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 811-5601
SEI INSTITUTIONAL INTERNATIONAL TRUST
(Exact name of registrant as specified in charter)
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c/o CT Corporation
101 Federal Street
Boston, MA 02110
(Address of principal executive offices) (Zip code)
SEI Investments
One 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: SEPTEMBER 30, 2005
DATE OF REPORTING PERIOD: SEPTEMBER 30, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
SEI INVESTMENTS
[BACKGROUND GRAPHIC OMITTED]
Annual Report as of September 30, 2005
SEI Institutional International Trust
International Equity Fund
Emerging Markets Equity Fund
International Fixed Income Fund
Emerging Markets Debt Fund
TABLE OF CONTENTS
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Management's Discussion and Analysis of Fund Performance 1
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Schedules of Investments 7
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Statements of Assets and Liabilities 41
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Statements of Operations 42
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Statements of Changes in Net Assets 43
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Financial Highlights 45
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Notes to Financial Statements 46
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Report of Independent Registered Public Accounting Firm 55
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Trustees and Officers of the Trust 56
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Disclosure of Fund Expenses 59
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Board of Trustees Considerations in
Approving the Funds' Investment Advisory
and Sub-Advisory Agreements 60
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Notice to Shareholders 63
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Shareholder Voting Results 64
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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 Form N-Q is
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 a 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.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
International Equity Fund
Objective
The International Equity Fund (the "Fund") seeks to provide long-term capital
appreciation by investing in equity securities of foreign issuers.
Strategy
The Fund invests primarily in common stocks and other equity securities of
issuers of all capitalization ranges that are located in at least 3 countries
other than the U.S. The Fund invests primarily in companies located in developed
countries, but may also invest in companies located in emerging markets. The
Fund uses a multi-manager approach, relying upon a number of sub-advisers with
differing investment philosophies to manage portions of the Fund's portfolio
under the general supervision of SEI Investments Management Corporation
("SIMC").
Analysis
International equities realized very strong gains during the year ended
September 30, 2005. Overall, the non-U.S. developed equity markets, as measured
by the Morgan Stanley MSCI EAFE Index, gained 25.79% in U.S. dollar terms during
the period. Every international equity market, as well as sector, posted
positive returns. The Energy sector was the strongest performer as the rising
price of oil and other key commodities boosted equity prices within the sector.
The more speculative Information Technology sector was the poorest performer
during the course of the year as investors remained cautious about the prospects
of a continued global economic recovery accompanied by an increase in tech
spending.
The International Equity Fund, Class A led the Morgan Stanley MSCI EAFE Index
during the period, advancing 26.33%. Strong stock selection within both the
Financials and Telecommunication sectors led to the positive relative
performance while positioning to those respective sectors only modestly
detracted from performance. On a country basis, strong stock selection was seen
within all the major developed equity markets including France, Japan and the UK
over the past year. Non-benchmark names, many found via opportunistic investing
in large emerging market securities, were positive contributors during this time
as well.
Two new managers, Fuller & Thaler Asset Management, Inc. and Quantitative
Management Associates LLC, were added in the summer of 2005, as new enhancements
to the product.
International Equity Fund
AVERAGE ANNUAL TOTAL RETURN 1
- ---------------------------------------------------------------------
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
- ---------------------------------------------------------------------
Class A 26.33% 21.95% 1.10% 5.33% 4.77%
- ---------------------------------------------------------------------
Class I 25.86% 21.65% n/a n/a 9.22%
- ---------------------------------------------------------------------
Comparison of Change in the Value of a $100,000 Investment in the International
Equity Fund, Class A, versus the Morgan Stanley MSCI EAFE Index
[LINE GRAPH OMITTED]
International Equity Morgan Stanley MSCI
Fund, Class A EAFE Index
9/95 $100,000 $100,000
9/96 109,850 108,620
9/97 121,450 121,861
9/98 110,823 111,698
9/99 152,781 146,268
9/00 159,121 150,919
9/01 110,032 107,862
9/02 92,658 91,111
9/03 110,180 114,809
9/04 133,031 140,159
9/05 168,058 176,306
1 For the period ended September 30, 2005. Past performance is no indication of
future performance. Class I Shares were offered beginning on January 4, 2002.
Class A Shares were offered beginning December 20, 1989. Returns shown do not
reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. The returns for certain
periods reflect fee waivers and/or reimbursements in effect for that period;
absent fee waivers and reimbursements, performance would have been lower.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 1
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
Emerging Markets Equity Fund
Objective
The Emerging Markets Equity Fund (the "Fund") seeks to provide long-term capital
appreciation by investing primarily in common stocks and other equity securities
of foreign companies located in emerging market countries.
Strategy
The Fund normally maintains investments in at least 6 emerging market countries
and does not invest more than 35% of its total assets in any one emerging market
country. The Fund uses a multi-manager approach, relying upon a number of
sub-advisers with differing investment philosophies to manage portions of the
Fund's portfolio under the general supervision of SEI Investments Management
Corporation ("SIMC").
Analysis
Strong returns within emerging markets continued, as the asset class returned
47.18% for the year ended September 30, 2005 as measured by the MSCI Emerging
Markets Index. A number of factors converged to contribute to the stellar
returns of the asset class during the period. Energy prices were clearly an
important factor, as the strength in oil prices benefited a number of countries
that are heavy oil exporters. Energy stocks were far and away the best
performers. More importantly for the asset class as a whole, energy prices did
not seem to translate into higher inflation, which was a positive for the global
economy. Investors also seem to be recognizing the improvement in the risk of
the asset class, as countries continue to aggressively pay down their debt and
companies work to improve their governance. Investment into the asset class
reached record levels, with fund flows topping $8 billion for the year through
September 2005. On a country basis, Egypt was the strongest performing market,
benefiting from a reform minded administration as well as the strong inflows
from the Gulf region.
The Fund underperformed the broader market during the period, returning 44.68%
versus 47.18% for the Morgan Stanley MSCI Emerging Markets Index. Positioning
within technology names was the biggest contributor to relative performance
during the period. Although the Technology sector lagged the broader market, the
Fund benefited from concentrating on LCD and PDA manufacturers at the expense of
DRAM and semiconductor companies. An overweight to Russia added to relative
performance, as the market rebounded from the Yukos affair on the back of strong
oil prices. Despite this positioning, the Fund was slightly underweight in the
energy sector, which detracted from relative performance. Positioning within the
Telecommunications sector also detracted from performance. The Fund was
underweight to some of the larger names in the sector, namely Mexican telecom
America Movil, which were popular choices among investors looking to get quick
exposure to the asset class. An overweight to Egypt contributed positively to
relative returns.
Emerging Markets Equity Fund
AVERAGE ANNUAL TOTAL RETURN 1
- ---------------------------------------------------------------------
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
- ---------------------------------------------------------------------
Class A 44.68% 35.08% 11.94% 4.24% 4.70%
- ---------------------------------------------------------------------
Comparison of Change in the Value of a $100,000 Investment in the Emerging
Markets Equity Fund, versus the Morgan Stanley MSCI Emerging Markets Index
[LINE GRAPH OMITTED]
Emerging Markets Morgan Stanley MSCI
Equity Fund Emerging Markets Index
9/95 $100,000 $100,000
9/96 107,610 105,210
9/97 118,888 112,112
9/98 57,744 58,511
9/99 85,594 91,582
9/00 86,202 91,957
9/01 57,031 61,464
9/02 61,468 66,473
9/03 84,722 97,031
9/04 104,724 122,774
9/05 151,515 180,698
1 For the period ended September 30, 2005. Past performance is no indication of
future performance. Class A Shares were offered beginning January 17, 1995.
Returns shown do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares. The returns for
certain periods reflect fee waivers and/or reimbursements in effect for that
period; absent fee waivers and reimbursements, performance would have been
lower.
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2 SEI Institutional International Trust / Annual Report / September 30, 2005
International Fixed Income Fund
Objective
The International Fixed Income Fund (the "Fund") seeks to provide capital
appreciation and current income through investments in investment grade fixed
income securities of foreign government and corporate issuers.
Strategy
The Fund seeks to provide U.S.-based investors with a vehicle to diversity and
enhance the returns of the domestic fixed income portion of their Funds.
Although there are no restrictions on the Fund's overall duration, under normal
conditions it is expected to range between four and six years. The Fund is
managed against a broad aggregate index inclusive of sovereign, mortgage and
corporate securities. The Fund is diversified through its issuers, market
capitalization, and industry and country positioning.
Country and currency allocations are made separately. As a result, the Fund's
currency exposure may differ from its underlying bond holdings. Under normal
circumstances, the Fund intends to be diversified across six to twelve
countries, across the three major trading blocs: North America, Europe and the
Pacific Basin. Depending upon the relative fundamental and technical views, each
trading bloc is over or underweighted relative to the Fund's benchmark index.
Currency exposure is actively managed to maximize return and control risk
through the use of forward currency contracts and cross-currency hedging
techniques.
Analysis
The International fixed income market, as measured by the Lehman Global
Aggregate ex-U.S. Index, returned 3.55% over the year ended September 30, 2005.
The U.S. Dollar staged a recovery on the back of the increases in the Federal
Reserve Bank's Funding Rate. Despite concerns regarding a slowdown in the U.S.
economy, the Federal Reserve maintained a tightening bias over the year in
response to the increasing inflation risk. U.S. policy set the tone for the rest
of the world; short rates in the UK and Japan drifted higher. The European
Central Bank stood pat on rates despite the increasing inflation risk posed by
the rises in commodity prices. The Japanese economy began to show signs of a
sustainable domestic recovery with the Japanese central bank signaling the
likely end to their zero interest rates policy and Prime-minister Koizumi
winning a snap election.
We were pleased to introduce Bridgewater Associates, Inc. ("Bridgewater") into
the Fund in 2005. The Fund is now equally weighted 50/50 between Bridgewater and
Fischer Francis Trees and Watts, Inc. The currency and bond market moves created
some interesting opportunities for the managers. Both managers positioned their
managers to exploit the running yields in the Mexican market which proved
successful. Inflation linked bonds also played an important role in the strategy
during the year. Issuer specific opportunities were perceived to be less
attractive this year as the levels of spread in the corporate bond market
remained tight and the volatility (excluding the auto sector) remained at the
low end of historic levels.
The Fund underperformed its index with a return of 3.01%. Currency management
was an active component of both managers' strategies over the year, however
value added from currency positioning was not consistently positive for the
year, leading to a slight overall negative contribution during the second half
of the performance period from foreign exchange rates.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 3
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
International Fixed Income Fund
AVERAGE ANNUAL TOTAL RETURN 1
- ---------------------------------------------------------------------
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
- ---------------------------------------------------------------------
Class A 3.01% 9.01% 7.75% 4.32% 5.61%
- ---------------------------------------------------------------------
Comparison of Change in the Value of a $100,000 Investment in the SEI
International Fixed Income Fund, versus the Lehman Global
Aggregate ex-U.S. Index
[LINE GRAPH OMITTED]
International Fixed Lehman Global Aggregate
Income Fund ex-U.S. Index
9/95 $100,000 $100,000
9/96 103,530 106,910
9/97 104,731 106,547
9/98 117,791 120,760
9/99 116,189 117,608
9/00 105,058 106,212
9/01 108,378 110,492
9/02 117,807 121,851
9/03 137,893 144,637
9/04 148,138 157,090
9/05 152,597 162,667
1 For the period ended September 30, 2005. Past performance is no indication of
future performance. Class A Shares were offered beginning September 1, 1993.
Returns shown do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares. The returns for
certain periods reflect fee waivers and/or reimbursements in effect for that
period; absent fee waivers and reimbursements, performance would have been
lower.
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4 SEI Institutional International Trust / Annual Report / September 30, 2005
Emerging Markets Debt Fund
Objective
The Emerging Markets Debt Fund (the "Fund") seeks to maximize total return from
a portfolio consisting of primarily U.S, dollar-denominated debt securities of
government, government-related and corporate issuers in emerging market
countries.
Strategy
The Fund seeks to provide U.S.-based investors with a vehicle to diversify and
enhance the returns of the domestic fixed income portion of their portfolios.
Structuring and managing the Fund entails a multi-step process. First, an
internal assessment of country risk is compared with the market's pricing of
country risk to determine relative value opportunities. The output determines
which countries are 1) "core" holdings which have the strongest
economic/political/debt attributes, 2) "trading" countries which present more
opportunistic value, and 3) countries "not currently suitable" for investment.
Under normal circumstances, the Fund will be diversified across 25-30 countries.
The next step in the process determines relative value amongst sectors within a
country, and security selection within the sectors. The final step incorporates
a disciplined sell process through continual risk/reward analysis across, and
within emerging debt countries. U.S. interest-rate risk relative to the
benchmark is controlled through the maintenance of a tightly constrained U.S.
Treasury duration. Excess return is captured through active management of the
sovereign spread component relative to the benchmark.
Analysis
Emerging Markets Debt (EMD) as measured by the J.P. Morgan EMBI Global Index
posted relatively strong performance during the twelve month period, returning
14.00%. The market has been able to benefit from strong internal factors -
improving economies and the passage of critical reforms - as well as strong
external factors -- increasing global risk appetite and high oil prices.
Continued improvements in fundamentals have been recognized by the rating
agencies by way of further ratings upgrades during the period. Upgraded
countries included Mexico (twice - Baa1 & BBB), South Africa (Baa1), Slovak
Republic (A2), Ecuador (B), Russia (BBB-) and India (BB+). High oil prices
continued to benefit a number of oil exporting emerging markets countries as oil
climbed over $60/barrel. EMD's largest oil exporters -- Russia, Venezuela,
Nigeria, Qatar and Ecuador -- all assume very conservative oil prices in their
respective budgets with many of these countries earmarking excess oil proceeds
for early debt repayment or the establishment of oil stabilization funds (rainy
day funds). For example, Russia assumes a $28/barrel oil price in 2005 and
Venezuela has budgeted around a $23/barrel. All told, 46% of the Fund's
benchmark is associated with net oil exporters. During the period, the Funds'
spreads over U.S. Treasuries tightened 174 basis point to end at 235 basis
points, with the market yield ending the period at 6.74%.
Russian bonds benefited from their new status of being fully investment grade,
returning 22.8%. Russian fundamentals continue to improve, primarily driven by
high oil prices, which allowed Russia to repay $3.3 billion to the International
Monetary Fund and $15 billion to the Paris Club. The repayments settle debts
that had been due between 2005 and 2009.
In Latin American, Argentina bonds gained 17%, as the country
completed the restructuring of $100 billion in debt that the country defaulted
on in 2001. Brazil continues to benefit from an improving economy,
lower-interest rates, and the passage of key reforms, which propelled Brazilian
bonds to a 16% return.
The Fund's return of 19.34% solidly outpaced the benchmark during the period
driven by overweight positions to Russia, Brazil and Uruguay, as the economy
continues to surprise to the upside. Additionally, boosting the bonds was the
International Monetary Fund's approval of their first review under the $1.1
billion stand-by agreement, which allowed for $44 million to be released, as
well as the postponement of the comprehensive tax reform agenda from October
until December. The largest detractor to Fund performance was its underweight to
the Dominican Republic, which returned in excess of 43% as the country completed
its long awaited debt restructuring during the period.
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SEI Institutional International Trust / Annual Report / September 30, 2005 5
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
Emerging Markets Debt Fund
AVERAGE ANNUAL TOTAL RETURN 1
- -------------------------------------------------------------
Annualized Annualized Annualized
One Year 3 Year 5 Year Inception
Return Return Return to Date
- -------------------------------------------------------------
Class A 19.34% 26.59% 16.75% 12.00%
- -------------------------------------------------------------
Comparison of Change in the Value of a $100,000 Investment in the SEI Emerging
Markets Debt Fund, versus the J.P. Morgan EMBI Global Index
[LINE GRAPH OMITTED]
Emerging Markets Debt Fund J.P. Morgan EMBI Global Index
6/97 $100,000 $100,000
9/97 106,198 106,500
9/98 69,984 80,674
9/99 91,785 100,407
9/00 117,549 125,408
9/01 123,062 129,572
9/02 125,707 130,194
9/03 187,493 175,801
9/04 213,685 196,106
9/05 255,012 223,560
1 For the period ended September 30, 2005. Past performance is no indication of
future performance. Class A Shares were offered beginning June 26, 1997.
Returns shown do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares. The returns for
certain periods reflect fee waivers and/or reimbursements in effect for that
period; absent fee waivers and reimbursements, performance would have been
lower.
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6 SEI Institutional International Trust / Annual Report / September 30, 2005
SCHEDULE OF INVESTMENTS
International Equity Fund
September 30, 2005
- -------------------------------------------------------------
SECTOR WEIGHTINGS (UNAUDITED)+:
[BAR GRAPH OMITTED]
29.1% Financials
9.7% Cash Equivalents
9.4% Industrials
9.3% Consumer Discretionary
9.2% Telecommunication Services
8.4% Energy
6.5% Consumer Staples
5.9% Healthcare
5.9% Basic Materials
3.4% Utilities
2.8% Information Technology
0.4% Diversified
+Percentages based on total investments. Includes
investments held as collateral for securities on loan (see
Note 8). Narrow industries are utilized for compliance
purposes, whereas broad sectors are utilized for
reporting.
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
COMMON STOCK -- 97.7%
AUSTRALIA -- 3.1%
Alinta 131,495 $ 1,190
Amcor 142,883 732
Aristocrat Leisure 151,908 1,375
Australia & New Zealand
Banking Group 229,144 4,200
Australian Stock Exchange 48,488 1,004
AXA Asia Pacific Holdings 279,085 1,036
BHP Billiton 669,092 11,369
BlueScope Steel 570,713 4,166
Boral 78,594 484
Brambles Industries 1,291,221 8,736
Caltex Australia 70,759 1,109
Centro Properties Group 106,574 488
Cochlear 38,631 1,157
Coles Myer 109,953 861
Commonwealth Bank of Australia 73,384 2,152
Computershare 452,964 2,283
CSL 30,532 895
CSR 60,474 143
DCA Group 115,810 347
Downer EDI 32,437 150
GPT Group 331,385 987
Iluka Resources 388,310 2,601
Insurance Australia Group 185,802 775
John Fairfax Holdings 282,831 983
Lend Lease 95,356 1,019
Macquarie Airports 883,814 2,214
Macquarie Bank 77,020 4,432
Macquarie Goodman Group 56,584 183
Macquarie Infrastructure Group 779,656 2,388
Mayne Group 279,214 1,147
Mirvac Group 44,559 137
National Australia Bank 394,828 9,965
OneSteel 456,943 1,329
Orica 73,326 1,176
PaperlinX 39,100 94
Promina Group 217,343 830
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Qantas Airways 313,825 $ 808
QBE Insurance Group 793,617 11,321
Rinker Group 199,559 2,527
Rio Tinto 19,691 889
Santos 316,438 3,023
Stockland 211,321 994
Suncorp-Metway 86,159 1,297
Wesfarmers 37,247 1,142
Westpac Banking 140,449 2,263
Woolworths 162,126 2,059
-----------
100,460
-----------
AUSTRIA -- 0.7%
Andritz 1,657 166
Boehler-Uddeholm 11,341 1,914
Erste Bank der Oesterreichischen
Sparkassen 26,501 1,422
OMV 158,231 9,426
Raiffeisen International
Bank Holding* 7,018 470
Telekom Austria 480,273 9,583
Wienerberger 4,615 182
-----------
23,163
-----------
BELGIUM -- 1.1%
AGFA-Gevaert 61,850 1,495
Belgacom 4,237 144
Colruyt 3,466 452
Delhaize Group (A) 87,300 5,181
Dexia 132,372 2,989
Electrabel 3,948 1,985
Fortis (A) 316,184 9,184
Groupe Bruxelles Lambert 23,687 2,321
KBC Groep 67,566 5,491
Solvay 8,807 1,027
UCB 29,750 1,575
Umicore 36,789 4,025
-----------
35,869
-----------
BRAZIL -- 0.1%
Cia de Saneamento Basico do
Estado de Sao Paulo 12,120,000 851
Gerdau ADR 92,250 1,377
Uniao de Bancos Brasileiros GDR 20,300 1,068
-----------
3,296
-----------
CANADA -- 1.4%
Abitibi-Consolidated (A) 116,200 468
Alcan (A) 108,600 3,448
Bank of Nova Scotia (A) 54,900 2,053
Cameco (A) 43,900 2,346
Canadian Natural Resources (A) 60,500 2,737
Falconbridge (A) 65,071 1,742
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 7
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Great-West Lifeco (A) 2,000 $ 50
Inco 58,000 2,746
Manulife Financial 38,000 2,030
Methanex (A) 51,300 761
Potash Saskatchewan (A) 37,300 3,482
Research In Motion* 40,500 2,770
Rogers Communications, Cl B (A) 223,850 8,826
Teck Cominco, Cl B (A) 187,800 8,439
TELUS (A) 80,400 3,280
Toronto-Dominion Bank (A) 19,500 963
-----------
46,141
-----------
CHINA -- 0.0%
China Petroleum & Chemical 2,176,000 996
-----------
DENMARK -- 0.4%
AP Moller - Maersk 224 2,294
Carlsberg 5,700 334
D/S Torm 950 55
Danisco 2,600 176
Danske Bank 27,600 847
DSV 2,200 235
H Lundbeck 12,900 329
Kobenhavns Lufthavne 330 83
Novo-Nordisk, Cl B (A) 98,600 4,890
TDC 70,555 3,807
William Demant Holding* 5,000 235
-----------
13,285
-----------
FINLAND -- 1.4%
Amer Sports 48,488 928
Elisa, Cl A 57,599 999
Fortum (A) 466,908 9,401
Kesko, Cl B 104,190 2,899
Metso 39,276 1,000
Neste Oil* 9,000 335
Nokia (A) 861,089 14,472
Nokian Renkaat 11,000 261
Pohjola Group, Cl D 98,089 1,579
Rautaruukki (A) 210,099 4,734
Sampo, Cl A 280,049 4,457
Stora Enso, Cl R 51,200 706
UPM-Kymmene 64,091 1,287
Wartsila, Cl B 59,948 1,915
YIT-Yhtyma 10,950 466
-----------
45,439
-----------
FRANCE -- 10.0%
Accor 31,617 1,602
Air France-KLM 21,247 356
Air Liquide 8,117 1,497
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Alcatel* 25,135 $ 336
Assurances Generales de France (A) 198,400 19,040
Atos Origin* 1,899 135
AXA 653,387 17,992
BNP Paribas 276,410 21,078
Bouygues (A) 409,254 19,080
Business Objects* 54,062 1,861
Carrefour 135,556 6,256
Casino Guichard Perrachon 10,132 721
Cie de Saint-Gobain 29,251 1,688
Cie Generale d'Optique Essilor
International 14,320 1,190
CNP Assurances 6,724 452
Compagnie Generale des
Etablissements Michelin, Cl B 29,695 1,750
Credit Agricole 131,945 3,882
Dassault Systemes 140,062 7,261
France Telecom 936,833 26,972
Groupe Danone 85,357 9,226
L'Oreal 20,525 1,595
Lafarge 26,248 2,317
Neopost 12,466 1,212
PagesJaunes Group 7,224 198
Pernod-Ricard 806 143
Peugeot 12,698 865
Pinault-Printemps-Redoute 9,415 991
Publicis Groupe 139,309 4,448
Renault 150,594 14,307
Safran 12,616 273
Sanofi-Aventis 541,984 44,917
Schneider Electric 82,126 6,505
SCOR 1,478,734 3,031
Societe Generale 165,076 18,897
Suez 39,405 1,143
Thomson 65,393 1,364
Total 196,025 53,672
Veolia Environnement 24,600 1,041
Vinci (A) 128,395 11,091
Vivendi Universal 416,273 13,631
Zodiac 4,595 272
-----------
324,288
-----------
GERMANY -- 6.1%
Adidas-Salomon 2,240 390
Allianz 74,220 10,053
Altana 16,300 915
BASF 125,726 9,474
Bayer 363,908 13,377
Bayerische Hypo-und Vereinsbank 283,201 8,003
Bayerische Motoren Werke (A) 116,856 5,503
Celesio (A) 2,638 232
Commerzbank 222,750 6,096
- --------------------------------------------------------------------------------
8 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Continental (A) 123,171 $ 10,143
DaimlerChrysler 161,556 8,598
Deutsche Bank 71,027 6,664
Deutsche Boerse 12,673 1,215
Deutsche Post (A) 114,251 2,681
Deutsche Telekom 591,497 10,797
E.ON 169,629 15,631
Fresenius Medical Care (A) 2,496 228
Hochtief 24,902 1,115
Hypo Real Estate Holding 136,950 6,945
Infineon Technologies (A)* 510,328 5,033
Linde 48,218 3,564
MAN 103,839 5,343
Merck KGaA 102,023 8,614
Muenchener Rueckversicherungs 76,252 8,734
RWE 23,030 1,528
SAP 73,803 12,795
SAP ADR 10,800 468
Siemens 297,327 22,978
Suedzucker 9,804 223
ThyssenKrupp 50,411 1,056
TUI (A) 171,096 3,655
Volkswagen (A) 76,532 4,724
Wincor Nixdorf 2,500 241
-----------
197,016
-----------
GREECE -- 0.1%
Coca Cola Hellenic Bottling 4,470 130
Folli - Follie 3,890 117
Intracom 40,290 280
National Bank of Greece 32,420 1,301
OPAP 22,150 690
Piraeus Bank 17,625 370
Titan Cement 5,480 184
-----------
3,072
-----------
HONG KONG -- 1.8%
ASM Pacific Technology 28,000 136
Cathay Pacific Airways 509,000 905
Cheung Kong Holdings 297,000 3,354
China Mobile Hong Kong 1,942,500 9,515
CLP Holdings 97,000 578
CNOOC 12,595,000 9,173
Hang Lung Group 248,000 478
Hang Lung Properties 561,000 893
Henderson Land Development 125,000 624
Hopewell Holdings 86,000 227
Hutchison Whampoa 1,037,000 10,727
Hysan Development 402,000 1,005
Kingboard Chemical Holdings 58,000 145
Li & Fung 1,624,000 3,758
New World Development 2,466,000 3,242
PCCW 1,238,000 806
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Shangri-La Asia 534,000 $ 864
Sino Land 2,796,000 3,406
Sun Hung Kai Properties 491,000 5,086
Swire Pacific, Cl A 166,800 1,536
Television Broadcasts 157,000 960
Wharf Holdings 71,000 277
-----------
57,695
-----------
HUNGARY -- 0.1%
Mol Magyar Olaj-es Gazipari 13,000 1,442
-----------
INDIA -- 0.1%
Infosys Technologies ADR 14,400 1,070
Punjab National Bank 90,000 922
-----------
1,992
-----------
IRELAND -- 0.6%
Allied Irish Banks 97,280 2,076
Anglo Irish Bank 440,450 6,016
Bank of Ireland 20,545 326
CRH 97,498 2,651
DCC 7,832 157
Depfa Bank 291,375 4,690
Fyffes 85,332 261
Greencore Group 165,365 720
Independent News & Media 307,125 900
Irish Life & Permanent 52,335 956
-----------
18,753
-----------
ISRAEL -- 0.1%
Bank Hapoalim 445,000 1,731
-----------
ITALY -- 3.3%
Autostrade 34,471 889
Banca Intesa 665,805 3,113
Banca Intesa RNC 38,669 169
Banca Monte dei Paschi di Siena 249,222 1,109
Banca Popolare di Milano 937,811 9,639
Banche Popolari Unite 70,267 1,431
Banco Popolare di Verona e Novara 7,164 136
Benetton Group 109,597 1,179
Capitalia 1,094,185 6,002
Enel 110,439 955
ENI - Ente Nazionale Idrocarburi 1,292,058 38,492
Fiat* 28,116 252
Fiat RNC* 497,090 4,195
Finmeccanica 178,484 3,553
Italcementi (A) 83,291 1,308
Luxottica Group 50,547 1,260
Mediobanca (A) 127,648 2,519
Pirelli & C (A) 1,157,439 1,232
Recordati 201,400 1,539
Riunione Adriatica di Sicurta 49,369 1,127
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 9
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Sanpaolo IMI 601,092 $ 9,363
Snam Rete Gas 417,862 2,443
Telecom Italia 1,137,010 3,708
Telecom Italia RNC 3,691,764 10,304
UniCredito Italiano 312,562 1,767
-----------
107,684
-----------
JAPAN -- 24.8%
Acom (A) 25,930 1,885
Aderans 3,500 96
Advantest (A) 21,400 1,662
Aeon 225,500 4,536
Aiful 12,750 1,070
Alps Electric (A) 63,100 1,026
Amada 186,000 1,485
Amano 76,000 1,180
Aoyama Trading 57,600 1,626
Asahi Kasei (A) 232,000 1,269
Asatsu-DK 40,800 1,274
Astellas Pharma (A) 171,500 6,461
Bank of Fukuoka (A) 36,000 260
Bank of Kyoto (A) 169,000 1,694
Bank of Yokohama* 239,000 1,824
Bridgestone 145,000 3,109
Canon (A) 641,214 34,680
Canon Sales 8,000 164
Central Glass 51,000 293
Central Japan Railway (A) 679 5,296
Chiba Bank 135,000 1,099
Chiyoda 34,000 627
Chubu Electric Power (A) 130,100 3,180
Citizen Watch (A) 12,100 99
COMSYS Holdings (A) 13,000 151
Dai Nippon Printing (A) 654,391 10,566
Daicel Chemical Industries (A) 40,000 259
Daido Steel 47,000 303
Daiichi Sankyo (A) 228,775 4,693
Dainippon Screen Manufacturing 343,000 2,243
Daito Trust Construction (A) 24,000 1,052
Daiwa House Industry 136,000 1,782
Daiwa Securities Group 67,000 524
Denki Kagaku Kogyo (A) 47,000 170
East Japan Railway (A) 1,005 5,746
Eisai (A) 19,400 830
Electric Power Development 11,300 378
Fanuc 180,400 14,612
Fast Retailing (A) 75,000 5,697
Fuji Photo Film 188,000 6,204
Fuji Television Network 810 1,815
Fujikura 62,000 381
Gunma Bank 238,000 1,529
Hino Motors (A) 43,000 292
Hirose Electric 22,500 2,626
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Hitachi (A) 2,529,285 $ 16,045
Hitachi Chemical 11,700 245
Hitachi Software Engineering 56,900 914
Hokkaido Electric Power 77,800 1,658
Hokuhoku Financial Group 545,000 2,058
Honda Motor (A) 205,400 11,635
House Foods 64,200 979
Hoya 17,100 569
Hoya - When Issued* 51,000 1,737
Ibiden (A) 159,200 6,644
Isetan 329,400 5,255
Itochu 1,075,000 7,408
Japan Tobacco (A) 689 10,882
JFE Holdings (A) 304,600 9,917
JGC 75,000 1,373
JS Group (A) 14,900 254
JSR 12,300 256
Kamigumi 259,000 2,068
Kaneka (A) 26,000 340
Kansai Electric Power 494,644 10,932
Kao (A) 359,000 8,853
KDDI (A) 63 356
Keio 180,000 994
Keisei Electric Railway (A) 196,000 1,077
Keyence (A) 2,800 705
Kirin Brewery 118,000 1,301
Kobe Steel 2,010,000 6,118
Kokuyo 70,600 977
Komatsu (A) 1,878,115 25,618
Komori 71,000 1,265
Kubota (A) 155,000 1,075
Kuraray (A) 105,000 932
Kurita Water Industries (A) 10,800 196
Kyocera (A) 192,200 13,397
Kyushu Electric Power (A) 157,300 3,504
Lawson 74,600 2,817
Makita 78,000 1,583
Marubeni 877,000 4,086
Marui 64,400 1,089
Matsushita Electric Industrial (A) 866,470 14,701
Matsushita Electric Works (A) 121,000 1,204
Mediceo Paltac Holdings (A) 6,300 101
Millea Holdings 788 12,654
Mitsubishi (A) 1,123,850 22,211
Mitsubishi Chemical (A) 587,000 1,947
Mitsubishi Electric (A) 982,000 6,299
Mitsubishi Estate (A) 646,900 8,892
Mitsubishi Gas Chemical 75,000 502
Mitsubishi Heavy Industries (A) 389,000 1,380
Mitsubishi Rayon 143,000 641
Mitsubishi UFJ Financial Group (A) 731 9,610
Mitsui (A) 713,000 8,939
Mitsui Chemicals (A) 686,000 4,055
Mitsui OSK Lines (A) 1,484,000 11,876
- --------------------------------------------------------------------------------
10 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Mitsui Sumitomo Insurance (A) 491,000 $ 5,692
Mitsui Trust Holdings 840,100 11,652
Mizuho Financial Group (A) 1,352 8,613
Murata Manufacturing (A) 15,400 860
Namco Bandai Holdings 8,550 143
NEC (A) 1,973,000 10,706
NGK Spark Plug 47,000 682
NHK Spring 47,000 345
Nichii Gakkan 3,100 76
Nichirei 43,000 177
Nidec (A) 9,400 560
Nidec - When Issued* 9,400 553
Nikko Cordial (A) 83,000 962
Nikon (A) 135,000 1,706
Nintendo (A) 15,900 1,857
Nippon Electric Glass 170,000 3,067
Nippon Light Metal* 840,000 2,312
Nippon Mining Holdings* 14,500 115
Nippon Oil (A) 375,000 3,325
Nippon Sheet Glass 21,000 95
Nippon Shokubai 15,000 159
Nippon Steel* 912,000 3,428
Nippon Telegraph & Telephone 1,946 9,581
Nippon Yusen Kabushiki Kaisha (A) 405,000 2,719
Nissan Motor (A) 1,793,903 20,513
Nisshin Seifun Group 20,900 203
Nisshin Steel (A) 727,000 2,514
Nissin Food Products (A) 37,900 988
Nitori 6,300 529
Nitto Denko (A) 57,900 3,264
NOK 7,800 233
Nomura Holdings 499,000 7,753
NSK (A) 66,000 365
NTN 56,000 336
NTT Data (A) 379 1,465
NTT DoCoMo (A) 3,245 5,783
Obayashi (A) 116,000 802
Obic 550 94
OJI Paper (A) 76,000 416
Omron (A) 11,200 273
Oriental Land 134,400 7,696
ORIX (A) 134,400 24,309
Osaka Gas (A) 1,709,000 5,986
Promise (A) 24,250 1,799
Q.P. 114,800 1,100
Ricoh (A) 83,000 1,298
Rohm 75,426 6,555
Santen Pharmaceutical 10,000 259
Sanwa Shutter 206,000 1,240
Sega Sammy Holdings 48,100 1,901
Sega Sammy Holdings-- When Issued* 48,100 1,867
Seiko Epson 3,700 95
Seino Transportation 170,000 1,555
Sekisui Chemical (A) 56,000 400
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Sekisui House 243,000 $ 2,982
Seven & I Holdings (A) 155,400 5,155
Sharp (A) 36,000 522
Shimamura 16,300 1,809
Shin-Etsu Chemical (A) 64,200 2,804
Shinsei Bank (A) 1,040,000 6,561
Shiseido (A) 17,000 245
Showa Denko 120,000 384
Showa Shell Sekiyu 108,200 1,484
SMC (A) 25,200 3,360
Softbank (A) 99,200 5,514
Sompo Japan Insurance 244,000 3,236
Sony (A) 365,600 12,032
Sumitomo 566,000 5,983
Sumitomo Bakelite (A) 153,000 1,050
Sumitomo Chemical (A) 323,000 2,001
Sumitomo Electric Industries (A) 95,000 1,282
Sumitomo Forestry (A) 84,000 853
Sumitomo Heavy Industries 411,000 2,919
Sumitomo Metal Industries (A) 1,426,000 5,007
Sumitomo Metal Mining 228,000 2,116
Sumitomo Mitsui Financial Group (A) 3,567 33,675
Sumitomo Rubber Industries 34,000 405
Sumitomo Trust & Banking (A) 353,000 2,909
Suzuken 39,700 1,149
Suzuki Motor (A) 191,200 3,543
T&D Holdings 15,300 913
Taiheiyo Cement 325,000 1,216
Taisho Pharmaceutical 39,000 704
Takeda Pharmaceutical (A) 129,000 7,694
Tanabe Seiyaku (A) 369,000 3,734
TDK (A) 20,200 1,442
Teijin 23,000 134
Teikoku Oil 286,000 3,091
THK (A) 10,000 250
Tohoku Electric Power 179,900 4,008
Tokuyama 36,000 353
Tokyo Broadcasting System 90,300 2,099
Tokyo Electric Power 262,000 6,634
Tokyo Electron (A) 88,312 4,698
Tokyo Gas (A) 2,136,206 8,689
Tokyo Tatemono 143,000 1,166
TonenGeneral Sekiyu 129,000 1,502
Toyo Seikan Kaisha (A) 214,200 3,186
Toyo Suisan Kaisha 19,000 325
Toyobo 36,000 89
Toyota Industries (A) 96,200 3,200
Toyota Motor 243,100 11,153
Trend Micro (A) 50,000 1,584
Ube Industries 431,000 1,164
UFJ Holdings 3,080 20,680
Uni-Charm 18,400 795
UNY 88,000 1,163
Ushio 4,600 94
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 11
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Wacoal Holdings 80,000 $ 1,059
Yahoo! Japan 998 1,171
Yahoo! Japan-- When Issued* 830 989
Yakult Honsha (A) 52,100 1,322
Yamada Denki (A) 140,150 10,671
Yamaha 100,200 1,737
Yamaha Motor 44,900 929
Yamato Transport (A) 187,800 3,092
-----------
802,558
-----------
LUXEMBOURG -- 0.5%
Arcelor 575,008 13,491
SES Global FDR 240,090 3,766
-----------
17,257
-----------
MEXICO -- 0.5%
America Movil ADR, Ser L 415,950 10,948
Fomento Economico Mexicano ADR 94,900 6,635
-----------
17,583
-----------
NETHERLANDS -- 5.7%
ABN AMRO Holding (A) 991,752 23,830
Aegon 635,098 9,457
Akzo Nobel 94,462 4,131
Buhrmann 32,443 393
CSM 92,020 2,618
DSM 56,309 2,219
Euronext 25,597 1,130
European Aeronautic Defense
and Space 65,440 2,328
Heineken 108,876 3,506
Heineken Holding 65,662 1,942
ING Groep (A) 1,069,641 31,957
James Hardie Industries 254,523 1,740
Koninklijke Ahold* 90,285 685
Koninklijke Philips Electronics 34,823 928
Randstad Holdings 3,309 127
Reed Elsevier 109,620 1,517
Royal Dutch Shell ADR, Cl A 22,400 1,470
Royal Dutch Shell, Cl A 1,341,406 44,426
Royal Dutch Shell, Cl A (GBP) 54,489 1,808
Royal Dutch Shell, Cl B (GBP) 399,984 13,855
Royal KPN 777,531 6,993
Royal Numico* 29,814 1,309
TNT 182,348 4,544
Unilever 261,769 18,668
VNU (A) 24,461 771
Wereldhave 888 94
Wolters Kluwer 8,795 164
-----------
182,610
-----------
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
NEW ZEALAND -- 0.2%
Fletcher Building 231,902 $ 1,273
Telecom 942,641 3,935
-----------
5,208
-----------
NORWAY -- 1.2%
DNB 230,200 2,381
Norsk Hydro (A) 152,860 17,174
Norske Skogindustrier (A) 54,000 801
Orkla 18,900 720
ProSafe 5,300 199
Statoil 353,750 8,811
Storebrand 21,600 212
Tandberg (A) 457,950 6,142
Yara International 30,900 560
-----------
37,000
-----------
PHILIPPINES -- 0.0%
Philippine Long Distance Telephone 33,800 1,016
-----------
PORTUGAL -- 0.4%
Banco BPI 66,474 297
Banco Comercial Portugues 1,521,512 4,237
Cimpor Cimentos de Portugal 60,701 336
Energias de Portugal 33,394 93
Portugal Telecom 524,559 4,807
Sonae 823,286 1,409
-----------
11,179
-----------
SINGAPORE -- 0.9%
Allgreen Properties Ltd 1,206,000 957
CapitaLand 1,185,000 2,202
City Developments 39,000 215
DBS Group Holdings 103,000 963
Flextronics International* 257,000 3,302
Jardine Cycle & Carriage 134,000 880
Keppel 79,000 594
Keppel Land 488,000 1,069
Neptune Orient Lines 1,386,000 2,527
Oversea-Chinese Banking 22,000 81
Parkway Holdings 749,000 958
SembCorp Marine 924,000 1,635
Singapore Airlines 162,000 1,112
Singapore Press Holdings 191,000 522
Singapore Telecommunications 5,272,714 7,646
United Overseas Bank 392,000 3,272
United Overseas Land 21,400 30
-----------
27,965
-----------
- --------------------------------------------------------------------------------
12 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
SOUTH AFRICA -- 0.5%
ABSA Group 100,308 $ 1,480
Sanlam 828,200 1,668
Sasol 306,817 11,886
Telkom 51,670 1,025
-----------
16,059
-----------
SOUTH KOREA -- 1.0%
Honam Petrochemical 23,600 1,178
Hyundai Motor 18,600 1,456
Industrial Bank of Korea 88,000 1,115
INI Steel 59,040 1,531
Kookmin Bank 18,900 1,116
POSCO 8,800 1,977
Samsung Electronics (2) 5,720 3,229
Samsung Electronics GDR 44,302 12,604
Shinhan Financial Group 242,300 8,445
-----------
32,651
-----------
SPAIN -- 4.2%
Acciona 30,392 3,490
ACS Actividades Construcciones
y Servicios (A) 319,626 9,345
Altadis 79,128 3,556
Antena 3 de Television (A) 14,259 259
Banco Bilbao Vizcaya Argentaria 809,528 14,240
Banco Santander Central Hispano 1,530,985 20,175
Corp Mapfre 13,468 232
Ebro Puleva (A) 14,052 252
Endesa (A) 468,888 12,590
Fomento de Construcciones y
Contratas 50,904 3,043
Gas Natural SDG 31,785 927
Grupo Ferrovial 20,504 1,712
Iberdrola 190,657 5,344
Iberia Lineas Aereas de Espana 307,125 785
Inditex (A) 36,730 1,081
Metrovacesa 8,382 619
Repsol 976,210 31,731
Sacyr Vallehermoso 164,855 4,641
Telefonica (A) 1,363,781 22,395
-----------
136,417
-----------
SWEDEN -- 2.2%
Atlas Copco, Cl A 274,675 5,330
Axfood 5,100 127
Electrolux, Ser B 45,654 1,072
Eniro 22,200 260
Fabege 155,287 2,772
Getinge 10,600 147
Hennes & Mauritz, Cl B 48,750 1,744
Nordea Bank (A) 542,546 5,440
Sandvik 46,200 2,304
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Scania, Cl B 6,400 $ 232
Securitas, Cl B 9,800 152
Skandinaviska Enskilda Banken 163,889 3,011
Skanska, Cl B 101,953 1,510
SKF, Cl B 451,158 5,895
Ssab Svenskt Stal, Cl A 136,458 4,140
Svenska Cellulosa, Cl B 66,000 2,318
Svenska Handelsbanken, Cl A 44,100 1,024
Swedish Match 8,500 102
Telefonaktiebolaget LM Ericsson
ADR 253,550 9,341
Telefonaktiebolaget LM Ericsson,
Cl B 1,721,000 6,301
Telelogic* 440,340 1,014
TeliaSonera 397,023 1,890
Trelleborg, Cl B 20,400 342
Volvo, Cl A 3,000 127
Volvo, Cl B (A) 327,800 14,313
-----------
70,908
-----------
SWITZERLAND -- 6.5%
Adecco 22,300 1,022
Ciba Specialty Chemicals 2,166 128
Clariant 22,015 318
Compagnie Financiere Richemont,
Cl A (A) 169,113 6,723
Credit Suisse Group 470,685 20,919
Geberit 1,198 875
Holcim 206,176 13,745
Logitech International* 5,009 203
Micronas Semiconductor Holdings
(A)* 21,900 939
Nestle 140,921 41,427
Novartis 944,274 48,083
Phonak Holding 3,446 148
PSP Swiss Property 3,888 196
Rieter Holding 445 131
Roche Holding 124,998 17,432
STMicroelectronics 54,866 947
Straumann Holding 2,707 728
Sulzer 577 294
Swatch Group 10,134 288
Swatch Group, Cl B 2,779 384
Swiss Reinsurance* 100,485 6,625
Swisscom 9,013 2,957
Syngenta 10,367 1,090
Synthes 6,970 819
UBS 370,250 31,590
Xstrata 362,251 9,414
Zurich Financial Services 24,941 4,266
-----------
211,691
-----------
TAIWAN -- 0.3%
Chunghwa Telecom ADR 168,266 3,115
Compal Electronics 1,247,700 1,231
Far EasTone Telecommunications
GDR (2) 33,600 571
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 13
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
HON HAI Precision Industry GDR 115,369 $ 1,057
Taiwan Semiconductor Manufacturing 993,297 1,595
Taiwan Semiconductor Manufacturing
ADR 196,876 1,618
-----------
9,187
-----------
THAILAND -- 0.0%
PTT 199,200 1,184
-----------
TURKEY -- 0.0%
Ford Otomotiv Sanayi 150,793 1,048
-----------
UNITED KINGDOM -- 18.4%
3i Group 16,349 227
Alliance Unichem 36,585 561
Anglo American 171,937 5,141
ARM Holdings 191,111 397
Associated British Ports Holdings 153,968 1,431
AstraZeneca 318,454 14,845
AstraZeneca (SEK) (A) 120,836 5,643
Aviva 656,735 7,232
BAA 261,028 2,882
BAE Systems 569,500 3,461
Balfour Beatty 41,563 241
Barclays 2,300,209 23,317
Barratt Developments 178,756 2,389
Bellway 77,595 1,202
Berkeley Group Holdings 13,095 201
BHP Billiton 1,532,331 24,831
BOC Group 355,432 7,250
Bovis Homes Group 17,330 188
BP 5,131,143 61,137
BPB 40,876 532
Bradford & Bingley 140,234 847
Brambles Industries 147,043 906
British Airways* 298,481 1,546
British American Tobacco 523,122 11,022
British Land 81,336 1,353
British Sky Broadcasting 316,288 3,136
BT Group 1,300,992 5,115
Bunzl 184,901 1,858
Cadbury Schweppes 2,451,427 24,807
Capita Group 32,792 219
Carnival 32,137 1,666
Close Brothers Group 9,375 138
Cookson Group* 21,687 127
Daily Mail & General Trust 14,383 168
Diageo 186,949 2,695
Emap 35,624 519
Enterprise Inns 130,686 1,948
First Choice Holidays 378,613 1,418
Firstgroup 43,740 255
Friends Provident 1,623,152 5,370
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Gallaher Group 14,780 $ 230
GKN 64,920 338
GlaxoSmithKline 1,747,226 44,572
GUS 208,744 3,156
Hammerson 13,388 221
Hanson 167,540 1,744
Hays 2,032,083 4,413
HBOS 920,553 13,900
HSBC Holdings 1,878,327 30,471
ICAP 212,781 1,378
Imperial Chemical Industries 216,785 1,148
Imperial Tobacco Group 517,693 14,873
Inchcape 18,886 731
Intercontinental Hotels Group 624,149 7,917
International Power 254,284 1,118
J Sainsbury 937,786 4,637
Kelda Group 22,892 284
Kingfisher 58,705 224
Land Securities Group 5,031 132
Legal & General Group 741,153 1,488
Liberty International 14,571 256
Lloyds TSB Group 790,025 6,527
Man Group 36,417 1,067
Mitchells & Butlers 347,456 2,245
National Grid 1,099,835 10,341
Next* 43,978 1,083
O2 3,728,700 10,406
Pearson 275,669 3,214
Persimmon 359,087 5,451
Pilkington 80,068 197
Prudential 13,744 125
Punch Taverns 286,412 4,054
Reckitt Benckiser 208,580 6,373
Reed Elsevier 1,181,962 10,967
Rexam 15,121 138
Rio Tinto 158,948 6,518
Rolls-Royce Group 545,172 3,602
Royal & Sun Alliance Insurance
Group 1,000,000 1,716
Royal Bank of Scotland Group 980,486 27,909
SABMiller 131,245 2,552
Scottish & Newcastle 98,244 806
Scottish & Southern Energy 133,842 2,436
Scottish Power 1,370,869 13,860
Severn Trent 26,823 470
Smith & Nephew 598,400 5,039
Smiths Group 33,639 571
Sportingbet 882,500 4,871
Stagecoach Group 63,489 125
Standard Chartered 160,422 3,471
Tate & Lyle 449,715 3,614
Taylor Woodrow 780,342 4,476
Tesco 196,860 1,078
- --------------------------------------------------------------------------------
14 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description ($ Thousands) (3) ($ Thousands)
- -------------------------------------------------------------
Tomkins 53,181 $ 272
Travis Perkins 7,528 189
Trinity Mirror 154,367 1,640
Unilever 476,607 4,992
United Business Media 47,076 461
United Utilities 172,806 2,002
Vodafone Group 26,450,623 69,021
Whitbread 233,096 3,915
Wimpey George 447,428 3,388
Wolseley 117,467 2,492
WPP Group 44,746 457
Yell Group 55,800 472
-----------
596,055
-----------
Total Common Stock
(Cost $2,593,325) ($ Thousands) 3,159,898
-----------
COMMERCIAL PAPER (D) -- 8.1%
UNITED STATES -- 8.1%
ASAP Funding (B)
3.780%, 10/05/05 5,000 4,998
3.700%, 10/03/05 15,000 14,997
Ajax Bambino Funding (B)
3.680%, 10/04/05 15,000 14,995
Barton Capital (B)
3.770%, 10/05/05 30,000 29,987
Bavaria TRR (B)
3.800%, 10/11/05 5,000 4,995
3.770%, 10/07/05 5,000 4,997
3.700%, 10/06/05 15,000 14,992
Broadhollow Funding (B)
3.830%, 10/27/05 15,000 14,958
Clipper Receivables (B)
3.750%, 10/03/05 15,000 14,997
Export Development
4.827%, 10/05/05 2,600 2,598
Freedom Park Capital (B)
3.810%, 10/17/05 9,000 8,985
3.690%, 10/06/05 16,000 15,992
General Electric Capital
7.304%, 10/03/05 4,000 3,999
5.433%, 10/04/05 2,000 1,999
Harwood Street Funding (B)
3.820%, 10/13/05 15,000 14,981
Harwood Street Funding II (B)
3.810%, 10/13/05 17,610 17,588
Mitten RFC (B)
3.800%, 10/04/05 21,000 20,993
Park Granada (B)
3.830%, 10/03/05 10,000 9,998
Ranger Funding (B)
3.750%, 10/26/05 15,000 14,961
- -------------------------------------------------------------
Face Amount Market Value
Description ($ Thousands) (3) ($ Thousands)
- -------------------------------------------------------------
Sheffield Receivables (B)
3.480%, 10/06/05 14,000 $ 13,993
USAA Capital
3.740%, 10/06/05 1,600 1,599
Yorktown Capital (B)
3.750%, 10/17/05 15,000 14,975
-----------
Total Commercial Paper
(Cost $262,577) ($ Thousands) 262,577
-----------
CORPORATE OBLIGATIONS (B)(C)(E) -- 1.6%
UNITED STATES -- 1.6%
Harrier Finance Funding LLC MTN
3.890%, 04/27/06 10,000 10,000
K2 LLC MTN
3.890%, 05/10/06 10,000 10,000
Links Finance LLC MTN
3.890%, 04/28/06 10,000 10,000
Theta Funding MTN
3.900%, 05/05/06 10,000 10,000
Whistlejacket Funding LLC MTN
3.900%, 05/15/06 10,000 10,000
-----------
Total Corporate Obligations
(Cost $50,000) ($ Thousands) 50,000
-----------
ASSET-BACKED SECURITIES (B)(C)(E) -- 0.9%
Park Place Securities NIM Trust,
Ser 2004-MM1, Cl AM2
3.880%, 11/25/05 13,315 13,315
Wachovia Asset Securization,
Ser 2004-HM1A, Cl A
3.820%, 11/25/34 14,839 14,839
-----------
Total Asset-Backed Securities
(Cost $28,154) ($ Thousands) 28,154
-----------
TIME DEPOSITS -- 0.6%
Brown Brothers Harriman
5.750%, 10/03/05 NZD -- --
5.450%, 10/03/05 ZAR 2,511 395
4.450%, 10/03/05 AUD 257 196
3.310%, 10/03/05 13,944 13,944
1.900%, 10/03/05 CAD 123 107
1.590%, 10/03/05 SGD 312 185
1.330%, 10/03/05 EUR 4,894 5,900
1.260%, 10/03/05 DKK 80 13
1.070%, 10/03/05 NOK 2 --
0.650%, 10/03/05 SEK 556 72
-----------
Total Time Deposits
(Cost $20,812) ($ Thousands) 20,812
-----------
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 15
SCHEDULE OF INVESTMENTS
International Equity Fund (Concluded)
September 30, 2005
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description ($ Thousands) (3) ($ Thousands)
- -------------------------------------------------------------
PREFERRED STOCK -- 0.6%
AUSTRALIA -- 0.0%
News 44,855 $ 699
-----------
BRAZIL -- 0.2%
Braskem, Cl A 116,000 1,190
Petroleo Brasileiro 236,000 3,778
Suzano Bahia Sul Papel e Celulose 126,000 712
Usinas Siderurgicas de Minas
Gerais, Cl A 54,200 1,263
-----------
6,943
-----------
GERMANY -- 0.3%
Fresenius Medical Care 1,848 146
Porsche 9,439 7,281
Volkswagen 7,714 353
-----------
7,780
-----------
ITALY -- 0.1%
Fiat* 272,840 2,161
-----------
Total Preferred Stock
(Cost $13,229) ($ Thousands) 17,583
-----------
CASH EQUIVALENTS (B) -- 0.2%
Barclays Global Investors Funds,
Prime Money Market Fund 7,994,094 7,994
The Reserve Funds, Primary
Fund, Cl 8 372,098 372
-----------
Total Cash Equivalents
(Cost $8,366) ($ Thousands) 8,366
-----------
EXCHANGE TRADED FUND -- 0.0%
UNITED STATES -- 0.0%
iShares MSCI EAFE Index Fund 19,000 1,104
-----------
Total Exchange Traded Fund
(Cost $1,081) ($ Thousands) 1,104
-----------
U.S. TREASURY OBLIGATION -- 0.0%
UNITED STATES -- 0.0%
U. S. Treasury Bills (1)
3.455%, 11/25/05 850 846
-----------
Total U.S. Treasury Obligation
(Cost $845) ($ Thousands) 846
-----------
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description ($ Thousands) (3) ($ Thousands)
- -------------------------------------------------------------
CONVERTIBLE BOND -- 0.0%
SWITZERLAND -- 0.0%
Credit Suisse Group,
CV to 32.3311 Shares (CHF)
6.000%, 12/23/05 149 $ 181
-----------
Total Convertible Bond
(Cost $108) ($ Thousands) 181
-----------
Number of
Rights
----------
RIGHTS -- 0.0%
NORWAY -- 0.0%
Norske Skogindustrier, Expires 10/17/05* 54 95
-----------
Total Rights
(Cost $0) ($ Thousands) 95
-----------
REPURCHASE AGREEMENTS (B) (F) -- 10.8%
Bank of America
3.850%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $88,528,394
(collateralized by various FNMA
obligations, ranging in par value
$13,286,397-$40,412,066,
4.500%-5.500%, 09/01/20-10/01/35;
with a total market value of
$90,270,001) 88,500 88,500
Barclays Capital
3.810%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $91,028,893
(collateralized by a FNMA
obligation, par value $93,935,000,
4.110%, 02/16/10; with
a total market value
of $92,820,305) 91,000 91,000
Deutsche Bank
3.750%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $74,023,125
(collateralized by various FNMA
obligations, ranging in par value
$1,148,968-$30,821,451, 4.500-
7.500%, 04/01/09-09/01/35; with
a total market value
of $75,480,001) 74,000 74,000
Goldman Sachs
3.900%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $97,031,525
(collateralized by various FNMA
obligations, ranging in par value
$9,334,765-$42,304,305, 5.000%-
5.500%, 02/01/33-10/01/35; with a
total market value of
$98,940,000) 97,000 97,000
-----------
Total Repurchase Agreements
(Cost $350,500) ($ Thousands) 350,500
-----------
- --------------------------------------------------------------------------------
16 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Value
($ Thousands)
- -------------------------------------------------------------
Total Investments -- 120.5%
(Cost $3,328,997) ($ Thousands) $3,900,116
===========
Percentages are based on Net Assets of $3,235,210 ($ Thousands).
* Non-Income Producing Security
(1) Securities pledged as collateral on open futures
contracts. The rates shown are effective yields at the
time of purchase.
(2) Securities sold with terms of a private placement
memorandum, exempt from registration under Section 144a
of the Securities Act 1933, as amended, and may be sold
only to dealers in that program or other "accredited
investors." As of September 30, 2005, the total value of
these securities was $3,800 ($ Thousands), representing
0.12% of the Fund's net assets (See Note 2).
(3) In U.S. Dollars, unless otherwise noted.
(A) This security or a partial position of this security is
on loan at September 30, 2005. The total value of
securities on loan at September 30, 2005 was $656,418 ($
Thousands) (See Note 8).
(B) This security was purchased with cash collateral held
from securities lending. The total value of such
securities as of September 30, 2005 was $689,402 ($
Thousands) (See Note 8).
(C) Variable Rate Security -- The rate reported on the
Schedule of Investments is the rate in effect as of
September 30, 2005.
(D) The rate reported is the effective yield at time of
purchase.
(E) This security, which was purchased with cash collateral
held from securities lending, was sold within the terms
of private placement memorandum, exempt from
registration under Section 3A-4, 4(2), or 144A of the
Securities Act of 1933, as amended, and may be sold only
to dealers in that program or other "accredited
investors".
(F) Tri-Party Repurchase Agreements.
- -------------------------------------------------------------
- -------------------------------------------------------------
ADR -- American Depositary Receipt
AUD -- Australian Dollar
CAD -- Canadian Dollar
CHF -- Swiss Franc
Cl -- Class
CV -- Convertible Bond
DKK -- Danish Krone
EUR -- Euro
FDR -- Fiduciary Depositary Receipt
FNMA -- Federal National Mortgage Association
GBP -- British Pound Sterling
GDR -- Global Depositary Receipt
LLC -- Limited Liability Company
Ltd. -- Limited
MTN -- Medium Term Note
NOK -- Norwegian Krone
NZD -- New Zealand Dollar
SEK -- Swedish Krona
Ser -- Series
SGD -- Singapore Dollar
ZAR -- South African Rand
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Futures -- A summary of the open futures contracts held by the Fund at September
30, 2005, is as follows (See Note 2 in Notes to Financial Statements):
- --------------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Number of Value Expiration (Depreciation)
Type of Contract Contracts ($ Thousands) Date ($ Thousands)
- --------------------------------------------------------------------------------
DJ Euro Stoxx 184 $7,622 December 2005 $ 63
FTSE 100 Index 59 5,725 December 2005 5
Hang Seng Index 4 398 October 2005 2
SPI 200 Index 18 1,594 December 2005 (3)
Topix Index 39 4,846 December 2005 43
------
$ 110
======
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 17
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund
September 30, 2005
- -------------------------------------------------------------
SECTOR WEIGHTINGS (UNAUDITED)+:
[BAR GRAPH OMITTED]
19.3% Financials
14.6% Telecommunication Services
12.1% Energy
11.7% Information Technology
9.4% Basic Materials
9.1% Consumer Discretionary
8.2% Industrials
4.5% Cash Equivalents
3.3% Utilities
3.3% Consumer Staples
2.9% Diversified
1.6% Healthcare
+Percentages based on total investments. Includes investments held as
collateral for securities on loan (see Note 8).
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
COMMON STOCK -- 92.8%
ARGENTINA -- 0.2%
IRSA Inversiones y
Representaciones GDR* 200,600 $ 2,417
-----------
BERMUDA -- 0.0%
Credicorp 9,000 257
-----------
BRAZIL -- 8.7%
All America Latina Logistica 22,700 904
All America Latina Logistica
GDR (A) 3,100 124
Aracruz Celulose ADR 28,543 1,158
Banco do Brasil 35,000 685
Banco Itau Holding Financeira ADR 9,690 1,150
Brasil Telecom Participacoes
ADR (C) 64,110 2,727
Centrais Eletricas Brasileiras 21,049,200 422
Cia Brasileira de Distribuicao
Grupo Pao de Acucar ADR (C) 224,715 6,488
Cia de Saneamento Basico do
Estado de Sao Paulo 26,264,600 1,843
Cia de Saneamento Basico do
Estado de Sao Paulo ADR 18,900 329
Cia Energetica de Minas Gerais
ADR 36,300 1,382
Cia Vale do Rio Doce ADR 782,669 31,235
Contax Participacoes* 75,068 66
Contax Participacoes ADR 174,427 108
CPFL Energia ADR 33,400 1,064
Cyrela Brazil Realty GDR (A) 2,700 222
Cyrela Brazil Realty 41,000 338
EDP - Energias do Brasil 12,100 142
Empresa Brasileira de
Aeronautica ADR (C) 74,420 2,873
Gol Linhas Aereas Inteligentes
ADR 15,200 493
Grendene 252,700 1,843
Localiza Rent A CAR 64,900 538
Lojas Renner 92,600 2,292
Natura Cosmeticos 18,700 749
Petroleo Brasileiro ADR (C) 622,929 41,058
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Tele Centro Oeste Celular
Participacoes ADR 53,900 $ 488
Tele Norte Leste Participacoes 75,068 1,689
Tele Norte Leste Participacoes
ADR (C) 174,427 2,883
Telecomunicacoes Brasileiras
ADR (C) 51,360 1,665
Telesp Celular Participacoes ADR 218,600 855
Tim Participacoes ADR 192,341 3,574
Ultrapar Participacoes ADR 6,800 116
Uniao de Bancos Brasileiros GDR 112,380 5,911
Votorantim Celulose e Papel ADR 10,900 146
-----------
117,560
-----------
CHILE -- 1.0%
Banco Santander Chile ADR 67,600 2,966
Cia Cervecerias Unidas ADR 8,877 230
CorpBanca 321,234,586 1,932
Empresa Nacional de
Electricidad ADR 124,900 3,723
Empresas CMPC 15,200 434
Enersis 12,281,127 2,793
Enersis ADR 115,122 1,317
-----------
13,395
-----------
CHINA -- 3.2%
Baidu.com ADR* 1,000 64
Beijing Capital International
Airport (C) 885,000 388
Byd (C) 797,000 1,274
China Petroleum & Chemical 20,975,900 9,599
China Petroleum & Chemical ADR 7,800 353
China Shenhua Energy* 4,883,300 5,728
China Shipping Development 4,302,000 3,604
China Telecom 25,646,800 9,670
Huadian Power International (C) 10,357,200 4,546
Netease.com ADR* 9,500 855
PetroChina 3,564,000 2,986
Sinopec Shanghai Petrochemical 950,000 334
Sinopec Yizheng Chemical
Fibre (C) 5,061,600 796
Sinotrans 3,775,000 1,326
Weiqiao Textile 888,400 1,168
Yanzhou Coal Mining 877,200 695
-----------
43,386
-----------
COLOMBIA -- 0.3%
BanColombia ADR 162,900 3,576
-----------
CROATIA -- 0.1%
Pliva D.D. GDR (A) 109,900 1,484
-----------
CZECH REPUBLIC -- 0.6%
Cesky Telecom GDR* 268,123 5,349
Komercni Banka 12,601 1,840
Zentiva 14,802 678
-----------
7,867
-----------
- --------------------------------------------------------------------------------
18 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
EGYPT -- 0.7%
Commercial International Bank
GDR (A) 81,600 $ 824
Mobinil-Egyptian Mobile Services 42,916 1,500
Orascom Construction Industries 116,690 4,254
Orascom Construction
Industries GDR (A) 20,900 1,510
Orascom Telecom Holding 16,300 1,596
-----------
9,684
-----------
HONG KONG -- 2.7%
ASM Pacific Technology (C) 408,000 1,985
Beijing Enterprises Holdings 170,000 306
Brilliance China Automotive
Holdings (C) 2,649,000 382
China Mengniu Dairy 4,861,000 4,010
China Merchants Holdings
International 367,000 823
China Mobile Hong Kong 2,314,300 11,336
China Netcom Group 394,500 679
China Overseas Land & Investment 1,788,000 536
China Resources Enterprise 1,732,300 2,836
CNOOC 4,433,000 3,228
Denway Motors 6,148,500 2,239
Giordano International 1,928,000 1,330
Global Bio-Chem Technology Group 1,079,000 494
Johnson Electric Holdings 2,489,500 2,391
Panva Gas Holdings* 715,000 327
Shanghai Industrial Holdings 1,038,600 2,102
Yue Yuen Industrial Holdings 596,500 1,638
-----------
36,642
-----------
HUNGARY -- 1.3%
Gedeon Richter 33,102 5,980
Magyar Telekom 567,509 2,933
Mol Magyar Olaj-es Gazipari 22,765 2,526
OTP Bank 164,044 6,469
-----------
17,908
-----------
INDIA -- 7.7%
Bharat Heavy Electricals 50,277 1,400
Bharat Petroleum 277,943 2,555
Bharti Televentures* 987,654 7,829
Dr. Reddy's Laboratories 30,607 593
Dr. Reddy's Laboratories ADR 142,700 2,777
GAIL India 181,232 1,087
GAIL India GDR (A) 39,800 1,432
Grasim Industries 84,874 2,550
HDFC Bank 98,920 1,547
Hindalco Industries 1,104,470 3,694
Hindalco Industries GDR (A) 1,041,000 3,435
Hindustan Petroleum 605,681 4,356
ICICI Bank 57,358 783
ICICI Bank ADR 107,000 3,023
Indian Overseas Bank 1,739,149 3,708
Industrial Development Bank
of India 647,424 1,815
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Infosys Technologies 200,040 $ 11,452
Jet Airways India 63,901 1,623
Larsen & Toubro 58,397 2,009
Mahanagar Telephone Nigam 1,014,150 2,941
Mahanagar Telephone Nigam ADR 76,050 501
Mahindra & Mahindra 319,266 2,747
Maruti Udyog 238,830 3,033
Oil & Natural Gas 496,609 11,985
Reliance Industries 477,639 8,621
Reliance Industries GDR (A) 83,838 3,020
Satyam Computer Services 321,179 4,091
State Bank of India GDR (A) 72,500 3,589
Steel Authority of India 552,303 818
Tata Consultancy Services 23,050 777
Tata Iron & Steel 115,782 1,115
Tata Motors 250,551 3,046
-----------
103,952
-----------
INDONESIA -- 1.5%
Astra International 2,100,000 1,990
Bank Central Asia 3,457,500 1,159
Bank Mandiri Persero 5,673,900 800
Bumi Resources 17,818,500 1,558
Gudang Garam 1,633,500 1,730
Indofood Sukses Makmur 13,743,000 975
Indosat 4,890,500 2,519
Telekomunikasi Indonesia 18,772,300 9,760
Telekomunikasi Indonesia ADR 3,400 71
-----------
20,562
-----------
ISRAEL -- 2.2%
Bank Hapoalim 2,003,844 7,794
Bank Leumi Le-Israel 1,014,080 3,384
Bezeq Israeli Telecommunication* 1,618,094 2,170
Check Point Software
Technologies* 19,113 465
Lipman Electronic Engineering* 34,900 733
Makhteshim-Agan Industries 894,025 5,026
Super-Sol 338,050 849
Teva Pharmaceutical
Industries ADR (C) 286,373 9,571
-----------
29,992
-----------
MALAYSIA -- 4.3%
AMMB Holdings Berhad 604,400 414
Astro All Asia Networks 426,300 645
Berjaya Sports Toto (F) 576,300 612
British American Tobacco
Malaysia 27,400 276
Commerce Asset Holdings 1,837,800 2,731
Gamuda 2,160,700 2,568
Genting 684,000 3,884
IJM 221,135 285
IOI 1,197,200 3,780
Kuala Lumpur Kepong 511,200 1,051
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 19
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Magnum 845,700 $ 464
Malakoff 1,943,900 3,997
Malaysia International Shipping 734,800 3,607
Malaysia International Shipping
(Foreign Market) 798,900 3,942
MK Land Holdings 533,800 127
PLUS Expressways 519,800 441
Proton Holdings 153,800 337
Public Bank 1,045,175 1,872
Public Bank (Foreign Market) 1,218,300 2,246
Resorts World 1,876,600 5,477
Sime Darby 3,658,600 6,018
Telekom Malaysia 3,147,200 8,684
Tenaga Nasional 1,240,600 3,555
Titan Chemicals 1,964,900 803
-----------
57,816
-----------
MEXICO -- 5.9%
Alfa 624,300 3,833
America Movil ADR, Ser L 437,686 11,520
Cemex 305,732 1,591
Cemex ADR 61,839 3,234
Coca-Cola Femsa ADR (C) 197,751 5,282
Consorcio ARA 989,800 3,754
Controladora Comercial Mexicana 2,128,500 3,352
Desc, Ser B* 2,947,466 774
Embotelladoras Arca 191,800 412
Empresas ICA Sociedad
Controladora ADR (C)* 365,200 825
Fomento Economico Mexicano ADR 71,082 4,970
Grupo Bimbo, Ser A 284,200 923
Grupo Continental 997,200 1,740
Grupo Financiero Banorte 927,166 8,264
Grupo Mexico, Ser B 233,100 458
Grupo Modelo, Ser C 266,800 861
Grupo Televisa ADR 131,130 9,403
Kimberly-Clark de Mexico, Ser A 1,032,931 3,889
Telefonos de Mexico ADR, Ser L 483,451 10,283
Urbi Desarrollos Urbanos* 207,100 1,536
Wal-Mart de Mexico, Ser V 537,709 2,735
-----------
79,639
-----------
MOROCCO -- 0.2%
Maroc Telecom 190,000 2,039
-----------
PAKISTAN -- 0.0%
Pakistan Telecommunication 507,500 523
-----------
PERU -- 0.1%
Cia de Minas Buenaventura ADR 35,100 1,090
-----------
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
PHILIPPINES -- 0.4%
ABS-CBN Broadcasting PDR* 1,275,900 $ 319
Bank of the Philippine Islands 1,436,689 1,333
Manila Electric* 1,230,700 461
Philippine Long Distance
Telephone ADR (C) 47,700 1,452
SM Investments 246,490 959
SM Prime Holdings 3,605,000 463
-----------
4,987
-----------
POLAND -- 0.2%
KGHM Polska Miedz 36,696 531
Opoczno* 30,578 399
Polish Oil & Gas* 131,131 162
Powszechna Kasa Oszczednosci
Bank Polski 79,500 771
Telekomunikacja Polska 194,056 1,518
-----------
3,381
-----------
RUSSIA -- 6.7%
AFK Sistema GDR 81,491 1,996
Evraz Group* 117,400 2,113
LUKOIL ADR 625,786 36,139
Mechel Steel Group OAO ADR 39,800 1,452
MMC Norilsk Nickel ADR (C) 60,479 5,020
Mobile Telesystems ADR 323,644 13,166
NovaTek OAO GDR (A)* 26,000 611
OAO Gazprom ADR (C) 148,074 9,921
Sberbank* 39,600 3,782
Sberbank GDR* 31,171 2,913
Surgutneftegaz ADR (C) 66,175 3,573
Uralsvyazinform ADR 69,000 542
Vimpel-Communications ADR* 215,815 9,591
-----------
90,819
-----------
SINGAPORE -- 0.1%
Goodpack 765,000 752
-----------
SOUTH AFRICA -- 8.7%
ABSA Group (C) 340,301 5,021
Alexander Forbes 551,161 1,244
Anglo Platinum (C) 46,209 2,725
AngloGold Ashanti (C) 55,188 2,395
Aveng 785,192 2,069
Barloworld 458,055 8,378
Bidvest Group 189,881 2,755
Edgars Consolidated Stores 208,973 1,044
FirstRand (C) 1,431,825 3,817
Gold Fields ADR 238,200 3,461
Illovo Sugar 851,840 1,320
Impala Platinum Holdings (C) 36,508 4,152
- --------------------------------------------------------------------------------
20 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Imperial Holdings 123,010 $ 2,573
JD Group 257,664 3,143
Kumba Resources 85,107 1,318
Liberty Group (C) 83,490 844
Massmart Holdings 1,006,469 8,549
Mittal Steel South Africa 217,939 1,942
MTN Group (C) 709,409 5,879
Nampak (C)* 1,253,025 3,132
Naspers 174,767 2,859
Nedbank Group (C) 435,395 6,314
Network Healthcare Holdings 830,950 856
Sanlam 4,456,488 8,972
Sappi (C) 633,135 7,444
Sasol 455,331 17,640
Shoprite Holdings 282,960 768
Standard Bank Group (C) 299,482 3,297
Steinhoff International Holdings 528,179 1,637
Telkom (C) 98,930 1,963
-----------
117,511
-----------
SOUTH KOREA -- 17.4%
Cheil Communications 2,560 492
CJ 22,930 1,623
Daegu Bank 273,940 3,340
Daelim Industrial 68,490 4,840
Daewoo Shipbuilding & Marine
Engineering 270,350 6,100
GS Holdings 38,540 984
Hankook Tire 549,710 7,284
Hynix Semiconductor* 112,000 2,473
Hyundai Department Store 12,750 858
Hyundai Development 28,450 901
Hyundai Mobis 26,590 2,188
Hyundai Motor 138,850 10,865
Industrial Bank of Korea 113,810 1,442
INI Steel 19,290 500
Kangwon Land 163,404 2,793
Kia Motors 67,800 1,269
Kookmin Bank 434,840 25,677
Kookmin Bank ADR (C) 115,244 6,828
Korea Electric Power 243,920 8,338
Korea Telecom Freetel* 22,200 557
Korean Air Lines 120,760 2,203
Korean Reinsurance 240,680 2,219
KT ADR (C) 257,477 5,794
KT&G 107,480 4,665
Kumho Tire 97,950 1,707
Kumho Tire GDR (A)* 66,600 580
LG Chem 73,420 3,165
LG Electronics 62,620 4,203
LG Philips LCD* 80,990 3,352
LG Philips LCD ADR* 30,000 617
POSCO 18,850 4,235
POSCO ADR 75,650 4,279
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Pusan Bank 182,960 $ 1,994
S-Oil 22,970 1,886
Samsung Electro-Mechanics 100,840 2,861
Samsung Electronics 104,005 58,718
Samsung Fire & Marine Insurance 108,146 11,214
Samsung SDI 19,538 2,035
Shinhan Financial Group 209,720 7,310
Shinsegae 30,683 11,401
SK 35,820 2,081
SK Telecom 8,653 1,682
SK Telecom ADR 341,102 7,450
STX Pan Ocean* 2,265,000 1,327
-----------
236,330
-----------
TAIWAN -- 13.2%
Accton Technology* 1,143,649 441
Advanced Semiconductor
Engineering 10,395,285 7,017
Asustek Computer 781,017 2,095
Benq 1,980,300 1,719
Catcher Technology 603,355 4,373
Cathay Financial Holding 5,290,180 9,868
Chi Mei Optoelectronics 407,285 450
China Motor 1,764,130 1,499
China Steel 3,349,384 2,987
Chinatrust Financial Holding 10,693,628 9,216
Chunghwa Telecom 4,592,000 8,026
Chunghwa Telecom ADR 112,400 2,080
Compal Electronics 8,324,754 8,215
Delta Electronics 671,852 1,148
Elan Microelectronics 776,704 312
Eva Airways 7,544,291 2,989
Far Eastern Textile 1,830,720 1,106
Far EasTone Telecommunications 1,501,000 1,701
First Financial Holding 3,304,350 2,425
Formosa Chemicals & Fibre 1,100,000 1,661
Formosa Plastics 779,650 1,142
Foxconn Technology 365,200 1,530
Fubon Financial Holding 2,837,000 2,599
High Tech Computer 446,832 5,446
HON HAI Precision Industry 4,828,746 22,481
Kindom Construction* 295 --
Makalot Industrial 144,895 177
MediaTek 90,474 853
Merry Electronics 159,000 388
Nan Ya Plastic 448,115 539
Nien Hsing Textile 1,327,000 910
Nien Made Enterprises 1,177,726 1,308
Novatek Microelectronics 1,123,637 4,910
Optimax Technology 1,402,953 2,283
President Chain Store 218,168 408
Quanta Computer 4,197,738 6,881
Siliconware Precision Industries 440,843 445
SinoPac Financial Holdings 7,011,230 3,264
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 21
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
Sunplus Technology 801,568 $ 734
Taishin Financial Holdings 705,886 414
Taiwan Green Point Enterprise 279,296 795
Taiwan Mobile 2,525,632 2,405
Taiwan Semiconductor
Manufacturing 15,596,501 25,050
Taiwan Semiconductor
Manufacturing ADR 460,839 3,788
Uni-President Enterprises 695,000 280
Unimicron Technology 925,197 684
United Microelectronics 26,539,632 17,034
United Microelectronics ADR 22,383 80
Yageo* 9,058,440 3,071
Yuanta Core Pacific Securities 79,932 51
-----------
179,278
-----------
THAILAND -- 2.9%
Advanced Info Service 1,677,300 4,411
Asian Property Development 1,802,100 159
Asian Property Development NVDR 3,762,300 332
Bangkok Bank (C) 1,478,300 4,104
Bangkok Bank NVDR 521,600 1,334
Charoen Pokphand Foods 8,803,100 1,340
CP Seven Eleven 2,521,000 381
Delta Electronics Thai 855,000 319
Italian-Thai Development 2,587,500 617
Italian-Thai Development NVDR 185,400 44
Kasikornbank 937,900 1,427
Kasikornbank NVDR (C) 3,004,534 4,902
Krung Thai Bank (C) 13,274,500 3,426
Land and Houses NVDR (C) 15,840,900 3,279
PTT 937,400 5,570
Siam Cement (C) 449,200 2,778
Siam Commercial Bank 1,943,800 2,414
Siam Makro 478,400 734
Sino Thai Engineering &
Construction 762,667 234
Thai Airways International 917,900 833
Thai Oil 418,500 764
-----------
39,402
-----------
TURKEY -- 1.9%
Akbank 882,147 5,867
Arcelik 253,913 1,462
Haci Omer Sabanci Holding 719,826 3,717
Tupras Turkiye Petrol Rafine 107,185 1,888
Turk Sise ve Cam Fabrikalari 184,320 586
Turkcell Iletisim Hizmet 513,668 2,825
Turkiye Garanti Bankasi* 817,128 2,441
Turkiye Is Bankasi 1,072,014 7,448
-----------
26,234
-----------
- -------------------------------------------------------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------------------------
UNITED KINGDOM -- 0.6%
Anglo American 95,020 $ 2,841
BHP Billiton (C) 109,073 1,781
Dimension Data Holdings (C)* 751,066 502
Old Mutual 1,075,163 2,639
-----------
7,763
-----------
UNITED STATES -- 0.0%
Caspian Services* 79,500 358
-----------
Total Common Stock
(Cost $928,546) ($ Thousands) 1,256,604
-----------
PREFERRED STOCK -- 4.0%
BRAZIL -- 3.3%
Bradespar 21,700 608
Brasil Telecom 160,758,500 767
Braskem, Cl A 347,400 3,565
Caemi Mineracao e Metalurgica 737,900 1,169
Centrais Eletricas Brasileiras,
Cl B 52,676,200 1,024
Cia de Tecidos do Norte de
Minas - Coteminas 18,242,000 1,730
Cia Energetica de Minas Gerais 173,587,593 6,602
Cia Paranaense de Energia 294,938,600 2,277
Cia Siderurgica Belgo Mineira 2,105,400 1,388
Cia Siderurgica de Tubarao 9,500,700 684
Cia Vale do Rio Doce, Cl A 44,100 1,720
Contax Participacoes 11,147 7
Duratex 111,255 1,302
Investimentos Itau 1,918,577 5,492
Klabin 217,600 451
Petroleo Brasileiro 152,800 2,447
Tam* 376,600 4,272
Tele Norte Leste Participacoes 11,147 184
Telecomunicacoes de Sao Paulo 87,976 1,752
Telemar Norte Leste 231,790 6,010
Telemig Celular Participacoes 805,165,310 1,381
Ultrapar Participacoes 36,300 620
-----------
45,452
-----------
SOUTH KOREA -- 0.7%
Hyundai Motor 73,890 3,760
Hyundai Motor (Second Preferred) 103,470 5,483
-----------
9,243
-----------
Total Preferred Stock
(Cost $33,335) ($ Thousands) 54,695
-----------
- --------------------------------------------------------------------------------
22 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description ($ Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
COMMERCIAL PAPER (D) (E) -- 2.2%
UNITED STATES -- 2.2%
ASAP Funding
3.780%, 10/13/05 2,500 $ 2,497
Ajax Bambino Funding
3.680%, 10/04/05 4,500 4,499
Barton Capital
3.860%, 10/03/05 3,000 2,999
Bavaria TRR
3.700%, 10/06/05 4,000 3,998
Broadhollow Funding
3.770%, 10/05/05 1,000 999
Freedom Park Capital
3.690%, 10/13/05 4,000 3,998
Harwood Street Funding
3.820%, 10/03/05 2,500 2,497
Harwood Street Funding II
3.890%, 10/03/05 500 500
Kitty Hawk Funding
3.790%, 10/03/05 1,077 1,077
3.780%, 10/11/05 274 274
Mitten RFC
3.820%, 10/05/05 500 500
3.800%, 10/04/05 2,500 2,499
Park Granada
3.830%, 10/03/05 3,000 2,999
Sheffield Receivables
3.790%, 10/06/05 800 800
-----------
Total Commercial Paper
(Cost $30,136) ($ Thousands) 30,136
-----------
CASH EQUIVALENTS -- 1.0%
UNITED STATES -- 1.0%
Barclays Global Investors Funds,
Prime Money Market Fund (D) 2,574,572 2,575
SEI Daily Income Trust,
Prime Obligation Fund, Cl A+ 10,631,726 10,632
The Reserve Funds, Primary Fund,
Cl 8 (D) 241,838 242
-----------
Total Cash Equivalents
(Cost $13,449) ($ Thousands) 13,449
-----------
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description ($ Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
TIME DEPOSITS -- 0.6%
Brown Brothers Harriman
5.450%, 10/03/05 ZAR 4,008 $ 630
3.639%, 10/03/05 GBP 116 206
3.310%, 10/03/05 6,501 6,501
2.400%, 10/03/05 HKD 4,429 571
1.590%, 10/03/05 SGD 6 4
1.330%, 10/03/05 EUR -- --
-----------
Total Time Deposits
(Cost $7,912) ($ Thousands) 7,912
-----------
EXCHANGE TRADED FUND -- 0.0%
UNITED STATES -- 0.0%
iShares MSCI Emerging Markets
Index Fund 1,387 118
-----------
Total Exchange Traded Fund
(Cost $112) ($ Thousands) 118
-----------
Number of
Warrants
---------
EQUITY LINKED WARRANTS (B) -- 0.0%
MALAYSIA -- 0.0%
IJM* 39 6
-----------
Total Equity Linked Warrants
(Cost $1) ($ Thousands) 6
-----------
DEBENTURE BOND -- 0.0%
BRAZIL -- 0.0%
Companhia Vale do Rio Doce*
0.000%, 09/30/49 8 --
-----------
Total Debenture Bond
(Cost $0) ($ Thousands) --
-----------
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 23
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Concluded)
September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
REPURCHASE AGREEMENTS (D) (G) -- 3.1%
Bank of America
3.850%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $17,005,454
(collateralized by a FNMA
obligation, par value $18,596,478,
5.000%, 03/01/35; with a total
market value of $17,340,000) 17,000 $ 17,000
Barclays Capital
3.810%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $17,005,398
(collateralized by a FNMA
obligation, par value $17,664,000,
0.000%, 03/13/06; with a total
market value of $17,340,789) 17,000 17,000
Goldman Sachs
3.900%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $8,002,600
(collateralized by a FNMA
obligation, par value $8,723,671,
5.500%, 02/01/25; with a total
market value of $8,160,000) 8,000 8,000
-----------
Total Repurchase Agreements
(Cost $42,000) ($ Thousands) 42,000
-----------
Total Investments -- 103.7%
(Cost $1,055,491) ($ Thousands) $1,404,920
===========
- -------------------------------------------------------------
- -------------------------------------------------------------
Percentages are based on Net Assets of $1,354,502 ($Thousands).
* Non-Income Producing Security
+ See Note 3 in Notes to Financial Statements.
(1) In U.S. Dollars, unless otherwise noted.
(A) Securities sold with terms of a private placement memorandum, exempt from
registration under Section 144a of the Securities Act 1933, as amended, and
may be sold only to dealers in that program or other "accredited investors."
As of September 30, 2005, the total value of these securities was $17,169
(Thousands), representing 1.27% of the Fund's net assets.
(B) Security considered illiquid. The total value of the security as of
September 30, 2005 was $6 ($ Thousands) and represented 0.0% of Net Assets.
See Note 2 discussing Equity-Linked Warrants.
(C) This security or a partial position of this security is on loan at September
30, 2005. The total value of securities on loan at September 30, 2005 was
$72,658 ($ Thousands) (See Note 8).
(D) This security was purchased with cash collateral held from securities
lending. The total value of such securities as of September 30, 2005 was
$74,953 ($ Thousands) (See Note 8).
(E) The rate reported is the effective yield at time of purchase.
(F) Security is fair valued at $612 ($ Thousands) and represents 0.05% of net
assets.
(G) Tri-Party Repurchase Agreements.
ADR -- American Depositary Receipt
Cl -- Class
EUR -- Euro
FNMA -- Federal National Mortgage Association
GBP -- British Pound Sterling
GDR -- Global Depositary Receipt
HKD -- Hong Kong Dollar
NVDR -- Non-Voting Depositary Receipt
PDR -- Philippine Depositary Receipt
Ser -- Series
SGD -- Singapore Dollar
ZAR -- South African Rand
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
24 SEI Institutional International Trust / Annual Report / September 30, 2005
International Fixed Income Fund
September 30, 2005
- -------------------------------------------------------------
SECTOR WEIGHTINGS (UNAUDITED)+:
[BAR GRAPH OMITTED]
59.1% Government
29.5% Financials
4.4% Cash Equivalents
2.6% U.S. Treasury Obligations
2.5% Industrials
1.1% Utilities
0.8% Telecommunication Services
+Percentages based on total investments. Includes investments
held as collateral for securities on loan (see Note 8).
Narrow industries are utilized for compliance purposes,
whereas broad sectors are utilized for reporting.
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
GLOBAL BONDS -- 82.1%
AUSTRIA -- 0.6%
Republic of Austria
3.800%, 10/20/13 4,220 $ 5,366
--------
BELGIUM -- 0.6%
Kingdom of Belgium, Ser 31
5.500%, 03/28/28 3,300 5,147
--------
CANADA -- 1.4%
Ford Credit Canada
7.250%, 12/07/07 GBP 300 531
Government of Canada
6.000%, 06/01/11 3,700 3,560
4.875%, 07/07/08 EUR 1,000 1,281
Government of Canada, Ser WL43
5.750%, 06/01/29 4,800 5,056
Province of Ontario
1.875%, 01/25/10 JPY 170,000 1,579
--------
12,007
--------
CAYMAN ISLANDS -- 0.4%
BES Finance
6.250%, 05/17/11 EUR 1,000 1,389
Mizuho Financial Group
4.750%, 04/15/14 EUR 1,380 1,754
--------
3,143
--------
DENMARK -- 3.4%
Kingdom of Denmark
6.000%, 11/15/11 40,000 7,629
5.000%, 11/15/13 (A) 118,000 21,891
--------
29,520
--------
FINLAND -- 3.0%
Government of Finland
4.250%, 07/04/15 19,680 25,996
--------
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
FRANCE -- 8.2%
Caisse Nationale des Autoroutes
4.500%, 03/28/18 1,500 $ 2,012
Caisse Refinancement de l'Habitat
4.250%, 10/25/14 600 780
Carrefour
4.375%, 06/15/11 1,000 1,286
Casino Guichard Perrachon
6.000%, 03/06/08 1,000 1,282
France Telecom MTN, Ser E
8.125%, 01/28/33 300 558
Government of France
5.750%, 10/25/32 (A) 16,720 27,615
5.500%, 04/25/07 5,000 6,317
4.000%, 04/25/09 3,000 3,792
4.000%, 04/25/13 10,400 13,406
4.000%, 10/25/13 9,000 11,604
Veolia Environnement
5.875%, 06/27/08 2,740 3,574
--------
72,226
--------
GERMANY -- 7.8%
Allgemeine Hypothekenbank Rheinboden
5.750%, 09/15/08 6,100 8,000
Commerzbank
5.500%, 10/25/11 1,000 1,368
Deutsche Bank
4.250%, 07/28/09 1,000 1,277
Deutsche Bundesrepublik
5.500%, 01/04/31 4,100 6,503
5.250%, 01/04/08 5,000 6,394
5.000%, 01/04/12 4,000 5,349
4.750%, 07/04/34 4,000 5,825
3.250%, 07/04/15 (A) 10,300 12,518
Deutsche Pfandbriefbank
4.500%, 01/15/18 2,400 3,201
Eurohypo
4.500%, 01/21/13 3,700 4,884
Hypothekenbank in Essen
2.750%, 07/25/07 6,100 7,400
Kreditanstalt fuer Wiederaufbau
5.500%, 01/22/18 500 733
Landwirtschaftliche Rentenbank
1.375%, 04/25/13 JPY 70,000 625
Rheinische Hypothekenbank
5.750%, 07/05/10 3,700 5,043
--------
69,120
--------
GUERNSEY -- 0.2%
Credit Suisse Group Finance
6.375%, 06/07/13 EUR 1,500 2,182
--------
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 25
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
ICELAND -- 1.5%
Housing Finance Fund
3.750%, 06/15/44 790,453 $ 13,039
--------
ITALY -- 6.9%
Buoni Poliennali Del Tesoro
7.750%, 11/01/06 6,200 7,910
5.750%, 02/01/33 10,170 16,227
5.250%, 11/01/29 6,000 8,862
5.000%, 05/01/08 7,200 9,217
4.250%, 08/01/13 9,200 11,941
Republic of Italy
3.800%, 03/27/08 JPY 34,000 326
Sanpaolo IMI MTN, Ser E
6.375%, 04/06/10 4,300 5,927
--------
60,410
--------
JAPAN -- 14.6%
Abbott Japan
1.050%, 11/06/08 120,000 1,072
Government of Japan 10 Year
Bond, Ser 242
1.200%, 09/20/12 3,667,000 32,560
Government of Japan 20 Year
Bond, Ser 65
1.900%, 12/20/23 1,300,000 11,410
Government of Japan 20 Year
Bond, Ser 72
2.100%, 09/20/24 1,318,000 11,801
Government of Japan 20 Year
Bond, Ser 73
2.000%, 12/20/24 170,000 1,497
Government of Japan 5 Year
Bond, Ser 20
0.500%, 06/20/07 1,500,000 13,306
Government of Japan 5 Year
Bond, Ser 25
0.300%, 03/20/08 3,000,000 26,456
Government of Japan 5 Year
Bond, Ser 31
0.600%, 09/20/08 500,000 4,434
Government of Japan 5 Year
Bond, Ser 39
0.800%, 09/20/09 1,000,000 8,886
Government of Japan CPI Linked
Bond
0.800%, 09/10/15 1,297,000 11,407
Japan Finance for Municipal
Enterprises
1.350%, 11/26/13 500,000 4,442
Sumitomo Mitsui Banking
4.375%, 10/27/14 EUR 830 1,049
--------
128,320
--------
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
LUXEMBOURG -- 0.3%
Telecom Italia Finance MTN,
Ser E
6.375%, 04/20/06 2,040 $ 2,510
--------
MALAYSIA -- 0.8%
Government of Malaysia
7.500%, 07/15/11 USD 6,000 6,810
--------
MEXICO -- 3.6%
Mexican Bonos, Ser M
9.000%, 12/22/11 15,000 1,425
Mexican Bonos, Ser M10
9.500%, 12/18/14 52,800 5,184
Mexican Bonos, Ser M20
10.000%, 12/05/24 43,170 4,442
United Mexican States
6.625%, 03/03/15 USD 12,100 13,147
United Mexican States MTN
5.875%, 01/15/14 USD 7,600 7,858
--------
32,056
--------
NETHERLANDS -- 6.4%
ABN Amro Bank MTN, Ser E
5.375%, 09/08/09 1,000 1,324
Allianz Finance II
5.625%, 11/29/12 1,000 1,395
Arena, Ser 2003-1, Cl A2
4.300%, 05/19/55 9,000 11,542
BMW Finance MTN
5.000%, 08/06/18 700 948
Bank Nederlandse Gemeenten MTN,
Ser E
5.625%, 10/25/10 1,000 1,371
Deutsche Telekom International
Finance
8.125%, 05/29/12 2,000 3,090
Dresdner Finance
4.000%, 01/19/07 1,000 1,230
E.ON International Finance MTN,
Ser E
5.750%, 05/29/09 6,515 8,643
EADS Finance MTN, Ser E
4.625%, 03/03/10 2,130 2,742
Generali Finance
4.750%, 05/12/14 500 673
Government of Netherlands
7.500%, 01/15/23 1,670 3,062
3.750%, 07/15/09 6,000 7,541
ING Bank MTN, Ser E
5.500%, 01/04/12 1,000 1,366
RWE Finance MTN, Ser E
6.250%, 06/03/30 GBP 200 407
Rabobank Nederland MTN, Ser E
4.250%, 04/25/13 1,000 1,298
- --------------------------------------------------------------------------------
26 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
Saecure, Ser 5, Cl A
2.238%, 05/25/42 953 $ 1,148
Saecure, Ser A2
5.710%, 11/25/07 6,000 7,687
Saint-Gobain Nederland
5.000%, 04/16/10 1,000 1,299
--------
56,766
--------
NEW ZEALAND -- 3.1%
Government of New Zealand,
Ser 709
7.000%, 07/15/09 37,650 27,035
--------
POLAND -- 0.1%
Republic of Poland
4.200%, 04/15/20 EUR 1,000 1,280
--------
SPAIN -- 1.3%
Government of Spain
6.150%, 01/31/13 2,800 4,076
6.000%, 01/31/08 4,300 5,598
6.000%, 01/31/29 1,000 1,668
5.150%, 07/30/09 300 395
--------
11,737
--------
SWEDEN -- 2.2%
Kingdom of Sweden
3.500%, 12/01/28 10,260 2,037
Kingdom of Sweden, Ser 1043
5.000%, 01/28/09 95,060 13,265
Nordea Bank
6.000%, 12/13/10 EUR 3,700 4,491
--------
19,793
--------
UNITED KINGDOM -- 9.9%
Abbey National Treasury
Services
5.375%, 12/30/09 700 1,276
Aviva
5.700%, 09/29/49 EUR 1,900 2,616
Bank of Scotland MTN, Ser E
6.125%, 02/05/13 EUR 2,630 3,771
5.500%, 10/29/12 2,390 3,299
Barclays Bank MTN, Ser E
5.750%, 09/14/26 500 977
British Telecommunications
5.750%, 12/07/28 200 358
Chester Asset Receivables
6.125%, 10/15/10 EUR 8,770 12,119
Compass Group MTN, Ser E
6.000%, 05/29/09 EUR 1,410 1,861
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
GUS
6.375%, 07/16/09 700 $ 1,298
Halifax MTN, Ser E
6.375%, 04/03/08 500 922
Hilton Group Finance MTN,
Ser E
6.500%, 07/17/09 EUR 1,150 1,550
Imperial Tobacco Finance MTN,
Ser E
6.250%, 06/06/07 EUR 1,510 1,929
Lloyds TSB Bank MTN, Ser E
6.625%, 03/30/15 400 801
MBNA Europe Funding MTN,
Ser E
4.500%, 01/23/09 EUR 1,000 1,269
NGG Finance
6.125%, 08/23/11 EUR 1,000 1,395
National Grid
6.500%, 07/27/28 500 1,048
National Westminster Bank
6.500%, 09/07/21 400 829
Permanent Financing
5.100%, 06/11/07 EUR 9,200 11,548
Telereal Securitisation
5.389%, 12/10/31 979 1,832
United Kingdom Treasury
5.750%, 12/07/09 1,500 2,808
5.000%, 09/07/14 2,000 3,723
4.750%, 06/07/10 5,890 10,657
4.750%, 12/07/38 3,280 6,338
4.250%, 06/07/32 5,090 9,009
United Utilities Water MTN,
Ser E
6.625%, 11/08/07 EUR 2,180 2,840
Vodafone Group MTN, Ser E
5.900%, 11/26/32 500 972
--------
87,045
--------
UNITED STATES -- 4.9%
American Express Credit
MTN, Ser E
5.625%, 08/18/09 GBP 800 1,460
Chase Credit Card Master Trust,
Ser 1998-4
5.000%, 08/15/08 EUR 7,200 9,219
Citibank Credit Card Issurance
Trust
5.375%, 04/10/13 EUR 6,800 9,170
Citigroup
0.800%, 10/30/08 JPY 200,000 1,777
DaimlerChrysler MTN, Ser E
4.125%, 01/23/09 EUR 1,000 1,245
Dow Chemical MTN, Ser E
5.625%, 10/17/07 EUR 1,000 1,275
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 27
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
General Electric Capital MTN,
Ser E
1.400%, 11/02/06 JPY 100,000 $ 894
0.750%, 02/05/09 JPY 70,000 620
Genworth Financial
1.600%, 06/20/11 JPY 160,000 1,423
Goldman Sachs Group
5.125%, 04/24/13 EUR 1,000 1,343
HSBC Finance
6.125%, 01/22/10 GBP 600 1,114
KFW International Finance
1.750%, 03/23/10 JPY 250,000 2,311
MBNA Credit Card Master Trust,
Ser 2002-A2, Cl A
5.600%, 07/17/14 EUR 6,650 9,174
Pfizer
0.800%, 03/18/08 JPY 23,000 204
Toyota Motor Credit
0.750%, 06/09/08 JPY 180,000 1,599
United Parcel Service MTN,
Ser E
5.500%, 02/12/31 GBP 400 780
--------
43,608
--------
SUPRA-NATIONAL -- 0.9%
European Investment Bank
6.000%, 12/07/28 GBP 300 643
5.375%, 10/15/12 EUR 1,000 1,388
4.500%, 12/07/07 GBP 200 354
3.250%, 10/15/08 EUR 1,000 1,233
2.750%, 12/15/06 EUR 1,000 1,212
Inter-American Development
Bank
5.750%, 12/07/09 GBP 300 557
International Bank for
Reconstruction & Development
5.750%, 06/07/32 GBP 400 848
2.000%, 02/18/08 JPY 115,000 1,052
International Finance
5.375%, 12/07/28 GBP 300 595
--------
7,882
--------
Total Global Bonds
(Cost $717,592) ($ Thousands) 722,998
--------
COMMERCIAL PAPER (C) -- 5.6%
UNITED STATES -- 5.6%
ANZ
4.016%, 11/15/05 10,500 10,451
Abn-Amro Finance
3.762%, 10/28/05 10,000 9,971
Altius I Funding (B)
3.864%, 10/27/05 1,521 1,515
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
Arlington Funding (B)
3.857%, 10/14/05 1,110 $ 1,108
Brahms Funding (B)
3.861%, 10/26/05 406 404
Buckingham (B)
3.940%, 11/14/05 185 184
Cre-8 Funding (B)
3.908%, 11/01/05 507 505
3.902%, 10/28/05 1,014 1,011
3.862%, 10/19/05 507 505
3.762%, 10/07/05 304 303
Davis Square V Funding (B)
3.934%, 11/02/05 2,028 2,020
3.932%, 10/28/05 101 101
HBOS Treasury Services
3.896%, 12/01/05 3,400 3,378
Main Street Warehouse Funding (B)
3.881%, 10/24/05 1,014 1,011
Natexis USA (C)
3.475%, 10/11/05 1,000 999
3.704%, 12/06/05 3,000 2,980
3.938%, 12/28/05 1,000 991
Rams Funding (B)
3.879%, 10/18/05 1,098 1,096
3.863%, 10/27/05 1,077 1,074
3.861%, 10/20/05 347 346
3.861%, 10/19/05 494 493
Rhineland Funding (B)
4.027%, 11/28/05 229 228
3.871%, 10/24/05 386 385
Societe Generale
3.764%, 11/01/05 5,000 4,985
Societe Generale (North America)
3.745%, 10/05/05 3,500 3,498
--------
Total Commercial Paper
(Cost $49,542) ($ Thousands) 49,542
--------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.2%
FHLMC
5.125%, 01/15/12 EUR 3,000 4,062
4.750%, 01/15/13 EUR 1,000 1,338
FNMA
3.460%, 10/12/05 (C) 20,000 19,982
3.407%, 10/19/05 (A) (C) 5,000 4,994
1.750%, 03/26/08 JPY 240,000 2,193
SLMA
3.800%, 06/17/10 EUR 3,500 4,387
--------
Total U.S. Government Agency Obligations
(Cost $36,926) ($ Thousands) 36,956
--------
- --------------------------------------------------------------------------------
28 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
CORPORATE OBLIGATIONS (D) -- 4.0%
UNITED KINGDOM -- 0.2%
Granite Master Issuer, Ser 2005-1,
Cl A5
2.234%, 12/20/54 1,500 $ 1,808
--------
UNITED STATES -- 3.8%
Allstate Life Global Funding II,
MTN (B) (E)
3.788%, 10/16/06 466 466
American General Finance (B) (E)
3.768%, 10/16/06 3,275 3,275
American General Finance MTN,
Ser F (B) (E)
5.875%, 07/14/06 101 103
CCN Bluegrass (B)
3.859%, 08/18/06 659 659
CIT Group MTN (B)
3.790%, 05/12/06 2,535 2,535
3.714%, 04/19/06 253 254
Caterpillar Financial Services MTN,
Ser F (B)
3.670%, 07/10/06 507 507
Countrywide Financial Services MTN,
Ser A (B)
3.920%, 09/13/06 1,876 1,876
Countrywide Home Loans MTN,
Ser A (B)
3.760%, 07/31/06 507 507
Countrywide Home Loans MTN,
Ser M (B)
3.851%, 11/30/05 649 649
3.760%, 01/31/06 223 223
Dekabank (B) (E)
3.614%, 08/19/06 1,876 1,875
Irish Life & Permanent MTN,
Ser X (B) (E)
3.812%, 09/21/06 1,348 1,348
Islandsbanki (B) (E)
3.869%, 09/22/06 862 862
Jackson National Life Funding
(B) (E)
3.693%, 10/02/06 2,231 2,231
K2 LLC MTN (B) (E)
3.809%, 12/12/05 61 61
Liberty Lighthouse US Capital
MTN (B) (E)
3.688%, 05/10/06 1,014 1,013
Morgan Stanley EXL (B)
3.670%, 10/03/06 507 507
Morgan Stanley EXL, Ser S (B)
3.710%, 10/04/06 355 355
Natexis Banques (B) (E)
3.810%, 10/16/06 989 988
Nationwide Building Society
(B) (E)
4.030%, 07/28/06 507 507
3.689%, 01/06/06 1,014 1,014
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
Nordbank (B) (E)
3.830%, 09/25/06 1,724 $ 1,723
Northern Rock (B) (E)
3.690%, 10/03/06 1,044 1,044
Pacific Life Global Funding
(B) (E)
3.760%, 10/13/06 760 760
Premium Asset Trust,
Ser 2004-01 (B) (E)
3.800%, 02/06/06 1,054 1,055
Premium Asset Trust,
Ser 2004-06 (B) (E)
3.941%, 06/30/06 963 964
Premium Asset Trust,
Ser 2004-10 (B) (E)
3.778%, 10/16/06 1,419 1,419
SLM EXL, Ser S (B) (E)
3.768%, 10/16/06 1,115 1,115
SLM MTN, Ser X (B) (E)
3.796%, 10/20/06 2,028 2,028
Skandinav Enskilda Bank (B)
3.779%, 10/17/06 1,115 1,115
White Pine Finance LLC MTN,
Ser 1 (B) (E)
3.663%, 11/01/05 446 447
--------
33,485
--------
Total Corporate Obligations
(Cost $35,362) ($ Thousands) 35,293
--------
U.S. TREASURY OBLIGATIONS -- 2.8%
UNITED STATES -- 2.8%
U.S. Treasury Bills
3.475%, 11/17/05 (A) (C) 10,000 9,955
3.358%, 10/27/05 (2) 4,550 4,541
U.S. Treasury Bonds (A)
7.625%, 02/15/25 3,450 4,762
U.S. Treasury Inflationary
Index Notes
3.375%, 04/15/32 592 782
2.375%, 01/15/25 (A) 4,187 4,480
--------
Total U.S. Treasury Obligations
(Cost $24,582) ($ Thousands) 24,520
--------
TIME DEPOSITS -- 2.7%
Brown Brothers Harriman
5.750%, 10/03/05 NZD 1 1
3.310%, 10/03/05 23,642 23,642
1.330%, 10/03/05 EUR 246 296
0.650%, 10/03/05 SEK 1,258 163
--------
Total Time Deposits
(Cost $24,102) ($ Thousands) 24,102
--------
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 29
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 2.0%
UNITED STATES -- 2.0%
BNP Paribas
3.630%, 11/01/05 1,000 $ 1,000
Dresdner Bank
3.595%, 10/25/05 13,000 13,000
3.480%, 10/07/05 4,000 4,000
--------
Total Certificates of Deposit
(Cost $18,000) ($ Thousands) 18,000
--------
ASSET-BACKED SECURITIES (B)(D) (E) -- 1.2%
UNITED STATES -- 1.2%
Blue Heron Funding, Ser 9A, Cl A1
3.860%, 02/22/06 1,014 1,014
CCN Independence
3.838%, 07/17/06 355 355
CCN Independence IV
3.842%, 10/17/05 558 558
Capital Auto Receivables Asset Trust,
Ser 2005-SN1A, Cl A1
3.327%, 05/15/06 1,029 1,029
Cheyne High Grade, Ser 2004-1A,
Cl A1
3.780%, 11/10/05 583 583
Commodore, Ser 2003-2A, Cl A1MM
3.914%, 12/12/38 466 466
Drivetime Auto Owner Trust,
Ser 2005-B, Cl A1
3.788%, 01/15/06 134 134
Duke Funding, Ser 2004-6B, Cl A1S1
3.630%, 10/10/06 760 760
Harwood Street Funding II,
Ser 2005-A1, Cl NOTE
3.880%, 06/25/06 1,014 1,014
Orchard Structured Finance CDO,
Ser 2003-1A, Cl A1MM
3.902%, 11/18/05 892 892
Park Place Securities NIM Trust,
Ser 2004-MM1, Cl AMM2
3.880%, 11/25/05 1,200 1,200
RMAC, Ser 2004-NS3A, Cl A1
3.728%, 09/12/06 332 332
Saturn Ventures II
3.749%, 02/07/06 1,014 1,014
TIAA Real Estate, Ser 2003-1A,
Cl A1
3.868%, 09/28/06 655 655
Whitehawk CDO Funding, Ser 2004-1A,
Cl AMMD
3.890%, 06/15/06 253 253
Whitehawk CDO Funding, Ser 2004-1A,
Cl AMME
3.890%, 09/15/06 152 152
--------
Total Asset-Backed Securities
(Cost $10,411) ($ Thousands) 10,411
--------
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
MASTER NOTES (B)(D) -- 0.4%
UNITED STATES -- 0.4%
Bank of America
4.018%, 10/03/05 2,535 $ 2,535
Bear Stearns
4.113%, 10/03/05 1,216 1,216
--------
Total Master Notes
(Cost $3,751) ($ Thousands) 3,751
--------
REPURCHASE AGREEMENTS (B) (F) -- 1.5%
Barclays Capital
3.840%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $6,355,686
(collateralized by various U.S.
Government Obligations, ranging
in par value $1,055,246-$4,222,647,
1.875%-7.250%, 06/15/06-01/15/10;
with a total market value
of $6,486,434) 6,355 6,355
Deutsche Bank
3.750%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $4,969,018
(collateralized by various U.S.
Government Obligations, ranging
in par value $419,560-$1,041,680,
0.000%-5.875%, 10/07/07-09/29/25;
with a total market value
of $5,067,877) 4,968 4,968
Lehman Brothers
3.820%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $1,368,870
(collateralized by various U.S.
Government Obligations, ranging
in par value $54,749-$765,411,
0.000%-3.500%, 08/15/06-04/15/30,
with a total market value
of $1,396,147) 1,369 1,369
--------
Total Repurchase Agreements
(Cost $12,692) ($ Thousands) 12,692
--------
Total Investments -- 106.5%
(Cost $932,960) ($ Thousands) $938,265
========
- --------------------------------------------------------------------------------
30 SEI Institutional International Trust / Annual Report / September 30, 2005
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Percentages are based on Net Assets of $880,923 ($ Thousands).
(1) In local currency unless otherwise indicated.
(2) Securities pledged as collateral on open futures contracts. The rates shown
are effective yields at the time of purchase.
(A) This security or a partial position of this security is on loan at September
30, 2005. The total value of securities on loan at September 30, 2005 was
$69,548 ($ Thousands) (See Note 8).
(B) This security was purchased with cash collateral held from securities
lending. The total value of such securities as of September 30, 2005 was
$72,628 ($ Thousands) (See Note 8).
(C) The rate reported is the effective yield at time of purchase.
(D) Variable Rate Security -- The rate reported on the Schedule of Investments
is the rate in effect as of September 30, 2005.
(E) This security, which was purchased with cash collateral held from securities
lending, was sold within the terms of private placement memorandum, exempt
from registration under Section 3A-4, 4(2), or 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or other
"accredited investors."
(F) Tri-Party Repurchase Agreements.
CDO -- Collateralized Debt Obligation
Cl -- Class
EUR -- Euro
EXL -- Extendable Maturity
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GBP -- British Pound Sterling
JPY -- Japanese Yen
LLC -- Limited Liability Company
MTN -- Medium term note
NZD -- New Zealand Dollar
SEK -- Swedish Krona
Ser -- Series
SLMA -- Student Loan Marketing Association
USD -- U.S. Dollar
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 31
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Concluded)
September 30, 2005
Forward Foreign Currency Contracts -- The following forward foreign currency
contracts were outstanding at September 30, 2005 (See Note 2 in Notes to
Financial Statements):
Unrealized
Currency to Currency to Appreciation/
Settlement Deliver Receive Contract Value (Depreciation)
Date (Thousands) (Thousands) ($ Thousands) ($ Thousands)
- -------------------------------------------------------------------------------------------------------------------------
12/21/05 USD 40,863 AUD 54,231 $ 41,270 $ 407
11/16/05 - 12/21/05 USD 36,735 CAD 43,911 37,899 1,164
12/21/05 EUR 16,507 CHF 25,430 19,873 (107)
11/16/05 USD 14,170 CHF 17,530 13,655 (515)
12/21/05 USD 65 CLP 35,000 66 1
12/21/05 USD 652 CZK 15,200 622 (30)
12/21/05 CHF 1,300 EUR 843 1,021 5
11/16/05 GBP 3,838 EUR 5,600 6,765 (19)
11/16/05 JPY 3,353,223 EUR 24,830 29,998 264
12/21/05 SEK 400 EUR 43 52 --
11/16/05 - 12/21/05 USD 129,728 EUR 105,161 127,066 (2,662)
11/16/05 EUR 2,650 GBP 1,841 3,255 53
11/16/05 - 12/21/05 USD 84,585 GBP 47,480 83,910 (675)
11/16/05 - 12/21/05 USD 1,813 HUF 366 1,761 (52)
11/16/05 EUR 1,720 ISK 138,777 2,262 184
11/16/05 USD 181 ISK 11,813 192 11
11/16/05 EUR 21,950 JPY 2,957,084 26,221 (298)
11/16/05 - 12/21/05 USD 252,487 JPY 27,789,547 246,747 (5,740)
11/16/05 - 12/21/05 USD 18,004 KRW 18,453,344 17,741 (263)
11/16/05 - 12/21/05 USD 11,299 MXP 123,032 11,327 28
11/16/05 - 12/21/05 USD 1,905 NOK 12,160 1,870 (35)
11/16/05 USD 6,683 NZD 9,765 6,743 60
11/16/05 - 12/21/05 USD 4,211 PLZ 13,863 4,269 58
12/21/05 EUR 6,384 SEK 59,400 7,728 1
11/16/05 USD 2,671 SEK 20,615 2,675 4
11/16/05 - 12/21/05 USD 2,344 SGD 3,907 2,319 (25)
12/21/05 USD 53 SIT 10,320 52 (1)
12/21/05 USD 214 SKK 6,550 204 (10)
12/21/05 USD 801 THB 33,000 801 --
11/16/05 - 12/21/05 USD 4,716 ZAR 30,868 4,834 118
12/21/05 AUD 2,420 USD 1,833 1,841 (8)
11/16/05 - 12/21/05 CAD 20,034 USD 16,735 17,295 (560)
11/16/05 CHF 23,444 USD 18,481 18,261 220
11/16/05 - 12/21/05 DKK 135,321 USD 22,238 21,922 316
11/16/05 - 12/21/05 EUR 165,100 USD 202,850 199,571 3,279
11/16/05 - 12/21/05 GBP 9,880 USD 17,494 17,463 31
11/16/05 ISK 678,914 USD 10,416 11,065 (649)
11/16/05 - 12/21/05 JPY 8,445,243 USD 76,278 74,917 1,361
11/16/05 - 12/21/05 KRW 2,081,560 USD 2,021 2,001 20
11/16/05 MXP 167,392 USD 15,411 15,419 (8)
11/16/05 - 12/21/05 NZD 45,345 USD 30,633 31,305 (672)
12/21/05 PLZ 220 USD 67 67 --
11/16/05 - 12/21/05 SEK 83,611 USD 11,151 10,876 275
12/21/05 SGD 120 USD 71 71 --
12/21/05 ZAR 400 USD 63 63 --
---------- -------
$1,125,335 $(4,469)
========== =======
<FN>
AUD -- Australian Dollar GBP -- British Pound Sterling NZD -- New Zealand Dollar USD -- U.S. Dollar
CAD-- Canadian Dollar HUF-- Hungarian Forint PLZ-- Polish Zloty ZAR-- South African Rand
CHF -- Swiss Franc ISK -- Iceland Koruna SEK -- Swedish Krona
CLP -- Chilean Peso JPY -- Japanese Yen SGD -- Singapore Dollar
CZK-- Czech Koruna KRW-- South Korean Won SIT-- Slovenia Tolar
DKK -- Danish Krone MXP -- Mexican Peso SKK -- Slovokia Koruna
EUR -- Euro NOK -- Norwegian Krone THB -- Thai Baht
</FN>
- --------------------------------------------------------------------------------
32 SEI Institutional International Trust / Annual Report / September 30, 2005
Futures -- A summary of the open futures contracts held by the Fund at September
30, 2005, is as follows (See Note 2 in Notes to Financial Statements):
- -------------------------------------------------------------------------------------------------------------------------
Unrealized
Number of Contract Appreciation/
Contracts Value Expiration (Depreciation)
Type of Contract (Long/(Short)) ($ Thousands) Date ($ Thousands)
- -------------------------------------------------------------------------------------------------------------------------
Australian 10 Year Bond (253) $(146,446) December 2005 $ 289
Australian 3 Year Bond 29 5,851 December 2005 (10)
Australian 90-Day Bank Bill (65) (11,217) December 2005 -
Australian 90-Day Bank Bill (135) (23,295) March 2006 33
Australian 90-Day Bank Bill 37 6,393 June 2006 (16)
Australian 90-Day Bank Bill 14 2,417 September 2006 (8)
90 Day LIBOR 124 26,187 December 2005 (22)
90 Day LIBOR 302 63,845 March 2006 (50)
90 Day LIBOR 24 5,075 June 2006 -
90 Day LIBOR (20) (4,229) September 2006 1
Canadian 10 Year Bond 99 9,817 December 2005 (83)
Canadian 3-Month Bankers Acceptance 56 11,665 December 2005 (26)
Canadian 3-Month Bankers Acceptance 160 33,266 March 2006 (81)
Canadian 3-Month Bankers Acceptance 58 12,045 June 2006 (39)
Canadian 3-Month Bankers Acceptance (2) (415) September 2006 1
3 Month Euro Euribor (69) (20,337) December 2005 7
3 Month Euro Euribor (177) (52,117) March 2006 47
3 Month Euro Euribor (63) (18,528) June 2006 31
3 Month Euro Euribor (43) (12,635) September 2006 22
Euro-Bobl 125 17,180 December 2005 (132)
Euro Bund (134) (19,795) December 2005 7
Japan 10 Year Bond 72 87,443 December 2005 (1,284)
3-Month EuroYen (223) (49,134) December 2005 (3)
3-Month EuroYen (659) (145,090) March 2006 35
3-Month EuroYen (293) (64,457) June 2006 18
3-Month EuroYen 7 1,538 September 2006 (1)
10 Year U.K. Gilt (118) (23,533) December 2005 143
U.S. 10 Year Treasury Note (1,073) (117,946) December 2005 1,170
U.S. Long Treasury Bond (139) (15,902) December 2005 252
U.S. 2 Year Treasury Note 28 5,765 December 2005 (14)
U.S. 5 Year Treasury Note (257) (27,463) December 2005 190
90-Day Eurodolllar (73) (17,450) December 2005 32
90-Day Eurodolllar (106) (25,294) March 2006 36
90-Day Eurodolllar 144 34,342 June 2006 (66)
90-Day Eurodolllar 31 7,392 September 2006 (21)
------
$ 458
======
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 33
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund
September 30, 2005
- -------------------------------------------------------------
SECTOR WEIGHTINGS (UNAUDITED)+:
[BAR GRAPH OMITTED]
71.5% Government
18.0% Financials
8.1% Cash Equivalents
1.1% Energy
0.8% Basic Materials
0.3% Industrials
0.1% Utilities
0.1% Consumer Discretionary
+Percentages based on total investments. Includes investments
held as collateral for securities on loan (see Note 8).
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
GLOBAL BONDS -- 85.6%
ARGENTINA -- 3.4%
Empressa Distribuidora de
Electricidad de Mendoza
MTN, Ser E (I) (L)
0.000%, 01/10/03 5,000 $ 1,750
Republic of Argentina
8.280%, 12/31/33 1,951 2,012
7.820%, 12/31/33 EUR 659 821
5.830%, 12/31/33 21,863 9,709
4.005%, 08/03/12 (F) 21,641 17,345
1.330%, 12/31/38 ARA 15,935 6,294
Republic of Argentina MTN,
Ser E
8.750%, 02/04/49 EUR 1,375 539
7.625%, 08/11/07 (B) ITL 2,255,000 425
-----------
38,895
-----------
BRAZIL -- 16.2%
Federal Republic of Brazil
11.000%, 08/17/40 (C) 52,057 63,822
10.500%, 07/14/14 1,850 2,239
10.125%, 05/15/27 6,605 7,913
8.875%, 04/15/24 3,700 3,948
8.000%, 01/15/18 (C) 70,611 74,777
4.250%, 04/15/09 (F) 4,739 4,703
Federal Republic of Brazil,
Ser 15YR (C) (F)
4.313%, 04/15/09 764 759
Federal Republic of Brazil,
Ser 18YR (C) (F)
4.313%, 04/15/12 27,313 26,886
-----------
185,047
-----------
BULGARIA -- 0.8%
Republic of Bulgaria
Registered
8.250%, 01/15/15 7,100 8,715
-----------
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
CHILE -- 1.0%
Codelco
5.500%, 10/15/13 2,450 $ 2,524
Republic of Chile
7.125%, 01/11/12 5,375 6,051
5.500%, 01/15/13 2,400 2,501
-----------
11,076
-----------
COLOMBIA -- 4.7%
Republic of Colombia
11.750%, 02/25/20 13,245 18,424
10.750%, 01/15/13 (C) 5,550 6,974
10.375%, 01/28/33 (C) 9,100 11,875
10.000%, 01/23/12 (C) 2,050 2,470
8.250%, 12/22/14 5,800 6,499
8.125%, 05/21/24 7,015 7,524
-----------
53,766
-----------
ECUADOR -- 0.6%
Republic of Ecuador Registered
12.000%, 11/15/12 615 624
9.000%, 08/15/30 6,620 6,226
-----------
6,850
-----------
EL SALVADOR -- 0.4%
Republic of El Salvador
7.750%, 01/24/23 4,000 4,480
-----------
INDONESIA -- 0.7%
Garuda Indonesia (F) (L)
3.990%, 12/31/07 1,200 1,032
Indah Kiat Finance (A) (F) (L)
4.688%, 04/28/15 1,397 1,215
4.688%, 04/28/18 3,668 2,751
2.000%, 04/28/24 2,414 628
Republic of Indonesia (A)
7.250%, 04/20/15 2,380 2,375
-----------
8,001
-----------
KAZAKHSTAN -- 0.1%
Kazkommerts International (A)
7.875%, 04/07/14 1,000 1,054
-----------
LUXEMBOURG -- 0.3%
Gaz Capital for Gazprom
Registered
8.625%, 04/28/34 2,890 3,808
-----------
MACEDONIA -- 0.0%
Government of Macedonia (F)
3.653%, 07/13/12 486 467
-----------
- --------------------------------------------------------------------------------
34 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
MALAYSIA -- 1.1%
Government of Malaysia
8.750%, 06/01/09 800 $ 907
7.500%, 07/15/11 6,225 7,065
Petronas Capital
7.875%, 05/22/22 3,700 4,593
-----------
12,565
-----------
MEXICO -- 14.4%
Cornhill, Ser 39 (I) (L)
0.000%, 01/30/00 1,650 536
Cornhill, Ser 46 (I) (L)
8.626%, 03/02/00 150 49
Mexican Bonos
9.500%, 12/18/14 MXP 44,825 4,401
9.000%, 12/24/09 MXP 188,106 17,904
Pemex Project Funding Master
Trust
9.500%, 09/15/27 (C) 7,350 9,654
8.000%, 11/15/11 500 569
United Mexican States
11.375%, 09/15/16 (C) 8,865 13,089
10.375%, 02/17/09 4,325 5,055
8.125%, 12/30/19 (C) 13,350 16,187
6.625%, 03/03/15 (C) 29,615 32,177
5.500%, 02/17/20 EUR 2,260 2,985
United Mexican States MTN
8.300%, 08/15/31 12,985 16,231
8.000%, 09/24/22 1,025 1,246
6.375%, 01/16/13 21,510 22,887
5.875%, 01/15/14 (C) 20,714 21,418
-----------
164,388
-----------
NIGERIA -- 0.5%
Central Bank of Nigeria
6.250%, 11/15/20 3,500 3,509
5.092%, 01/05/10 2,531 802
Turanalem Finance
8.000%, 03/24/14 450 464
7.875%, 06/02/10 (A) 1,070 1,126
-----------
5,901
-----------
PANAMA -- 1.9%
Republic of Panama
9.625%, 02/08/11 3,665 4,380
9.375%, 01/16/23 (C) 1,070 1,351
9.375%, 04/01/29 4,100 5,217
8.875%, 09/30/27 (C) 2,250 2,739
7.250%, 03/15/15 (C) 3,725 4,060
Republic of Panama,
Ser 20YR (F)
3.750%, 07/17/16 3,900 3,798
-----------
21,545
-----------
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
PERU -- 2.6%
Republic of Peru
9.875%, 02/06/15 (C) 3,750 $ 4,791
8.750%, 11/21/33 2,000 2,415
8.375%, 05/03/16 (C) 1,875 2,194
7.350%, 07/21/25 7,485 7,934
Republic of Peru FLIRB,
Ser 20YR (F)
5.000%, 03/07/17 8,629 8,370
Republic of Peru,
Ser 20YR (F)
5.000%, 03/07/17 3,948 3,869
-----------
29,573
-----------
PHILIPPINES -- 5.1%
Republic of Philippines
10.625%, 03/16/25 (C) 21,245 24,804
9.500%, 02/02/30 (C) 18,790 20,058
9.375%, 01/18/17 (C) 7,800 8,551
9.000%, 02/15/13 (C) 600 643
8.875%, 03/17/15 175 186
8.250%, 01/15/14 (C) 1,950 2,019
8.000%, 01/15/16 2,650 2,660
-----------
58,921
-----------
POLAND -- 0.7%
Government of Poland
6.000%, 05/24/09 PLZ 7,900 2,542
5.750%, 03/24/10 PLZ 7,800 2,504
5.250%, 01/15/14 2,975 3,059
-----------
8,105
-----------
RUSSIA -- 13.2%
Russian Federation Registered
12.750%, 06/24/28 11,280 21,260
11.000%, 07/24/18 9,585 14,617
5.000%, 03/31/30 99,870 114,751
-----------
150,628
-----------
SOUTH AFRICA -- 0.8%
Republic of South Africa
9.125%, 05/19/09 2,325 2,645
6.500%, 06/02/14 6,325 6,910
-----------
9,555
-----------
SOUTH KOREA -- 0.1%
Hynix Semiconductor (L)
6.500%, 12/31/05 KRW 1,035,000 944
-----------
TURKEY -- 8.1%
Republic of Turkey
16.570%, 01/24/07 (E) TRL 7,900 4,859
15.570%, 05/09/07 (E) TRL 12,900 7,613
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 35
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
11.875%, 01/15/30 (C) 22,870 $ 33,590
11.750%, 06/15/10 1,150 1,432
11.500%, 01/23/12 (C) 9,325 11,936
11.000%, 01/14/13 3,095 3,958
9.500%, 01/15/14 (C) 5,825 7,034
7.375%, 02/05/25 3,505 3,522
7.250%, 03/15/15 5,025 5,289
7.000%, 06/05/20 13,515 13,346
-----------
92,579
-----------
UKRAINE -- 1.7%
Government of Ukraine (A)
6.875%, 03/04/11 3,880 4,077
Government of Ukraine Registered
7.650%, 06/11/13 (C) 9,560 10,522
6.875%, 03/04/11 1,150 1,209
6.365%, 08/05/09 3,500 3,810
-----------
19,618
-----------
URUGUAY -- 2.3%
Republic of Uruguay
10.500%, 10/20/06 UYU 13,200 670
9.250%, 05/17/17 3,175 3,560
7.875%, 01/15/33 4,801 4,713
7.500%, 03/15/15 (C) 17,566 18,005
-----------
26,948
-----------
VENEZUELA -- 4.9%
Government of Venezuela
10.750%, 09/19/13 19,090 23,815
9.375%, 01/13/34 1,400 1,658
9.250%, 09/15/27 8,385 9,919
8.500%, 10/08/14 7,693 8,539
7.650%, 04/21/25 3,150 3,177
Government of Venezuela
Registered
5.375%, 08/07/10 3,750 3,653
4.640%, 04/20/11 (C) (F) 4,870 4,821
Government of Venezuela,
Ser A
6.750%, 03/31/20 725 730
-----------
56,312
-----------
Total Global Bonds
(Cost $889,184) ($ Thousands) 979,741
-----------
CORPORATE OBLIGATIONS (D) (F) -- 10.3%
UNITED STATES -- 10.3%
Allstate Life Global
Funding II, MTN (H)
3.788%, 10/16/06 1,637 1,637
American General Finance (H)
3.768%, 10/16/06 11,497 11,496
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
American General Finance MTN,
Ser F
5.875%, 07/14/06 356 $ 363
CCN Bluegrass
3.859%, 08/18/06 2,314 2,314
CIT Group MTN
3.790%, 05/12/06 8,898 8,898
3.714%, 04/19/06 890 891
Caterpillar Financial Services
MTN, Ser F
3.670%, 07/10/06 1,780 1,780
Countrywide Financial Services
MTN, Ser A
3.920%, 09/13/06 6,585 6,585
Countrywide Home Loans MTN,
Ser A
3.760%, 07/31/06 1,780 1,780
Countrywide Home Loans MTN,
Ser M
3.851%, 11/30/05 2,278 2,278
3.760%, 01/31/06 783 783
Dekabank (H)
3.614%, 08/19/06 6,585 6,583
Irish Life & Permanent MTN,
Ser X (H)
3.812%, 09/21/06 4,734 4,733
Islandsbanki (H)
3.869%, 09/22/06 3,025 3,025
Jackson National Life
Funding (H)
3.693%, 10/02/06 7,831 7,831
K2 LLC MTN (H)
3.809%, 12/12/05 214 213
Liberty Lighthouse US Capital
MTN (H)
3.688%, 05/10/06 3,559 3,557
Morgan Stanley EXL (H)
3.670%, 10/03/06 1,780 1,779
Morgan Stanley EXL, Ser S (H)
3.710%, 10/04/06 1,246 1,246
Natexis Banques (H)
3.810%, 10/16/06 3,470 3,470
Nationwide Building Society (H)
4.030%, 07/28/06 1,780 1,780
3.689%, 01/06/06 3,559 3,559
Nordbank (H)
3.830%, 09/25/06 6,051 6,050
Northern Rock (H)
3.690%, 10/03/06 3,666 3,666
Pacific Life Global Funding (H)
3.760%, 10/13/06 2,669 2,669
Premium Asset Trust,
Ser 2004-01 (H)
3.800%, 02/06/06 3,702 3,705
Premium Asset Trust,
Ser 2004-06 (H)
3.941%, 06/30/06 3,381 3,384
Premium Asset Trust,
Ser 2004-10 (H)
3.778%, 10/16/06 4,983 4,983
SLM EXL, Ser S (H)
3.768%, 10/16/06 3,915 3,915
SLM MTN, Ser X
3.796%, 10/20/06 7,119 7,119
- --------------------------------------------------------------------------------
36 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
Skandinav Enskilda Bank
3.779%, 10/17/06 3,915 $ 3,915
White Pine Finance LLC MTN,
Ser 1 (H)
3.663%, 11/01/05 1,566 1,565
-----------
Total Corporate Obligations
(Cost $117,552) ($ Thousands) 117,552
-----------
LOAN PARTICIPATIONS -- 3.7%
ALGERIA -- 0.2%
Republic of Algeria
(Counterparty: Credit
Suisse First Boston) (F)
2.813%, 03/04/10 2,643 2,630
-----------
ARGENTINA -- 0.4%
Edesa USD Promissory Notes
(Counterparty: Bank of
America) (B) (L)
0.000%, 12/31/49 3,300 2,673
Edesa USD Promissory Notes
(Counterparty: Citigroup
Global Markets) (B) (L)
0.000%, 12/31/49 2,000 1,620
-----------
4,293
-----------
BRAZIL -- 0.6%
Global Village Telecom Loan
(Counterparty: Deutsche
Bank) (B) (L)
0.000%, 12/31/49 11,640 6,751
-----------
INDONESIA -- 0.7%
Indonesia Standby Loan 94
(Counterparty: Deutsche
Bank) (F) (L)
4.000%, 12/31/49 6,097 5,579
PKN Tranche Loan C Equity
(B) (L) 24,929 --
PKN Tranche Loan A
(Counterparty: Citigroup
Global Markets) (B) (L)
0.000%, 06/30/11 1,533 1,457
PKN Tranche Loan B
(Counterparty: Citigroup
Global Markets) (B (L)
0.000%, 05/01/11 4,200 345
PKN Tranche Loan D Secured
Short Term, Ser 1
(Counterparty: Citibank)
(B) (L)
0.000%, 11/10/05 429 427
PKN Tranche Loan D Secured
Short Term, Ser 2
(Counterparty: Citibank)
(B) (L)
0.000%, 11/10/05 461 459
-----------
8,267
-----------
- -------------------------------------------------------------
Shares/Face Amount Market Value
Description ($ Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
MEXICO -- 0.9%
Altos Hornos, Promissory Note
# 5 (I) (L)
0.000%, 04/29/99 2,500 $ 1,375
Altos Hornos, Promissory Note
# 6 (I) (L)
0.000%, 04/29/99 2,500 1,375
Altos Hornos, Promissory Note
(Counterparty: Deutche
Bank) (B) (L)
0.000%, 12/31/49 4,500 2,610
Altos Hornos, Tranche A
(Counterparty: Banc of
America) (I) (L)
0.000%, 04/11/04 6,540 3,924
Grupo Accerco Del Norte
(Counterparty: Deutsche Bank)
(B) (L)
0.000%, 12/31/49 7,750 833
-----------
10,117
-----------
MOROCCO -- 0.1%
Kingdom of Morocco, Ser A
(Counterparties: Credit
Suisse First Boston, J.P.
Morgan, Merrill Lynch) (F)
3.803%, 01/02/09 1,273 1,271
-----------
SINGAPORE -- 0.5%
C2C Loan (Counterparty:
Deutsche Bank) (B) (E) (L)
12.140%, 12/31/10 10,800 5,832
-----------
THAILAND -- 0.3%
TPI Equity (Counterparty:
Banc of America) (L) THB 7,611,579 --
TPI Equity (Counterparty:
Deutsche Bank) (L) THB 1,812,834 --
TPI JPY Loan (Counterparty:
Deutsche Bank) (B) (E) (L)
2.059%, 12/31/49 JPY 354,231 2,907
-----------
2,907
-----------
Total Loan Participations
(Cost $31,843) ($ Thousands) 42,068
-----------
LOAN TO COUNTERPARTY AS COLLATERAL FOR
SWAP CONTRACTS -- 0.5%
UNITED STATES -- 0.5%
Loan to Credit Suisse First
Boston as Collateral
for Swap Contracts
Outstanding (K)
4.107%, 09/20/15 4,350 4,350
4.107%, 04/10/10 2,000 2,000
-----------
Total Loan to Counterparty as Collateral for
Swap Contracts (Cost $6,350) ($ Thousands) 6,350
-----------
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 37
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Continued)
September 30, 2005
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
COMMERCIAL PAPER (D) (E) -- 3.8%
UNITED STATES -- 3.8%
Altius I Funding
3.864%, 10/27/05 5,339 $ 5,320
Arlington Funding
3.857%, 10/14/05 3,898 3,891
Brahms Funding
3.861%, 10/26/05 1,424 1,420
Buckingham
3.940%, 11/14/05 649 645
Cre-8 Funding
3.908%, 11/01/05 1,780 1,772
3.902%, 10/28/05 3,559 3,549
3.862%, 10/19/05 1,780 1,774
3.762%, 10/07/05 1,068 1,064
Davis Square V Funding
3.934%, 11/02/05 7,119 7,093
3.932%, 10/28/05 356 355
Main Street Warehouse Funding
3.881%, 10/24/05 3,559 3,549
Rams Funding
3.879%, 10/18/05 3,856 3,848
3.863%, 10/27/05 3,782 3,769
3.861%, 10/20/05 1,217 1,214
3.861%, 10/19/05 1,736 1,731
Rhineland Funding
4.027%, 11/28/05 804 799
3.871%, 10/24/05 1,356 1,352
-----------
Total Commercial Paper
(Cost $43,145) ($ Thousands) 43,145
-----------
TIME DEPOSITS -- 4.4%
ROMANIA -- 0.0%
Abn Amro Bucharest
6.600%, 02/28/06 ROL 7,116,200 239
-----------
UNITED STATES -- 4.4%
Brown Brothers Harriman
3.310%, 10/03/05 50,319 50,319
-----------
Total Time Deposits
(Cost $50,578) ($ Thousands) 50,558
-----------
ASSET-BACKED SECURITIES (D) (F) (H) -- 3.2%
UNITED STATES -- 3.2%
Blue Heron Funding,
Ser 9A, Cl A1
3.860%, 02/22/06 3,559 3,559
CCN Independence
3.838%, 07/17/06 1,246 1,246
CCN Independence IV
3.842%, 10/17/05 1,958 1,958
- -------------------------------------------------------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
Capital Auto Receivables
Asset Trust, Ser 2005-SN1A,
Cl A1
3.327%, 05/15/06 3,612 $ 3,612
Cheyne High Grade,
Ser 2004-1A, Cl A1
3.780%, 11/10/05 2,047 2,047
Commodore, Ser 2003-2A,
Cl A1MM
3.914%, 12/12/38 1,637 1,637
Drivetime Auto Owner Trust,
Ser 2005-B, Cl A1
3.788%, 01/15/06 470 470
Duke Funding, Ser 2004-6B,
Cl A1S1
3.630%, 10/10/06 2,670 2,670
Harwood Street Funding II,
Ser 2005-A1, Cl NOTE
3.880%, 06/25/06 3,559 3,559
Orchard Structured Finance
CDO, Ser 2003-1A, Cl A1MM
3.902%, 11/18/05 3,132 3,132
Park Place Securities NIM
Trust, Ser 2004-MM1,
Cl AMM2
3.880%, 11/25/05 4,213 4,213
RMAC, Ser 2004-NS3A, Cl A1
3.728%, 09/12/06 1,165 1,165
Saturn Ventures II
3.749%, 02/07/06 3,559 3,559
TIAA Real Estate,
Ser 2003-1A, Cl A1
3.868%, 09/28/06 2,298 2,298
Whitehawk CDO Funding,
Ser 2004-1A, Cl AMMD
3.890%, 06/15/06 890 890
Whitehawk CDO Funding,
Ser 2004-1A, Cl AMME
3.890%, 09/15/06 534 534
-----------
Total Asset-Backed Securities
(Cost $36,549) ($ Thousands) 36,549
-----------
MASTER NOTES (D) (F) -- 1.2%
Bank of America
4.018%, 10/03/05 8,899 8,899
Bear Stearns
4.113%, 10/03/05 4,271 4,271
-----------
Total Master Notes
(Cost $13,170) ($ Thousands) 13,170
-----------
STRUCTURED NOTE -- 0.2%
BRAZIL -- 0.2%
BRL Structured Note
(Counterparty: JP Morgan
Chase Bank NA) (L)
0.000%, 07/10/10 BRL 7,800 1,848
--------
Total Structured Note
(Cost $1,714) ($ Thousands) 1,848
--------
- --------------------------------------------------------------------------------
38 SEI Institutional International Trust / Annual Report / September 30, 2005
- -------------------------------------------------------------
Face Amount/Contracts Market Value
Description ($ Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
PURCHASED OPTIONS -- 0.1%
Republic of Argentina, Call,
Expires 08/15/06, Strike
Price 30% of Par Claim EUR 12,000,000 $ 550
Expires 09/22/06, Strike
Price 30% of Par Claim EUR 12,000,000 550
-----------
Total Purchased Options
(Cost $1,028) 1,100
-----------
OIL-LINKED PAYMENT OBLIGATION -- 0.1%
VENEZUELA -- 0.1%
Government of Venezuela Par,
Expires 04/15/20* 34 956
-----------
Total Oil-Linked Payment Obligation
(Cost $0) ($ Thousands) 956
-----------
Number of
Warrants
---------
WARRANTS -- 0.0%
NIGERIA -- 0.0%
Central Bank of Nigeria,
Expires 11/15/20 (G)* 2,000 --
-----------
Total Warrants
(Cost $0) ($ Thousands) --
-----------
REPURCHASE AGREEMENTS (D) (J) -- 3.8%
Barclays Capital
3.840%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $22,312,661
(collateralized by various U.S.
Government Obligations, ranging
in par value $3,704,611-
$14,824,283, 1.875%-7.250%,
06/15/06-01/15/10; with a total
market value of $22,771,672) 22,310 22,310
Deutsche Bank
3.750%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $17,444,539
(collateralized by various U.S.
Government Obligations, ranging
in par value $1,472,932-
$3,656,987, 0.000%-5.875%,
10/07/07-09/29/25; with a total
market value of $17,791,602) 17,443 17,443
- -------------------------------------------------------------
Face Amount Market Value
($ Thousands) (1) ($ Thousands)
- -------------------------------------------------------------
Lehman Brothers
3.820%, dated 09/30/05, to be
repurchased on 10/03/05,
repurchase price $4,805,638
(collateralized by various U.S.
Government Obligations, ranging
in par value $192,205-
$2,687,099, 0.000%-3.500%,
08/15/06-04/15/30; with a total
market value of $4,901,400) 4,805 $ 4,805
-----------
Total Repurchase Agreements
(Cost $44,558) ($ Thousands) 44,558
-----------
Total Investments -- 116.9%
(Cost $1,235,671) ($ Thousands) $1,337,595
-----------
Percentages are based on Net Assets of $1,143,845 ($ Thousands).
* Non-Income Producing Security
(1) In U.S. dollars unless otherwise indicated.
(A) Securities sold with terms of a private placement memorandum, exempt from
registration under Section 144a of the Securities Act 1933, as amended, and
may be sold only to dealers in that program or other "accredited investors."
As of September 30, 2005, the total value of these securities was $13,226,
representing 1.16% of the Fund's net assets.
(B) Security in default on interest payments.
(C) This security or a partial position of this security is on loan at September
30, 2005. The total value of securities on loan at September 30, 2005 was
$251,144 ($ Thousands) (See Note 8).
(D) This security was purchased with cash collateral held from securities
lending. The total value of such securities as of September 30, 2005 was
$254,974 ($ Thousands) (See Note 8).
(E) The rate reported is the effective yield at time of purchase.
(F) Variable Rate Security -- The rate reported on the Schedule of Investments
is the rate in effect as of September 30, 2005.
(G) Security is fair valued at $0 and represents 0.00% of net assets.
(H) This security, which was purchased with cash collateral held from securities
lending, was sold within the terms of private placement memorandum, exempt
from registration under Section 3A-4, 4(2), or 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or other
"accredited investors."
(I) Security in default on interest and principal payments.
(J) Tri-Party Repurchase Agreements.
(K) Cash on loan to swap counterparty as collateral for outstanding swap
contracts (See Note 2).
(L) Securities considered illiquid. The total value of such securities as of
September 30, 2005 was $48,920 ($ Thousands) and represented 4.28% of Net
Assets.
BRL -- Brazilian Real
CDO -- Collateralized Debt Obligation
Cl -- Class
EUR -- Euro
EXL -- Extendable Maturity
FLIRB -- Front Loaded Interest Reduction Bond
ITL -- Italian Lira
JPY -- Japanese Yen
KRW -- South Korean Won
LLC -- Limited Liability Company
MTN -- Medium Term Note
MXP -- Mexican Peso
NA -- National Association
PZL -- Polish Zloty
ROL -- Romanian Leu
Ser -- Series
THB -- Thailand Baht
TRL -- New Turkish Lira
UYU -- Uruguay Peso
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 39
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Concluded)
September 30, 2005
Forward Foreign Currency Contracts -- The following forward foreign currency
contracts were outstanding at September 30, 2005 (See Note 2 in Notes to
Financial Statements):
- --------------------------------------------------------------------------------------------------------------------------
Unrealized
Currency to Currency to Appreciation/
Settlement Deliver Receive Contract Value (Depreciation)
Date (Thousands) (Thousands) ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------------------------------------------------
10/04/05-12/23/05 USD 43,903 BRL 107,404 $47,973 $4,070
10/17/05 USD 4,802 EUR 3,980 4,801 (1)
10/17/05 USD 7,129 KRW 7,213,100 6,928 (201)
11/07/05 USD 5,900 MXP 64,064 5,909 9
11/09/05-01/26/06 USD 13,920 RUB 396,282 13,969 49
10/03/05-11/07/05 USD 5,419 TRL 7,386 5,467 48
06/08/06 USD 2,200 UAH 11,140 2,146 (54)
10/04/05-12/23/05 BRL 39,955 USD 16,741 17,842 (1,101)
10/17/2005-12/15/05 EUR 10,679 USD 13,090 12,893 197
10/17/05 JPY 315,880 USD 2,868 2,792 76
10/17/05 KRW 7,213,100 USD 7,008 6,929 79
11/09/05-01/25/06 RUB 110,000 USD 3,984 3,877 107
-------- ------
$131,526 $3,278
======== ======
<FN>
BRL -- Brazilian Real RUB -- Russian Ruble
EUR -- Euro TRL -- New Turkish Lira
JPY -- Japanese Yen UAH -- Ukraine Hrynai
KRW -- South Korean Won USD -- U.S. Dollar
MXP -- Mexican Peso
</FN>
Credit Default Swap Agreements -- The following credit default swap agreements
were outstanding at September 30, 2005 See Note 2 in Notes to Financial
Statements):
- -----------------------------------------------------------------------------------------------------------------------------------
Notional Net Unrealized
Expiration Amount Appreciation
Description Date ($ Thousands) ($ Thousands)
- -----------------------------------------------------------------------------------------------------------------------------------
Fund receives semi-annual payment of 0.445% (0.890% per annum) times notional
amount of Russian Federation Registered, 4.107%, 09/10/15. Upon a defined
credit event Fund pays notional amount and takes
receipt of a defined deliverable obligation. 09/20/15 $4,350 $13
Fund receives semi-annual payment of 0.590% (1.180% per annum)
times notional amount of Russian Federation Registered, 4.107% 04/15/10.
Upon a defined credit event Fund pays notional amount and takes
receipt of a defined deliverable obligation. 04/15/10 $2,000 53
- -----------------------------------------------------------------------------------------------------------------------------------
Total $66
===================================================================================================================================
- --------------------------------------------------------------------------------
40 SEI Institutional International Trust / Annual Report / September 30, 2005
Statements of Assets and Liabilities ($ Thousands)
September 30, 2005
- ----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EMERGING MARKETS INTERNATIONAL FIXED EMERGING MARKETS
EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at Market Value (Cost $2,978,497,
$1,002,859, $920,268 and $1,191,113, respectively) $3,549,616 $1,352,288 $925,573 $1,293,037
Investments in Affiliated Investment Companies, at
Market Value (Cost $10,632) -- 10,632 -- --
Repurchase Agreements, at Market Value (Cost $350,500,
$42,000, $12,692 and $44,558, respectively) 350,500 42,000 12,692 44,558
Cash and Cash Collateral Received from Securities Loaned 15,769 14,872 15,042 50,309
Foreign Currency, at Value (Cost $8,607, $12,260,
$8,887 and $109, respectively) 8,652 12,155 8,934 109
Cash and Foreign Currency Pledged as Collateral for
Futures Contracts -- -- 11,020 --
Receivable for Investment Securities Sold 37,834 12,112 12,075 92,343
Dividends and Interest Receivable 8,111 3,878 13,164 12,744
Receivable for Fund Shares Sold 2,062 1,934 315 15,147
Foreign Tax Reclaim Receivable 509 86 7 --
Foreign Currency Receivable -- 2,724 -- --
Unrealized Gain on Forward Foreign Currency Contracts -- -- 9,901 4,706
Unrealized Gain on Spot Contracts 35 123 8,592 7,434
Deposits with Brokers for Forward Foreign Currency Contracts -- -- -- 5,142
Unrealized Gain on Swap Contracts -- -- -- 66
Variation Margin Receivable -- -- 835 --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Assets 3,973,088 1,452,804 1,018,150 1,525,595
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable Upon Return of Securities Loaned 690,208 74,953 72,628 254,974
Payable for Investment Securities Purchased 40,607 16,531 39,482 112,624
Payable for Fund Shares Redeemed 3,255 3,009 1,212 3,930
Unrealized Loss on Forward Foreign Currency Contracts -- -- 14,370 1,428
Foreign Currency Payable -- 79 -- --
Variation Margin Payable 134 -- 115 --
Unrealized Loss on Spot Contracts 49 123 8,581 7,487
Investment Advisory Fees Payable 1,328 1,101 111 360
Administration Fees Payable 1,183 698 445 584
Shareholder Servicing Fees Payable 657 268 166 225
Trustees' Fees Payable 1 -- -- --
Accrued Expenses 390 425 117 138
Accrued Foreign Capital Gains Tax Payable 66 1,115 -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 737,878 98,302 137,227 381,750
- ----------------------------------------------------------------------------------------------------------------------------------
Net Assets $3,235,210 $1,354,502 $880,923 $1,143,845
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in-Capital $3,031,248 $ 928,955 $829,789 $ 949,253
Undistributed Net Investment Income 38,012 8,381 30,265 35,250
Accumulated Net Realized Gain (Loss) on Investments (405,194) 68,855 19,952 54,146
Net Unrealized Appreciation on Investments 571,119 349,429 5,305 101,924
Accumulated Foreign Capital Gains Tax on
Appreciated Securities (66) (1,115) -- --
Net Unrealized Appreciation on Futures Contracts 110 -- 458 --
Net Unrealized Appreciation on Swap Contracts -- -- -- 66
Net Unrealized Appreciation (Depreciation) on
Forward Foreign Currency Contracts, Foreign
Currencies, and Translation of Other Assets and
Liabilities Denominated in Foreign Currencies (19) (3) (4,846) 3,206
- ----------------------------------------------------------------------------------------------------------------------------------
Net Assets $3,235,210 $1,354,502 $880,923 $1,143,845
- ----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Class A
($3,227,258,426 / 265,915,418 shares,
$1,354,502,354 / 84,999,640 shares,
$880,922,704 / 75,182,986 shares, and
$1,143,845,394 / 96,868,368 shares, respectively) $12.14 $15.94 $11.72 $11.81
Net Asset Value, Offering and Redemption
Price Per Share -- Class I
($7,951,420 / 656,018 shares) $12.12 n/a n/a n/a
- ----------------------------------------------------------------------------------------------------------------------------------
Amount designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 41
Statements of Operations ($ Thousands)
For the year ended September 30, 2005
- -----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EMERGING INTERNATIONAL EMERGING
EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT
FUND FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 87,521 $ 38,734 $ -- $ 226
Dividends from Affiliated Investment Companies 319 142 -- --
Interest 971 342 31,195 65,376
Income from Security Lending 2,730 413 13 507
Less: Foreign Taxes Withheld (9,784) (4,755) (67) (192)
- -----------------------------------------------------------------------------------------------------------------------------
Total Investment Income 81,757 34,876 31,141 65,917
- -----------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment Advisory Fees 15,072 12,174 1,438 7,589
Administration Fees 13,431 7,536 5,750 5,803
Shareholder Servicing Fees -- Class A 7,444 2,899 2,396 2,232
Shareholder Servicing Fees -- Class I 17 -- -- --
Administrative Servicing Fees -- Class I 17 -- -- --
Trustee Fees 46 18 15 14
Custodian Fees 485 897 129 165
Printing Fees 186 73 59 58
Professional Fees 162 65 51 51
Proxy Costs 70 26 23 20
Pricing Fees 60 37 16 12
Wire Agent Fees 52 18 18 16
Registration & Filing Fees 20 7 10 15
Other Expenses 71 27 22 22
- -----------------------------------------------------------------------------------------------------------------------------
Total Expenses 37,133 23,777 9,927 15,997
- -----------------------------------------------------------------------------------------------------------------------------
Less, Waiver of:
Investment Advisory Fees -- (1,073) -- (3,902)
Shareholder Servicing Fees - Class A -- -- (303) --
Fees Paid Indirectly (1) (19) (29) -- --
- -----------------------------------------------------------------------------------------------------------------------------
Net Expenses 37,114 22,675 9,624 12,095
- -----------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 44,643 12,201 21,517 53,822
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS, FUTURES CONTRACTS, SWAP
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net Realized Gain (Loss) from:
Investments 381,250 219,276 19,364 67,107
Futures Contracts 2,672 -- 4,872 --
Swaps Contracts -- -- -- 12
Foreign Currency Transactions (3,333) (55) 31,359 3,243
Net Change in Unrealized Appreciation
(Depreciation) on:
Investments 267,990 199,314 (45,068) 32,290
Futures Contracts 218 -- (429) --
Swap Contracts -- -- -- 66
Foreign Capital Gains Tax on Appreciated Securities (66) 1,722 -- --
Foreign Currency Transactions (77) 16 (3,239) 2,993
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS, FUTURES CONTRACTS, SWAP
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS 648,654 420,273 6,859 105,711
- -----------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $693,297 $432,474 $28,376 $159,533
- -----------------------------------------------------------------------------------------------------------------------------
<FN>
(1) See Note 3 in Notes to Financial Statements.
Amount designated as "--" are $0 or have been rounded to $0.
</FN>
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
42 SEI Institutional International Trust / Annual Report / September 30, 2005
Statements of Changes in Net Assets ($ Thousands)
For the years ended September 30,
- -----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EMERGING MARKETS
EQUITY FUND EQUITY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
2005 2004 2005 2004
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net Investment Income $ 44,643 $ 28,071 $ 12,201 $ 8,721
Net Realized Gain from Investment Transactions
and Futures Contracts 383,922 164,799 219,276 230,393
Net Realized Gain (Loss) on Forward Foreign Currency Contracts
and Foreign Currency Transactions (3,333) 522 (55) (2,237)
Net Change in Unrealized Appreciation (Depreciation) on
Investments and Futures Contracts 268,208 276,933 199,314 (19,150)
Net Change in Accrued Foreign Capital Tax Gains on
Appreciated Securities (66) -- 1,722 (295)
Net Change in Unrealized Appreciation (Depreciation) on
Forward Foreign Currency Contracts, Foreign Currencies,
and Translation of Other Assets and Liabilities
Denominated in Foreign Currencies (77) (177) 16 (85)
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations 693,297 470,148 432,474 217,347
- -----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS:
Net Investment Income:
Class A (62,768) (23,802) (8,705) (2,380)
Class I (121) (19) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total Dividends (62,889) (23,821) (8,705) (2,380)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Proceeds from Shares Issued 586,756 698,545 267,067 308,082
Reinvestment of Dividends & Distributions 60,095 22,759 8,400 2,304
Cost of Shares Redeemed (754,102) (719,697) (384,469) (422,178)
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets from Class A Transactions (107,251) 1,607 (109,002) (111,792)
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS I:
Proceeds from Shares Issued 2,709 4,430 -- --
Reinvestment of Dividends & Distributions 114 19 -- --
Cost of Shares Redeemed (2,071) (1,177) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in Net Assets from Class I Transactions 752 3,272 -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets from Capital Share Transactions (106,499) 4,879 (109,002) (111,792)
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets 523,909 451,206 314,767 103,175
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF YEAR 2,711,301 2,260,095 1,039,735 936,560
- -----------------------------------------------------------------------------------------------------------------------------------
END OF YEAR $3,235,210 $2,711,301 $1,354,502 $1,039,735
- -----------------------------------------------------------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN
NET ASSETS AT END OF YEAR $ 38,012 $ 40,534 $ 8,381 $ 6,058
- -----------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
CLASS A:
Shares Issued 53,684 73,559 19,952 29,491
Reinvestment of Distributions 5,443 2,458 652 227
Shares Redeemed (68,895) (75,619) (29,296) (40,128)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Class A Transactions (9,768) 398 (8,692) (10,410)
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS I:
Shares Issued 248 459 -- --
Reinvestment of Distributions 10 2 -- --
Shares Redeemed (189) (125) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total Class I Transactions 69 336 -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Shares Outstanding
from Share Transactions (9,699) 734 (8,692) (10,410)
- -----------------------------------------------------------------------------------------------------------------------------------
Amount designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 43
Statements of Changes in Net Assets ($ Thousands)
For the years ended September 30,
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EMERGING MARKETS
FIXED INCOME FUND DEBT FUND
- ---------------------------------------------------------------------------------------------------------------------------------
2005 2004 2005 2004
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net Investment Income $ 21,517 $ 20,576 $ 53,822 $ 37,616
Net Realized Gain from Investment Transactions,
Futures Contracts and Swap Contracts 24,236 10,050 67,119 25,198
Net Realized Gain on Forward Foreign Currency Contracts
and Foreign Currency Transactions 31,359 56,708 3,243 740
Net Change in Unrealized Appreciation (Depreciation) on
Investments, Futures Contracts and Swap Contracts (45,497) (3,424) 32,356 21,428
Net Change in Unrealized Appreciation (Depreciation) on Forward
Foreign Currency Contracts, Foreign Currencies, and Translation
of Other Assets and Liabilities Denominated in Foreign Currencies (3,239) (19,555) 2,993 257
- ---------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations 28,376 64,355 159,533 85,239
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Class A (68,523) (65,737) (45,621) (39,072)
Net Realized Gains:
Class A (3,062) (15,161) (18,883) (57,231)
- ---------------------------------------------------------------------------------------------------------------------------------
Total Dividends and Distributions (71,585) (80,898) (64,504) (96,303)
- ---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Proceeds from Shares Issued 295,426 301,318 515,445 338,053
Reinvestment of Dividends & Distributions 67,732 77,590 62,023 93,513
Cost of Shares Redeemed (346,659) (320,430) (294,135) (220,256)
- ---------------------------------------------------------------------------------------------------------------------------------
Increase in Net Assets from Capital Share Transactions 16,499 58,478 283,333 211,310
- ---------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets (26,710) 41,935 378,362 200,246
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF YEAR 907,633 865,698 765,483 565,237
- ---------------------------------------------------------------------------------------------------------------------------------
END OF YEAR $ 880,923 $ 907,633 $1,143,845 $ 765,483
- ---------------------------------------------------------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN
NET ASSETS AT END OF YEAR $ 30,265 $ 50,460 $ 35,250 $ 30,335
- ---------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
CLASS A:
Shares Issued 23,879 24,773 46,704 32,923
Reinvestment of Dividends & Distributions 5,365 6,398 5,804 9,165
Shares Redeemed (28,329) (26,436) (26,907) (21,527)
- ---------------------------------------------------------------------------------------------------------------------------------
Total Class A Transactions 915 4,735 25,601 20,561
- ---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
44 SEI Institutional International Trust / Annual Report / September 30, 2005
Financial Highlights
For the years ended September 30, (unless otherwise indicated)
For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------------------------------------------------------
Net Realized
and Distributions
Net Asset Net Unrealized Dividends from Total
Value, Investment Gains Total from Net Realized Dividends Net Asset Net Assets
Beginning Income (Losses) from Investment Capital and Value, End Total End of Period
of Period (Loss) on Securities Operations Income Gains Distributions of Period Return+ ($ Thousands)
- -----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
CLASS A
2005 $ 9.81 $0.16(1) $2.40(1) $ 2.56 $(0.23) $ -- $(0.23) $12.14 26.33% $3,227,258
2004 8.20 0.10(1) 1.60(1) 1.70 (0.09) -- (0.09) 9.81 20.74 2,705,544
2003 6.93 0.08(1) 1.23(1) 1.31 (0.04) -- (0.04) 8.20 18.91 2,258,034
2002 8.25 0.04 (1.34) (1.30) (0.02) -- (0.02) 6.93 (15.79) 1,952,763
2001 12.33 0.03 (3.73) (3.70) (0.07) (0.31) (0.38) 8.25 (30.85) 2,365,245
CLASS I
2005 $ 9.81 $0.14(1) $2.38(1) $ 2.52 $(0.21) $ -- $(0.21) $12.12 25.86% $ 7,952
2004 8.20 0.10(1) 1.58(1) 1.68 (0.07) -- (0.07) 9.81 20.54 5,757
2003 6.93 0.09(1) 1.20(1) 1.29 (0.02) -- (0.02) 8.20 18.65 2,061
2002(2) 8.97 0.03 (2.07) (2.04) -- -- -- 6.93 (22.74) 639
EMERGING MARKETS EQUITY FUND
CLASS A
2005 $11.10 $0.14(1) $4.80(1) $ 4.94 $(0.10) $ -- $(0.10) $15.94 44.68% $1,354,502
2004 9.00 0.09(1) 2.03(1) 2.12 (0.02) -- (0.02) 11.10 23.61 1,039,735
2003 6.53 0.05(1) 2.42(1) 2.47 -- -- -- 9.00 37.83 936,560
2002 6.08 0.01 0.47 0.48 (0.03) -- (0.03) 6.53 7.78 739,880
2001 9.19 0.04 (3.15) (3.11) -- -- -- 6.08 (33.84) 1,010,428
INTERNATIONAL FIXED INCOME FUND
CLASS A
2005 $12.22 $0.28(1) $0.15(1) $ 0.43 $(0.89) $(0.04) $(0.93) $11.72 3.01% $ 880,923
2004 12.45 0.28(1) 0.63(1) 0.91 (0.92) (0.22) (1.14) 12.22 7.43 907,633
2003 11.00 0.30(1) 1.53(1) 1.83 (0.33) (0.05) (0.38) 12.45 17.05 865,698
2002 10.12 0.55 0.33 0.88 -- -- -- 11.00 8.70 878,082
2001 9.81 0.33 (0.02) 0.31 -- -- -- 10.12 3.16 1,198,644
EMERGING MARKETS DEBT FUND
CLASS A
2005 $10.74 $0.66(1) $1.31(1) $ 1.97 $(0.63) $(0.27) $(0.90) $11.81 19.34% $1,143,845
2004 11.15 0.61(1) 0.77(1) 1.38 (0.66) (1.13) (1.79) 10.74 13.97 765,483
2003 8.12 0.78(1) 3.01(1) 3.79 (0.76) -- (0.76) 11.15 49.15 565,237
2002 9.03 0.82 (0.56) 0.26 (0.99) (0.18) (1.17) 8.12 2.15 422,130
2001 9.51 0.94 (0.53) 0.41 (0.89) -- (0.89) 9.03 4.69 458,950
- ---------------------------------------------------------------------------
Ratio of
Ratio of Expenses
Expenses to to Average Ratio of Net
Average Net Net Assets Investment
Ratio of Assets (Excluding Income
Expenses (Excluding Waivers and (Loss) Portfolio
to Average Fees Paid Fees Paid to Average Turnover
Net Assets* Indirectly)** Indirectly)** Net Assets Rate
- --------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
CLASS A
2005 1.24% 1.24% 1.24% 1.50% 80%
2004 1.26 1.26 1.26 1.06 44
2003 1.28 1.28 1.32 1.12 87
2002 1.28 1.28 1.29 0.51 70
2001 1.28 1.28 1.29 0.36 91
CLASS I
2005 1.49% 1.49% 1.49% 1.28% 80%
2004 1.51 1.51 1.51 1.06 44
2003 1.53 1.53 1.57 1.15 87
2002(2) 1.53(3) 1.53(3) 1.54(3) 0.61(3) 70
EMERGING MARKETS EQUITY FUND
CLASS A
2005 1.95% 1.96% 2.05% 1.05% 69%
2004 1.95 1.95 2.12 0.84 88
2003 1.95 1.95 2.14 0.71 69
2002 1.95 1.95 2.14 0.08 109
2001 1.95 1.95 2.13 0.54 126
INTERNATIONAL FIXED INCOME FUND
CLASS A
2005 1.00% 1.00% 1.04% 2.24% 145%
2004 1.00 1.00 1.04 2.27 224
2003 1.00 1.00 1.06 2.60 216
2002 1.00 1.00 1.07 2.72 339
2001 1.00 1.00 1.06 3.13 235
EMERGING MARKETS DEBT FUND
CLASS A
2005 1.35% 1.35% 1.79% 6.03% 85%
2004 1.35 1.35 1.79 5.91 77
2003 1.35 1.35 1.80 7.98 127
2002 1.35 1.35 1.79 8.80 140
2001 1.35 1.35 1.78 10.06 196
<FN>
* Includes Fees Paid Indirectly.
** See Note 3 in Notes to Financial Statements.
+ 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.
(1) Per share net investment income and net realized and unrealized
gains/(losses) calculated using average shares.
(2) The International Equity Fund Class I shares were offered beginning January
4, 2002.
(3) Annualized.
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 45
NOTES TO FINANCIAL STATEMENTS
Notes to Financial Statements
September 30, 2005
1. ORGANIZATION
SEI Institutional International Trust (the "Trust") was organized as a
Massachusetts business trust under a Declaration of Trust dated June 30, 1988.
The operations of the Trust commenced on December 20, 1989.
The Trust is registered under the Investment Company Act of 1940, as amended, as
an open-end investment company with five funds: the International Equity Fund,
the Tax-Managed International Equity Fund, the Emerging Markets Equity Fund, the
International Fixed Income Fund and the Emerging Markets Debt Fund (together the
"Funds"). The Trust's prospectuses provide a description of each Fund's
investment objectives, policies, and strategies. The Trust is registered to
offer Class A shares of each of the Funds and the International Equity Fund is
registered to offer Class Ishares.
As of September 30, 2005, the Tax-Managed International Equity Fund had not yet
commenced operations.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of the financial statements. The
policies are in conformity with accounting principles generally accepted in the
United States of America.
USE OF ESTIMATES -- The preparation of financial statements in conformity with
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 -- Securities listed on a securities exchange, market or
automated quotation system for which quotations are readily available are valued
at the last quoted sale price on the primary exchange or market (foreign or
domestic) on which they are traded, or, if there is no such reported sale, at
the most recent quoted bid price. Debt securities are priced based upon
valuations provided by independent, third-party pricing agents, if available.
Such values generally reflect the last reported sales price if the security is
actively traded. The third-party pricing agents may also value debt securities
at an evaluated bid price by employing methodologies that utilize actual market
transactions, broker-supplied valuations, or other methodologies designed to
identify the market value for such securities. Debt obligations with remaining
maturities of sixty days or less may be valued at their amortized cost, which
approximates market value. The prices for foreign securities are reported in
local currency and converted to U.S. dollars using currency exchange rates.
Prices for most securities held in the Funds are provided daily by recognized
independent pricing agents. If a security price cannot be obtained from an
independent, third-party pricing agent, the Funds seek to obtain a bid price
from at least one independent broker.
Securities for which market prices are not "readily available" are valued in
accordance with Fair Value Procedures established by the Trust's Board of
Trustees (the "Board"). The Trust's Fair Value Procedures are implemented
through a Fair Value Committee (the "Committee") designated by the Board. Some
of the more common reasons that may necessitate that a security be valued using
Fair Value Procedures include: the security's trading has been halted or
suspended; the security has been de-listed from a national exchange; the
security's primary trading market is temporarily closed at a time when, under
normal conditions, it would be open; or the security's primary pricing source is
not able or willing to provide a price. When a security is valued in accordance
with the Fair Value Procedures, the Committee will determine the value after
taking into consideration relevant information reasonably available to the
Committee.
For securities that principally trade on a foreign market or exchange, a
significant gap in time can exist between the time of a particular security's
last trade and the time at which a Fund calculates its net asset value. The
closing prices of such securities may no longer reflect their market value at
the time the Fund calculates net asset value if an event that could materially
affect the value of those securities (a "Significant Event') has occurred
between the time of the security's last close and the time that the Fund
calculates net asset value. A Significant Event may relate to a single issuer or
to an entire market sector. If the adviser or sub-adviser of a Fund becomes
aware of a Significant Event that has occurred with respect to a security or
group of securities after the closing of the exchange or market on which the
security or securities principally trade, but before the time at which the Fund
calculates net asset value, it may request that a Committee Meeting be called.
In addition, the Funds' administrator monitors price movements among certain
selected indices, securities and/or baskets of securities that may be an
indicator that the closing prices received earlier from foreign exchanges or
markets may not reflect market value at the time the Fund calculates net asset
value. If price movements in a monitored index or security exceed levels
established by the administrator, the administrator notifies the adviser or
sub-adviser for any Fund holding the relevant securities that such limits have
been exceeded. In such event, the adviser or sub-adviser makes the determination
whether a Committee Meeting should be called based on the information provided.
- --------------------------------------------------------------------------------
46 SEI Institutional International Trust / Annual Report / September 30, 2005
The International Equity Fund and Emerging Markets Equity Fund also use a
third-party fair valuation vendor. The vendor provides a fair value for foreign
securities held by these Funds based on certain factors and methodologies
(involving, generally, tracking valuation correlations between the U.S. market
and each non-U.S. security). Values from the fair value vendor are applied in
the event that there is a movement in the U.S. market that exceeds a specific
threshold that has been established by the Committee. The Committee has also
established a "confidence interval" which is used to determine the level of
historical correlation between the value of a specific foreign security and
movements in the U.S. market before a particular security will be fair valued
when the threshold is exceeded. In the event that the threshold established by
the Committee is exceeded on a specific day, the International Equity Fund and
Emerging Markets Equity Fund will value the non-U.S. securities in their
portfolios that exceed the applicable "confidence interval" based upon the
adjusted prices provided by the fair valuation vendor.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until maturity of the repurchase
agreements. Provisions of the repurchase agreements and the Trust's policies
require that the market value of the collateral, including accrued interest
thereon, is sufficient to cover principal and interest in the event of default
by the counterparty.
The Funds may also invest in tri-party repurchase agreements. Securities held as
collateral for tri-party repurchase agreements are maintained by the broker's
custodian bank in a segregated account until maturity of the repurchase
agreement. Provisions of the agreements require that the market value of the
collateral, including accrued interest thereon, is sufficient to cover principal
and interest in the event of default by the counterparty to the repurchase
agreement.
If the counterparty defaults and the value of the collateral declines, or if the
counterparty enters an insolvency proceeding, realization of the collateral by
the Funds may be delayed or limited.
FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis: (I) market value of investment securities, other
assets and liabilities are translated at the current rate of exchange; and (II)
purchases and sales of investment securities, income and expenses are translated
at the relevant rates of exchange prevailing on the respective dates of such
transactions.
For foreign equity securities, the Funds do not isolate that portion of gains
and losses on investment securities that is due to changes in the foreign
exchange rates from that which is due to changes in market prices of such
securities. The Funds do isolate the effect of fluctuations in foreign-currency
rates when determining the gain or loss upon sale or maturity of foreign
currency-denominated debt obligations for Federal income tax purposes.
The Funds report gains and losses on foreign-currency-related transactions as
realized and unrealized gains and losses for financial reporting purposes,
whereas such gains and losses are treated as ordinary income or loss for Federal
income tax purposes.
FORWARD FOREIGN CURRENCY CONTRACTS -- The Funds may enter into forward foreign
currency contracts as hedges against either specific transactions, fund
positions or anticipated fund positions. All commitments are "marked-to-market"
daily at the applicable foreign exchange rate, and any resulting unrealized
gains or losses are recorded currently. The Funds realize gains and losses at
the time forward contracts are extinguished. Unrealized gains or losses on
outstanding positions in forward foreign currency contracts held at the close of
the year are recognized as ordinary income or loss for federal income tax
purposes.
FUTURES CONTRACTS -- The International Equity Fund and the International Fixed
Income Fund utilized futures contracts during the year ended September 30, 2005.
The Funds' investment in these futures contracts is designed to enable the Funds
to more closely approximate the performance of their benchmark indices.
Initial margin deposits of cash or securities are made upon entering into
futures contracts. The contracts are "marked-to-market" daily and the resulting
changes in value are accounted for as unrealized gains and losses. Variation
margin payments are paid or received, depending upon whether unrealized losses
or gains are incurred. When the contract is closed, the Funds record a realized
gain or loss equal to the difference between the proceeds from (or cost of) the
closing transaction and the amount invested in the contract.
Risks related to futures contracts include the possibility that there may not be
a liquid market for the contracts, that the changes in the value of the contract
may not directly correlate with changes in the value of the underlying
securities, and that the counterparty to a contract may default on its
obligation to perform. The notional amount presented in the Schedule of
Investments in the International Equity Fund and the International Fixed Income
Fund represents the Fund's total exposure in such contracts, whereas only the
net unrealized appreciation (depreciation) is reflected in the Fund's net
assets.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 47
NOTES TO FINANCIAL STATEMENTS (Continued)
EQUITY-LINKED WARRANTS -- The International Equity and Emerging Markets Equity
Funds each may invest in equity-linked warrants. The Fund purchases the
equity-linked warrants from a broker, who in turn purchases shares in the local
market and issues a call warrant hedged on the underlying holding. If the Fund
exercises its call and closes its position, the shares are sold and the warrant
redeemed with the proceeds. Each warrant represents one share of the underlying
stocks, therefore the price, performance and liquidity of the warrant are all
directly linked to the underlying stock. The warrants can be redeemed for 100%
of the value of the underlying stock, less transaction costs. In addition to the
market risk of the underlying holding, the Fund bears additional counterparty
risk to the issuing broker. There is currently no active trading market for
equity-linked warrants.
SWAP AGREEMENTS -- A swap agreement is a two-party contract under which an
agreement is made to exchange returns from predetermined investments or
instruments, including a particular interest rate, foreign currency, or "basket"
of securities representing a particular index. Interest rate swaps involve the
exchange by a Fund with another party of their respective commitments to pay or
receive interest (e.g., an exchange of floating rate payments for fixed rate
payments) with respect to a notional amount of principal. Credit-default swaps
involve periodic payments by the Fund or counterparty based on a specified rate
multiplied by a notional amount assigned to an underlying debt instrument or
group of debt instruments in exchange for the assumption of credit risk on the
same instruments. In the event of a credit event, usually in the form of a
credit rating downgrade, the party receiving periodic payments (i.e. floating
rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to
the outstanding principal of the downgraded debt instrument, and also take
possession of the instrument. In connection with swap agreements securities may
be set aside as collateral by the Fund's custodian. A Fund may enter into swap
agreements in order to, among other things, change the maturity or duration of
the investment portfolio, to protect the Fund's value from changes in interest
rates, or to expose a Fund to a different security or market.
Swaps are marked-to-market daily based upon quotations from market makers and
the resulting changes in market values, if any, are recorded as an unrealized
gain or loss in the Statement of Operations. Net payments of interest are
recorded as realized gains or losses.
Entering into swap agreements involves, to varying degrees, elements of credit
and market risk in excess of the amounts recognized on the Statement of Assets
and Liabilities. Such risks involve the possibility that there will be no liquid
market for these agreements, that the counterparty to the agreement may default
on its obligation to perform and that there may be unfavorable changes in the
fluctuation of interest rates. Risks also arise from potential losses from
adverse market movements. In connection with outstanding credit-default swaps as
of September 30, 2005, the Fund has issued a loan in the amount of $6,350,000 to
the counterparty as collateral.
STRUCTURED NOTE -- The Emerging Market Debt Fund (the "Fund") has entered into
an agreement with JP Morgan Chase (the "Counterparty") which increases the
Fund's exposure to the Brazilian debt and currency markets. The Fund paid to the
Counterparty an amount equal to the U.S. Dollar equivalent of the market value
of certain Brazilian Government Securities of a par amount disclosed on the
Schedule of Investments under the heading "Structured Note" on the effective
date of the agreement. In return, the Fund is entitled to receive from the
Counterparty an amount in U.S. Dollars determined by the exchange rate between
the U.S. Dollar and Brazilian Real on the termination date of the agreement, or,
alternatively, under accelerated or early termination provisions (available to
the Fund at any time prior to the termination date), either, at the option of
the fund: a) specified Brazilian Government Securities of an equal aggregate par
amount; or b) an amount of Brazilian Reals determined by the exchange rate and
current market value of the reference Brazilian Government Securities (or under
limited conditions, an equivalent amount in U.S. Dollars as determined by the
exchange rate on the optional termination date). The risks involved with this
type of transaction include the risk that the Counterparty will not perform
under the terms of the agreement, the risk that a liquid market will not exist
for this type of instrument, in which case the value that the Fund would receive
in the event of the sale of this instrument could significantly differ from that
disclosed on the Schedule of Investments, and risks normally associated with
investments made in foreign securities markets as disclosed further in Note 6.
OPTION SELLING/PURCHASING -- The Funds may invest in financial options contracts
solely for the purpose of hedging their existing portfolio securities, or
securities that the Funds intend to purchase, against fluctuations in fair value
caused by changes in prevailing market interest rates. When the Fund sells or
purchases an option, an amount equal to the premium received or paid by the Fund
is recorded as a liability or an asset and is subsequently adjusted to the
current market value of the option written or purchased. Premiums received or
paid from purchasing or writing options which expire unexercised are treated by
the Fund on the expiration date as realized gains or losses. The difference
between the premium and the amount paid or received on effecting a closing
purchase or sale transaction,
- --------------------------------------------------------------------------------
48 SEI Institutional International Trust / Annual Report / September 30, 2005
including brokerage commissions, is also treated as a realized gain or loss. If
an option is exercised, the premium paid or received is added to the cost of the
purchase or proceeds from the sale in determining whether the Fund has realized
a gain or a loss on investment transactions.
DELAYED DELIVERY TRANSACTIONS -- Funds may purchase or sell securities on a
when-issued or delayed delivery basis. These transactions involve a commitment
by the Fund to purchase or sell securities for a predetermined price or yield,
with payment and delivery taking place beyond the customary settlement period.
When delayed delivery purchases are outstanding, the Fund will set aside liquid
assets in an amount sufficient to meet the purchase price. When purchasing a
security on a delayed delivery basis, the Fund assumes the rights and risks of
ownership of the security, including the risk of price and yield fluctuations,
and takes such fluctuations into account when determining its net asset value.
The Fund may dispose of or renegotiate a delayed delivery transaction after it
is entered into, and may sell when-issued securities before they are delivered,
which may result in a capital gain or loss. When the Fund has sold a security on
a delayed delivery basis, the Fund does not participate in future gains and
losses with respect to the security.
COLLATERALIZED DEBT OBLIGATIONS -- The Funds may invest in collateralized debt
obligations ("CDOs"), which include collateralized loan obligations ("CLOs") and
other similarly structured securities. CLOs are a type of asset-backed
securities. A CLO is a trust typically collateralized by a pool of loans, which
may include, among others, domestic and foreign senior secured loans, senior
unsecured loans, and subordinate corporate loans, including loans that may be
rated below investment grade or equivalent unrated loans. CDOs may charge
management fees and administrative expenses.
For CDOs, the cashflows from the trust are split into two or more portions,
called tranches, varying in risk and yield. The riskiest portion is the "equity"
tranche which bears the bulk of defaults from the bonds or loans in the trust
and serves to protect the other, more senior tranches from default in all but
the most severe circumstances. Since it is partially protected from defaults, a
senior tranche from a CDO trust typicallyhas a higher rating and lower yield
than their underlying securities, and can be rated investment grade. Despite the
protection from the equity tranche, CDO tranches can experience substantial
losses due to actual defaults, increased sensitivity to defaults due to
collateral default and disappearance of protecting tranches, market anticipation
of defaults, as well as aversion to CDO securities as a class.
The risks of an investment in a CDO depend largely on the type of the collateral
securities and the class of the CDO in which a Fund invests. Normally, CLOs and
other CDOs are privately offered and sold, and thus, are not registered under
the securities laws. As a result, investments in CDOs may be characterized by
the Funds as illiquid securities, however an active dealer market may exist for
CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the
normal risks associated with fixed income securities (e.g., interest rate risk
and default risk), CDOs carry additional risks including, but are not limited
to: (i) the possibility that distributions from collateral securities will not
be adequate to make interest or other payments; (ii) the quality of the
collateral may decline in value or default; (iii) the Funds may invest in CDOs
that are subordinate to other classes; and (iv) the complex structure of the
security may not be fully understood at the time of investment and may produce
disputes with the issuer or unexpected investment results.
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 Funds. Valuations of illiquid
securities may differ significantly from the values that would have been used
had an active market value for these securities existed.
CLASSES -- Class-specific expenses are borne by that class. Income, non-class
specific expenses, and realized and unrealized gains/losses are allocated to the
respective classes on the basis of relative daily net assets.
EXPENSES -- Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Trust are prorated to the
Funds on the basis of relative net assets.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Funds will distribute
substantially all of their net investment income and all net realized capital
gains, if any, at least annually. All dividends and distributions are recorded
on ex-dividend date.
OTHER -- Security transactions are accounted for on the trade date of the
security purchase or sale. Costs used in determining net realized capital gains
and losses on the sale of investment securities are those of the specific
securities sold. Purchase discounts and premiums on securities held by the Funds
are accreted and amortized to maturity using the scientific-interest method,
which approximates the effective interest method. Dividend income is recognized
on the ex-dividend date and interest income is recognized using the accrual
method.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 49
NOTES TO FINANCIAL STATEMENTS (Continued)
3. ADMINISTRATION, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER
TRANSACTIONS WITH AFFILIATES
The Trust and SEI Investments Fund Management (the "Administrator") are parties
to an amended and restated Administration and Transfer Agency Agreement dated
December 10, 2003 under which the Administrator provides administrative services
to the Funds for annual fees, based on the average daily net assets of the
respective funds, as presented below:
International Equity Fund 0.45%
Emerging Markets Equity Fund 0.65
International Fixed Income Fund 0.60
Emerging Markets Debt Fund 0.65
However, the Administrator has voluntarily agreed to waive its fee so that the
total annual expenses of each Fund will not exceed certain expense limitations
adopted by the Administrator as presented below. In the event that the total
annual expenses of a Fund, after reflecting a waiver of all fees by the
Administrator, exceed the specific limitation, the Administrator has agreed to
bear such excess. Any such waiver is voluntary and may be terminated at any time
at the Administrator's sole discretion. At September 30, 2005, the Administrator
is currently not waiving its fee.
- -------------------------------------------------------------------
International Emerging International Emerging
Equity Markets Equity Fixed Income Markets Debt
Fund Fund Fund Fund
- -------------------------------------------------------------------
Class A 1.28% 1.96% 1.01% 1.36%
Class I 1.53 -- -- --
Prior to July 1, 2005, the expense limitations adopted by the Administrator were
as follows:
- -------------------------------------------------------------------
International Emerging International Emerging
Equity Markets Equity Fixed Income Markets Debt
Fund Fund Fund Fund
- -------------------------------------------------------------------
Class A 1.28% 1.95% 1.00% 1.35%
Class I 1.53 -- -- --
During the period expenses related to a proxy conducted by the Trust were
charged to the Funds above the cap.
SEI Investments Management Corporation ("SIMC") acts as the Investment Adviser
for the Funds under an amended and restated Investment Advisory Agreement dated
December 17, 2002 under which SIMC receives annual fees, based on the average
daily net assets of the respective funds, as presented below:
International Equity Fund 0.505%
Emerging Markets Equity Fund 1.050
International Fixed Income Fund 0.150
Emerging Markets Debt Fund 0.850
However, SIMC has also voluntarily agreed to waive its fee so that the total
annual expenses of each Fund will not exceed certain expense limitations adopted
by the Adviser as presented above.
As of September 30, 2005, SIMC has entered into Investment Sub-Advisory
Agreements with the following parties:
- -------------------------------------------------------------
Date of
Investment Sub-Adviser Agreement
- -------------------------------------------------------------
INTERNATIONAL EQUITY FUND
Alliance Capital Management L.P. 07/01/03
Capital Guardian Trust Company 06/29/98
Fisher Investments, Inc. 07/01/03
Fuller & Thaler Asset Management, Inc. 07/15/05
McKinley Capital Management, Inc. 07/01/03
Morgan Stanley Investment Management Limited 12/10/03
Quantitative Management Associates LLC 06/30/05
EMERGING MARKETS EQUITY FUND
Alliance Capital Management L.P. 06/26/02
Citigroup Asset Management Ltd. 09/30/03
Emerging Markets Management, LLC 03/11/03
Rexiter Capital Management Limited 07/15/04
The Boston Company Asset
Management, LLC 09/18/00
INTERNATIONAL FIXED INCOME FUND
Bridgewater Associates, Inc. 01/05/05
Fischer Francis Trees and Watts, Inc. 12/17/02
EMERGING MARKETS DEBT FUND
Ashmore Investment Management Limited 03/17/03
Salomon Brothers Asset
Management, Inc. 06/30/97
Under the investment sub-advisory agreements, each party receives an annual fee,
paid by SIMC.
SEI Investments Distribution Co. (the "Distributor"), a wholly owned subsidiary
of SEI Investments Company ("SEI Investments") and a registered broker-dealer,
acts as the Distributor of the shares of the Trust under an amended and restated
Distribution Agreement dated September 16, 2002. The Trust has adopted plans
under which firms, including the Distributor, that provide shareholder and
administrative services may receive compensation therefrom. Specific classes of
- --------------------------------------------------------------------------------
50 SEI Institutional International Trust / Annual Report / September 30, 2005
certain funds have also adopted distribution plans, pursuant to Rule 12b-1 under
the Investment Company Act of 1940. Such plans provide fees payable to the
Distributor equal to the following amounts, calculated as a percentage of the
average daily net assets attributable to each particular class of each
respective fund.
- ---------------------------------------------------------------
Shareholder Administrative
Servicing Fees Servicing Fees
- ---------------------------------------------------------------
International Equity Fund
Class A 0.25% --
Class I 0.25% 0.25%
Emerging Markets Equity Fund
Class A 0.25% --
International Fixed Income Fund
Class A 0.25% --
Emerging Markets Debt Fund
Class A 0.25% --
The Distribution Agreement between the Distributor and the Trust
provides that the Distributor may receive compensation on fund
transactions effected for the Trust in accordance with the rules of the
Securities and Exchange Commission ("SEC"). Accordingly, it is expected that
fund transactions may result in brokerage commissions being paid to the
Distributor. The SEC rules require that such commissions not exceed usual and
customary commissions. For the year ended September 30, 2005, the Distributor
received no brokerage commissions.
Under both the Shareholder Servicing Plans and Administrative Service Plan, the
Distributor may retain as profit any difference between the fee it receives and
the amount it pays to third parties.
However, the Distributor has also voluntarily agreed to waive its fee so that
the total annual expenses of each Fund will not exceed certain expense
limitations adopted by the Distributor as presented above.
For the year ended September 30, 2005, the Distributor retained 100% of both
Shareholder Servicing fees, less the waiver, and Administration Servicing fees.
Certain Officers and/or Trustees of the Trust are also Officers and/or Directors
of SIMC or the Administrator. Compensation of affiliated Officers and Trustees
is paid by SIMC or the Administrator.
INVESTMENT IN AFFILIATED REGISTERED INVESTMENT COMPANY -- Pursuant to an
exemptive order issued by the Securities and Exchange Commission, the Funds may
invest in the SEI money market funds, provided that investments in the SEI money
market funds do not exceed 25% of the investing Fund's total assets.
FEES PAID INDIRECTLY -- The Funds may direct certain fund trades to the
Distributor who pays a portion of the Fund's expenses. Accordingly, the expenses
reduced, which were used to pay third party expenses, and the effect on the
Fund's expense ratio, as a percentage of the Fund's average daily net assets for
the year ended September 30, 2005, can be found on the Statement of Operations.
4. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale and maturity of
securities, other than short-term investments, during the
fiscal year ended September 30, 2005, were as follows:
- -------------------------------------------------------------
Purchases Sales
($ Thousands) ($ Thousands)
- -------------------------------------------------------------
International Equity Fund
US Gov't $ -- $ --
Other 2,342,390 2,486,152
Emerging Markets Equity Fund
US Gov't -- --
Other 778,157 899,345
International Fixed Income Fund
US Gov't 120,915 104,684
Other 990,026 999,030
Emerging Markets Debt Fund
US Gov't -- --
Other 854,841 634,759
5. FEDERAL TAX INFORMATION:
It is each 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 (including net capital gains). Accordingly, no provision for
Federal income taxes is required.
The Funds may be subject to taxes imposed by countries in which they invest with
respect to their investments in issuers existing or operating in such countries.
Such taxes are generally based on income earned. The Funds accrue such taxes
when the related income is earned.
Dividends from net investment income and distributions from net realized capital
gains are determined in accordance with U.S. Federal income tax regulations,
which may differ from those amounts determined under accounting principles
generally accepted in the United States of America. These differences, which may
result in distribution reclassifications, are primarily due to foreign currency
gains and losses, passive foreign investment companies gains and losses,
equalization, and prior year adjustments. These book/tax differences are either
temporary or permanent in nature. To the
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 51
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
Accordingly, the following permanent differences have been reclassified to/from
the following accounts as of September 30, 2005:
- --------------------------------------------------------------------------------
Undistributed Accumulated
Net Investment Realized Paid-in-
Income/(Loss) Gain/(Loss) Capital
($ Thousands) ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------
International Equity Fund $ 15,724 $(15,724) $ --
Emerging Markets Equity Fund (1,173) (12,088) 13,261
International Fixed Income Fund 26,811 (32,769) 5,958
Emerging Markets Debt Fund (3,286) (10,899) 14,185
The Emerging Markets Equity, International Fixed Income and Emerging Markets
Debt Funds utilized earnings and profits distributed to shareholders on
redemption of shares as part of the dividends paid deduction for income tax
purposes.
The tax character of dividends and distributions declared during the last two
fiscal years was as follows:
- --------------------------------------------------------------------
Long-Term
Ordinary Income Capital Gain Totals
($ Thousands) ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------
International
Equity Fund 2005 $62,889 $ -- $62,889
2004 23,821 -- 23,821
Emerging Markets
Equity Fund 2005 8,705 -- 8,705
2004 2,380 -- 2,380
International Fixed
Income Fund 2005 70,687 898 71,585
2004 76,253 4,645 80,898
Emerging Markets
Debt Fund 2005 51,738 12,766 64,504
2004 68,148 28,155 96,303
As of September 30, 2005, the components of Distributable Earnings/(Accumulated
Losses) were as follows:
- ------------------------------------------------------------------------------------------------------------------------
Post Total Distributable
Undistributed Undistributed Capital October Unrealized Other Earnings/
Ordinary Long-Term Loss Currency Appreciation/ Temporary (Accumulated
Income Capital Gain Carryforwards Losses (Depreciation) Differences Losses)
($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands)
- ------------------------------------------------------------------------------------------------------------------------
International
Equity Fund $72,017 $ -- $(380,448) $(3,766) $516,130 $ 29 $203,962
Emerging Markets
Equity Fund 8,381 78,220 -- -- 338,946 -- 425,547
International Fixed
Income Fund 36,650 10,945 -- -- 3,539 -- 51,134
Emerging Markets
Debt Fund 55,177 41,052 -- -- 98,363 -- 194,592
Post-October losses represent losses realized on investment or foreign currency
transactions from November 1, 2004 through September 30, 2005 that, in
accordance with Federal income tax regulations, the Funds defer and treat as
having arisen in the following fiscal year. For Federal income tax purposes,
capital loss carryforwards may be carried forward and applied against future
capital gains as follows:
- --------------------------------------------------------------------------------------------------------
Total Capital Total Capital
Loss Loss
Expires Expires Expires Carryforward Utilized
2012 2011 2010 9/30/05 9/30/05
($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands)
- --------------------------------------------------------------------------------------------------------
International Equity
Fund $22,929 $226,615 $130,904 $380,448 $348,248
Emerging Markets
Equity Fund -- -- -- -- 128,103
For tax purposes, the losses in the Funds can be carried forward for a maximum
of eight years to offset any net realized capital gains.
The Federal tax cost, aggregate gross unrealized appreciation and depreciation
on investment securities at September 30, 2005 for each Fund is as follows:
- -----------------------------------------------------------------------------------
Aggregate Aggregate
Gross Gross Net
Federal Unrealized Unrealized Unrealized
Tax Cost Appreciation Depreciation Appreciation
($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands)
- -----------------------------------------------------------------------------------
International Equity
Fund $3,384,011 $620,771 $(104,666) $516,105
Emerging Markets
Equity Fund 1,064,856 368,469 (28,405) 340,064
International Fixed
Income Fund 932,987 29,512 (24,234) 5,278
Emerging Markets
Debt Fund 1,239,149 104,124 (5,678) 98,446
6. INVESTMENT RISKS
Each Fund invests in securities of foreign issuers in various countries. These
investments may involve certain considerations and risks not typically
associated with investments in the United States, as a result of, among other
factors, the possibility of future political and economic developments and the
level of governmental supervision and regulation of securities markets in the
respective countries. The International Fixed Income Fund and Emerging Markets
Debt Fund invest in debt securities, the market value of which may change in
response to interest rate changes. Also, the ability of the issuers of debt
securities held by the International Fixed Income Fund and Emerging Markets Debt
Fund to meet their obligations may be affected by economic and political
developments in a specific country, industry or region.
- --------------------------------------------------------------------------------
52 SEI Institutional International Trust / Annual Report / September 30, 2005
Certain securities held by the Funds are valued on the basis of a price provided
by a principal market maker. The prices provided by the principal market makers
may differ from the value that would be realized if the securities were sold. At
September 30, 2005, the total value of these securities represented
approximately 9% of the net assets of the Emerging Markets Debt Fund.
Forward foreign currency contracts, futures contracts, and swap agreement
contracts involve risk of loss in excess of the amounts recognized in the
Statement of Assets and Liabilities to the extent of the contract amounts.
In the normal course of business, the Funds enter into contracts that provide
general indemnifications by the Fund to the counterparty to the contract. The
Funds' maximum exposure under these arrangements is dependent on future claims
that may be made against the Funds and, therefore, cannot be established;
however, based on experience, the risk of loss from such claim is considered
remote.
7. LOAN PARTICIPATIONS AND BRADY BONDS
The Emerging Markets Debt Fund (the "Fund") invests in U.S. dollar-denominated
fixed- and floating-rate loans ("Loans") arranged through private negotiations
between a foreign sovereign entity and one or more financial institutions
("Lenders"). The Fund invests in such Loans in the form of participations in
Loans ("Participations") or assignments of all or a portion of Loans from third
parties ("Assignments"). Participations typically result in the Fund having a
contractual relationship only with the Lender, not with the sovereign borrower.
The Fund has the right to receive payments of principal, interest and any fees
to which it is entitled from the Lender selling the Participation and only upon
receipt by the Lender of the payments from the borrower. In connection with
purchasing Participations, the Fund generally has no right to enforce compliance
by the borrower with the terms of the loan agreement relating to the Loan, nor
any rights of set-off against the borrower, and the Fund will not benefit
directly from any collateral supporting the Loan in which it has purchased the
Participation. As a result, the Fund assumes the credit risk of both the
borrower and the Lender that is selling the Participation.
Certain debt obligations, customarily referred to as "Brady Bonds," are created
through the exchange of existing commercial bank loans to foreign entities for
new obligations in connection with debt restructuring under a plan introduced by
former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only
been issued since 1989, and, accordingly, do not have a long payment history.
They are issued by governments that may have previously defaulted on the loans
being restructured by the Brady Bonds, so they are subject to the risk of
default by the issuer. They may be fully or partially collateralized or
uncollateralized and issued in various currencies.
8. SECURITIES LENDING
Each Fund may lend portfolio securities to brokers, dealers and other financial
organizations that meet capital and other credit requirements or other criteria
established by the Board. These loans may not exceed 331/3% of the total asset
value of the Fund (including the loan collateral). No Fund will lend portfolio
securities to its investment adviser, sub-adviser or their affiliates unless it
has applied for and received specific authority to do so from the SEC. Loans of
portfolio securities will be fully collateralized by cash. The value of the
collateral is at least equal to the market value of the securities loaned.
However, due to market fluctuations, the value of securities loaned on a
particular day may, during the course of the day, exceed the value of
collateral. On each business day, the amount of collateral is adjusted based on
the prior day's market fluctuations and the current day's lending activity.
Income from lending activity is determined by the amount of interest earned on
collateral, less any amounts payable to the borrowers of the securities and the
lending agent. Lending securities involves certain risks, including the risk
that the Fund may be delayed or prevented from recovering the collateral if the
borrower fails to return the securities.
Cash collateral received in connection with securities lending is invested in
short-term investments by the lending agent. These investments may include
repurchase agreements, which are collateralized by United States Treasury and
Government Agency securities, and high-quality, short-term instruments, such as
floating rate notes, commercial paper, and private placements with an average
weighted maturity not to exceed 60 days and a maturity date not to exceed 397
days.
9. OTHER
On September 30, 2005, the number of shareholders below held the following
percentage of the outstanding shares of the Funds.
- ---------------------------------------------------------------------------
Number of % of Outstanding
Shareholders Shares
- ---------------------------------------------------------------------------
International Equity Fund, Class A 1 81.46%
International Equity Fund, Class I 3 37.95
Emerging Markets Equity Fund, Class A 1 83.24
International Fixed Income Fund, Class A 1 88.40
Emerging Markets Debt Fund, Class A 1 64.48
These shareholders are comprised of omnibus accounts, which are held on behalf
of several individual shareholders.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 53
NOTES TO FINANCIAL STATEMENTS (Continued)
10. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Unaudited)
The Board has selected KPMG LLP (KPMG) to serve as the Trust's independent
registered public accounting firm for the Trust's fiscal year ended September
30, 2006. The decision to select KPMG was recommended by the Audit Committee and
was approved by the Board on September 21, 2005. During the Trust's fiscal years
ended September 30, 2005 and September 30, 2004, neither the Trust, its
portfolios nor anyone on their behalf consulted with KPMG LLP on items which (i)
concerned the application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that might be
rendered on the Trust's financial statements; or (ii) concerned the subject of a
disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K)
or reportable events (as described in paragraph (a)(1)(iv) of said Item 304).
The selection of KPMG does not reflect any disagreements with or dissatisfaction
by the Trust or the Board with the performance of the Trust's prior auditor. The
decision to replace PricewaterhouseCoopers LLP, the Trust's previous independent
registered public accounting firm, effective upon its completion of its audits
for the fiscal year ended September 30, 2005 and to select KPMG was recommended
by the Trust's Audit Committee and approved by the Funds' Board of Trustees.
PricewaterhouseCoopers LLP's report on the Trust's financial statements for the
fiscal years ended September 30, 2005 and September 30, 2004 contained no
adverse opinion or disclaimer of opinion nor were they qualified or modified as
to uncertainty, audit scope or accounting principles. During the Trust's fiscal
years ended September 30, 2005 and September 30, 2004, (i) there were no
disagreements with PricewaterhouseCoopers LLP on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of
PricewaterhouseCoopers LLP, would have caused it to make reference to the
subject matter of the disagreements in connection with its reports on the
Trust's financial statements for such years, and (ii) during the fiscal years
ended September 30, 2005 and September 30, 2004 none of the events enumerated in
paragraphs (1) (v) (B) through (D) of Item 304 (a) of Regulation S-K occurred.
As part of its report dated November 29, 2005 which is filed as an exhibit to
the Trust's most recent Form N-SAR filed with the SEC, PricewaterhouseCoopers
LLP advised management that management did not maintain effective internal
controls over the valuation and reporting of illiquid securities in the Emerging
Markets Debt Fund (the "Fund"). Illiquid securites, which comprise approximately
4.3% of net assets of the Fund, were not valued using readily available, current
market quotations or by employing a reasonable process for fair valuation at
September 30, 2005. This finding did not affect PricewaterhouseCoopers LLP's
opinion on these financial statements. The Board's decision to change the
Trust's auditors preceded the identification by PricewaterhouseCoopers LLP of
the foregoing internal control issue.
- --------------------------------------------------------------------------------
54 SEI Institutional International Trust / Annual Report / September 30, 2005
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
SEI Institutional International Trust
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, 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 International Equity Fund, Emerging
Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt
Fund (constituting SEI Institutional International Trust, hereafter referred to
as the "Trust") at September 30, 2005, 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
periods indicated, 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). Those standards
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 September 30, 2005, by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 29, 2005
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 55
TRUSTEES AND OFFICERS OF THE TRUST (UNAUDITED)
The following chart lists Trustees and Officers as of November 28, 2005.
Set forth below are the names, ages, 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 the 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 69 Trustee of The Advisors' Inner
One Freedom of the services on behalf of SEI Circle Fund, The Advisors'
Valley Drive, Board of Investments for which Mr. Inner Circle Fund II, Bishop
Oaks, PA 19456 Trustees* Nesher is compensated. Street Funds, Director of
59 yrs. old SEI Global Master Fund, plc, SEI
Global Assets Fund, plc, SEI
Global Investments Fund, plc,
SEI Investments Global, Limited,
SEI Investments -- Global Fund
Services, Limited, SEI
Investments (Europe), Limited,
SEI Investments -- Unit Trust
Management (UK), Limited, SEI
Global Nominee Ltd., SEI
Absolute Return Master Fund,
L.P., SEI Absolute Return Fund,
L.P., SEI Opportunity Master
Fund, L.P., SEI Opportunity
Fund, L.P. and SEI
Multi-Strategy Funds plc.
- --------------------------------------------------------------------------------------------------------------------------------
William M. Doran Trustee* since 1982 Self-employed consultant since 69 Trustee of The Advisors' Inner
1701 Market Street 2003. Partner, Morgan, Lewis & Circle Fund, The Advisors'
Philadelphia, PA Bockius LLP (law firm) from 1976 Inner Circle Fund II, Director
19103 to 2003, counsel to the Trust, of SEI Investments since 1974.
65 yrs. old SEI Investments, SIMC, the Director of the Distributor
Administrator and the Distributor. since 2003. Director of SEI
Secretary of SEI Investments Investments -- Global Fund
since 1978. Services, Limited, SEI
Investments Global, Limited, SEI
Investments (Europe), Limited,
SEI Investments (Asia), Limited
and SEI Asset Korea Co., Ltd.
- --------------------------------------------------------------------------------------------------------------------------------
TRUSTEES
- --------
F. Wendell Gooch Trustee since 1982 Retired 69 Trustee of STI Classic Funds
One Freedom and STI Classic Variable Trust.
Valley Drive,
Oaks, PA 19456
72 yrs. old
- --------------------------------------------------------------------------------------------------------------------------------
James M. Storey Trustee since 1995 Attorney, sole practitioner 69 Trustee of The Advisors' Inner
One Freedom since 1994. Partner, Dechert Circle Fund, The Advisors'
Valley Drive, Price & Rhoads, September 1987- Inner Circle Fund II,
Oaks, PA 19456 December 1993. Massachusetts Health and
74 yrs. old Education Tax-Exempt Trust, and
U.S. Charitable Gift Trust.
- --------------------------------------------------------------------------------------------------------------------------------
<FN>
*MESSRS. NESHER AND DORAN ARE TRUSTEES WHO MAY BE DEEMED AS "INTERESTED"
PERSONS OF THE TRUST AS THAT TERM IS DEFINED IN THE 1940 ACT BY VIRTUE OF THEIR
AFFILIATION WITH SIMC AND THE TRUST'S 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, SEIINSTITUTIONAL INVESTMENTS TRUST,
SEI INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI
LIQUID ASSET TRUST AND SEI TAX EXEMPT TRUST.
</FN>
- --------------------------------------------------------------------------------
56 SEI Institutional International Trust / Annual Report / September 30, 2005
- ------------------------------------------------------------------------------------------------------------------------------------
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)
- --------
George J. Sullivan, Jr. Trustee since 1996 Self-Employed Consultant, Newfound 69 Trustee of The Advisors' Inner
One Freedom Consultants Inc. since April 1997. Circle Fund, The Advisors'
Valley Drive Inner Circle Fund II, State
Oaks, PA 19456 Street Navigator Securities
63 yrs. old 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.
- ------------------------------------------------------------------------------------------------------------------------------------
Rosemarie B. Greco Trustee since 1999 Director, Governor's Office of 69 Director, Sonoco, Inc.; Director,
One Freedom` Health Care Reform, Commonwealth of ExelonCorporation; Trustee,
Valley Drive Pennsylvania since 2003. Founder Pennsylvania Real Estate
Oaks, PA 19456 and Principal, Grecoventures Ltd. Investment Trust.
59 yrs. old from 1999 to 2002.
- ------------------------------------------------------------------------------------------------------------------------------------
Nina Lesavoy Trustee since 2003 Managing Partner, Cue Capital since 69 SEI Absolute Return Master
One Freedom March 2002, Managing Partner and Fund, L.P., SEI Absolute Return
Valley Drive, Head of Sales, Investorforce, March Fund, L.P., SEI Opportunity
Oaks, PA 19456 2000-December 2001; Global Partner Master Fund, L.P., and SEI
48 yrs. old working for the CEO, Invesco Capital, Opportunity Fund, L.P.
January 1998-January 2000. Head of
Sales and Client Services,
Chancellor Capital and later
LGT Asset Management, 1986-2000.
- ------------------------------------------------------------------------------------------------------------------------------------
James M. Williams Trustee since 2004 Vice President and Chief Investment 69 SEI Absolute Return Master
One Freedom Officer, J. Paul Getty Trust, Non- Fund, L.P., SEI Absolute Return
Valley Drive, Profit Foundation for Visual Arts, Fund, L.P., SEI Opportunity
Oaks, PA 19456 since December 2002. President, Master Fund, L.P., and SEI
58 yrs. old Harbor Capital Advisors and Harbor Opportunity Fund, L.P.
Mutual Funds, 2000-2002. Manager,
Pension Asset Management, Ford
Motor Company, 1997-1999.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- --------
Edward D. Loughlin President since 1982 Executive Vice President and N/A N/A
One Freedom & CEO President - Asset Management
Valley Drive, Division of SEI Investments since
Oaks, PA 19456 1993. Director and President of
54 yrs. old SIMC since 2004. Chief Executive
Officer of the Administrator and
Director of the Distributor since
2003. Executive Vice President of
SIMC, 1999-2004.
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen F. Panner Controller since 2005 Fund Accounting Director of the N/A N/A
One Freedom and Chief Administrator, 2005-Present. Fund
Valley Drive, Financial Administration Manager, Old Mutual
Oaks, PA 19456 Officer Fund Services, 2000-2005. Chief
35 yrs. old Financial Officer, Controller and
Treasurer, PBHG Funds and PBHG
Insurance Series Fund, 2004-2005.
Assistant Treasurer, PBHG Funds
and PBHG Insurance Series Fund,
2000-2004. Assistant Treasurer,
Old Mutual Fund Advisors Fund,
2004-2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy D. Barto Vice since 2002 General Counsel, Vice President N/A N/A
One Freedom President and Secretary of SIMC and the
Valley Drive and Administrator since 2004. Vice
Oaks, PA 19456 Secretary President and Assistant Secretary
37 yrs. old of SEI Investments since 2001.
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.
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 57
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
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS (CONTINUED)
- --------------------
Sofia A. Rosala Vice since 2004 Vice President and Assistant Secretary of N/A N/A
One Freedom President SIMC and the Administrator since 2005.
Valley Drive and Compliance Officer of SEI Investments
Oaks, PA 19456 Assistant September 2001-2004. Account and
31 yrs. old Secretary Product Consultant, SEI Private Trust
Company, 1998-2001.
- ------------------------------------------------------------------------------------------------------------------------------------
Philip T. Masterson Vice since 2004 Vice President and Assistant Secretary of N/A N/A
One Freedom President SIMC since 2005. General Counsel,
Valley Drive and Citco Mutual Fund Services, 2003-2004.
Oaks, PA 19456 Assistant Vice President and Associate Counsel,
41 yrs. old Secretary OppenheimerFunds, 2001-2003.
Vice President and Assistant Counsel,
Oppenheimer Funds, 1997-2001.
- ------------------------------------------------------------------------------------------------------------------------------------
James Ndiaye Vice since 2005 Vice President and Assistant Secretary of N/A N/A
One Freedom President SIMC since 2005. Vice President,
Valley Drive and Deutsche Asset Management (2003-2004).
Oaks, PA 19456 Assistant Associate, Morgan, Lewis & Bockius LLP
36 yrs. old Secretary (2000-2003). Assistant Vice President,
ING Variable Annuities Group (1999-2000).
- ------------------------------------------------------------------------------------------------------------------------------------
Michael T. Pang Vice since 2005 Vice President and Assistant Secretary of N/A N/A
One Freedom President SIMC since 2005. Counsel, Caledonian
Valley Drive and Bank & Trust's Mutual Funds Group (2004).
Oaks, PA 19456 Assistant Counsel, Permal Asset Management
33 yrs. old Secretary (2001-2004). Associate, Schulte, Roth &
Zabel's Investment Management Group
(2000-2001). Staff Attorney, U.S. SEC's
Division of Enforcement, Northeast Regional
Office (1997-2000).
- ------------------------------------------------------------------------------------------------------------------------------------
John J. McCue Vice since 2004 Director of Portfolio Implementations for N/A N/A
One Freedom President SIMC since 1995. Managing Director
Valley Drive of Money Market Investments for
Oaks, PA 19456 SIMC since 2003.
42 yrs. old
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas D. Jones, III Chief since 2004 Chief Compliance Officer and 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
40 yrs. old (Americas) from 2003-2004. Director,
Merrill Lynch Investment Managers
(Americas), 2001-2002. Vice President,
Merrill Lynch Investment Managers
(Americas), 1998-2000.
- ------------------------------------------------------------------------------------------------------------------------------------
Nicole Welch Anti-Money since 2005 Assistant Vice President and Anti-Money N/A N/A
One Freedom Laundering Laundering Compliance Coordinator of
Valley Drive Compliance SEI Investments since 2005. Compliance
Oaks, PA 19456 Officer Analyst, TD Waterhouse (2004). Senior
27 yrs. old Compliance Analyst, UBS Financial Services
(2002-2004). Knowledge Management
Analyst, PriceWaterhouseCoopers Consulting
(2000-2002).
- ------------------------------------------------------------------------------------------------------------------------------------
<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, SEIINSTITUTIONAL INVESTMENTS TRUST, SEI
INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI LIQUID
ASSET TRUST AND SEI TAX EXEMPT TRUST.
</FN>
- --------------------------------------------------------------------------------
58 SEI Institutional International Trust / Annual Report / September 30, 2005
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
Disclosure of Fund Expenses (Unaudited)
All mutual funds have operating expenses. As a shareholder of a 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 the fund's gross income and
directly reduce your final investment return. These expenses are expressed as a
percentage of the fund's average net assets; this percentage is known as the
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 on this page 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
actual 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 "Expense Paid During Period" column
with those that appear in the same charts in the shareholder reports for other
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 ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
4/1/05 9/30/05 RATIOS PERIOD*
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class A $1,000.00 $1,103.60 1.24% $ 6.54
Class I $1,000.00 $1,101.85 1.49% $ 7.85
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,018.85 1.24% $ 6.28
Class I $1,000.00 $1,017.60 1.49% $ 7.54
- --------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class A $1,000.00 $1,218.70 1.95% $10.85
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,015.29 1.95% $ 9.85
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
4/1/05 9/30/05 RATIOS PERIOD*
- --------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class A $1,000.00 $ 958.30 1.00% $4.91
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,020.05 1.00% $5.06
- --------------------------------------------------------------------------------
EMERGING MARKETS DEBT FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class A $1,000.00 $1,123.70 1.35% $7.19
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,018.30 1.35% $6.83
- --------------------------------------------------------------------------------
*EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE
AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 183/365 (TO REFLECT THE
ONE-HALF YEAR PERIOD SHOWN).
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 59
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
Board of Trustees Considerations in Approving
the Funds' Investment Advisory and Sub-Advisory
Agreements (Unaudited)
The SEI Institutional International Trust ("the Trust") and SEI Investments
Management Corporation ("SIMC") have entered into an investment advisory
agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC
oversees the investment advisory services provided to each series of the Trust
(each, a "Fund" and, collectively, the "Funds") and may manage the cash portion
of the Funds' assets. Pursuant to a separate sub-advisory agreement (the
"Sub-Advisory Agreement" and, together with the Advisory Agreement, the
"Investment Advisory Agreements") with SIMC, and under the supervision of SIMC
and the Trust's Board of Trustees (the "Board"), the Sub-Advisers are
responsible for the day-to-day investment management of all or a discrete
portion of the assets of the Funds. The Sub-Advisers also are responsible for
managing their employees who provide services to these Funds. The Sub-Advisers
are selected based primarily upon the research and recommendations of SIMC,
which evaluates quantitatively and qualitatively each Sub-Adviser's skills and
investment results in managing assets for specific asset classes, investment
styles and strategies.
The Investment Company Act of 1940, as amended (the "1940 Act") requires that
the initial approval of, as well as the continuation of, each Fund's Investment
Advisory Agreements must be specifically approved: (i) by the vote of the Board
of Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote
of a majority of the Trustees who are not parties to the Investment Advisory
Agreements or "interested persons" of any party (the "Independent Trustees"),
cast in person at a meeting called for the purpose of voting on such approval.
In connection with their consideration of such approvals, the Fund's Trustees
must request and evaluate, and SIMC and the Sub-Advisers are required to
furnish, such information as may be reasonably necessary to evaluate the terms
of the Investment Advisory Agreements. In addition, the Securities and Exchange
Commission ("SEC") takes the position that, as part of their fiduciary duties
with respect to a mutual fund's fees, mutual fund boards are required to
evaluate the material factors applicable to a decision to approve an Investment
Advisory Agreement.
Consistent with these responsibilities, the Trust's Board of Trustees calls and
holds meetings each year that are dedicated to considering whether to renew the
Investment Advisory Agreements between the Trust and SIMC and SIMC and each of
the Sub-Advisers with respect to the Funds of the Trust. In preparation for
these meetings, the Board requests and reviews a wide variety of materials
provided by SIMC and the Sub-Advisers, including information about SIMC's and
the Sub-Advisers' affiliates, personnel and operations. The Board also receives
extensive data provided by third parties. This information is in addition to the
detailed information about the Funds that the Board reviews during the course of
each year, including information that relates to Fund operations and Fund
performance. The Trustees also receive a memorandum from Fund counsel and
independent counsel to the Independent Trustees regarding the responsibilities
of Trustees in connection with their consideration of whether to approve the
Trust's Investment Advisory Agreements. Finally, the Independent Trustees
receive advice from independent counsel to the Independent Trustees, meet in
executive session outside the presence of Fund management and participate in
question and answer sessions with representatives of SIMC and the Sub-Advisers.
Specifically, the Board requested and received written materials from SIMC and
each Sub-Adviser regarding: (a) the quality of SIMC's and the Sub-Advisers'
investment management and other services; (b) SIMC's and the Sub-Advisers'
investment management personnel; (c) SIMC's and the Sub-Advisers' operations and
financial condition; (d) SIMC's and the Sub-Advisers' brokerage practices
(including any soft dollar arrangements) and investment strategies; (e) the
level of the advisory fees that SIMC and each Sub-Adviser charges a Fund
compared with the fees each charges to comparable mutual funds; (f) a Fund's
overall
- --------------------------------------------------------------------------------
60 SEI Institutional International Trust / Annual Report / September 30, 2005
fees and operating expenses compared with similar mutual funds; (g) the level of
SIMC's and each Sub-Adviser's profitability from its Fund-related operations;
(h) SIMC's and the Sub-Advisers' compliance systems; (i) SIMC's and the
Sub-Advisers' policies on and compliance procedures for personal securities
transactions; (j) SIMC's and the Sub-Advisers' reputation, expertise and
resources in domestic and/or international financial markets; and (k) each
Fund's performance compared with similar mutual funds.
At the December 9, 2004, March 9, 2005, June 23, 2005, and September 21, 2005
meetings of the Board of Trustees, the Trustees, including a majority of the
Independent Trustees, approved the Investment Advisory Agreements and approved
the selection of SIMC and the Sub-Advisers to act in their respective capacities
for the Funds. The Board's approval was based on its consideration and
evaluation of a variety of specific factors discussed at the meetings and at
prior meetings, including:
o the nature, extent and quality of the services provided to the Funds under
the Investment Advisory Agreements, including the resources of SIMC and the
Sub-Advisers and their affiliates dedicated to the Funds;
o each Fund's investment performance and how it compared to that of other
comparable mutual funds;
o each Fund's expenses under each Investment Advisory Agreement and how those
expenses compared to those of other comparable mutual funds;
o the profitability of SIMC and the Sub-Advisers and their affiliates with
respect to each Fund, including both direct and indirect benefits accruing
to SIMC and the Sub-Advisers and their affiliates; and
o the extent to which economies of scale would be realized as the Funds grow
and whether fee levels in the Investment Advisory Agreements reflect those
economies of scale for the benefit of Fund investors.
NATURE, EXTENT AND QUALITY OF SERVICES. The Board of Trustees considered the
nature, extent and quality of the services provided by SIMC and the Sub-Advisers
to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates
dedicated to the Funds. In this regard, the Trustees evaluated, among other
things, SIMC's and the Sub-Advisers' personnel, experience, track record and
compliance program. Following evaluation, the Board concluded that, within the
context of its full deliberations, the nature, extent and quality of services
provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and
the Sub-Advisers and their affiliates dedicated to the Funds supported renewal
of the Investment Advisory Agreements.
FUND PERFORMANCE. The Board of Trustees considered Fund performance in
determining whether to renew the Investment Advisory Agreements. Specifically,
the Trustees considered each Fund's performance relative to its peer group and
appropriate indices/benchmarks, in light of total return, yield and market
trends. As part of this review, the Trustees considered the composition of the
peer group and selection criteria. In evaluating performance, the Trustees
considered both market risk and shareholder risk expectations for a given Fund.
Following evaluation, the Board concluded that, within the context of its full
deliberations, the performance of the Funds supported renewal of the Investment
Advisory Agreements.
FUND EXPENSES. With respect to the Funds' expenses under the Investment Advisory
Agreements, the Trustees considered the rate of compensation called for by the
Investment Advisory Agreements and each Fund's net operating expense ratio in
comparison to those of other comparable mutual funds. The Trustees also
considered information about average expense ratios of comparable mutual funds
in each Fund's respective peer group. Finally, the Trustees considered the
effects of SIMC's voluntary waiver of management and other fees and the
Sub-Advisers' fees to prevent total Fund expenses from exceeding a specified cap
and that SIMC and the Sub-Advisers, through waivers, have maintained the Funds'
net operating expenses at competitive levels for their respective distribution
channels. Following evaluation, the Board concluded that, within the context of
its full deliberations, the expenses of the Funds are reasonable and supported
renewal of the Investment Advisory Agreements.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 61
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2005
PROFITABILITY. With regard to profitability, the Trustees considered all
compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly
or indirectly. The Trustees considered whether the varied levels of compensation
and profitability under the Investment Advisory Agreements and other service
agreements were reasonable and justified in light of the quality of all services
rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. Based
on this evaluation, the Board concluded that, within the context of its full
deliberations, the profitability of SIMC and the Sub-Advisers is reasonable and
supported renewal of the Investment Advisory Agreements.
ECONOMIES OF SCALE. The Trustees considered the existence of any economies of
scale and whether those were passed along to a Fund's shareholders through a
graduated investment advisory fee schedule or other means, including any fee
waivers by SIMC and its affiliates. Based on this evaluation, the Board
concluded that, within the context of its full deliberations, the Funds obtain
reasonable benefit from economies of scale.
Based on the Trustees' deliberation and their evaluation of the information
described above, the Board, including all of the Independent Trustees,
unanimously approved the continuation of the Investment Advisory Agreements and
concluded that the compensation under the Investment Advisory Agreements is fair
and reasonable in light of such services and expenses and such other matters as
the Trustees considered to be relevant in the exercise of their reasonable
judgment. In the course of their deliberations, the Trustees did not identify
any particular information that was all-important or controlling.
- --------------------------------------------------------------------------------
62 SEI Institutional International Trust / Annual Report / September 30, 2005
Notice to Shareholders (Unaudited)
For shareholders that do not have a September 30, 2005 taxable year end, this
notice is for informational purposes only. For shareholders with a September 30,
2005 taxable year end, please consult your tax advisor as to the pertinence of
this notice.
For the fiscal year ended September 30, 2005 the Funds of the SEI Institutional
International Trust are designating the following items with regard to
distributions paid during the year:
- --------------------------------------------------------------------------------
Qualifying
Long Term Ordinary Dividend
Capital Gains Income Income (15%
Distributions Distributions Tax Rate
Fund (Tax Basis) (Tax Basis) Total for QDI) (1)
- --------------------------------------------------------------------------------
International Equity 0% 100% 100% 47.89%
Emerging Markets Equity 44.31% 55.69% 100% 89.76%
International Fixed Income 2.51% 97.49% 100% 0%
Emerging Markets Debt 23.12% 76.88% 100% 0%
The Funds intend to pass through foreign tax credit to shareholders. For the
fiscal year ended September 30, 2005, the amount of foreign source income and
foreign tax credit are as follows:
- --------------------------------------------------------------------------------
Foreign Tax
Foreign Source Credit Pass
Fund Income Through
- --------------------------------------------------------------------------------
International Equity $53,453,864 $ 454,940
Emerging Markets Equity 14,086,789 3,897,541
(1) The percentage in this column represents the amount of "Qualifying Dividend
Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of
2003 and is reflected as a percentage of "Ordinary Income Distributions." It
is the intention of each of the aforementioned Funds to designate the
maximum amount permitted by law.
The information reported herein may differ from the information and
distributions taxable to the shareholders for the calendar year ending
December 31, 2005. Complete information will be computed and reported in
conjunction with your 2005 Form 1099-DIV.
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 63
Shareholder Voting Results (Unaudited)
At a special meeting held on October 27, 2004, the shareholders of the SEI
Institutional International Trust voted on the proposals listed below. The
results of the voting were as follows:
PROPOSAL 1: To elect Trustees of the Trust
% OF
NUMBER OF OUTSTANDING % OF SHARES
SHARES SHARES PRESENT
--------------- ----------- -----------
Rosemarie B. Greco
Affirmative 259,381,368.116 50.349% 98.949%
Withhold 2,754,416.559 0.535% 1.051%
TOTAL 262,135,784.675 50.884% 100.000%
Nina Lesavoy
Affirmative 259,482,370.901 50.369% 98.988%
Withhold 2,653,413.774 0.515% 1.012%
TOTAL 262,135,784.675 50.884% 100.000%
James M. Williams
Affirmative 259,565,852.619 50.385% 99.020%
Withhold 2,569,932.056 0.499% 0.980%
TOTAL 262,135,784.675 50.884% 100.000%
PROPOSAL 2: To approve eliminating or reclassifying certain fundamental policies and restrictions for all Funds.
INTERNATIONAL EQUITY FUND
4(a) Fundamental Policies Regarding Diversification
Affirmative 135,608,978.341 48.717% 96.007%
Against 992,254.964 0.356% 0.702%
Abstain 1,864,068.783 0.670% 1.320%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
4(b) Fundamental Policy Regarding Concentration
Affirmative 135,418,258.371 48.648% 95.872%
Against 1,140,413.673 0.410% 0.807%
Abstain 1,906,630.044 0.685% 1.350%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
4(c) Fundamental Policies Regarding Borrowing and Senior Securities
Affirmative 135,088,443.906 48.530% 95.638%
Against 1,405,826.145 0.505% 0.995%
Abstain 1,971,032.037 0.708% 1.396%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
- --------------------------------------------------------------------------------
64 SEI Institutional International Trust / Annual Report / September 30, 2005
% OF
NUMBER OF OUTSTANDING % OF SHARES
SHARES SHARES PRESENT
--------------- ----------- -----------
4(d) Fundamental Policy Regarding Lending
Affirmative 135,043,211.952 48.513% 95.606%
Against 1,456,619.885 0.524% 1.031%
Abstain 1,965,470.251 0.706% 1.392%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities
Affirmative 135,365,447.108 48.629% 95.834%
Against 1,216,022.717 0.437% 0.861%
Abstain 1,883,832.263 0.677% 1.334%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
4(i) Fundamental Policy Regarding Underwriting and Securities
Affirmative 135,142,395.084 48.549% 95.676%
Against 1,378,639.556 0.495% 0.976%
Abstain 1,944,267.448 0.699% 1.377%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
4(n) Fundamental Policy Regarding Investment in Oil and Gas
Affirmative 135,298,730.160 48.605% 95.787%
Against 1,211,545.116 0.435% 0.858%
Abstain 1,955,026.812 0.703% 1.384%
Broker Non-votes 2,784,326.000 1.000% 1.971%
TOTAL 141,249,628.088 50.743% 100.000%
EMERGING MARKETS EQUITY FUND
4(a) Fundamental Policies Regarding Diversification
Affirmative 47,280,221.514 50.516% 89.897%
Against 448,202.001 0.479% 0.853%
Abstain 3,964,181.757 4.236% 7.537%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
4(b) Fundamental Policy Regarding Concentration
Affirmative 47,197,191.186 50.427% 89.740%
Against 535,726.935 0.573% 1.018%
Abstain 3,959,687.151 4.231% 7.529%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 65
Shareholder Voting Results (Unaudited) (Continued)
% OF
NUMBER OF OUTSTANDING % OF SHARES
SHARES SHARES PRESENT
--------------- ----------- -----------
4(c) Fundamental Policies Regarding Borrowing and Senior Securities
Affirmative 47,087,945.170 50.311% 89.532%
Against 639,784.700 0.683% 1.216%
Abstain 3,964,875.402 4.237% 7.539%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
4(d) Fundamental Policy Regarding Lending
Affirmative 47,062,000.670 50.283% 89.483%
Against 647,170.226 0.691% 1.230%
Abstain 3,983,434.376 4.257% 7.575%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities
Affirmative 47,130,506.197 50.356% 89.613%
Against 601,092.424 0.642% 1.143%
Abstain 3,961,006.651 4.233% 7.531%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
4(i) Fundamental Policy Regarding Underwriting and Securities
Affirmative 47,136,962.328 50.363% 89.625%
Against 581,126.437 0.621% 1.105%
Abstain 3,974,516.507 4.247% 7.557%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
4(n) Fundamental Policy Regarding Investment in Oil and Gas
Affirmative 47,106,647.592 50.331% 89.567%
Against 606,080.213 0.647% 1.153%
Abstain 3,979,877.467 4.253% 7.567%
Broker Non-votes 900,897.000 0.963% 1.713%
TOTAL 52,593,502.272 56.193% 100.000%
INTERNATIONAL FIXED INCOME FUND
4(b) Fundamental Policies Regarding Concentration
Affirmative 35,157,389.491 46.430% 88.671%
Against 3,233,603.385 4.270% 8.156%
Abstain 435,339.000 0.575% 1.098%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
- --------------------------------------------------------------------------------
66 SEI Institutional International Trust / Annual Report / September 30, 2005
% OF
NUMBER OF OUTSTANDING % OF SHARES
SHARES SHARES PRESENT
--------------- ----------- -----------
4(c) Fundamental Policies Regarding Borrowing and Senior Securities
Affirmative 35,044,103.491 46.280% 88.386%
Against 3,312,443.385 4.375% 8.354%
Abstain 469,785.000 0.620% 1.185%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(d) Fundamental Policy Regarding Lending
Affirmative 35,024,397.491 46.254% 88.336%
Against 3,336,604.385 4.407% 8.415%
Abstain 465,330.000 0.614% 1.174%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(e) Fundamental Policy Regarding Pledging and Mortgaging of Fund Assets
Affirmative 35,119,826.491 46.380% 88.577%
Against 3,251,421.385 4.294% 8.200%
Abstain 455,084.000 0.601% 1.148%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(f) Fundamental Policy Regarding Control of an Issuer
Affirmative 35,166,546.491 46.442% 88.694%
Against 3,209,616.385 4.239% 8.095%
Abstain 450,169.000 0.594% 1.135%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities
Affirmative 35,191,028.491 46.474% 88.756%
Against 3,192,632.385 4.216% 8.052%
Abstain 442,671.000 0.585% 1.117%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(h) Fundamental Policy Regarding Short Sales
Affirmative 35,094,866.491 46.347% 88.514%
Against 3,264,870.385 4.312% 8.234%
Abstain 466,595.000 0.616% 1.177%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 67
Shareholder Voting Results (Unaudited) (Continued)
% OF
NUMBER OF OUTSTANDING % OF SHARES
SHARES SHARES PRESENT
--------------- ----------- -----------
4(i) Fundamental Policy Regarding Underwriting and Securities
Affirmative 35,166,566.491 46.442% 88.694%
Against 3,254,937.385 4.298% 8.210%
Abstain 404,828.000 0.535% 1.020%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(j) Fundamental Policy Regarding Investments in Securities of Other Investment Companies
Affirmative 35,176,464.491 46.455% 88.719%
Against 3,233,984.385 4.271% 8.157%
Abstain 415,883.000 0.549% 1.048%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(k) Eliminate Policy Regarding the Investing in Issuers when Securities are Owned by Officers and Trustees
Affirmative 34,537,476.491 45.611% 87.108%
Against 3,863,987.385 5.103% 9.745%
Abstain 424,868.000 0.561% 1.072%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(l) Fundamental Policy Regarding Investments in "Unseasoned Issuers"
Affirmative 35,125,753.491 46.388% 88.591%
Against 3,285,313.385 4.339% 8.286%
Abstain 415,265.000 0.548% 1.047%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(n) Fundamental Policy Regarding Investment in Oil and Gas
Affirmative 35,250,487.491 46.553% 88.906%
Against 3,162,257.385 4.176% 7.976%
Abstain 413,587.000 0.546% 1.043%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
4(o) Fundamental Policy Regarding Investments in Illiquid and Restricted Securities
Affirmative 35,090,779.491 46.342% 88.503%
Against 3,269,511.385 4.318% 8.246%
Abstain 466,041.000 0.615% 1.176%
Broker Non-votes 822,803.000 1.087% 2.075%
TOTAL 39,649,134.876 52.362% 100.000%
- --------------------------------------------------------------------------------
68 SEI Institutional International Trust / Annual Report / September 30, 2005
% OF
NUMBER OF OUTSTANDING % OF SHARES
SHARES SHARES PRESENT
--------------- ----------- -----------
EMERGING MARKETS DEBT FUND
4(b) Fundamental Policies Regarding Concentration
Affirmative 37,834,067.936 56.060% 96.653%
Against 637,471.604 0.944% 1.628%
Abstain 270,771.826 0.402% 0.692%
Broker Non-votes 402,078.000 0.596% 1.027%
TOTAL 39,144,389.366 58.001% 100.000%
4(c) Fundamental Policies Regarding Borrowing and Senior Securities
Affirmative 37,797,026.989 56.005% 96.558%
Against 681,070.855 1.009% 1.740%
Abstain 264,213.522 0.392% 0.675%
Broker Non-votes 402,078.000 0.596% 1.027%
TOTAL 39,144,389.366 58.001% 100.000%
4(d) Fundamental Policy Regarding Lending
Affirmative 37,783,870.468 55.985% 96.524%
Against 685,623.241 1.016% 1.752%
Abstain 272,817.657 0.405% 0.696%
Broker Non-votes 402,078.000 0.596% 1.027%
TOTAL 39,144,389.366 58.001% 100.000%
4(g) Fundamental Policy Regarding Purchase of Real Estate and Commodities
Affirmative 37,812,861.626 56.028% 96.598%
Against 662,915.732 0.983% 1.694%
Abstain 266,534.008 0.395% 0.680%
Broker Non-votes 402,078.000 0.596% 1.027%
TOTAL 39,144,389.366 58.001% 100.000%
4(i) Fundamental Policy Regarding Underwriting of Securities
Affirmative 38,065,873.919 56.403% 97.245%
Against 402,659.726 0.597% 1.028%
Abstain 273,777.721 0.406% 0.700%
Broker Non-votes 402,078.000 0.596% 1.027%
TOTAL 39,144,389.366 58.001% 100.000%
4(n) Fundamental Policy Regarding Investment in Oil and Gas
Affirmative 37,816,164.725 56.033% 96.607%
Against 667,071.914 0.989% 1.704%
Abstain 259,074.727 0.384% 0.662%
Broker Non-votes 402,078.000 0.596% 1.027%
TOTAL 39,144,389.366 58.001% 100.000%
- --------------------------------------------------------------------------------
SEI Institutional International Trust / Annual Report / September 30, 2005 69
Notes
Notes
Notes
Notes
Notes
Notes
Notes
SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 2005
Robert A. Nesher, CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
James M. Storey
George J. Sullivan, Jr.
Rosemarie B. Greco
Nina Lesavoy
James M. Williams
OFFICERS
Edward D. Loughlin
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Stephen F. Panner
CONTROLLER AND CHIEF FINANCIAL OFFICER
Timothy D. Barto
VICE PRESIDENT, SECRETARY
Sofia A. Rosala
VICE PRESIDENT, ASSISTANT SECRETARY
Philip T. Masterson
VICE PRESIDENT, ASSISTANT SECRETARY
James Ndiaye
VICE PRESIDENT, ASSISTANT SECRETARY
Michael T. Pang
VICE PRESIDENT, ASSISTANT SECRETARY
John J. McCue
VICE PRESIDENT
Thomas D. Jones, III
CHIEF COMPLIANCE OFFICER
Nicole Welch
ANTI-MONEY LAUNDERING COMPLIANCE OFFICER
INVESTMENT ADVISER
SEI Investments Management Corporation
ADMINISTRATOR
SEI Investments Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
LEGAL COUNSEL
Morgan, Lewis & Bockius 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 SEI Funds are not deposits or
obligations of, or guaranteed or endorsed by, any bank. The shares are not
federally insured by the Federal Deposit Insurance Corporation (FDIC), the
Federal Reserve Board, or any other government agency. Investment in the shares
involves risk, including the possible loss of principal.
FOR MORE INFORMATION CALL
1 800 DIAL SEI
(1 800 342 5734)
SEI INVESTMENTS
[BACKGROUND GRAPHIC OMITTED]
SEI Investments Distribution Co.
Oaks, PA 19456
1 800-DIAL-SEI (1 800 342 5734)
SEI-F-018 (9/05)
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the 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.
For each of the last two years, the aggregate fees for which
PricewaterhouseCoopers LLP (PwC) billed the Trust for services rendered to the
Trust were as follows:
- ------------------ ----------------------------------------------------- -----------------------------------------------------
2005 2004
- ------------------ ----------------------------------------------------- -----------------------------------------------------
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 $115,710 N/A $0 $104,520 N/A $0
Fees(1)
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(b) Audit- $0 $34,645(4) $0 $0 $268,657(3) $0
Related
Fees
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(c) Tax Fees $0 $0 $0 $0 $0 $0
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(d) All $0 $0 $0 $0 $0 $0
Other
Fees(2)
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Notes:
(1) Audit fees include amounts related to the audit of the registrant's
annual financial statements and services normally provided PwC in
connection with statutory and regulatory filings.
(2) Non-audit fees include amounts related to advisory services provided
for an analysis of expense classifications for the registrant and
advisory services provided for benchmarking and best practice study
results for Mutual Fund operations.
(3) Includes fees for: examination of the design of SEI's Anti Money
Laundering Program framework; 404 Readiness Assistance for SEI; and
procedures related to the requirement to perform an independent audit
pursuant to Section 352 of the USA PATRIOT Act for the SEI Funds.
(4) Includes fees for 404 Readiness Assistance for SEI.
(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:
------------------------- ----------------- ----------------
2005 2004
------------------------- ----------------- ----------------
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 LLP for the last two fiscal years were $0 and $0
for 2005 and 2004, respectively.
(h) Not Applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to open-end investment management companies.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable.
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. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable. Effective for closed-end management investment companies for
fiscal years ending on or after December 31, 2005
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT COMPANY AND
AFFILIATED PURCHASERS.
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Trust has a standing Nominating Committee (the "Committee") currently
consisting of the Independent Trustees. The Committee is responsible for
evaluating and recommending nominees for election to the Trust's Board of
Trustees (the "Board"). Pursuant to the Committee's Charter, adopted on June
18th 2004, the Committee will review all shareholder recommendations for
nominations to fill vacancies on the Board if such recommendations are submitted
in writing and addressed to the Committee at the Trust's office.
ITEM 11. 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. Based on their evaluation, and except as
discussed below, the certifying officers have concluded that 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. In
connection with its audit of the Trust's financial statements for the period
ended September 30, 2005, PricewaterhouseCoopers LLP has advised management that
management did not maintain effective internal control over the valuation and
reporting of illiquid securities in the SEI Institutional International Trust
Emerging Markets Debt Fund. PricewaterhouseCoopers LLP's internal control
report, which discussed this matter, is filed as an Exhibit to the Trust's most
recent Form N-SAR.
(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 have materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
ITEMS 12. 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 Institutional International Trust
By (Signature and Title)* /s/ Edward D. Loughlin
---------------------------------
Edward D. Loughlin, President & CEO
Date: December 2, 2005
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, President & CEO
Date: December 2, 2005
By (Signature and Title)* /s/ Stephen F. Panner
----------------------------------
Stephen F. Panner, Controller & CFO
Date: December 2, 2005
* Print the name and title of each signing officer under his or her signature.