SEMI-ANNUAL REPORT AS OF
AUGUST 31, 1996 (UNAUDITED)
SEI INTERNATIONAL
TRUST
================================================================================
International Equity
================================================================================
Emerging Markets Equity
================================================================================
International Fixed Income
================================================================================
SEI
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
FOREIGN COMMON STOCKS -- 96.1%
AUSTRALIA -- 2.2%
Advance Bank Australia 233,500 $ 997
Amcor 27,000 165
Australia & New Zealand Bank 62,784 328
Boral 93,400 225
Broken Hill Proprietary 67,000 912
Coca Cola Amatil 10,000 130
Coles Myer 38,000 132
CRA 16,525 251
Email 53,200 134
Foodland 91,500 321
Fosters Brewing 67,800 124
Futuris 64,890 74
General Property Trust 75,000 136
Goodman Fielder 103,000 107
Incitec 25,200 127
Lend Lease 10,800 177
M.I.M. Holdings 102,000 131
Mayne Nickless 23,000 154
National Australia Bank 244,772 2,386
Newscorp 67,900 362
Pacific Magazines & Print 100,300 269
Pioneer 50,600 146
Publishing & Broadcasting 25,000 118
Qantas Airways 61,000 96
Qct Resouces 82,000 111
Rothmans Holdings 71,400 401
Santos 35,000 134
Western Mining* 64,325 448
Westpac Banking 175,807 863
Woodside Petroleum 16,200 96
----------
10,055
----------
AUSTRIA -- 0.5%
Bank Fuer Oberoesterr 1,600 91
Omv 7,550 754
SCA Laakirchen 100 44
Vienna International Airport 14,350 1,002
Vorarlberger Kraftwerke 600 195
----------
2,086
----------
BELGIUM -- 1.6%
Arbed 2,910 330
Banque Bruxelles Lambert* 2,600 503
CMB 4,570 365
Electrabel 5,090 1,125
Gevaert 910 59
GIB 27,117 1,197
Kredietbank 5,090 1,614
Solvay 1,500 877
Tessenderlo 400 144
Tractabel 2,460 1,039
----------
7,253
----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
CANADA -- 1.7%
Bank of Montreal 18,500 $ 454
Bank of Nova Scotia 43,900 1,088
Canadian Imperial Bank 32,600 1,088
Cascades 19,500 86
CCL Industries, series B 14,000 130
Dominion Textile 13,200 71
Dorset Exploration* 17,400 63
Finning Limited 6,300 120
London Insurance 12,700 287
National Bank Canada 33,000 279
Nova 93,900 834
Nova Scotia Power 13,600 127
Oshawa Group 23,300 359
Philip Environmental* 36,700 292
Royal Bank of Canada 39,300 987
Slocan Forest Products 12,100 130
Stelco* 57,900 277
Toronto Dominion 39,900 761
----------
7,433
----------
DENMARK -- 0.6%
Kobenhavns Lufthavne 11,140 1,101
Novo Nordisk, series B 8,203 1,261
Sparekassen Bikuben* 12,580 460
----------
2,822
----------
FINLAND -- 0.1%
Enso Oy, series A 43,300 370
Finnlines 3,600 77
----------
447
----------
FRANCE -- 8.4%
Bazar de L'hotel de Ville 850 79
Bertrand Faure 9,100 299
Bic 3,650 533
Bollore Technologies 2,150 219
Bongrain 825 377
C.G.I.P. 1,750 416
Carrefour 2,772 1,401
Casino 2,668 105
Castorama Dubois 7,837 1,523
Cetelem 6,644 1,388
Christian Dior 8,000 964
CIC Union Europe 1,200 85
Colas 1,950 298
Credit Commerce France 24,200 1,112
Credit Local de France 11,250 926
Credit Lyonnais* 3,147 69
Credit National 6,800 436
De Dietrich et Compagnie 3,100 130
Devanlay 600 59
Devanlay SA Rights* 600 6
Dollfus Mieg 2,300 92
-1-
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Ecia 550 $ 74
Eiffage 1,705 133
Elf Aquitaine 35,541 2,589
Elf Gabon 300 63
Eridania Beghin Say 6,900 970
Europe 1 Communication 400 84
Fromageries Bel 50 46
Gaumont 4,300 296
Generale des Eaux 15 1
Havas 12,750 856
Imetal 5,150 679
Interbail 100 4
La Rochette* 7,750 45
Lafarge 18,115 1,002
Lagardere Groupe 13,050 311
Legris Industries 4,000 149
LVMH Moet Hennessy 6,995 1,474
Manitou 800 87
Marine Wendel 4,350 388
Michelin, series B 23,800 1,112
Nord Est 400 10
Paribas 18,700 1,176
Parisienne de Rees 4,200 340
Pernod Ricard 18,950 1,148
Peugeot 8,900 1,019
Publicis 900 71
Saint Gobain 13,100 1,622
Saint Louis-Bouchon 1,350 315
Sanofi 16,448 1,300
SAT 550 163
Scac Delmas Viel 521 106
Seita 43,900 1,760
SGE* 4,100 79
SGS Thomson Micro* 24,048 964
Skis Rossingnol 700 261
Societe Generale 11,350 1,249
Sommer Allibert 12,000 308
Thomson 40,000 1,108
Total Compaigne, series B* 18,837 1,386
UIF 2,100 166
Union Assurances Federal 3,200 367
Usinor Sacilor 124,700 1,712
Vallourec 7,850 310
----------
37,820
----------
GERMANY -- 5.3%
Aachener & Muenchener 493 203
Adidas AG 15,180 1,308
Agiv* 17,180 282
Allianz Lebensuersicherungs 190 146
Andrea-Noris Zahn 960 328
BASF 100,800 3,004
Bayer 100,750 3,598
Bayerische Motoren Werke 3,728 2,156
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
BHF Bank 6,680 $ 184
Colonia Konzern 5,300 432
Continental 26,000 440
DBV Holding 910 328
Deutche Pfandrbrief &
Hypotheken Bank 9,320 371
DLW* 1,000 77
Draegerwerk 320 46
Dresdner Bank 36,180 985
Dyckerhoff 1,225 267
Dywidag 410 55
Escada 320 50
Franfurt Hypothekenbank
Centralboden 425 16
Fried Krupp 2,510 373
Gehe AG 10,700 701
Heidelberger 640 425
Herlitz* 910 97
Holsten Brau 500 116
Kabelmetall 1,050 86
Kaufring* 820 53
Kloeckner-Werke* 6,050 208
Kolbenschmidt AG* 7,300 90
Lehnkering 460 64
Nuernberger BET 50 41
Praktiker Bau-Und Heimwerker* 12,770 311
Salamander 960 97
Siemens 15,550 822
Springer Axel* 150 89
Strabag* 910 77
Varta* 820 151
Veba 16,270 853
Viag 2,190 798
Viag AG New 985 353
Villeroy and Boch 1,730 236
Volksfursorge 1,210 413
Volkswagen 7,990 2,964
----------
23,694
----------
HONG KONG -- 3.7%
Bank of East Asia 61,000 221
Cathay Pacific Airways 756,000 1,256
Cheung Kong Holdings 92,000 646
Cheung Kong Infrastructure* 40,000 65
China Light & Power 56,000 238
Citic Pacific 73,000 321
Dickson Concepts 107,000 130
Great Eagle Holdings 148,000 429
Guang Dong Investment 232,000 167
Hang Lung Development 213,000 402
Hang Seng Bank 36,000 369
Henderson Land Development 39,000 305
Hong Kong & China Gas 150,000 243
Hong Kong Aircraft Engineering 40,800 103
-2-
<PAGE>
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MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Hong Kong Electric 50,000 $ 149
Hong Kong Ferry 131,000 173
Hong Kong Telecommunications 128,000 214
Hopewell Holdings 129,000 69
HSBC Holdings 323,490 5,585
Hutchison Whampoa 95,000 575
Hysan Development 48,000 148
Jardine International Motor 262,000 341
Kowloon Motor 194,600 325
Kumagai Gumi 392,400 365
Kumagai Gumi Warrants* 86,280 17
Lai Sun Garment 290,000 373
Liu Chong Hing 77,000 76
New World Development 80,000 388
Peregrine Investment Holdings 202,000 285
Peregrine Investments Warrants* 20,200 3
Shangri-La Asia 104,000 136
Sun Hung Kai Properties 70,200 685
Swire Pacific, series A 53,000 471
Tai Cheung Hlds 285,000 219
Top Glory 1,700,000 207
Union Bank Hong Kong 78,000 83
Wharf Holdings 55,000 208
Wheelock 113,000 228
Wing Hang Bank 40,000 155
Wing Lung Bank 26,800 155
Yue Yuen 339,000 98
----------
16,626
----------
IRELAND -- 0.0%
Avonmore Food 56,700 136
----------
ITALY -- 1.4%
Banca Popolare Bergamo 20,100 295
Banca Popolare di Milano 48,900 233
ENI SPA 271,243 1,185
Parmalat Finanziaria 103,400 142
SAI di Risp 61,600 201
Stet Soc Fin Telefonica 401,455 1,275
Telecom Italia 691,700 1,110
Telecom Italia di Risp 219,700 268
Telecom Italia Mobile SPA 618,100 1,272
Toro Assicurazioni 17,100 185
Unipol 23,200 46
----------
6,212
----------
JAPAN -- 33.6%
77th Bank 60,000 580
Achilles 114,000 420
Airport Facilities 28,500 238
Aiya 28,000 425
Apollo Electronics 25,000 439
Ariake Japan 400 14
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Asahi Bank 129,000 $ 1,437
Asatsu 21,000 847
Ashikaga Bank 149,000 857
Bank of Fukuoka 103,000 809
Bank of Tokyo-Mitsubishi 148,000 3,010
Best Denki 36,000 487
Canon 72,000 1,339
Casio Computer 105,000 908
Chiba Bank 117,000 926
Chuba Electric Power 79,000 1,745
Chubu Nippon Broadcasting 13,600 332
Chubu Steel Plate 73,000 447
Chubu Suisan 5,000 26
Chugai Pharmaceutical 108,000 959
Chuo Trust & Banking 30,000 306
Chuo Warehouse 9,000 109
Chuoh Pack 12,000 149
Comany 8,000 133
Computer Engineering & Consult 14,000 129
Cosmo Oil 168,000 974
Dai Ichi Pharmaceutical 138,000 2,108
Dai Nippon Ink & Chemical 160,000 698
Dai Nippon Printing 20,000 352
Dai Tokyo Fire & Marine
Insurance 128,000 853
Dai-Ichi Kangyo Bank 154,000 2,551
Daido Metal 23,000 144
Daidoh 10,000 78
Daiwa Bank 37,000 240
Daiwa House Industries 134,000 1,912
Daiwa Securities 179,000 2,026
Danto 35,000 396
Data Communication Systems 6,000 147
Denyo 11,000 151
Dio Chemicals 9,000 107
Dowa Mining 213,000 939
East Japan Railway 438 2,051
Fanuc 6,000 219
Fuji Photo Film 46,000 1,384
Fujitsu 160,000 1,442
Fujitsu Business Systems 33,000 850
Fujitsu Kiden 11,000 140
Fukuyama Transporting 38,000 335
General Sekiyu 77,000 629
Glory 37,000 1,137
Gunma Bank 134,000 1,344
Gunze 158,000 886
Hachijuni Bank 73,000 746
Harim 'B' Steam 300 3
Heiwa 50,000 1,008
Hitachi 210,000 1,929
Hitachi Medical 53,000 878
Hokuriko Bank 61,000 343
Hokuriku Electric Power 43,000 930
-3-
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Honda Motor 29,000 $ 670
Horiba 33,000 419
Horipro 22,000 300
Ichiken 47,000 394
Ichiyoshi Securities 46,000 263
Iino Kaiun* 89,000 402
Inax 76,000 727
Industrial Bank of Japan 38,000 808
Itoham Foods 60,000 427
Izumi Industries 10,000 82
Japan Airport Terminal 8,000 113
Japan Industrial Test 1,500 40
Japan Living Service 30,000 298
Japan Maintenance 250 6
Japan Process Development 4,000 50
Japan Tobacco 95 699
Jastec 6,000 91
Joyo Bank 90,000 654
Kentucky Fried Chicken Japan 24,000 426
Keyence 7,000 889
King Jim 28,000 688
Kirin Brewery 110,000 1,134
Kiyo Bank 76,000 371
Kobe Steel* 383,000 1,005
Kokusai Electric 60,000 1,066
Konica 143,000 987
KVK 10,000 121
Kyocera 19,000 1,291
Kyushu Electric Power 53,300 1,143
Long Term Credit Bank 232,000 1,584
Makita 73,000 1,048
Mandom 700 11
Marubeni 154,000 748
Marukyo 17,000 302
Matsudo Kousan 22,000 233
Matsushita Electric 133,000 2,240
Matsushita Electric Works 105,000 1,044
Matsushita Refrigeration 37,000 255
Minebea 54,000 451
Mitsubishi Electric 383,000 2,457
Mitsubishi Gas Chemical 231,000 952
Mitsubishi Motor 223,000 1,818
Mitsubishi Oil 259,000 1,990
Mitsui Marine & Fire 140,000 973
Mitsui Petrochem 120,000 808
Mitsui Trust & Banking 92,000 923
Miura 27,000 452
Mizuno 39,000 311
Morita Fire Pump Manufacturing 62,000 409
NAC 800 22
Nakayamafuku 6,000 61
Namura Shipbuilding 84,000 375
Nanaboshi 16,000 328
NBC Industries 5,000 93
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
NEC 170,000 $ 1,815
New Oji Paper 121,000 982
NIC 27,000 442
Nikko Securities 107,000 1,064
Nintendo 17,700 1,085
Nippon Computer Systems 14,000 174
Nippon Credit Bank 259,000 894
Nippon Hodo 16,000 237
Nippon Kanzai 9,000 273
Nippon Light Metal 141,000 711
Nippon Meat Packers 68,000 945
Nippon Paper 85,000 509
Nippon Shoji Kaisha 47,000 437
Nishio Rent All 20,000 484
Nissan Fire & Marine Insurance 40,000 259
Nisshin Steel 234,000 851
Nittetsu Mining 60,000 541
Nittetsu Shoji* 16,000 48
Nomura Securities 104,000 1,809
NSK 136,000 895
Ohishi Sangyo 1,000 9
Ohmoriya 9,000 137
Paltac 11,000 161
Pioneer Electronics 24,000 486
Rengo 176,000 1,152
Ricoh Elemex 10,000 156
RKB Mainichi Broadcasting 20,000 169
Roland 24,000 429
Royal Hotel 19,000 161
Ryobi Limited 98,000 455
Ryoyo Electro 21,000 445
Sagami Chain 24,000 455
Sakura Bank 298,000 2,825
Sanko 9,000 149
Sankyu Aluminium 144,000 762
Sanseido 200 2
Santen Pharmaceutical 900 20
Sanwa Bank 52,000 919
Sanyo Special Steel 314,000 1,170
Sotoh 41,000 460
Satoh & Company 200 3
Seijo 10,000 283
Seino Transportation 51,000 751
Sekisui Chemical 75,000 815
Sekisui House 202,000 2,138
Sekisui House Hokuriku 22,000 304
Shaddy 14,000 254
Shikoku Electric Power 88,000 1,855
Shimojima 13,000 297
Shinden 4,000 46
Shiseido 88,000 1,069
Shizuoka Bank 98,000 1,091
Showa Shell Sekiyo 95,000 918
SK Kaken 4,000 97
-4-
<PAGE>
================================================================================
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Spancrete 18,000 $ 166
Stanley Electric 125,000 752
Sumitomo 116,000 979
Sumitomo Bank 75,000 1,374
Sumitomo Marine and
Fire Insurance 129,000 997
Sumitomo Metal 190,000 537
Sumitomo Realty & Development 134,000 942
Sumitomo Rubber 77,000 589
Takano 300 8
Takashimaya 63,000 858
Takeda Chemical 19,000 329
TDK 20,000 1,152
Teijin 270,000 1,317
Toho Gas 146,000 443
Tohoku Electric Power 87,000 1,874
Toin 12,000 137
Tokai Rika 43,000 423
Tokushu Paper 28,000 273
Tokyo Gas 281,000 936
Tokyo Ohka Kogyo 36,000 918
Tokyo Steel 300 5
Tokyo Tungsten 23,000 195
Toppan Printing 149,000 1,879
Toshiba 390,000 2,520
Toyo Ink 164,000 860
Toyo Seikan Kaisha 32,000 1,028
Toyo Trust & Banking 96,000 831
Toyota Motor 39,000 940
Trancom 9,000 137
Trusco Nakayama 17,800 423
Tsuba Nakashima 80,000 832
Tsudakoma 138,000 934
Tsutsumi Jewelry 10,000 442
Victor of Japan 64,000 789
Xebio 24,000 833
Yaizu Suisankagaku 5,700 95
Yakult Honsha 72,000 941
Yamaguchi Bank 18,000 273
Yamaichi Securities 168,000 1,021
Yamanouchi Pharmaceutical 81,000 1,670
Yasuda Trust & Banking 169,000 845
Yodogawa Steel Works 115,000 796
Yonex 21,000 228
Yonkyu 7,000 189
Yushiro Chemical 9,000 92
----------
151,153
----------
MALAYSIA -- 2.9%
Angkasa Marketing 65,000 90
Arab Malaysian 91,000 372
Berjaya Group Berhad 479,000 317
Berjaya Singer 75,000 72
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Bousted 151,000 $ 315
Cement Industries 17,000 54
Datuk Keramat Holdings* 182,000 314
DCB Holdings 46,000 140
Diversified Resource 20,000 65
Edaran Otomobil 98,000 1,022
Faber Group* 67,000 64
Genting Berhad 300 2
Guinness Anchor 31,000 70
Hicom Holdings 35,000 98
Hume Industries 20,000 103
IGB 142,000 147
IOI Properties 129,900 391
Jaya Taisa Holdings 11,000 61
KFC 23,000 148
Kuala Lumpur Kepong Berhad 252,500 628
Land and General 28,000 51
Magnum 80,000 130
Malayan Banking 30,500 290
Malaysian Airline System 76,000 227
Malaysian International Shipping 309,000 942
Malaysian Resources 27,000 86
Matsushita Electric 11,000 105
MBF Capital 621,000 887
Negara Properties 10,000 35
Nestle 8,000 80
New Straits Times Press 12,000 67
Nylex Berhad 13,500 32
Oriental Holdings 135,000 1,089
Perusahaan Otomobil 19,000 103
Petronas Dagangan 62,000 174
Rashid Hussain 299,000 1,074
Renong 61,000 89
Resorts World 35,000 191
Rj Reynolds Berhad 21,000 61
Rothmans of Pall Mall 6,000 63
Sime Uep Properties 33,000 68
Southern Bank 95,000 269
Sungei Way Holdings 22,000 111
Tasek Cement 109,000 308
Technology Resources Industries 19,000 55
Telekom Malaysia 30,000 265
Tenaga Nasionale 46,000 167
UMW Holdings Berhad 120,000 477
United Engineers 109,530 778
Westmont Berhad Industries 118,000 210
YTL 13,000 64
----------
13,021
----------
NETHERLANDS -- 6.0%
ABN-Amro Holdings 58,464 3,194
ACF Holdings 4,200 66
Aegon 27,339 1,334
Ahold 29,343 1,640
-5-
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Akzo Nobel 9,800 $ 1,139
Beers 1,100 229
DSM 6,200 571
Elsevier 102,050 1,623
Eriks 600 52
EVC 8,500 250
Hollandsche Beton Groep 2,200 400
Hoogovens 12,000 427
Ing Groep 120,622 3,757
KLM 15,600 429
Kondor Wessels 3,900 135
KPN 14,300 501
Macintosh 6,700 159
National Invest Bank 4,200 355
Nedlloyd Groep 11,600 276
Nijverdal Tencate 4,000 206
NKF Holdings 5,200 185
Phillips Electronics 10,400 351
Polygram 13,950 830
Polynorm 500 43
Royal Dutch Petroleum 32,700 4,885
Schuitema 100 181
Stad Rotterdam 9,300 330
Stork 15,400 461
Telegraaf 300 54
Van Der Moolen 6,600 301
Van Ommeren 9,100 357
Vendex International 11,600 407
Volker Stevin 5,200 432
Wolters Kluwer 13,081 1,643
----------
27,203
----------
NEW ZEALAND -- 0.9%
Air New Zealand, series B 21,000 63
Brierley Investment 270,000 268
Carter Holt Harvey 125,879 282
Fisher & Paykel Industries 106,607 358
Fletcher Challenge Building 39,000 86
Fletcher Challenge Energy 25,200 58
Fletcher Challenge Paper 478,051 921
Independent Newspaper 13,270 51
Lion Nathan 495,148 1,309
Telecom of New Zealand 126,064 603
----------
3,999
----------
NORWAY -- 0.7%
Den Norske Bank 155,409 500
Dyno Industrier 6,000 137
Kvaerner, series B 19,300 632
Leif Hoegh & Company 7,500 130
Norske Skog 32,000 986
SAS Norge 15,136 146
UNI-Storebrand, series A 100,000 554
----------
3,085
----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SINGAPORE -- 1.5%
BAT 71,000 $ 273
City Developments 97,000 807
Clipsal Industries 30,000 60
Comfort Group 126,000 120
Cycle & Carriage 105,000 1,008
Development Bank of Singapore 14,000 164
Far East Levingstone 12,000 58
Fraser and Neave 36,800 371
Goldtron 237,000 157
Hai Sun Hup 70,000 52
Haw Par Brothers 62,000 135
Hotel Properties 183,000 290
Inchcape Berhad 20,000 63
Industrial & Commercial Bank 62,000 240
Jardine Matheson Holdings 28,000 176
Jurong Engineering 14,000 38
Keppel 31,000 236
Marco Polo Development 31,000 59
Overseas Chinese Banking 27,000 324
Overseas Union Bank 31,000 216
Overseas Union Enterprises 15,000 79
Pacific Carriers 235,000 170
Parkway Holdings 43,000 135
Republic Hotel and Resort 69,000 88
Singapore International Airlines 37,000 392
Singapore Land 8,000 52
Singapore Press 19,880 345
Ssangyong Cement 52,000 136
United Overseas Bank 15,824 152
Van Der Horst 52,000 185
Wing Tai Holdings 33,000 71
----------
6,652
----------
SPAIN -- 3.8%
Acerinox 5,000 560
Argentaria 31,000 1,281
Azucarera Espana 2,400 85
Banco Bilbao-Vizcaya 25,962 1,092
Banco de Santander 10,760 552
Banco Popular Espana 4,873 845
Conserva Campofrio 1,600 60
Cristeria 2,300 141
Cubiertas y Mzov 4,900 322
Dragados 28,700 362
Ebro 6,600 73
Elec Reun Zaragoza 3,400 92
Empresa Nacional de Electricidad 22,500 1,311
Empresas Nacional de Cellulosa 24,300 361
Energia E Ind Aragonesas 26,900 125
Fomento de Construcciones
Contratas 4,100 321
G.E.S.A 6,700 368
Gas Natural 7,933 1,522
Iberdrola 341,850 3,088
-6-
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Porsegur 2,300 $ 85
Repsol 16,940 550
Tabacalera, series A 11,200 457
Telefonica de Espana 113,600 2,111
Uniland 3,700 136
Union Electrica Fenosa 180,200 1,093
Uralita 29,000 246
Vidrala 1,200 64
----------
17,303
----------
SWEDEN -- 2.0%
Catena, series A 18,900 176
Elkem, series A 25,000 355
Enator AB* 9,600 208
Ericsson 57,630 1,345
Hennes & Mauritz, series B free 19,000 1,974
Marieberg Tidnings, series A 6,600 144
Mo Och Domsjo 9,500 275
Skandia Forrestry* 64,700 1,519
Skanska, series B free 12,300 461
Sparbanken Sverige, series A 66,600 830
SSAB, series B 23,700 333
Stora Kopparbergs, series A 72,800 1,022
Svedala AB free 13,700 236
----------
8,878
----------
SWITZERLAND -- 2.8%
Aare-Tessin 410 291
Baer Holdings 340 378
Baloise 230 489
Banque Cantonale Vaud 1,120 333
BBC Brown Boveri 813 1,003
Bucher Holdings 280 215
Ciba Geigy 452 571
CS Holdings 13,170 1,368
Daetwyler Holdings 160 287
Danzas Holding Regd 60 62
Kuoni Reisen Holdings 190 441
Kw Laufenburg* 350 70
Nestle SA 200 234
Rieter 820 209
Roche Holdings 165 1,258
Sandoz Pharmaceutical 1,899 2,262
Schindler Holdings 280 275
Schweiz Ruckversicherung 800 865
Sig Schweiz 20 48
Swiss Bank* 3,570 696
Zurich Versicherung 4,040 1,112
----------
12,467
----------
UNITED KINGDOM -- 16.4%
Abbey National 100,700 929
Adwest Group 23,500 44
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Albert Fisher Group 392,200 $ 262
Amec 152,200 223
Anglian Group 46,600 140
Anglian Water 118,600 1,081
Argyll Group 189,600 1,009
ASDA Group 572,600 1,001
Associated British Foods 96,800 602
Astec 172,000 384
Baird (William) 70,400 204
Bass 161,200 2,094
BAT Industries 290,400 1,952
Bicc 69,300 362
Blue Circle Industries 116,600 671
Boots 17,600 171
Bridon 32,500 53
Britannic Assurance 12,800 143
British Aerospace 50,100 778
British Airways 236,000 1,936
British Biotech 51,180 174
British Gas 190,000 607
British Sky Broadcasting 41,900 374
British Telecommunications 619,600 3,632
Bullough 64,900 85
Burmah Castrol 55,500 909
Burn Stewart Distillers 23,000 36
Charter 18,600 247
Commercial Union 56,400 520
Cortaulds 78,000 525
Cowie Group 69,066 404
Cray Electronics* 110,300 60
Davis Service Group 46,600 182
De La Rue 63,000 630
East Midlands Electricity 41,600 374
Ed and F Man PLC 71,600 181
Edinburgh Fund Manage 8,600 84
EIS Group 7,900 41
Electron House* 9,100 28
Ferguson International Holding 17,300 63
Fine Art Devs 14,700 117
Frost Group 54,710 105
General Accident 119,900 1,229
General Electric 157,300 947
Glaxo Wellcome 122,700 1,759
GO Ahead Group 16,900 79
Grampian Holdings 17,000 34
Granada Group 58,200 792
Grand Metropolitan 67,200 497
Great Universal Stores 42,200 429
Guardian Royal Exchange 279,400 1,104
Guinness 69,900 522
Hambros 96,700 397
Hammerson 104,600 629
Hanson 529,300 1,302
Harrison & Crossfield 158,500 330
-7-
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Hillsdown Holdings 159,300 $ 455
HSBC Holdings 36,400 639
HSBC Holdings (HK) 48,000 823
Hunting 66,700 116
Hyder PLC 34,700 396
Invseco PLC 64,600 243
Kenwood Appliance 19,000 62
Kwik Save Group 21,800 135
Lasmo 198,700 602
Lex Service 61,000 371
Life Sciences 32,000 54
London Electric 45,400 447
Marston Thompson 11,600 53
McKechnie 42,300 338
Mirror Group 128,800 397
Morrison Supermarket 118,200 317
National Power 139,000 872
National Westminster 176,000 1,820
Next 73,700 668
Northern Electric 40,900 344
North West Water Group 149,500 1,414
Northern Ireland Electricity 29,700 155
Nurdin & Peacock 11,600 24
Ocean Group 31,300 219
Peninsular & Oriental 154,000 1,236
Perkins Food 36,300 46
Persimmon 44,200 148
Powergen 82,200 649
Premier Cons Oil 197,900 92
Prudential 131,400 886
Rank Organisation 123,000 860
Reckitt & Coleman 88,500 941
Redland 80,800 553
Renold 77,800 357
Reuters Holdings 74,600 869
RJB Mining 48,900 401
Rolls Royce 220,000 763
Scapa Group 62,900 247
Scottish Hydro-Electric 97,400 458
Scottish Power 214,500 1,026
Sedgwick Group 165,000 312
Severn Trent 123,900 1,170
Shell Transportation & Trading 252,700 3,673
Smiths Industries 51,900 614
South West Water 40,100 449
Southern Electric 80,900 848
Staveley Industries 23,200 71
Sun Alliance Group 332,337 2,107
Tarmac Ord 225,400 354
Tate & Lyle 219,700 1,581
Taylor Woodrow 151,000 402
Thames Water 125,400 1,090
Tomkins 150,000 612
TSB Lloyds Group* 374,400 2,192
TT Group 37,900 189
Unigate 68,200 459
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Vaux Group 42,400 $ 186
Vendome Units 71,400 664
Vodafone Group 109,100 411
Vosper Thornycroft 4,900 61
Waddington (John) 9,300 38
Wardle Storeys 11,300 83
Watson & Philip 9,500 71
Wessex Water 64,300 345
Whitecroft 12,100 34
Williams Holdings 180,500 996
Yorkshire Electric 35,800 430
Yorkshire Water 32,100 341
----------
73,746
----------
Total Foreign Common Stocks
(Cost $417,528) 432,091
----------
FOREIGN PREFERRED STOCKS -- 0.2%
GERMANY -- 0.0%
Herlitz Preferred* 500 51
Krones Preferred 730 271
Suedzucker Preferred 320 160
----------
482
----------
ITALY -- 0.2%
Fiat Preferred 438,100 696
----------
Total Foreign Preferred Stocks
(Cost $1,319) 1,178
----------
FOREIGN CONVERTIBLE BOND -- 0.0%
FRANCE -- 0.0%
Castorama Dubois
3.15%, 01/01/03 216 52
----------
Total Foreign Convertible Bond
(Cost $45) 52
----------
U.S. TREASURY OBLIGATION -- 0.2%
U.S. Treasury Bill
5.200%, 01/09/97 (A) $1,000 981
----------
Total U.S. Treasury Obligation
(Cost $981) 981
----------
REPURCHASE AGREEMENTS -- 1.4%
State Street Bank
4.75%, dated 08/30/96, matures
09/03/96, repurchase price
$1,106,584 (collateralized by
U.S. Treasury Bond, 7.5%, due
11/15/16, par value $860,652,
market value $906,988) 1,106 1,106
-8-
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) VALUE (000)
- --------------------------------------------------------------------------------
JP Mortgage
5.23%, dated 08/30/96, matures
09/03/96, repurchase price
$5,091,737 (collateralized by
various GNMA obligations, 7%,
due 02/15/26-05/15/96, total
par value $5,347,026, total
market value $5,101,978) $5,089 $ 5,089
----------
Total Repurchase Agreements
(Cost $6,195) 6,195
----------
Total Investments-- 97.9%
(Cost $426,068) 440,497
----------
Other Assets and Liabilities, Net -- 2.1% 9,270
----------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 44,040,681
outstanding shares of beneficial
interest 392,506
Portfolio Shares of Class D
(unlimited authorization -- no
par value) based on 11,082
outstanding shares of beneficial
interest 110
Undistributed net investment
income 1,970
Accumulated net realized
gain on investments 40,861
Net unrealized appreciation
on foreign currency and translation
of other assets and liabilities
in foreign currency 6
Net unrealized depreciation on futures
contracts (115)
Net unrealized appreciation
on investments 14,429
----------
Total Net Assets--100.0% $449,767
----------
----------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.21
----------
----------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE -- CLASS D $10.12
----------
----------
MAXIMUM OFFERING PRICE
PER SHARE -- CLASS D ($10.12/95%) $10.65
----------
----------
* NON-INCOME PRODUCING SECURITY
(A) SECURITY HAS BEEN PLEDGED AS COLLATERAL ON OPEN FUTURES CONTRACTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EMERGING MARKETS EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCKS -- 78.3%
ARGENTINA -- 3.2%
Banco Frances ADR 39,700 $ 918
Ciadea* 151,470 673
Cresud* 591,600 965
Irsa 92,550 258
Irsa ADR 2,777 77
Perez Companc 135,146 757
Sidera* 487,249 1,146
----------
4,794
----------
BRAZIL -- 1.8%
Cia Vale Rio Doce ADR 7,800 141
Telecom Brasileiras ADR 23,300 1,733
Telemig* 207,302 19
Telesp 217,452 37
Telebras 12,800,000 775
----------
2,705
----------
CHILE -- 2.7%
Compania de Telecom Chile ADR 24,030 2,349
Enersis ADR 39,430 1,227
Moneda Chile Fund* 27,222 231
Quimica y Minera Chile ADR 4,500 237
----------
4,044
----------
CHINA -- 0.4%
Huaneng Power
International ADR* 35,900 633
----------
CZECH REPUBLIC -- 2.8%
Cokoladovny 1,730 238
Czech Value Fund* 59,500 536
Czech Value Fund Warrants* 5,900 7
Komercni Banka 42,216 1,153
Komercni Banka GDR 15,400 479
PIF 22,259 326
Sporitelni Privat Vseobecny* 20,893 59
SPT Telecom* 7,200 945
Vynosovy* 77,655 422
----------
4,165
----------
GREECE -- 0.4%
Aegek 30,070 176
Greek Progress Fund 55,460 466
Hellenic Bottling 5 --
----------
642
----------
HONG KONG -- 2.8%
Guang Dong Investment 1,011,000 726
Guangshen Railway ADR* 44,200 845
Johnson Electric Holdings 292,900 653
MC Packaging 1,076,000 421
-9-
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
EMERGING MARKETS
EQUITY PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Shangri-La Asia 682,000 $ 891
Yue Yuen 2,466,000 710
----------
4,246
----------
HUNGARY -- 0.2%
Borsodchem GDR 17,800 334
----------
INDIA -- 5.5%
Bajaj Auto GDR 64,000 2,328
Indian Hotels GDS* 52,600 1,374
Industrial Credit and
Investment of India* 143,900 1,646
Tata Engineering GDR 178,100 2,951
----------
8,299
----------
INDONESIA -- 3.2%
Asahimas Flat Glass 242,500 145
Bank Bali 75 --
Bank Bali Warrants* 400 --
Bimantara Citra 786,500 806
Ciputra Development 68,000 64
Matahari Putra Prima 209,000 274
Mulia Industrindo 328,100 333
PT Aneka Kimia Raya 142,000 152
PT Telecom ADR 42,300 1,179
PT Timbang Timah 136,000 218
Hanjaya Mandala Sampoerna 119,500 1,151
Semen Gresik 110,000 307
Tambang Timah GDR 6,700 107
Tjiwi Kimia 178 --
----------
4,736
----------
ISRAEL -- 0.5%
Koor Industries ADR 7,700 133
Koor Industries Limited 646 56
Osem Investment Limited 16,942 100
Teva Pharmaceuticals 814 297
Teva Pharmaceuticals ADR 5,200 190
----------
776
----------
MALAYSIA -- 12.5%
Arab Malaysian 549,000 2,246
Arab Malaysian Finance 118,000 573
DCB Holdings 588,000 1,793
DCB Holdings Warrants* 144,000 172
Edaran Otomobil 171,000 1,784
IJM 855,000 1,598
IOI 1,881,000 2,762
Malaysian Resources 180,000 570
Metacorp 349,000 994
New Straits Times Press 267,000 1,500
Petronas Gas 379,000 1,581
Resorts World 211,000 1,151
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
SAP Holdings 170,000 $ 839
Telekom Malaysia 145,000 1,280
----------
18,843
----------
MEXICO -- 8.8%
Banamex Accival, series L* 328,340 674
Bufete Industrial ADR 38,000 684
Cemex, series B 407,400 1,704
Cemex CPO 253,500 926
Empresas la Maderna 271,800 1,377
Grupo Industria Alfa, series A 610,899 2,684
Grupo Financiero
Banamex, series B* 1,073,000 2,316
Grupo Radio Centro ADR 51,400 405
Industrias Penoles 196,000 848
Kimberly Clark, series A 24,000 440
San Luis CPO 216,100 1,280
----------
13,338
----------
MORROCCO -- 0.1%
Banque Marocaine GDR* 15,000 195
----------
PAKISTAN -- 0.1%
Adamjee Insurance 2,850 8
D.G. Khan Cement* 55,440 16
Engro Chemicals 4,040 16
Pakistan State Oil 9,230 86
----------
126
----------
PERU -- 1.8%
Buenaventura ADR* 24,200 457
Credicorp 67,288 1,312
Telefonica del Peru, series B 419,900 982
----------
2,751
----------
PHILIPPINES -- 3.2%
Aboitiz Equity Ventures* 2,845,700 397
C & P Homes 272,500 198
DMCI Holdings* 1,245,000 904
Filinvest Land 610,900 215
Keppel Philippine
Holdings, series B* 244,200 58
Manila Mining, series B* 38,920,000 30
Metro Pacific 4,877,000 1,491
Philippine Long Distance 20 1
Philippine Long Distance ADR 12,680 759
Philippine National Bank * 35,900 600
Republic Glass 593,000 154
Uniwide Holdings 273,000 58
----------
4,865
----------
PORTUGAL -- 3.1%
Capital Portugal Fund* 7,500 771
-10-
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
Empresa Fabril de
Maquinas Electricas* 53,200 $ 579
Portucel Industrial Empresa 162,100 1,100
Sonae Investimentos 76,760 2,211
----------
4,661
----------
RUSSIA -- 0.8%
Irkutskenegro RDC GDR* 12 246
Mosenergo ADS* 33,700 969
----------
1,215
----------
SOUTH AFRICA -- 6.8%
Anglo American Gold
Investment Company 9,100 838
Anglovaal, series N 37,800 1,188
Barlow 54,500 502
Clinic Holdings 325,500 381
Highstone Property Fund 832,200 293
Iscor 1,853,088 1,111
Lonrho 542,000 1,486
Pepsi International 3,000 294
Randgold 116,500 784
Sappi 82,900 799
Sasol 147,721 1,647
Servgro International 73,600 379
Waltons Stationary 244,300 545
----------
10,247
----------
SOUTH KOREA -- 5.2%
Korea Electric Power ADR 85,150 1,809
Korea Fund 84,500 1,616
Korea Investment Fund* 32,933 313
Korea Mobile Telecom ADR* 32,100 514
Korea Mobile Telecom ADR* 99,700 1,570
Pohang Iron & Steel ADR 56,900 1,245
Samsung Electronics GDS* 19 --
Samsung Electronics
Non-voting GDS* 874 20
Samsung Electronics GDS* 21,680 520
Samsung Electronics
New 1/2 Non-voting GDS* 3,163 149
----------
7,756
----------
TAIWAN -- 3.5%
Advanced Semiconductors
Engineering GDR 81,810 575
China Steel GDR* 64,450 1,458
ROC Taiwan Fund* 175,300 1,928
Taiwan Equity Fund* 64,000 656
Yageo GDR* 89,864 736
----------
5,353
----------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
THAILAND -- 7.2%
Bangkok Bank SER 13,300 $ 115
Bangkok Bank SER 2 368,000 3,171
Banpu Public 14,832 380
Central Pattana 68,100 283
CH Karnchang 117,800 810
Dhana Siam Finance & Securities 230,000 1,100
Electric Generating 390,010 1,156
Phatra Thanakit 99,000 528
PTT Exploration 44,800 613
Regional Container 14,700 195
Siam Cement 19,800 761
Thai Farmers Bank 33,000 350
Thai Farmers Bank SER 208,100 1,423
Thai Farmers Bank Warrant* 4,125 7
----------
10,892
----------
TURKEY -- 1.7%
Alarko 1,618,000 242
Cimentas 1,442,629 233
Erciyas Biracilik GDR 47,100 485
Koc Holdings 735,000 150
Migros 637,000 507
Tat Konservecili 942,598 133
Trakya Cam 8,328,964 389
Yapi Ve Kredi Bankas 18,300,000 380
----------
2,519
----------
Total Foreign Common Stocks
(Cost $117,143) 118,135
----------
FOREIGN PREFERRED STOCKS -- 15.3%
BRAZIL -- 15.1%
Banco Bradesco 410,099,968 3,470
Brahma 550,000 349
Cemig 75,600,000 2,276
Electrobras, series B 8,136,000 2,234
Lojas Americana 61,300,000 1,062
Lojas Renner 7,700,000 432
Marco Polo, series B* 730,000 152
Petrol Brasileiros 18,154,000 2,170
Randon Participacoes 146,500,000 65
Sadia Concordia 453,000 281
Schulz 1,200,000 21
Telebras 28,009,000 2,078
Telemig, series B 15,350,000 1,745
Telerj 15,710,232 1,685
Telesp 5,074,000 974
Uniao De Bancos Brasilias 40,500,000 1,036
Usiminas Gerais 1,800,000,000 1,877
Vale Rio Doce 32,352 627
Weg 630,000 291
----------
22,825
----------
-11-
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
EMERGING MARKETS
EQUITY PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
PHILIPPINES -- 0.2%
Philippine Long Distance 7,300 $ 248
----------
Total Foreign Preferred Stocks
(Cost $20,504) 23,073
----------
FOREIGN CONVERTIBLE BONDS -- 3.0%
PHILIPPINES -- 0.2%
Ayala
0.000%, 12/08/00 $ 260 242
----------
SOUTH AFRICA -- 0.1%
Barlow
7.000%, 09/20/04 190 204
----------
TAIWAN -- 1.5%
Nanya Plastic
1.750%, 07/19/01 1,465 1,575
United Microelectronics
1.250%, 06/08/04 618 743
----------
2,318
----------
THAILAND -- 1.2%
Bangkok Bank
3.250%, 03/03/04 150 162
Banpu Public
2.750%, 04/10/03 1,365 1,392
Central Patana
2.750%, 04/10/01 240 252
----------
1,806
----------
Total Foreign Convertible Bonds
(Cost $4,611) 4,570
----------
REPURCHASE AGREEMENT -- 5.7%
State Street Bank
4.75%, dated 08/30/96, matures
09/03/96, repurchase price
$8,613,544 (collateralized by
U.S. Treasury Bond, 7.5%, due
11/15/16, par value $8,335,000,
market value $8,783,740) 8,609 8,609
----------
Total Repurchase Agreement
(Cost $8,609) 8,609
----------
Total Investments-- 102.3%
(Cost $150,867) 154,387
----------
Other Assets and Liabilities, Net -- (2.3%) (3,548)
----------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
13,036,864 outstanding
shares of beneficial interest 146,164
- --------------------------------------------------------------------------------
FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
- --------------------------------------------------------------------------------
Accumulated net investment
loss $ (106)
Accumulated net realized
gain on investments 1,268
Net unrealized depreciation
on foreign currency translation
of other assets and liabilities
in foreign currency (7)
Net unrealized appreciation
on investments 3,520
----------
Total Net Assets--100.0% $150,839
----------
----------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- INSTITUTIONAL CLASS $11.57
----------
----------
* NON-INCOME PRODUCING SECURITY
ADR -- AMERICAN DEPOSITORY RECEIPT
ADS -- AMERICAN DEPOSITORY SHARES
GDR -- GLOBAL DEPOSITORY RECEIPT
GDS -- GLOBAL DEPOSITORY SHARES
SER -- SHAREHOLDER EQUITY RIGHTS
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INTERNATIONAL FIXED INCOME PORTFOLIO
FOREIGN BONDS -- 84.0%
AUSTRALIA -- 0.6%
Australian Government
9.500%, 08/15/03 565 $ 485
Queensland Treasury
8.000%, 08/14/01 478 383
----------
868
----------
AUSTRIA -- 5.1%
Republic of Austria
4.500%, 09/28/05 JY 220,000 2,275
3.750%, 02/03/09 JY 526,000 5,068
----------
7,343
----------
BELGIUM -- 2.7%
Kingdom of Belgium
7.250%, 04/29/04 15,000 520
5.100%, 11/21/04 99,500 3,353
----------
3,873
----------
CANADA -- 1.8%
Canadian Government
6.500%, 06/01/04 1,150 805
9.000%, 06/01/25 2,130 1,749
----------
2,554
----------
-12-
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- --------------------------------------------------------------------------------
DENMARK -- 1.4%
Danish Mortgage
6.000%, 10/01/26 2,820 $ 405
Kingdom of Denmark
8.000%, 03/15/06 6,455 1,177
7.000%, 11/10/24 3,200 485
----------
2,067
----------
EUROPEAN CURRENCY UNIT -- 2.8%
European Investment Bank
6.625%, 03/15/00 374,000 4,032
----------
FRANCE -- 4.3%
Government of France
5.500%, 04/25/04 32,670 6,167
----------
GERMANY -- 22.9%
Bundesobligation
8.375%, 01/20/97 12,003 8,262
Deutschland Republic
6.000%, 02/16/06 18,710 12,296
6.250%, 01/04/24 1,070 645
KFW International Finance
6.625%, 04/15/03 1,140 795
Treuhandanstalt
6.375%, 07/01/99 6,790 4,831
6.500%, 04/23/03 8,945 6,222
----------
33,051
----------
ITALY -- 4.7%
Italian Government
8.500%, 08/01/99 2,050,000 1,357
10.500%, 09/01/05 7,720,000 5,435
----------
6,792
----------
JAPAN -- 21.4%
Export-Import Bank
4.375%, 10/01/03 481,000 4,904
World Bank
4.500%, 06/20/00 1,076,900 10,987
5.250%, 03/20/02 769,600 8,218
4.500%, 03/20/03 656,900 6,778
----------
30,887
----------
NETHERLANDS -- 2.1%
Kingdom of Netherlands
5.750%, 01/15/04 5,040 2,984
----------
SPAIN -- 1.6%
Kingdom of Spain
11.300%, 01/15/02 263,050 2,366
----------
SWEDEN -- 3.2%
Kingdom of Sweden
10.250%, 05/05/03 8,900 1,514
Swedish Treasury Note
11.000%, 01/21/99 18,600 3,088
----------
4,602
----------
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- --------------------------------------------------------------------------------
UNITED KINGDOM -- 9.4%
European Investment Bank
7.000%, 03/30/98 200 $ 315
United Kingdom Treasury
8.000%, 12/07/00 3,850 6,218
6.750%, 11/26/04 3,098 4,548
8.000%, 12/07/15 1,580 2,415
----------
13,496
----------
Total Foreign Bonds
(Cost $119,843) 121,082
----------
U.S. TREASURY OBLIGATIONS -- 7.9%
U.S. Treasury Bill
5.394%, 09/19/96 2,700 2,692
5.205%, 10/10/96 8,000 7,954
U.S. Treasury Bond
6.000%, 02/15/26 40 34
U.S. Treasury Note
6.250%, 04/30/01 615 603
6.875%, 05/15/06 92 92
----------
Total U.S. Treasury Obligations
(Cost $11,387) 11,375
----------
REPURCHASE AGREEMENT -- 2.2%
State Street Bank
4.75%, dated 08/30/96, matures
09/03/96, repurchase price
$3,241,710 (collateralized by
U.S. Treasury Bond, 7.5%, due
11/15/16, par value $3,136,880,
market value $3,305,763) 3,240 3,240
----------
Total Repurchase Agreement
(Cost $3,240) 3,240
----------
FOREIGN CURRENCY OPTION -- 0.0%
German Deutschemark Call 2,683 33
----------
Total Foreign Currency Option
(Cost $21) 33
----------
Total Investments-- 94.1%
(Cost $134,491) $135,730
----------
----------
JY -- JAPANESE YEN
(1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-13-
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
<TABLE>
------------------
INTERNATIONAL
FIXED INCOME
------------------
<S> <C>
ASSETS:
Investment securities (Cost $134,491) $135,730
Cash 20
Foreign currency (Cost $1,911) 1,909
Interest receivable 3,487
Investment securities sold 6,508
Unrealized gain on forward foreign
currency contracts 257
Other assets 95
----------
Total Assets 148,006
----------
LIABILITIES:
Investment securities purchased 3,368
Capital shares redeemed 375
Other liabilities 123
----------
Total Liabilities 3,866
----------
Net Assets $144,140
----------
----------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value)
based on 12,980,323 outstanding
shares of beneficial interest 140,947
Undistributed net investment income 583
Accumulated net realized gain on
investments 1,088
Net unrealized appreciation on forward
foreign currency contracts,
foreign currencies and translation of
other assets and liabilities denominated
in foreign currencies 283
Net unrealized appreciation on investments 1,239
----------
Net Assets $144,140
----------
----------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $ 11.10
----------
----------
<FN>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
-14-
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996
(UNAUDITED)
<TABLE>
------------------ ------------------ ------------------
EMERGING INTERNATIONAL
INTERNATIONAL MARKETS FIXED
EQUITY EQUITY INCOME
------------------ ------------------ ------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 7,420 $ 1,306 $ --
Interest 573 207 3,058
Less: Foreign taxes withheld (970) (79) (56)
-------- -------- --------
Total Investment Income 7,023 1,434 3,002
-------- -------- --------
EXPENSES:
Management fees 1,034 385 354
Management fees waived (35) (132) (86)
Investment advisory fees 1,154 619 174
Investment advisory fees waived (48) (80) (29)
Custodian/wire agent fees 314 277 83
Shareholder servicing fee 181 -- --
Professional fees 86 19 15
Registration & filing fees 35 37 20
Printing fees 83 13 19
Trustee fees 20 4 5
Pricing fees 10 6 5
Distribution fees 46 -- 9
Amortization of deferred
organization costs -- 1 6
Miscellaneous fees 47 7 9
-------- -------- --------
Total Expenses 2,927 1,156 584
-------- -------- --------
NET INVESTMENT INCOME 4,096 278 2,418
-------- -------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Security transactions 26,986 1,231 318
Futures contracts (971) -- --
In-Kind redemption 4,240 -- --
Net realized loss on forward foreign
currency contracts and foreign
currency transactions (387) (185) (712)
Net change in unrealized depreciation
on forward foreign currency contracts,
foreign currencies, and translation
of other assets and liabilities
denominated in foreign currencies (71) (4) (286)
Net change in unrealized appreciation
(depreciation) on investments (24,206) 2,416 2,686
-------- -------- --------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 9,687 $ 3,736 $4,424
-------- -------- --------
-------- -------- --------
<FN>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
-15-
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996
(UNAUDITED) AND FOR THE YEAR ENDED FEBRUARY 29, 1996.
<TABLE>
<CAPTION>
------------------ ---------------- ----------------
EMERGING INTERNATIONAL
INTERNATIONAL MARKETS FIXED
EQUITY EQUITY INCOME
------------------ ---------------- ----------------
1996* 1996 1996* 1996 1996* 1996
------------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 4,096 $ 4,107 $ 278 $ (70) $ 2,418 $ 2,910
Net realized gain from security transactions 30,255 21,730 1,231 180 318 2,362
Net realized gain (loss) on forward foreign currency
contracts and foreign currency transactions (387) (983) (185) (125) (712) 2,856
Net change in unrealized appreciation (depreciation)
on forward foreign currency contracts, foreign
currencies, and translation of other assets and
liabilities denominated in foreign currencies (71) 1,021 (4) (2) (286) 97
Net change in unrealized appreciation (depreciation)
on investments (24,206) 24,496 2,416 1,050 2,686 (2,509)
--------- --------- --------- -------- --------- --------
Net increase in net assets from operations 9,687 50,371 3,736 1,033 4,424 5,716
--------- --------- --------- -------- --------- --------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A -- (5,932) -- (11) -- (6,969)
Class D -- (3) -- -- -- --
Net realized gains:
Class A -- (28,871) -- (143) -- (665)
Class D -- (17) -- -- -- --
--------- --------- --------- -------- --------- --------
Total dividends distributed -- (34,823) -- (154) -- (7,634)
--------- --------- --------- -------- --------- --------
CAPITAL SHARE TRANSACTIONS(1):
Class A:
Proceeds from shares issued in merger 150,364 -- -- -- -- --
Proceeds from shares issued 165,671 203,255 88,898 64,401 67,849 70,012
Reinvestment of cash distributions -- 20,015 -- 148 -- 6,218
Cost of shares redeemed (177,078) (219,674) (8,976) (3,547) (12,451) (32,574)
Cost of shares redeemed in-kind (46,630) -- -- -- -- --
--------- --------- --------- -------- --------- --------
Increase in net assets derived from Class A 92,327 3,596 79,922 61,002 55,398 43,656
--------- --------- --------- -------- --------- --------
Class D:
Proceeds from shares issued 112 146 -- -- -- --
Reinvestment of cash distributions -- 19 -- -- -- --
Cost of shares redeemed (204) (18) -- -- -- --
--------- --------- --------- -------- --------- --------
Increase (decrease) in net assets derived from Class D (92) 147 -- -- -- --
--------- --------- --------- -------- --------- --------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 92,235 3,743 79,922 61,002 55,398 43,656
--------- --------- --------- -------- --------- --------
Net increase in net assets 101,922 19,291 83,658 61,881 59,822 41,738
NET ASSETS:
Beginning of period 347,845 328,554 67,181 5,300 84,318 42,580
--------- --------- --------- -------- --------- --------
End of period $449,767 $347,845 $150,839 $67,181 $144,140 $84,318
--------- --------- --------- -------- --------- --------
--------- --------- --------- -------- --------- --------
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued in merger 14,951 -- -- -- -- --
Shares issued 16,055 20,144 7,670 5,959 6,297 6,081
Reinvestment of cash distributions -- 2,037 -- 1 -- 559
Shares redeemed (18,902) (21,676) (780) (329) (1,150) (2,894)
Shares redeemed in-kind (4,462) -- -- -- -- --
--------- --------- --------- -------- --------- --------
Total Class A transactions 7,642 505 6,890 5,631 5,147 3,746
--------- --------- --------- -------- --------- --------
Class D:
Shares issued 10 15 -- -- -- --
Reinvestment of cash distributions -- 2 -- -- -- --
Shares redeemed (20) (2) -- -- -- --
--------- --------- --------- -------- --------- --------
Total Class D transactions (10) 15 -- -- -- --
--------- --------- --------- -------- --------- --------
Net increase in capital shares 7,632 520 6,890 5,631 5,147 3,746
--------- --------- --------- -------- --------- --------
--------- --------- --------- -------- --------- --------
<FN>
* FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
-16-
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996
(UNAUDITED) AND FOR THE YEARS ENDED FEBRUARY 28 OR 29,
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
NET
NET ASSET NET REALIZED DISTRIBUTIONS DISTRIBUTIONS
VALUE INVESTMENT AND FROM NET FROM NET ASSET
BEGINNING INCOME UNREALIZED INVESTMENT REALIZED CAPITAL VALUE END TOTAL
OF PERIOD (LOSS) GAINS/(LOSSES) INCOME(4) GAINS OF PERIOD RETURN
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------
INTERNATIONAL EQUITY PORTFOLIO
- -------------------------------
CLASS A
1996* $10.00 $ 0.09 $ 0.12 $ -- $ -- $10.21 2.10%
1996 9.59 0.14 1.45 (0.19) (0.99) 10.00 17.30
1995 11.00 0.15 (0.97) -- (0.59) 9.59 (7.67)
1994 8.93 0.13 2.05 (0.11) -- 11.00 24.44
1993 9.09 0.16 0.04 (0.36) -- 8.93 2.17
1992 9.56 0.19 (0.36) (0.30) -- 9.09 (1.63)
CLASS D
1996* $ 9.93 $ 0.08 $ 0.11 $ -- $ -- $10.12 1.91%
1996 9.56 0.04 1.50 (0.18) (0.99) 9.93 16.77
1995(1) 10.81 0.01 (0.67) -- (0.59) 9.56 (6.33)
- ----------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
- ----------------------------------
CLASS A
1996* $10.93 $ 0.03 $0.61 $ -- $ -- $11.57 5.86%
1996 10.27 (0.02) 0.72 -- (0.04) 10.93 6.83
1995(2) 10.00 0.01 0.26 -- -- 10.27 2.70
- -------------------------------------
INTERNATIONAL FIXED INCOME PORTFOLIO
- -------------------------------------
CLASS A
1996* $10.77 $0.37 $(0.04) $ -- $ -- $11.10 3.06%
1996 10.42 0.58 0.89 (1.02) (0.10) 10.77 13.96
1995 10.23 0.43 0.40 (0.62) (0.02) 10.42 8.43
1994(3) 10.00 0.14 0.18 (0.09) -- 10.23 6.41
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES INCOME/(LOSS)
RATIO OF NET INVESTMENT TO AVERAGE TO AVERAGE
NET ASSETS EXPENSES INCOME/(LOSS) NET ASSETS NET ASSETS PORTFOLIO AVERAGE
END OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER COMMISSION
PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE RATE+
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------
INTERNATIONAL EQUITY PORTFOLIO
- -------------------------------
CLASS A
1996* $449,655 1.27% 1.78% 1.31% 1.74% 54% $0.0168
1996 347,646 1.25 1.29 1.29 1.25 102 n/a
1995 328,503 1.19 1.30 1.21 1.28 64 n/a
1994 503,498 1.10 1.46 1.24 1.32 19 n/a
1993 178,287 1.10 1.80 1.53 1.37 23 n/a
1992 92,456 1.10 2.07 1.52 1.63 79 n/a
CLASS D
1996* $ 112 1.65% 1.22% 1.70% 1.17% 54% $0.0168
1996 199 1.65 0.58 1.90 0.33 102 n/a
1995(1) 51 1.47 0.42 1.48 0.41 64 n/a
- ----------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
- ----------------------------------
CLASS A
1996* $150,839 1.95% 0.46% 2.30% 0.11% 22% $0.0002
1996 67,181 1.95 (0.23) 2.72 (1.00) 104 n/a
1995(2) 5,300 1.95 1.79 4.98 (1.24) -- n/a
- -------------------------------------
INTERNATIONAL FIXED INCOME PORTFOLIO
- -------------------------------------
CLASS A
1996* $144,140 1.00% 3.04% 1.20% 2.84% 136% n/a
1996 84,318 1.00 4.70 1.27 4.43 269 n/a
1995 42,580 1.00 4.68 1.30 4.38 303 n/a
1994(3) 23,678 1.00 3.81 1.61 3.20 126 n/a
<FN>
* FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1996. ALL RATIOS, EXCLUDING TOTAL
RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) INTERNATIONAL EQUITY CLASS D SHARES WERE OFFERED BEGINNING MAY 1, 1994. ALL
RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED. (2) EMERGING MARKETS EQUITY
CLASS A SHARES WERE OFFERED BEGINNING JANUARY 17, 1995. ALL RATIOS FOR THAT
PERIOD HAVE BEEN ANNUALIZED. (3) INTERNATIONAL FIXED INCOME CLASS A SHARES
WERE OFFERED BEGINNING SEPTEMBER 1, 1993. ALL RATIOS FOR THAT PERIOD HAVE
BEEN ANNUALIZED.
(4) DISTRIBUTIONS FROM NET INVESTMENT INCOME INCLUDE DISTRIBUTIONS OF CERTAIN
FOREIGN CURRENCY GAINS AND LOSSES.
+ AVERAGE COMMISSION RATE PAID PER SHARE FOR SECURITY PURCHASES AND SALES
DURING THE PERIOD. PRESENTATION OF THE RATE IS ONLY REQUIRED FOR FISCAL YEARS
BEGINNING AFTER SEPTEMBER 1, 1995.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
-17-
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (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.
The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end investment management company with three portfolios: the
International Equity Portfolio (formerly the Core International Equity
Portfolio), the Emerging Markets Equity Portfolio and the International Fixed
Income Portfolio (together the "Portfolios"). The Trust's prospectus provides a
description of each Funds investment objectives, policies, and strategies. The
Trust is registered to offer Class A shares of each of the Portfolios and Class
D shares of the International Equity Portfolio.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Portfolios in the preparation of the financial statements. The policies are in
conformity with generally accepted accounting principles.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
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. Debt
obligations sixty days or less remaining until maturity are 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 financial statements.
The Portfolios may be subject to taxes imposed by countries in which they
invest with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on either income earned or
repatriated.
The Portfolios accrue such taxes when the related income is earned.
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 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 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 such securities.
-18-
<PAGE>
================================================================================
The Portfolios do isolate the effect of fluctuations in foreign currency
rates when determining the gain or loss upon sale or maturity of foreign
currency denominated debt obligations pursuant to the Federal income tax
regulations. Such amounts are categorized as foreign currency gain or loss for
both financial reporting and income tax reporting purposes.
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 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 are 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 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.
FUTURES CONTRACTS -- The International Equity Portfolio utilized futures
contracts during the six month period ended August 31, 1996. The Portfolio's
investment in these futures contracts is designed to enable the Portfolio to
more closely approximate the performance of it's benchmark index.
Initial margin deposits of cash or securities are made upon entering into
futures contracts. The contracts are marked to market daily and the resulting
changes in value are accounted for as unrealized gains and losses. Variation
margin payments are paid or received, depending upon whether unrealized losses
or gains are incurred. When the contract is closed, the Portfolio records a
realized gain or loss equal to the difference between the proceeds from (or cost
of) the closing transaction and the amount invested in the contract.
Risks related to futures contracts include the possibility that there may
not be a liquid market for the contracts, that the changes in the values of the
contract may not directly correlate with changes in the values of the underlying
securities, and that the counterparty to a contract may default on its
obligation to perform.
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.
EXPENSES -- Expenses that are directly related to one of the Portfolios are
charged directly to that Portfolio. Other operating expenses of the Portfolios
are prorated to the Portfolios on the basis of relative net assets.
DISTRIBUTIONS -- Distributions from net investment income and net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under generally
accepted accounting principles. These book/tax differences are either temporary
or permanent in nature. To the extent these differences are permanent, they are
charged or credited to paid in capital in the period that the difference arises.
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 investments 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. Dividend income is
recognized on the ex-dividend date and interest income is recognized using the
accrual method.
-19-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Fund Management (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 International Equity Portfolio, .60% of the average
daily net assets of the International Fixed Income Portfolio, and .65% of the
average daily net assets of the Emerging Markets Equity Portfolio. The Manager
has voluntarily agreed to waive all or a portion of its fees and, if necessary,
reimburse other operating expenses in order to limit the operating expenses of
each Portfolio.
SEI Financial Management Corporation (SFM) acts as the investment advisor
for the International Equity 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 International Equity Portfolio and 1.05% of the
average daily net assets of the Emerging Markets Equity Portfolio.
Pursuant to Sub-Advisory Agreements with SFM, Acadian Asset Management,
Inc., Farrell Wako Global Investment Management, Inc., Morgan Grenfell
Investment Services Limited, Seligman Henderson Co., Yamaichi Capital
Management, Inc. and Yamaichi Capital Management (Singapore) Limited serve as
Sub-Advisors to the International Equity Portfolio, and Montgomery Asset
Management, L.P. serves as Sub-Advisor to the Emerging Markets 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 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 all
or a portion of its fee, in conjunction with the Manager, in order to limit the
total operating expenses of the Portfolio.
SEI Financial Services Company (the "Distributor"), a wholly-owned
subsidiary of SEI, serves as each Portfolio's distributor pursuant to a
distribution agreement with the Trust. The Portfolio's have adopted a
shareholder service plan for Class A shares ("the Class A Plan") under which
firms, including the Distributor, that provide shareholder and administrative
services may receive compensation therefore. Under the Class A Plan, the
Distributor may provide those services itself, or may enter into arrangements
under which third parties provide such services and are compensated by the
Distributor. In addition, the Portfolios may enter into such arrangements
directly. Under the Class A Plan, a Portfolio may pay the Distributor a fee at a
negotiated annual rate of up to .25% of the average daily net assets of such
Portfolio attributable to Class A shares that are subject to the arrangement in
return for provision of a broad range of shareholder and administrative
services.
The International Equity Portfolio has adopted a distribution plan for its
Class D shares (the "Class D Plan") pursuant to which a 12b-1 fee of up to .30%
of the average daily net assets attributable to the Class D shares will be paid
to the Distributor. As of August 31, 1996, the Distributor was taking a fee
under the Class D Plan of only .25% of the average daily net assets attributable
to Class D shares. This payment may be used to compensate financial institutions
that provide distribution-related services to their customers. Under both the
Class A Plan and the Class D Plan, the Distributor may retain as profit any
difference between the fee it receives and the amount it pays to third parties.
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 beginning with the
commencement of 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 are designed to protect the
value of the Portfolio's investment securities
-20-
<PAGE>
================================================================================
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 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
August 31, 1996:
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
-------------- ------------------- --------- --------------
INTERNATIONAL FIXED INCOME PORTFOLIO:
- -------------------------------------
Foreign Currency Sales:
09/24/96-10/24/96 AD 15,594,479 $ 12,263,521 $ (52,892)
09/24/96 BF 105,963,385 3,426,098 (50,037)
09/24/96-10/24/96 CD 10,693,766 7,813,939 (11,414)
09/24/96-10/24/96 CH 22,129,219 18,008,801 (497,929)
09/24/96-10/24/96 DK 60,742,765 10,436,582 (202,261)
09/24/96-10/24/96 DM 113,470,407 73,306,881 (1,561,039)
09/24/96-10/24/96 FF 142,957,164 28,002,821 (262,806)
09/24/96-10/24/96 IT 39,498,948,103 25,786,542 (277,944)
09/24/96-10/24/96 JY 9,474,662,026 87,923,798 387,339
09/24/96 NG 10,679,998 6,347,926 (97,555)
09/24/96-10/24/96 SK 53,793,277 8,101,821 (24,994)
09/24/96-10/24/96 SP 1,136,630,081 8,960,773 (112,508)
09/24/96-10/24/96 UK 29,126,416 44,861,293 (581,501)
09/24/96 XE 2,612,071 3,230,087 (97,987)
------------ ------------
$340,470,883 $(3,443,528)
------------ ------------
------------ ------------
Foreign Currency Purchases:
09/24/96-10/24/96 AD 16,114,480$ 12,691,343 $ 37,197
09/24/96 BF 28,842,916 916,018 30,175
09/24/96-10/24/96 CD 13,100,574 9,619,484 (30,569)
09/24/96-10/24/96 CH 26,005,949 21,107,356 638,052
09/24/96-10/24/96 DK 77,284,310 13,346,131 181,637
09/24/96-10/24/96 DM 118,988,058 79,495,843 1,038,553
09/24/96-10/24/96 FF 129,216,040 25,109,560 436,597
09/24/96-10/24/96 IT 44,096,985,404 28,640,737 453,499
09/24/96-10/24/96 JY 9,562,312,662 88,576,702 (163,703)
09/24/96-10/24/96 NG 9,833,542 5,826,664 111,128
09/24/96-10/24/96 SK 41,306,323 6,199,524 39,559
09/24/96-10/24/96 SP 1,373,232,899 10,676,629 280,133
09/24/96-10/24/96 UK 34,224,593 52,848,478 543,770
09/24/96 XE 2,909,062 3,598,074 108,401
------------ ------------
$358,652,543 $3,704,429
------------ ------------
------------ ------------
$ 260,901
------------
------------
CURRENCY LEGEND
AD Australian Dollar IT Italian Lira
BF Belgian Franc JY Japanese Yen
CD Canadian Dollar NG Netherlands Guilder
CH Swiss Frank SK Swedish Krona
DK Danish Kroner SP Spanish Peseta
DM German Mark UK British Pounds Sterling
FF French Franc XE European Currency Unit
At August 31, 1996, the International Fixed Income Portfolio had unrealized
losses on closed but unsettled forward foreign currency contracts of $3,725
scheduled to settle on September 24, 1996.
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, 1996, were as follows:
PURCHASES SALES
(000) (000)
---------- ----------
International Equity Portfolio $262,315 $287,147
Emerging Markets Equity Portfolio 102,569 23,864
International Fixed Income Portfolio 168,623 127,215
The International Fixed Income Portfolio sold $138,000 in U.S. government
securities, during the period ended August 31, 1996.
For Federal income tax purposes, the cost of securities owned at August 31,
1996 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, 1996 for the Portfolios is as follows:
<TABLE>
NET
APPRECIATED DEPRECIATED UNREALIZED
SECURITIES SECURITIES APPRECIATION
(000) (000) (000)
----------- ----------- ------------
<S> <C> <C> <C>
International Equity
Portfolio $34,667 $(20,238) $14,429
Emerging Markets Equity
Portfolio 11,616 (8,096) 3,520
International Fixed
Income Portfolio 1,557 (318) 1,239
</TABLE>
-21-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
7. FUTURES CONTRACTS
The International Equity Portfolio had the following futures contracts open as
of August 31, 1996:
Contract Number of Trade Settlement Unrealized
Description Contracts Price Month Gain/(Loss)
- -------------- --------- -------- ----------- -----------
IBEX 35 Index 74 4,082.50 Sept. 1996$ (2,130)
IBEX 35 Index 8 4,031.00 Sept. 1996 99
IBEX 35 Index 25 4,090.00 Sept. 1996 (870)
IBEX 35 Index 15 4,081.00 Sept. 1996 (414)
IBEX 35 Index 8 4,112.00 Sept. 1996 (419)
CAC 40 Index 1 1,983.50 Sept. 1996 (425)
CAC 40 Index 1 2,019.50 Sept. 1996 (1,844)
CAC 40 Index 1 1,999.00 Sept. 1996 (1,038)
CAC 40 Index 1 1,992.00 Sept. 1996 (761)
CAC 40 Index 1 2,023.00 Sept. 1996 (1,988)
CAC 40 Index 2 2,035.00 Sept. 1996 (4,925)
CAC 40 Index 1 2,020.50 Sept. 1996 (1,889)
DAX Index 1 2,554.00 Sept. 1996 (1,024)
DAX Index 1 2,568.00 Sept. 1996 (1,972)
DAX Index 1 2,575.00 Sept. 1996 (2,446)
FT-SEI 100 Index 1 3,818.50 Sept. 1996 2,394
FT-SEI 100 Index 1 3,803.00 Sept. 1996 2,999
FT-SEI 100 Index 1 3,888.00 Sept. 1996 (322)
FT-SEI 100 Index 1 3,882.00 Sept. 1996 (88)
FT-SEI 100 Index 1 3,903.00 Sept. 1996 (908)
FT-SEI 100 Index 2 3,916.00 Sept. 1996 (2,832)
FT-SEI 100 Index 1 3,908.00 Sept. 1996 (1,103)
Hang Seng Index 3 11,340.00 Sept. 1996 (4,850)
Hang Seng Index 1 11,339.00 Sept. 1996 (1,610)
Australia Ords Index 1 2,219.00 Sept. 1996 823
Australia Ords Index 1 2,233.00 Sept. 1996 546
Australia Ords Index 2 2,242.00 Sept. 1996 736
Australia Ords Index 1 2,285.00 Sept. 1996 (483)
Australia Ords Index 1 2,269.00 Sept. 1996 (166)
Australia Ords Index 2 2,289.00 Sept. 1996 (1,124)
Australia Ords Index 1 2,299.00 Sept. 1996 (760)
Australia Ords Index 1 2,279.00 Sept. 1996 (364)
Nikkei 225 Index 1 20,815.00 Sept. 1996 (2,785)
Nikkei 225 Index 2 20,790.00 Sept. 1996 (5,341)
Nikkei 225 Index 2 20,590.00 Sept. 1996 (3,499)
Nikkei 225 Index 1 20,645.00 Sept. 1996 (2,003)
Nikkei 225 Index 3 20,900.00 Sept. 1996 (9,530)
Nikkei 225 Index 2 21,180.00 Sept. 1996 (8,932)
Nikkei 225 Index 3 21,230.00 Sept. 1996 (14,088)
Nikkei 225 Index 4 21,455.00 Sept. 1996 (22,928)
Nikkei 225 Index 3 21,205.00 Sept. 1996 (13,743)
Nikkei 225 Index 1 20,935.00 Sept. 1996 (3,338)
-------------
$(115,345)
-------------
-------------
8. CONCENTRATION OF RISKS
Each Portfolio invests in securities of foreign issuers in various countries.
These investments may involve certain considerations and risks not typically
associated with investments in the United States, as a result of, among other
factors, the possibility of future political and economic developments and the
level of governmental supervision and regulation of securities markets in the
respective countries. The International Fixed Income Portfolio invests in debt
securities, the market value of which may change in response to interest rate
changes. Also, the ability of the issuers of debt securities held by the
Portfolio to meet their obligations may be a affected by economic and political
developments in a specific country, industry or region.
9. FUND MERGERS
Effective March 25, 1996, all the assets and liabilities of the European Equity
Portfolio and Pacific Basin Portfolio were transferred to the International
Equity Portfolio in a tax-free reorganization pursuant to a Reorganization
Agreement approved by the shareholders. The net asset value of the European
Equity and Pacific Basin Portfolios of $81,709,082 and $68,655,364,
respectively, were transferred to the International Equity Portfolio, in
exchange for 8,126,302 and 6,828,057 shares of the International Equity
Portfolio; those shares were then distributed to shareholders in liquidation of
the European Equity and Pacific Basin Equity Portfolios.
-22-
<PAGE>
SHAREHOLDERS VOTING RESULTS
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
There was a special meeting scheduled for March 15, 1996 at which the
shareholders of the International Equity Portfolio (the "Portfolio") voted on a
series of proposals (the "Proposals"). The proposals and the results of the
shareholder meeting are set forth below.
PROPOSAL 1: To approve or disapprove the selection of Schroder Capital
Management International Limited ("Schroder") as Investment Sub-Adviser for the
Portfolio, and to approve or disapprove the Investment Sub-Advisory Agreement
between SEI Financial Management Corporation ("SFM" or "Adviser") and Schroder
relating to the Portfolio.
SHARES VOTED
------------
For 17,659,400
Against 45,468
Abstain 167,635
Broker Non-Vote 0
PROPOSAL 2: To approve or disapprove the selection of Morgan Grenfell Investment
Services Limited ("Morgan Grenfell") as Investment Sub-Adviser for the
Portfolio, and to approve or disapprove the Investment Sub-Advisory Agreement
between SFM and Morgan Grenfell relating to the Portfolio.
SHARES VOTED
------------
For 17,677,064
Against 40,629
Abstain 154,810
Broker Non-Vote 0
PROPOSAL 3: To approve or disapprove an Amended Investment Sub-Advisory
Agreement between SFM and Acadian Management, Inc. ("Acadian") which would
increase the sub-advisory fee paid to Acadian by SFM.
SHARES VOTED
------------
For 16,911,937
Against 389,829
Abstain 169,555
Broker Non-Vote 401,182
PROPOSAL 4: To approve or disapprove an Amended Investment Advisory Agreement
between the Portfolio and SFM which would increase the advisory fee paid to SFM.
SHARES VOTED
------------
For 16,873,568
Against 427,017
Abstain 170,736
Broker Non-Vote 401,182
There was a special meeting scheduled for March 15, 1996 at which the
shareholders of the European Equity and Pacific Basin Funds (the "Portfolios")
voted on a proposal (the "Proposal"). The proposal and results of the
shareholder meeting are set forth below.
PROPOSAL 1: The approval or disapproval of an Agreement and Plan of
Reorganization and Liquidation providing for (i) the transfer of substantially
all of the assets and liabilities of the Pacific Basin Equity Portfolio to the
International Equity Portfolio in exchange for Class A Shares of the
International Equity Portfolio; (ii) the distribution of the International
Equity Portfolio Shares so received to shareholders of the Pacific Basin Equity
Portfolio; and (iii) the termination under state law of the Pacific Basin Equity
Portfolio.
European Equity Portfolio:
SHARES VOTED
------------
For 3,063,788
Against 46,127
Abstain 50,364
Pacific Basin Portfolio:
SHARES VOTED
------------
For 3,582,944
Against 66,922
Abstain 49,330
-23-
<PAGE>
SHAREHOLDERS VOTING RESULTS (CONTINUED)
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
There was a special meeting scheduled for April 30, 1996 at which the
shareholders of the International Fixed Income Portfolio (the "Portfolio") voted
on a series of proposals ("the Proposals"). The meeting was adjourned until June
28, 1996, however, none of the Proposals passed due to a failure to reach quorum
within 60 days of the meeting date. The Proposals and results of the shareholder
meeting are set forth below.
PROPOSAL 1: To eliminate the Portfolio's fundamental limitations concerning
diversification and the acquisition of more than 10% of the outstanding voting
securities of any one issuer.
SHARES VOTED
------------
For 3,077,302
Against 511,516
Abstain 129,733
PROPOSAL 2: To amend the Portfolio's fundamental limitation concerning industry
concentration.
SHARES VOTED
------------
For 3,300,537
Against 264,782
Abstain 153,232
PROPOSAL 3: To amend the Portfolio's fundamental limitation concerning borrowing
to enhance the Portfolio's ability to borrow money.
SHARES VOTED
------------
For 3,253,043
Against 299,939
Abstain 165,569
PROPOSAL 4: To amend the Portfolio's fundamental limitation concerning making
loans to enhance the Portfolio's ability to make loans.
SHARES VOTED
------------
For 3,285,583
Against 296,625
Abstain 136,343
PROPOSAL 5: To reclassify the Portfolio's fundamental limitation concerning
pledging assets as non-fundamental, and to amend certain language.
SHARES VOTED
------------
For 3,292,908
Against 258,736
Abstain 166,908
PROPOSAL 6: To reclassify the Portfolio's fundamental limitation concerning
investment in securities for the purpose of exercising control as
non-fundamental.
SHARES VOTED
------------
For 3,355,129
Against 219,874
Abstain 143,548
PROPOSAL 7: To amend the Portfolio's fundamental limitation concerning
investment in real estate and commodities to clarify the Portfolio's ability to
invest in commodities contracts relating to financial instruments.
SHARES VOTED
------------
For 3,182,261
Against 404,927
Abstain 131,363
PROPOSAL 8: To reclassify the Portfolio's fundamental limitation concerning
short sales and margin sales as non-fundamental, and to amend certain language.
SHARES VOTED
------------
For 3,145,445
Against 438,897
Abstain 134,209
-24-
<PAGE>
================================================================================
PROPOSAL 9: To reclassify the Portfolio's fundamental investment limitation
concerning investment in securities of investment companies as non-fundamental,
and to amend certain language.
SHARES VOTED
------------
For 3,338,906
Against 242,612
Abstain 137,032
PROPOSAL 10: To amend the Portfolio's fundamental limitation concerning the
issuance of senior securities to clarify the Portfolio's ability to issue senior
securities.
SHARES VOTED
------------
For 3,138,395
Against 446,834
Abstain 133,322
PROPOSAL 11: To reclassify the Portfolio's fundamental limitation concerning
investment in securities of an issuer whose securities are owned by officers and
trustees of the Trust as non-fundamental.
SHARES VOTED
------------
For 3,040,487
Against 547,917
Abstain 130,147
PROPOSAL 12: To reclassify the Portfolio's fundamental limitation concerning
investment of more than 5% of total assets in securities of companies with less
than three years of operating history as non-fundamental.
SHARES VOTED
------------
For 3,312,687
Against 281,404
Abstain 124,460
PROPOSAL 13: To reclassify the Portfolio's fundamental limitation concerning
investment in restricted securities as non-fundamental, and to amend certain
language.
SHARES VOTED
------------
For 3,080,522
Against 503,929
Abstain 134,100
PROPOSAL 14: To authorize the Board of Trustees to appoint additional or
replacement sub-advisers for the Portfolio without seeking approval of the
Shareholders of the contracts pursuant to which such sub-advisers serve.
SHARES VOTED
------------
For 3,361,475
Against 179,242
Abstain 177,834
PROPOSAL 15: To approve the selection of SFM as the Investment Adviser for the
Portfolio, and to approve the Investment Advisory Agreement between the Trust,
on behalf of the Portfolio, and SFM.
SHARES VOTED
------------
For 3,469,393
Against 119,067
Abstain 130,091
PROPOSAL 16: To approve the selection of Strategic Fixed Income, L.P.
("Strategic") as an investment sub-adviser for the Portfolio, and to approve the
form of investment sub-advisory agreement between SFM and Strategic.
SHARES VOTED
------------
For 3,433,005
Against 122,045
Abstain 163,501
-25-
<PAGE>
SHAREHOLDERS VOTING RESULTS (CONCLUDED)
================================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1996 (UNAUDITED)
There was a special meeting scheduled for July 5, 1996 at which the
shareholders of the SEI International Trust voted on a proposal to elect a Board
of Trustees. Due to a lack of quorum on July 5, 1996, the meeting was adjourned
until August 14, 1996. The name of each Trustee elected at the meeting and the
results of the Shareholder Vote are listed below. There are no additional
trustees whose term of office continued after the meeting.
PROPOSAL 1: To consider and act upon a proposal to elect a Board of Trustees.
TRUSTEE SHARES SHARES
- -------- ------ ------
VOTED WITHHELD
------ ----------
"FOR" AUTHORITY
------ ----------
Robert A Nesher 41,157,709 273,208
Frank E. Morris 41,160,705 270,212
William M. Doran 41,162,075 268,842
F. Wendell Gooch 41,163,507 267,410
James M. Storey 41,162,075 268,842
George J. Sullivan, Jr. 41,162,075 268,842
-26-
<PAGE>
NOTES
<PAGE>
================================================================================
SEI INTERNATIONAL TRUST
================================================================================
SEMI-ANNUAL REPORT
================================================================================
AUGUST 31, 1996
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
George J. Sullivan, Jr.
OFFICERS
David G. Lee
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Stephen G. Meyer
CONTROLLER, CHIEF FINANCIAL OFFICER
Marc H. Cahn
VICE PRESIDENT, ASSISTANT SECRETARY
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Joseph M. Lydon
VICE PRESIDENT, ASSISTANT SECRETARY
Barbara A. Nugent
VICE PRESIDENT, ASSISTANT SECRETARY
Sandra K. Orlow
VICE PRESIDENT, ASSISTANT SECRETARY
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Kathryn L. Stanton
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
INVESTMENT ADVISORS
INTERNATIONAL EQUITY PORTFOLIO
SEI Financial Management
EMERGING MARKETS EQUITY PORTFOLIO
SEI Financial Management
INTERNATIONAL FIXED INCOME PORTFOLIO
Strategic Fixed Income L.P.
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Fund Management
DISTRIBUTOR
SEI Financial Services Company
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
THIS SEMI-ANNUAL REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE TRUST AND MUST
BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. SHARES OF THE SEI FUNDS ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK. THE
SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(FDIC), THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY. INVESTMENT IN
THE SHARES INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SEI
FINANCIAL SERVICES COMPANY, THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT AFFILIATED
WITH ANY BANK.
FOR MORE INFORMATION CALL 1-800-DIAL-SEI/1-800-342-5734
<PAGE>
SEI FINANCIAL
SERVICES
COMPANY
680 East Swedesford Road
Wayne, PA 19087-1658
800-DIAL-SEI/800-342-5734
SEI-F-031-06
