UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03231
SEI Liquid Asset Trust
(Exact name of registrant as specified in charter)
c/o CT Corporation
101 Federal St.
Boston, MA 02110
(Address of principal executive offices) (Zip code)
c/o SEI Investments Company
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Copies to:
Richard W. Grant, Esq.
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103
Registrant’s telephone number, including area code: 1-800-342-5734
Date of fiscal year end: June 30, 2011
Date of reporting period: December 31, 2010
| Item 1. | Reports to Stockholders. |
SEI Liquid Asset Trust
Semi-Annual Report as of December 31, 2010
Prime Obligation Fund
TABLE OF CONTENTS
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.
SCHEDULE OF INVESTMENTS (Unaudited)
Prime Obligation Fund
December 31, 2010
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
|
CERTIFICATES OF DEPOSIT (A) — 32.8% | |
| | |
Bank of Montreal | | | | | | | | |
0.230%, 01/05/11 | | $ | 11,000 | | | $ | 11,000 | |
0.350%, 06/15/11 | | | 4,000 | �� | | | 4,000 | |
| | |
Bank of Nova Scotia | | | | | | | | |
0.450%, 01/18/11 | | | 4,000 | | | | 4,000 | |
0.350%, 06/20/11 | | | 3,000 | | | | 3,000 | |
0.350%, 06/27/11 | | | 8,000 | | | | 8,000 | |
| | |
Bank of Tokyo-Mitsubishi | | | | | | | | |
0.300%, 03/14/11 | | | 4,500 | | | | 4,500 | |
0.300%, 03/14/11 | | | 4,000 | | | | 4,000 | |
0.310%, 03/28/11 | | | 15,000 | | | | 15,000 | |
0.310%, 03/29/11 | | | 2,000 | | | | 2,000 | |
| | |
Barclays Bank | | | | | | | | |
0.460%, 02/11/11 | | | 6,000 | | | | 6,000 | |
0.420%, 02/14/11 | | | 5,000 | | | | 5,000 | |
0.430%, 02/15/11 | | | 3,000 | | | | 3,000 | |
0.370%, 03/28/11 | | | 4,000 | | | | 4,000 | |
0.360%, 04/21/11 | | | 9,000 | | | | 9,000 | |
| | |
BNP Paribas | | | | | | | | |
0.430%, 03/07/11 | | | 9,000 | | | | 9,000 | |
0.430%, 03/14/11 | | | 1,000 | | | | 1,000 | |
0.440%, 03/14/11 | | | 5,000 | | | | 5,000 | |
0.430%, 03/21/11 | | | 10,000 | | | | 10,000 | |
| | |
Caisse de depot | | | | | | | | |
0.405%, 01/07/11 | | | 3,000 | | | | 3,000 | |
0.440%, 02/18/11 | | | 9,000 | | | | 9,000 | |
0.420%, 02/23/11 | | | 6,000 | | | | 6,000 | |
0.440%, 03/10/11 | | | 5,000 | | | | 5,000 | |
| | |
Credit Agricole | | | | | | | | |
0.350%, 03/01/11 | | | 17,000 | | | | 17,000 | |
| | |
Credit Industriel et Commercial | | | | | | | | |
0.435%, 01/04/11 | | | 7,000 | | | | 7,000 | |
0.355%, 02/17/11 | | | 3,000 | | | | 3,000 | |
0.455%, 03/01/11 | | | 8,000 | | | | 7,994 | |
0.450%, 03/01/11 | | | 7,000 | | | | 7,000 | |
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
| | |
Mizuho Corporate Bank | | | | | | | | |
0.250%, 01/05/11 | | $ | 5,000 | | | $ | 5,000 | |
| | |
National Australia Bank | | | | | | | | |
0.315%, 05/12/11 | | | 4,000 | | | | 4,000 | |
0.425%, 06/01/11 | | | 5,000 | | | | 5,000 | |
0.385%, 06/07/11 | | | 3,000 | | | | 3,000 | |
| | |
Nordea Bank Finland | | | | | | | | |
0.540%, 01/10/11 | | | 6,000 | | | | 6,000 | |
0.360%, 05/31/11 | | | 5,000 | | | | 5,000 | |
0.360%, 06/01/11 | | | 7,000 | | | | 7,000 | |
| | |
Rabobank Nederland | | | | | | | | |
0.570%, 01/10/11 | | | 6,000 | | | | 6,000 | |
| | |
Royal Bank of Canada | | | | | | | | |
0.310%, 03/07/11 | | | 3,000 | | | | 3,000 | |
| | |
Societe Generale | | | | | | | | |
0.320%, 02/01/11 | | | 17,000 | | | | 17,000 | |
| | |
Sumitomo Mitsui Banking | | | | | | | | |
0.280%, 01/05/11 | | | 5,000 | | | | 5,000 | |
0.280%, 02/01/11 | | | 18,000 | | | | 18,000 | |
| | |
Svenska Handelsbanken | | | | | | | | |
0.280%, 03/09/11 | | | 1,000 | | | | 1,000 | |
0.280%, 03/10/11 | | | 1,000 | | | | 1,000 | |
0.385%, 06/06/11 | | | 4,000 | | | | 4,000 | |
| | |
Toronto Dominion Bank | | | | | | | | |
0.280%, 03/21/11 | | | 3,000 | | | | 3,000 | |
| | |
UBS | | | | | | | | |
0.390%, 02/24/11 | | | 3,000 | | | | 3,000 | |
0.360%, 04/07/11 | | | 4,000 | | | | 4,000 | |
0.530%, 06/30/11 | | | 2,000 | | | | 2,001 | |
0.425%, 07/01/11 | | | 8,000 | | | | 8,000 | |
| | |
Westpac Banking | | | | | | | | |
0.350%, 07/01/11 | | | 5,000 | | | | 5,000 | |
| | | | | | | | |
Total Certificates of Deposit
(Cost $287,495) ($ Thousands) | | | | | | | 287,495 | |
| | | | | | | | |
|
COMMERCIAL PAPER (A)(B) — 31.2% | |
| | |
Amsterdam Funding | | | | | | | | |
0.300%, 01/04/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Argento Variable Funding | | | | | | | | |
0.320%, 02/04/11 (C) | | | 2,000 | | | | 1,999 | |
| | |
Atlantis One Funding | | | | | | | | |
0.552%, 01/18/11 (C) | | | 5,000 | | | | 4,999 | |
0.401%, 02/04/11 (C) | | | 2,000 | | | | 1,999 | |
0.371%, 02/11/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
BNZ International Funding | | | | | | | | |
0.360%, 05/24/11 (C) | | | 3,000 | | | | 2,996 | |
| | | | |
| SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 | | | 1 | |
SCHEDULE OF INVESTMENTS (Unaudited)
Prime Obligation Fund (Continued)
December 31, 2010
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
| | |
Cancara Asset Securitisation | | | | | | | | |
0.310%, 01/04/11 (C) | | $ | 7,000 | | | $ | 7,000 | |
0.300%, 01/18/11 (C) | | | 4,000 | | | | 3,999 | |
0.300%, 02/07/11 (C) | | | 4,000 | | | | 3,999 | |
| | |
Chariot Funding | | | | | | | | |
0.220%, 01/04/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Coca-Cola | | | | | | | | |
0.371%, 01/03/11 (C) | | | 4,000 | | | | 4,000 | |
0.220%, 03/16/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Commonwealth Bank of Australia | | | | | | | | |
0.350%, 06/10/11 (C) | | | 2,500 | | | | 2,496 | |
0.381%, 06/14/11 (C) | | | 2,000 | | | | 1,997 | |
0.380%, 06/15/11 (C) | | | 1,000 | | | | 998 | |
| | |
Falcon Asset Securitization | | | | | | | | |
0.451%, 01/25/11 (C) | | | 2,000 | | | | 1,999 | |
0.331%, 02/17/11 (C) | | | 4,000 | | | | 3,998 | |
| | |
FCAR Owner Trust | | | | | | | | |
0.300%, 01/03/11 | | | 1,000 | | | | 1,000 | |
0.300%, 01/04/11 | | | 15,000 | | | | 15,000 | |
0.300%, 01/05/11 | | | 5,000 | | | | 5,000 | |
0.330%, 02/22/11 | | | 1,000 | | | | 999 | |
0.350%, 03/01/11 | | | 1,000 | | | | 999 | |
0.450%, 04/05/11 | | | 1,000 | | | | 999 | |
0.450%, 05/02/11 | | | 545 | | | | 544 | |
0.450%, 05/06/11 | | | 4,000 | | | | 3,994 | |
0.450%, 06/01/11 | | | 1,000 | | | | 998 | |
0.450%, 06/07/11 | | | 5,000 | | | | 4,990 | |
| | |
General Electric Capital | | | | | | | | |
0.501%, 01/18/11 | | | 5,000 | | | | 4,999 | |
0.431%, 01/20/11 | | | 1,000 | | | | 1,000 | |
0.310%, 03/01/11 | | | 2,000 | | | | 1,999 | |
0.360%, 07/14/11 | | | 5,000 | | | | 4,990 | |
| | |
Gotham Funding | | | | | | | | |
0.230%, 01/06/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Grampian Funding | | | | | | | | |
0.320%, 02/07/11 (C) | | | 5,000 | | | | 4,998 | |
0.330%, 02/14/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Jupiter Securitization | | | | | | | | |
0.481%, 01/21/11 (C) | | | 6,000 | | | | 5,998 | |
0.331%, 02/17/11 (C) | | | 2,000 | | | | 1,999 | |
| | |
Liberty Street Funding | | | | | | | | |
0.120%, 01/03/11 (C) | | | 3,000 | | | | 3,000 | |
| | |
Manhattan Asset Funding | | | | | | | | |
0.300%, 01/05/11 (C) | | | 6,000 | | | | 6,000 | |
0.300%, 01/10/11 (C) | | | 10,000 | | | | 9,999 | |
0.280%, 01/28/11 (C) | | | 3,000 | | | | 2,999 | |
0.310%, 02/03/11 (C) | | | 1,500 | | | | 1,500 | |
0.300%, 02/22/11 (C) | | | 2,000 | | | | 1,999 | |
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
| | |
MetLife Short Term Funding | | | | | | | | |
0.334%, 01/03/11 (C) | | $ | 6,000 | | | $ | 6,000 | |
0.330%, 01/10/11 (C) | | | 2,000 | | | | 2,000 | |
0.310%, 04/11/11 (C) | | | 3,000 | | | | 2,997 | |
0.320%, 04/25/11 (C) | | | 4,000 | | | | 3,996 | |
| | |
NRW BANK | | | | | | | | |
0.345%, 05/02/11 | | | 3,000 | | | | 2,996 | |
0.350%, 05/09/11 | | | 2,000 | | | | 1,997 | |
| | |
Old Line Funding | | | | | | | | |
0.220%, 01/05/11 (C) | | | 3,000 | | | | 3,000 | |
0.270%, 03/07/11 (C) | | | 5,300 | | | | 5,297 | |
| | |
Prudential | | | | | | | | |
0.370%, 01/20/11 (C) | | | 4,000 | | | | 3,999 | |
0.330%, 01/25/11 (C) | | | 2,000 | | | | 2,000 | |
0.330%, 02/01/11 (C) | | | 5,000 | | | | 4,999 | |
0.340%, 02/03/11 (C) | | | 5,000 | | | | 4,998 | |
0.330%, 02/18/11 (C) | | | 2,000 | | | | 1,999 | |
0.370%, 03/08/11 (C) | | | 4,000 | | | | 3,997 | |
0.370%, 03/09/11 (C) | | | 2,400 | | | | 2,398 | |
| | |
Royal Park Investements Funding | | | | | | | | |
0.310%, 01/12/11 (C) | | | 2,000 | | | | 2,000 | |
0.310%, 01/13/11 (C) | | | 8,000 | | | | 7,999 | |
| | |
Sheffield Receivables | | | | | | | | |
0.300%, 01/03/11 (C) | | | 2,000 | | | | 2,000 | |
0.310%, 01/05/11 (C) | | | 4,500 | | | | 4,500 | |
0.371%, 03/01/11 (C) | | | 5,000 | | | | 4,997 | |
0.371%, 03/02/11 (C) | | | 2,000 | | | | 1,999 | |
| | |
Shell International Finance | | | | | | | | |
0.451%, 01/03/11 (C) | | | 7,500 | | | | 7,500 | |
| | |
Surrey Funding | | | | | | | | |
0.320%, 01/11/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Thames Asset Global Securitization No. 1 | | | | | | | | |
0.300%, 01/31/11 (C) | | | 8,400 | | | | 8,398 | |
| | |
Thunder Bay Funding | | | | | | | | |
0.200%, 01/04/11 (C) | | | 3,000 | | | | 3,000 | |
0.270%, 03/03/11 (C) | | | 1,000 | | | | 1,000 | |
0.310%, 04/01/11 (C) | | | 1,000 | | | | 999 | |
| | |
Total Capital Canada | | | | | | | | |
0.471%, 01/13/11 (C) | | | 3,000 | | | | 3,000 | |
0.471%, 01/14/11 (C) | | | 1,000 | | | | 1,000 | |
| | |
Toyota Credit Canada | | | | | | | | |
0.330%, 01/05/11 | | | 1,000 | | | | 1,000 | |
0.320%, 01/12/11 | | | 2,000 | | | | 2,000 | |
0.340%, 01/19/11 | | | 1,000 | | | | 1,000 | |
0.360%, 05/20/11 | | | 2,000 | | | | 1,997 | |
| | |
Toyota Financial Services de Puerto Rico | | | | | | | | |
0.310%, 01/03/11 | | | 1,000 | | | | 1,000 | |
0.400%, 04/15/11 | | | 2,000 | | | | 1,998 | |
| | |
| 2 | | SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 |
| | | | | | | | |
Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
| | |
Toyota Motor Credit | | | | | | | | |
0.330%, 01/14/11 | | $ | 4,000 | | | $ | 3,999 | |
0.330%, 01/19/11 | | | 2,000 | | | | 2,000 | |
0.330%, 01/20/11 | | | 2,000 | | | | 2,000 | |
0.330%, 01/28/11 | | | 3,000 | | | | 2,999 | |
0.360%, 04/07/11 | | | 4,000 | | | | 3,996 | |
0.360%, 04/08/11 | | | 4,000 | | | | 3,996 | |
0.380%, 06/13/11 | | | 6,000 | | | | 5,990 | |
| | |
Victory Receivables | | | | | | | | |
0.300%, 01/05/11 (C) | | | 1,800 | | | | 1,800 | |
0.230%, 01/06/11 (C) | | | 1,000 | | | | 1,000 | |
| | | | | | | | |
Total Commercial Paper
(Cost $273,322) ($ Thousands) | | | | | | | 273,322 | |
| | | | | | | | |
|
U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.1% | |
| | |
FFCB | | | | | | | | |
0.199%, 07/20/11 (D) | | | 5,000 | | | | 5,000 | |
| | |
FHLB DN | | | | | | | | |
0.183%, 01/14/11 (B) | | | 4,000 | | | | 4,000 | |
0.205%, 02/11/11 (B) | | | 5,000 | | | | 4,999 | |
| | |
FHLMC | | | | | | | | |
0.525%, 01/28/11 (D) | | | 1,000 | | | | 1,000 | |
0.326%, 02/01/11 (D) | | | 11,000 | | | | 11,000 | |
0.362%, 03/09/11 (D) | | | 30,000 | | | | 30,013 | |
0.581%, 04/07/11 (D) | | | 17,200 | | | | 17,201 | |
| | |
FHLMC DN | | | | | | | | |
0.250%, 01/18/11 (B) | | | 1,000 | | | | 1,000 | |
0.215%, 02/22/11 (B) | | | 3,000 | | | | 2,999 | |
| | |
FNMA | | | | | | | | |
0.291%, 01/20/11 (D) | | | 2,000 | | | | 1,999 | |
| | |
FNMA DN | | | | | | | | |
0.200%, 01/18/11 (B) | | | 3,000 | | | | 3,000 | |
0.250%, 01/19/11 (B) | | | 1,000 | | | | 1,000 | |
0.180%, 02/14/11 (B) | | | 3,000 | | | | 2,999 | |
0.210%, 02/23/11 (B) | | | 2,000 | | | | 1,999 | |
| | | | | | | | |
Total U.S. Government Agency Obligations
(Cost $88,209) ($ Thousands) | | | | | | | 88,209 | |
| | | | | | | | |
|
U.S. TREASURY OBLIGATIONS — 3.3% | |
| | |
U.S. Treasury Bills (B) | | | | | | | | |
0.205%, 01/06/11 | | | 9,000 | | | | 9,000 | |
0.185%, 02/24/11 | | | 3,000 | | | | 2,999 | |
0.190%, 05/26/11 | | | 4,000 | | | | 3,997 | |
| | |
U.S. Treasury Notes | | | | | | | | |
4.500%, 02/28/11 | | | 2,000 | | | | 2,014 | |
0.875%, 02/28/11 | | | 4,000 | | | | 4,004 | |
4.875%, 05/31/11 | | | 2,000 | | | | 2,038 | |
4.625%, 10/31/11 | | | 3,000 | | | | 3,108 | |
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
1.750%, 11/15/11 | | $ | 1,500 | | | $ | 1,519 | |
| | | | | | | | |
Total U.S. Treasury Obligations
(Cost $28,679) ($ Thousands) | | | | | | | 28,679 | |
| | | | | | | | |
| | |
MUNICIPAL BONDS (D) — 1.8% | | | | | | | | |
| | |
Colorado — 0.4% | | | | | | | | |
Colorado State, Housing & Finance Authority, Multi-Family Housing Program, Ser A-1, RB | | | | | | | | |
0.250%, 01/05/11 | | | 1,000 | | | | 1,000 | |
Colorado State, Housing & Finance Authority, Single Family Housing Program, Ser AA-1, RB | | | | | | | | |
0.270%, 01/05/11 | | | 750 | | | | 750 | |
Colorado State, Housing & Finance Authority, Single-Family Housing Program, Ser B-1, RB | | | | | | | | |
0.300%, 01/05/11 | | | 965 | | | | 965 | |
Colorado State, Housing & Finance Authority, Single-Family Housing Program, Ser I, RB | | | | | | | | |
0.260%, 01/05/11 | | | 305 | | | | 305 | |
| | | | | | | | |
| | | | | | | 3,020 | |
| | | | | | | | |
| | |
Connecticut — 0.1% | | | | | | | | |
Connecticut State, Housing & Finance Authority, Sub-Ser A-5, RB | | | | | | | | |
0.247%, 01/06/11 | | | 1,226 | | | | 1,226 | |
| | | | | | | | |
| | |
Iowa — 0.5% | | | | | | | | |
Iowa State, Finance Authority, Ser C, RB | | | | | | | | |
0.256%, 01/06/11 | | | 2,895 | | | | 2,895 | |
Iowa State, Finance Authority, Ser G, RB | | | | | | | | |
0.250%, 01/06/11 | | | 130 | | | | 130 | |
Iowa State, Finance Authority, Ser M, RB | | | | | | | | |
0.250%, 01/06/11 | | | 900 | | | | 900 | |
| | | | | | | | |
| | | | | | | 3,925 | |
| | | | | | | | |
| | |
Kentucky — 0.1% | | | | | | | | |
Kentucky State, Housing Development Authority, Ser J, RB | | | | | | | | |
0.340%, 01/06/11 | | | 335 | | | | 335 | |
Kentucky State, Housing Development Authority, Ser O, RB | | | | | | | | |
0.340%, 01/06/11 | | | 200 | | | | 200 | |
Kentucky State, Housing Development Authority, Ser W, RB | | | | | | | | |
0.350%, 01/05/11 | | | 530 | | | | 530 | |
| | | | | | | | |
| | | | | | | 1,065 | |
| | | | | | | | |
| | | | |
| SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 | | | 3 | |
SCHEDULE OF INVESTMENTS (Unaudited)
Prime Obligation Fund (Continued)
December 31, 2010
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
| | |
New Hampshire — 0.0% | | | | | | | | |
New Hampshire, Health & Education Facilities Authority, Dartmouth College, Ser C, RB | | | | | | | | |
0.290%, 01/19/11 | | $ | 390 | | | $ | 390 | |
| | | | | | | | |
| | |
New Mexico — 0.1% | | | | | | | | |
New Mexico State, Finance Authority, Sub-Ser D, RB | | | | | | | | |
0.300%, 01/06/11 | | | 950 | | | | 950 | |
| | | | | | | | |
| | |
Texas — 0.5% | | | | | | | | |
Texas State, GO | | | | | | | | |
0.290%, 01/04/11 | | | 540 | | | | 540 | |
0.300%, 01/04/11 | | | 205 | | | | 205 | |
Texas State, Ser A-2, GO | | | | | | | | |
0.247%, 01/05/11 | | | 2,000 | | | | 2,000 | |
Texas State, Ser B, GO | | | | | | | | |
0.270%, 01/06/11 | | | 1,215 | | | | 1,215 | |
Texas State, Ser B-2, GO | | | | | | | | |
0.286%, 01/05/11 | | | 300 | | | | 300 | |
| | | | | | | | |
| | | | | | | 4,260 | |
| | | | | | | | |
| | |
Wisconsin — 0.1% | | | | | | | | |
Wisconsin State, Housing & Economic Development Authority, Ser D, RB | | | | | | | | |
0.325%, 01/05/11 | | | 460 | | | | 460 | |
Wisconsin State, Housing & Economic Development Authority, Ser B, RB | | | | | | | | |
0.270%, 01/06/11 | | | 200 | | | | 200 | |
| | | | | | | | |
| | | | | | | 660 | |
| | | | | | | | |
Total Municipal Bonds
(Cost $15,496) ($ Thousands) | | | | | | | 15,496 | |
| | | | | | | | |
|
REPURCHASE AGREEMENTS (E) — 20.8% | |
BNP Paribas
0.280%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $16,000,373 (collateralized by Goldman Sachs, par value $17,785,152, 0.753%, 03/22/2016, with a total market value $16,800,000) | | | 16,000 | | | | 16,000 | |
Deutsche Bank
0.250%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $3,000,063 (collateralized by Societe Generale, par value $3,201,300, 3.500%, 01/15/2016, with a total market value $3,150,001) | | | 3,000 | | | | 3,000 | |
Goldman Sachs
0.150%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $25,789,322 (collateralized by FFCB, par value $26,318,000, 0.000%, 01/23/2013, with a total market value $26,305,367) | | | 25,789 | | | | 25,789 | |
| | | | | | | | |
| Description | | Face Amount
($ Thousands) | | | Value ($ Thousands) | |
| | | | | | | | |
JPMorgan Chase
0.300%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $8,000,200 (collateralized Nisource Finance Corp, ranging in par value from $3,255,000- $4,191,000, 0.000%-6.800%, 03/15/2018-01/15/2019, with a total market value $8,403,001) | | $ | 8,000 | | | $ | 8,000 | |
JPMorgan Chase
0.250%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $20,000,417 (collateralized by FHLMC, par value $20,070,000, 2.658%, 12/01/2040, with a total market value $20,404,308) | | | 20,000 | | | | 20,000 | |
Morgan Stanley
0.12%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $23,000,230 (collateralized by FHLB, par value $24,615,000, 2.450%, 06/02/2017, with a total market value $23,463,353) | | | 23,000 | | | | 23,000 | |
RBS Greenwich
0.300%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $43,001,075 (collateralized by various GNMA obligations, ranging in par value from $3,320,000- $24,091,846, 2.500%-5.000%, 08/20/2038-11/20/2040, with a total market value $43,861,774) | | | 43,000 | | | | 43,000 | |
UBS
0.250%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $1,000,021 (collateralized by Great Plains Energy Inc, par value $1,030,333, 2.750%, 08/15/2013, with a total market value $1,050,001) | | | 1,000 | | | | 1,000 | |
UBS
0.270%, dated 12/31/10, to be repurchased on 01/03/11, repurchase price $43,000,968 (collateralized by FNMA, par value $50,993,578, 4.500%, 12/01/2024, with a total market value $43,860,000) | | | 43,000 | | | | 43,000 | |
| | | | | | | | |
Total Repurchase Agreements
(Cost $182,789) ($ Thousands) | | | | | | | 182,789 | |
| | | | | | | | |
Total Investments — 100.0%
(Cost $875,990)($ Thousands) | | | | | | $ | 875,990 | |
| | | | | | | | |
| | |
| 4 | | SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 |
Percentages are based on Net Assets of $875,963 ($ Thousands).
| (A) | | Securities are held in connection with a letter of credit issued by a major bank |
| (B) | | The rate reported is the effective yield at time of purchase. |
| (C) | | 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. |
| (D) | | Floating Rate Instrument. The rate reflected on the Statement of Investments is the rate in effect on December 31, 2010. The demand and interest rate reset features give this security a shorter effective maturity date. |
| (E) | | Tri-Party Repurchase Agreement |
DN — Discount Note
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
RB — Revenue Bond
Ser — Series
The accompanying notes are an integral part of the financial statements.
| | | | |
| SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 | | | 5 | |
Statement of Assets and Liabilities ($ Thousands)
as of December 31, 2010 (Unaudited)
| | | | |
| | | Prime Obligation
Fund | |
ASSETS: | | | | |
Investments, at value (Cost $693,201) | | $ | 693,201 | |
Repurchase agreement, at value (Cost $182,789) | | | 182,789 | |
Accrued income | | | 328 | |
Prepaid expenses | | | 30 | |
Total Assets | | | 876,348 | |
LIABILITIES: | | | | |
Payable due to administrator | | | 135 | |
Payable due to investment adviser | | | 44 | |
Chief Compliance Officer fees payable | | | 2 | |
Payable for income distribution | | | 1 | |
Trustees fees payable | | | 1 | |
Accrued expenses | | | 202 | |
Total Liabilities | | | 385 | |
Net Assets | | $ | 875,963 | |
NET ASSETS CONSIST OF: | | | | |
Paid-in Capital | | $ | 875,963 | |
Distributions in excess of net investment income | | | (1 | ) |
Accumulated net realized gain on investments | | | 1 | |
Net Assets | | $ | 875,963 | |
Net Asset Value, Offering and Redemption Price Per Share — Class A | | | | |
($875,962,963 ÷ 875,963,557 shares) | | | $1.00 | |
Amounts designated as “—” have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| | |
| 6 | | SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 |
Statement of Operations ($ Thousands)
For the six month period ended December 31, 2010 (Unaudited)
| | | | |
| | | Prime Obligation
Fund | |
Investment Income: | | | | |
Interest Income | | $ | 1,557 | |
Expenses: | | | | |
Administration Fees | | | 1,863 | |
Shareholder Servicing Fees — Class A | | | 2,199 | |
Investment Advisory Fees | | | 227 | |
Trustees’ Fees | | | 9 | |
Chief Compliance Officer Fees | | | 2 | |
Printing Fees | | | 110 | |
Professional Fees | | | 44 | |
Custodian/Wire Agent Fees | | | 26 | |
Registration Fees | | | 23 | |
Insurance Expense | | | 8 | |
Other Expenses | | | 11 | |
Total Expenses | | | 4,522 | |
Less, Waiver of: | | | | |
Administration Fees | | | (808 | ) |
Shareholder Servicing Fees — Class A | | | (2,199 | ) |
Net Expenses | | | 1,515 | |
Net Investment Income | | | 42 | |
Net Increase in Net Assets Resulting from Operations | | $ | 42 | |
Amounts designated as “—” have been rounded to $0.
Statements of Changes in Net Assets ($ Thousands)
For the six month period ended December 31, 2010 (Unaudited) and the year ended June 30, 2010
| | | | | | | | |
| | | Prime Obligation
Fund | |
| | | 07/01/10 to 12/31/10 | | | 07/01/09 to 06/30/10 | |
Operations: | | | | | | | | |
Net Investment Income | | $ | 42 | | | $ | 126 | |
Net Realized Gain (Loss) on Investments | | | — | | | | 1 | |
Net Increase in Net Assets Resulting from Operations | | | 42 | | | | 127 | |
Dividends From: | | | | | | | | |
Net Investment Income: | | | | | | | | |
Class A | | | (42 | ) | | | (122 | ) |
Total Dividends | | | (42 | ) | | | (122 | ) |
Capital Share Transactions (all at $1.00 per share): | | | | | | | | |
Class A: | | | | | | | | |
Proceeds from Shares Issued | | | 2,303,455 | | | | 4,604,832 | |
Reinvestment of Dividends | | | 38 | | | | 107 | |
Cost of Shares Redeemed | | | (2,320,435 | ) | | | (5,005,637 | ) |
Decrease in Net Assets Derived from Capital Share Transactions | | | (16,942 | ) | | | (400,698 | ) |
Net Decrease in Net Assets | | | (16,942 | ) | | | (400,693 | ) |
Net Assets: | | | | | | | | |
Beginning of Period | | | 892,905 | | | | 1,293,598 | |
End of Period | | $ | 875,963 | | | $ | 892,905 | |
Distributions in excess of Net Investment Income | | $ | (1 | ) | | $ | (1 | ) |
| * | | See Note 3 in Notes to Financial Statements |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| | | | |
| SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 | | | 7 | |
Financial Highlights
For the six month period ended December 31, 2010 (Unaudited) and the years ended June 30
For a Share Outstanding Throughout each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income(1) | | | Net Realized
and
Unrealized
Gains (Losses)
on Securities | | | Payment
by
Affiliate | | | Total
from
Investment
Operations | | | Dividends
from Net
Investment
Income | | | Total
Dividends | | | Net Asset
Value, End
of Period | | | Total
Return† | | | Net Assets
End of Period
($ Thousands) | | | Ratio of
Expenses
to Average
Net Assets | | | Ratio of
Expenses
to Average
Net Assets
(Excluding
Waivers) | | | Ratio of Net
Investment
Income
to Average
Net Assets | |
Prime Obligation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2010(2) | | $ | 1.00 | | | $ | — | (3) | | $ | — | (3) | | $ | — | | | $ | — | (3) | | $ | — | (3) | | $ | — | (3) | | $ | 1.00 | | | | 0.00 | %(4) | | $ | 875,963 | | | | 0.34 | %* | | | 1.02 | % | | | 0.01 | % |
2010 | | | 1.00 | | | | — | (3) | | | — | (3) | | | — | | | | — | (3) | | | — | (3) | | | — | (3) | | | 1.00 | | | | 0.01 | | | | 892,905 | | | | 0.30 | ** | | | 0.78 | | | | 0.01 | |
2009 | | | 1.00 | | | | 0.01 | | | | (0.03 | ) | | | 0.03 | | | | 0.01 | | | | (0.01 | ) | | | (0.01 | ) | | | 1.00 | | | | 1.12 | †† | | | 1,293,598 | | | | 0.48 | *** | | | 0.79 | | | | 1.10 | |
2008 | | | 1.00 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | (0.04 | ) | | | (0.04 | ) | | | 1.00 | | | | 3.96 | | | | 1,179,542 | | | | 0.44 | | | | 0.75 | | | | 3.76 | |
2007 | | | 1.00 | | | | 0.05 | | | | — | | | | — | | | | 0.05 | | | | (0.05 | ) | | | (0.05 | ) | | | 1.00 | | | | 5.05 | | | | 805,530 | | | | 0.44 | | | | 0.76 | | | | 4.94 | |
2006 | | | 1.00 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | (0.04 | ) | | | (0.04 | ) | | | 1.00 | | | | 3.88 | | | | 855,597 | | | | 0.44 | | | | 0.76 | | | | 3.82 | |
| * | | The Administrator has voluntarily agreed to waive and reduce their fee and/or reimburse certain expenses of the Fund in order to limit the one-day net income yield of the Fund to not less than 0.01% of the Fund’s daily average net assets. Had these waivers been excluded, the ratio would have been at the expense cap figure of 0.44%. See Note 3 of the Notes to Financial Statements. |
| ** | | The expense ratio includes the Treasury Guarantee Program Expense. The Administrator has voluntarily agreed to waive and reduce their fee and/or reimburse certain expenses of the Fund in order to limit the one-day net income yield of the Fund to not less than 0.01% of the Fund’s daily average net assets. Had these waivers and the Treasury Guarantee Program expense been excluded, the ratio would have been at the expense cap figure of 0.44%. See Note 3 of the Notes to Financial Statements. |
| *** | | The expense ratio includes the Treasury Guarantee Program expense. Had this expense been excluded, the ratio would have been 0.44%. |
| † | | Returns are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | | The total return includes payment by affiliate. Had the payment been excluded the total return would have been (1.61)%. See Note 3 of Notes to Financial Statements. |
| (1) | | Per share calculations were performed using average shares. |
| (2) | | For the six month period ended December 31, 2010. All ratios have been annualized. |
| (3) | | Amounts represent less than $0.01. |
| (4) | | Amounts represent less than 0.01%. |
| | | Amounts designated as “—” are $0 or have been rounded to $0. |
The accompanying notes are an integral part of the financial statements.
| | |
| 8 | | SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 |
Notes to Financial Statements
December 31, 2010
1. ORGANIZATION
SEI Liquid Asset Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated July 20, 1981.
The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company with one fund: the Prime Obligation Fund (the “Fund”). The Trust is registered to offer Class A shares of the Fund. A description of the Fund’s investment objectives, policies, and strategies are provided in the prospectus.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Trust.
Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Security Valuation — Investment securities are stated at amortized cost which approximates market value. Under this valuation method, purchase discounts and premiums are accreted and amortized ratably to maturity and are included in interest income. The Fund’s use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.
In accordance with U.S. generally accepted accounting principles, Fair Value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 — quoted prices in active markets for identical investments
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The valuation techniques used by the Fund to measure fair value during the six month period ended December 31, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs.
As of December 31, 2010, all of the Fund’s investments are Level 2. During the six month period ended December 31, 2010, there were no significant transfers between Level 1 and Level 2.
In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2010-6, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements. ASU No. 2010-6 enhances and clarifies existing fair value measurement disclosure requirements and is effective for interim and annual periods beginning after December 15, 2009. The Trust adopted ASU No. 2010-6 on January 1, 2010. The adoption of ASU No. 2010-6 did not have any impact on the Trust’s financial statements.
For the semi annual period ended December 31, 2010, there have been no significant changes to the fair valuation methodologies.
Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of the Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. At December 31, 2010, the Fund did not own any illiquid securities.
Restricted Securities — Throughout the year, the Fund owned private placement investments that were purchased through private offerings or acquired through initial public offerings that could not be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption there from. In addition, the Fund had generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of those investments. These investments were valued at amortized cost as determined in accordance with the procedures approved by the Board of Trustees. At December 31, 2010, the Fund did not own any restricted securities.
Repurchase Agreements — The Fund invests in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase
| | | | |
| SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 | | | 9 | |
Notes to Financial Statements (Continued)
December 31, 2010
agreements are maintained in a segregated account by the broker’s custodian bank. Provisions of the agreements and the Trust’s policies ensure that the market value of the collateral, including accrued interest thereon, is sufficient to cover interest and principal in the event of default by the counterparty. 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. At December 31, 2010, the Fund held Repurchase Agreements in the amount of $182,789 ($ thousands). Please refer to the Schedule of Investments for more information.
Expenses — Expenses that are directly related to the Fund are charged directly to the Fund.
Security Transactions and Investment Income — Security transactions are accounted for on the trade date. Costs used in determining realized gains and losses on the sale of investment securities are on the basis of specific identification. Interest income is recognized using the accrual basis of accounting.
All amortization is calculated using the straight line method over the holding period of the security. Amortization of premiums and accretion of discounts are included in interest income.
Dividends and Distributions to Shareholders — Dividends from net investment income are declared on a daily basis and are payable on the first business day of the following month. Any net realized capital gains of the Fund are distributed to the shareholders of the Fund annually.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Agreement — SIMC serves as the Trust’s investment adviser and “manager of managers” under an investment advisory agreement. For its services, SIMC receives an annual fee equal to .075% of the Trust’s average daily net assets up to $500 million and .02% of such net assets in excess of $500 million.
BofA Advisors, LLC (formerly known as Columbia Management Advisors, LLC) (“BofA”), serves as sub-advisor to the Fund under an investment sub-advisory agreement. BofA is paid by SIMC. SIMC compensates BofA out of the fee it receives from the Fund.
Administration and Transfer Agency Agreement — SEI Investments Global Funds Services (the “Administrator”) provides administrative services to the Trust for an annual fee, which is calculated daily and paid monthly, of .42% of the average daily net assets of the Fund.
The Administrator has contractually agreed to waive fees and to reimburse expenses, in order to keep total operating expenses, net of SEI Investments Management Corporation (“SIMC”) and SEI Investments Distribution Co.’s (the “Distributor”) fee waivers, from exceeding .44% of the average daily net assets of the Fund. The expense
cap excludes the Treasury Guarantee Program expense and acquired fund fees. The Distributor is a wholly-owned and operated subsidiary of SEI Investments Company and a registered broker-dealer.
The Administrator has voluntarily agreed to waive and reduce their fee and/or reimburse certain expenses of the Fund in order to limit the one-day net income yield of the Fund to not less than 0.01% of the Funds’ average daily net assets. For the six month period ended December 31, 2010, the amount of this waiver totaled $436,460.
Distribution and Shareholder Servicing Agreements — The Distributor acts as the distributor of the shares of the Trust under a Distribution Agreement. The Trust has adopted a shareholder servicing plan for its Class A shares (the “Class A Plan”) pursuant to which a shareholder servicing fee of up to .25% of the average daily net assets attributable to Class A shares will be 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 Distributor has waived, on a voluntary basis, all of its shareholder servicing fee.
Under the Class A Plan, the Distributor may retain as a profit any difference between the fee it receives and the amount it pays to third parties.
Other — Certain officers and/or trustees of the Trust are also officers and/or directors of the Administrator, the Distributor or SIMC. Compensation of officers and affiliated trustees of the Trust is paid by the Administrator and/or the Distributor.
The services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisor, sub-advisors and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.
4. FEDERAL INCOME TAXES
It is the Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required. The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations which may differ from U.S. generally accepted accounting principles. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for the reporting period may differ from distributions during such period. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.
| | |
| 10 | | SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 |
The tax character of dividends paid to Class A shareholders during the years ended June 30, 2010 and June 30, 2009 were as follows ($ Thousands):
| | | | |
| | | Ordinary Income | |
2010 | | $ | 122 | |
2009 | | $ | 14,645 | |
As of June 30, 2010, the components of accumulated losses on a tax basis were as follows ($ Thousands):
| | | | |
Undistributed Ordinary Income | | $ | 8 | |
Capital Loss Carryforwards | | | (1 | ) |
Other Temporary Differences | | | (7 | ) |
| | | | |
Total Accumulated Losses | | $ | — | |
| | | | |
For Federal income tax purposes, capital loss carryforwards represent realized losses of the Fund that may be carried forward for a maximum period of eight years and applied against future capital gains. At June 30, 2010, the Fund had $650 in capital loss carryforwards expiring in 2016.
During the year ended June 30, 2010, the Fund utilized $1,124 of capital loss carryforward to offset capital gains.
The cost basis of securities for Federal income tax purposes is equal to the cost basis used for financial reporting purposes.
Management has analyzed the Fund’s tax positions taken on the federal tax returns for all open tax years and has concluded that as of June 30, 2010, no provision for income tax is required in the Fund’s financial statements.
5. SUBSEQUENT EVENTS
The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.
| | | | |
| SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 | | | 11 | |
Disclosure of Fund Expenses (Unaudited)
All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates your Fund’s costs in two ways:
• Actual Fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your ending account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
• Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account
Value
7/1/10 | | | Ending
Account
Value
12/31/10 | | | Annualized
Expense
Ratios | | | Expenses
Paid
During
Period* | |
Prime Obligation Fund — Class A | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,000.00 | | | | 0.34 | % | | $ | 1.71 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,023.49 | | | | 0.34 | | | | 1.73 | |
| * | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
| | |
| 12 | | SEI Liquid Asset Trust / Semi-Annual Report / December 31, 2010 |
SEI LIQUID ASSET TRUST ANNUAL REPORT JUNE 30, 2010
Robert A. Nesher, Chairman
Trustees
William M. Doran
James M. Storey
George J. Sullivan, Jr.
Rosemarie B. Greco
Nina Lesavoy
James M. Williams
Mitchell A. Johnson
Hubert L. Harris, Jr.
Officers
Robert A. Nesher
President and Chief Executive Officer
Stephen F. Panner
Controller and Chief Financial Officer
Russell Emery
Chief Compliance Officer
Timothy D. Barto
Vice President, Secretary
James Ndiaye
Vice President, Assistant Secretary
Aaron Buser
Vice President, Assistant Secretary
David F. McCann
Vice President, Assistant Secretary
John J. McCue
Vice President
Andrew S. Decker
Anti-Money Laundering Compliance Officer
Keri E. Rohn
Privacy Officer
Investment Adviser
SEI Investments Management Corporation
Administrator
SEI Investments Global Funds Services
Distributor
SEI Investments Distribution Co.
Legal Counsel
Morgan, Lewis & Bockius LLP
Independent Registered Public Accounting Firm
KPMG LLP
This 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 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.
For more information call
1 800 DIAL SEI
(1 800 342 5734)
SEI Investments Distribution Co.
Oaks, PA 19456 1.800.DIAL.SEI (1.800.342.5734)
SEI-F-103 (12/10)
Not applicable for semi-annual report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable for semi-annual report.
| Item 6. | Schedule of Investments |
Not applicable for semi-annual report.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
Not applicable for semi-annual report.
| Item 11. | Controls and Procedures. |
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. Subsequent to the registrant’s last fiscal half-year a new control has been implemented to ensure the timely detection of changes to fixed income securities that materially impact a security’s interest yield.
(a)(1) Code of Ethics attached hereto.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the 1940 Act, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| SEI Liquid Asset Trust | | |
| | |
| By | | /s/ Robert A. Nesher | | |
| | Robert A. Nesher | | |
| | President & CEO | | |
Date: March 1, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | |
| By | | /s/ Robert A. Nesher | | |
| | Robert A. Nesher | | |
| | President & CEO | | |
Date: March 1, 2011
| | | | |
| | |
| By | | /s/ Stephen F. Panner | | |
| | Stephen F. Panner | | |
| | Controller & CFO | | |
Date: March 1, 2011
