SEMI-ANNUAL REPORT AS OF
AUGUST 31, 1997 (UNAUDITED)
SEI INTERNATIONAL
TRUST
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International Equity
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Emerging Markets Equity
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International Fixed Income
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Emerging Markets Debt
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(LOGO)
[GRAPHIC OMITTED]
<PAGE>
TABLE OF CONTENTS
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STATEMENTS OF NET ASSETS .................................. 2
STATEMENTS OF OPERATIONS .................................. 18
STATEMENTS OF CHANGES IN NET ASSETS ....................... 19
FINANCIAL HIGHLIGHTS ...................................... 20
NOTES TO FINANCIAL STATEMENTS ............................. 21
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
FOREIGN COMMON STOCKS -- 92.9%
AUSTRALIA -- 4.4%
Advance Property Fund 155,600 $ 173
Amalgamated Holdings 36,000 184
Amcor 47,000 285
Australia & New Zealand Bank 226,050 1,624
Australian Resources 292,600 106
Broken Hill Proprietary 157,800 1,980
Capral Aluminum 204,600 654
Coles Myer 178,000 829
Commonwealth Bank
of Australia 125,300 1,385
Consolidated Rutile 412,200 212
CRA* 105,725 1,562
Foodland 283,900 2,025
Futuris 64,890 97
Goodman Fielder 334,000 479
Hardie (James) Industries 125,000 425
Jupiters 107,600 251
Lend Lease 70,000 1,510
MacMahon Holdings 145,500 87
Mayne Nickless 105,000 600
National Australia Bank 425,972 5,916
Newscorp 119,000 536
Pacific Magazines & Print* 100,300 241
Pasminco 238,000 431
Pioneer 277,000 932
Qantas Airways 536,400 1,175
QBE Insurance 100,000 542
Rothmans Holdings 75,100 397
Simsmetal 33,900 249
Stockland Trust Group 49,500 124
Western Mining 83,625 424
Westpac Banking 385,807 2,237
Westpac Property Trust 155,500 197
Woodside Petroleum 75,000 601
--------
28,470
--------
AUSTRIA -- 0.1%
Brauerei Schwechat 3,700 141
Radex Heraklith 8,400 323
SCA Laakirchen 100 53
Strabag Oesterreich 1,200 70
Voest-Alpine Stahl 7,700 320
--------
907
--------
BELGIUM -- 0.4%
Arbed 2,910 386
CMB 6,670 431
Kredietbank 3,190 1,183
Tractabel 2,060 818
--------
2,818
--------
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
CANADA -- 2.6%
Acklands* 8,800 $ 111
BC Gas 15,100 270
BC Telecom 50,500 1,215
Canadian Imperial Bank 22,200 575
Canadian Utilities 5,000 134
Canfor 10,200 110
Cascades 43,700 316
CCL Industries, Series B 31,100 381
Cinram International 17,900 522
Cott 25,300 241
Empire, Series A 8,400 111
Imasco 71,100 2,020
International Forestech* 29,300 198
Jannock 17,900 250
Magna International, Series A 8,400 557
Maritime Telegraph & Telephone 15,800 312
Methanex* 50,900 427
National Bank Canada 78,900 1,017
Newtel Enterprises 7,800 152
Noranda Forest 48,200 326
Northstar Energy* 49,400 429
Nova Scotia Power 71,500 742
Oshawa Group, Series A 79,900 1,232
Premdor* 14,200 132
Rio Alto Exploration* 29,700 276
Royal Bank of Canada 30,400 1,426
Seagram* 61,800 2,159
Slocan Forest Products 13,200 113
Stelco 91,300 776
Videotron Groupe 23,000 177
--------
16,707
--------
DENMARK -- 0.9%
Danske Traelast 2,080 181
Den Danske Bank 33,500 3,166
FIH, Series B 10,320 258
Kobenhavns Lufthavne 20,200 2,154
Monberg & Thorsen Holding 2,400 110
--------
5,869
--------
FINLAND -- 0.2%
Enso Oy, Series A 43,300 374
Finnair, Series 1 10,000 73
Metsa Serla, Series B 60,700 502
UPM-Kymmene 10,100 239
--------
1,188
--------
FRANCE -- 5.5%
Alcatel Alsthom 18,900 2,314
AXA UAP 32,100 2,044
Banque National Paris 50,750 2,163
2
<PAGE>
===============================================================================
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Bazar de L'hotel de Ville 850 $ 79
Bertrand Faure 9,100 443
Bongrain 825 292
C.G.I.P. 6,700 1,875
Chargeurs International 2,650 157
CIC Union Europe 2,550 171
De Dietrich et Compagnie 1,981 81
Ecia 1,300 203
Elf Aquitaine 18,400 2,044
Eridania Beghin Say 6,900 897
Fimalac 1,200 101
Galeries Lafayette 700 255
Gaumont 4,300 307
Generale des Eaux 16,615 1,854
Generale des Eaux Warrants* 19,815 11
Havas 31,900 1,947
Lafarge 28,915 1,865
Marine Wendel 7,300 747
Paribas 45,200 3,112
Parisienne de Rees 4,200 314
Pernod Ricard 14,850 693
Peugeot 20,750 2,326
Rhone Poulenc 59,900 2,196
Saint Gobain 7,950 1,091
Seita 9,100 280
Societe Generale 17,450 2,165
Union Assurances Federal 4,200 435
Valeo 33,300 2,000
Vallourec 7,850 468
Worms et Compagnie 7,400 403
--------
35,333
--------
GERMANY -- 6.6%
Agiv* 54,480 1,207
Andrea-Noris Zahn 25,100 799
BASF 131,100 4,531
Bayer 109,750 4,036
Bayer Vereinsbank 16,900 872
Bayerische Motoren Werke 4,178 2,976
Berliner Kraft und Licht 20,500 430
Binding Brauerei 300 75
CKAG Colonia Konzern 5,300 452
Continental 26,000 631
Daimler-Benz 7,300 538
DBV Holding 1,810 649
Deutche Pfandrbrief &
Hypotheken Bank 9,320 506
Deutsche Telekom 13,650 273
DLW* 1,450 148
Dresdner Bank 45,300 1,774
Dresdner Bank Rights* 45,300 7
Dywidag 410 52
Henkel Kgaa 45,500 2,298
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Herlitz 910 $ 75
Holsten Brau 500 107
IWKA 1,200 292
Kolbenschmidt AG* 7,300 109
Lufthansa 117,600 2,377
Man 1,160 317
Mannesmann 5,500 2,531
Metro 49,400 2,249
Nuernberger BET 150 143
Phoenix 21,750 379
PWA 4,600 841
SGL Carbon 1,900 232
Veba 5,770 302
Viag 9,190 3,795
Viag AG New 985 397
Volkswagen 7,810 5,602
--------
42,002
--------
HONG KONG -- 4.7%
Cathay Pacific Airways 387,000 632
Cheung Kong Holdings 157,000 1,661
China Resources Development 88,000 369
Citic Pacific 111,000 592
Guangdong Investment 381,000 460
Guangdong Investment
Warrants 99* 38,100 22
Guoco Group 81,000 315
Hang Lung Development 791,000 1,429
Hang Seng Bank 68,000 820
Harbour Centre Development 43,000 66
Henderson Land Development 173,000 1,434
Hon Kwok Land Investment 534,000 219
Hong Kong & China Gas 331,800 617
Hong Kong Aircraft Engineering 84,800 279
Hong Kong Electric 583,000 2,039
Hong Kong Telecommunications 301,000 633
HSBC Holdings 304,690 9,279
Hutchison Whampoa 180,000 1,498
Jardine International Motor 262,000 298
Kowloon Motor 194,600 527
Kumagai Gumi 1,087,400 2,042
Lai Sun Garment 290,000 350
Liu Chong Hing 205,000 287
New World Development 140,000 873
Oriental Overseas International 264,000 179
Semi-Tech (Global) 66,000 99
Sun Hung Kai Properties 96,200 1,092
Swire Pacific, Series A 115,000 879
Tai Cheung Hlds 285,000 211
Tysan Holdings 362,000 85
Wharf Holdings 192,000 695
--------
29,981
--------
3
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONTINUED
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
IRELAND -- 0.5%
Anglo Irish Bank 115,200 $ 161
Avonmore Food 56,700 253
Golden Vale 25,000 29
Greencore Group 463,000 2,186
Hibernian Group 28,600 166
Irish Continental Group 13,200 161
--------
2,956
--------
ITALY -- 2.5%
Assicurazioni Generali 98,370 2,073
Banca Popolare di Bergamo 37,600 504
Banca Popolare di Milano 136,600 729
Banca Popular di Brescia 59,400 402
ENI SPA 577,543 3,223
Ericsson 6,400 110
Istituto Bancario san
Paolo di Torino* 356,900 2,487
Milano Assicurazioni 32,500 91
Montedison 2,095,700 1,270
Montefibre 95,000 55
Parmalat Finanziaria 743,100 1,151
Telecom Italia* 581,355 3,451
Toro Assicurazioni 26,600 331
--------
15,877
--------
JAPAN -- 24.3%
Achilles 159,000 355
Aiya 33,000 322
Ajis 11,000 126
Apollo Electronics 43,000 552
Asahi Bank 310,000 2,243
Asahi Chemical Industries 280,000 1,456
Asatsu 31,000 808
Bank of Tokyo-Mitsubishi 182,000 3,299
Bank of Yokohama 181,000 767
Belc 18,000 162
Best Denki 87,000 668
Canon 61,000 1,682
Charle 19,000 184
Chichibu Onoda Cement 250,000 743
Chuba Electric Power 50,100 838
Chubu Steel Plate 120,000 447
Chubu Suisan 38,000 160
Chugai Pharmaceutical 76,000 635
Chuo Warehouse 23,000 149
Comany 14,000 146
Computer Engineering & Consult 27,000 282
Cosmo Oil 249,000 804
Dai-Ichi Kangyo Bank 131,000 1,518
Daicel Chemical 161,000 456
Daido Metal 35,000 148
Daikin Industries 122,000 881
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Daiwa House Industries 406,000 $ 4,672
Danto 45,000 399
Data Communication Systems 8,000 159
Denso 40,000 861
Denyo 19,000 149
Dio Chemicals 26,400 151
East Japan Railway 360 1,639
Fuji Bank 56,000 681
Fujitsu Business Systems 43,000 1,075
Genki Sushi 8,000 113
Glory 51,000 958
Gunze 97,000 373
Hitachi 378,000 3,473
Hitachi Information Systems 40,000 444
Hitachi Medical 69,000 828
Horiba 43,000 498
Horipro 41,000 295
House of Rose 13,000 149
Ichiken 92,000 200
Iino Kaiun* 167,000 442
Inax 43,000 210
Industrial Bank of Japan 95,040 1,306
Institute of General Education 23,000 103
Izumi Industries 42,000 149
Japan Energy 524,000 924
Japan Knowledge 15,000 160
Japan Living Service 72,000 304
Japan Process Development 23,000 145
Japan Tobacco 221 1,773
Jastec 15,000 155
Kajima 123,000 646
Kamigumi 106,000 487
Kansai Electric Power 51,100 952
Kawasaki Heavy Industries 221,000 862
Keihanshin Real Estate 77,000 436
Kentucky Fried Chicken Japan 41,000 445
Keyence 5,960 868
King Jim 52,800 590
Kirin Brewery 181,000 1,464
Kobe Steel* 1,834,000 2,505
Kubota 241,000 970
KVK 13,000 54
Lilycolor 78,000 323
Lion 162,000 622
Long Term Credit Bank 334,000 1,651
Marubeni 446,000 1,613
Marukyo 32,000 291
Matsudo Kousan 33,000 199
Matsushita Electric 133,000 2,444
Minebea 29,000 288
Mitsubishi Electric 537,000 2,458
Mitsubishi Heavy Industries 269,000 1,779
Mitsubishi Materials 651,000 2,064
4
<PAGE>
===============================================================================
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Mitsubishi Motor 165,000 $ 956
Mitsubishi Oil 217,000 754
Mitsui Petrochem 159,000 546
Miura 35,000 432
Mizuno 53,000 264
Morita 143,000 470
NAC 20 --
Nakayamafuku 31,400 155
Namura Shipbuilding 135,000 526
NBC Industries 17,000 151
NGK Spark Plug 120,000 1,023
NIC 48,000 421
Nihon Decoluxe 16,000 152
Nintendo 58,100 4,781
Nippon Computer Systems 17,000 167
Nippon Express 369,000 2,425
Nippon Hodo 23,000 156
Nippon Kanzai 17,600 302
Nippon Meat Packers 68,000 816
Nippon Paper 258,000 1,491
Nippon Shoji Kaisha 64,600 353
Nippon Shokubai 100,000 728
Nippon Telegraph & Telephone 253 2,367
Nishimatsuya Chain* 13,000 150
Nishio Rent All 43,000 434
Nissan Motors 413,000 2,660
Nittetsu Mining 74,000 436
NKK 578,000 919
Nova 17,000 203
Ogura Clutch 9,000 64
Ohishi Sangyo 26,000 157
Ohmoriya 15,000 101
Oie Sangyo 18,200 143
Oji Paper 210,000 1,060
Ono Pharmaceutical 61,000 1,894
Orient 104,000 331
Osaka Gas 264,000 603
Paltac 55,000 282
Pioneer Electronics 98,000 1,947
Rengo 212,000 1,027
Ricoh Elemex 15,000 142
Roki Techno 14,000 136
Roland 25,000 559
Royal Hotel 29,000 144
Ryobi Limited 141,000 425
Ryoyo Electro 29,000 410
Sagami Chain 37,200 447
Sakura Bank 414,000 2,433
Sanko 18,000 140
Sankyu Aluminium 206,000 426
Sanwa Bank 111,000 1,378
Sanyo Electric 283,000 1,007
Sanyo Special Steel 477,000 912
Sato Foods Industries 2,000 33
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Seijo 40,000 $ 308
Seino Transportation 84,000 834
Sekisui Chemical 148,000 1,250
Sekisui House 797,000 7,521
Sekisui House Hokuriku 37,000 315
Seven-Eleven 12,000 856
Shaddy 34,600 324
Sharp 380,000 3,806
Shidax 4,800 156
Shikoku Electric Power 68,800 1,111
Shimojima 26,800 266
Shinden 15,200 147
Shionogi 167,000 1,121
Showa Shell Sekiyo 95,000 657
SK Kaken 11,000 209
Sotoh 53,000 404
Spancrete 19,000 105
Sumitomo 150,000 1,242
Sumitomo Bank 30,000 442
Sumitomo Marine and
Fire Insurance 162,000 1,084
Sumitomo Rubber 116,000 670
Sun-Life 14,000 153
Suzuki Motor 215,000 2,029
Takara Standard 60,000 460
Teijin 155,000 627
Toin 25,000 134
Tokai Bank 123,000 1,069
Tokai Rika 66,000 450
Tokyo Electric Power 40,700 775
Tokyo Gas 383,000 919
Toppan Printing 142,000 2,034
Toshiba 430,000 2,371
Tostem 38,000 790
Toto 95,500 1,004
Toyo Ink 356,000 1,084
Toyo Seikan Kaisha 46,000 792
Toyota Motor 72,000 1,877
Trancom 17,000 74
Tsuba Nakashima 100,000 625
Tsudakoma 252,000 949
Tsutsumi Jewelry 23,700 426
Xebio 42,000 831
Yaizu Suisankagaku 22,700 272
Yakult Honsha 60,000 586
Yamaichi Securities 437,000 854
Yamanouchi Pharmaceutical 91,000 2,170
Yodogawa Steel Works 165,000 886
Yokohoma Rubber 210,000 600
Yonex 25,000 125
Yonkyu 20,000 311
Yoshitomi Pharmaceutical 108,000 702
--------
155,876
--------
5
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONTINUED
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
MALAYSIA -- 1.3%
Austral Enterprises 464,000 $ 572
Berjaya Sports 98,000 268
Bousted 231,000 356
Edaran Otomobil 218,000 784
Grand Central Enterprises 134,000 82
KFC Holdings 111,000 236
Kuala Lumpur Kepong Berhad,
Series B 174,000 355
Kulim 78,000 89
Landmarks 573,000 369
Lion Land 127,000 72
Magnum 245,000 227
Malayan Banking 92,500 615
Malaysia International Shipping 318,000 653
Malaysian Airline System 76,000 144
Malaysian Pacific Industries 245,000 667
MBF Capital 225,000 211
New Straits Times Press 96,000 427
Public Finance 186,000 127
RHB Sakura Merchant Bankers* 7,400 9
Rothmans of Pall Mall 28,000 225
Sime Darby 232,000 548
Tan Chong Motor Holdings 118,000 124
Tenaga Nasionale 170,000 506
UMW Holdings Berhad 75,000 202
United Engineers 104,000 424
Westmont Berhad Industries 218,000 123
--------
8,415
--------
NETHERLANDS -- 5.0%
ABN-Amro Holding 88,808 1,743
ACF Holdings 11,400 210
Aegon 32,713 2,430
Akzo Nobel 20,100 3,116
ASR Verzkerings Groep 9,565 458
Beers 5,500 185
DSM 20,606 1,941
Elsevier 149,250 2,261
Eriks 600 40
Gamma Holding 8,000 401
Heineken 12,000 1,892
Hollandsche Beton Groep 22,620 501
Hoogovens 10,913 615
Ing Groep 126,775 5,519
KLM 11,200 357
KPN 18,769 666
National Invest Bank 4,275 495
Nijverdal Tencate 7,624 362
NKF Holdings 5,416 151
Phillips Electronics 12,400 883
Royal Dutch Petroleum 93,800 4,762
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Unilever 9,400 $ 1,900
Van Ommeren 9,219 378
Volker Wessels Stevin 28,234 833
--------
32,099
--------
NEW ZEALAND -- 0.5%
Brierley Investment 272,000 233
Carter Holt Harvey 77,879 161
Fisher & Paykel Industries 106,607 357
Fletcher Challenge Building 32,500 91
Fletcher Challenge Energy 31,100 110
Fletcher Challenge Forests 16,370 19
Fletcher Challenge Paper 216,751 437
Guinness Peat Group 94,800 56
Independent Newspaper 35,370 184
Lion Nathan 522,348 1,317
Ports of Auckland 13,400 62
Telecom of New Zealand 90,564 446
--------
3,473
--------
NORWAY -- 0.5%
Bona Shipholding* 531 7
Den Norske Bank 298,409 1,218
Leif Hoegh & Company 7,500 160
Norske Skog 15,800 585
Saga Petroleum, Series A 22,500 476
Sparebanken Norway 29,300 886
Storli 4,500 98
--------
3,430
--------
SINGAPORE -- 1.1%
Acma 186,000 277
Bukit Sembawang Estates 13,000 179
City Developments 154,000 974
Hai Sun Hup 70,000 45
Haw Par Brothers 118,000 227
Hong Kong Land Holdings 76,000 220
Jardine Matheson Holdings 47,000 329
Keppel 87,000 311
Natsteel 307,000 837
Overseas Chinese Banking 83,800 655
Overseas Union Bank 43,000 195
Pacific Carriers 235,000 128
Parkway Holdings 41,000 155
Singapore International Airlines 19,000 138
Singapore Press 20,880 264
Singapore Technologies Aerospace 160,000 316
Ssangyong Cement 52,000 102
United Overseas Bank 36,824 285
Wing Tai Holdings 655,000 1,388
--------
7,025
--------
6
<PAGE>
===============================================================================
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
SPAIN -- 1.3%
Azucarera Espana 2,400 $ 125
Banco de Andalucia 300 48
Banco de Santander 112,680 3,136
Energia e Industrias Aragonesas 54,200 370
Fomento de Construcciones
y Contratas 1,900 227
G.E.S.A 12,300 762
Repsol 55,300 2,185
Tabacalera, Series A 17,700 943
Uniland 3,700 194
--------
7,990
--------
SWEDEN -- 2.4%
ASG, Series B 6,300 114
Avesta Sheffield 34,100 323
Bergman & Beving, Series B 5,000 187
Bylock & Nordsjofr, Series B 26,400 137
Catena, Series A 32,900 468
Electrolux, Series B 26,200 1,862
Gorthon Lines, Series B* 26,400 154
Rottneros 113,800 129
SKF, Series B 64,200 1,736
Sparbanken Sverige, Series A 173,100 3,758
Stora Kopparbergs, Series A 96,900 1,538
Svedala AB free 7,600 164
Swedish Match 771,700 2,341
Trelleborg, Series B 38,800 596
Trygg-Hansa, Series B 20,100 426
Volvo, Series B 56,600 1,451
--------
15,384
--------
SWITZERLAND -- 5.5%
Aare-Tessin 410 232
ABB - Asea Brown Boveri Group 540 796
Adecco 6,700 2,282
Baer Holding 900 1,270
Baloise Holding* 350 910
Banca del Gottardo, Series B 290 148
Banque Cantonale Vaud 1,120 278
Bucher Holding 280 284
Cie Financiere Richemont 510 685
Clariant 4,200 2,743
CS Holding* 51,370 6,169
Daetwyler Holding 160 269
EMS Chemie Holding* 310 1,418
Internshop Holding 370 172
Keramik Holding 210 116
Kw Laufenburg 1,310 233
Motor-Columbus 260 493
Nestle SA 480 558
Novartis 1,931 2,735
Roche Holding 385 3,246
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Swiss Bank* 9,270 $ 2,233
Union Bank of Switzerland 4,420 4,380
Vontobel Holding 150 99
Winterthur 2,240 1,941
Zurich Versicherung 4,230 1,535
--------
35,225
--------
UNITED KINGDOM -- 22.6%
Abbey National 728,500 9,797
Albert Fisher Group 392,200 245
Alvis 60,000 136
Amec 152,200 353
Anglian Water 88,100 1,110
Argyll Group* 189,600 1,152
ASDA Group 2,471,100 5,795
Astec 73,500 151
Barclays Bank 181,288 4,149
Barratt Developments 117,900 490
BAT Industries 794,588 6,649
Berkeley Group 98,700 1,199
BG 200,000 875
Blue Circle Industries 207,363 1,299
British Aerospace 86,238 2,018
British Airport Authority 172,738 1,552
British Airways 380,263 3,962
British Petroleum 176,000 2,459
British Telecommunications 390,080 2,525
British Vita 505,500 1,904
BTP 41,600 206
BTR 1,965,500 6,942
Bullough 64,900 94
Carlton Communications 217,000 1,726
Charter 18,600 232
Commercial Union 87,125 1,047
Cowie Group 35,566 209
Crest Nicholson 86,000 148
Davis Service Group 46,600 217
Dixons Group 184,000 1,941
Ed and F Man 163,100 548
Energy Group 52,930 536
Firstbus 306,300 1,035
General Accident 160,500 2,359
Glaxo Wellcome 107,938 2,160
Granada Group 162,250 2,133
Greenalls Group 57,000 438
Guardian Royal Exchange 279,400 1,229
Guinness 159,800 1,415
Halifax* 139,800 1,599
Hambro Countrywide 72,700 135
Harrison & Crossfield 137,000 245
Hazlewood Foods 340,400 745
Heywood Williams 125,000 420
Hillsdown Holdings 467,100 1,222
7
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
INTERNATIONAL
EQUITY PORTFOLIO--CONCLUDED
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
HSBC Holdings 76,288 $ 2,373
Hyder 98,800 1,337
Iceland Frozen Foods 523,488 827
IMI 26,600 147
Kingfisher 251,350 2,953
Kwik Save Group 288,900 1,510
Lex Service 127,000 912
Lloyds TSB Group 394,000 4,615
London & Manchester Group 30,800 203
LucasVarity 350,013 1,117
M & G Group 18,100 353
Marston Thompson 117,100 564
Morrison Supermarket 107,900 313
National Grid Group 280,000 1,207
National Power 139,000 1,279
Northern Ireland Electricity 29,700 211
Persimmon 44,200 166
Premier Cons Oil 472,900 349
Prudential 190,638 1,881
Railtrack Group 65,100 815
Rank Group 254,375 1,457
Reckitt & Coleman 82,025 1,265
Redrow Group 31,500 85
Renold 77,800 343
Reuters Holdings 199,400 2,022
Rexam 259,363 1,250
RJB Mining 295,500 1,556
Scottish Hydro-Electric 78,000 562
Scottish Power 244,283 1,722
Sedgwick Group 710,300 1,387
Severn Trent 149,815 2,130
Shell Transportation & Trading 582,625 3,936
South West Water 54,400 715
Southern Electric 62,453 470
Stakis 323,400 545
Standard Chartered 105,050 1,407
Storehouse 123,200 455
Sun Alliance Group 515,786 4,178
T & N 689,500 1,793
Tesco 223,800 1,483
Thames Water 215,300 2,765
Thorn 102,942 273
TI Group 114,000 1,088
TLG 117,000 202
Tomkins 259,475 1,257
Triplex Lloyd 41,000 120
Unigate 143,000 1,221
United Utilities 149,500 1,671
Vaux Group 82,400 379
Weir Group 384,000 1,661
Wessex Water 271,670 2,102
Willis Corroon Group 615,200 1,236
Wilson Bowden 16,400 143
- ---------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- ---------------------------------------------------------------
Wimpey (George) 346,800 $ 747
Wolseley 201,000 1,451
--------
145,010
--------
Total Foreign Common Stocks
(Cost $583,545) 596,035
--------
FOREIGN PREFERRED STOCKS -- 0.3%
AUSTRIA -- 0.2%
Creditanstalt Bankverein 32,200 1,572
--------
GERMANY -- 0.1%
Draegerwerk 3,200 66
Suedzucker 530 242
--------
308
--------
ITALY -- 0.0%
Unipol 32,480 57
--------
Total Foreign Preferred Stocks
(Cost $1,596) 1,937
--------
U.S. TREASURY OBLIGATION -- 0.3%
U.S. Treasury Bill
5.998%, 09/18/97 (1) $1,610 1,605
--------
Total U.S. Treasury Obligation
(Cost $1,605) 1,605
--------
REPURCHASE AGREEMENTS -- 5.3%
J.P. Morgan
5.55%, dated 08/29/97, matured
09/02/97, repurchase price $14,372,926
(collateralized by various
U.S. Treasury Bonds, ranging
in par value $10,726,000,
11/15/12-11/15/15, 9.875%-10.375%,
market value $14,659,145) 14,371 14,371
State Street Bank
5.00%, dated 08/29/97, matured
09/02/97, repurchase price $19,680,197
(collateralized by U.S. Treasury Note,
par value $1,920,000, 12/31/97,
5.25%, market value $20,071,392) 19,672 19,672
--------
Total Repurchase Agreements
(Cost $34,043) 34,043
--------
Total Investments -- 98.8%
(Cost $620,789) 633,620
--------
Other Assets and Liabilities, Net -- 1.2% 8,001
--------
8
<PAGE>
===============================================================================
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 63,685,558
outstanding shares of beneficial interest $592,935
Portfolio Shares of Class D
(unlimited authorization -- no
par value) based on 20,239
outstanding shares of beneficial interest 200
Accumulated net realized gain
on investments 29,343
Net unrealized depreciation on
forward foreign currency contracts,
futures contracts, foreign currency
and translation of other assets and
liabilities in foreign currency (755)
Net unrealized appreciation on investments 12,831
Undistributed net investment income 7,067
--------
Total Net Assets -- 100.0% $641,621
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.07
========
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE -- CLASS D $9.97
========
MAXIMUM OFFERING PRICE PER
SHARE -- CLASS D ($9.97 / 95%) $10.49
========
(1) SECURITIES SEGREGATED TO COLLATERALIZE FUTURES
CONTRACTS WITH AN AGGREGATE MARKET VALUE OF
$15,279,912.
* NON-INCOME PRODUCING SECURITY
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN
ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE
FINANCIAL STATEMENTS.
EMERGING MARKETS
EQUITY PORTFOLIO
FOREIGN COMMON STOCKS -- 82.1%
ARGENTINA -- 3.8%
Banco Frances ADR 92,135 $ 3,017
Cresud 548,900 1,307
Irsa 300,050 1,333
Irsa ADR 2,777 123
Sidera 603,649 3,093
Telefonica Argentina ADR 28,800 999
YPF ADR 73,000 2,377
--------
12,249
--------
BRAZIL -- 2.9%
Companhia Energetica de
Sao Paulo ADR* 83,300 1,751
Sabesp 2,835,000 741
Telebras 53,150,000 5,699
Telebras ADR 10,350 1,221
--------
9,412
--------
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
CHILE -- 6.0%
Chilectra ADR 117,100 $ 3,610
CIA Telecomunicacion
Chile ADR 84,927 2,553
Empresa Nacional de
Electricidad ADR 261,000 5,807
Quimica y Minera Chile ADR 77,400 4,673
Supermercados Unimarc ADR* 176,700 2,938
--------
19,581
--------
CHINA -- 0.2%
Shanghai Dajiang Group,
Series B 226,600 73
Shanghai Dazhong Taxi 159,000 188
Shanghai Lujiazui Finance
and Trade, Series B* 313,540 370
Shanghai Yaohua Pilkington
Glass, Series B 162,000 55
--------
686
--------
COLOMBIA -- 1.2%
Banco Gandero ADR 60,110 2,179
Banco Industrial
Colombiano ADR 47,140 822
Cementos Diamante GDR 36,590 512
Cementos Paz del Rio GDR* 14,030 236
Gran Cadena Almacenes GDR 29,884 271
--------
4,020
--------
CZECH REPUBLIC -- 1.3%
CEZ* 40,244 1,251
IPS* 19,487 139
Komercni Banka 8,216 159
Skoda* 15,520 406
SPT Telecom* 18,044 2,262
--------
4,217
--------
GREECE -- 3.9%
Aegek 30,070 150
Aktor 11,820 116
Alpha Credit Bank 41,554 2,712
Aluminum Company of Greece 5,100 323
Attica Enterprises 30,575 324
Commercial Bank of Greece 17,180 683
Delta Dairy 13,815 190
Elais Oleaginous 6,540 183
Ergo Bank 26,914 1,570
Hellas Can Packaging 9,320 122
Hellenic Bottling 36,075 1,304
Hellenic Sugar Industry 10,860 61
Heracles General Cement 25,570 478
Intracom 13,870 575
Ionian Bank 10,393 203
Michaniki 17,916 110
9
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
EMERGING MARKETS
EQUITY PORTFOLIO--CONTINUED
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
National Bank of Greece 12,558 $ 1,465
OTE 38,084 847
Papastratos Cigarettes 15,840 270
Silver & Baryte Ores Mining 6,060 95
Titan Cement Company 19,970 1,020
--------
12,801
--------
HONG KONG -- 2.2%
Beijing Enterprises* 44,000 332
Cheung Kong Infrastructure* 162,000 475
China International Marine 123,500 153
China Pharmaceutic 898,000 284
China Resources Enterprise,
Series B 105,000 440
Guangdong Electric Power
Development, Series B 201,840 147
Guangdong Warrants* 28,000 16
Guangshen Railway, Series H* 1,236,000 514
Jilin Chemical Industrial,
Series H 760,000 243
Maanshan Iron & Steel,
Series H 2,104,000 665
Qingling Motors, Series H 772,000 436
Shanghai Hai Xing Shipping,
Series H 1,150,000 1,039
Shanghai Industrial Holdings 73,000 480
Shanghai Petrochemical,
Series H 2,022,000 835
Shenzen China Bicycle, Series B 228,714 70
Tsingtao Brewery, Series H 272,000 168
Yizheng Chemical Fibre,
Series H 1,102,000 804
--------
7,101
--------
HUNGARY -- 1.1%
Borsodchem 7,500 281
Danubius Hotel* 7,590 209
Egis 7,400 360
Gedeon Richter 11,690 1,153
MOL 52,387 1,075
OTP Bank 12,754 397
--------
3,475
--------
INDIA -- 2.4%
BSES GDR 37,735 645
EIH GDR* 8,350 113
Gujarat Ambuja Cement GDR* 50,000 475
Hindalco Industries GDR 55,400 1,641
India Fund 87,030 723
Industrial Credit and
Investment of India* 43,700 612
ITC GDR* 58,105 973
Mahindra & Mahindra GDR 65,000 741
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
State Bank of India GDR* 38,100 $ 752
Videsh Sanchar GDR 70,200 965
Videsh Senchar 144A GDR 6,950 103
--------
7,743
--------
INDONESIA -- 3.8%
Astra 'F' 460,000 1,016
Bank International
Indonesia 'F' 1,962,340 554
Bank International
Indonesia Warrants* 38,520 3
Citra Marga Nusaphala
Persada 'F' 990,000 263
Daya Guna Samudera 'F' 1,290,000 1,767
Gudang Garam 'F' 800,000 2,192
Kawasan Industries 'F' 728,666 537
Putra Surya Multi 'F'* 55,000 29
Reliance Industries GDR* 132,800 2,629
Telekomunikasi Indonesia 'F' 1,944,000 1,781
Telekomunikasi Indonesia ADR 42,300 830
Tjiwi Kimia 'F' 705,992 387
United Tractors 'F' 191,000 327
--------
12,315
--------
MALAYSIA -- 7.2%
AMMB Holdings Rights* 121,000 29
Berjaya Sports Toto 419,000 1,148
IJM 824,000 897
IOI Properties 1,230,000 1,104
KFC 472,000 1,002
Kuala Lumpur Kepong Berhad 920,000 1,875
Kwong Yik Bank 161,000 471
Magnum 1,161,000 1,078
Malayan Banking 484,000 3,216
Malaysian Assurance Alliance 411,400 1,198
Malaysian Pacific Industries 400,000 1,089
New Straits Times Press 420,000 1,870
RHB Sakura Merchant Bankers* 30,900 36
Rothmans of Pall Mall 160,400 1,291
Sime Darby 1,026,000 2,424
Sime Uep Properties 640,000 855
Tenaga Nasionale 470,000 1,400
UMW Holdings Berhad 435,000 1,169
United Engineers 340,000 1,386
--------
23,538
--------
MEXICO -- 7.4%
Accel, Series B* 2,405,000 665
Acer Computec Latino* 392,000 1,512
Bufete Industrial ADR* 4,900 102
Cifra ADR 590,000 1,122
Corporacion Interamericana
de Enterenemienta* 295,800 1,647
Grupo Alfa, Series A 658,899 5,083
10
<PAGE>
===============================================================================
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Grupo Fernandez Edit,
Series B* 4,532,000 $ 1,206
Grupo Financiero Banorte,
Series B* 275,000 424
Grupo Radio Centro ADR 41,400 600
Grupo Televisa GDR* 50,500 1,648
Hylsamex 254,000 1,839
Pepsi-Gemex GDR 138,000 2,122
San Luis 428,100 3,407
Telefonos de Mexico ADR 41,700 2,033
Vitro ADR 43,800 564
--------
23,974
--------
PAKISTAN -- 1.2%
Adamjee Insurance 3,562 10
D.G. Khan Cement 55,440 16
Engro Chemicals 76,650 290
Fauji Fertilizer 224,400 496
Hub Power* 1,012,300 1,200
ICI Pakistan* 690,000 386
Muslim Commercial Bank* 166,000 156
Pakistan State Oil 58,479 514
Pakistan Telecom* 524,500 474
Sui Northern Gas Pipelines* 139,500 109
Sui Southern Gas 174,625 118
--------
3,769
--------
PERU -- 1.6%
Banco Wiese ADR 32,870 214
Buenaventura ADR 26,470 490
Cementos Lima 14,755 303
Credicorp 40,380 851
Ferreyros ADS 10,166 224
Southern Peru Copper* 36,100 659
Telefoncia del Peru ADR 85,808 2,006
Telefonica del Peru, Series B 234,750 550
--------
5,297
--------
PHILIPPINES -- 2.6%
Ayala, Series B 967,250 458
Ayala Land, Series B 750,000 374
Fil-Estate Land* 265,000 30
International Container
Terminal Services* 2,612,250 564
Manila Electric, Series B 323,320 1,106
Metropolitan Bank & Trust 53,685 597
Philippine Long Distance 94,640 2,421
Philippine Long Distance ADR 25,360 640
San Miguel, Series B 278,417 463
SM Prime Holdings 8,436,000 1,766
--------
8,419
--------
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
POLAND -- 1.3%
Agros Holdings, Series C* 5,880 $ 168
Bank Handlowy* 53,800 678
Bank Inicjatyw Gospodarczych* 170,506 199
Bank Przemyslowo-Handlowy 5,868 326
Bank Rozwoju Eksportu 9,256 187
Bank Slaski 8,069 597
Debica 12,024 334
Elektrim 58,290 537
Exbud* 6,100 73
Gorazdze 5,247 214
Mostostal Export 30,991 101
Okocim 13,378 66
Polifarb Wroclaw 15,257 61
Rolimpex* 9,272 36
Stomil Olsztyn 16,986 171
Wielkopolski Bank Kredytowy 59,952 328
ZML Kety 7,478 138
Zywiec 2,106 164
--------
4,378
--------
PORTUGAL -- 3.9%
Banco Comercial Portugues 114,058 2,117
Banco Espirito Santo 16,585 408
Banco Totta & Acores 11,980 215
BPI-SGPS 70,300 1,383
Cimentos de Portugal 41,508 998
Electricidade de Portugal 91,200 1,424
Jeronimo Martins & Filho 20,823 1,285
Modelo Continente 7,510 298
Mundial Confianca* 31,400 548
Portucel Industrial Empresa 24,951 187
Portugal Telecom 40,798 1,516
Semapa 15,100 340
Sonae Investimentos 30,385 1,132
Soporcel* 24,345 732
--------
12,583
--------
SOUTH AFRICA -- 9.8%
Amalgamated Banks of
South Africa 50,748 329
Amalgamated Beverage 48,680 367
Anglo American 22,800 1,170
Anglo American Gold
Investment Company 6,300 339
Anglo American Investment Trust 26,100 863
Anglovaal, Series N 34,000 710
Avmin 104,600 256
B.O.E, Series N 975,000 1,476
Bidvest Group 100,000 795
Billiton Entitlement* 66,875 258
Billiton* 200,625 774
Bonnita Holdings 346,338 170
11
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
EMERGING MARKETS EQUITY
PORTFOLIO--CONTINUED
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
C.G. Smith 194,100 $ 991
Compagnie Financiere Richemont 92,100 1,242
CTP Holdings 30,100 392
De Beers Centenary 38,400 1,224
Delta Electrical Industries 58,600 306
Ellerine Holdings 45,880 381
First National Bank 104,800 827
Gencor 53,500 136
Gold Fields of South Africa 33,300 682
Investec Bank 10,000 364
JCI 57,365 361
Johnnies Industrial 138,500 1,816
Lebowa Platinum Mines* 260,000 277
Lewis Foschini Investment* 45,000 48
Liberty Life Association of Africa 38,945 1,200
Liblife Strategic Investments 161,500 596
Malbak 71,900 99
Murray & Roberts 358,100 958
Nedcor 24,460 480
New Africa Investments,
Series N* 494,961 359
New Africa Investments Rights* 371,220 20
NK Properties 325,000 225
OTK Holdings 535,225 628
Palabora Mining 27,000 481
Plessey 157,901 321
Power Technologies 285,800 548
Randgold & Exploration* 187,700 660
Rembrandt Group 83,400 807
Reunert 100,000 331
Rustenburg Platinum 34,000 578
Saflife* 175,000 534
Sasol 163,521 2,179
Shoprite Holdings 174,200 293
Siltek 154,300 737
South African Breweries 48,287 1,449
Standard Bank 10,000 448
Tiger Oats 59,900 894
Western Deep Levels 5,000 120
Wooltru 91,943 510
--------
32,009
--------
SOUTH KOREA -- 2.9%
Cho Hung Bank 20,000 98
Dong-A Pharmaceuticals 6,060 164
Dong-Ah Construction 5,500 94
Dongah Tire* 1,428 80
Hankuk Glass Industry 3,600 104
Housing & Commercial Bank 2,000 37
Housing & Commercial
Bank GDR* 7,700 135
Hyundai Engineering &
Construction 8,334 176
Kookmin Bank 2,433 31
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
Kookmin Bank GDR 144A* 5,000 $ 73
Kookmin Bank Rights* 1 --
Korea Asia Fund* 120 1,028
Korea Electric Power 5,990 157
Korea Electric Power ADR 62,050 1,012
Korea Exchange Bank* 18,320 105
Korea Fund 132,973 1,654
LG Chemical* 13,350 221
LG Information &
Communication* 2,000 211
LG Information &
Communication Rights* 144 4
LG Insurance 2,000 118
Pohang Iron & Steel 5,580 483
Pohang Iron & Steel ADR* 32,400 838
Samchully 2,800 181
Samsung Display Devices * 5,270 267
Samsung Electronics 2,165 238
Samsung Electronics GDR* 6,900 365
Samsung Electronics New
1/2 Non-voting GDS* 3,296 181
Samsung Electronics
Non-voting GDS* 874 23
Samsung Eletro-Mechanics 10,000 278
Samsung Fire & Marine Insurance 390 156
Seoul City Gas* 4,200 173
Shinhung 6,000 208
SK Telecom 130 69
SK Telecom ADR 55,900 503
Yukong 3,970 91
--------
9,556
--------
TAIWAN -- 6.1%
Accton Technology GDR* 74,000 500
Acer GDR* 96,250 1,266
Advanced Semiconductor
Engineering GDR 37,560 951
Asia Cement GDR 97,500 1,219
Asustek Computer GDR* 126,000 2,665
China Steel GDR 60,336 1,219
Lite-On Technology GDR* 28,860 844
President Enterprises GDS* 68,400 1,154
ROC Taiwan Fund 151,300 1,967
Siliconware Precision GDR* 77,200 1,641
Taiwan American Fund* 50,000 1,018
Teco Electric & Machinery GDR* 28,060 473
Tung Ho Steel GDR* 100,575 950
Yageo GDR 144A* 113,932 2,834
Yageo GDR* 14,000 348
Yang Ming Marine
Transport GDR* 90,000 865
--------
19,914
--------
12
<PAGE>
===============================================================================
- ---------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- ---------------------------------------------------------------
THAILAND -- 2.3%
Bangkok Bank 'F' 265,600 $ 1,315
Electric Generating 'F' 975,510 1,714
Industrial Finance 'F' 129,300 102
Lanna Lignite 'F' 45,500 304
National Finance and
Securities 'F' 219,100 125
Phatra Thanakit 'F' 261,000 260
PTT Exploration 'F' 96,100 1,025
TelecomAsia 'F' 358,500 291
Thai Airways International 'F' 711,400 823
Thai Engine Manufacturing 'F' 36,000 202
Thai Farmers Bank 'F' 316,700 909
Thai Farmers Bank Warrants* 26,138 10
Thai Petrochemical 'F' 98,400 31
Tipco Asphalt 'F' 135,000 411
--------
7,522
--------
TURKEY -- 3.8%
Akbank 28,242,240 1,812
Akcansa Cimento 2,061,000 308
Aktas Elektrik Ticaret 146,154 218
Arcelik 5,214,013 521
Brisa 401,399 151
Cukurova Elektrik 320,107 463
Ege Biracilik Ve Malt Sanayii 1,362,850 305
Erciyas Biracilik Ve
Malt Sanayii 1,157,147 150
Eregli Demir Ve
Celik Fabrikalari 3,269,943 537
Ihlas Gazetecil* 1,543,761 219
Koc Holdings 6,404,420 1,644
Migros 604,806 397
Netas* 670,264 178
Otosan 500,573 306
Peg Profilo 1,884,585 108
Petkim Petrokimya 491,740 197
Petrol Ofisi 1,128,919 202
Tupras* 4,453,094 372
Turk Hava Yollari* 1,687,903 448
Turkiye Garanti Bankasi 25,615,869 1,025
Turkiye Is Bankasi 6,384,808 2,058
Yapi Ve Kredi Bankas 32,276,217 665
--------
12,284
--------
UNITED STATES -- 0.9%
Formosa Fund* 194 2,909
--------
VENEZUELA -- 2.3%
Banco Provincial 350,142 694
Compania Anonima Nacional
Telecom ADR 51,900 2,141
Electricdid de Caracas 1,917,640 3,302
- ---------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
- ---------------------------------------------------------------
Mavesa ADR 31,125 $ 243
Sivensa ADR 80,785 431
Venezolana de Cementos 290,836 703
--------
7,514
--------
Total Foreign Common Stocks
(Cost $262,834) 267,266
--------
FOREIGN PREFERRED STOCKS -- 7.2%
BRAZIL -- 7.1%
Banco Bradesco 356,269,968 3,526
Banco Credito Nacional* 151,000,000 1,647
Cemig 43,900,000 1,972
Cofap 148,000 1,221
Electrobras, Series B 6,446,000 2,936
Itausa Investimentos 830,000 768
Lojas Renner 7,700,000 332
Petrol Brasileiros 11,664,000 2,844
Telebras 9,009,000 1,086
Teleceara, Series C 2,721,494 1,372
Telemig, Series B 7,643,645 1,121
Telerj 5,109,919 688
Telesp 1,851,306 551
Unibanco 46,260,000 1,711
Unibanco GDR* 17,900 627
Usiminas Gerais 82,600 903
--------
23,305
--------
GREECE -- 0.0%
Michaniki 2,000 9
--------
PERU -- 0.1%
Cerveceria Backus & Johnston,
Series A 29,073 258
--------
Total Foreign Preferred Stocks
(Cost $17,160) 23,572
--------
FOREIGN CONVERTIBLE BONDS -- 3.3%
INDIA -- 0.4%
Indian Petrochemicals
2.500%, 03/11/02 US $ 470 466
Mahindra & Mahindra
5.000%, 07/01/01 US $ 912 950
--------
1,416
--------
MALAYSIA -- 0.0%
AMMB
5.000%, 05/13/02 121 36
--------
MEXICO -- 0.6%
Alfa
8.000%, 09/15/00 US $1,120 1,910
--------
13
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
EMERGING MARKETS EQUITY
PORTFOLIO--CONCLUDED
- ---------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
- ---------------------------------------------------------------
TAIWAN -- 2.3%
Delta Electronics
0.500%, 03/06/04 US $1,228 $ 2,299
GVC
0.000%, 05/21/02 US $ 500 534
Lite-On Technologies
0.750%, 05/01/04 US $ 700 827
Nanya Plastics
1.750%, 07/19/01 US $ 590 968
Siliconware Precision
0.500%, 07/21/04 US $1,000 1,101
Taiwan Seminconductor
0.000%, 07/03/02 US $ 500 538
Walsin Lihwa
3.250%, 06/16/04 US $1,000 1,075
--------
7,342
--------
Total Foreign Convertible Bonds
(Cost $8,672) 10,704
--------
REPURCHASE AGREEMENTS -- 6.0%
Morgan Stanley
5.53%, dated 8/29/97, matured
09/02/97, repurchase price
$4,757,569 (collateralized
by various U.S. Treasury Notes
and Agency instruments,
ranging in par value
$30,000-$9,650,000, 0%- 5.875%,
06/01/98-04/15/24, total
market value $4,866,353) 4,755 4,755
State Street Bank
5.00%, dated 08/29/97,
matured 09/02/97, repurchase
price $14,617,088
(collateralized by U.S. Treasury
Note, par value $14,870,000,
5.25%, 12/31/97, market
value $14,912,805) 14,611 14,611
--------
Total Repurchase Agreements
(Cost $19,366) 19,366
--------
Total Investments -- 98.6%
(Cost $308,032) 320,908
--------
Other Assets and Liabilities, Net -- 1.4% 4,643
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 26,404,802
outstanding shares of beneficial interest 313,449
Undistributed net investment income 422
- ---------------------------------------------------------------
SHARES/FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
- ---------------------------------------------------------------
Accumulated net realized loss
on investments $ (1,180)
Net unrealized appreciation on
forward foreign currency contracts,
foreign currency and translation
of other assets and liabilities in
foreign currency 3
Net unrealized appreciation
on investments (2) 12,857
--------
Total Net Assets -- 100.0% $325,551
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $12.33
========
* NON-INCOME PRODUCING SECURITY
AMOUNTS DESGINATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
ADR -- AMERICAN DEPOSITORY RECEIPT
ADS -- AMERICAN DEPOSITORY SHARE
F --FOREIGN SHARES
GDR -- GLOBAL DEPOSITORY RECEIPT
GDS -- GLOBAL DEPOSITORY SHARE
(1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED.
(2) NET OF 19,000 ACCRUED FOREIGN WITHHOLDING TAXES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INTERNATIONAL FIXED
INCOME PORTFOLIO
FOREIGN BONDS -- 86.8%
AUSTRALIA -- 1.2%
Government of Australia
7.500%, 07/15/05 3,826 $ 2,999
Queensland Treasury
8.000%, 08/14/01 953 756
--------
3,755
--------
AUSTRIA -- 2.4%
Republic of Austria
3.750%, 02/03/09 JY 803,000 7,511
--------
CANADA -- 1.6%
Government of Canada
6.500%, 06/01/04 3,912 2,935
9.000%, 06/01/25 2,000 1,883
--------
4,818
--------
DENMARK -- 3.7%
Danish Mortgage
7.000%, 10/01/29 16,940 2,364
Kingdom of Denmark
8.000%, 03/15/06 52,595 8,586
7.000%, 11/10/24 3,200 465
--------
11,415
--------
14
<PAGE>
===============================================================================
- ---------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- ---------------------------------------------------------------
FRANCE -- 5.2%
Government of France
8.125%, 05/25/99 23,250 $ 4,098
5.500%, 04/25/04 71,010 11,954
--------
16,052
--------
GERMANY -- 13.2%
Bundesschatzanweisungen
5.250%, 02/25/98 7,610 4,251
Deutschland Republic
6.000%, 02/16/06 26,629 15,162
6.250%, 01/04/24 22,080 12,069
KFW International Finance
6.625%, 04/15/03 1,140 677
Treuhandanstalt
6.375%, 07/01/99 2,480 1,433
6.500%, 04/23/03 12,020 7,114
--------
40,706
--------
ITALY -- 13.2%
Republic of Italy
8.500%, 08/01/99 43,150,000 25,408
8.500%, 08/01/04 24,290,000 15,205
--------
40,613
--------
JAPAN -- 19.5%
Asian Development Bank
3.125%, 06/29/05 1,700,000 15,506
European Investment Bank
3.000%, 09/20/06 1,416,000 12,565
Export-Import Bank
4.375%, 10/01/03 1,702,000 16,227
Japanese Development Bank
2.875%, 12/20/06 1,800,000 15,813
--------
60,111
--------
NETHERLANDS -- 3.7%
Kingdom of Netherlands
5.750%, 01/15/04 22,920 11,586
--------
SPAIN -- 4.3%
Kingdom of Spain
11.300%, 01/15/02 1,673,230 13,409
--------
SWEDEN -- 2.9%
Kingdom of Sweden
10.250%, 05/05/03 58,200 8,829
--------
UNITED KINGDOM -- 15.9%
European Investment Bank
7.000%, 03/30/98 200 323
United Kingdom Treasury
7.250%, 03/30/98 6,910 11,206
- ---------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- ---------------------------------------------------------------
7.000%, 11/06/01 8,550 $ 13,824
9.000%, 07/12/11 12,000 22,669
8.000%, 06/07/21 550 997
--------
49,019
--------
Total Foreign Bonds
(Cost $276,153) 267,824
--------
U.S. TREASURY OBLIGATIONS -- 11.3%
U.S. Treasury Notes
5.875%, 10/31/98 29,330 29,342
6.625%, 04/30/02 5,115 5,190
6.250%, 06/30/02 220 220
--------
Total U.S. Treasury Obligations
(Cost $34,805) 34,752
--------
REPURCHASE AGREEMENT -- 0.1%
State Street Bank
5.50%, dated 08/29/97, matured
09/02/97, repurchase price
$476,198 (collateralized by
U.S. Treasury Note, par value
$485,000, 12/31/97, 5.25%, market
value $488,686) 476 476
--------
Total Repurchase Agreement
(Cost $476) 476
--------
Total Investments -- 98.2%
(Cost $311,434) 303,052
--------
Other Assets and Liabilities, Net -- 1.8% 5,573
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 29,452,348
outstanding shares of beneficial interest 317,261
Accumulated net realized gain
on investments 513
Net unrealized depreciation on forward
foreign currency contracts, foreign
currency and translation of other assets
and liabilities in foreign currency (1,487)
Net unrealized depreciation on investments (8,382)
Undistributed net investment income 720
--------
Total Net Assets -- 100.0% $308,625
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.48
========
JY -- JAPANESE YEN
(1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
15
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
EMERGING MARKETS
DEBT PORTFOLIO
- ---------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- ---------------------------------------------------------------
FOREIGN BONDS -- 64.5%
ALGERIA -- 3.2%
Republic of Algeria FRN
6.909%, 09/04/06 1,750 $ 1,544
-------
ARGENTINA -- 5.1%
Government of Argentina
11.000%, 10/09/06 750 858
5.500%, 03/31/23 1,000 729
Government of Argentina FRN
6.875%, 03/31/23 1,000 905
-------
2,492
-------
BRAZIL -- 12.8%
Government of Brazil
8.000%, 04/15/14 7,664 6,237
-------
BULGARIA -- 3.4%
Government of Bulgaria FLIRB
2.250%, 07/28/12 950 585
Government of Bulgaria IAB FRN
6.688%, 07/28/11 1,400 1,075
-------
1,660
-------
ECUADOR -- 3.4%
Government of Ecuador PDI
6.688%, 02/27/15 2,346 1,648
-------
IVORY COAST -- 2.0%
Ivory Coast When Issued FLIRB 2,500 981
-------
MEXICO -- 11.1%
Government of Mexico FRN, Series A
(including 500,000 rights)
6.250%, 12/31/19 500 400
Government of Mexico FRN, Series B
(including 1,230,000 rights)
6.836%, 12/31/19 800 752
Government of Mexico, Series B
(including 250,000 rights)
6.250%, 12/31/19 250 200
United Mexican States
11.375%, 09/15/16 3,500 4,047
-------
5,399
-------
PANAMA -- 4.5%
Government of Panama IRB
3.750%, 07/17/14 550 424
Government of Panama PDI
6.688%, 07/17/16 2,061 1,798
-------
2,222
-------
PERU -- 4.0%
Republic of Peru PDI
4.000%, 03/07/17 3,000 1,969
-------
- ---------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- ---------------------------------------------------------------
PHILIPPINES -- 2.6%
Government of Philippines
8.750%, 10/07/16 500 $ 494
Government of Philippines
Treasury Bill
0.926%, 08/14/98 800 793
-------
1,287
-------
POLAND -- 2.8%
Government of Poland
12.000%, 06/12/02 6,500 1,356
-------
VENEZUELA -- 9.6%
Government of Venezuela
(including 20,000 rights)
6.750%, 03/31/20 4,000 3,275
Government of Venezuela FRN
6.750%, 12/18/07 1,500 1,401
-------
4,676
-------
Total Foreign Bonds
(Cost $31,657) 31,471
-------
LOAN PARTICIPATIONS -- 14.6%
MOROCCO -- 3.8%
Morocco R&C Loan FRN
6.813%, 01/01/09
(Participation: J.P. Morgan) (3) 650 597
(Participation: Chase Manhattan
Bank) (3) 650 597
(Participation: ING Bank) (3) 700 644
--------
1,838
--------
RUSSIA -- 10.8%
Russian Loan Agreement (2)
(Participation: Chase Manhattan
Bank) (3) 1,000 993
Russian Principal When Issued
(Participation: Chase Manhattan
Bank) (3) 2,000 1,430
(Participation: Morgan Stanley)(3) 4,000 2,860
--------
5,283
--------
Total Loan Participations
(Cost $6,861) 7,121
--------
U.S. TREASURY OBLIGATIONS -- 26.6%
U.S. Treasury Bill
5.998%, 09/18/97 6,000 5,982
U.S. Treasury Note
5.875%, 07/31/99 7,000 6,990
--------
Total U.S. Treasury Obligations
(Cost $12,974) 12,972
--------
16
<PAGE>
===============================================================================
- ---------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000)(1) VALUE (000)
- ---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 4.3%
Merrill Lynch
5.53%, dated 08/29/97, matured
09/02/97, repurchase price
$1,000,461 (collateralized by
U.S. Treasury Note, par value
$1,020,000, 07/31/99, 5.875%,
market value $1,023,825) $1,000 $ 1,000
State Street Bank
5.50%, dated 08/29/97, matured
09/02/97, repurchase price
$1,107,507 (collateralized by
U.S. Treasury Note, par value
$1,125,000, 12/31/97, 5.25%,
market value $1,133,550) 1,107 1,107
-------
Total Repurchase Agreements
(Cost $2,107) 2,107
-------
Total Investments -- 110.0%
(Cost $53,599) 53,671
-------
Other Assets and Liabilities, Net -- (10.0%) (4,874)
-------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 4,736,936
outstanding shares of beneficial interest 47,941
Undistributed net investment income 476
Accumulated net realized gain
on investments 281
Net unrealized appreciation on forward
foreign currency contracts, foreign
currency and translation of other
assets and liabilities in foreign currency 27
Net unrealized appreciation on investments 72
-------
Total Net Assets -- 100.0% $48,797
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.30
=======
FLIRB -- FRONT LOADED INTEREST REDUCTION BOND
FRB -- FLOATING RATE BOND
FRN -- FLOATING RATE NOTE
IAB -- INTEREST ARREARS BOND
IRB -- INTEREST RATE BOND
PDI -- PAST DUE INTEREST
(1) IN U.S. DOLLARS UNLESS OTHERWISE INDICATED.
(2) NON-INCOME PRODUCING SECURITY. SECURITY IS IN DEFAULT.
(3) PARTICIPATIONS WERE ACQUIRED THROUGH FINANCIAL INSTITUTIONS INDICATED
PARENTHETICALLY. SEE NOTE 9.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
17
<PAGE>
STATEMENT OF OPERATIONS (000)
===============================================================================
SEI INTERNATIONAL TRUST-- FOR THE PERIOD ENDED AUGUST 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
--------------- ---------------- --------------- -------------
EMERGING INTERNATIONAL EMERGING
INTERNATIONAL MARKETS FIXED MARKETS
EQUITY EQUITY INCOME DEBT(1)
--------------- ---------------- --------------- -------------
INVESTMENT INCOME:
Dividends $10,336 $ 3,677 $ -- $ --
Interest 686 480 6,414 597
Less: Foreign Taxes Withheld (926) (387) (130) --
------- --------- ------- ----
Total Investment Income 10,096 3,770 6,284 597
------- --------- ------- ----
EXPENSES:
Management fees 1,380 904 757 45
Less management fees waived -- -- (11) (24)
Investment advisory fees 1,549 1,460 378 59
Less investment advisory fees waived (282) (484) (63) (15)
Custodian/wire agent fees 271 436 65 21
Shareholder servicing fees 767 348 316 17
Less shareholder servicing fees waived -- (46) (259) (17)
Professional fees 27 21 18 1
Registration & filing fees 52 31 21 3
Printing fees 15 20 17 1
Trustee fees 23 6 6 --
Pricing fees 7 7 8 2
Distribution fees -- -- -- --
Amortization of deferred organization costs -- 1 3 --
Miscellaneous fees 21 8 9 1
------- --------- ------- ----
Total Expenses 3,830 2,712 1,265 94
------- --------- ------- ----
NET INVESTMENT INCOME 6,266 1,058 5,019 503
------- --------- ------- ----
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) from:
Security transactions 15,243 (804) 196 281
Futures contracts 958 -- -- --
Net realized loss on forward foreign
currency contracts and foreign
currency transactions (509) (251) (2,988) (27)
Net change in unrealized appreciation
(depreciation) on forward foreign
currency contracts, futures contracts,
foreign currencies, and translation
of other assets and liabilities
in foreign currency (798) (8) (2,766) 27
Net change in unrealized appreciation
(depreciation) on investments 503 (15,709)* (866) 72
------- -------- ------- ----
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $21,663 $(15,714) $(1,405) $856
======= ======== ======= ====
</TABLE>
(1) EMERGING MARKETS DEBT COMMENCED OPERATIONS ON JUNE 29, 1997.
* NET OF $19,000 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAXES.
AMOUNTS DESIGNATED ARE "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
===============================================================================
SEI INTERNATIONAL TRUST -- FOR THE PERIOD ENDED AUGUST 31, 1997 (UNAUDITED) AND
FOR THE YEAR ENDED FEBRUARY 28, 1997.
<TABLE>
<CAPTION>
------------------- --------------------
EMERGING
INTERNATIONAL MARKETS
EQUITY EQUITY
------------------- --------------------
1997(2) 1997 1997(2) 1997
------------------- --------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 6,266 $ 5,137 $ 1,058 $ (55)
Net realized gain (loss) from investment transactions 16,201 47,383 (804) 331
Net realized loss on forward foreign currency
contracts and foreign currency transactions (509) (531) (251) (457)
Net change in unrealized appreciation (depreciation)
on forward foreign currency contracts, futures contracts,
foreign currencies, and translation of other assets and
liabilities denominated in foreign currencies (798) 81 (8) 14
Net change in unrealized appreciation (depreciation)
on investments 503 (26,307) (15,709)* 27,462
-------- -------- -------- --------
Net increase (decrease) in net assets from operations 21,663 25,763 (15,714) 27,295
-------- -------- -------- --------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A -- (3,619) -- (297)
Class D -- (1) -- --
Net realized gains:
Class A -- (37,589) -- (121)
Class D -- (14) -- --
-------- -------- -------- --------
Total dividends distributed -- (41,223) -- (418)
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS(1):
Class A:
Proceeds from shares issued in merger -- 150,364 -- --
Proceeds from shares issued 195,657 333,733 145,819 163,899
Reinvestment of cash distributions -- 31,663 -- 383
Cost of shares redeemed (99,954) (277,258) (26,028) (36,866)
Cost of shares redeemed in-kind -- (46,630) -- --
-------- -------- -------- --------
Increase in net assets from
Class A transactions 95,703 191,872 119,791 127,416
-------- -------- -------- --------
Class D:
Proceeds from shares issued 44 183 -- --
Reinvestment of cash distributions -- 15 -- --
Cost of shares redeemed (28) (216) -- --
-------- -------- -------- --------
Increase (decrease) in net assets from
Class D transactions 16 (18) -- --
-------- -------- -------- --------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 95,719 191,854 119,791 127,416
-------- -------- -------- --------
Net increase in net assets 117,382 176,394 104,077 154,293
NET ASSETS:
Beginning of period 524,239 347,845 221,474 67,181
-------- -------- -------- --------
End of period $641,621 $524,239 $325,551 $221,474
======== ======== ======== ========
1. CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued in merger -- 14,954 -- --
Shares issued 19,134 32,925 11,135 14,081
Shares issued in lieu of cash distributions -- 3,215 -- 34
Shares redeemed (9,639) (27,199) (1,941) (3,052)
Shares redeemed in-kind -- (4,462) -- --
-------- -------- -------- --------
Total Class A transactions 9,495 19,433 9,194 11,063
-------- -------- -------- --------
Class D:
Shares issued 4 18 -- --
Shares issued in lieu of cash distributions -- 1 -- --
Shares redeemed (2) (21) -- --
-------- -------- -------- --------
Total Class D transactions 2 (2) -- --
-------- -------- -------- --------
Net increase in capital shares 9,497 19,431 9,194 11,063
======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
--------------------- -----------
INTERNATIONAL EMERGING
FIXED MARKETS
INCOME DEBT(1)
--------------------- -----------
1997(2) 1997 1997
--------------------- -----------
<S> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 5,019 $ 5,803 $ 503
Net realized gain (loss) from investment transactions 196 2,409 281
Net realized loss on forward foreign currency
contracts and foreign currency transactions (2,988) (1,329) (27)
Net change in unrealized appreciation (depreciation)
on forward foreign currency contracts, futures contracts,
foreign currencies, and translation of other assets and
liabilities denominated in foreign currencies (2,766) 710 27
Net change in unrealized appreciation (depreciation)
on investments (866) (6,069) 72
-------- -------- -------
Net increase (decrease) in net assets from operations (1,405) 1,524 856
-------- -------- -------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Class A -- (6,286) --
Class D -- -- --
Net realized gains:
Class A -- (1,238) --
Class D -- -- --
-------- -------- -------
Total dividends distributed -- (7,524) --
-------- -------- -------
CAPITAL SHARE TRANSACTIONS(1):
Class A:
Proceeds from shares issued in merger -- -- --
Proceeds from shares issued 127,949 146,550 48,540
Reinvestment of cash distributions -- 6,287 --
Cost of shares redeemed (22,138) (26,936) (599)
Cost of shares redeemed in-kind -- -- --
-------- -------- -------
Increase in net assets from
Class A transactions 105,811 125,901 47,941
-------- -------- -------
Class D:
Proceeds from shares issued -- -- --
Reinvestment of cash distributions -- -- --
Cost of shares redeemed -- -- --
-------- -------- -------
Increase (decrease) in net assets from
Class D transactions -- -- --
-------- -------- -------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 105,811 125,901 47,941
-------- -------- -------
Net increase in net assets 104,406 119,901 48,797
NET ASSETS:
Beginning of period 204,219 84,318 --
-------- -------- -------
End of period $308,625 $204,219 $48,797
======== ======== =======
1. CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued in merger -- -- --
Shares issued 12,171 13,451 4,795
Shares issued in lieu of cash distributions -- 570 --
Shares redeemed (2,109) (2,464) (58)
Shares redeemed in-kind -- -- --
-------- -------- -------
Total Class A transactions 10,062 11,557 4,737
-------- -------- -------
Class D:
Shares issued -- -- --
Shares issued in lieu of cash distributions -- -- --
Shares redeemed -- -- --
-------- -------- -------
Total Class D transactions -- -- --
-------- -------- -------
Net increase in capital shares 10,062 11,557 4,737
======== ======== =======
</TABLE>
(1) EMERGING MARKETS DEBT COMMENCED OPERATIONS ON JUNE 29, 1997.
(2) FOR THE SIX-MONTH PERIOD ENDED AUGUST 31, 1997.
* NET OF $19,000 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAXES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
19
<PAGE>
FINANCIAL HIGHLIGHTS
===============================================================================
SEI INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1997
(UNAUDITED) AND FOR THE YEARS ENDED FEBRUARY 28 OR 29,
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 (5) GAINS OF CAPITAL OF PERIOD RETURN PERIOD(000)
- ---------------------------------------------------------------------------------------------------------------------------------
- --------------------
INTERNATIONAL EQUITY
- --------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1997* $ 9.67 $ 0.09 $ 0.31 $ -- $ -- $ -- $10.07 4.14% $641,419
1997 10.00 0.09 0.47 (0.07) (0.82) -- 9.67 5.70 524,062
1996 9.59 0.14 1.45 (0.19) (0.99) -- 10.00 17.30 347,646
1995 11.00 0.15 (0.97) -- (0.59) -- 9.59 (7.67) 328,503
1994 8.93 0.13 2.05 (0.11) -- -- 11.00 24.44 503,498
1993 9.09 0.16 0.04 (0.36) -- -- 8.93 2.17 178,287
1992 9.56 0.19 (0.36) (0.30) -- -- 9.09 (1.63) 92,456
1991 9.62 0.18 (0.14) -- (0.01) (0.09) 9.56 0.36 35,829
CLASS D
1997* $ 9.58 $ 0.10 $ 0.29 $ -- $ -- $ -- $ 9.97 3.96% $ 202
1997 9.93 0.05 0.47 (0.05) (0.82) -- 9.58 5.39 177
1996 9.56 0.04 1.50 (0.18) (0.99) -- 9.93 16.77 199
1995(1) 10.81 0.01 (0.67) -- (0.59) -- 9.56 (6.33) 51
- -----------------------
EMERGING MARKETS EQUITY
- -----------------------
CLASS A
1997* $12.87 $ 0.05 $ (0.59) $ -- $ -- $ -- $12.33 (4.20)% $325,551
1997 10.93 0.01 1.96 (0.02) (0.01) -- 12.87 18.02 221,474
1996 10.27 (0.02) 0.72 -- (0.04) -- 10.93 6.83 67,181
1995(2) 10.00 0.01 0.26 -- -- -- 10.27 2.70 5,300
- --------------------------
INTERNATIONAL FIXED INCOME
- --------------------------
CLASS A
1997* $10.53 $ 0.26 $(0.31) $ -- $ -- $ -- $10.48 (0.47)% $308,625
1997 10.77 0.71 (0.49) (0.38) (0.08) -- 10.53 1.85 204,219
1996 10.42 0.58 0.89 (1.02) (0.10) -- 10.77 13.96 84,318
1995 10.23 0.43 0.40 (0.62) (0.02) -- 10.42 8.43 42,580
1994(3) 10.00 0.14 0.18 (0.09) -- -- 10.23 6.41 23,678
- ---------------------
EMERGING MARKETS DEBT
- ---------------------
CLASS A
1997(4)* $10.00 $ 0.11 $ 0.19 $ -- $ -- $ -- $10.30 3.00% $48,797
</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 AVERAGE
TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER COMMISSION
NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE RATE+
- --------------------------------------------------------------------------------------------
- --------------------
INTERNATIONAL EQUITY
- --------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C>
1997* 1.25% 2.04% 1.34% 1.95% 35% $0.0125
1997 1.28 1.11 1.42 0.97 117 0.0172
1996 1.25 1.29 1.29 1.25 102 n/a
1995 1.19 1.30 1.21 1.28 64 n/a
1994 1.10 1.46 1.24 1.32 19 n/a
1993 1.10 1.80 1.53 1.37 23 n/a
1992 1.10 2.07 1.52 1.65 79 n/a
1991 1.10 3.52 1.64 2.98 14 n/a
CLASS D
1997* 1.46% 1.85% 1.55% 1.76% 35% $0.0125
1997 1.55 0.71 1.65 0.61 117 0.0172
1996 1.65 0.58 1.90 0.33 102 n/a
1995(1) 1.47 0.42 1.48 0.41 64 n/a
- -----------------------
EMERGING MARKETS EQUITY
- -----------------------
CLASS A
1997* 1.95% 0.76% 2.33% 0.38% 31% $0.0028
1997 1.95 (0.04) 2.55 (0.64) 100 0.0004
1996 1.95 (0.23) 2.72 (1.00) 104 n/a
1995(2) 1.95 1.79 4.98 (1.24) -- n/a
- --------------------------
INTERNATIONAL FIXED INCOME
- --------------------------
CLASS A
1997* 1.00% 3.98% 1.27% 3.71% 134% n/a
1997 1.00 3.99 1.39 3.60 352 n/a
1996 1.00 4.70 1.27 4.43 269 n/a
1995 1.00 4.68 1.30 4.38 303 n/a
1994(3) 1.00 3.81 1.61 3.20 126 n/a
- ---------------------
EMERGING MARKETS DEBT
- ---------------------
CLASS A
1997(4)* 1.35% 7.22% 2.18% 6.39% 40% n/a
<FN>
* FOR THE SIX MONTH PERIOD ENDED AUGUST 31, 1997 (UNAUDITED). ALL RATIOS,
EXCLUDING TOTAL RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED.
(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) EMERGING MARKETS DEBT CLASS A SHARES WERE OFFERED BEGINNING JUNE 29, 1997.
ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED.
(5) 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 EQUITY
FUNDS FOR FISCAL YEARS BEGINNING AFTER SEPTEMBER 1, 1995.
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>
20
<PAGE>
NOTES TO FINANCIAL STATEMENTS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (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 company with four portfolios: the
International Equity Portfolio, the Emerging Markets Equity Portfolio, the
International Fixed Income Portfolio and the Emerging Markets Debt Portfolio
(together the "Portfolios"). The Trust's prospectuses provide a description of
each Fund's 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 consistently
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 that 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 with
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 substantially 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 income earned. The Portfolios
accrue such taxes when the related income is earned.
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.
For foreign equity securities, the Portfolios do not isolate that portion
of gains and losses on investment securities that is due to changes in the
foreign exchange rates from that which is due to changes in market prices of
such securities.
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 for Federal income tax purposes.
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
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 may enter into forward
foreign currency contracts as hedges against either specific transactions,
portfolio positions or anticipated 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.
FUTURES CONTRACTS -- The International Equity Portfolio utilized futures
contracts during the period ended August 31, 1997. The Portfolio's investment in
these futures contracts is designed to enable the Portfolio to more closely
approximate the performance of its 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, such as Shareholder Servicing for Class
A and 12b-1 and Transfer Agent for Class D, 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 investment securities are those of the specific
securities sold. Purchase discounts and premiums on securities held by the
Portfolios are accreted and amortized to maturity using the scientific interest
method, which approximates the effective interest method. Dividend income is
recognized on the ex-dividend date and interest income is recognized using the
accrual method.
22
<PAGE>
===============================================================================
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Fund Management (the "Manager") 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 Portfolio 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 and Emerging Markets Debt Portfolios. 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 Investments Management Corporation ("SIMC") acts as the investment
adviser for the International Equity, Emerging Markets Equity and Emerging
Markets Debt Portfolios. Under the Investment Advisory Agreement, "SIMC"
receives an annual fee of .505% of the average daily net assets of the
International Equity Portfolio, 1.05% of the average daily net assets of the
Emerging Markets Equity Portfolio, and .85% of the average daily net assets of
the Emerging Markets Debt Portfolio.
Pursuant to Sub-Advisory Agreements with SIMC, Acadian Asset Management,
Inc., Farrell Wako Global Investment Management, Inc., Lazard London
International Investment Management Limited, Seligman Henderson Co., Yamaichi
Capital Management, Inc. and Yamaichi Capital Management (Singapore) Limited
serve as Sub-Advisers to the International Equity Portfolio, and Parametric
Portfolio Associates, Yamaichi Capital Management, Inc., Yamaichi Capital
Management (Singapore) Limited, Montgomery Asset Management, LLC, and Coronation
Asset Management (Proprietary) Limited, serve as Sub-Advisers to the Emerging
Markets Equity Portfolio. Salomon Brothers Asset Management, Inc. serves as the
Sub-Adviser to the Emerging Markets Debt Portfolio.
Strategic Fixed Income, L.P., the Adviser for the International Fixed
Income Portfolio, is a party to an investment advisory agreement with the Trust
dated June 15, 1993. Under the investment advisory agreement, Strategic Fixed
Income, L.P., receives an annual fee of up to .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 Investments Distribution Co. (the "Distributor"), a wholly-owned
subsidiary of SEI Investments and a registered broker-dealer, serves as each
Portfolio's distributor pursuant to a distribution agreement with the Trust.
Effective April 15, 1996, the Trust adopted a shareholder servicing plan ("the
Class A Plan") pursuant to which a shareholder servicing fee of up to .25% of
the average daily net assets attributable to the Class A shares are paid to the
Distributor. Under the Class A Plan, the Distributor may perform, or may
compensate other service providers for performing certain shareholder and
administrative services.
The 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 is paid to
the Distributor. As of August 31, 1997, 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.
In addition, Class D shares incur transfer agency fee of up to .15% of the
average daily net assets. Class D is also subject to a 5% sales load on
purchases of shares.
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 Portfolios 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 a
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.
23
<PAGE>
NOTES TO FINANCIAL STATEMENTS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
5. FORWARD FOREIGN CURRENCY CONTRACTS
The Portfolios enter into forward foreign currency exchange contracts as hedges
against portfolio positions and anticipated portfolio positions. Such contracts,
which are designed to 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 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, 1997:
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
- ---------------------------- ------------------- ------------- --------------
INTERNATIONAL FIXED INCOME PORTFOLIO:
- -------------------------------------
FOREIGN CURRENCY SALES:
9/25/97 AD 3,848,435 $ 2,861,235 $ 32,099
9/25/97 CD 4,180,500 3,000,000 (15,251)
9/25/97 CH 47,250,914 31,166,134 (667,281)
9/25/97 DK 36,790,141 5,264,383 (92,817)
9/25/97 DM 80,935,254 43,897,620 (1,000,012)
9/25/97 FF 175,744,385 28,485,329 (482,687)
9/25/97 IT 73,779,688,888 41,072,230 (691,944)
9/25/97 J(YEN) 8,319,627,680 70,634,549 1,539,151
9/25/97 NG 8,561,441 4,148,789 (68,652)
9/25/97 SK 72,815,445 9,090,000 (161,777)
9/25/97 SP 199,962,310 1,286,958 (25,604)
9/25/97 UK 25,240,557 39,989,936 (804,059)
------------ -----------
$280,897,163 $(2,438,834)
------------ -----------
FOREIGN CURRENCY PURCHASES:
9/25/97 AD 2,208,540 $ 1,650,000 $ (26,416)
9/25/97 CD 4,872,004 3,509,078 4,931
9/25/97 CH 43,111,935 28,591,089 453,855
9/25/97 DM 252,705,494 138,037,336 2,147,289
9/25/97 FF 30,996,028 5,140,000 (30,912)
9/25/97 IT 34,371,257,020 19,289,639 166,761
9/25/97 J(YEN) 8,471,210,554 72,499,468 (2,153,333)
9/25/97 SK 104,766,137 13,074,358 237,006
9/25/97 UK 17,283,217 27,735,439 197,838
------------ -----------
$309,526,407 $ 997,019
============ ===========
$(1,441,815)
===========
EMERGING MARKETS DEBT PORTFOLIO:
- --------------------------------
FOREIGN CURRENCY SALES:
9/22/97 DM 1,400,000 $ 758,191 $ 18,810
===========
CURRENCY LEGEND
AD Australian Dollar IT Italian Lira
CD Canadian Dollar J(YEN) Japanese Yen
CH Swiss Franc NG Netherlands Guilder
DK Danish Kroner SK Swedish Krona
DM German Mark SP Spanish Peseta
FF French Franc UK British Pounds Sterling
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, 1997, were as follows:
PURCHASES SALES
(000) (000)
---------- ----------
International Equity Portfolio $285,953 $202,439
Emerging Markets Equity Portfolio 185,025 79,643
International Fixed Income Portfolio 416,247 283,848
Emerging Markets Debt Portfolio 39,195 9,519
The International Fixed Income Portfolio purchased $52,353,372 and sold
$22,349,113 in U.S. government securities, during the period ended August 31,
1997.
For Federal income tax purposes, the cost of securities owned at August 31,
1997 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, 1997 for the Portfolios is as follows:
NET UNREALIZED
APPRECIATED DEPRECIATED APPRECIATION/
SECURITIES SECURITIES DEPRECIATION
(000) (000) (000)
------------ ------------ ------------
International Equity
Portfolio $63,950 $(51,119) $12,831
Emerging Markets Equity
Portfolio 48,511 (35,654) 12,857*
International Fixe
Income Portfolio 390 (8,772) (8,382)
Emerging Markets Debt
Portfolio 444 (372) 72
* NET OF $19,000 ACCRUED FOREIGN WITHHOLDING TAXES.
24
<PAGE>
===============================================================================
Internal Revenue Code regulations permit the Fund to defer into its next
fiscal year net realized losses incurred from each November 1 to the end of its
fiscal year ("post-October losses"). From November 1, 1996 through February 28,
1997, the International Equity, Emerging Markets Equity and International Fixed
Income Portfolios incurred net realized foreign currency exchange losses of
$217,570, $116,203 and $1,586,983, respectively, which have been deferred to the
fiscal year ending February 28, 1998.
7. FUTURES CONTRACTS
The International Equity Portfolio had the following futures contracts open as
of August 31, 1997:
CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED
DESCRIPTION CONTRACTS PRICE MONTH (LOSS)
- ------------- ------------ ------------- ------------ -------------
IBEX 35 Index 4 6,837.00 Sept. 1997 $ (7,972)
IBEX 35 Index 1 6,778.00 Sept. 1997 (1,605)
IBEX 35 Index 4 6,640.00 Sept. 1997 (2,789)
IBEX 35 Index 2 6,750.00 Sept. 1997 (2,842)
IBEX 35 Index 2 6,821.00 Sept. 1997 (3,776)
IBEX 35 Index 1 6,681.00 Sept. 1997 (967)
IBEX 35 Index 2 6,705.00 Sept. 1997 (2,250)
IBEX 35 Index 1 6,706.00 Sept. 1997 (1,131)
IBEX 35 Index 1 6,582.00 Sept. 1997 (316)
CAC 40 Index 2 3,029.00 Sept. 1997 (17,023)
CAC 40 Index 1 2,948.50 Sept. 1997 (5,857)
CAC 40 Index 4 1,917.00 Sept. 1997 (19,273)
CAC 40 Index 1 2,985.00 Sept. 1997 (7,060)
CAC 40 Index 1 3,008.50 Sept. 1997 (7,835)
CAC 40 Index 1 2,949.50 Sept. 1997 (5,890)
CAC 40 Index 1 2,945.50 Sept. 1997 (5,758)
CAC 40 Index 2 2,898.00 Sept. 1997 (8,383)
CAC 40 Index 1 2,861.50 Sept. 1997 (2,988)
DAX Index 1 4,361.00 Sept. 1997 (24,227)
DAX Index 1 4,359.00 Sept. 1997 (24,116)
DAX Index 1 4,359.50 Sept. 1997 (24,144)
DAX Index 3 4,125.00 Sept. 1997 (33,353)
DAX Index 1 4,248.00 Sept. 1997 (17,950)
DAX Index 1 4,290.00 Sept. 1997 (20,283)
DAX Index 1 4,164.00 Sept. 1997 (13,284)
DAX Index 2 4,053.50 Sept. 1997 (14,292)
FT-SE 100 Index 2 4,975.00 Sept. 1997 (12,264)
FT-SE 100 Index 1 5,053.00 Sept. 1997 (9,295)
FT-SE 100 Index 2 5,090.00 Sept. 1997 (21,589)
FT-SE 100 Index 2 5,045.00 Sept. 1997 (17,940)
FT-SE 100 Index 5 5,900.00 Sept. 1997 (15,456)
FT-SE 100 Index 2 4,985.00 Sept. 1997 (13,075)
FT-SE 100 Index 3 4,986.00 Sept. 1997 (19,734)
FT-SE 100 Index 1 4,969.00 Sept. 1997 (5,889)
FT-SE 100 Index 5 4,925.00 Sept. 1997 (20,524)
FT-SE 100 Index 1 4,894.00 Sept. 1997 (2,848)
CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED
DESCRIPTION CONTRACTS PRICE MONTH (LOSS)
- ------------- ------------ ------------- ------------ -------------
Hang Seng Index 7 15,400.00 Sept. 1997 $ (67,977)
Australia Ords Index 4 2,678.00 Sept. 1997 (8,182)
Australia Ords Index 1 2,637.00 Sept. 1997 (1,293)
Australia Ords Index 5 2,634.00 Sept. 1997 (6,188)
Australia Ords Index 2 2,633.00 Sept. 1997 (2,439)
Australia Ords Index 1 2,646.00 Sept. 1997 (1,458)
Australia Ords Index 1 2,608.00 Sept. 1997 (760)
Australia Ords Index 2 2,613.00 Sept. 1997 (1,704)
Australia Ords Index 2 2,620.00 Sept. 1997 (1,961)
Australia Ords Index 1 2,602.00 Sept. 1997 (650)
Nikkei 225 Index 2 19,515.00 Sept. 1997 (11,098)
Nikkei 225 Index 1 19,750.00 Sept. 1997 (6,526)
Nikkei 225 Index 5 18,940.00 Sept. 1997 (15,795)
Nikkei 225 Index 4 18,950.00 Sept. 1997 (12,802)
Nikkei 225 Index 2 19,120.00 Sept. 1997 (7,814)
Nikkei 225 Index 14 19,240.00 Sept. 1997 (61,684)
Nikkei 225 Index 8 18,970.00 Sept. 1997 (26,270)
Nikkei 225 Index 4 19,360.00 Sept. 1997 (19,619)
Nikkei 225 Index 4 18,900.00 Sept. 1997 (11,971)
Nikkei 225 Index 7 18,700.00 Sept. 1997 (15,130)
Nikkei 225 Index 8 18,580.00 Sept. 1997 (13,301)
Nikkei 225 Index 2 18,630.00 Sept. 1997 (3,741)
----------
$ (712,342)
==========
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
International Fixed Income Portfolio to meet its obligations may be affected by
economic and political developments in a specific country, industry or region.
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS
===============================================================================
SEI INTERNATIONAL TRUST -- AUGUST 31, 1997 (UNAUDITED)
9. LOAN PARTICIPATIONS/ASSIGNMENTS
The Emerging Markets Debt Portfolio (the "Portfolio") invests in U.S.
dollar-denominated fixed and floating rate loans ("Loans") arranged through
private negotiations between a foreign sovereign entity and one or more
financial institutions ("Lenders"). The Portfolio invests in such Loans in the
form of participations in Loans ("Participations") or assignments of all or a
portion of loans from third parties ("Assignments"). Participations typically
result in the Portfolio having a contractual relationship only with the Lender,
not with the sovereign borrower. The Portfolio has the right to receive payments
of principal, interest and any fees to which it is entitled from the Lender
selling the Participation and only upon receipt by the Lender of the payments
from the borrower. In connection with purchasing Participations, the Portfolio
generally has no right to enforce compliance by the borrower with the terms of
the loan agreement relating to the Loan, nor any rights of set-off against the
borrower, and the Portfolio will not benefit directly from any collateral
supporting the Loan in which it has purchased the Participation. As a result,
the Portfolio assumes the credit risk of both the borrower and the Lender that
is selling the Participation. The Portfolio may have difficulty disposing of
Participations and Assign-ments because the market for such instruments is not
highly liquid.
26
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
=======================
SEI INTERNATIONAL TRUST
=======================
SEMI-ANNUAL REPORT
=======================
AUGUST 31, 1997 (UNAUDITED)
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
George J. Sullivan, Jr.
OFFICERS
David G. Lee
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Mark E. Nagle
CONTROLLER, CHIEF FINANCIAL OFFICER
Marc H. Cahn
VICE PRESIDENT, ASSISTANT SECRETARY
Todd Cipperman
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 Investments Management Corporation
EMERGING MARKETS EQUITY PORTFOLIO
SEI Investments Management Corporation
INTERNATIONAL FIXED INCOME PORTFOLIO
Strategic Fixed Income L.P.
EMERGING MARKETS DEBT PORTFOLIO
SEI Investments Management Corporation
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
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
INVESTMENTS DISTRIBUTION CO., 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
<PAGE>
(LOGO OMITTED)
INVESTMENTS
DISTRIBUTION
CO.
Oaks, PA 19456-1100
800-DIAL-SEI/800-342-5734
SEI-F-031-07
