SEMI-ANNUAL REPORT AS OF
MARCH 31, 2000 (UNAUDITED)
SEI INSTITUTIONAL
INTERNATIONAL
TRUST
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International Equity Fund
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Emerging Markets Equity Fund
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International Fixed Income Fund
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Emerging Markets Debt Fund
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[logo omitted]
<PAGE>
TABLE OF CONTENTS
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STATEMENTS OF NET ASSETS............................................. 1
STATEMENTS OF OPERATIONS............................................. 17
STATEMENTS OF CHANGES IN NET ASSETS.................................. 18
FINANCIAL HIGHLIGHTS................................................. 20
NOTES TO FINANCIAL STATEMENTS........................................ 21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
INTERNATIONAL
EQUITY FUND
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
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FOREIGN COMMON STOCKS -- 95.8%
ARGENTINA -- 0.0%
Telecom Argentina ADR* 23,000 $ 799
-------
AUSTRALIA -- 1.7%
APN News & Media Limited* 182,500 429
Australia & New Zealand
Bank Group 350,000 2,212
Broken Hill Proprietary 726,984 7,883
Broken Hill Proprietary ADR 27,300 594
Coca-Cola Amatil Limited 267,052 665
Coles Myer 1,009,001 3,986
Commonwealth Bank
of Australia 144,800 1,983
Erg Limited 104,800 723
F.H. Faulding & Company
Limited 145,900 619
John Fairfax Holdings Limited 204,800 741
Lend Lease 203,146 2,629
Macquarie Bank Limited 30,300 486
National Australia Bank 87,730 1,129
News Corporation 603,690 8,445
Rio Tinto Limited 194,625 2,769
Solution 6 Holdings Limited* 62,340 403
Telstra Corporation 664,781 3,070
Westpac Banking Corporation 906,325 5,680
Woodside Petroleum 290,900 1,750
-------
46,196
-------
BELGIUM -- 0.2%
Fortis, Series B* 215,200 5,511
-------
BRAZIL -- 0.5%
Embratel Participacoes ADR 442,087 11,328
Telecomunicacoes
de Sao Paulo ADR 26,500 787
Unibanco GDR 48,000 1,524
-------
13,639
-------
CANADA -- 1.9%
Bank of Nova Scotia 327,400 6,564
BCE Incorporated 133,195 16,639
Bombardier Incorporated,
Series B 37,400 941
Bombardier Incorporated* 170,000 4,269
Clarica Life Insurance
Company 59,000 1,034
Manulife Financial
Corporation 170,000 2,499
Noranda 95,217 979
Nortel Networks Corporation 88,700 11,148
Suncor Energy 44,500 1,930
Teleglobe 79,600 2,170
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MARKET
DESCRIPTION SHARES VALUE (000)
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Teleglobe ADR 1,200 $ 33
Thomson Corporation 195,900 6,159
-------
54,365
-------
DENMARK -- 0.1%
Den Danske Bank 21,190 2,218
-------
FINLAND -- 1.9%
Nokia OYJ 198,600 41,937
UPM-Kymmene 367,100 10,348
-------
52,285
-------
FRANCE -- 9.7%
Accor* 51,750 2,027
Alcatel* 56,600 12,401
Aventis 226,892 12,401
AXA UAP* 101,331 14,339
Banque National de Paris* 154,677 12,193
Bouygues* 22,700 17,959
Bouygues Rights* 6,100 29
Canal Plus* 77,800 17,098
Castorama Dubois* 45,091 9,668
Christian Dior 8,000 1,848
Compagnie de Saint Gobain* 50,830 6,484
Equant 24,687 2,046
France Telecom* 28,362 4,878
Groupe Danone* 13,000 2,869
Lafarge* 129,930 11,062
Lagardere* 63,550 5,152
Louis Vuitton Moet Hennessy 1,600 668
Michelin, Series B* 93,850 3,008
Pechiney Ord, Series A* 140,600 6,885
Peugeot* 150,100 32,413
Sanofi-Synthelabo* 127,640 4,860
Schneider Electric* 36,516 2,327
Stmicroelectronics* 96,700 17,740
Suez Lyonnaise-Strip VVPR 2,200 --
Television Francaise* 11,200 8,240
Total Fina, Series B 184,292 27,558
Usinor Sacilor* 186,950 2,965
Vivendi* 280,292 32,272
-------
271,390
-------
GERMANY -- 6.9%
Aventis 359,678 19,418
Bayerische Motoren Werke* 522,537 16,451
DaimlerChrysler* 21,000 1,373
Depfa Deutsche Pfandbriefban* 50,750 4,849
Deutsche Bank* 584,117 38,762
Deutsche Telekom* 259,202 20,854
Epcos 28,200 3,718
Henkel KGAA* 22,800 1,312
Infineon Technology* 96,800 5,277
1
<PAGE>
STATEMENT OF NET ASSETS
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SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
INTERNATIONAL
EQUITY FUND--CONTINUED
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MARKET
DESCRIPTION SHARES VALUE (000)
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Infineon Technology ADR* 49,800 $ 2,860
MAN 279,250 10,193
Metro* 313,150 12,507
Siemens 288,339 41,464
Thyssen Krupp* 100,000 2,460
Veba* 21,000 1,072
Viag* 467,526 9,471
--------
192,041
--------
HONG KONG -- 2.4%
Automated Systems
Holdings Limited 750,000 631
Cable & Wireless HKT Limited 2,931,000 7,679
Cathay Pacific Airways* 4,992,000 7,405
Cheung Kong Holdings 404,000 6,045
China Telecom (Hong Kong) 1,658,000 14,533
Citic Pacific Limited 957,000 5,801
CLP Holdings Limited 80,000 359
Hang Seng Bank 180,000 1,572
Henderson Land Development 112,000 528
HSBC Holdings* 65,600 767
Hutchison Whampoa 731,000 13,190
Johnson Electric Holdings 300,000 2,052
Legend Holdings Limited 1,184,000 1,848
Nanjing Panda Electronics,
Series H* 240,000 114
Peregrine Investment
Holdings (1)* 526,000 --
Sun Hung Kai Properties 195,000 1,690
Sunday Communications 500,000 156
Sunevision Holdings* 180,000 301
Swire Pacific, Series A* 426,000 2,199
Tan Chong International
Limited* 1,241,000 191
TCL International 790,000 594
--------
67,655
--------
IRELAND -- 0.1%
CRH 141,000 2,526
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ITALY -- 3.7%
Alleanza Assicurazioni* 232,600 2,280
Assicurazioni Generali* 128,500 3,558
Banca Nazionale Del Lavoro* 2,342,609 7,969
Banca Popolare di Milano* 136,600 945
Enel 1,682,200 7,522
ENI* 3,207,000 16,026
Fiat* 45,000 1,185
Gucci Group ADR* 83,924 7,464
Italcementi* 167,550 1,474
Mediaset* 767,714 15,229
Telecom Italia Mobile RNC* 862,400 4,120
Telecom Italia Mobile* 2,401,647 29,419
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MARKET
DESCRIPTION SHARES VALUE (000)
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Telecom Italia* 859,800 $ 5,849
--------
103,040
--------
JAPAN -- 27.8%
Acom 21,600 2,336
Advantest 55,000 11,664
Aiful Corporation 40,050 4,444
Ajinomoto 158,000 1,922
Asahi Breweries* 100,000 1,002
Autobacs Seven 53,400 1,647
Bank of Tokyo-Mitsubishi 436,000 6,225
Bellsystem 24 2,000 1,693
Bridgestone Corporation 125,000 2,755
Canon 103,000 4,461
Chudenko Corporation 123,000 1,999
Chugai Pharmaceutical 278,000 5,203
Chuo Mitsui Trust & Banking* 369,300 2,124
Dai Ichi Pharmaceutical 104,000 1,609
Dai Nippon Printing 123,000 1,994
Daito Trust Construction 148,000 2,531
Daiwa House Industry Limited 650,887 4,453
DDI Corporation 595 4,858
East Japan Railway 596 3,086
Fanuc Limited 29,400 3,079
Fast Retailing Limited 5,200 2,285
Fuji Bank 1,573,000 14,773
Fuji Heavy Industries 186,000 1,508
Fuji Photo Film 190,000 8,358
Fuji Soft ABC 32,000 2,180
Fuji Television Network* 19 329
Fujikura Limited 275,000 1,362
Fujitsu 648,000 19,866
Fujitsu Support and Service 6,600 1,112
Hirose Electric 36,600 5,161
Hitachi 473,000 5,612
Honda Motor 530,000 21,871
Hoya Corporation 30,000 2,832
Industrial Bank of Japan 295,000 2,693
Japan Energy 764,000 669
Jusco 189,000 2,825
Kaneka Corporation 160,000 1,996
Kao Corporation 158,000 4,828
Keyence Corporation 16,940 6,760
Kirin Brewery 170,000 2,078
Komatsu 294,000 1,396
Kyocera Corporation 13,000 2,171
Matsushita Communications 51,000 9,381
Matsushita Electric 700,000 20,915
Mitsubishi Electric 285,000 2,685
Mitsubishi Heavy Industries 1,839,000 5,781
Mitsubishi Motors 1,199,000 4,551
Mitsubishi Trust & Banking 185,000 1,714
Mitsui & Company 390,000 3,150
2
<PAGE>
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MARKET
DESCRIPTION SHARES VALUE (000)
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Mitsui Chemicals 583,000 $ 4,284
Mitsui Mining & Smelting 315,000 1,919
Murata Manufacturing 140,000 33,995
NEC 743,000 21,910
Net One Systems 60 2,161
Nichicon Corporation 80,000 2,429
Nidec Corporation 23,600 2,136
Nikko Securities 822,000 12,432
Nikon 428,000 16,412
Nintendo 49,500 8,696
Nippon Paper Industries 340,000 2,439
Nippon Sheet Glass 160,000 1,619
Nippon Shinpan 702,000 1,756
Nippon Steel 1,176,000 2,804
Nippon Telegraph & Telephone 3,938 62,471
Nippon Yusen Kabushiki Kaishi 480,000 2,027
Nissan Motors 848,000 3,466
Nomura Securities 598,000 19,497
NTT Data 281 5,278
NTT Docomo* 1,468 60,149
Obayashi Corporation 146,000 533
Obic Limited 2,000 1,401
Orix 31,560 4,561
Rohm Limited 87,500 30,401
Ryohin Keikaku 15,000 2,715
Saizeriya Co Limited* 21,700 1,584
Sakura Bank 1,915,000 14,556
Sankyo 230,000 5,786
Secom 73,000 6,252
Sekisui Chemical 155,000 511
Sekisui House 616,000 5,641
Seven Eleven 19,000 2,182
Shimamura 25,600 2,790
Shin Etsu Chemical 53,000 3,214
Shionogi 223,000 3,954
Shiseido 152,000 2,064
Shohkoh Fund* 15,340 2,225
SMC Corporation 13,800 2,888
Softbank Corporation 21,100 18,790
Sony Corporation 277,400 39,146
Sumitomo Bank 442,000 6,582
Sumitomo Electric Industries 411,000 5,788
Sumitomo Forestry Limited 245,000 1,569
Suzuki Motor 222,000 3,381
Taisho Pharmaceutical 46,000 1,585
Taiyo Yuden 109,000 7,033
Takeda Chemical Industries 136,000 9,662
Takefuji Corporation 114,400 12,247
TDK Corporation 13,000 1,769
Teijin 364,000 1,541
THK Corporation 31,000 1,424
Tokai Bank 275,000 1,659
Tokio Marine & Fire Insurance 176,000 1,807
<PAGE>
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MARKET
DESCRIPTION SHARES VALUE (000)
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Tokyo Electric Power 178,600 $ 3,911
Tokyo Electronics 188,000 28,360
Toppan Printing 551,000 6,167
Toray 468,000 1,804
Toshiba 625,000 6,363
Tostem Corporation 86,000 1,389
Toyo Seikan Kaisha 154,000 2,629
Toyota Motor 334,000 17,456
Yakult Honsha 107,000 950
Yamanouchi Pharmaceutical 46,000 2,516
Yamato Transportation 77,000 2,203
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778,796
--------
MALAYSIA -- 0.0%
Westmont Berhad Industries (1)* 218,000 --
--------
MEXICO -- 0.8%
Cemex ADR 5,608 127
Telefonos de Mexico ADR 341,063 22,851
--------
22,978
--------
NETHERLANDS -- 8.4%
ABN AMRO Holding* 1,053,900 23,453
Aegon* 132,283 10,554
ASM Lithography Holding 72,900 8,129
Completel Europe* 435,300 8,656
DSM 101,400 3,659
Elsevier* 1,101,046 11,152
Fortis Amev* 441,143 11,275
Heineken Holding, Series A* 109,000 3,749
Heineken* 91,000 4,856
Ing Groep* 211,284 11,427
KLM 46,400 991
Konink Philips Electronics 215,665 36,186
KPN* 279,709 31,978
Kpnqwest* 140,151 7,446
Royal Dutch Petroleum* 326,072 19,008
United Pan-Europe
Communications* 249,872 11,658
VNU 480,485 28,258
World Online International* 83,321 1,859
--------
234,294
--------
NEW ZEALAND -- 0.3%
Fisher & Paykel Industries 54,400 163
Fletcher Challenge Paper 139,700 95
Sky City Limited 29,800 93
Telecom of New Zealand 1,457,781 6,585
Warehouse Group Limited 89,800 183
--------
7,119
--------
NORWAY -- 0.3%
Norsk Hydro* 214,500 8,100
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3
<PAGE>
STATEMENT OF NET ASSETS
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SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
INTERNATIONAL
EQUITY FUND--CONTINUED
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
PORTUGAL -- 0.%
Portugal Telecom ADR* 170,000 $ 2,114
--------
SINGAPORE -- 1.0%
Advanced Systems Automation* 342,000 354
City Developments* 111,000 503
Creative Technology 15,850 503
Creative Technology ADR 18,000 572
CSE Systems & Engineering* 213,000 184
Datacraft Asia 56,000 524
DBS Group Holdings Limited* 1,209,191 15,967
GES International 176,000 309
Keppel Land International* 175,000 195
Natsteel Electronics* 33,000 216
Overseas Chinese Banking 257,150 1,593
Overseas Union Bank* 116,594 525
Parkway Holdings* 76,000 215
Singapore Airlines Limited 73,500 687
Singapore Press Holdings 203,178 3,241
Singapore Tech Engineering* 2,233,000 2,675
Singapore Telecommunications 237,000 338
Sunright 130,000 63
United Overseas Bank* 104,032 638
--------
29,302
--------
SOUTH AFRICA -- 0.1%
Sasol 148,500 929
South Africa Brewery 165,089 1,266
--------
2,195
--------
SOUTH KOREA -- 0.6%
Housing & Commercial Bank 270 5
Korea Telecom ADR 180,733 7,907
Kumho Electric 23 --
Samsung Electronics GDR* 1,930 344
SK Telecom ADR 218,082 8,505
Trigem Computer Rights* 208 2
--------
16,763
--------
SPAIN -- 1.7%
Banco Bilbao Vizcaya Argentina 210,600 3,091
Endesa 120,316 2,756
Grupo Dragados 102,400 881
Repsol 241,400 5,284
Telefonica de Espana* 1,458,945 36,802
--------
48,814
--------
SWEDEN -- 4.0%
Astrazeneca 234,786 9,470
Atlas Copco, Series A* 552,233 13,403
Electrolux AB* 614,265 11,607
Ericsson ADR* 8,500 797
Ericsson, Series B* 803,360 70,470
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Foreningssparbaken, Series A* 156,700 $ 2,128
Hennes & Mauritz, Series B* 120,000 3,329
SKF, Series B* 64,200 1,425
--------
112,629
--------
SWITZERLAND -- 3.3%
ABB Limited 152,654 17,523
Adecco* 23,116 15,977
Baloise Holding* 3,760 3,241
Compagnie Financiere Richemont 3,285 8,341
Credit Suisse Group* 84,350 16,780
Holderbank Financiere Glarus* 3,880 4,617
Nestle, Registered* 4,608 8,253
Novartis* 5,346 7,306
Schweizerische
Rueckversicherungs* 1,430 2,476
SGS Societe Generale
Surveillance Holdings* 1,750 3,434
Swisscom* 15,684 6,014
--------
93,962
--------
TAIWAN -- 0.7%
Asustek Computer GDR* 165,000 3,011
Taiwan Semiconductor ADR 297,550 16,960
--------
19,971
--------
THAILAND -- 0.1%
Thai Farmers Bank 'F'* 3,263,200 3,604
--------
UNITED KINGDOM -- 17.5%
Astrazeneca 546,409 22,095
Astrazeneca ADR 15,300 620
Barclays Bank 620,737 16,430
Berkeley Group 120,633 1,004
Billiton 317,395 1,487
Boc Group 201,900 3,945
BP Amoco 384,200 3,509
BPB 162,400 810
British Aerospace 1,915,866 10,801
British Airways 370,000 1,942
British American Tobacco 646,300 3,554
British Sky Broadcasting 535,407 14,155
British Telecommunications 952,962 17,833
Cable & Wireless 738,712 13,859
Cadbury Schweppes 816,800 5,480
CGU 209,200 2,915
CMG 68,900 5,899
Coca-Cola Beverages 899,000 1,682
Colt Telecom Group 43,900 2,087
Corus Group 1,000,000 1,624
Energis 52,659 2,451
Enterprise Oil 266,400 1,906
George Wimpey 762,500 1,220
GKN* 194,800 2,425
4
<PAGE>
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MARKET
DESCRIPTION SHARES VALUE (000)
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Glaxo Wellcome 1,027,739 $ 29,380
Granada Group 1,232,608 13,202
Hanson* 141,400 1,008
Invensys 2,254,700 10,001
Kelda Group 239,700 1,015
Kingfisher* 67,200 551
Lloyds TSB Group 802,300 8,459
Logica* 103,700 3,470
Lonmin* 180,000 1,892
New Dixons Group 623,594 2,883
Next 185,100 1,377
Railtrack Group 293,300 3,426
Rank Group* 650,000 1,553
Reed International* 1,006,269 7,336
Reuters Group 861,449 17,451
Rio Tinto* 226,250 3,792
Rolls-Royce 275,279 891
Royal & Sun Alliance 447,317 2,807
Royal Bank of Scotland Group 618,770 9,096
Scottish & Newcastle 741,900 5,172
Scottish Power 1,562,801 12,638
Severn Trent 181,600 1,634
Shell Transportation & Trading* 408,000 3,379
Signet Group 1,065,600 908
SmithKline Beecham 964,218 12,715
Standard Chartered Bank 1,029,484 14,010
Tate & Lyle 420,000 1,463
TeleWest Communications 1,585,980 12,162
Thames Water 398,775 4,506
TI Group 534,000 2,628
Unilever 239,500 1,532
United Utilities 1,161,000 12,111
Vodafone Airtouch 25,990,374 144,253
WPP Group 87,900 1,543
---------
489,975
---------
Total Foreign Common Stocks
(Cost $2,112,575) 2,682,281
---------
FOREIGN PREFERRED STOCKS -- 1.1%
GERMANY -- 1.0%
SAP* 38,637 27,781
--------
ITALY -- 0.1%
Fiat* 174,500 2,559
---------
Total Foreign Preferred Stocks
(Cost $30,118) 30,340
---------
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FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. TREASURY OBLIGATION -- 0.2%
U.S. Treasury Bill (2)
6.090%, 11/09/00 $ 4,500 $ 4,336
---------
Total U.S. Treasury Obligation
(Cost $4,339) 4,336
---------
REPURCHASE AGREEMENTS -- 1.8%
J.P. Morgan (2)
6.07%, dated 03/31/00, matures 04/03/00,
repurchase price $15,096,645
(collateralized by Freddie Mac Discount
Notes, due 06/08/00, par value
$15,484,000, market value
$15,308,009) 15,007 15,007
Morgan Stanley (2)
6.07%,dated 03/31/00, matures
04/03/00, repurchase price $15,129,071
(collateralized by U.S. Treasury
Note, due 06/30/01, 5.75%, par value
$250,000, market value $251,459, and
Sallie Mae Global Funding Note, due
06/15/00, par value $15,140,000,
market value $15,140,802) 15,040 15,040
State Street Bank 4.75%, dated
03/31/00, matures 04/03/00,
repurchase price collateralized
by various U.S. Treasury Notes, due
05/15/03-05/15/21, 8.125%-10.75%,
ranging in par value
$1,489,000-10,857,000, total
market value $20,446,628) 20,030 20,030
----------
Total Repurchase Agreements
(Cost $50,077) 50,077
----------
Total Investments -- 98.9%
(Cost $2,197,109) $2,767,034
----------
Other Assets and Liabilities, Net-- 1.1% 32,010
----------
5
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
INTERNATIONAL
EQUITY FUND--CONCLUDED
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 194,564,989 outstanding
shares of beneficial interest $2,124,500
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
40,392 outstanding shares
of beneficial interest 420
Distributions in excess of net
investment income (36,324)
Accumulated net realized gain
on investments 140,527
Net unrealized appreciation on
investments 569,925
Net unrealized appreciation on
futures contracts 80
Net unrealized depreciation on
forward foreign currency contracts,
foreign currency and translation of
other assets and liabilities in
foreign currency (84)
----------
Total Net Assets-- 100.0% $2,799,044
==========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE --
CLASS A $14.38
==========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE --
CLASS D $14.25
==========
MAXIMUM OFFERING PIECE PER SHARE --
CLASS D ($14.25/95%) $15.00
==========
* NON-INCOME PRODUCING SECURITY
ADR -- AMERICAN DEPOSITORY RECEIPT
'F' -- FOREIGN
GDR -- GLOBAL DEPOSITORY RECEIPT
RNC -- RISPARMIO NON-CONVETIBLE
AMOUNTS DESIGNATED AS "-" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) SECURITY FAIR VALUED USING METHODS DETERMINED IN GOOD FAITH BY THE VALUATION
COMMITTEE OF THE BOARD OF TRUSTEES. (2) SECURITIES SEGREGATED TO COLLATERALIZE
FUTURES CONTRACTS WITH AN AGGREGATE MARKET VALUE OF $36,427,866. THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EMERGING MARKETS
EQUITY FUND
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
FOREIGN COMMON STOCKS -- 88.5%
ARGENTINA -- 1.4%
Banco Rio de la Plata ADR* 83,435 $ 1,194
Quilmes Industrial ADR* 298,140 3,130
Telecom Argentina Stet
France ADR* 171,174 5,948
Telefonica Argentina ADR 193,376 7,590
--------
17,862
--------
BRAZIL -- 6.1%
Aracruz Celulose ADR* 99,946 2,111
Banco Bradesco
Sponsored ADR 1,700 14
Centrais Eletricas Brasileiras 69,536,000 1,242
Centrais Eletricas
Brasileiras ADR 22,740 202
CIA Cervejaria Brahma ADR 85,420 1,379
CIA Electric Est Rio Janeiro* 6,687,282,000 2,043
CIA Paranaense Energia ADR 186,964 1,589
CIA Siderurgica Nacional ADR 11,100 390
CIA Vale Rio Doce ADR* 43,705 1,197
Companhia Riograndense
Telecom* 6,971,641 3,174
Eletropaulo Eletrecidade
Metropolitana 63,513,462 4,781
Embratel Participacoes 208,681 5,347
Globo Cabo ADR 140,700 2,638
Petrobras ADR* 146,295 3,982
Sider Nacional, Series A 87,268,000 3,098
Tele Centro Sul
Participacoes ADR 48,580 3,935
Tele Norte Celular
Participacoes ADR 3,050 189
Tele Norte Leste
Participacoes ADR* 336,600 8,962
Telebras ADR 33,870 5,070
Telecomunicacoes de Sao Paulo
Participacoes ADR 274,145 8,139
Telecomunicacoes do Parana* 4,866,000 2,103
Teleleste Celular
Participacoes ADR 2,600 156
Telesp Celular Participacoes 159,590 9,047
Telesp Celular
Participacoes ADR 128,040,709 3,778
Telesudeste Celular ADR 60 3
Unibanco GDR* 148,731 4,722
--------
79,291
--------
CHILE -- 1.5%
Banco De A. Edwards ADR* 96,069 1,769
Banco Santander ADR* 25,455 347
Banco Santiago ADR 52,550 1,038
Cervecerias Unidas ADR 92,981 2,313
6
<PAGE>
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Chilectra ADR 148,933 $ 2,611
CIA Telecomunicacion
Chile ADR 220,090 5,007
Distribucion y Servicio ADR 109,576 1,966
Empresa Nacional
de Electricidad ADR* 100,527 1,093
Enersis ADR* 92,090 1,871
Quinenco ADR* 104,242 1,173
--------
19,188
--------
COLOMBIA -- 0.0%
Bavaria 26,260 115
--------
CZECH REPUBLIC -- 1.0%
Ceska Sporitelna* 97,500 552
Ceske Radiokomunikace
GDR 144a (A)* 43,600 2,256
Ceske Radiokomunikace GDR* 16,200 838
Cesky Telecom GDR* 132,300 2,894
CEZ* 448,810 1,430
Galena* 8,000 150
Komercni Banka* 44,740 1,196
SPT Telecom* 168,080 3,651
Tabak* 2,200 396
--------
13,363
--------
EGYPT -- 0.3%
Al Ahram Beverage GDR 144a (A)* 59,700 1,084
Alexandria National Iron & Steel* 2,650 93
Mobinil Egyptian Mobile Network* 44,700 2,166
--------
3,343
--------
GREECE -- 4.0%
Alpha Credit Bank* 99,024 6,675
Attica Enterprises* 79,020 1,007
Commercial Bank of Greece* 53,825 3,190
Delta Informatics 73,200 1,598
Folli-Follie Abee* 90,250 1,842
Hellenic Telecommunications
Organization* 530,188 15,095
Intracom* 99,000 4,292
Maillis* 65,580 1,623
National Bank of Greece* 127,792 8,965
Panafon Hellenic Telecom* 435,100 6,412
STET Hellas Telecomm ADR* 55,800 1,604
--------
52,303
--------
HONG KONG -- 1.4%
China Telecom* 1,014,000 8,888
China Travel International 3,000,000 651
Citic Pacific Limited 300,000 1,819
Legend Holdings Limited* 1,464,000 2,284
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Nanjing Panda Electronics,
Series H* 1,600,000 $ 760
Pacific Century
CyberWorks Limited* 300,000 701
Shanghai Industrial Holdings* 360,000 728
Shanghai Petrochemical
Limited* 4,150,000 442
TCL International* 550,000 413
Yizheng Chemical Fibre* 10,324,000 1,976
--------
18,662
--------
HUNGARY -- 1.8%
Borsodchem GDR* 23,700 909
Egis* 30,400 1,507
Gedeon Richter GDR 144a (A)* 2,500 164
Gedeon Richter GDR* 29,695 1,952
Magyar Tavkozlesi ADR* 308,510 13,767
MOL Magyar Olaj
ES Gazipari GDR 144a (A)* 84,790 1,643
OTP Bank GDR* 42,220 2,285
Tiszai Vegyi Kombinat* 97,293 1,781
--------
24,008
--------
INDIA -- 6.9%
Arisaig India Fund* 149,953 3,713
Ashok Leyland Limited GDR* 35,000 173
BSES GDR* 249,950 4,568
Gujarat Ambuja Cement GDR* 568,200 2,699
Hindalco Industries GDR* 317,700 5,703
ICICI Limited ADR* 301,180 6,802
Infosys Technologies 144,122 27,816
ITC GDR* 80,770 1,551
Larsen & Toubro GDR* 363,600 5,249
Mahindra & Mahindra
Sponsored GDR* 348,000 2,915
Ranbaxy Laboratories GDR 383,900 8,196
Satyam Infoway ADR* 37,300 2,000
SSI GDR 144a (A)* 96,900 1,395
State Bank of India ADR* 323,300 3,176
Videsh Sanchar GDR 514,950 13,788
--------
89,744
--------
INDONESIA -- 1.2%
Astra International* 2,234,000 1,072
Gudang Garam* 438,000 838
Hanjaya Mandala Sampoerna* 441,500 736
Indah Kiat Pulp & Paper* 4,461,000 1,476
Indofood Sukses Makmur* 851,000 648
Indosat* 588,500 1,005
PT Matahari Putra Prima* 2,600,000 353
PT Tempo Scan Pacific* 1,095,000 540
Ramayana Lestari* 849,000 497
7
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
EMERGING MARKETS EQUITY
FUND--CONTINUED
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Reliance Industries GDR* 229,800 $ 5,153
Telekomunikasi Indonesia* 5,659,460 2,753
--------
15,071
--------
IRELAND -- 0.2%
Antofagasta Holdings 330,600 2,074
--------
ISRAEL -- 1.6%
Bank Hapoalim 873,200 2,783
Bank Leumi Le Israel* 1,118,498 2,592
Bezeq Israeli Telecommunication* 2,800 15
Check Point Software
Technologies Limited* 20,300 3,473
Ectel Limited* 27,900 555
Gilat Satellite Networks* 19,500 2,286
M-Systems Flash Disk Pioneer* 18,500 981
Orckit Communications Limited* 48,400 3,243
Radware Limited* 36,400 1,411
Teva Pharmaceuticals ADR 106,400 3,970
--------
21,309
--------
MALAYSIA -- 3.9%
AMMB Holdings Berhad* 625,000 2,336
British American Tobacco 230,400 1,758
Commerce Asset Holdings* 1,377,000 3,950
Genting Berhad* 574,000 2,387
IOI Corporation Berhad 2,527,000 1,835
MAA Holdings Berhad* 604,400 1,988
Malayan Banking Berhad 1,624,600 7,140
Malayan Cement Berhad* 1,416,000 522
Malaysian Pacific Industries 500,000 6,711
Mesiniaga Berhad* 380,000 1,590
New Straits Times Press 127,000 565
O.Y.L. Industries 4,000 13
Resorts World Berhad* 253,000 839
Telekom Malaysia* 1,145,000 4,701
Tenaga Nasional 3,222,000 10,853
UMW Holdings Berhad* 304,000 660
United Engineers Warrants* 40,000 69
United Engineers* 555,000 1,563
YTL Corporation Berhad 582,000 1,103
--------
50,583
--------
MEXICO -- 13.3%
ALFA, Series A 1,088,599 4,177
Carso Telecom* 5,144,968 16,737
Cemex ADR* 169,280 3,830
Cemex* 1,636,191 7,444
Coca Cola Femsa ADR* 153,520 2,850
Controladora Commercial
Mexicana* 1,456,000 1,973
Corporacion Interamericana
de Enterenemienta, Series B* 1,777,800 9,126
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Empresas ICA Sociedad
Controladora ADR* 116,734 $ 285
Empresas ICA Sociedad
Controladora* 650,031 263
Fomento Economico
Mexica Units* 1,867,989 8,651
Fomento Economico
Mexicano ADR* 62,911 2,831
Grupo Carso, Series A1* 735,870 2,783
Grupo Financiero Banamex,
Series O* 1,894,485 8,804
Grupo Financiero Bancomer,
Series O* 5,706,010 3,231
Grupo Financiero Banorte* 1,092,327 1,674
Grupo Industria Bimbo, Series A* 304,633 513
Grupo Mexico, Series B* 767,070 3,598
Grupo Modelo, Series C* 664,000 1,442
Grupo Radio Centro ADR 47,875 648
Grupo Sanbornis, Series B* 468,875 1,059
Grupo Televisa GDR* 223,814 15,219
Kimberly Clark de Mexico,
Series A 2,154,304 7,427
Organizacion Soriana, Series B* 537,783 2,499
Panamerican Beverages 65,000 1,146
Pepsi-Gemex ADR* 46,500 253
Telefonos de Mexico ADR 747,836 50,105
Tubos de Acero de Mexico ADR* 73,651 1,206
TV Avteca ADR 208,800 3,080
Vitro ADR* 178,480 848
Walmart de Mexico, Series C* 613,505 1,465
Walmart de Mexico ADR, Class V 180,072 4,502
Walmart de Mexico, Series V * 1,179,244 2,957
--------
172,626
--------
PERU -- 0.5%
Buenaventura ADR 87,229 1,527
Credicorp ADR* 109,400 1,183
Telefoncia del Peru ADR 204,448 3,476
--------
6,186
--------
PHILIPPINES -- 0.2%
ABS-CBN Broadcasting* 1,122,500 1,586
SM Prime Holdings* 8,720,900 1,190
--------
2,776
--------
POLAND -- 1.8%
Bank Polska Kasa Opieki* 58,800 791
Bank Rozwoju Eksportu* 29,258 1,056
Elektrim* 120,690 1,755
Kghm Polska Meidz GDR* 105,900 1,702
Netia Holdings* 40,500 1,418
Optimus* 47,965 2,929
8
<PAGE>
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Orbis* 69,604 $ 654
Polski Koncern Naftowy GDR* 126,100 1,406
Prokom GDR* 53,500 1,525
Prokom Software* 25,500 1,403
Softbank GDR* 48,500 3,087
Telekom Polska GDR* 558,690 5,266
--------
22,992
--------
RUSSIA -- 3.1%
AO Tatneft ADR* 182,609 2,397
Golden Telecom ADR* 29,300 1,333
Lukoil Holding ADR* 237,700 14,024
Rostlecom ADR* 107,800 2,560
Surgutneftegaz ADR* 581,100 7,772
Unified Energy Systems GDR 471,600 9,149
Vimpel Communication ADR* 59,800 2,530
--------
39,765
--------
SINGAPORE -- 0.6%
Datacraft Asia 580,000 5,423
Natsteel Electronics* 396,000 2,591
--------
8,014
--------
SOUTH AFRICA -- 8.0%
African Bank Limited* 909,484 1,932
African Oxygen 810,531 1,641
Amalgamated Banks of
South Africa 160,600 589
AMB Holdings Limited* 75,192 110
Anglo American Platinum
Corporation 184,200 4,915
Anglogold Limited 28,300 1,369
Barlow Rand 181,800 1,207
Bidvest Group 201,035 1,542
BOE Corporation Limited 1,557,634 1,128
Comparex Holdings Limited 275,400 492
Datatec Limited* 175,100 3,115
De Beers Centenary* 284,600 6,678
Dimension Data Holdings* 1,302,789 12,028
Fedsure Holdings Limited* 84,700 488
Firstrand 5,656,200 6,853
Foschini 786,241 1,640
Gencor Limited* 765,700 2,989
Gold Fields Limited 463,940 1,622
Impala Platinum Holdings
Limited 63,800 2,221
Imperial Holdings 365,170 3,136
Investec Group 105,800 4,222
Iscor Limited* 264,500 710
Ixchange Technology Holdings* 325,200 1,284
JD Group Limited 90,900 624
Liberty Life 203,900 1,954
M-Cell Limited 434,900 2,401
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Metro Cash & Carry Limited 1,003,600 $ 870
Metropolitan Life 268,900 342
MIH Holdings Limited* 221,500 2,242
MIH Limited* 31,200 1,903
Nampak* 384,400 896
Nasionale Pers Beperk* 128,500 1,575
Nedcor 235,529 4,811
New Africa Investments,
Series N* 3,188,400 763
Old Mutual* 697,200 1,652
Omni Media 105,900 2,923
Pick N Pay Holdings 2,049,224 1,210
Pick N Pay Stores 77,312 113
Rembrandt Group 176,420 1,569
Sanlam 2,663,700 3,395
Sappi Limited 191,100 1,483
Sasol 779,700 4,879
South African Breweries 549,975 4,217
Tegniese Beleggings Korporasie 246,100 1,208
Tiger Brands 137,600 1,436
Woolworths Holdings 609,526 346
--------
104,723
--------
SOUTH KOREA -- 11.2%
Cybertek Holdings 17,920 728
Dacom Corporation 11,130 3,032
Daou Technology 110,500 2,280
Daum Communications* 20,000 1,855
Dongwon Securities* 103,215 1,555
Dongwon Securities Rights* 39,320 37
Hanwha Chemical 597,987 4,573
Hite Brewery Limited 127,866 2,858
Housing & Commercial Bank 148,467 2,889
Hyundai Electronics Industries 233,915 5,208
Jang Media Interactive 10,900 741
Kookmin Bank 228,717 2,318
Korea Electric Power 296,370 8,449
Korea Line Company 278 2
Korea Mobile Telecom ADR 348,497 13,591
Korea Next Eduaction Service* 5,170 744
Korea Telecom 21,740 1,928
Korea Telecom ADR 51,749 2,264
Kumho Electric 882 17
Lg Chemical 93,000 2,660
Lg Home Shopping 6,990 746
Locus* 19,340 2,503
Mirae 728,250 4,086
Pohang Iron & Steel 53,585 5,216
Pohang Iron & Steel ADR 98,300 2,703
Samsung 197,500 2,654
Samsung Electronic 183,866 55,742
Samsung Electronics GDR
144A (A)* 70 13
9
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
EMERGING MARKETS EQUITY
FUND--CONTINUED
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Samsung Electronics GDR,
Class A* 874 $ 83
Samsung Securities* 109,252 2,620
Serome Technology 13,880 708
Shinhan Bank GDR* 55,345 1,176
SK Telecom 2,130 6,939
Trigem Computer 18,900 1,462
Trigem Computer Rights* 3,554 37
Turbo Tek Company 34,000 717
--------
145,134
--------
TAIWAN -- 12.2%
Accton Technology GDR* 560,106 4,369
Acer GDR* 982,210 13,702
Acer Peripherals* 748,000 3,767
Advanced Semiconductor
Engineering* 598,444 2,265
Advanced Semiconductor
Engineering GDR* 75,397 1,608
Ase Test* 114,900 3,332
Asia Cement GDR* 238,968 2,151
Asustek Computer* 195,330 2,450
Asustek Computer GDR 438,036 7,994
Bank Sinopac* 6,149,546 3,886
Cathay Life Insurance* 1,018,000 2,815
China Development* 1,071,000 1,851
China Steel GDS* 124,370 1,772
China Steel* 1,050,000 757
Chung Housing Bills Finance* 981,342 383
Compal Electronics GDR 19,900 417
Compal Electronics* 145,651 606
CTCI* 600,000 529
D Link GDR* 299,600 6,498
Dbtel* 487,000 1,892
Delta Electronics* 546,000 3,001
Evergreen Marine GDR* 101,520 1,003
Far Eastern Textile GDR* 62,290 1,627
Far Eastern Textile Limited 660,000 1,369
Formosa Chemicals & Fibre* 600,000 936
Fubon Insurance GDR* 175,740 1,867
Gigamedia Limited* 43,600 2,365
Hon Hai Precision Industry
GDR (A)* 424,460 14,708
Hon Hai Precision Industry* 420,000 4,880
Hua Nan Bank* 1,130,000 1,350
Macronix International ADR 16,300 473
Macronix International* 464,000 1,329
Pacific Electric Wire & Cable* 962,000 1,235
Powerchip Semiconductor ADR* 70,430 1,541
Ritek Corporation GDR* 211,480 3,817
Siliconware Precision Industries
GDR* 89,650 1,221
Siliconware Precision Industries* 600,000 1,343
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Synnex Technology International
GDR* 99,030 $ 3,132
Synnex Technology International* 390,176 3,095
Taiwan American Fund* 80,000 1,805
Taiwan Pulp & Paper* 700,000 328
Taiwan Semiconductor ADR* 243,206 13,863
Taiwan Semiconductor* 2,250,000 15,183
Tatung* 1,000,000 1,136
Union Petrochemical* 1,050,000 753
United Microelectronics* 689,050 2,676
Walsin Lihwa GDR* 3,790 37
Winbond Electronics 144a (A)* 163,700 4,882
Yageo GDR 678,860 4,582
Yang Ming Marine
Transport GDR* 103,425 768
--------
159,349
--------
THAILAND -- 1.0%
Advanced Info Service 'F'* 82,000 1,237
Bangkok Bank 'F'* 784,700 1,349
Bec World Public 'F'* 150,300 1,097
Grammy Entertainment 'F'* 38,300 157
Hana Microelectronics
Public Company 'F'* 217,800 1,948
Jasmine International Public
Company* 110,500 71
Kce Electronics 'F' 321,360 1,080
National Petrochemical 'F' 1,143,800 1,210
PTT Exploration 'F'* 148,100 764
Quality House Limited 'F'* 900 --
Siam Cement 'F'* 62,700 1,526
Siam Panich Leasing Warrants* 225,000 --
Telecomasia 'F'* 1,281,500 2,119
Thai Farmers Bank 'F'* 886,100 980
--------
13,538
--------
TURKEY -- 4.0%
Akcansa Cimento* 37,600,000 766
Alarko Holdings* 20,387,500 1,177
Arcelik* 52,480,290 2,941
Aygaz* 10,584,500 1,061
Dogan Sirketler Grubu
Holdings* 106,254,167 3,880
Dogan Yayin Holding* 264,192,000 6,394
Eregli Demir Ve Celik
Fabrikalari* 42,054,200 1,928
Finansbank* 78,500,000 567
Haci Omer Sabanci Holdings* 53,379,844 975
Haci Omer Sabanci
Holdings Rights* 31,649,996 524
Hurriyet Gazetesi* 145,329,300 3,270
Koc Holdings* 7,740,000 1,709
Migros Turk* 3,071,418 1,695
10
<PAGE>
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Netas Northern Electric
Telecom* 12,700,000 $ 1,596
Trakya Cam Sanayii* 71,489,200 1,129
Turkiye Garanti Bankasi 413,684,700 5,269
Turkiye Is Bankasi* 133,640,000 5,788
Vestel Elektronik
Sanayi ve Ticaret* 7,134,000 2,393
Yapi Ve Kredi Bankasi* 356,503,303 9,536
----------
52,598
----------
UNITED STATES -- 0.9%
Amdocs Limited* 19,900 1,466
Comverse Technology* 21,400 4,045
Impsat Fiber Networks* 104,400 2,923
Seminis* 115,625 744
StarMedia Network* 51,400 1,545
Tricom ADR* 32,200 754
----------
11,477
----------
VENEZUELA -- 0.4%
Compania Anonima Nacional
Telecom ADR 159,792 4,634
----------
Total Foreign Common Stocks
(Cost $786,511) 1,150,728
----------
FOREIGN PREFERRED STOCKS -- 5.3%
BRAZIL -- 5.3%
Banco Bradesco 714,057,380 5,947
Banco Itau 37,162,320 3,320
Brahma* 1,399,000 1,112
Celular CRT Participacoes* 15,686,441 7,233
Cemig ADR* 44,260 770
Cemig CIA Energy* 117,407,175 2,063
Centrais Eletricas Brasileiras,
Series B* 72,847,300 1,407
CIA Vale do Rio Doce
Unconverted Participants* 8,352 --
CIA Vale do Rio, Series A 300,088 8,216
Companhia Paranese
de Energia, Series B* 171,731,969 1,460
Eletrobras ADR* 137,000 1,307
Embratel Participacoes 149,500,200 3,826
Gerdau 96,002,000 2,518
Itausa Investimentos* 2,129,362 2,086
Petrol Brasileiros 59,125,286 16,085
Tele Centro Sul Participacoes 117,718,297 1,926
Tele Leste Celular
Participacoes* 870,935,729 1,064
Tele Nordeste Celular
Participacoes 86,744,800 320
Tele Norte Celular Particacoes 768,650,400 953
Tele Norte Leste Participacoes* 68,042,200 1,831
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION SHARES VALUE (000)
- -------------------------------------------------------------------------------
Tele Sudeste Celular
Participacoes 98,723,000 $ 1,000
Telecom Brasileiros* 2,940,053 441
Telesp Celular Participacoes 132,320,690 3,012
Usiminas Gerais* 156,931 787
----------
68,684
----------
RUSSIA -- 0.1%
Lukoil Holding ADR* 52,800 851
Surgutneftegaz ADR* 58,000 580
----------
1,431
----------
THAILAND -- 0.0%
Siam Commercial Bank Warrants* 165,000 40
----------
Total Foreign Preferred Stocks
(Cost $39,592) 70,155
----------
FOREIGN CONVERTIBLE BONDS -- 0.0%
TAIWAN -- 0.0%
Walsin Lihwa
3.250%, 06/16/04 500 579
----------
Total Foreign Convertible Bonds
(Cost $495) 579
----------
REPURCHASE AGREEMENTS -- 6.1%
J.P. Morgan
6.10%, dated 03/31/00, matures
04/03/00, repurchase price
$45,951,949 (collateralized
by Fannie Mae Discount Note,
due 05/22/00, par value
$9,116,000, market value
$8,999,352 and Freddie Mac
Fixed Rate Note, due 03/15/2009,
5.75% par value $41,634,000,
market value $37,732,686) $45,815 45,815
State Street Bank 4.75%, dated
03/31/00, matures 04/03/00,
repurchase price $32,923,027
(collateralized by various U.S.
Treasury Notes, due 05/15/02-05/15/21,
7.50%-8.125%, ranging in par value
$7,401,000-$17,723,000, total
market value $33,576,708) 32,910 32,910
----------
Total Repurchase Agreements
(Cost $78,725) 78,725
----------
Total Investments -- 99.9%
(Cost $905,323) $1,300,187
----------
Other Assets and Liabilities, Net-- 0.1% 894
----------
11
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
EMERGING MARKETS EQUITY
FUND--CONCLUDED
- -------------------------------------------------------------------------------
MARKET
DESCRIPTION VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
105,511,918 outstanding shares
of beneficial interest $1,039,342
Distributions in excess of net
investment income (9,637)
Accumulated net realized loss
on investments (122,411)
Net unrealized appreciation
on investments (1) 394,864
Net unrealized depreciation on
forward foreign currency contracts,
foreign currency and translation
of other assets and liabilities
in foreign currency (1,077)
----------
Total Net Assets -- 100.0% $1,301,081
==========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $12.33
==========
* NON-INCOME PRODUCING SECURITY
AMOUNTS DESIGNATED AS "-" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) NET OF $1,085,644 ACCRUED FOREIGN WITHHOLDING TAXES ON APPRECIATED
SECURITIES.
(A) SECURITES SOLD WITHIN TERMS OF A PRIVATE PLACEMENT MEMORANDUM, EXEMPT FROM
REGISTRATION UNDER SECTION 144A OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY BE SOLD ONLY TO DEALERS IN THAT PROGRAM OR OTHER "ACCREDITED
INVESTORS". THESE SECURITIES HAVE BEEN DETERMINED TO BE LIQUID UNDER
GUIDELINES ESTABLISHED BY THE BOARD OF TRUSTEES.
ADR -- AMERICAN DEPOSITORY RECEIPT
'F' -- FOREIGN SHARES
GDR -- GLOBAL DEPOSITORY RECEIPT
GDS -- GLOBAL DEPOSITORY SHARE
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INTERNATIONAL FIXED
INCOME FUND
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
FOREIGN BONDS -- 83.5%
CANADA -- 11.5%
Canadian Treasury Bill
5.590%, 08/17/00 135,770 $ 91,791
Government of Canada
5.500%, 06/01/09 21,000 14,059
9.000%, 06/01/25 6,010 5,848
--------
111,698
--------
CAYMAN ISLANDS -- 2.1%
MBNA Europe (A)
3.629%, 04/10/05 21,860 20,839
--------
DENMARK -- 0.5%
Kingdom of Denmark
7.000%, 11/15/07 35,700 5,007
--------
FRANCE -- 4.9%
French Treasury Bill
3.670%, 04/20/00 25,600 24,412
Government of France BTAN
4.000%, 07/12/00 11,610 11,094
Government of France OAT
4.000%, 10/25/09 13,660 11,747
--------
47,253
--------
GERMANY -- 19.3%
Bundesschatzanweisungen
3.250%, 09/15/00 27,570 26,271
3.000%, 12/15/00 30,770 29,202
Duetschland Republic
5.375%, 01/04/10 61,685 59,588
6.250%, 01/04/24 31,433 32,332
KFW International Finance
6.625%, 04/15/03 583 583
Republic of Germany
6.000%, 01/04/07 40,270 40,295
--------
188,271
--------
GREECE -- 3.7%
Government of Greece
8.700%, 04/08/05 5,359,500 17,031
8.600%, 03/26/08 5,948,500 19,514
--------
36,545
--------
HUNGARY -- 2.5%
Government of Hungary
10.500%, 05/12/04 6,177,670 24,298
--------
12
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
ITALY -- 10.3%
Italian Treasury Bill
2.340%, 04/28/00 52,720 $ 50,283
Republic of Italy
6.000%, 05/15/00 7,400 7,088
4.500%, 07/15/03 24,109 22,928
1.800%, 02/23/10 2,080,000 20,213
--------
100,512
--------
JAPAN -- 11.4%
Asian Development Bank
3.125%, 06/29/05 3,413,000 36,340
European Investment Bank
3.000%, 09/20/06 3,450,000 36,850
Export-Import Bank
2.875%, 07/28/05 3,560,000 37,575
--------
110,765
--------
NETHERLANDS -- 4.8%
Kingdom of Netherlands
5.500%, 01/15/28 50,082 46,753
--------
POLAND -- 1.8%
Government of Poland
8.500%, 02/12/05 84,549 17,404
--------
SPAIN -- 3.2%
Government of Spain
4.250%, 07/30/02 32,990 31,254
--------
SWEDEN -- 2.2%
Kingdom of Sweden
10.250%, 05/05/03 164,400 21,691
--------
UNITED KINGDOM -- 5.3%
European Investment Bank
6.000%, 12/07/28 3,630 6,161
United Kingdom Treasury
8.500%, 07/16/07 15,177 28,087
8.000%, 12/07/15 8,410 17,807
--------
52,055
--------
Total Foreign Bonds
(Cost $816,013) 814,345
--------
U.S. TREASURY OBLIGATIONS -- 2.6%
U.S. Treasury Bill
5.030%, 04/20/00 (2) 2,000 1,994
5.780%, 06/22/00 23,490 23,192
--------
Total U.S. Treasury Obligations
(Cost $25,185) 25,186
--------
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
TIME DEPOSIT -- 8.8%
State Street (2)
0.030%, 04/28/00 JPY 8,825,000 $ 85,888
--------
Total Time Deposit
(Cost $82,693) 85,888
--------
U.S. GOVERNMENT MORTGAGE-
BACKED OBLIGATIONS -- 0.8%
FNMA
6.875%, 06/07/02 GBP 5,150 8,205
--------
Total U.S. Government Mortgage-
Backed Obligations
(Cost $8,822) 8,205
--------
REPURCHASE AGREEMENT -- 1.4%
State Street Bank 4.75%,
matures 04/03/00, repurchase
price $13,284,256 (collateralized
by U.S. Treasury Note, due
10/31/01, 6.25%, par value
$13,265,000, market value
$13,549,017) 13,279 13,279
--------
Total Repurchase Agreement
(Cost $13,279) 13,279
--------
Total Investments -- 97.1%
(Cost $952,239) 946,903
--------
Other Assets and Liabilities, Net -- 2.9% 28,010
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization
-- no par value) based on
93,140,197 outstanding shares
of beneficial interest 1,008,915
Distributions in excess of net
investment income (17,706)
Accumulated net realized loss
on investments (15,008)
Net unrealized depreciation
on investments (5,336)
Net unrealized appreciation on
future contracts 335
Net unrealized appreciation on
forward foreign currency contracts,
foreign currencies and translation
of other assets and liabilities
denominated in foreign currencies 3,713
--------
Total Net Assets -- 100.0% $974,913
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE --
CLASS A $10.47
========
13
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
INTERNATIONAL FIXED
INCOME FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
(A) SECURITIES SOLD WITHIN TERMS OF PRIVATE PLACEMENT MEMORANDUM, EXEMPT FROM
REGISTRATION UNDER SECTION 144A OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY BE SOLD ONLY TO DEALERS IN THAT PROGRAM OR OTHER "ACCREDITED
INVESTORS." THESE SECURITIES HAVE BEEN DETERMINED TO BE LIQUID UNDER
GUIDELINES ESTABLISHED BY THE BOARD OF TRUSTEES.
BTAN -- BONS DU TRESOR A TAUX FIXE ET A INTERET ANNEL
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
GBP -- GREAT BRITIAN POUND
JPY -- JAPANESE YEN
OAT -- OBLIGATIONS ASSIMILABLES DE TRESOR
(1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED.
(2) SECURITES SEGREGATED TO COLLATERALIZE FUTURES CONTRACTS WITH AN
AGGREGRATE MARKET VALUE OF $85,922,567.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EMERGING MARKETS DEBT
FUND
FOREIGN BONDS -- 88.9%
ALGERIA -- 3.0%
Republic of Algeria FRN
Tranche 1 Restructured
7.188%, 09/04/06 3,000 $ 2,415
Republic of Algeria FRN
Tranche 3 Restructured
7.188%, 03/04/10 13,300 9,908
--------
12,323
--------
ARGENTINA -- 13.7%
Government of Argentina
11.750%, 02/12/07 ARS 12,500 11,818
11.750%, 04/07/09 9,650 9,505
11.375%, 03/15/10 13,825 13,376
11.375%, 01/30/17 1,325 1,287
12.000%, 02/01/20 2,650 2,671
6.000%, 03/31/23 1,100 771
Government of Argentina 144a (A)
6.875%, 03/31/23 8,475 7,183
Government of Argentina
Bocon Proveedores 1
3.013%, 04/01/07 225 167
Government of Argentina
FRB (A)
7.375%, 03/31/05 3,828 3,581
Government of Argentina
FRN (A)
11.447%, 04/10/05 6,250 5,813
--------
56,172
--------
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
BRAZIL -- 13.2%
Government of Brazil
14.500%, 10/15/09 15,177 $ 16,543
12.750%, 01/15/20 8,830 8,777
12.250%, 03/06/30 3,450 3,329
Government of Brazil
C Bond Bearer
5.000%, 04/15/14 2,198 1,635
Government of Brazil
C Bond Registered
5.000%, 04/15/14 2,757 2,051
Government of Brazil
DCB L Bearer (A)
7.000%, 04/15/12 7,495 5,677
Government of Brazil
DCB L Registered (A)
7.000%, 04/15/12 7,800 5,909
Government of Brazil
FLIRB L Registered (A)
5.000%, 04/15/09 3,000 2,325
Government of Brazil
NMB L Bearer (A)
7.000%, 04/15/09 7,450 6,305
Government of Brazil NMB L
Registered (A)
7.000%, 04/15/09 1,750 1,481
--------
54,032
--------
BULGARIA -- 4.0%
Bulgaria IAB Registered (A)
7.063%, 07/28/11 2,400 1,902
Republic of Bulgaria
Discount Notes, Series A
7.063%, 07/28/24 5,605 4,505
Republic of Bulgaria FLIRB
Non-U.S. Global Bearer, Series A
2.750%, 07/28/12 13,200 9,471
Republic of Bulgaria IAB PDI
7.063%, 07/28/11 500 396
--------
16,274
--------
COLOMBIA -- 5.0%
Republic of Colombia
7.250%, 02/15/03 800 740
7.270%, 06/15/03 6,000 5,460
9.750%, 04/23/09 7,125 6,270
8.700%, 02/15/16 2,000 1,490
11.750%, 02/25/20 5,500 5,321
8.375%, 02/15/27 1,500 1,106
--------
20,387
--------
14
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
COSTA RICA -- 0.6%
Government of Costa Rica,
Series B
6.250%, 05/21/15 2,600 $ 2,288
--------
CROATIA -- 2.4%
Government of Croatia FRN,
Series A
7.033%, 07/31/10 8,114 7,525
Government of Croatia FRN,
Series B (A)
7.033%, 07/31/06 2,326 2,215
--------
9,740
--------
ECUADOR -- 1.6%
Government of Ecuador
Discount Notes FRN*
6.750%, 02/28/25 1,750 726
Government of Ecuador
Registered PAR*
4.000%, 02/28/25 16,200 5,832
--------
6,558
--------
IVORY COAST -- 0.5%
Ivory Coast FLIRB 144a (A)
2.000%, 03/29/18 2,500 438
Ivory Coast FLIRB Registered (A)
2.000%, 03/29/18 4,000 700
Ivory Coast PDI
2.000%, 03/29/18 5,053 1,036
--------
2,174
--------
JAMAICA -- 0.7%
Government of Jamaica Registered
10.875%, 06/10/05 3,000 2,858
--------
MEXICO -- 8.9%
Government of Mexico Discount,
Series C
6.836%, 12/31/19 500 493
Government of Mexico Par Bonds
with Recovery Rights, Series B
6.250%, 12/31/19 2,897 2,448
Mexican Par Rights* 2,004,000 --
Petroleos Mexicanos
9.250%, 03/30/18 3,750 3,713
9.500%, 09/15/27 11,500 11,773
United Mexico States
9.750%, 04/06/05 175 183
11.375%, 09/15/16 14,759 17,489
11.500%, 05/15/26 210 261
--------
36,360
--------
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1) VALUE (000)
- --------------------------------------------------------------------------------
MOROCCO -- 2.2%
Morocco R&C Loan FRN,
Tranche A
6.844%, 01/01/09 9,850 $ 8,828
--------
PANAMA -- 4.0%
Government of Panama
9.375%, 04/01/29 2,000 1,910
Government of Panama IRB
4.250%, 07/17/14 8,800 7,040
8.875%, 09/30/27 6,680 5,845
Government of Panama PDI
4.000%, 07/17/16 1,955 1,655
--------
16,450
--------
PERU -- 1.7%
Republic of Peru FLIRB
3.750%, 03/07/17 6,880 4,214
Republic of Peru PDI
4.500%, 03/07/17 4,290 2,858
--------
7,072
--------
PHILIPPINES -- 2.4%
Government of Philippines
9.875%, 01/15/19 6,500 5,915
10.625%, 03/16/25 4,100 3,910
--------
9,825
--------
POLAND -- 1.5%
Poland PDI Non-US Global
Bearer (A)
6.000%, 10/27/14 65 59
Republic of Poland RSTA
4.000%, 10/27/24 5,000 3,338
Telekomunikacja Polska
144a (A)
7.750%, 12/10/08 2,750 2,665
--------
6,062
--------
RUSSIA -- 12.2%
Russian Government
9.250%, 11/27/01 145 134
11.750%, 06/10/03 6,145 5,515
10.000%, 06/26/07 690 511
12.750%, 06/24/28 21,245 18,005
Russian Government
Principal Loans*
6.063%, 12/15/20 29,475 8,548
Russian IAN FRN PIK*
6.906%, 12/15/15 59,410 17,303
--------
50,016
--------
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
EMERGING MARKETS DEBT
FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
DESCRIPTION (000) (1)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
VENEZUELA -- 11.3%
Government of Venezuela
13.625%, 08/15/18 20,050 $ 18,847
9.250%, 09/15/27 19,025 12,499
Government of Venezuela DCB
7.000%, 12/18/07 3,048 2,453
Government of Venezuela Discount,
Series A (A)
7.000%, 03/31/20 6,600 5,016
Government of Venezuela FLIRB,
Series A
7.440%, 03/31/07 4,167 3,387
Government of Venezuela FRB,
Series B 144a (A)
7.438%, 03/31/07 4,833 3,841
Government of Venezuela NMB,
Series A 144a (A)
7.125%, 12/18/05 529 429
--------
46,472
--------
Total Foreign Bonds
(Cost $323,716) 363,891
--------
U.S. TREASURY OBLIGATION -- 7.6%
U.S. Treasury Bond
6.500%, 02/15/10 30,000 31,078
--------
Total U.S. Treasury Obligation
(Cost $31,078) 31,078
--------
REPURCHASE AGREEMENT -- 1.7%
State Street Bank 4.75%, dated
03/31/00, matures 04/03/00,
repurchase price $6,771,679
(collateralized by U.S.
Treasury Note, due 11/15/26,
6.50%, par value $6,450,000,
market value $6,908,124) 6,769 6,769
--------
Total Repurchase Agreement
(Cost $6,769) 6,769
--------
Total Investments -- 98.2%
(Cost $361,563) 401,738
--------
Other Assets and Liabilities, Net -- 1.9% 7,713
--------
- --------------------------------------------------------------------------------
MARKET
DESCRIPTION VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
44,880,572 outstanding shares
of beneficial interest $392,291
Undistributed net investment income 9,925
Accumulated net realized loss
on investments (32,940)
Net unrealized appreciation
on investments 40,175
--------
Total Net Assets -- 100.0% $409,451
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $9.12
========
* NON-INCOME PRODUCING SECURITY
AMOUNTS DESIGNATED AS "-" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(A) SECURITIES SOLD WITHIN TERMS OF A PRIVATE PLACEMENT MEMORANDUM, EXEMPT FROM
REGISTRATION UNDER SECTION 144A OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY BE SOLD ONLY TO DEALERS IN THAT PROGRAM OR OTHER "ACCREDITED
INVESTORS." THESE SECURITIES HAVE BEEN DETERMINED TO BE LIQUID UNDER
GUIDELINES ESTABLISHED BY THE BOARD OF TRUSTEES.
ARS -- AREGENTINA PESO
DCB -- DISCOUNT BOND
FLIRB -- FRONT LOADED INTEREST REDUCTION BOND
FRB -- FLOATING RATE BOND
FRN -- FLOATING RATE NOTE
IAB -- INTEREST ARREARS BOND
IAN -- INTEREST ARREARS NOTE
IRB -- INTEREST REVENUE BOND
NMB -- NEW MONEY BOND
PDI -- PAST DUE INTEREST
PIK -- PAID IN-KIND
RSTA -- REVOLVING SHORT TERM AGREEMENT
(1) IN U.S. DOLLARS UNLESS OTHERWISE INDICATED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
16
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000)
- ---------------------------------------------------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH 31, 2000 (UNAUDITED)
---------------- ------------ ------------- -----------
EMERGING INTERNATIONAL EMERGING
INTERNATIONAL MARKETS FIXED MARKETS
EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND
--------------- ------------ ------------- -----------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Dividends $ 13,389 $ 6,349 $ -- $ --
Interest 2,294 1,196 18,372 20,259
Less: Foreign Taxes Withheld (1,889) (237) -- --
-------- -------- -------- ---------
Total Investment Income 13,794 7,308 18,372 20,259
-------- -------- -------- ---------
EXPENSES:
Management fees 5,147 3,680 2,646 1,120
Investment advisory fees 5,776 5,945 980 1,465
Less: Investment advisory fees waived (113) (794) (106) (533)
Shareholder servicing fees 2,858 1,415 1,102 431
Less: Shareholder servicing fees waived -- -- (475) (235)
Custodian/wire agent fees 779 727 176 42
Professional fees 30 13 13 2
Registration & filing fees 105 31 60 16
Printing fees 32 15 15 5
Trustee fees 12 6 5 2
Pricing fees 8 7 6 7
Distribution fees 1 -- -- --
Amortization of deferred organization costs -- 1 -- 2
Miscellaneous expenses 27 11 12 4
-------- -------- -------- ---------
Total Expenses 14,662 11,057 4,434 2,328
-------- -------- -------- ---------
NET INVESTMENT INCOME (LOSS) (868) (3,749) 13,938 17,931
-------- -------- -------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) from:
Security transactions 120,482 87,137 (7,641) (197)
Futures contracts 8,130 -- (1,186) --
Net realized loss on forward foreign
currency contracts and foreign
currency transactions (1,959) (931) (18,491) --
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 (302) (678) 6,662 --
Net change in unrealized appreciation
(depreciation) on investments 295,920 230,934* (23,194) 51,402
-------- -------- -------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $421,403 $312,713 $(29,912) $ 69,136
======== ======== ======== =========
*NET OF $1,085,644 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAX ON APPRECIATED SECURITIES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
17
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
- ---------------------------------------------------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH
31, 2000 (UNAUDITED) AND FOR THE YEAR ENDED SEPTEMBER 30, 1999
--------------------- --------------------
INTERNATIONAL EMERGING MARKETS
EQUITY FUND EQUITY FUND
--------------------- ---------------------
10/1/99- 10/1/98- 10/1/99- 10/1/98-
3/31/00 9/30/99 3/31/00 9/30/99
--------------------- ---------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income (loss) $ (868) $ 5,344 $ (3,749) $ (2,453)
Net realized gain (loss) from investment transactions 120,482 32,833 87,137 (34,375)
Net realized gain (loss) on forward foreign currency
contracts and foreign currency transactions 6,171 (641) (931) (2,152)
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 (302) 1,244 (678) (117)
Net change in unrealized appreciation
on investments 295,920 372,263 230,934* 301,729**
---------- ---------- ---------- ----------
Net increase in net assets from operations 421,403 411,043 312,713 262,632
---------- ---------- ---------- ----------
DISTRIBUTIONS FROM:
Net investment income:
Class A (7,033) (11,193) (587) (1,049)
Class D (1) (3) -- --
Net realized gains:
Class A (36,907) (37,113) -- --
Class D (8) (12) -- --
---------- ---------- ---------- ----------
Total distributions (43,949) (48,321) (587) (1,049)
---------- ---------- ---------- ----------
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from shares issued 1,217,263 1,066,515 507,378 450,898
Reinvestment of cash distributions 40,706 43,631 552 1,011
Cost of shares redeemed (681,330) (595,013) (385,886) (345,051)
---------- ---------- ---------- ----------
Increase in net assets from
Class A transactions 576,639 515,133 122,044 106,858
---------- ---------- ---------- ----------
Class D:
Proceeds from shares issued 71 44 -- --
Reinvestment of cash distributions 9 15 -- --
Cost of shares redeemed (14) (67) -- --
---------- ---------- ---------- ----------
Increase (decrease) in net assets from
Class D transactions 66 (8) -- --
---------- ---------- ---------- ----------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 576,705 515,125 122,044 106,858
---------- ---------- ---------- ----------
Net increase in net assets 954,159 877,847 434,170 368,441
NET ASSETS:
Beginning of period 1,844,885 967,038 866,911 498,470
---------- ---------- ---------- ----------
End of period $2,799,044 $1,844,885 $1,301,081 $ 866,911
========== ========== ========== ==========
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 88,973 97,155 43,643 56,297
Shares issued in lieu of cash distributions 3,108 4,292 48 141
Shares redeemed (50,124) (54,402) (33,174) (42,292)
---------- ---------- ---------- ----------
Total Class A transactions 41,957 47,045 10,517 14,146
---------- ---------- ---------- ----------
Class D:
Shares issued 5 4 -- --
Shares issued in lieu of cash distributions 1 2 -- --
Shares redeemed (1) (7) -- --
---------- ---------- ---------- ----------
Total Class D transactions 5 (1) -- --
---------- ---------- ---------- ----------
Net increase in capital shares 41,962 47,044 10,517 14,146
========== ========== ========== ==========
<FN>
*NET OF $1,085,644 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAX ON APPRECIATED
SECURITIES.
**NET OF $365,920 CHARGE IN ACCRUED FOREIGN WITHHOLDING TAXES ON APPRECIATED SECURITIES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
- ---------------------------------------------------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH 31, 2000 (UNAUDITED) AND FOR THE YEAR ENDED
SEPTEMBER 30, 1999
-------------------- ----------------------
INTERNATIONAL EMERGING MARKETS
FIXED INCOME FUND DEBT FUND
-------------------- ----------------------
10/1/99- 10/1/98- 10/1/99- 10/1/98-
3/31/00 9/30/99 3/31/00 9/30/99
-------------------- -----------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income $ 13,938 $ 19,381 $ 17,931 $ 27,534
Net realized loss from investment transactions (8,827) (3,927) (197) (776)
Net realized gain (loss) on forward foreign currency
contracts and foreign currency transactions (18,491) (6,019) -- 12
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 6,662 (4,342) -- --
Net change in unrealized appreciation (depreciation)
on investments (23,194) (11,734) 51,402 29,103
-------- -------- -------- --------
Net increase (decrease) in net assets from operations (29,912) (6,641) 69,136 55,873
-------- -------- -------- --------
DISTRIBUTIONS FROM:
Net investment income:
Class A (14,879) (25,854) (28,919) (18,629)
Net realized gains:
Class A -- (9,656) -- --
-------- -------- -------- --------
Total distributions (14,879) (35,510) (28,919) (18,629)
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from shares issued 337,180 473,365 116,940 145,289
Reinvestment of cash distributions 14,289 33,746 28,405 18,391
Cost of shares redeemed (141,205) (189,320) (60,104) (79,869)
-------- -------- -------- --------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 210,264 317,791 85,241 83,811
-------- -------- -------- --------
Net increase in net assets 165,473 275,640 125,458 121,055
NET ASSETS:
Beginning of period 809,440 533,800 283,993 162,938
-------- -------- -------- --------
End of period $974,913 $809,440 $409,451 $283,993
======== ======== ======== ========
(1) CAPITAL SHARE TRANSACTIONS:
Class A:
Shares issued 31,715 42,467 13,352 19,085
Shares issued in lieu of cash distributions 1,332 2,846 3,385 2,533
Shares redeemed (13,323) (16,794) (6,888) (10,439)
-------- -------- -------- --------
Net increase in capital shares 19,724 28,519 9,849 11,179
======== ======== ======== ========
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
</TABLE>
19
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- FOR THE SIX MONTH PERIOD ENDED MARCH 31, 2000 (UNAUDITED), THE YEAR ENDED
SEPTEMBER 30, 1999 FOR THE SEVEN MONTH PERIOD ENDED SEPTEMBER 30, 1998 AND FOR THE YEARS ENDED FEBRUARY 28 OR 29.
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
NET ASSET DISTRIBUTIONS DISTRIBUTIONS
VALUE NET NET REALIZED AND FROM NET FROM NET ASSETS
BEGINNING INVESTMENT UNREALIZED INVESTMENT REALIZED CAPITAL END OF TOTAL
OF PERIOD INCOME/(LOSS) GAINS/(LOSSES) INCOME (5) GAINS PERIOD (000) RETURN*
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------
INTERNATIONAL EQUITY FUND
- --------------------------
CLASS A
For the six month period ended March 31:
<S> <C> <C> <C> <C> <C> <C> <C>
2000 $12.09 $(0.02) $ 2.58 $(0.04) $(0.23) $14.38 21.47%
For the year ended September 30:
1999(5) $ 9.16 $ 0.04 $ 3.34 $(0.10) $(0.35) $12.09 37.86%
For the seven month period ended September 30:
1998(5) $10.15 $ 0.07 $(1.06) $ -- $ -- $ 9.16 (9.75)%
For the years ended February 28 or 29:
1998(5) $ 9.67 $ 0.17 $ 0.77 $(0.18) $(0.28) $10.15 10.21%
1997 10.00 0.09 0.47 (0.07) (0.82) 9.67 5.70
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)
CLASS D
For the six month period ended March 31:
2000 $11.97 $ (0.03) $ 2.56 $(0.02) $(0.23) $14.25 21.43%
For the year ended September 30:
1999 $ 9.07 $ (0.01) $ 3.35 $(0.09) $(0.35) $11.97 37.69%
For the seven month period ended September 30:
1998(5) $10.06 $ 0.06 $(1.05) $ -- $ -- $ 9.07 (9.84)%
For the years ended February 28 or 29:
1998(5) $ 9.58 $ 0.15 $ 0.77 $(0.16) $(0.28) $10.06 9.92%
1997 9.93 0.05 0.47 (0.05) (0.82) 9.58 5.39
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 FUND
- -----------------------------
CLASS A
For the six month period ended March 31:
2000 $ 9.13 $(0.03) $ 3.24 $(0.01) $ -- $12.33 35.12%
For the year ended September 30:
1999 $ 6.17 $(0.03) $ 3.00 $(0.01) $ -- $ 9.13 48.23%
For the seven month period ended September 30:
1998 $10.55 $ 0.07 $(4.45) $ -- $ -- $ 6.17 (41.52)%
For the years ended February 28 or 29:
1998 $12.87 $(0.03) $(2.25) $(0.03) $(0.01) $10.55 (17.72)%
1997 10.93 0.01 1.96 (0.02) (0.01) 12.87 18.02
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 FUND
- -------------------------------
CLASS A
For the six month period ended March 31:
2000 $11.03 $(0.06) $(0.32) $(0.18) $ -- $10.47 (3.50)%
For the year ended September 30:
1999 $11.89 $ 0.30 $(0.42) $(0.53) $(0.21) $11.03 (1.36)%$
For the seven month period ended September 30:
1998 $10.68 $ 0.40 $ 0.81 $ -- $ -- $11.89 11.33%
For the years ended February 28 or 29:
1998 $10.53 $ 0.23 $ 0.11 $(0.10) $(0.09) $10.68 3.23%
1997 10.77 0.71 (0.49) (0.38) (0.08) 10.53 1.85
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
- --------------------------
EMERGING MARKETS DEBT FUND
- --------------------------
CLASS A
For the six month period ended March 31:
2000 $ 8.11 $ 0.85 $ 0.93 $(0.77) $ -- $ 9.12 22.82%
For the year ended September 30:
1999 $ 6.83 $ 0.84 $ 1.19 $(0.75) $ -- $ 8.11 31.15%
For the seven month period ended September 30:
1998 $10.31 $(0.11) $(3.37) $ -- $ -- $ 6.83 (33.75)%
For the year ended February 28:
1998(3) $10.00 $ 0.56 $ -- $(0.25) $ -- $10.31 5.64%
</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
END OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER
PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE
- ---------------------------------------------------------------------------------------------------
- --------------------------
INTERNATIONAL EQUITY FUND
- --------------------------
CLASS A
For the six month period ended March 31:
<S> <C> <C> <C> <C> <C> <C>
2000 $2,798,465 1.28%[DAGGER] (0.07)%[DAGGER] 1.29%[DAGGER] (0.08)%[DAGGER] 41%
For the year ended September 30:
1999(5) $1,844,459 1.28% 0.39% 1.31% 0.36% 61%
For the seven month period ended September 30:
1998(5) $ 966,707 1.24%[DAGGER] 1.60%[DAGGER] 1.31%[DAGGER] 1.53%[DAGGER] 66%
For the years ended February 28 or 29:
1998(5) $ 851,542 1.21% 1.31% 1.30% 1.22% 75%
1997 524,062 1.28 1.11 1.42 0.97 117
1996 347,646 1.25 1.29 1.29 1.25 102
1995 328,503 1.19 1.30 1.21 1.28 64
CLASS D
For the six month period ended March 31:
2000 $ 579 1.43%[DAGGER] (0.22)%[DAGGER] 1.44%[DAGGER] (0.23)%[DAGGER] 41%
For the year ended September 30:
1999 $ 426 1.43% 0.20% 1.46% 0.17% 61%
For the seven month period ended September 30:
1998(5) $ 331 1.39%[DAGGER] 1.36%[DAGGER] 1.46%[DAGGER] 1.29%[DAGGER] 66%
For the years ended February 28 or 29:
1998(5) $ 302 1.36% 1.16% 1.45% 1.07% 75%
1997 177 1.55 0.71 1.65 0.61 117
1996 199 1.65 0.58 1.90 0.33 102
1995(1) 51 1.47 0.42 1.48 0.41 64
- -----------------------------
EMERGING MARKETS EQUITY FUND
- -----------------------------
CLASS A
For the six month period ended March 31:
2000 $1,301,081 1.95%[DAGGER] (0.66)%[DAGGER] 2.09%[DAGGER] (0.80)%[DAGGER] 52%
For the year ended September 30:
1999 $ 866,911 1.95% (0.35)% 2.14% (0.54)% 129%
For the seven month period ended September 30:
1998 $ 498,470 1.95%[DAGGER] 1.51%[DAGGER] 2.24%[DAGGER] 1.22%[DAGGER] 46%
For the years ended February 28 or 29:
1998 $ 509,748 1.95% (0.12%) 2.36% (0.53)% 76%
1997 221,474 1.95 (0.04) 2.55 (0.64) 100
1996 67,181 1.95 (0.23) 2.72 (1.00) 104
1995(2) 5,300 1.95 1.79 4.98 (1.24) --
- -------------------------------
INTERNATIONAL FIXED INCOME FUND
- -------------------------------
CLASS A
For the six month period ended March 31:
2000 $ 974,913 1.00%[DAGGER] 3.16%[DAGGER] 1.14%[DAGGER] 3.02%[DAGGER] 122%
For the year ended September 30:
1999 $ 809,440 1.00% 2.97% 1.22% 2.75% 278%
For the seven month period ended September 30:
1998 $ 533,800 1.00%[DAGGER] 3.61%[DAGGER] 1.21%[DAGGER] 3.40%[DAGGER] 112%
For the years ended February 28 or 29:
1998 $ 408,974 1.00% 3.92% 1.24% 3.68% 280%
1997 204,219 1.00 3.99 1.39 3.60 352
1996 84,318 1.00 4.70 1.27 4.43 269
1995 42,580 1.00 4.68 1.30 4.38 303
- --------------------------
EMERGING MARKETS DEBT FUND
- --------------------------
CLASS A
For the six month period ended March 31:
2000 $ 409,451 1.35%[DAGGER] 10.38%[DAGGER] 1.79%[DAGGER] 9.94%[DAGGER] 119%
For the year ended September 30:
1999 $ 283,993 1.35% 12.27% 1.82% 11.80% 184%
For the seven month period ended September 30:
1998 $ 162,938 1.35%[DAGGER] 10.28%[DAGGER] 1.84%[DAGGER] 9.79%[DAGGER] 186%
For the year ended February 28:
1998(3) $ 154,284 1.35% 8.05% 1.94% 7.46% 269%
<FN>
+ ANNUALIZED.
* RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT 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) EMERGING MARKETS DEBT CLASS A SHARES WERE OFFERED BEGINNING JUNE 29, 1997.
ALL RATIOS FOR THAT PERIOD HAVE BEEN ANNUALIZED.
(4) DISTRIBUTIONS FROM NET INVESTMENT INCOME INCLUDE DISTRIBUTIONS OF CERTAIN
FOREIGN CURRENCY GAINS AND LOSSES.
(5) PER SHARE NET INVESTMENT INCOME AND NET REALIZED AND UNREALIZED GAINS/(LOSSES) CALCULATED
USING AVERAGE SHARES.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
20
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
1. ORGANIZATION
SEI Institutional 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 funds: the International
Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income
Fund and the Emerging Markets Debt Fund (together the "Funds"). 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 Funds and Class D shares of the International Equity Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds 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 recently
quoted bid price. Unlisted securities for which market quotations are readily
available are valued at the most recently quoted bid price. Debt obligations
with sixty days or less remaining until maturity may be valued at amortized
cost, which approximates market value. Other securities for which market
quotations are not readily available or securities whose market quotations do
not reflect market value are valued at fair value using good faith pricing
procedures approved by the Board of Trustees.
<PAGE>
FEDERAL INCOME TAXES -- It is the intention of each Fund 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 has been
made in the financial statements.
The Funds 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 Funds accrue
such taxes when the related income is earned.
NET ASSET VALUE PER SHARE -- Net asset value per share is calculated on a
daily basis by dividing the assets of each Fund less its liabilities by the
number of outstanding shares of the Fund.
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 to cover principal and
interest, including accrued interest thereon, is sufficient in the event of
default by the counterparty.
The Funds 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 to cover
principal and interest in the event of default by the counterparty of the
repurchase agreement.
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 Fund may be delayed or limited.
FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds 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.
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
For foreign equity securities, the Funds 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 Funds 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.
The Funds 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 Funds may enter into forward
foreign currency contracts as hedges against either specific transactions, fund
positions or anticipated fund positions. The aggregate principal amounts of the
contracts are not recorded as the Funds 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 Funds 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 Fund and the International
Fixed Income Fund utilized futures contracts during the period ended March 31,
2000. The Funds investment in these futures contracts is designed to enable the
Funds 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 Funds record 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 value of the
contract may not directly correlate with changes in the value of the underlying
securities, and that the counterparty to a contract may default on its
obligation to perform.
OPTION SELLING/PURCHASING -- The Funds may invest in financial options
contracts solely for the purpose of hedging its existing portfolio securities,
or securities that the Funds intend to purchase, against fluctuations in fair
value caused by changes in prevailing market interest rates. When the Fund sells
or purchases an option, an amount equal to the premium received or paid by the
Fund is recorded as a liability or an asset and is subsequently adjusted to the
current market value of the option written or purchased. Premiums received or
paid from purchasing options which expire unexercised are treated by the Fund on
the expiration date as realized gains or losses. The difference between the
premium and the amount paid or received on effecting a closing purchase or sale
transaction, including brokerage commissions, is also treated as a realized gain
or loss. If an option is exercised, the premium paid or received is added to the
cost of the purchase or proceeds from the sale in determining whether the Fund
has realized a gain or a loss on investment transactions.
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 Funds are
charged directly to that Fund. Other operating expenses of the Funds are
prorated to the Funds 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.
22
<PAGE>
- --------------------------------------------------------------------------------
OTHER -- Security transactions are reported 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 Funds
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.
3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS
SEI Investments Fund Management (the "Manager") and the Trust are parties to a
management agreement dated September 30, 1988, under which the Manager provides
management, administrative and shareholder services to the Trust for an annual
fee equal to .45% of the average daily net assets of the International Equity
Fund, .60% of the average daily net assets of the International Fixed Income
Fund, and .65% of the average daily net assets of the Emerging Markets Equity
and Emerging Markets Debt Funds. 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 Fund.
SEI Investments Management Corporation ("SIMC") acts as the investment
adviser for the International Equity, Emerging Markets Equity and Emerging
Markets Debt Funds. Under the Invest-ment Advisory Agreement, SIMC receives an
annual fee of .505% of the average daily net assets of the International Equity
Fund, 1.05% of the average daily net assets of the Emerging Markets Equity Fund,
and .85% of the average daily net assets of the Emerging Markets Debt Fund.
As of March 31, 2000, pursuant to Sub-Advisory Agreements with SIMC,
Acadian Asset Management, Inc., Capital Guardian Trust Company, BlackRock
International, Ltd., SG Pacific Asset Management Inc. (formally Yamaichi Capital
Management, Inc.) and Oechsle International Advisors serve as Sub-Advisers to
the International Equity Fund, and SG Pacific Asset Management Inc. (formally
Yamaichi Capital Management. Inc.), Morgan Stanley Asset Management Inc.,
Nicholas-Applegate Capital Management Inc., Coronation Asset Management
(Proprietary) Limited, and Credit Suisse Asset Management Limited serve as
Sub-Advisers to the Emerging Markets Equity Fund. Salomon Brothers Asset
Management, Inc. serves as the Sub-Adviser to the Emerging Markets Debt Fund.
Strategic Fixed Income, LLC, the Adviser for the International Fixed Income
Fund, is a party to an investment advisory agreement with the Trust dated June
15, 1993. Under the investment advisory agreement, Strategic Fixed Income, LLC,
receives an annual fee of up to .30% of the average daily net assets of the
Fund. Strategic Fixed Income, LLC, 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 Fund. Effective January 1, 2000, Strategic Fixed
Income, LLC, receives an annual fee of up to .15% of the average net assets of
the Fund.
SEI Investments Distribution Co. (the "Distributor"), a wholly-owned
subsidiary of SEI Investments and a registered broker-dealer, serves as each
Fund'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 Fund 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 March 31, 2000, the Distributor was taking a fee under the
Class D Plan of .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 fees of up to .15% of the average
daily net assets. Class D is also subject to a 5% sales load on purchases of
shares.
23
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
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.
For the period ended March 31, 2000, the Funds paid commissions of $747,403
to affiliated broker-dealers.
The Emerging Markets Equity and International Equity Funds also used the
Distributor as an agent in placing repurchase agreements. For this service the
Distributor retains a portion of the interest earned as a commission. Such
commissions for the period ended March 31, 2000 were $6,215 and $13,204,
respectively.
4. ORGANIZATIONAL COSTS
Organizational costs have been capitalized by the Funds 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 Fund
acquired by the Manager are redeemed during the period that the Fund is
amortizing its organizational costs, the redemption proceeds payable to the
Manager by the Fund will be reduced by an amount equal to a pro-rata portion of
the unamortized organizational costs.
5. FORWARD FOREIGN CURRENCY CONTRACTS
The Funds enter into forward foreign currency exchange contracts as hedges
against fund positions and anticipated fund positions. Such contracts, which are
designed to protect the value of the Fund'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 March
31, 2000:
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
- ----------------- ---------------- -------- --------------
EMERGING MARKETS EQUITY FUND
- ----------------------------
FOREIGN CURRENCY SALES:
4/4/00 GD 674,000,000 $ 1,922,967 $ (3,159)
----------- --------
$ (3,159)
========
INTERNATIONAL EQUITY FUND
- -------------------------
FOREIGN CURRENCY SALES:
4/28/00 EC 288,021 $ 276,846 $ 1,237
4/3/00-4/5/00 JY 27,756,935 264,736 (5,415)
4/5/00 UK 1,147,710 1,820,038 (7,845)
----------- --------
$ 2,361,619 $(12,023)
----------- --------
FOREIGN CURRENCY PURCHASES:
4/4/00 CD 404,161 $ 277,774 $ 1,169
4/4/00-4/28/00 EC 3,500,102 3,358,480 (13,210)
4/3/00 HD 1,547,048 198,683 --
4/4/00 JY 280,953,560 2,669,392 64,949
4/4/00 SD 227,570 132,408 557
4/4/00 SK 5,216,783 605,828 (2,913)
4/4/00 TB 2,086,649 55,202 --
4/6/00 UK 1,066,070 1,699,848 (1,960)
----------- --------
$ 7,297,768 $ 48,592
----------- --------
$ 36,569
========
24
<PAGE>
- --------------------------------------------------------------
IN UNREALIZED
MATURITY CONTRACTS TO EXCHANGE APPRECIATION
DATES DELIVER/RECEIVE FOR (DEPRECIATION)
- --------------- ---------------- -------- --------------
INTERNATIONAL FIXED INCOME FUND
- -------------------------------
FOREIGN CURRENCY SALES:
5/17/00 AD 3,614,423 $ 2,180,907 $ (16,600)
5/17/00 CD 185,521,759 126,619,701 (1,562,895)
5/17/00 CH 71,240,176 43,048,071 51,762
5/17/00 DK 62,985,489 3,240,000 127,547
5/17/00 EC 383,206,544 384,430,076 4,564,343
5/17/00 GD 69,904,667 201,739 2,509
5/17/00 JY 20,838,434,031 198,102,799 (6,285,459)
5/17/00 SK 70,676,567 8,151,195 (39,462)
5/17/00 UK 63,124,082 99,337,140 (1,249,924)
------------ -----------
$865,311,628 $(4,408,179)
------------ -----------
FOREIGN CURRENCY PURCHASES:
5/17/00 AD 7,391,873 $ 4,539,349 $ (45,217)
5/17/00 CD 50,470,823 34,412,256 459,563
5/17/00 CH 101,381,239 61,382,596 (194,945)
5/17/00 DK 136,653,925 17,776,897 (176,040)
5/17/00 EC 251,575,771 244,676,114 (3,647,470)
5/17/00 JY 38,939,489,441 381,434,630 10,493,033
5/17/00 SK 22,114,576 2,548,731 14,111
5/17/00 UK 80,881,553 127,334,950 1,548,317
------------ -----------
$874,105,524 $ 8,451,352
------------ -----------
$ 4,043,173
===========
CURRENCY LEGEND
AD Australian Dollar HD Hong Kong Dollar
CD Canadian Dollar JY Japanese Yen
CH Swiss Franc SD Singapore Dollar
DK Danish Kroner SK Swedish Krona
EC Euro Currency TB Thailand Baht
GD Greek Drachma UK British Pound Sterling
<PAGE>
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 March 31, 2000, were as follows:
PURCHASES SALES
(000) (000)
---------- ----------
International Equity Fund $1,400,351 $ 829,231
Emerging Markets Equity Fund 625,722 553,325
International Fixed Income Fund 697,582 705,355
Emerging Markets Debt Fund 300,593 237,867
The International Fixed Income Fund purchased $167,410,603 and sold
$142,588,866 in U.S. government securities, during the period ended March 31,
2000.
For Federal income tax purposes, the cost of securities owned at March 31,
2000 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 as shown below. The aggregate gross unrealized appreciation
and depreciation at March 31, 2000 for the Funds is as follows:
BOOK NET
UNREALIZED
APPRECIATED DEPRECIATED APPRECIATION/
SECURITIES SECURITIES (DEPRECIATION)
(000) (000) (000)
---------- ----------- -------------
International Equity
Fund $656,704 $(86,779) $569,925
Emerging Markets
Equity Fund 429,093 (34,229) 394,864*
International Fixed
Income Fund 22,785 (28,121) (5,336)
Emerging Markets
Debt Fund 46,354 (6,179) 40,175
*Net of $1,085,644 charge in accrued foreign withholding tax on
appreciated securities.
<PAGE>
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI INSTITUTIONAL INTERNATIONAL TRUST -- MARCH 31, 2000 (UNAUDITED)
7. FUTURES CONTRACTS
The following Funds had futures contracts open as of March 31, 2000:
CONTRACT NUMBER OF TRADE SETTLEMENT UNREALIZED
DESCRIPTION CONTRACTS PRICE MONTH GAIN/(LOSS)
- ------------ ---------- ------- ---------- ------------
INTERNATIONAL EQUITY FUND
Australia Ords Index 4 3,245 June 2000 $ (3,916)
Australia Ords Index 14 3,254 June 2000 (15,628)
Australia Ords Index 2 3,274 June 2000 (2,840)
Australia Ords Index 3 3,210 June 2000 (1,337)
CAC 40 Index 63 6,271 June 2000 (8,866)
CAC 40 Index 9 6,333 June 2000 (6,763)
CAC 40 Index 13 6,234 June 2000 2,176
Dax Index 13 7,835 June 2000 (70,782)
Dax Index 4 7,900 June 2000 (28,082)
Dax Index 5 7,887 June 2000 (33,471)
Dax Index 2 7,853 June 2000 (11,767)
Dax Index 1 7,960 June 2000 (8,481)
Dax Index 5 7,675 June 2000 (8,388)
FT-SE 100 Index 20 6,587 June 2000 3,984
FT-SE 100 Index 20 6,602 June 2000 (760)
FT-SE 100 Index 19 6,600 June 2000 (269)
FT-SE 100 Index 5 6,650 June 2000 (3,980)
FT-SE 100 Index 10 6,702 June 2000 (16,190)
FT-SE 100 Index 12 6,440 June 2000 30,605
Hang Seng Index 8 17,235 April 2000 11,312
Hang Seng Index 1 17,785 April 2000 (2,118)
Hang Seng Index 2 17,400 April 2000 706
IBEX 35 Index 3 12,528 April 2000 (16,893)
IBEX 35 Index 3 12,340 April 2000 (11,426)
IBEX 35 Index 3 12,231 April 2000 (8,307)
IBEX 35 Index 1 12,134 April 2000 (1,829)
IBEX 35 Index 3 12,260 April 2000 (9,159)
IBEX 35 Index 3 12,180 April 2000 (6,845)
IBEX 35 Index 2 11,790 April 2000 2,888
MIB 30 Index 1 49,365 June 2000 (14,869)
MIB 30 Index 2 48,145 June 2000 (17,913)
MIB 30 Index 1 47,225 June 2000 (4,536)
MIB 30 Index 1 47,350 June 2000 (5,145)
MIB 30 Index 1 48,050 June 2000 (8,545)
MIB 30 Index 2 47,735 June 2000 (14,089)
MIB 30 Index 1 45,965 June 2000 1,414
NIKKEI 225 Index 24 19,700 June 2000 76,678
NIKKEI 225 Index 43 19,380 June 2000 203,406
NIKKEI 225 Index 1 19,355 June 2000 4,848
NIKKEI 225 Index 18 19,650 June 2000 62,361
NIKKEI 225 Index 6 19,700 June 2000 19,383
NIKKEI 225 Index 13 20,335 June 2000 3,486
--------
$ 80,053
========
INTERNATIONAL FIXED INCOME FUND
Japan 10 Year Bond 61 131 June 2000 $350,100
Japan 10 Year Bond 6 132 June 2000 (14,628)
--------
$335,472
========
<PAGE>
8. CONCENTRATION OF RISKS
Each Fund 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 Fund and Emerging Markets
Debt Fund invest 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 Fund and Emerging Markets Debt
Fund to meet its obligations may be affected by economic and political
developments in a specific country, industry or region.
9. LOAN PARTICIPATIONS AND BRADY BONDS
The Emerging Markets Debt Fund (the "Fund") 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 Fund 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 Fund having a
contractual relationship only with the Lender, not with the sovereign borrower.
The Fund 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 Fund 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 Fund will not benefit
directly from any collateral supporting the Loan in which it has purchased the
Participation. As a result, the Fund assumes the credit risk of both the
borrower and the Lender that is selling the Participation. The Fund may have
difficulty disposing of Participations and Assignments because the market for
such instruments is not highly liquid.
26
<PAGE>
- --------------------------------------------------------------------------------
Certain debt obligations, customarily referred to as "Brady Bonds," are
created through the exchange of existing commercial bank loans to foreign
entities for new obligations in connection with debt restructuring under a plan
introduced by former U.S. Secretary of the Treasury, Nicholas F. Brady. Brady
Bonds have only been issued since 1989, and, accordingly, do not have a long
payment history. They are issued by governments that may have previously
defaulted on the loans being restructured by the Brady Bonds, so are subject to
the risk of default by the issuer. They may be fully or partially collateralized
or uncollateralized and issued in various currencies.
10. LINE OF CREDIT
Each Fund may borrow, an amount up to its prospectus defined limitations, from
an $81 million committed line of credit available to the SEI Institutional
International Funds. Borrowings from the line of credit will bear interest at
the Federal Funds Rate plus 0.625%. As of March 31, 2000, no Fund had an
outstanding borrowing.
27
<PAGE>
NOTES
================================================================================
<PAGE>
- --------------------
SEI INSTITUTIONAL
INTERNATIONAL TRUST
- --------------------
SEMI-ANNUAL REPORT
- --------------------
MARCH 31, 2000
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
James M. Storey
George J. Sullivan, Jr.
OFFICERS
Edward D. Loughlin
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Mark E. Nagle
CONTROLLER, CHIEF FINANCIAL OFFICER
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Cynthia M. Parrish
VICE PRESIDENT, ASSISTANT SECRETARY
Lydia A. Gavalis
VICE PRESIDENT, ASSISTANT SECRETARY
Christine McCullough
VICE PRESIDENT, ASSISTANT SECRETARY
James R. Foggo
VICE PRESIDENT, ASSISTANT SECRETARY
Timothy D. Barto
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
INVESTMENT ADVISORS
INTERNATIONAL EQUITY FUND
SEI Investments Management Corporation
EMERGING MARKETS EQUITY FUND
SEI Investments Management Corporation
INTERNATIONAL FIXED INCOME FUND
Strategic Fixed Income LLC
EMERGING MARKETS DEBT FUND
SEI Investments Management Corporation
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Investments Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers 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]
SEI-F-031-09
<PAGE>
