printing fees 58 6 6 1 7
Trustee fees 10 1 1 -- 1
Pricing fees 10 8 8 8 4
Distribution fees 248 34 31 12 37
Amortization of deferred
organization costs 4 3 3 -- 4
Miscellaneous fees 6 1 1 1 1
-------- -------- -------- -------- --------
Total Expenses 2,039 297 273 158 245
-------- -------- -------- -------- --------
NET INVESTMENT INCOME 3,680 636 79 41 1,302
-------- -------- -------- -------- --------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) from
security transactions 10,377 294 (175) 241 1,335
Net realized gain (loss) on
forward foreign currency
contracts and foreign
currency transactions (4,346) 5 (901) (49) 2,159
Net change in unrealized
appreciation on forward
foreign currency contracts,
foreign currencies, and
translation of other assets
and liabilities denomenated
in foreign curencies 4,106 7 1,246 (1) 756
Net change in unrealized
appreciation (depreciation)
on investments 18,743 4,569 3,655 72 (1,632)
-------- -------- -------- -------- --------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 32,560 $ 5,511 $ 3,904 $ 304 $ 3,920
======== ======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------- ----------------------
Core
International European
Equity Equity
---------------------- ----------------------
1996* 1995 1996* 1995
---------------------- ----------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 3,680 $ 6,137 $ 636 $ 211
Net realized gain (loss) from security transactions 10,377 36,204 294 (165)
Net realized gain (loss) on forward foreign currency
contracts and foreign currency transactions (4,346) (25,138) 5 (154)
Net change in unrealized appreciation (depreciation)
on forward foreign currency contracts, foreign
currencies, and translation of other assets and
liabilities denominated in foreign currencies 4,106 10,819 7 (13)
Net change in unrealized appreciation (depreciation)
on investments 18,743 (58,990) 4,569 125
--------- --------- --------- ---------
Net increase (decrease) in net assets from operations 32,560 (30,968) 5,511 4
--------- --------- --------- ---------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A -- -- -- (165)
Class D Funds -- -- -- --
Net realized gains:
Class A -- (23,038) -- --
Class D Funds -- (2) -- --
--------- --------- --------- ---------
Total dividends distributed -- (23,040) -- (165)
--------- --------- --------- ---------
CAPITAL SHARE TRANSACTIONS:
Class A:
Proceeds from shares issued 100,908 340,533 17,753 41,513
Shares issued in lieu of cash distributions -- 14,427 -- 144
Cost of shares repurchased (143,077) (475,951) (6,462) (5,218)
--------- --------- --------- ---------
Increase (decrease) in net assets derived from Class A (42,169) (120,991) 11,291 36,439
--------- --------- --------- ---------
Class D Funds:
Proceeds from shares issued 104 53 -- --
Shares issued in lieu of cash distributions -- 2 -- --
Cost of shares repurchased -- -- -- --
--------- --------- --------- ---------
Increase in net assets derived from Class D Funds 104 55 -- --
--------- --------- --------- ---------
INCREASE (DECREASE) IN NET ASSETS DERIVED FROM CAPITAL
SHARE TRANSACTIONS (42,065) (120,936) 11,291 36,439
--------- --------- --------- ---------
Net increase (decrease) in net assets (9,505) (174,944) 16,802 36,278
NET ASSETS:
Beginning of period 328,554 503,498 36,278 --
--------- --------- --------- ---------
End of period $ 319,049 $ 328,554 $ 53,080 $ 36,278
========= ========= ========= =========
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 10,026 32,225 1,656 4,171
Shares issued in lieu of cash distributions -- 1,437 -- 15
Shares repurchased (14,216) (45,194) (609) (523)
--------- --------- --------- ---------
Total Class A transactions (4,190) (11,532) 1,047 3,663
--------- --------- --------- ---------
Class D Funds:
Shares issued 10 5 -- --
Shares issued in lieu of cash distributions -- -- -- --
Shares repurchased -- -- -- --
--------- --------- --------- ---------
Total Class D Funds transactions 10 5 -- --
--------- --------- --------- ---------
Net increase (decrease) in capital shares (4,180) (11,527) 1,047 3,663
========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
----------------------
Pacific
Basin
Equity
----------------------
1996* 1995
----------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) $ 79 $ (81)
Net realized gain (loss) from security transactions (175) (37)
Net realized gain (loss) on forward foreign currency
contracts and foreign currency transactions (901) (74)
Net change in unrealized appreciation (depreciation)
on forward foreign currency contracts, foreign
currencies, and translation of other assets and
liabilities denominated in foreign currencies 1,246 (81)
Net change in unrealized appreciation (depreciation)
on investments 3,655 (4,673)
--------- ---------
Net increase (decrease) in net assets from operations 3,904 (4,946)
--------- ---------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A -- --
Class D Funds -- --
Net realized gains:
Class A -- --
Class D Funds -- --
--------- ---------
Total dividends distributed -- --
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Class A:
Proceeds from shares issued 36,347 49,353
Shares issued in lieu of cash distributions -- --
Cost of shares repurchased (25,030) (11,359)
--------- ---------
Increase (decrease) in net assets derived from Class A 11,317 37,994
--------- ---------
Class D Funds:
Proceeds from shares issued -- --
Shares issued in lieu of cash distributions -- --
Cost of shares repurchased -- --
--------- ---------
Increase in net assets derived from Class D Funds -- --
--------- ---------
INCREASE (DECREASE) IN NET ASSETS DERIVED FROM CAPITAL
SHARE TRANSACTIONS 11,317 37,994
--------- ---------
Net increase (decrease) in net assets 15,221 33,048
NET ASSETS:
Beginning of period 33,048 --
--------- ---------
End of period $ 48,269 $ 33,048
========= =========
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 4,028 5,018
Shares issued in lieu of cash distributions -- --
Shares repurchased (2,776) (1,234)
--------- ---------
Total Class A transactions 1,252 3,784
--------- ---------
Class D Funds:
Shares issued -- --
Shares issued in lieu of cash distributions -- --
Shares repurchased -- --
--------- ---------
Total Class D Funds transactions -- --
--------- ---------
Net increase (decrease) in capital shares 1,252 3,784
========= =========
<FN>
* For the six month period ended August 31, 1995
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
===============================================================================
(UNAUDITED)
<TABLE>
<CAPTION>
-------------------- --------------------
Emerging International
Markets Fixed
Equity Income
-------------------- --------------------
1996* 1995 1996* 1995
-------------------- --------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 41 $ 6 $ 1,302 $ 1,603
Net realized gain (loss) from security transactions 241 -- 1,335 (927)
Net realized gain (loss) on forward foreign currency
contracts and foreign currency transactions (49) 1 2,159 670
Net change in unrealized appreciation (depreciation)
on forward foreign currency contracts, foreign
currencies, translation of other assets and
liabilities denominated in foreign currencies (1) (1) 756 313
Net change in unrealized appreciation (depreciation)
on investments 72 54 (1,632) 1,420
-------- -------- -------- --------
Net increase in net assets from operations 304 60 3,920 3,079
-------- -------- -------- --------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A -- -- -- (2,335)
Net realized gains:
Class A -- -- -- (67)
-------- -------- -------- --------
Total dividends distributed -- -- -- (2,402)
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Class A:
Proceeds from shares issued 24,609 5,264 20,205 36,006
Shares issued in lieu of cash distributions -- -- -- 1,486
Cost of shares repurchased (1,036) (24) (12,004) (19,267)
-------- -------- -------- --------
Increase in net assets derived from Class A 23,573 5,240 8,201 18,225
-------- -------- -------- --------
INCREASE IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS 23,573 5,240 8,201 18,225
-------- -------- -------- --------
Net increase in net assets 23,877 5,300 12,121 18,902
NET ASSETS:
Beginning of period 5,300 -- 42,580 23,678
-------- -------- -------- --------
End of period $ 29,177 $ 5,300 $ 54,701 $ 42,580
======== ======== ======== ========
CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 2,241 518 1,741 3,504
Shares issued in lieu of cash distributions -- -- -- 150
Shares repurchased (94) (2) (1,038) (1,882)
-------- -------- -------- --------
Total Class A transactions 2,147 516 703 1,772
======== ======== ======== ========
<FN>
* For the six month period ended August 31, 1995
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
FINANCIAL HIGHLIGHTS
===============================================================================
(UNAUDITED)
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
1996* $ 9.59 $0.13 $0.89 -- -- -- $10.61 10.64% $318,883
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) 9.65 0.36 35,829
Class D Funds
1996* $ 9.56 $0.10 $0.89 -- -- -- $10.55 10.36% $ 166
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
1996* $ 9.90 $0.12 $1.25 -- -- -- $11.27 13.72% $ 53,080
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
1996* $ 8.73 $0.04 $0.82 -- -- -- $ 9.59 9.85% $ 48,269
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
1996* $10.27 -- $0.69 -- -- -- $10.96 6.72% $ 29,177
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
1996* $10.42 $0.29 $0.71 -- -- -- $11.42 9.60% $ 54,701
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
</TABLE>
<TABLE>
<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> <C>
Class A
1996* 1.25% 2.26% 1.35% 2.16% 38%
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
Class D Funds
1996* 1.65% 1.76% 2.36% 1.05% 38%
1995(1) 1.47 0.42 1.48 0.41 64
<CAPTION>
- -------------------------
EUROPEAN EQUITY PORTFOLIO
- -------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A
1996* 1.30% 2.78% 1.50% 2.58% 35%
1995(2) 1.30 1.02 1.57 0.75 29
<CAPTION>
- ------------------------------
PACIFIC BASIN EQUITY PORTFOLIO
- ------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A
1996* 1.30% 0.38% 1.60% 0.08% 15%
1995(3) 1.30 (0.41) 1.68 (0.79) 9
<CAPTION>
- ---------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A
1996* 1.95% 0.50% 2.57% (0.14)% 57%
1995(4) 1.95 1.79 4.98 (1.24) --
<CAPTION>
- ------------------------------------
INTERNATIONAL FIXED INCOME PORTFOLIO
- ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A
1996* 1.00% 5.24% 1.27% 4.96% 124%
1995 1.00 4.68 1.30 4.38 303
1994(5) 1.00 3.81 1.61 3.20 126
<FN>
* For the six month period ended August 31, 1995.
(1) Core International Equity Class D 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.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
AUGUST 31, 1995 (UNAUDITED)
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
International 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 Class D Fund shares of the Core International Equity Portfolio.
The following is a summary of significant accounting policies followed by the
Portfolio.
SECURITY VALUATION -- Investment securities which are listed on a
securities exchange for which market quotations are readily available are valued
by an independent pricing service 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 approximates 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
agreements are held by the custodian bank until maturity of the repurchase
agreements. Provisions of the repurchase agreements and procedures adopted by
the Trust require that the market value of the collateral, including accrued
interest 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 segregated 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 by the counterparty of the Portfolio.
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 basis:
(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
transactions.
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 equity securities.
The Portfolios report gains and losses on foreign currency related
transactions as realized and unrealized gains and losses for financial reporting
purposes, 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
20
<PAGE>
any resulting unrealized gains or losses are recorded currently. The Portfolios
realize gains and losses at the time forward contracts are extinguished.
Unrealized gains or losses on outstanding positions 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 "market-to-market" to reflect the current 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 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 classes on the basis of relative daily net assets.
OTHER -- Security transactions are accounted for on the trade date of the
security purchase or sale. Costs used in determining net realized capital gains
and losses on the sale of investment securities are those of the specific
securities sold. Purchase discounts and premiums on securities held by the
Portfolio are accreted and amortized to maturity using the scientific interest
method, which approximates the effective interest method. Distributions from net
investment income and any net realized capital gains are generally made to
Shareholders annually. Dividend income is recognized on the ex-dividend date and
interest 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 accounting principles. The book/tax differences are either temporary or
permanent, they are charged or credited to paid-in capital in the period the
differences 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 classified as follows:
Core Pacific
International Basin
Equity Equity
(000) (000)
------------- ---------
Paid-in Capital $ (5,615) $ (228)
Accumulated net realized
loss on investments (2,288) --
Accumulated net realized
gain of foreign currency
transactions 15,349 147
Accumulated net investment
income (loss) (7,446) 81
These reclassifications have no effect on net assets or 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 the Fund 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 and Pacific Basin Equity Portfolios and
.65% of the 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 specified percentage of its average
daily net assets as follows:
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
AUGUST 31, 1995 (UNAUDITED)
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%
In addition, the Trust and Manager have entered into a separate Transfer
Agent Agreement with respect to the Class D Funds under which the manager is
entitled to a fee of .15% of the average daily net assets of the Class D Funds
plus out-of-pocket costs.
SEI Financial Management Corporation (SFM) acts as the investment advisor
for the Core International Equity, European Equity, Pacific Basin and the
Emerging Markets Equity Portfolios. Under the Investment Advisory Agreement, SFM
receives an annual fee of .475% of the average daily net assets of the Core
International Equity and European Equity Portfolios, .55% of the Pacific Basin
Equity Portfolio's average daily net assets and 1.05% of the 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-Advisors to the Core International
Equity Portfolio, Montgomery Asset Management, L.P. serves as Sub-Advisor to the
Emerging Markets Equity Portfolio, Morgan Grenfell Investment Services Limited
serves as Sub-Advisor to the European Equity Portfolio, and Schroder Capital
Management International Limited serves as Sub-Advisor to the Pacific Basin
Equity Portfolio.
Strategic Fixed Income, L.P., the advisor for the International Fixed
Income Portfolio, is a party to an investment advisory agreement with the Trust
dated June 15, 1993. Under the investment advisor 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 the average daily net assets.
SEI Financial Service Company (the "Distributor"), a wholly owned
subsidiary of the 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 distributions. 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 Class D 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 Class D
Funds average daily net assets.
Certain Officers and/or Trustees of the Trust are also Officers and/or
Directors of the Manager. Compensation of Officers and affiliated Trustees is
paid by the manager.
4. ORGANIZATIONAL COSTS:
Organizational costs have been capitalized by the Portfolio and are being
amortized using the straight line method over sixty months commencing with
operations. In the event any of the initial shares of the Portfolio acquired by
the Manager are redeemed during the period that the Portfolio is amortizing its
organizational costs, the redemption proceeds payable to the Manager by the
Portfolio will be reduced by an amount equal to a pro rata portion of the
unamortized organizational costs.
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
securities, they simply establish an exchange rate at a future date. Also,
although such contracts tend to minimize risk of loss due to a decline in the
value of a hedged currency, at the same time they tend to
22
<PAGE>
limit any potential gain that might be realized should the value of such foreign
currency increases. The following forward foreign currency contracts were
outstanding at August 31, 1995:
In Unrealized
Maturity Contracts to Exchange Appreciation
Dates Deliver/Receive For (Depreciation)
- -------------------- --------------- ----------- --------------
CORE INTERNATIONAL EQUITY PORTFOLIO:
- ------------------------------------
FOREIGN CURRENCY SALES:
09/01/95 UK 2,409,690 $ 3,715,381 $ (23,471)
10/20/95 JY 2,067,040,000 23,609,823 2,301,423
11/15/95 JY 2,375,000,000 25,777,049 1,201,178
----------- -------------
$53,102,253 $ 3,479,130
=========== -------------
FOREIGN CURRENCY PURCHASES:
11/15/95 JY 2,375,000,000 $25,010,535 $ (434,665)
=========== -------------
$ 3,044,465
=============
EUROPEAN EQUITY PORTFOLIO:
- --------------------------
FOREIGN CURRENCY SALES:
09/01/95 CH 87,220 $ 71,940 $ (478)
=========== -------------
FOREIGN CURRENCY PURCHASES:
09/01/95 UK 54,873 $ 84,741 $ 400
09/05/95 CH 155,153 128,951 (75)
----------- -------------
$ 213,692 $ 325
=========== -------------
$ (153)
=============
PACIFIC BASIN EQUITY PORTFOLIO:
- -------------------------------
FOREIGN CURRENCY SALES:
09/22/95 JY 734,943,000 $ 8,709,720 $ 1,165,290
=========== -------------
FOREIGN CURRENCY PURCHASES:
09/04/95 MR 487,130 $ 195,125 $ 154
09/06/95 MR 124,212 49,884 (90)
----------- -------------
$ 245,009 $ 64
=========== -------------
$ 1,165,354
=============
SEI INTERNATIONAL FIXED INCOME PORTFOLIO:
- -----------------------------------------
FOREIGN CURRENCY SALES:
09/01/95-10/20/95 DM 45,026,053 $32,093,138 $1,361,263
09/11/95-10/20/95 FF 58,523,247 11,862,933 260,919
09/11/95-10/20/95 JY 15,950,747,197 39,412,098 2,701,135
09/20/95-10/20/95 AD 4,614,133 3,339,241 (120,737)
09/20/95-10/20/95 BF 71,335,725 2,431,428 66,359
09/20/95-10/20/95 CD 3,669,539 2,683,928 (48,511)
09/20/95-10/20/95 CH 10,457,043 8,740,447 31,851
09/20/95-10/20/95 DK 43,482,689 7,822,454 182,625
09/20/95-10/20/95 SP 373,324,109 2,987,188 22,072
09/20/95-10/20/95 UK 13,237,006 20,732,115 227,635
09/20/95-10/20/95 IT 12,377,074,391 7,547,026 (41,438)
09/20/95-10/20/95 NG 6,472,114 4,050,335 106,044
In Unrealized
Maturity Contracts to Exchange Appreciation
Dates Deliver/Receive For (Depreciation)
- -------------------- --------------- ----------- --------------
SEI INTERNATIONAL FIXED INCOME PORTFOLIO (CONTINUED):
- -----------------------------------------------------
09/20/95-10/20/95 NK 6,644,242 $ 1,074,649 $ 38,025
09/20/95-10/20/95 NZ 4,834,356 3,176,607 40,503
09/20/95-10/20/95 SK 22,749,185 3,096,754 (14,730)
09/20/95 XE 2,612,071 3,488,421 154,855
------------ -------------
$154,538,762 $ 4,967,870
============ -------------
FOREIGN CURRENCY PURCHASES:
09/01/95-10/20/95 CD 9,547,122 $ 7,008,868 $ 100,762
09/11/95-10/20/95 UK 9,463,689 15,056,156 (392,261)
09/11/95-10/20/95 NZ 4,830,095 3,204,017 (72,994)
09/11/95-10/20/95 JY 3,007,632,839 32,669,360 (1,754,610)
09/20/95-10/20/95 DM 58,516,404 40,565,074 (623,380)
09/20/95-10/20/95 FF 46,408,398 9,452,990 (252,827)
09/20/95-10/20/95 AD 7,028,148 5,185,336 89,928
09/20/95 BF 38,935,123 1,367,900 (77,134)
09/20/95-10/20/95 CH 10,649,910 9,120,961 (260,285)
09/20/95-10/20/95 DK 29,446,172 5,352,179 (178,723)
09/20/95-10/20/95 SP 421,130,259 3,451,003 (101,633)
09/20/95-10/20/95 IT 14,873,134,967 9,127,304 (865)
09/20/95 NG 2,580,870 1,658,052 (86,523)
09/20/95 NK 7,795,834 1,255,350 (39,056)
09/20/95-10/20/95 SK 25,932,998 3,570,926 (22,145)
09/20/95 XE 2,909,062 3,722,124 (9,534)
------------ -------------
$151,767,600 $ (3,681,280)
============ -------------
$ 1,286,590
=============
CURRENCY LEGEND
AD Australian Dollar
BF Belgian Franc
CD Canadian Dollar
CH Swiss Frank
DK Danish Kroner
DM German Mark
FF French Franc
IT Italian Lira
JY Japanese Yen
MR Malaysian Ringgett
NG Netherlands Guilder
NK Norwegian Kroner
NZ New Zealand Dollar
SK Swedish Krona
SP Spanish Peseta
UK British Pounds Sterling
XE European Currency Unit
23
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Concluded)
================================================================================
AUGUST 31, 1995 (UNAUDITED)
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 August 31, 1995, were as follows:
Purchases Sales
(000) (000)
---------- ----------
Core International Equity Portfolio $118,826 $162,084
European Equity Portfolio 24,417 14,708
Pacific Basin Equity Portfolio 17,143 5,830
Emerging Markets Equity Portfolio 29,329 7,774
International Fixed Income Portfolio 70,378 57,894
For Federal income tax purposes, the cost of securities owned at August 31,
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 depreciation
at August 31, 1995 for the Portfolio is as follows:
Net
Unrealized
Appreciated Depreciated Appreciation
Securities Securities (Depreciation)
(000) (000) (000)
------------ ------------ --------------
Core International Equity
Portfolio $30,856 $10,284 $20,572
European Equity Portfolio 5,678 984 4,694
Pacific Basin Equity
Portfolio 1,760 2,778 (1,018)
Emerging Markets Equity
Portfolio 1,197 1,071 126
International Fixed
Income Portfolio 606 1,176 (570)
At August 31, 1995 the following Portfolios had available realized capital
losses to offset future net capital gains through fiscal year 2003.
(000)
------
European Equity Portfolio $ 32
Pacific Basin Equity Portfolio 18
International Fixed Income Portfolio 795
24
<PAGE>
NOTES
<PAGE>
================================================================================
SEI INTERNATIONAL TRUST
================================================================================
SEMI-ANNUAL REPORT
================================================================================
AUGUST 31, 1995 (UNAUDITED)
Robert A. Nesher
Chairman
TRUSTEES
Edward W. Binshadler
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
International Equity Portfolio
Brinson Partners Inc.
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
This semi-annual report and the financial statements contained herein are
submitted for the general information of the shareholders of the Trust and must
be preceded or accompanied by a current prospectus. Shares of the SEI Funds are
not deposits or obligations of, or guaranteed or endorsed by, any bank. The
shares are not federally insured by the Federal Deposit Insurance Corporation
(FDIC), the Federal Reserve Board, or any other government agency. Investment in
the shares involves risk, including the possible loss of principal. SEI
Financial Services Company, the Distributor of the SEI Funds, is not affiliated
with any bank.
For more information call 1(BULLET)800(BULLET)DIAL(BULLET)SEI/1(BULLET)800
(BULLET)342(BULLET)5734
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SEI-F-031-05
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