UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER 811-3231
SEI LIQUID ASSET TRUST
(Exact name of registrant as specified in charter)
--------
c/o CT Corporation
101 Federal Street Boston, MA 02110
(Address of principal executive offices) (Zip code)
SEI Investments
1 Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-342-5734
DATE OF FISCAL YEAR END: JUNE 30, 2004
DATE OF REPORTING PERIOD: JUNE 30, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
[BACKGROUND GRAPHIC OMITTED]
[SEI INVESTMENTS LOGO OMITTED]
Annual Report as of June 30, 2004
SEI Liquid Asset Trust
Treasury Securities Fund
Prime Obligation Fund
TABLE OF CONTENTS
- ------------------------------------------------------------
Letter to Shareholders 1
- ------------------------------------------------------------
Report of Independent Registered Public Accounting Firm 2
- ------------------------------------------------------------
Statements of Net Assets 3
- ------------------------------------------------------------
Statements of Operations 6
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Statements of Changes in Net Assets 7
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Financial Highlights 8
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Notes to Financial Statements 9
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Trustees and Officers of the Trust 11
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Notice to Shareholders 14
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SEI LIQUID ASSET TRUST -- JUNE 30, 2004
To Our Shareholders:
The fiscal year that ended June 30, 2004 was a period teaming with anticipation,
uncertainty, and growth -- making for an overall bumpy ride for stocks and
corporate bonds. Disappointing U.S. labor market news, improving corporate
earnings, and nervousness surrounding turmoil in the Middle East helped to buoy
corporate bond prices in the second half of the 2003 calendar year, while
speculative buying in anticipation of accelerated economic growth led to fairly
robust advances in equities. However, the first half of the 2004 calendar year
has progressed in quite a different manner than the latter portion of 2003.
Today, investors are standing on a more mature economic recovery and are faced
with the rounding out of a highly stimulative monetary policy, all while coping
with heightened global geopolitical tensions, rising interest rates, and higher
oil prices. Consequently, we have seen some weakness in both stock and bond
prices since the beginning of 2004.
Amid the churning market and economic environments of the past year, money
markets have continued to act as a safe haven for investors, allowing them to
hedge against losses experienced in the capital markets. For the duration of the
fiscal year, the Federal funds rate remained at a 45-year historic low of 1.00%.
On the last day of the period however, the Fed raised rates by 25 basis points
to 1.25% for the first time since May 2000. Despite the Fed's action, U.S.
policy continues to be accommodative, historically speaking, though future
incremental rate hikes are expected through mid 2005.
On behalf of SEI Investments, I want to thank you for your confidence in the SEI
Liquid Asset Trust. I and my colleagues are working hard to maintain that trust,
and we look forward to serving your investment needs in the future.
Sincerely,
/s/ Edward D. Loughlin
Edward D. Loughlin
President
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SEI Liquid Asset Trust / Annual Report / June 30, 2004 1
<page>
SEI LIQUID ASSET TRUST -- JUNE 30, 2004
Report of Independent Registered Public Accounting Firm
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF SEI LIQUID ASSET TRUST:
In our opinion, the accompanying statements of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
the Treasury Securities Fund and Prime Obligation Fund (collectively, the
"Funds", constituting SEI Liquid Asset Trust, hereinafter referred to as the
"Trust"), at June 30, 2004, the results of each of their operations for the year
then ended, the changes in each of their net assets for each of the two years in
the period then ended and the financial highlights for each of the five years in
the period then ended, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States), which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at June 30, 2004 by correspondence with the custodian and brokers,
provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, PA
August 17, 2004
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2 SEI Liquid Asset Trust / Annual Report / June 30, 2004
<page>
STATEMENT OF NET ASSETS
Treasury Securities Fund
June 30, 2004
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Face Amount Value
Description ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 83.6%
U.S. Treasury Bills+
1.040%, 07/01/04 $22,827 $22,827
U.S. Treasury Notes
2.250%, 07/31/04 5,000 5,004
5.875%, 11/15/04 1,000 1,017
1.500%, 02/28/05 1,500 1,502
1.625%, 03/31/05 500 501
-------
Total Treasury Obligations
(Cost $30,851) ($ Thousands) 30,851
-------
REPURCHASE AGREEMENT -- 16.3%
Barclays (A)
1.300%, dated 06/30/04, to be
repurchased on 07/01/04, repurchase
price $6,000,217 (collateralized
by U.S. Treasury Bills; total market
value $6,120,655) 6,000 6,000
-------
Total Repurchase Agreement
(Cost $6,000) ($ Thousands) 6,000
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Total Investments -- 99.9%
(Cost $36,851) ($ Thousands) 36,851
-------
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Value
Description ($ Thousands)
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1%
Management Fees Payable $ (10)
Investment Advisory Fees Payable (2)
Other Assets and Liabilities, Net 38
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Total Other Assets and Liabilities 26
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Total Net Assets -- 100.0% $36,877
=======
NET ASSETS:
Paid-in-Capital -- Class A
(unlimited authorization -- no par value)
based on 36,893,158 outstanding shares of
beneficial interest $36,893
Undistributed net investment income 46
Accumulated net realized loss on investments (62)
-------
Total Net Assets -- 100.0% $36,877
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Class A
($36,876,512 / 36,893,158 shares) $1.00
=======
+ The rate reported is the effective yield at time of purchase.
(A) Tri-Party Repurchase Agreement
The accompanying notes are an integral part of the financial statements.
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SEI Liquid Asset Trust / Annual Report / June 30, 2004 3
<page>
STATEMENT OF NET ASSETS
Prime Obligation Fund
June 30, 2004
- --------------------------------------------------------------------------------
Face Amount Value
Description ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 27.7%
FFCB (A)
1.171%, 07/24/04 $15,000 $ 14,999
FHLB (A)
1.030%, 09/02/04 20,000 20,001
FHLB+
1.200%, 07/02/04 20,000 19,999
FHLMC+
1.042%, 07/06/04 4,300 4,299
1.048%, 07/13/04 7,675 7,672
1.044%, 07/15/04 3,150 3,149
1.177%, 10/12/04 8,500 8,472
FNMA
6.500%, 08/15/04 11,000 11,070
7.125%, 02/15/05 20,000 20,717
FNMA (A)
1.040%, 07/18/04 20,000 19,995
1.000%, 07/28/04 20,000 19,997
1.003%, 09/10/04 5,000 5,000
1.338%, 09/11/04 10,000 9,999
0.995%, 09/17/04 20,000 19,998
FNMA+
1.042%, 07/07/04 5,100 5,099
1.440%, 11/12/04 15,000 14,921
1.231%, 01/07/05 15,885 15,783
1.336%, 03/04/05 4,900 4,856
1.996%, 04/29/05 20,000 19,671
--------
Total U.S. Government Agency Obligations
(Cost $245,697) ($ Thousands) 245,697
--------
COMMERCIAL PAPER+ -- 11.8%
FINANCIAL SERVICES -- 11.8%
Aspen Funding Corporation
1.147%, 10/06/04 20,000 19,939
Atlantis One Funding
1.063%, 07/14/04 5,000 4,998
1.086%, 08/12/04 20,000 19,975
Edison Asset Securities
1.086%, 08/16/04 15,000 14,979
General Electric Capital Corporation
1.100%, 08/09/04 10,000 9,988
General Electric Capital International
Funding
1.106%, 07/01/04 10,000 10,000
Moat Funding
1.086%, 08/12/04 20,000 19,975
Morgan Stanley
1.142%, 07/14/04 5,000 4,998
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104,852
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Total Commercial Paper
(Cost $104,852) ($ Thousands) 104,852
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- --------------------------------------------------------------------------------
Face Amount Value
Description ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS -- 19.3%
BANKS (A) -- 4.2%
First Union
1.891%, 09/15/04 $ 1,700 $ 1,705
Key Bank
1.220%, 07/28/04 20,000 20,001
PNC Funding
1.430%, 07/29/04 15,000 15,020
US Bank
1.060%, 07/06/04 1,000 1,000
--------
37,726
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INVESTMENT BANKERS/BROKER DEALERS (A) -- 15.1%
Bear Stearns Company
Incorporated MTN
2.050%, 07/01/04 20,000 20,031
Citigroup Global Markets MTN
1.530%, 07/01/04 5,000 5,001
1.410%, 08/18/04 3,000 3,002
Citigroup Incorporated
1.270%, 07/26/04 10,000 10,001
1.250%, 08/09/04 10,000 10,008
JP Morgan Chase & Company MTN
1.530%, 08/24/04 20,000 20,039
1.610%, 09/07/04 19,000 19,040
Lehman Brothers Holdings MTN
1.510%, 07/06/04 10,750 10,751
Merrill Lynch & Company MTN
1.060%, 07/01/04 15,000 14,998
1.500%, 08/25/04 10,000 10,015
Morgan Stanley MTN
1.420%, 07/26/04 11,000 11,017
--------
133,903
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Total Corporate Obligations
(Cost $171,629) ($ Thousands) 171,629
--------
ASSET-BACKED SECURITIES -- 0.3%
AUTOMOTIVE -- 0.2%
Great American Leasing Receivables,
Ser 2003-1, Cl A1 (B)
1.170%, 09/15/04 1,697 1,697
--------
FINANCIAL SERVICES -- 0.1%
GSTR, Ser 2002-2A, Cl A1MB (A) (B)
1.360%, 07/26/04 588 588
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Total Asset-Backed Securities
(Cost $2,285) ($ Thousands) 2,285
--------
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4 SEI Liquid Asset Trust / Annual Report / June 30, 2004
- --------------------------------------------------------------------------------
Face Amount Value
Description ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 11.8%
BANKS -- 5.1%
Branch Banking Trust
1.190%, 07/13/04 $10,000 $ 10,000
1.085%, 07/14/04 20,000 20,000
Wells Fargo Bank (A)
1.040%, 07/30/04 15,000 14,999
--------
44,999
--------
FINANCIAL SERVICES -- 5.6%
American Express
1.215%, 10/15/04 15,000 15,000
1.330%, 10/29/04 15,000 15,000
Goldman Sachs Group
1.200%, 09/13/04 20,000 20,000
--------
50,000
--------
HEALTH SERVICES -- 1.1%
Newcastle Certificates+
1.211%, 07/19/04 10,000 9,994
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Total Certificates of Deposit
(Cost $104,993) ($ Thousands) 104,993
--------
INSURANCE FUNDING AGREEMENT -- 3.4%
INSURANCE -- 3.4%
MetLife Funding Agreement (A) (C)
1.259%, 08/02/04 30,000 30,000
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Total Insurance Funding Agreement
(Cost $30,000) ($ Thousands) 30,000
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REPURCHASE AGREEMENTS -- 25.7%
Barclays (D)
1.450%, dated 06/30/04, to be
repurchased 07/01/04, repurchase
price $100,004,028 (collateralized by
U.S. Government Obligations:
total market value $102,000,990) 100,000 100,000
BNP Paribas (D)
1.400%, dated 06/30/04, to be
repurchased on 07/01/04, repurchase
price $127,396,954 (collateralized by
U.S. Government Obligation:
total market value $129,940,396) 127,392 127,392
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Total Repurchase Agreements
(Cost $227,392) ($ Thousands) 227,392
--------
Total Investments -- 100.0%
(Cost $886,848) ($ Thousands) 886,848
--------
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Value
Description ($ Thousands)
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0%
Management Fees Payable $ (244)
Investment Advisory Fees Payable (36)
Trustees' Fees Payable (3)
Other Assets and Liabilities, Net 544
--------
Total Other Assets and Liabilities 261
--------
Total Net Assets -- 100.0% $887,109
========
NET ASSETS:
Paid-in-Capital
(unlimited authorization -- no par value)
based on 887,147,711 outstanding shares of
beneficial interest $887,148
Undistributed net investment income 1
Accumulated net realized loss on investments (40)
--------
Total Net Assets -- 100.0% $887,109
========
Net Asset Value, Offering and Redemption
Price Per Share -- Class A
($887,108,669 / 887,147,711 shares) $1.00
========
+ The yield is the effective yield at the time of purchase.
(A) Variable rate instrument. The rate reflected on the Statement of Net Assets
is the rate in effect on June 30, 2004. The date shown is the reset date or
demand date.
(B) Security exempt from registration under rule 144A of the Securities Act of
1933. The security may be resold in transactions exempt from registration
normally to qualified institutions.
(C) Security considered illiquid. The total value of such securities as of June
30, 2004 was $30,000,000.
(D) Tri-Party Repurchase Agreement
Cl -- Class
FFCB -- Federal Farm Credit Bank
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
MTN -- Medium Term Note
Ser -- Series
The accompanying notes are an integral part of the financial statements.
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SEI Liquid Asset Trust / Annual Report / June 30, 2004 5
<page>
Statements of Operations ($ Thousands)
For the year ended June 30, 2004
- ------------------------------------------------------------------------------------------------------
TREASURY SECURITIES PRIME OBLIGATION
FUND FUND
- ------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest Income $ 660 $10,204
- ------------------------------------------------------------------------------------------------------
EXPENSES:
Management Fees 264 3,838
Shareholder Servicing Fees -- Class A 157 2,278
Investment Advisory Fees 29 426
Trustees' Fees 2 25
Printing Fees 13 229
Custodian/Wire Agent Fees 6 94
Professional fees 5 82
Insurance Expense 1 11
Other Expenses 8 80
- ------------------------------------------------------------------------------------------------------
Total Expenses 485 7,063
- ------------------------------------------------------------------------------------------------------
Less, Waiver of:
Management Fees (51) (765)
Shareholder Servicing Fees -- Class A (157) (2,278)
- ------------------------------------------------------------------------------------------------------
Net Expenses 277 4,020
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NET INVESTMENT INCOME 383 6,184
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Net Realized Gain on Investments 2 3
- ------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 385 $6,187
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The accompanying notes are an integral part of the financial statements.
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6 SEI Liquid Asset Trust / Annual Report / June 30, 2004
Statements of Changes in Net Assets ($ Thousands)
For the years ended June 30,
- -------------------------------------------------------------------------------------------------------------------
TREASURY SECURITIES PRIME OBLIGATION
FUND FUND
- -------------------------------------------------------------------------------------------------------------------
2004 2003 2004 2003
- -------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net Investment Income $ 383 $ 1,245 $ 6,184 $ 11,715
Net Realized Gain on Investments 2 2 3 5
- -------------------------------------------------------------------------------------------------------------------
Net Increase in
Net Assets Resulting from Operations 385 1,247 6,187 11,720
- -------------------------------------------------------------------------------------------------------------------
DIVIDENDS FROM:
Net Investment Income:
Class A (401) (1,259) (6,148) (11,782)
- -------------------------------------------------------------------------------------------------------------------
Total Dividends (401) (1,259) (6,148) (11,782)
- -------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (ALL AT $1.00 PER SHARE):
Class A:
Proceeds from Shares Issued 249,792 502,033 7,066,959 7,884,534
Reinvestment of Dividends 47 188 5,072 10,232
Cost of Shares Redeemed (292,329) (546,781) (7,235,555) (7,870,990)
- -------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets Derived
from Capital Share Transactions (42,490) (44,560) (163,524) 23,776
- -------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets (42,506) (44,572) (163,485) 23,714
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF YEAR 79,383 123,955 1,050,594 1,026,880
- -------------------------------------------------------------------------------------------------------------------
END OF YEAR $ 36,877 $ 79,383 $ 887,109 $ 1,050,594
- -------------------------------------------------------------------------------------------------------------------
Undistributed (Distributions in Excess of)
Net Investment Income $ 46 $ 64 $ 1 $ (35)
- -------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements.
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SEI Liquid Asset Trust / Annual Report / June 30, 2004 7
<page>
Financial Highlights
For the years ended June 30,
For a Share Outstanding Throughout each Period
- ----------------------------------------------------------------------------------------------------------------------------------
Net Realized
and
Net Asset Unrealized Total Dividends
Value, Net Gains from from Net Net Asset Net Assets
Beginning Investment on Investment Investment Total Value, End Total End of Period
of Period Income Securities Operations Income Dividends of Period Return+ ($ Thousands)
- ----------------------------------------------------------------------------------------------------------------------------------
TREASURY SECURITIES FUND
CLASS A:
2004 $1.00 $0.01 $-- $0.01 $(0.01) $(0.01) $1.00 0.63% $ 36,877
2003 1.00 0.01 -- 0.01 (0.01) (0.01) 1.00 1.06 79,383
2002 1.00 0.02 -- 0.02 (0.02) (0.02) 1.00 1.97 123,955
2001 1.00 0.05 -- 0.05 (0.05) (0.05) 1.00 5.55 145,961
2000 1.00 0.05 -- 0.05 (0.05) (0.05) 1.00 5.24 402,982
PRIME OBLIGATION FUND
CLASS A:
2004 $1.00 $0.01 $-- $0.01 $(0.01) $(0.01) $1.00 0.68% $ 887,109
2003 1.00 0.01 -- 0.01 (0.01) (0.01) 1.00 1.12 1,050,594
2002 1.00 0.02 -- 0.02 (0.02) (0.02) 1.00 2.08 1,026,880
2001 1.00 0.06 -- 0.06 (0.06) (0.06) 1.00 5.75 983,360
2000 1.00 0.05 -- 0.05 (0.05) (0.05) 1.00 5.55 1,604,058
- ------------------------------------------------------
Ratio of
Ratio of Net Expenses
Ratio of Investment to Average
Expenses Income Net Assets
to Average to Average (Excluding
Net Assets Net Assets Waivers)
- ------------------------------------------------------
TREASURY SECURITIES FUND
CLASS A:
2004 0.44% 0.61% 0.77%
2003 0.44 1.06 0.76
2002 0.44 2.04 0.75
2001 0.44 5.58 0.74
2000 0.44 5.03 0.73
PRIME OBLIGATION FUND
CLASS A:
2004 0.44% 0.68% 0.77%
2003 0.44 1.11 0.76
2002 0.44 2.05 0.75
2001 0.44 5.73 0.74
2000 0.44 5.41 0.73
+ Total return is for the period indicated and has 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.
Amounts designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
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8 SEI Liquid Asset Trust / Annual Report / June 30, 2004
Notes to Financial Statements
June 30, 2004
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 four funds: the
Treasury Securities Fund, the Prime Obligation Fund, the Institutional Cash Fund
and the Money Market Fund (each a "Fund", collectively the "Funds"). The Trust
is registered to offer Class A shares of each of the Funds. In the fiscal year
ended June 30, 2004, no shares of the Institutional Cash Fund were sold and
there were no shares outstanding at June 30, 2004. As of June 30, 2004, the
Money Market Fund had not commenced operations. The assets of each Fund are
segregated and a shareholder's interest is limited to the Fund in which shares
are held. A description of the Funds' 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
accounting principles generally accepted in the United States of America,
requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expenses 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.
REPURCHASE AGREEMENTS -- The Trust invests 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. 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 Trust may be
delayed or limited.
EXPENSES -- Expenses that are directly related to one of the Funds are charged
directly to that Fund. Expenses of the Trust which are not directly associated
to a specific Fund are allocated on the basis of relative net assets.
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 Funds are
distributed to the shareholders of the affected Funds annually.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
ADMINISTRATION AND TRANSFER AGENCY AGREEMENT -- SEI Investments Fund Management
(the "Administrator") provides management, administrative and shareholder
services to the Trust for an annual fee, which is calculated daily and paid
monthly, of .42% of the average daily net assets of each Fund.
The Administrator has contractually agreed to waive fees and to reimburse
expenses, through June 30, 2004, in order to keep total operating expenses, net
of SEI Investment Management Corporation ("SIMC") and SEI Investments
Distribution Co.'s (the "Distributor") fee waivers, from exceeding .44% of the
average daily net assets of each Fund. The Distributor is a wholly-owned and
operated subsidiary of SEI Investments Company and a registered broker-dealer.
DISTRIBUTION AGREEMENT -- 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.
- --------------------------------------------------------------------------------
SEI Liquid Asset Trust / Annual Report / June 30, 2004 9
<page>
Notes to Financial Statements (Concluded)
June 30, 2004
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.
Certain officers and/or trustees of the Trust are also officers and/or directors
of the Administrator or SIMC. Compensation of officers and affiliated trustees
of the Trust is paid by the Administrator and/or SIMC.
Wachovia Bank, N.A. which is a Trust shareholder, acts as custodian and wire
agent for the Trust.
4. INVESTMENT ADVISORY AGREEMENT
SIMC serves as each Fund'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 $500 million.
Banc of America Capital Management, LLC ("BACAP"), serves as each Fund's
investment sub-adviser under an investment sub- advisory agreement.
5. FEDERAL INCOME TAXES
It is each Fund's intention to continue to qualify as a regulated investment
company under Subchapter Mof the Internal Revenue Code and distribute all of its
taxable income. Accordingly, no provision for Federal income taxes is required.
The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with Federal tax regulations
which may differ from accounting principles generally accepted in the United
States of America. As a result, net investment income (loss) and net realized
gain (loss) on investment transactions for the reporting period may differ from
distributions during such period. These book/tax differences may be temporary or
permanent in nature.
To the extent these differences are permanent, they are charged or credited to
paid-in-capital, undistributed net investment income or accumulated net realized
gain, as appropriate, in the period that the differences arise.
The tax character of dividends paid to Class A shareholders during the years
ended June 30, 2004 and June 30, 2003 were as follows ($ Thousands):
- ----------------------------------------------------------------
Ordinary Income
- ----------------------------------------------------------------
Treasury Securities Fund 2004 $ 401
2003 1,259
Prime Obligation Fund 2004 6,148
2003 11,782
As of June 30, 2004, the components of accumulated losses on a tax basis were as
follows ($ Thousands):
- ----------------------------------------------------------------
Treasury Prime
Securities Obligation
Fund Fund
- ----------------------------------------------------------------
Capital Loss Carryforwards:
Expiring in 2006 $(61) $ --
Expiring in 2008 -- --
Expiring in 2009 -- --
Expiring in 2010 -- --
Expiring in 2011 (1) (39)
Undistributed Ordinary Income 46 --
---- -----
Total Accumulated Losses $(16) $ (39)
For Federal income tax purposes, capital loss carryforwards represent realized
losses of the Funds that may be carried forward for a maximum period of eight
years and applied against future capital gains.
During the year ended June 30, 2004, the Treasury Securities Fund and Prime
Obligation Fund utilized capital loss carryforwards of $1,511 and $3,181,
respectively.
For Federal income tax purposes, the book cost of securities was equal to the
tax cost.
- --------------------------------------------------------------------------------
10 SEI Liquid Asset Trust / Annual Report / June 30, 2004
TRUSTEES AND OFFICERS OF THE TRUST (UNAUDITED)
Set forth below are the names, dates of birth, position with the Trust, length
of term of office, the principal occupations for the last five years, number of
portfolios in fund complex overseen by trustee, and other directorships outside
fund complex of each of the persons currently serving as Trustees and Officers
of the Trust. The Trust's Statement of Additional Information ("SAI") includes
additional information about the Trustees and Officers. The SAI may be obtained
without charge by calling 1-800-342-5734.
- ------------------------------------------------------------------------------------------------------------------------------------
TERM OF NUMBER OF
OFFICE PORTFOLIOS
AND PRINCIPAL IN FUND
NAME, POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX OTHER DIRECTORSHIPS
ADDRESS, HELD WITH TIME DURING PAST OVERSEEN HELD BY
AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES
- -------------------
Robert A. Nesher Chairman since 1982 Currently performs various 68 Trustee of The Advisors' Inner
One Freedom of the services on behalf of SEI Circle Fund, The Arbor Fund,
Valley Drive, Board of Investments Company ("SEI Bishop Street Funds, The MDL
Oaks, PA 19456 Trustees* Investments") for which Mr. Funds, The Expedition Funds,
58 yrs. old Nesher is compensated. SEI Global Master Fund, plc,
SEI Global Assets Fund, plc,
SEI Global Investments Fund,
plc, SEI Investments Global,
Limited, SEI Absolute Return
Master Fund, L.P., SEI
Absolute Return Fund, L.P.,
SEI Opportunity Master
Fund, L.P., and SEI
Opportunity Fund, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
William M. Doran Trustee* since 1982 Self-employed consultant since 68 Trustee of The Advisors' Inner
1701 Market Street 2003. Partner, Morgan, Lewis & Circle Fund, The Arbor Fund,
Philadelphia, PA Bockius LLP(law firm) from 1976 The MDL Funds, and The
19103 to 2003, counsel to the Trust, Expedition Funds; Director of
64 yrs. old SEI Investments, SIMC, the SEI Investments since 1974.
Administrator and the Distributor. Director of the Distributor since
Secretary of SEI Investments 2003.
since 1978.
- ------------------------------------------------------------------------------------------------------------------------------------
TRUSTEES
- --------
F. Wendell Gooch Trustee since 1982 Retired 68 Trustee of STI Classic Funds
One Freedom and STI Classic Variable Trust.
Valley Drive,
Oaks, PA 19456
71 yrs. old
- ------------------------------------------------------------------------------------------------------------------------------------
James M. Storey Trustee since 1995 Attorney, sole practitioner since 68 Trustee of The Advisors' Inner
One Freedom 1994. Partner, Dechert Price Circle Fund, The Arbor Fund,
Valley Drive, & Rhoads, September 1987- The MDL Funds, The Expedition
Oaks, PA 19456 December 1993. Funds and Massachusetts Health
73 yrs. old and Education Tax-Exempt Trust.
Director of U.S. Charitable
Gift Trust.
- ------------------------------------------------------------------------------------------------------------------------------------
George J. Sullivan, Jr. Trustee since 1996 Chief Executive, Newfound 68 Trustee of The Advisors' Inner
One Freedom Consultants Inc. since April 1997. Circle Fund, The Arbor Fund,
Valley Drive The MDL Funds, The Expedition
Oaks, PA 19456 Funds, State Street Navigator
61 yrs. old Securities Lending Trust, SEI
Absolute Return Master Fund,
L.P., SEI Absolute Return Fund,
L.P., SEI Opportunity Master
Fund, L.P., and SEI Opportunity
Fund, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
*MESSRS. NESHER AND DORAN ARE TRUSTEES WHO MAY BE DEEMED TO BE "INTERESTED" PERSONS OF THE TRUST AS THAT TERM IS DEFINED IN THE 1940
ACT BY VIRTUE OF THEIR AFFILIATION WITH THE TRUSTS' DISTRIBUTOR.
1EACH TRUSTEE SHALL HOLD OFFICE DURING THE LIFETIME OF THIS TRUST UNTIL THE ELECTION AND QUALIFICATION OF HIS OR HER SUCCESSOR, OR
UNTIL HE OR SHE SOONER DIES, RESIGNS OR IS REMOVED IN ACCORDANCE WITH THE TRUST'S DECLARATION OF TRUST.
2THE FUND COMPLEX INCLUDES THE FOLLOWING TRUSTS: SEI ASSET ALLOCATION TRUST, SEI DAILY INCOME TRUST, SEI INDEX FUNDS, SEI
INSTITUTIONAL INVESTMENTS TRUST, SEI INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI LIQUID ASSET TRUST
AND SEI TAX EXEMPT TRUST.
</FN>
- --------------------------------------------------------------------------------
SEI Liquid Asset Trust / Annual Report / June 30, 2004 11
<page>
TRUSTEES AND OFFICERS OF THE TRUST (UNAUDITED) (CONCLUDED)
- ------------------------------------------------------------------------------------------------------------------------------------
TERM OF NUMBER OF
OFFICE PORTFOLIOS
AND PRINCIPAL IN FUND
NAME, POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX OTHER DIRECTORSHIPS
ADDRESS, HELD WITH TIME DURING PAST OVERSEEN HELD BY
AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
TRUSTEES (CONTINUED)
- --------
Rosemarie B. Greco Trustee since 1999 Director, Governor's Office of Health 68 Director, Sonoco, Inc.; Director,
One Freedom Care Reform, Commonwealth of Exelon Corporation; Trustee,
Valley Drive Pennsylvania since 2003. Founder and Pennsylvania Real Estate
Oaks, PA 19456 Principal, Grecoventures Ltd. from Investment Trust.
58 yrs. old 1999 to 2002.
- ------------------------------------------------------------------------------------------------------------------------------------
Nina Lesavoy Trustee since 2003 Partner, Cue Capital since 2002, Head 68 SEI Absolute Return Master
One Freedom of Sales Investorforce, January 2002- Fund, L.P., SEI Absolute Return
Valley Drive, December 2001; Global Partner work- Fund, L.P., SEI Opportunity
Oaks, PA 19456 ing for the CEO, Invesco Capital, Master Fund, L.P., and SEI
47 yrs. old January 1998-January 2000. Head of Opportunity Fund, L.P.
Sales and Client Services, Chancellor
Capital and later LGT Asset Management,
1986-2000.
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- --------
Edward D. Loughlin President since 1982 Executive Vice President and President - N/A N/A
One Freedom & CEO Asset Management Division of SEI
Valley Drive, Investments since 1993. Director and
Oaks, PA 19456 President of SIMC since 2004. Chief
53 yrs. old Executive Officer of the Administrator
and Director of the Distributor since
2003. Executive Vice President of SIMC,
1999-2004. Executive Vice President of
the Administrator, 1994-2003.
- -----------------------------------------------------------------------------------------------------------------------------------
Peter (Pedro) A. Controller and since 2003 Director, Fund Accounting and N/A N/A
Rodriguez Chief Administration, SEI Investments Global
One Freedom Financial Funds Services since September 2002
Valley Drive, Officer (and 1997-2002); Vice President, Fund
Oaks, PA 19456 Administration, BlackRock Financial
42 yrs. old Management (April 2002 to September
2002).
- -----------------------------------------------------------------------------------------------------------------------------------
Timothy D. Barto Vice since 2002 General Counsel, Vice President and N/A N/A
One Freedom President Secretary of SIMC and the Administrator
Valley Drive and since 2004. Vice President and Assistant
Oaks, PA 19456 Secretary Secretary of SEI Investments since 2001.
36 yrs. old Vice President of SIMC and the
Administrator since 1999. Assistant
Secretary of SIMC, the Administrator and
the Distributor and Vice President of the
Distributor, 1999-2003. Associate,
Dechert Price & Rhoads (law firm),
1997-1999.
- -----------------------------------------------------------------------------------------------------------------------------------
Lydia A. Gavalis Vice since 1998 Vice President and Assistant Secretary N/A N/A
One Freedom President of SEI Investments and SIMC since 1998.
Valley Drive and Vice President of the Administrator and
Oaks, PA 19456 Assistant the Distributor, 1998-2003. Assistant
40 yrs. old Secretary Secretary of the Distributor, 1998-2003.
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 SEI Liquid Asset Trust / Annual Report / June 30, 2004
- ------------------------------------------------------------------------------------------------------------------------------------
TERM OF NUMBER OF
OFFICE PORTFOLIOS
AND PRINCIPAL IN FUND
NAME, POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX OTHER DIRECTORSHIPS
ADDRESS, HELD WITH TIME DURING PAST OVERSEEN HELD BY
AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS (CONTINUED)
- --------------------
Christine M. Vice since 1999 Vice President and Assistant Secretary N/A N/A
McCullough President of SIMC since 1999. Vice President
One Freedom and and Assistant Secretary of SEI
Valley Drive Assistant Investments since 2000. Vice
Oaks, PA 19456 Secretary President and Assistant Secretary
43 yrs. old of the Administrator and the Distributor,
1999-2003. Associate, White and
Williams LLP (law firm), 1991-1999.
- ------------------------------------------------------------------------------------------------------------------------------------
William E. Zitelli, Jr. Vice since 2001 Assistant Secretary of SIMC and the N/A N/A
One Freedom President Administrator since 2000. Vice
Valley Drive and President and Assistant Secretary of
Oaks, PA 19456 Assistant SEI Investments since 2000. Vice
36 yrs. old Secretary President of SIMC, the Administrator
and the Distributor and Assistant
Secretary of the Distributor, 2000-2003.
Vice President, Merrill Lynch & Co.
Asset Management Group, 1998-2000.
- ------------------------------------------------------------------------------------------------------------------------------------
John J. Munera Vice since 2002 Global AML Compliance Officer at SEI N/A N/A
One Freedom President Investments since 2002. Middle Office
Valley Drive and Compliance Officer at SEI Investments
Oaks, PA 19456 Assistant since 2000; Supervising Examiner at
41 yrs. old Secretary Federal Reserve Bank of Philadelphia
from 1998-2000.
- ------------------------------------------------------------------------------------------------------------------------------------
John J. McCue Vice since 2004 Director of Portfolio Implementations N/A N/A
One Freedom President for SIMC since 1995. Managing Director
Valley Drive of Money Market Investments for
Oaks, PA 19456 SIMC since 2003.
41 yrs. old
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas D. Jones, III Chief since 2004 Compliance Officer, Assistant N/A N/A
One Freedom Compliance Secretary of SIMC since March
Valley Drive Officer 2004. First Vice President, Merrill
Oaks, PA 19456 Lynch Investment Managers
39 yrs. old (Americas) from 1992-2004.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
1EACH TRUSTEE SHALL HOLD OFFICE DURING THE LIFETIME OF THIS TRUST UNTIL THE ELECTION AND QUALIFICATION OF HIS OR HER SUCCESSOR, OR
UNTIL HE OR SHE SOONER DIES, RESIGNS OR IS REMOVED IN ACCORDANCE WITH THE TRUST'S DECLARATION OF TRUST.
2THE FUND COMPLEX INCLUDES THE FOLLOWING TRUSTS: SEI ASSET ALLOCATION TRUST, SEI DAILY INCOME TRUST, SEI INDEX FUNDS, SEI
INSTITUTIONAL INVESTMENTS TRUST, SEI INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI LIQUID ASSET TRUST
AND SEI TAX EXEMPT TRUST.
</FN>
- --------------------------------------------------------------------------------
SEI Liquid Asset Trust / Annual Report / June 30, 2004 13
<page>
Notice to Shareholders (Unaudited)
For shareholders that do not have a June 30, 2004 taxable year end, this notice
is for informational purposes only. For shareholders with a June 30, 2004
taxable year end, please consult your tax adviser as to the pertinence of this
notice.
For the fiscal year ended June 30, 2004, the Funds are designating long term and
qualifying dividend income with regard to distributions paid during the year as
follows:
(A) (B)
LONG TERM ORDINARY (C)
CAPITAL GAINS INCOME TOTAL
DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS
PORTFOLIO (TAX BASIS) (TAX BASIS) (TAX BASIS)
Treasury Securities Fund 0% 100% 100%
Prime Obligation Fund 0% 100% 100%
(D) (E)
QUALIFYING TAX-EXEMPT
PORTFOLIO DIVIDENDS(1) INTEREST
Treasury Securities Fund 0% 0%
Prime Obligation Fund 0% 0%
(1) Qualifying dividends represent dividends which qualify for the corporate
dividends received deduction.
Items (A) and (B) are based on the percentage of each Fund's total distribution.
Items (C) and (E) are based on the percentage of ordinary income distributions
of each Fund.
Item (D) is based on the percentage of gross income of each Fund.
Please consult your tax adviser for proper treatment of this information. This
notification should be kept with your permanent tax records.
- --------------------------------------------------------------------------------
14 SEI Liquid Asset Trust / Annual Report / June 30, 2004
Notes
Notes
Notes
Notes
Notes
Notes
SEI LIQUID ASSET TRUST ANNUAL REPORT JUNE 30, 2004
Robert A. Nesher, CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
Rosemarie B. Greco
Nina Lesavoy
James M. Storey
George J. Sullivan, Jr.
OFFICERS
Edward D. Loughlin
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Peter (Pedro) A. Rodriguez
CONTROLLER, CHIEF FINANCIAL OFFICER
Jack McCue
VICE PRESIDENT
Timothy D. Barto
VICE PRESIDENT AND SECRETARY
Lydia A. Gavalis
VICE PRESIDENT, ASSISTANT SECRETARY
Christine M. McCullough
VICE PRESIDENT, ASSISTANT SECRETARY
John J. Munera
VICE PRESIDENT, ASSISTANT SECRETARY
William E. Zitelli, Jr.
VICE PRESIDENT, ASSISTANT SECRETARY
Thomas D. Jones, III
CHIEF COMPLIANCE OFFICER
INVESTMENT ADVISER
SEI Investments Management Corporation
SUB-ADVISER
Banc of America Capital Management, LLC
ADMINISTRATOR
SEI Investments Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers 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)
[BACKGROUND GRAPHIC OMITTED]
[SEI INVESTMENTS LOGO OMITTED]
SEI Investments Distribution Co.
Oaks, PA 19456
1 800-DIAL-SEI (1 800 342 5734)
SEI-F-097 (6/04)
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
registrant's principal executive officer, principal financial officer,
comptroller or principal accounting officer, and any person who performs a
similar function.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) The registrant's board of trustees has determined that the registrant has
at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial expert is George J. Sullivan, Jr. Mr.
Sullivan is an independent as defined in Form N-CSR Item 3(a)(2).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Fees billed by PricewaterhouseCoopers Related to the Trust
PricewaterhouseCoopers billed the Trust aggregate fees for services rendered to
the Trust for the last two fiscal years as follows:
- ------------------------------------------------------------------------------------------------------------------------------
2004 2003
- ------------------------------------------------------------------------------------------------------------------------------
All fees and All fees and All other fees All fees and All fees and All other fees
services to the services to and services to services to the services to and services to
Trust that were service service Trust that were service service
pre-approved affiliates that affiliates that pre-approved affiliates that affiliates that
were did not require were did not require
pre-approved pre-approval pre-approved pre-approval
- ------------------------------------------------------------------------------------------------------------------------------
(a) Audit $25,300 $0 $0 $33,575 $0 $0
Fees(1)
- ------------------------------------------------------------------------------------------------------------------------------
(b) Audit-Related $0 $262,502 (2) $0 $0 $0 $0
Fees
- ------------------------------------------------------------------------------------------------------------------------------
(c) Tax Fees $0 $0 $0 $0 $0 $0
- ------------------------------------------------------------------------------------------------------------------------------
(d) All $0 $0 $0 $0 $0 $0
Other
Fees
- ------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Audit fees include amounts related to the audit of the registrant's
annual financial statements and services normally provided by the
accountant in connection with statutory and regulatory filings.
(2) Includes fees for: The examination of the design of SEI's Anti Money
Laundering Program Framework; 404 Readiness Assistance for SEI; and
agreed upon procedures related to the requirement to perform an
independent audit pursuant to Section 352 of the USA PATRIOT Act for
SEI Funds I
(e)(1) Not Applicable.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to
waiver of pre-approval requirement were as follows:
----------------------------------------------------------
2004 2003
----------------------------------------------------------
Audit-Related Fees $0 $0
----------------------------------------------------------
Tax Fees $0 $0
----------------------------------------------------------
All Other Fees $0 $0
----------------------------------------------------------
(f) Not Applicable.
(g) The aggregate non-audit fees and services billed by PricewaterhouseCoopers
for the last two fiscal years were $0 and $0 for 2004 and 2003, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to open-end investment management companies.
ITEM 6. (RESERVED)
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment management companies.
ITEM 8. PURCHASERS OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT COMPANY AND
AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The certifying officers, whose certifications are included herewith, have
evaluated the registrant's disclosure controls and procedures within 90 days of
the filing date of this report. In their opinion, based on their evaluation, the
registrant's disclosure controls and procedures are adequately designed, and are
operating effectively to ensure, that information required to be disclosed by
the registrant in the reports it
files or submits under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting.
ITEMS 11. EXHIBITS.
(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 Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment
Company Act of 1940, 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.
(Registrant) SEI Liquid Asset Trust Funds
By (Signature and Title)* /s/ Edward D. Loughlin
----------------------
Edward D. Loughlin
Date 08/19/04
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 (Signature and Title)* /s/ Edward D. Loughlin
------------------------
Edward D. Loughlin
Date 08/19/04
By (Signature and Title)* /s/ Peter (Pedro) A. Rodriguez
------------------------------
Peter (Pedro) A. Rodriguez
Date 08/19/04
* Print the name and title of each signing officer under his or her signature.