-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HfOcUtu9gqCMHRP8BwZeye2sJT0oPN+At8jwysOI8k6fwBDItZodMerqSNCjc4IR TCrd7CV5Foozh6PU8mmBRQ== 0000935069-03-001077.txt : 20030826 0000935069-03-001077.hdr.sgml : 20030826 20030826113339 ACCESSION NUMBER: 0000935069-03-001077 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030826 EFFECTIVENESS DATE: 20030826 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INSURANCE PRODUCTS TRUST CENTRAL INDEX KEY: 0001075858 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09183 FILM NUMBER: 03865756 BUSINESS ADDRESS: STREET 1: 1800 M STREET N W CITY: WASHINGTON STATE: DC ZIP: 20036 BUSINESS PHONE: 2024677811 MAIL ADDRESS: STREET 1: 1800 M STREET N W CITY: WASHINGTON STATE: DC ZIP: 20036 N-CSR 1 siptcombsar6_03.txt SEI INSURANCE PROD TRUST SAR 6_03 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-CSR -------- CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER 811-7257 SEI INSURANCE PRODUCTS TRUST (Exact name of registrant as specified in charter) -------- 1 Freedom Valley Drive Oaks, PA 19456 (Address of principal executive offices) (Zip code) SEI Investments 1 Freedom Valley Drive Oaks, PA 19456 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-342-5734 DATE OF FISCAL YEAR END: DECEMBER 31,2003 DATE OF REPORTING PERIOD: JUNE 30,2003 ITEM 1. REPORTS TO STOCKHOLDERS. [SEI Logo omitted] [Background graphic omitted] Semi-Annual Report as of June 30, 2003 (Unaudited) SEI Insurance Products Trust SEI VP Large Cap Value Fund SEI VP Large Cap Growth Fund SEI VP Small Cap Value Fund SEI VP Small Cap Growth Fund SEI VP International Equity Fund SEI VP Emerging Markets Equity Fund SEI VP Core Fixed Income Fund SEI VP High Yield Bond Fund SEI VP Emerging Markets Debt Fund SEI VP Prime Obligation Fund TABLE OF CONTENTS - ------------------------------------------------------------ Statements of Net Assets/Schedules of Investments 1 - ------------------------------------------------------------ Statements of Assets and Liabilities 33 - ------------------------------------------------------------ Statements of Operations 34 - ------------------------------------------------------------ Statements of Changes in Net Assets 36 - ------------------------------------------------------------ Financial Highlights 40 - ------------------------------------------------------------ Notes to Financial Statements 42 - ------------------------------------------------------------ STATEMENT OF NET ASSETS (Unaudited) SEI VP Large Cap Value Fund June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- COMMON STOCK -- 94.3% AEROSPACE & DEFENSE -- 2.7% Alliant Techsystems* 32 $ 2 Boeing 7,886 271 General Dynamics 669 49 General Motors-Hughes Electronics* 1,649 21 Goodrich 11,445 240 Honeywell International 3,144 84 Lockheed Martin 1,044 50 Northrop Grumman 657 57 Raytheon 1,555 51 Rockwell Collins 6,632 163 Textron 435 17 United Technologies 1,063 75 -------- 1,080 -------- AIR TRANSPORTATION -- 0.2% Delta Air Lines 408 6 FedEx 696 43 Southwest Airlines 961 17 -------- 66 -------- APPAREL/TEXTILES -- 0.1% Jones Apparel Group* 455 13 Liz Claiborne 407 14 Mohawk Industries* 129 7 Polo Ralph Lauren 151 4 VF 311 11 -------- 49 -------- AUTOMOTIVE -- 2.0% American Axle & Manufacturing Holdings* 104 2 ArvinMeritor 238 5 Autoliv 9,699 263 BorgWarner 101 6 Dana 563 7 Delphi 11,015 95 Ford Motor 6,660 73 General Motors 7,851 283 Harsco 154 6 ITT Industries 21 1 Lear* 237 11 O'Reilly Automotive* 33 1 Paccar 416 28 Visteon 288 2 -------- 783 -------- BANKS -- 16.3% AmSouth Bancorp 1,329 29 Associated Banc 261 10 Astoria Financial 9,893 276 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Bancorpsouth 293 $ 6 Bank of America 14,573 1,152 Bank of Hawaii 229 8 Bank of New York 2,331 67 Bank One 4,326 161 Banknorth Group 616 16 BB&T 1,785 61 BOK Financial* 64 2 Capitol Federal Financial 79 2 Charter One Financial 852 27 City National 154 7 Colonial BancGroup 470 7 Comerica 3,763 175 Commerce Bancorp 23 1 Commerce Bancshares 223 9 Compass Bancshares 481 17 Cullen/Frost Bankers 195 6 Downey Financial 80 3 First Bank of Puerto Rico 52 1 First Midwest Bancorp 176 5 First Tennessee National 450 20 First Virginia Banks 275 12 FirstMerit 292 7 FleetBoston Financial 3,982 118 FNB 174 5 Fulton Financial 399 8 Golden West Financial 2,972 238 Greenpoint Financial 7,000 357 Hibernia, Cl A 594 11 Hudson City Bancorp 163 4 Hudson United Bancorp 154 5 Huntington Bancshares 865 17 Independence Community Bank 184 5 IndyMac Bancorp 191 5 International Bancshares 99 -- JP Morgan Chase 26,691 912 Keycorp 6,901 174 M&T Bank 253 21 Marshall & Ilsley 857 26 Mellon Financial 930 26 Mercantile Bankshares 261 10 National City 9,891 324 National Commerce Financial 774 17 New York Community Bancorp 167 5 North Fork Bancorporation (NY Shares) 432 15 Northern Trust 680 28 Old National Bancorp 240 6 Park National 44 5 Peoples Bank Bridgeport 96 3 PNC Financial Services Group 1,072 52 Popular 355 14 Provident Financial Group 158 4 Regions Financial 3,741 126 Roslyn Bancorp 268 6 Sky Financial Group 330 7 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 1 STATEMENT OF NET ASSETS (Unaudited) SEI VP Large Cap Value Fund (Continued) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- SouthTrust 1,155 $ 31 Sovereign Bancorp 988 15 State Street 1,125 44 SunTrust Banks 935 55 Synovus Financial 102 2 TCF Financial 114 5 Trustmark 184 5 Union Planters 752 23 UnionBanCal 7,197 298 United Bankshares 135 4 US Bancorp 7,269 178 Valley National Bancorp 272 7 Wachovia 7,749 310 Washington Federal 265 6 Washington Mutual 11,523 476 Webster Financial 173 7 Wells Fargo 5,969 301 Westamerica Bancorporation 92 4 Whitney Holding 151 5 Wilmington Trust 250 7 Zions Bancorporation 341 17 -------- 6,441 -------- BEAUTY PRODUCTS -- 0.7% Alberto-Culver, Cl B 142 7 Avon Products 750 46 Colgate-Palmolive 220 13 Dial 144 3 Estee Lauder, Cl A 26 1 Gillette 1,481 47 International Flavors & Fragrances 96 3 Procter & Gamble 1,770 158 -------- 278 -------- BIOTECHNOLOGY -- 0.0% Human Genome Sciences* 245 3 ICOS* 114 4 Invitrogen* 141 6 Protein Design Labs* 95 1 -------- 14 -------- BROADCASTING, NEWSPAPERS & ADVERTISING -- 3.1% AOL Time Warner* 16,381 264 Avaya* 1,442 9 Belo, Cl A 268 6 Cablevision Systems, Cl A* 46 1 Ciena* 805 4 Clear Channel Communications* 1,062 45 Comcast* 4,535 137 Comverse Technology* 285 4 COX Communications, Cl A* 608 19 COX Radio, Cl A* 54 1 Entercom Communications* 12 1 Entravision Communications, Cl A* 94 1 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Fox Entertainment Group, Cl A* 373 $ 11 Gannett 1,017 78 Gemstar-TV Guide International* 699 4 Hearst-Argyle Television* 115 3 Hispanic Broadcasting* 43 1 InterActiveCorp* 385 15 Interpublic Group 1,393 19 Knight-Ridder 268 18 Lamar Advertising* 56 2 Lee Enterprises 168 6 Liberty Media, Cl A* 6,174 71 McClatchy, Cl A 67 4 McGraw-Hill 96 6 McleodUSA* 2,030 -- Media General, Cl A 61 4 Meredith 51 2 New York Times, Cl A 190 9 NTL* 165 6 Polycom* 224 3 Radio One, Cl D* 167 3 Reader's Digest Association 301 4 RR Donnelley & Sons 8,700 227 Scholastic* 101 3 Tellabs* 936 6 Tribune 646 31 UnitedGlobalCom, Cl A* 285 2 Valassis Communications* 154 4 Viacom, Cl B* 3,548 155 Washington Post, Cl B 14 10 XM Satellite Radio Holdings, Cl A* 370 4 -------- 1,203 -------- BUILDING & CONSTRUCTION -- 2.1% Centex 3,953 307 Clayton Homes 224 3 DR Horton 380 11 Florida Rock Industries 62 3 Hovnanian Enterprises, Cl A* 38 2 KB Home 152 9 Lafarge North America 3,421 106 Lennar, Cl A 175 12 Martin Marietta Materials 184 6 Masco 1,220 29 MDC Holdings 65 3 Pulte Homes 5,285 326 Ryland Group 95 7 Toll Brothers* 166 5 Vulcan Materials 340 13 -------- 842 -------- CHEMICALS -- 2.3% Ashland 5,658 174 Cabot 221 6 Church & Dwight 41 1 - -------------------------------------------------------------------------------- 2 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Cytec Industries* 146 $ 5 Dow Chemical 3,117 97 E.I. Du Pont de Nemours 3,364 140 Eastman Chemical 5,493 174 Engelhard 434 11 FMC* 2,000 45 Lubrizol 5,395 167 Lyondell Chemical 479 6 Monsanto 990 21 PPG Industries 643 33 Rohm & Haas 598 19 Scotts, Cl A* 67 3 Sigma-Aldrich 147 8 -------- 910 -------- COMMERCIAL SERVICES -- 0.7% BearingPoint* 431 4 Blyth 123 3 Brink's 9,100 133 Cendant* 2,973 54 Convergys* 489 8 Danaher 28 2 DoubleClick* 104 1 Fluor 290 10 Harte-Hanks 27 1 Interactive Data* 69 1 Jacobs Engineering Group* 26 1 Manpower 84 3 Quintiles Transnational* 249 4 Rockwell Automation 626 15 Sabre Holdings 502 12 Service International* 1,129 4 ServiceMaster 1,131 12 Viad 173 4 Worthington Industries 140 2 -------- 274 -------- COMMUNICATIONS EQUIPMENT -- 0.3% ADC Telecommunications* 1,675 4 Advanced Fibre Communication* 192 3 American Tower, Cl A* 402 4 Corning* 2,332 17 Crown Castle International* 174 1 Harris 174 5 Motorola 5,181 49 PanAmSat* 111 2 Scientific-Atlanta 531 13 Sirius Satellite Radio* 3,345 6 -------- 104 -------- COMPUTERS & SERVICES -- 5.0% 3Com* 1,375 6 Affiliated Computer Services, Cl A* 53 2 Apple Computer* 1,385 27 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Autodesk 398 $ 6 Avocent* 28 1 BISYS Group* 29 1 Brocade Communications Systems* 382 2 Cadence Design Systems* 753 9 Ceridian* 225 4 Checkfree* 127 4 Computer Sciences* 5,473 209 Diebold 274 12 Electronic Data Systems 13,108 281 Emulex* 88 2 GTECH Holdings* 24 1 Hewlett-Packard 16,758 357 Imation 135 5 International Business Machines 3,072 254 Jabil Circuit* 65 1 Maxtor* 19,767 149 NCR* 9,226 236 Reynolds & Reynolds, Cl A 6,200 177 Storage Technology* 245 6 Sun Microsystems* 12,226 56 Symbol Technologies 109 1 Unisys* 295 4 VeriSign* 215 3 WebMD* 165 2 Western Digital* 13,500 139 -------- 1,957 -------- CONTAINERS & PACKAGING -- 0.5% Ball 32 2 Bemis 178 8 Owens-Illinois* 11,304 156 Packaging of America* 220 4 Pactiv* 273 5 Smurfit-Stone Container* 928 12 Sonoco Products 347 8 -------- 195 -------- DATA PROCESSING -- 0.0% Acxiom* 80 1 Automatic Data Processing 127 5 Global Payments 6 -- -------- 6 -------- DRUGS -- 2.6% Andrx* 62 1 Bristol-Myers Squibb 3,662 99 ICN Pharmaceuticals 12,560 211 King Pharmaceuticals* 658 10 Merck 9,338 565 Millennium Pharmaceuticals* 561 9 Neurocrine Biosciences* 61 3 Schering-Plough 5,562 104 Watson Pharmaceuticals* 355 14 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 3 STATEMENT OF NET ASSETS (Unaudited) SEI VP Large Cap Value Fund (Continued) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Wyeth 593 $ 27 -------- 1,043 -------- ELECTRICAL SERVICES -- 5.8% Allete 326 9 Alliant Energy 352 7 Ameren 611 27 American Electric Power 1,496 45 American Power Conversion* 626 10 Calpine* 1,349 9 Carlisle 116 5 Centerpoint Energy 3,925 32 Cinergy 667 25 Consolidated Edison 846 37 Constellation Energy Group 626 21 Dominion Resources 1,215 78 DPL 478 8 DQE 283 4 DTE Energy 636 25 Duke Energy 3,412 68 Edison International* 21,676 356 Energy East 552 11 Entergy 855 45 Exelon 4,228 253 FirstEnergy 1,045 40 FPL Group 5,094 341 Great Plains Energy 262 8 Hawaiian Electric Industries 141 6 Hubbell, Cl B 189 6 MDU Resources Group 281 9 Mirant* 1,537 4 Molex 55 2 NiSource 992 19 Northeast Utilities 8,379 140 NSTAR 202 9 OGE Energy 300 6 Pepco Holdings 594 11 PG&E* 9,149 194 Pinnacle West Capital 3,315 124 PPL 663 29 Progress Energy 812 36 Public Service Enterprise Group 855 36 Puget Energy 355 8 Reliant Resources* 3,302 20 SCANA 420 14 Southern 2,733 85 TECO Energy 669 8 Texas Genco Holdings 57 1 TXU 1,220 27 Wisconsin Energy 441 13 WPS Resources 122 5 Xcel Energy 1,509 23 -------- 2,299 -------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- ELECTRONICS -- 0.3% Agilent Technologies* 1,691 $ 33 Arrow Electronics* 290 4 Avnet* 453 6 AVX 198 2 Energizer Holdings* 1,723 54 L-3 Communications Holdings* 138 6 Sanmina-SCI* 1,072 7 Solectron* 1,649 6 Tektronix* 234 5 Vishay Intertechnology* 604 8 -------- 131 -------- ENTERTAINMENT -- 0.4% Brunswick 320 8 Hasbro 527 9 International Speedway, Cl A 25 1 Metro-Goldwyn-Mayer* 292 4 Regal Entertainment Group, Cl A 91 2 Walt Disney 5,779 114 -------- 138 -------- ENVIRONMENTAL SERVICES -- 0.1% Allied Waste Industries* 385 4 Republic Services* 575 13 Waste Management 998 24 -------- 41 -------- FINANCIAL SERVICES -- 8.2% AG Edwards 212 7 Allied Capital 12,228 282 American Capital Strategies 208 5 American Express 1,114 47 AmeriCredit* 373 3 Bear Stearns 5,475 397 Capital One Financial 272 13 CIT Group 750 19 Citigroup 27,693 1,185 Countrywide Credit Industry 5,566 387 Deluxe 4,809 215 E*TRADE Group* 647 6 Equifax 102 3 Franklin Resources 622 24 Freddie Mac 2,033 103 Friedman Billings Ramsey Group, Cl A 42 1 Goldman Sachs Group 1,078 90 Instinet Group* 465 2 Janus Capital Group 906 15 Jefferies Group 72 4 LaBranche 140 3 Legg Mason 37 2 Lehman Brothers Holdings 919 61 MBNA 1,040 22 - -------------------------------------------------------------------------------- 4 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Merrill Lynch 3,510 $ 164 Morgan Stanley Dean Witter 3,673 157 Neuberger Berman 17 1 Providian Financial* 586 5 Raymond James Financial 147 5 Student Loan 16 2 T Rowe Price Group 114 4 -------- 3,234 -------- FOOD, BEVERAGE & TOBACCO -- 5.5% Adolph Coors, Cl B 1,998 98 Albertson's 10,186 196 Altria Group 15,165 689 Archer-Daniels-Midland 1,963 25 Brown-Forman, Cl B 123 10 Campbell Soup 473 12 Coca-Cola 1,193 55 Coca-Cola Enterprises 620 11 ConAgra Foods 2,033 48 Constellation Brands, Cl A* 232 7 Dean Foods* 511 16 Del Monte Foods* 371 3 General Mills 680 32 Hershey Foods 149 10 HJ Heinz 776 26 Hormel Foods 281 7 JM Smucker 188 7 Kellogg 474 16 Kraft Foods, Cl A 1,042 34 Kroger* 2,857 48 Lancaster Colony 103 4 Loews 151 4 McCormick 184 5 Pepsi Bottling Group 105 2 PepsiAmericas 11,220 141 PepsiCo 742 33 RJ Reynolds Tobacco Holdings 3,319 123 Ruddick 4,000 63 Sara Lee 1,739 33 Smithfield Foods* 313 7 Supervalu 10,906 233 Tootsie Roll Industries 83 3 Tyson Foods, Cl A 11,289 120 UST 633 22 Winn-Dixie Stores 316 4 Wm. Wrigley Jr. 104 6 -------- 2,153 -------- GAS/NATURAL GAS -- 1.2% AGL Resources 240 6 Air Products & Chemicals 861 36 Airgas 226 4 Dynegy, Cl A* 1,047 4 El Paso 2,270 18 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- KeySpan 596 $ 21 Kinder Morgan 69 4 National Fuel Gas 248 6 Nicor 2,368 88 Oneok 338 7 Peoples Energy 137 6 Piedmont Natural Gas 118 5 Praxair 428 26 Questar 313 10 Sempra Energy 6,792 194 UGI 159 5 Vectren 257 6 Western Gas Resources 67 3 WGL Holdings 184 5 Williams 1,959 15 -------- 469 -------- HAND/MACHINE TOOLS -- 0.1% Illinois Tool Works 339 22 Snap-On 221 7 Stanley Works 250 7 -------- 36 -------- HOTELS & LODGING -- 0.2% Harrah's Entertainment* 155 6 Hilton Hotels 647 8 Mandalay Resort Group 78 3 Marriott International, Cl A 322 13 MGM Mirage* 176 6 Park Place Entertainment* 1,078 10 Starwood Hotels & Resorts Worldwide 536 15 Wynn Resorts* 58 -- -------- 61 -------- HOUSEHOLD PRODUCTS, FURNITURE & FIXTURES -- 1.0% Clorox 262 11 Ethan Allen Interiors 124 4 Fortune Brands 550 29 Furniture Brands International* 175 5 La-Z-Boy 200 5 Leggett & Platt 459 9 Newell Rubbermaid 371 10 Whirlpool 4,895 312 -------- 385 -------- INSURANCE -- 6.0% Aetna 332 20 Aflac 709 22 Alleghany* 13 2 Allstate 9,366 334 AMBAC Financial Group 2,291 152 American Financial Group 128 3 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 5 STATEMENT OF NET ASSETS (Unaudited) SEI VP Large Cap Value Fund (Continued) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- American International Group 4,259 $ 235 American National Insurance 39 3 AON 964 23 Chubb 702 42 Cigna 2,931 138 Cincinnati Financial 516 19 CNA Financial* 84 2 Erie Indemnity, Cl A 91 4 Fidelity National Financial 473 15 First American 254 7 Hartford Financial Services Group 968 49 HCC Insurance Holdings 142 4 Humana* 612 9 Jefferson-Pilot 538 22 John Hancock Financial Services 1,094 34 Leucadia National 153 6 Lincoln National 672 24 Loews 4,993 236 Markel* 20 5 MBIA 545 27 Mercury General 98 4 Metlife 1,185 34 MGIC Investment 274 13 Mony Group 165 4 Nationwide Financial Services, Cl A 213 7 Odyssey Re Holdings 46 1 Old Republic International 7,657 262 Pacificare Health Systems* 133 7 PMI Group 7,137 192 Principal Financial Group 1,099 35 Protective Life 240 6 Prudential Financial 2,089 70 Radian Group 321 12 Reinsurance Group of America 74 2 Safeco 490 17 St. Paul 795 29 Stancorp Financial Group 2,310 121 Torchmark 440 16 Transatlantic Holdings 74 5 Travelers Property Casualty, Cl A 181 3 Travelers Property Casualty, Cl B 3,565 56 Unitrin 171 5 UnumProvident 1,089 15 Wesco Financial 6 2 WR Berkley 156 8 -------- 2,363 -------- LEASING & RENTING -- 0.0% Rent-A-Center* 15 1 Ryder System 218 6 -------- 7 -------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- MACHINERY -- 2.0% AGCO* 268 $ 5 Ametek 66 2 Caterpillar 1,304 73 Crane 195 4 Cummins 5,130 184 Deere 907 41 Donaldson 19 1 Dover 621 19 Eaton 282 22 Emerson Electric 1,336 68 Johnson Controls 2,338 200 National-Oilwell* 128 3 Pall 81 2 Parker Hannifin 447 19 Pentair 166 6 SPX* 244 11 Tecumseh Products, Cl A 3,400 130 Teleflex 132 6 Thermo Electron* 485 10 -------- 806 -------- MEDICAL PRODUCTS & SERVICES -- 0.8% AmerisourceBergen 199 14 Anthem* 318 25 Apogent Technologies* 326 7 Bausch & Lomb 4,488 168 Becton Dickinson 199 8 C.R. Bard 21 1 Community Health Systems* 100 2 HCA 388 12 Health Net* 123 4 Henry Schein* 56 3 Hillenbrand Industries 128 6 Laboratory of America Holdings* 44 1 McKesson 446 16 Omnicare 153 5 Renal Care Group* 76 3 Steris* 14 -- Tenet Healthcare* 1,451 17 Triad Hospitals* 158 4 Universal Health Services, Cl B* 16 1 WellChoice* 73 2 WellPoint Health Networks* 34 3 -------- 302 -------- METALS & MINING -- 0.7% Alcoa 3,200 82 Aptargroup 128 5 Newmont Mining 508 16 Peabody Energy 118 4 Phelps Dodge* 175 7 Precision Castparts 200 6 Southern Peru Copper 30 -- - -------------------------------------------------------------------------------- 6 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Timken 8,908 $ 156 -------- 276 -------- OFFICE/BUSINESS EQUIPMENT -- 1.1% 3M 169 22 Avery Dennison 55 2 HON Industries 127 4 IKON Office Solutions 16,950 151 Pitney Bowes 290 11 Steelcase, Cl A 159 2 Xerox* 23,710 251 -------- 443 -------- PAINT & RELATED PRODUCTS -- 0.1% RPM International 439 6 Sherwin-Williams 467 12 Valspar 180 8 -------- 26 -------- PAPER & PAPER PRODUCTS -- 0.6% Boise Cascade 147 3 Bowater 195 7 Georgia-Pacific 947 18 International Paper 1,814 65 Kimberly-Clark 1,341 70 MeadWestvaco 759 19 Rayonier 158 5 Temple-Inland 176 8 Weyerhaeuser 830 45 -------- 240 -------- PETROLEUM & FUEL PRODUCTS -- 8.6% Amerada Hess 4,071 200 Anadarko Petroleum 4,331 193 Apache 612 40 Baker Hughes 293 10 Burlington Resources 760 41 Chesapeake Energy 123 1 ChevronTexaco 8,446 610 ConocoPhillips 2,570 141 Cooper Cameron* 16 1 Devon Energy 874 47 Diamond Offshore Drilling 101 2 ENSCO International 360 10 Equitable Resources 237 10 ExxonMobil 32,392 1,163 Grant Prideco* 24 -- Halliburton 154 4 Helmerich & Payne 189 6 Kerr-McGee 382 17 Key Energy Services* 128 1 Marathon Oil 11,873 313 Murphy Oil 289 15 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Newfield Exploration* 86 $ 3 Noble Energy 130 5 Occidental Petroleum 12,236 410 Pioneer Natural Resources* 394 10 Pogo Producing 234 10 Premcor* 127 3 Pride International* 230 4 Rowan* 149 3 Smith International* 65 2 Sunoco 1,090 41 Tidewater 118 3 Unocal 977 28 Valero Energy 433 16 Varco International* 101 2 Westport Resources* 89 2 XTO Energy 279 6 -------- 3,373 -------- PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 0.7% Eastman Kodak 9,385 257 -------- RAILROADS -- 1.6% Burlington Northern Santa Fe 11,511 328 CSX 809 24 Norfolk Southern 1,476 28 Union Pacific 4,462 259 -------- 639 -------- REAL ESTATE -- 0.0% Catellus Development* 331 7 Forest City Enterprises, Cl A 110 5 LNR Property 47 2 -------- 14 -------- REAL ESTATE INVESTMENT TRUSTS -- 1.1% AMB Property 285 8 Annaly Mortgage Management 356 7 Apartment Investment & Management, Cl A 355 12 Archstone-Smith Trust 690 17 Arden Realty 215 6 AvalonBay Communities 233 10 Boston Properties 263 12 BRE Properties, Cl A 174 6 Camden Property Trust 127 4 CarrAmerica Realty 196 5 CBL & Associates Properties 79 3 Centerpoint Properties Trust 87 5 Chelsea Property Group 95 -- Cousins Properties 92 3 Crescent Real Estate Equity 297 5 Developers Diversified Realty 286 8 Duke Realty 512 14 Equity Office Properties Trust 1,525 41 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 7 STATEMENT OF NET ASSETS (Unaudited) SEI VP Large Cap Value Fund (Concluded) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Equity Residential 1,032 $ 27 Federal Realty Investment Trust 165 5 General Growth Properties 238 15 Health Care Property Investors 231 10 Healthcare Realty Trust 159 5 Hospitality Properties Trust 222 7 Host Marriott* 951 9 HRPT Properties Trust 537 5 iStar Financial 376 14 Kimco Realty 349 13 Liberty Property Trust 297 10 Macerich 199 7 Mack-Cali Realty 218 8 Mills 89 3 New Plan Excel Realty Trust 368 8 Pan Pacific Retail Properties 151 6 Plum Creek Timber 693 18 Prologis 618 17 Public Storage 378 13 Realty Income 133 -- Regency Centers 99 3 Rouse 292 11 Shurgard Storage Centers, Cl A 136 5 Simon Property Group 497 19 Thornburg Mortgage 225 -- Trizec Properties 307 4 United Dominion Realty Trust 426 7 Vornado Realty Trust 304 13 Weingarten Realty Investors 174 7 -------- 435 -------- RETAIL -- 3.2% Autonation* 659 10 Barnes & Noble* 141 3 Big Lots* 237 4 Blockbuster, Cl A 9,594 162 Borders Group* 236 4 CBRL Group 77 3 Circuit City Stores 704 6 Claire's Stores 12 -- Costco Wholesale* 1,066 39 CVS 1,492 42 Darden Restaurants 12,266 233 Federated Department Stores 7,209 266 Foot Locker 536 7 JC Penney 1,026 17 Limited Brands 1,674 26 May Department Stores 1,092 24 McDonald's 4,817 106 Michaels Stores* 45 2 MSC Industrial Direct, Cl A* 13 -- Neiman-Marcus Group, Cl A* 135 5 Nordstrom 359 7 Office Depot* 1,169 17 Outback Steakhouse 61 2 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Pier 1 Imports 73 $ 2 Reebok International* 156 5 Regis 77 2 Rite Aid* 405 2 Safeway* 1,671 34 Saks* 478 5 Sears Roebuck 6,133 206 Talbots 13 1 Toys "R" Us* 808 10 Wendy's International 369 11 -------- 1,263 -------- RETIREMENT/AGED CARE -- 0.0% Manor Care* 282 7 -------- SEMI-CONDUCTORS/INSTRUMENTS -- 0.2% Advanced Micro Devices* 848 5 Applera-- Applied Biosystems Group 120 2 Applied Micro Circuits* 634 4 Atmel* 868 2 Cypress Semiconductor* 198 2 Fairchild Semiconductor International* 208 3 Integrated Device Technology* 235 3 International Rectifier* 125 3 Intersil, Cl A* 285 8 LSI Logic* 847 6 Micron Technology* 1,156 14 Mindspeed Technologies* 1 -- National Semiconductor* 105 2 Novellus Systems* 106 4 PerkinElmer 245 3 -------- 61 -------- SOFTWARE -- 0.1% BMC Software* 81 1 Computer Associates International 380 9 Compuware* 1,350 8 DST Systems* 28 1 Network Associates* 65 1 Novell* 768 2 Peoplesoft* 845 15 Siebel Systems* 670 6 Sungard Data Systems* 78 2 -------- 45 -------- STEEL & STEEL WORKS -- 0.1% Nucor 296 15 United States Steel 391 6 -------- 21 -------- - -------------------------------------------------------------------------------- 8 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- TELEPHONES & TELECOMMUNICATIONS -- 5.9% Alltel 1,179 $ 57 AT&T 2,978 57 AT&T Wireless Services* 4,709 39 BellSouth 10,993 293 CenturyTel 542 19 Citizens Communications* 1,072 14 IDT* 115 2 Level 3 Communications* 1,397 9 Lucent Technologies* 15,657 32 Qwest Communications International* 3,990 19 SBC Communications 21,280 544 Sprint-FON Group 27,104 390 Telephone & Data Systems 128 6 US Cellular* 36 1 Verizon Communications 21,814 860 West* 6 -- -------- 2,342 -------- TRUCKING -- 0.0% CNF 186 5 JB Hunt Transport Services* 58 2 Navistar International* 86 3 Swift Transportation* 59 1 Werner Enterprises 80 2 -------- 13 -------- WATER UTILITIES -- 0.0% Philadelphia Suburban 258 6 -------- WHOLESALE -- 0.1% Genuine Parts 658 21 Ingram Micro, Cl A* 400 4 Performance Food Group* 55 2 Tech Data* 202 5 W.W. Grainger 288 14 -------- 46 -------- Total Common Stock (Cost $39,541) 37,177 -------- EXCHANGE TRADED FUND -- 0.2% iShares Russell 1000 Value Index Fund 1,426 72 -------- Total Exchange Traded Fund (Cost $71) 72 -------- - ------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- CASH EQUIVALENT -- 0.3% Evergreen Select Money Market Fund 113,000 $ 113 -------- Total Cash Equivalent (Cost $113) 113 -------- REPURCHASE AGREEMENT -- 7.8% Morgan Stanley Dean Witter (A) 1.050%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $3,062,402 (collateralized by various U.S. Government Agency Obligations, total market value: $3,139,311) $3,062 3,062 -------- Total Repurchase Agreement (Cost $3,062) 3,062 -------- Total Investments -- 102.6% (Cost $42,787) 40,424 -------- OTHER ASSETS AND LIABILITIES -- (2.6)% Investment Advisory Fees Payable (10) Administrator Fees Payable (8) Other Asset and Liabilities (999) -------- Total Other Assets and Liabilities, Net (1,017) -------- NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 4,130,720 outstanding shares of beneficial interest 42,126 Undistributed net investment income 180 Accumulated net realized loss on investments (505) Net unrealized depreciation on investments (2,363) Net unrealized depreciation on futures contracts (31) -------- Total Net Assets -- 100.0% $ 39,407 ======== Net Asset Value, Offering and Redemption Price Per Share ($39,407,251 / 4,130,720 shares) $9.54 ======== * Non-Income Producing Security (A) Tri-Party Repurchase Agreement. Cl -- Class NY -- New York Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 9 STATEMENT OF NET ASSETS (Unaudited) SEI VP Large Cap Growth Fund June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- COMMON STOCK -- 95.3% APPAREL/TEXTILES -- 0.6% Cintas 4,700 $ 167 -------- BANKS -- 0.9% Golden West Financial 1,080 86 State Street 4,740 187 -------- 273 -------- BEAUTY PRODUCTS -- 2.0% Avon Products 1,910 119 Colgate-Palmolive 4,360 252 Procter & Gamble 2,240 200 -------- 571 -------- BROADCASTING, NEWSPAPERS & ADVERTISING -- 12.6% AOL Time Warner* 22,040 355 Clear Channel Communications* 11,910 505 COX Communications, Cl A* 5,090 162 Gannett 1,700 131 Lamar Advertising* 2,820 99 Liberty Media, Cl A* 40,730 471 McGraw-Hill 5,840 362 New York Times, Cl A 3,550 161 Univision Communications* 18,280 556 Valassis Communications* 3,780 97 Viacom, Cl B* 17,570 767 -------- 3,666 -------- COMMERCIAL SERVICES -- 2.6% Cendant* 28,130 515 Sabre Holdings 10,040 248 -------- 763 -------- COMMUNICATIONS EQUIPMENT -- 3.5% Crown Castle International* 12,900 100 EchoStar Communications* 9,340 323 Nokia Oyj ADR 14,300 235 Qualcomm 10,590 379 -------- 1,037 -------- COMPUTERS & SERVICES -- 8.6% BISYS Group* 1,900 35 Cisco Systems* 50,475 842 Dell Computer* 24,180 773 eBay* 4,800 500 EMC 34,830 365 -------- 2,515 -------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- DATA PROCESSING -- 5.2% Automatic Data Processing 2,300 $ 78 First Data 29,960 1,241 Fiserv* 6,000 214 -------- 1,533 -------- DRUGS -- 10.3% Bristol-Myers Squibb 3,150 85 Eli Lilly 9,300 641 Pfizer 39,520 1,350 Schering-Plough 3,320 62 Wyeth 19,100 870 -------- 3,008 -------- ELECTRONICS -- 0.4% Energizer Holdings* 3,530 111 -------- ENTERTAINMENT -- 0.3% Metro-Goldwyn-Mayer* 6,530 81 -------- FINANCIAL SERVICES -- 10.9% Charles Schwab 73,670 743 Concord EFS* 4,400 65 Fannie Mae 10,480 707 Freddie Mac 12,960 658 Goldman Sachs Group 4,400 369 MBNA 12,880 268 Moody's 2,360 124 Paychex 8,900 261 -------- 3,195 -------- FOOD, BEVERAGE & TOBACCO -- 5.0% Coca-Cola 5,910 274 PepsiCo 17,010 757 Wm. Wrigley Jr. 7,540 424 -------- 1,455 -------- HOTELS & LODGING -- 2.1% Harrah's Entertainment* 7,600 306 Marriott International, Cl A 4,810 185 Starwood Hotels & Resorts Worldwide 3,890 111 -------- 602 -------- HOUSEHOLD PRODUCTS, FURNITURE & FIXTURES -- 0.3% General Electric 3,510 101 -------- INSURANCE -- 1.9% AMBAC Financial Group 3,320 220 American International Group 6,100 337 -------- 557 -------- - -------------------------------------------------------------------------------- 10 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- MEDICAL PRODUCTS & SERVICES -- 6.8% Amgen* 8,520 $ 566 Cardinal Health 2,500 161 IMS Health 2,700 49 Johnson & Johnson 11,970 619 Medtronic 12,200 585 -------- 1,980 -------- RETAIL -- 9.3% Costco Wholesale* 4,100 150 Dollar Tree Stores* 2,770 88 Family Dollar Stores 12,350 471 Home Depot 7,800 258 Kohl's* 5,300 272 Lowe's 8,540 367 Wal-Mart Stores 17,860 959 Walgreen 4,670 141 -------- 2,706 -------- SEMI-CONDUCTORS/INSTRUMENTS -- 4.9% Intel 52,700 1,095 Texas Instruments 18,470 325 -------- 1,420 -------- SOFTWARE -- 6.8% DST Systems* 1,400 53 Intuit* 4,950 220 Microsoft 59,800 1,532 Sungard Data Systems* 3,600 93 Veritas Software* 3,300 95 -------- 1,993 -------- WHOLESALE -- 0.3% Fastenal 2,900 98 -------- Total Common Stock (Cost $29,453) 27,832 -------- CASH EQUIVALENT -- 0.2% First Union Cash Management Program 50,918 51 -------- Total Cash Equivalent (Cost $51) 51 -------- - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- REPURCHASE AGREEMENTS -- 6.2% Morgan Stanley Dean Witter (A) 0.750%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $1,633,385 (collateralized by various U.S. Government Agency Obligations, total market value: $1,673,465) $1,633 $ 1,633 Morgan Stanley Dean Witter (A) 1.000%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $179,975 (collateralized by various U.S. Treasury Obligations, total market value: $183,574) 180 180 -------- Total Repurchase Agreements (Cost $1,813) 1,813 -------- Total Investments -- 101.7% (Cost $31,317) 29,696 -------- OTHER ASSETS AND LIABILITIES -- (1.7)% Investment Advisory Fees Payable (8) Administrator Fees Payable (6) Other Asset and Liabilities (484) -------- Total Other Assets and Liabilities, Net (498) -------- NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 7,095,530 outstanding shares of beneficial interest 48,353 Distributions in excess of net investment income (9) Accumulated net realized loss on investments (17,507) Net unrealized depreciation on investments (1,621) Net unrealized depreciation on futures contracts (18) -------- Total Net Assets -- 100.0% $ 29,198 ======== Net Asset Value, Offering and Redemption Price Per Share ($29,198,104 / 7,095,530 shares) $4.11 ======== * Non-Income Producing Security (A) Tri-Party Repurchase Agreement. ADR -- American Depositary Receipt Cl -- Class The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 11 STATEMENT OF NET ASSETS (Unaudited) SEI VP Small Cap Value Fund June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- COMMON STOCK -- 84.6% AGRICULTURE -- 1.0% Delta & Pine Land 7,400 $ 163 -------- APPAREL/TEXTILES -- 0.7% Kellwood 2,125 67 Unifirst 2,500 55 -------- 122 -------- AUTOMOTIVE -- 2.0% AO Smith 1,800 50 Arctic Cat 4,900 94 ArvinMeritor 5,000 101 Harsco 2,800 101 -------- 346 -------- BANKS -- 10.4% BankAtlantic Bancorp, Cl A 10,400 124 Colonial BancGroup 7,000 97 Commercial Federal 9,050 192 Downey Financial 2,300 95 First Citizens Bancshares, Cl A 400 40 First Financial Bancorp 2,125 34 FirstFed Financial* 3,100 109 Flagstar Bancorp 6,000 147 Flushing Financial 2,800 62 Independence Community Bank 3,800 107 MAF Bancorp 1,900 71 OceanFirst Financial 1,800 44 Provident Financial Group 2,900 74 Provident Financial Services 3,225 62 Republic Bancorp 3,200 43 Seacoast Financial Services 4,000 79 Silicon Valley Bancshares* 4,200 100 South Financial Group 2,300 54 Staten Island Bancorp 7,000 136 UMB Financial 500 21 Washington Federal 3,509 81 -------- 1,772 -------- BIOTECHNOLOGY -- 0.7% Bio-Rad Laboratories, Cl A* 2,300 127 -------- BROADCASTING, NEWSPAPERS & ADVERTISING -- 4.2% American Greetings, Cl A* 16,475 323 Banta 3,200 104 Bowne 5,700 74 Consolidated Graphics* 2,700 62 Hollinger International 13,625 147 -------- 710 -------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- BUILDING & CONSTRUCTION -- 4.8% M/I Schottenstein Homes 3,400 $ 145 MDC Holdings 3,025 146 NVR* 200 82 Ryland Group 2,600 180 Texas Industries 3,380 81 Universal Forest Products 3,500 73 Walter Industries 4,200 49 York International 2,500 59 -------- 815 -------- CHEMICALS -- 3.0% Albemarle 3,700 104 Cytec Industries* 3,425 116 Ethyl* 1,120 11 HB Fuller 3,000 66 Millennium Chemicals 10,075 96 Minerals Technologies 1,900 92 Wellman 1,800 20 -------- 505 -------- COMMERCIAL SERVICES -- 2.6% Blyth 3,275 89 Brink's 8,750 128 Powell Industries* 2,000 29 Service International* 13,500 52 SPS Technologies* 1,260 34 Stewart Enterprises, Cl A* 12,300 53 Tredegar 4,100 62 -------- 447 -------- COMMUNICATIONS EQUIPMENT -- 1.7% Andrew* 4,975 46 Belden 5,600 89 Checkpoint Systems* 5,500 78 CommScope* 7,300 69 -------- 282 -------- COMPUTERS & SERVICES -- 2.6% American Management Systems* 6,000 86 Earthlink* 15,550 123 Iomega* 2,980 31 Paxar* 3,700 41 Storage Technology* 5,000 129 SYKES Enterprises* 5,000 24 -------- 434 -------- DATA PROCESSING -- 0.8% CSG Systems International* 9,150 129 -------- - -------------------------------------------------------------------------------- 12 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- ELECTRICAL SERVICES -- 1.3% Avista 4,000 $ 57 PNM Resources 3,100 83 UIL Holdings 2,200 89 -------- 229 -------- ELECTRONICS -- 1.3% Analogic 1,700 83 Barnes Group 2,800 61 Methode Electronics, Cl A 7,700 83 -------- 227 -------- ENTERTAINMENT -- 2.6% Callaway Golf 8,950 118 Gaylord Entertainment* 1,500 29 Speedway Motorsports 10,775 289 -------- 436 -------- FINANCIAL SERVICES -- 2.4% Raymond James Financial 3,600 119 Student Loan 1,100 139 Waddell & Reed Financial, Cl A 5,850 150 -------- 408 -------- FOOD, BEVERAGE & TOBACCO -- 1.1% Interstate Bakeries 6,200 79 Universal 2,700 114 -------- 193 -------- GAS/NATURAL GAS -- 1.1% Oneok 3,600 71 UGI 3,800 120 -------- 191 -------- HOTELS & LODGING -- 0.5% Aztar* 5,500 89 -------- HOUSEHOLD PRODUCTS, FURNITURE & FIXTURES -- 0.8% Furniture Brands International* 3,250 85 Kimball International, Cl B 2,100 33 Salton* 1,300 11 -------- 129 -------- INSURANCE -- 4.5% AmerUs Group 2,600 73 CNA Surety 1,900 19 Commerce Group 2,600 94 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Delphi Financial Group, Cl A 1,400 $ 66 FBL Financial Group, Cl A 1,660 33 Landamerica Financial Group 3,500 166 Pacificare Health Systems* 2,900 143 Phoenix 12,700 115 Presidential Life 3,300 47 Vesta Insurance Group 3,600 8 -------- 764 -------- LEASING & RENTING -- 2.1% Dollar Thrifty Automotive Group* 4,500 84 Rent-A-Center* 1,800 136 Ryder System 4,500 115 United Rentals* 2,000 28 -------- 363 -------- MACHINERY -- 2.7% Applied Industrial Technologies 4,400 93 Axcelis Technologies* 15,075 92 Briggs & Stratton 2,100 106 Crane 5,525 125 Woodward Governor 1,100 47 -------- 463 -------- MEDICAL PRODUCTS & SERVICES -- 5.2% Acuity Brands 13,225 240 Alpharma, Cl A 3,800 82 Haemonetics* 5,380 101 LifePoint Hospitals* 4,925 103 Ocular Sciences* 4,025 80 PolyMedica 1,300 59 Prime Medical Services* 5,900 28 Sola International* 5,800 101 US Oncology* 12,700 94 -------- 888 -------- METALS & MINING -- 1.7% Commercial Metals 2,200 39 Jacuzzi Brands* 9,100 48 Precision Castparts 1,700 53 Shaw Group* 4,700 57 Silgan Holdings* 2,700 84 -------- 281 -------- OFFICE/BUSINESS EQUIPMENT -- 1.1% IKON Office Solutions 7,900 70 ProQuest* 3,050 79 Standard Register 2,400 40 -------- 189 -------- - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 13 STATEMENT OF NET ASSETS (Unaudited) SEI VP Small Cap Value Fund (Concluded) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- PAPER & PAPER PRODUCTS -- 1.7% Rayonier 4,860 $ 161 Rock-Tenn, Cl A 3,500 59 Schweitzer-Mauduit International 2,900 70 -------- 290 -------- PETROLEUM & FUEL PRODUCTS -- 2.3% Forest Oil* 2,250 57 Holly 2,000 55 Stone Energy* 2,400 101 Tesoro Petroleum* 8,200 56 Veritas DGC* 6,700 77 World Fuel Services 1,500 37 -------- 383 -------- REAL ESTATE -- 0.8% Avatar Holdings* 4,650 140 -------- REAL ESTATE INVESTMENT TRUSTS -- 2.8% Bedford Property Investors 2,700 77 Boykin Lodging 8,200 64 Colonial Properties Trust 200 7 HRPT Properties Trust 10,800 99 Koger Equity 1,800 31 Mission West Properties 3,600 41 Novastar Financial 1,700 101 RAIT Investment Trust 1,800 48 -------- 468 -------- RETAIL -- 6.3% BJ's Wholesale Club* 5,100 77 BOB Evans Farms 1,900 53 Brown Shoe 4,100 122 Cato, Cl A 3,900 82 Dillard's, Cl A 4,100 55 Dress Barn* 607 8 Footstar* 8,950 116 Lone Star Steakhouse & Saloon 3,800 83 Payless Shoesource* 10,195 127 Ryan's Family Steak Houses* 8,700 122 Sonic Automotive* 3,600 79 Zale* 3,650 146 -------- 1,070 -------- RUBBER-TIRES -- 0.8% Bandag 1,100 41 Cooper Tire & Rubber 5,800 102 -------- 143 -------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- SEMI-CONDUCTORS/INSTRUMENTS -- 1.4% Fairchild Semiconductor International* 8,875 $ 113 PerkinElmer 8,600 119 -------- 232 -------- SOFTWARE -- 3.2% Dendrite International* 29,425 379 Digi International* 5,500 32 Novell* 13,400 41 Sybase* 7,100 99 -------- 551 -------- STEEL & STEEL WORKS -- 1.2% AK Steel Holding* 4,200 15 Quanex 2,300 68 Steel Dynamics* 4,600 63 Steel Technologies 5,000 51 -------- 197 -------- TRUCKING -- 0.7% Roadway 2,200 63 SCS Transportation* 950 12 USF 1,800 48 -------- 123 -------- WHOLESALE -- 0.5% Handleman* 5,000 80 -------- Total Common Stock (Cost $11,817) 14,379 -------- RIGHTS -- 0.0% Bank United* 1,700 -- -------- Total Rights (Cost $1) -- -------- WARRANTS -- 0.0% Washington Mutual (A)* 1,000 1 -------- Total Warrants (Cost $0) 1 -------- CASH EQUIVALENT -- 0.0% Evergreen Select Money Market Fund 4,312 4 -------- Total Cash Equivalent (Cost $4) 4 -------- - -------------------------------------------------------------------------------- 14 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- REPURCHASE AGREEMENT -- 15.8% Morgan Stanley Dean Witter (B) 0.750%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $2,679,081 (collateralized by various U.S. Treasury Obligations, total market value: $2,732,688) $2,679 $ 2,679 -------- Total Repurchase Agreement (Cost $2,679) 2,679 -------- Total Investments -- 100.4% (Cost $14,501) 17,063 -------- OTHER ASSETS AND LIABILITIES -- (0.4)% Investment Advisory Fees Payable (7) Administrator Fees Payable (3) Other Asset and Liabilities (56) -------- Total Other Assets and Liabilities, Net (66) -------- NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 1,341,020 outstanding shares of beneficial interest 14,409 Undistributed net investment income 18 Accumulated net realized gain on investments 53 Net unrealized appreciation on investments 2,562 Net unrealized depreciation on futures contracts (45) -------- Total Net Assets -- 100.0% $ 16,997 ======== Net Asset Value, Offering and Redemption Price Per Share ($16,996,510 / 1,341,020 shares) $12.67 ======== * Non-Income Producing Security (A) Represents a potential distribution settlement in a legal claim and, therefore, does not have a strike price or expiration date. (B) Tri-Party Repurchase Agreement. Cl -- Class Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 15 SCHEDULE OF INVESTMENTS (Unaudited) SEI VP Small Cap Growth Fund June 30, 2003 - ------------------------------------------------------------- Shares/Face Amount Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- CASH EQUIVALENT -- 1.8% First Union Cash Management Program 96,881 $ 97 -------- Total Cash Equivalent (Cost $97) 97 REPURCHASE AGREEMENT -- 3.6% Morgan Stanley Dean Witter (A) 0.750%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $191,645 (collateralized by various U.S. Treasury Obligations, total market value: $195,479) $192 192 -------- Total Repurchase Agreement (Cost $192) 192 -------- Total Investments -- 5.4% (Cost $289) $ 289 ======== Percentages are based on Net Assets of $5,327,327. (A) Tri-Party Repurchase Agreement. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 16 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 SEI VP International Equity Fund - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- FOREIGN COMMON STOCK -- 60.7% AUSTRALIA -- 1.7% Alumina 3,900 $ 11 Australia & New Zealand Banking Group 3,800 47 Foster's Group 19,332 55 National Australia Bank (B) 1,429 32 News 2,612 20 QBE Insurance Group (B) 4,229 26 WMC Resources* 3,900 9 Woolworths 7,321 61 -------- 261 -------- BRAZIL -- 0.1% Cia Vale do Rio Doce ADR 687 20 -------- CANADA -- 2.5% Abitibi-Consolidated 4,400 28 Alcan 600 19 BCE 3,800 87 Bombardier 18,400 62 Suncor Energy 1,500 28 TELUS 2,800 46 Thomson (B) 2,700 84 Thomson (USD) 1,000 31 -------- 385 -------- DENMARK -- 0.2% Novo-Nordisk A/S 800 28 -------- FINLAND -- 0.9% Nokia OYJ 6,570 108 UPM-Kymmene Oyj 2,800 41 -------- 149 -------- FRANCE -- 6.8% Accor 700 25 Air Liquide 450 67 BNP Paribas 3,200 163 Bouygues 3,500 97 Carrefour 400 20 Cie Generale D'Optique Essilor International 800 32 France Telecom 2,100 52 Groupe Danone 400 55 L'Oreal 600 42 Pechiney 700 25 Renault 1,600 85 Sanofi-Synthelabo 4,600 269 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Schneider Electric 1,300 $ 61 Vivendi Universal (B)* 4,350 79 -------- 1,072 -------- GERMANY -- 3.0% Allianz 400 33 DaimlerChrysler 1,100 38 Deutsche Bank 1,000 65 Deutsche Telekom* 5,100 78 Epcos* 500 7 Infineon Technologies* 1,400 14 Metro 1,000 32 Muenchener Rueckversicherungs 400 41 SAP 400 47 SAP ADR 100 3 Siemens 2,100 103 TUI 900 13 -------- 474 -------- HONG KONG -- 1.8% Cheung Kong Holdings 6,000 36 China Mobile 7,500 18 Hang Lung Properties (B) 22,000 20 Hang Seng Bank 3,700 39 Hongkong Land Holdings 19,000 24 Hutchison Whampoa 5,400 33 Johnson Electric Holdings 26,000 32 Li & Fung 30,000 38 Sun Hung Kai Properties 3,000 15 Swire Pacific, Cl A 4,500 20 -------- 275 -------- IRELAND -- 0.3% CRH 2,700 42 -------- ITALY -- 0.8% Assicurazioni Generali 700 16 ENI-Ente Nazionale Idrocarburi 7,500 113 Mediaset 54 1 -------- 130 -------- JAPAN -- 11.1% Acom 600 22 Advantest 800 35 Aeon 3,000 69 Canon 1,000 46 Chugai Pharmaceutical 2,700 31 Dai Nippon Printing 2,000 21 Daiwa Securities Group 6,000 34 Hirose Electric 1,000 83 Hitachi 5,000 21 Hoya 700 48 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 17 SCHEDULE OF INVESTMENTS (Unaudited) SEI VP International Equity Fund (Continued) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Japan Airlines System (B)* 10,000 $ 22 Japan Telecom Holdings 7 21 Kansai Electric Power 1,500 24 Keyence 100 18 Mitsubishi 3,000 21 Mitsubishi Estate 7,000 47 Mitsubishi Heavy Industries 8,000 21 Mitsubishi Motors (B)* 14,000 32 Mitsui Fudosan 7,000 45 Mitsui Sumitomo Insurance 5,000 23 Murata Manufacturing 600 24 NEC* 10,000 50 Nidec 400 26 Nikko Cordial 9,000 36 Nikon* 3,000 25 Nissan Motor 12,000 115 Nitto Denko 700 23 Nomura Holdings 4,000 51 NTT DoCoMo 8 17 ORIX* 900 50 Rohm 600 65 Sankyo 2,000 24 Sekisui House 5,000 38 Shimamura 300 16 Shionogi 4,000 54 SMC 300 25 Sony 1,500 42 Suzuki Motor 6,000 78 TDK 700 35 Tokyo Electron 1,900 90 Tokyu 9,000 29 Toray Industries 15,000 35 Tostem Inax Holding 2,000 29 Yahoo Japan* 3 49 Yamato Transport 2,000 22 -------- 1,732 -------- LUXEMBOURG -- 0.1% SES Global FDR 2,000 13 -------- MEXICO -- 0.7% America Movil ADR, Ser L 2,900 54 Telefonos de Mexico ADR, Ser L 1,900 60 -------- 114 -------- NETHERLANDS -- 6.4% ABN AMRO Holding 7,596 145 Aegon 13,158 132 ASML Holding* 3,200 30 Heineken 2,650 94 Heineken Holding, Cl A 1,450 42 ING Groep 4,200 73 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Koninklijke Philips Electronics 2,100 $ 40 Koninklijke Philips Electronics (NY Shares) 400 8 Numico 800 12 Reed Elsevier 700 8 Royal Dutch Petroleum 5,100 237 Royal Dutch Petroleum (NY Shares) 700 32 Royal KPN* 13,500 96 VNU 1,719 53 -------- 1,002 -------- NORWAY -- 0.8% Norsk Hydro 1,100 54 Norske Skogindustrier 300 5 Statoil 7,900 67 -------- 126 -------- PORTUGAL -- 0.1% Portugal Telecom 2,400 17 -------- SINGAPORE -- 1.5% DBS Group Holdings 7,000 41 Singapore Airlines 4,000 24 Singapore Technologies Engineering 18,000 18 Singapore Telecommunications 144,728 124 United Overseas Bank 3,000 21 -------- 228 -------- SOUTH KOREA -- 0.8% Samsung Electronics GDR (A) 860 128 -------- SPAIN -- 1.9% Banco Bilbao Vizcaya Argentaria 9,800 103 Inditex 3,600 91 Repsol YPF 1,800 29 Telefonica* 6,128 71 -------- 294 -------- SWEDEN -- 1.0% Assa Abloy 4,200 41 ForeningsSparbanken 4,800 66 Sandvik 800 21 Svenska Handelsbanken 1,500 24 -------- 152 -------- SWITZERLAND -- 6.0% Compagnie Financiere Richemont, Cl A 5,476 88 Credit Suisse Group 1,759 46 Holcim* 2,185 81 Nestle 544 112 - -------------------------------------------------------------------------------- 18 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Novartis 4,260 $ 169 Roche Holding 750 59 STMicroelectronics (B) 2,700 57 Swiss Reinsurance 2,366 131 Swisscom 379 108 Synthes-Stratec 29 21 UBS 1,208 67 -------- 939 -------- TAIWAN -- 0.3% Taiwan Semiconductor Manufacturing ADR* 4,750 48 -------- UNITED KINGDOM -- 11.9% ARM Holdings* 7,100 8 AstraZeneca 200 8 AstraZeneca (SEK) 7,900 320 BAE Systems 19,546 46 Barclays 6,100 45 BG Group 19,400 86 BHP Billiton 15,950 84 BOC Group 2,500 32 Brambles Industries 6,000 16 Centrica 8,000 23 Compass Group 3,900 21 GlaxoSmithKline 800 16 HBOS 3,300 43 HSBC Holdings 7,300 86 Marks & Spencer Group 8,661 45 mmO2* 29,100 27 National Grid Transco 7,800 53 Pearson 8,500 80 Prudential 2,800 17 Reed Elsevier 2,500 21 Reuters Group 6,100 18 Royal Bank of Scotland Group 6,000 168 Smiths Group 8,100 94 Standard Chartered 5,300 64 Unilever 8,500 68 Vodafone Group 181,992 356 Xstrata 4,000 27 -------- 1,872 -------- Total Foreign Common Stock (Cost $11,743) 9,501 -------- FOREIGN PREFERRED STOCK -- 0.2% Cia Vale do Rio Doce ADR 1,300 36 -------- Total Foreign Preferred Stock (Cost $31) 36 -------- - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- FOREIGN CONVERTIBLE BONDS -- 0.1% SWITZERLAND -- 0.1% Credit Suisse Group CV To 32.3311 Shares 6.000%, 12/23/05 12 $ 10 -------- Total Foreign Convertible Bonds (Cost $8) 10 -------- CORPORATE OBLIGATIONS (C) -- 0.4% CIT Group 2.030%, 04/08/04 22 22 Liberty Light US Capital 1.150%, 06/16/04 20 21 United Health Group 1.580%, 11/11/03 17 17 -------- Total Corporate Obligations (Cost $60) 60 -------- COMMERCIAL PAPER (C) -- 1.2% Amstel Funding 6.320%, 11/21/03 20 20 Amsterdam Funding 6.340%, 08/19/03 20 20 Aquinas Funding 6.340%, 08/25/03 20 20 Atlantis One Funding 6.320%, 11/10/03 20 20 General Electric Capital 6.340%, 08/12/03 20 20 Greyhawk Funding 6.350%, 07/17/03 20 20 Mitten 7.400%, 08/15/03 24 24 Park Granada 2.640%, 07/15/03 8 9 2.070%, 08/15/03 7 7 1.990%, 08/15/03 6 7 Tannehill Capital 6.320%, 11/14/03 20 20 -------- Total Commercial Paper (Cost $187) 187 -------- - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 19 SCHEDULE OF INVESTMENTS (Unaudited) SEI VP International Equity Fund (Concluded) June 30, 2003 - ------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- CASH EQUIVALENT -- 0.4% One Group Institutional Prime Money Market Fund (C) 68,036 $ 68 -------- Total Cash Equivalent (Cost $68) 68 -------- REPURCHASE AGREEMENT -- 0.0% UBS Paine Webber (C) 1.250%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $5,698 (collateralized by U.S. Government Agency obligations, total market value: $5,814) $6 6 -------- Total Repurchase Agreement (Cost $6) 6 -------- Total Investments -- 63.0% (Cost $12,103) $ 9,868 ======== Percentages are based on Net Assets of $15,662,455. * Non-Income Producing Security (A) Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. (B) This security or a partial position of this security is on loan at June 30, 2003 (see Note 10). The total value of securities on loan at June 30, 2003 was $304,436. (C) These securities were purchased with cash collateral received from securities lending. The total value of such securities as of June 30, 2003 was $321,362 (See Note 10). ADR -- American Depositary Receipt Cl -- Class CV -- Convertible FDR -- Fiduciary Depositary Receipt GDR -- Global Depositary Receipt NY -- New York SEK -- Swedish Krona SER -- Series USD -- United States Dollar The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 20 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 STATEMENT OF NET ASSETS (Unaudited) SEI VP Emerging Markets Equity Fund - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- FOREIGN COMMON STOCK -- 88.1% BRAZIL -- 2.2% Cia Vale do Rio Doce ADR 3,003 $ 89 Gerdau ADR 2,000 24 ------- 113 ------- CHILE -- 1.4% Cia de Telecomunicaciones de Chile ADR* 5,069 60 Empresa Nacional de Electricidad ADR 500 4 Enersis ADR* 1,773 8 ------- 72 ------- CZECH REPUBLIC -- 1.0% Komercni Banka 750 54 ------- EGYPT -- 0.5% Mobinil-Eqyptian Mobile Netork 3,096 28 ------- HONG KONG -- 4.4% Beijing Datang Power* 48,000 21 China Merchants Holdings International 54,000 48 China Mobile 34,000 80 Citic Pacific 9,000 16 CNOOC 41,000 61 ------- 226 ------- HUNGARY -- 1.4% Matav 5,019 17 OTP Bank 5,800 56 ------- 73 ------- INDIA -- 3.9% Bajaj Auto GDR 3,451 42 Dr Reddy's Laboratories ADR 2,273 53 HDFC Bank ADR* 2,340 44 Tata Engineering & Locomotive GDR* 14,980 63 ------- 202 ------- INDONESIA -- 0.8% HM Sampoerna Tbk 77,500 39 ------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- ISRAEL -- 3.6% Bank Hapoalim* 10,622 $ 23 Check Point Software Technologies* 1,800 35 Teva Pharmaceutical Industries ADR 2,282 130 ------- 188 ------- MALAYSIA -- 3.5% British American Tobacco Malaysia 4,600 47 Maxis Communications 30,600 46 Public Bank 86,000 68 Road Builder M Holdings 22,500 21 ------- 182 ------- MEXICO -- 8.0% America Movil ADR, Ser L 2,000 37 Grupo Financiero BBVA Bancomer, Cl B* 115,331 98 Grupo Televisa ADR* 1,000 35 Kimberly-Clark de Mexico, Cl A 13,080 35 Telefonos de Mexico ADR, Ser L 3,000 94 Wal-Mart de Mexico, Ser C 5,600 15 Wal-Mart de Mexico, Ser V 32,668 97 ------- 411 ------- PHILIPPINES -- 0.4% SM Prime Holdings 196,000 22 ------- POLAND -- 1.0% Bank Pekao* 1,608 41 Polski Koncern Naftowy Orlen GDR 1,021 10 ------- 51 ------- RUSSIA -- 5.7% LUKOIL ADR 1,639 129 Mobile Telesystems ADR* 1,114 66 YUKOS ADR 1,822 102 ------- 297 ------- SOUTH AFRICA -- 10.5% ABSA Group 13,660 64 Anglo American Platinum 424 14 Anglogold 528 17 FirstRand 48,961 50 Gold Fields 3,255 39 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 21 STATEMENT OF NET ASSETS (Unaudited) SEI VP Emerging Markets Equity Fund (Concluded) June 30, 2003 - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- Impala Platinum Holdings 594 $ 35 Iscor 19,676 42 Johnnic Holdings* 7,156 9 MTN Group* 32,903 71 Nedcor 3,302 39 Pick'n Pay Stores 23,219 42 Remgro 2,413 21 Sanlam 43,100 40 Sasol 5,408 60 ------- 543 ------- SOUTH KOREA -- 21.9% Hyundai Mobis 3,200 82 Kia Motors 3,450 25 Kookmin Bank 5,250 158 KT 3,643 72 Kt&g* 1,620 27 LG Chem 440 18 LG Electronics 570 24 LG Engineering & Construction 2,470 43 POSCO 420 43 POSCO ADR 1,667 44 Samsung Electronics 1,350 401 Shinhan Financial Group 2,020 21 Shinsegae 630 98 SK Telecom 440 75 ------- 1,131 ------- TAIWAN -- 10.5% Chinatrust Financial Holding* 61,000 49 Compal Electronics 37,200 50 Fubon Financial Holding 102,022 82 HON HAI Precision Industry 13,450 49 MediaTek 6,600 66 President Chain Store 25,294 34 Quanta Storage* 2,000 14 Taishin Financial Holdings* 84,000 44 Taiwan Semiconductor Manufacturing* 95,000 156 ------- 544 ------- THAILAND -- 1.7% Advanced Info Service PCL 34,214 49 BEC World PCL 4,900 28 Siam Commercial Bank PCL* 9,200 8 ------- 85 ------- - ------------------------------------------------------------- Market Value Description Shares ($ Thousands) - ------------------------------------------------------------- TURKEY -- 1.5% Akbank 8,969,241 $ 27 Enka Insaat Ve Sanayi* 217,952 8 Hurriyet Gazeteci* 11,206,133 19 Turkcell Iletisim Hizmet* 927,612 6 Turkiye Garanti Bankasi* 13,980,549 19 ------- 79 ------- UNITED KINGDOM -- 4.2% Anglo American 12,208 188 Old Mutual 17,679 26 ------- 214 ------- Total Foreign Common Stock (Cost $4,316) 4,554 ------- FOREIGN PREFERRED STOCK -- 6.2% BRAZIL -- 6.2% Aracruz Celulose ADR 1,993 42 Brasil Telecom Participacoes ADR 751 28 Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 3,411 52 Cia Paranaense de Energia ADR 2,754 8 Cia Vale do Rio Doce ADR 756 21 Empresa Brasileira de Aeronautica ADR 1,507 29 Investimentos Itau 36,568 29 Petroleo Brasileiro ADR 5,000 89 Tele Norte Leste Participacoes ADR 2,000 23 ------- Total Foreign Preferred Stock (Cost $349) 321 ------- EQUITY LINKED WARRANTS (A) -- 3.8% INDIA -- 3.8% Bank of Baroda* 15,100 37 Bharti Televentures* 41,350 35 Hinduja* 4,290 23 Hindustan Petroleum* 11,867 90 ITC 600 10 ------- Total Equity Linked Warrants (Cost $182) 195 ------- - -------------------------------------------------------------------------------- 22 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- REPURCHASE AGREEMENT -- 3.0% Morgan Stanley Dean Witter (B) 1.000%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $157,372 (collateralized by various U.S. Treasury Obligations, total market value: $160,520) $157 $ 157 ------- Total Repurchase Agreement (Cost $157) 157 ------- Total Investments -- 101.1% (Cost $5,004) 5,227 ------- OTHER ASSETS AND LIABILITIES -- (1.1)% Investment Advisory Fees Payable (2) Receivable From Administrator 5 Other Asset and Liabilities (62) ------- Total Other Assets and Liabilities, Net (59) ------- NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 912,589 outstanding shares of beneficial interest 9,792 Undistributed net investment income 38 Accumulated net realized loss on investments (4,885) Net unrealized appreciation on investments 223 ------- Total Net Assets -- 100.0% $ 5,168 ======= Net Asset Value, Offering and Redemption Price Per Share ($5,168,478 / 912,589 shares) $5.66 ======= * Non-Income Producing Security (A) Securities are not readily marketable (See Note 2). (B) Tri-Party Repurchase Agreement. ADR -- American Depositary Receipt Cl -- Class GDR -- Global Depositary Receipt PCL -- Public Company Limited Ser -- Series The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 23 SCHEDULE OF INVESTMENTS (Unaudited) SEI VP Core Fixed Income Fund June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- U.S. TREASURY OBLIGATIONS -- 10.4% U.S. Treasury Bonds 6.125%, 08/15/29 $1,535 $ 1,876 5.375%, 02/15/31 100 113 5.250%, 11/15/28 160 174 3.875%, 04/15/29 (F) 1,948 2,485 3.625%, 04/15/28 (F) 68 83 U.S. Treasury Notes 3.000%, 02/15/08 75 77 U.S. Treasury STRIPS (G) 5.790%, 11/15/22 330 127 5.440%, 11/15/27 860 255 -------- Total U.S. Treasury Obligations (Cost $4,406) 5,190 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 6.4% FHLMC 5.750%, 01/15/12 1,580 1,818 FNMA 5.375%, 11/15/11 60 67 FNMA Discount Notes (G) 1.230%, 10/22/03 1,150 1,147 1.200%, 07/02/03 100 100 TVA 7.125%, 05/01/30 30 39 -------- Total U.S. Government Agency Obligations (Cost $2,909) 3,171 -------- U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS -- 37.3% FHLMC TBA 7.500%, 07/01/32 400 425 FNMA 8.000%, 08/01/29 to 08/01/30 39 43 7.000%, 02/01/16 to 08/01/30 61 64 6.500%, 12/01/14 102 108 6.000%, 10/01/29 110 115 FNMA TBA 7.000%, 07/15/33 1,500 1,580 6.000%, 07/01/18 1,450 1,514 5.500%, 07/01/18 2,400 2,492 5.000%, 07/01/18 to 07/01/33 2,850 2,914 GNMA 7.500%, 08/15/28 to 07/20/30 445 473 6.500%, 10/15/31 1,763 1,854 6.000%, 04/15/29 to 07/01/33 5,113 5,356 GNMA TBA 6.000%, 08/01/33 1,630 1,705 -------- Total U.S. Government Mortgage-Backed Obligations (Cost $18,504) 18,643 -------- - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- CORPORATE OBLIGATIONS -- 33.8% AEROSPACE & DEFENSE -- 2.1% British Aerospace Financial (B) 7.500%, 07/01/27 $ 100 $ 114 Lockheed Martin 8.500%, 12/01/29 45 61 Northrop Grumman 7.125%, 02/15/11 125 150 Systems 2001 Asset Trust (B) 6.664%, 09/15/13 527 593 United Technologies 6.500%, 06/01/09 100 118 -------- 1,036 -------- AIR TRANSPORTATION -- 0.4% Delta Air Lines, Ser 02-1 6.718%, 01/02/23 189 204 -------- AUTOMOTIVE -- 0.7% DaimlerChrysler 7.400%, 01/20/05 100 107 7.300%, 01/15/12 40 45 Ford Motor 8.900%, 01/15/32 40 41 7.450%, 07/16/31 200 183 -------- 376 -------- BANKS -- 1.6% Bank One 7.875%, 08/01/10 200 249 4.125%, 09/01/07 60 63 JP Morgan Chase 6.625%, 03/15/12 180 208 5.750%, 01/02/13 170 186 US Bancorp MTN, Ser N 3.125%, 03/15/08 90 91 -------- 797 -------- BROADCASTING, NEWSPAPERS & ADVERTISING -- 1.4% Comcast 6.500%, 01/15/15 80 90 Comcast Cable Communications 6.750%, 01/30/11 100 115 Cox Communications 4.625%, 06/01/13 30 30 Liberty Media 5.700%, 05/15/13 40 41 MeadWestavaco 6.850%, 04/01/12 90 104 News America 7.625%, 11/30/28 30 35 7.300%, 04/30/28 90 102 - -------------------------------------------------------------------------------- 24 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- News America Holdings 7.750%, 12/01/45 $ 150 $ 178 -------- 695 -------- CHEMICALS -- 0.2% Dow Chemical 7.375%, 11/01/29 75 88 -------- COMPUTERS & SERVICES -- 0.5% Electronic Data Systems 7.450%, 10/15/29 250 255 -------- DRUGS -- 0.4% Bristol-Myers Squibb 5.750%, 10/01/11 150 167 Tenet Healthcare 7.375%, 02/01/13 12 12 -------- 179 -------- ELECTRICAL SERVICES -- 1.4% Dominion Resources 5.700%, 09/17/12 60 66 4.125%, 02/15/08 20 21 Dominion Resources, Ser D 5.125%, 12/15/09 40 43 First Energy, Ser B 6.450%, 11/15/11 30 33 First Energy, Ser C 7.375%, 11/15/31 150 168 Hydro-Quebec, Ser HQ 9.500%, 11/15/30 50 81 Hydro-Quebec, Ser HY 8.400%, 01/15/22 60 84 Hydro-Quebec, Ser JL 6.300%, 05/11/11 100 117 Oncor Electric Delivery (B) 6.375%, 01/15/15 30 34 TXU Energy (B) 7.000%, 03/15/13 30 33 -------- 680 -------- FINANCIAL SERVICES -- 7.6% Associates 5.500%, 02/15/04 100 103 Boeing Capital 6.500%, 02/15/12 250 282 CIT Group 7.125%, 10/15/04 100 107 Citigroup 6.000%, 02/21/12 230 262 5.625%, 08/27/12 70 77 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- Credit Suisse 4.625%, 01/15/08 $ 120 $ 128 Dryden Investor Trust (A) (B) 7.157%, 07/23/08 315 340 Ford Motor Credit 7.875%, 06/15/10 100 107 7.375%, 10/28/09 130 136 7.375%, 02/01/11 160 165 General Electric Capital MTN, Ser A 6.750%, 03/15/32 160 187 6.000%, 06/15/12 110 124 General Motors Acceptance 7.250%, 03/02/11 50 51 General Motors Acceptance MTN 6.380%, 01/30/04 700 719 Goldman Sachs Group 6.875%, 01/15/11 250 295 Household Finance 8.000%, 07/15/10 120 149 7.000%, 05/15/12 190 225 6.375%, 11/27/12 20 23 Housing Finance 6.500%, 01/24/06 100 111 Lehman Brothers 6.500%, 04/15/08 160 184 -------- 3,775 -------- FOOD, BEVERAGE & TOBACCO -- 4.0% Anheuser Busch 6.500%, 05/01/42 170 199 Diageo Capital 3.375%, 03/20/08 140 143 Kellogg, Ser B 6.600%, 04/01/11 200 234 Nabisco 7.550%, 06/15/15 100 127 Pepsi Bottling Group, Ser B 7.000%, 03/01/29 150 183 Philip Morris 7.750%, 01/15/27 225 241 Philip Morris Capital 7.500%, 07/16/09 50 54 RJ Reynolds Tobacco 7.250%, 06/01/12 250 247 Sara Lee 6.250%, 09/15/11 190 220 Secured Finance 9.050%, 12/15/04 300 329 -------- 1,977 -------- - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 25 SCHEDULE OF INVESTMENTS (Unaudited) SEI VP Core Fixed Income Fund (Continued) June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- FORESTRY -- 0.8% Weyerhaeuser 7.375%, 03/15/32 $ 140 $ 161 6.750%, 03/15/12 205 233 -------- 394 -------- GAS/NATURAL GAS -- 1.2% El Paso MTN 7.800%, 08/01/31 25 21 7.750%, 01/15/32 220 186 El Paso Natural Gas (B) 8.375%, 06/15/32 20 21 Sonat 7.625%, 07/15/11 130 118 Southern Natural Gas 8.000%, 03/01/32 10 11 Williams 8.750%, 03/15/32 100 104 6.250%, 02/01/06 100 98 Williams, Ser A 7.500%, 01/15/31 50 47 -------- 606 -------- INSURANCE -- 0.8% Loews 7.625%, 06/01/23 350 363 7.000%, 10/15/23 50 51 -------- 414 -------- MISCELLANEOUS MANUFACTURING -- 1.3% General Electric 5.000%, 02/01/13 50 53 Tyco International 7.000%, 06/15/28 100 101 6.875%, 01/15/29 310 313 6.375%, 10/15/11 160 169 6.125%, 01/15/09 10 10 -------- 646 -------- MULTIMEDIA -- 0.8% AOL Time Warner 8.375%, 07/15/33 50 65 7.700%, 05/01/32 100 117 7.625%, 04/15/31 100 115 Viacom 7.150%, 05/20/05 100 110 -------- 407 -------- - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- NON-HAZARDOUS WASTE DISPOSAL -- 0.7% Waste Management 7.100%, 08/01/26 $ 100 $ 114 7.000%, 07/15/28 100 114 6.375%, 11/15/12 130 148 -------- 376 -------- OFFICE/BUSINESS EQUIPMENT -- 0.4% Pitney Bowes Credit 5.750%, 08/15/08 200 226 -------- PETROLEUM & FUEL PRODUCTS -- 2.1% Anadarko Finance, Ser B 7.500%, 05/01/31 140 176 BP Capital Markets 4.625%, 05/27/05 160 169 Coastal 6.950%, 06/01/28 150 119 Conoco Funding 7.250%, 10/15/31 65 82 6.950%, 04/15/29 90 108 6.350%, 10/15/11 30 35 ConocoPhillips 7.000%, 03/30/29 75 91 4.750%, 10/15/12 20 21 Devon Energy 7.950%, 04/15/32 70 90 Devon Financing 6.875%, 09/30/11 50 59 Vastar Resources 6.500%, 04/01/09 80 94 -------- 1,044 -------- RAILROAD TRANSPORTATION -- 0.1% CSX 7.950%, 05/01/27 40 51 -------- REAL ESTATE INVESTMENT TRUSTS -- 0.4% GE Capital Franchise Finance MTN 8.680%, 01/14/04 150 156 6.860%, 06/15/07 50 57 -------- 213 -------- REGIONAL AGENCIES -- 1.4% Quebec Province 7.500%, 09/15/29 20 26 Quebec Province, Ser NN 7.125%, 02/09/24 30 38 United Mexican States 11.500%, 05/15/26 430 641 -------- 705 -------- - -------------------------------------------------------------------------------- 26 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- RETAIL -- 0.7% Target 5.875%, 03/01/12 $ 200 $ 226 Wal-Mart Stores 4.550%, 05/01/13 100 104 -------- 330 -------- TELEPHONES & TELECOMMUNICATIONS -- 2.8% AT&T 8.500%, 11/15/31 60 68 BellSouth 6.000%, 10/15/11 110 126 British Telecommunications 8.875%, 12/15/30 30 41 8.375%, 12/15/10 180 228 Sprint Capital 8.375%, 03/15/12 230 275 7.625%, 01/30/11 10 11 6.000%, 01/15/07 10 11 Verizon Communications 6.840%, 04/15/18 100 118 Verizon Global Funding 7.750%, 12/01/30 200 253 6.875%, 06/15/12 190 224 WorldCom (E) 8.250%, 05/15/31 185 55 -------- 1,410 -------- Total Corporate Obligations (Cost $15,307) 16,884 -------- ASSET-BACKED SECURITIES -- 21.5% AUTOMOTIVE -- 5.3% Americredit Automobile Receivables Trust, Ser 2000-B, Cl A4 (D) 1.519%, 04/05/07 490 490 Americredit Automobile Receivables Trust, Ser 2002-A, Cl A3 (D) 1.510%, 10/12/06 450 450 DaimlerChrysler Master Owner Trust, Ser 2002-A, Cl A (D) 1.240%, 05/15/07 150 150 Drivetime Auto Owner Trust, Ser 2002-C, Cl A2 (D) 2.200%, 12/17/07 480 482 Onyx Acceptance Auto Trust, Ser 2001-B, Cl A3 4.970%, 09/15/05 63 64 USAA Auto Owner Trust, Ser 2002-1, Cl A1 1.950%, 03/15/05 339 339 Whole Auto Loan Trust, - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- Ser 2002-1, Cl A2 1.880%, 06/15/05 $ 600 $ 602 World Omni Auto Receivables Trust, Ser 2001-A, Cl A3 5.300%, 02/20/05 43 44 -------- 2,621 -------- CREDIT CARDS -- 0.7% Citibank Credit Card Issuance Trust, Ser 2001-A5, Cl A5 (D) 1.257%, 06/10/06 350 350 -------- MORTGAGE RELATED -- 15.5% ABSC, Ser 2000-LB1, Cl AV (D) 1.578%, 08/21/30 84 84 Amortizing Residential Collateral Trust CMO, Ser 2002-BC1, Cl A (D) 1.375%, 01/25/32 343 343 Asset Backed Securities, Ser 2001-HE3, Cl A1 (D) 1.450%, 11/15/31 286 286 Asset Securitization, Ser 1996-D2, Cl A1 6.920%, 02/14/29 219 237 CS First Boston Mortgage Securities, Ser 2001-FL2A, Cl A (D) 1.430%, 09/15/13 325 324 Chase Commercial Mortgage Security, Ser 2000-FL1A, Cl A (D) 1.526%, 12/12/13 238 238 Chase Funding Loan Acquisition Trust, Ser 2003-C1, Cl 2A1 (D) 1.254%, 05/25/24 100 100 Commercial Mortgage Acceptance Ser 1997-ML1, Cl A3 6.570%, 12/15/30 200 225 Countrywide Home Equity Loan Trust, Ser 2001-A, Cl A (D) 1.420%, 04/15/27 394 394 Credit Suisse First Boston, Ser 2003-TFLA, Cl A1 (D) 1.450%, 04/15/13 500 500 Criimi Mae Commercial Mortgage Trust, Ser 1998-C1, Cl A2 7.000%, 06/02/33 400 453 EMC Mortgage Loan Trust, Ser 2002-AA, Cl A1 (D) 1.505%, 05/25/39 291 292 EQCC Trust, Ser 2002-1, Cl 2A (D) 1.335%, 11/25/31 155 155 GMAC Commercial Mortgage Securities, Ser 2003-FL1A, Cl A (D) 1.623%, 03/11/15 296 296 - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 27 SCHEDULE OF INVESTMENTS (Unaudited) SEI VP Core Fixed Income Fund (Concluded) June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- General Motors Acceptance Ser 1998-c1, Cl A2 (D) 6.700%, 05/15/30 $ 400 $ 455 IMPAC CMB Trust, CMO, Ser 2002-1, Cl A1 (D) 1.355%, 03/25/32 449 449 IMPAC CMB Trust, CMO, Ser 2002-2, Cl A1 (D) 1.315%, 08/25/32 350 349 Istarwood Asset Receivables Trust, Ser 2002-1A, Cl A1 (D) 1.579%, 05/28/17 146 146 Lehman Manufactured Housing Contract, Ser 2001-B, Cl A3 4.350%, 05/15/14 400 407 Lehman Manufactured Housing Contract, Ser 2001-B, Cl A6 6.467%, 08/15/28 400 401 Merrill Lynch Mortgage, CMO, Ser 2002-NC1, Cl A1 (D) 1.355%, 05/25/33 68 68 Merrill Lynch Mortgage Investors, Ser 1996-C2, Cl A3 6.960%, 11/21/28 423 467 Mesa Trust Asset Backed Certificates, Ser 2002-3, Cl A, IO (A) 8.000%, 04/18/05 345 25 Morgan Stanley Dean Witter, Ser 2000-XLF, Cl A (D) 1.560%, 07/05/13 67 60 Oakwood Mortgage Investors, Ser 2002-C, Cl A, IO (A) 6.000%, 08/15/10 560 120 Structured Asset Securities, Ser 2002-BC1, Cl A1 (D) 1.535%, 08/25/32 397 399 UCFC Home Equity Loan, Ser 1997-D, Cl A8 (D) 1.400%, 12/15/27 19 19 Wachovia Bank Commercial Mortgage Trust, Ser 2002-WHL, Cl A1 (D) 1.480%, 03/15/15 354 354 Wachovia Bank Commercial Mortgage Trust, Ser 2003-WHL2, Cl A1 (D) 1.225%, 06/15/13 100 100 -------- 7,746 -------- Total Asset-Backed Securities (Cost $10,631) 10,717 -------- - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)/Contracts ($ Thousands) - ------------------------------------------------------------- COMMERCIAL PAPER -- 0.3% Kraft Foods 2.080%, 02/26/04 $ 130 $ 130 -------- Total Commercial Paper (Cost $130) 130 -------- REPURCHASE AGREEMENT -- 21.7% Morgan Stanley Dean Witter (C) 1.130%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $10,830,996 (collateralized by U.S. Government Agency obligations, total market value: $11,047,349) 10,831 10,831 -------- Total Repurchase Agreement (Cost $10,831) 10,831 -------- Total Investments -- 131.4% (Cost $62,718) $ 65,566 ======== WRITTEN OPTIONS -- (0.1)% September 2003 Ten Year Treasury Note Call Expires 08/23/03, Strike Price $120 (14) (5) September 2003 Ten Year Treasury Note Call, Expires 08/23/03, Strike Price $118 (12) (12) September 2003 Long Bond Future Put, Expires 08/23/03, Strike Price $116.00 (6) (8) -------- Total Written Options (Premiums received $(22)) (25) -------- Percentages are based on Net Assets of $49,928,205. (A) Securities considered illiquid. The total value of such securities as of June 30, 2003 was $485,372. (B) Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. (C) Tri-Party Repurchase Agreement. (D) Variable Rate Security -- The rate reported on the Schedule of Investments is the rate in effect as of June 30, 2003. (E) Security in default of interest payments. (F) Treasury Inflation Index Notes (G) The rate reported on the Schedule of Investments is the effective yield at time of purchase. Cl -- Class FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association GNMA -- Government National Mortgage Association IO -- Interest Only MTN -- Medium Term Note Ser -- Series STRIPS -- Separately Traded Registered Interest and Principal Security TBA -- To Be Announced TVA -- Tennessee Valley Authority The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 28 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 STATEMENT OF NET ASSETS (Unaudited) SEI VP High Yield Bond Fund - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- CORPORATE OBLIGATIONS -- 87.2% AEROSPACE & DEFENSE -- 1.0% Alliant Techsystems 8.500%, 05/15/11 $100 $ 111 -------- APPAREL/TEXTILES -- 2.0% Phillips Van-Heusen (A) 8.125%, 05/01/13 100 103 William Carter, Cl B 10.875%, 08/15/11 100 113 -------- 216 -------- AUTOMOTIVE -- 5.0% CSK Auto 12.000%, 06/15/06 100 111 Dura Operating, Ser B 8.625%, 04/15/12 100 102 TRW Automotive (A) 9.375%, 02/15/13 100 109 United Auto Group 9.625%, 03/15/12 100 107 United Rentals (A) 10.750%, 04/15/08 100 109 -------- 538 -------- BROADCASTING, NEWSPAPERS & ADVERTISING -- 4.3% Gray Television 9.250%, 12/15/11 150 166 Lamar Media 8.625%, 09/15/07 75 78 RH Donnelley (A) 8.875%, 12/15/10 100 110 Susquehanna Media 8.500%, 05/15/09 100 106 -------- 460 -------- BUILDING & CONSTRUCTION -- 2.5% KB Home 9.500%, 02/15/11 100 113 NVR 8.000%, 06/01/05 150 156 -------- 269 -------- COMMERCIAL SERVICES -- 9.4% Ameripath (A) 10.500%, 04/01/13 100 107 Arch Western Finance (A) 6.750%, 07/01/13 150 154 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- Coinmach 9.000%, 02/01/10 $100 $ 107 General Binding 9.375%, 06/01/08 100 96 Iron Mountain 8.250%, 07/01/11 150 160 JSG Funding 9.625%, 10/01/12 100 111 The Brickman Group (A) 11.750%, 12/15/09 150 168 Transdigm 10.375%, 12/01/08 100 108 -------- 1,011 -------- CONSUMER PRODUCTS -- 2.4% Central Garden & Pet 9.125%, 02/01/13 100 107 Xerox 7.625%, 06/15/13 150 150 -------- 257 -------- CONTAINERS & PACKAGING -- 6.4% Berry Plastics 10.750%, 07/15/12 100 110 Bway (A) 10.000%, 10/15/10 100 101 Owens-Brockway Glass 8.875%, 02/15/09 100 108 Plastipak Holdings 10.750%, 09/01/11 150 160 Riverwood International 10.875%, 04/01/08 100 103 Stone Container 9.750%, 02/01/11 100 110 -------- 692 -------- COSMETICS & TOILETRIES -- 3.0% Armkel 9.500%, 08/15/09 150 167 Chattem, Ser B 8.875%, 04/01/08 150 155 -------- 322 -------- DRUGS -- 0.9% NBTY, Ser B 8.625%, 09/15/07 100 103 -------- ELECTRICAL SERVICES -- 1.5% BRL Universal Equipment 8.875%, 02/15/08 150 163 -------- - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 29 STATEMENT OF NET ASSETS (Unaudited) SEI VP High Yield Bond Fund (Continued) June 30, 2003 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- ENTERTAINMENT -- 8.0% Argosy Gaming 10.750%, 06/01/09 $100 $ 109 Corus Entertainment 8.750%, 03/01/12 100 107 Intrawest 10.500%, 02/01/10 200 215 Lbi Media 10.125%, 07/15/12 150 165 Mohegan Tribal Gaming 8.000%, 04/01/12 150 162 Town Sports International (A) 9.625%, 04/15/11 100 105 -------- 863 -------- ENVIRONMENTAL SERVICES -- 1.0% IESI 10.250%, 06/15/12 100 106 -------- FINANCIAL SERVICES -- 2.0% American Achievement , Ser B 11.625%, 01/01/07 100 107 PCA Finance 11.875%, 08/01/09 100 109 -------- 216 -------- HOTELS & LODGING -- 2.9% Extended Stay America 9.875%, 06/15/11 150 161 Mandalay Resort Group 9.250%, 12/01/05 150 157 -------- 318 -------- MACHINERY -- 1.0% Nmgh Holding 10.000%, 05/15/09 100 110 -------- MARINE TRANSPORTATION -- 1.0% Gulfmark Offshore 8.750%, 06/01/08 100 104 -------- MEDICAL PRODUCTS & SERVICES -- 6.3% Kinectic Concepts, Ser B 9.625%, 11/01/07 150 156 Medquest, Ser B 11.875%, 08/15/12 100 104 Psychiatric Solutions (A) 10.625%, 06/15/13 150 154 Sybron Dental 8.125%, 06/15/12 100 106 - ------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- Vicar Operating 9.875%, 12/01/09 $150 $ 164 -------- 684 -------- METALS -- 1.0% Jarden 9.750%, 05/01/12 100 107 -------- PETROLEUM & FUEL PRODUCTS -- 4.8% Denbury Resources (A) 7.500%, 04/01/13 100 103 Encore Acquisition 8.375%, 06/15/12 100 107 Pride International 9.375%, 05/01/07 200 206 Stone Energy 8.250%, 12/15/11 100 106 -------- 522 -------- PRINTING & PUBLISHING -- 5.3% American Color Graphics (A) 10.000%, 06/15/10 150 150 American Media (A) 8.875%, 01/15/11 100 108 Houghton Mifflin (A) 8.250%, 02/01/11 100 106 Moore North America Finance (A) 7.875%, 01/15/11 100 104 Transwestern, Ser F 9.625%, 11/15/07 100 104 -------- 72 -------- RETAIL -- 8.7% Buffets 11.250%, 07/15/10 100 99 Dominos (A) 8.250%, 07/01/11 150 155 Le-natures (A) 9.000%, 06/15/13 200 206 Nebraska Book 8.750%, 02/15/08 150 150 Petco 10.750%, 11/01/11 150 171 Stater Brother 10.750%, 08/15/06 150 158 -------- 939 -------- TECHNOLOGY, GENERAL -- 1.0% Synargo Technology 9.500%, 04/01/09 100 107 -------- - -------------------------------------------------------------------------------- 30 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 - ------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- TELEPHONES & TELECOMMUNICATIONS -- 4.8% American Tower 9.375%, 02/01/09 $100 $ 101 Block Communications 9.250%, 04/15/09 100 109 Crown Castle International 10.625%, 11/15/07 100 105 Panamsat 8.500%, 02/01/12 100 108 Qwest Capital Funding 5.875%, 08/03/04 100 96 -------- 519 -------- TRANSPORTATION SERVICES -- 1.0% Oshkosh Truck 8.750%, 03/01/08 100 104 -------- Total Corporate Obligations (Cost $8,898) 9,413 -------- COMMON STOCK -- 0.0% FOOD, BEVERAGE & TOBACCO -- 0.0% Aurora Foods* 2,000 1 -------- Total Common Stock (Cost $4) 1 -------- REPURCHASE AGREEMENT -- 11.2% Morgan Stanley Dean Witter (B) 1.000%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $1,206,401 (collateralized by various U.S. Treasury Obligations, total market value: $1,230,532) 1,206 1,206 -------- Total Repurchase Agreement (Cost $1,206) 1,206 -------- Total Investments -- 98.4% (Cost $10,108) 10,620 -------- - ------------------------------------------------------------- Market Value Description ($ Thousands) - ------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 1.6% Investment Advisory Fees Payable $ (1) Administrator Fees Payable (5) Other Asset and Liabilities 175 -------- Total Other Assets and Liabilities, Net 169 -------- NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 1,230,006 outstanding shares of beneficial interest 12,109 Distributions in excess of net investment income (1) Accumulated net realized loss on investments (1,831) Net unrealized appreciation on investments 512 -------- Total Net Assets -- 100.0% $ 10,789 ======== Net Asset Value, Offering and Redemption Price Per Share ($10,788,836 / 1,230,006 shares) $8.77 ======== * Non-Income Producing Security (A) Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. (B) Tri-Party Repurchase Agreement. Cl -- Class Ser -- Series The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 31 STATEMENT OF NET ASSETS (Unaudited) SEI VP Prime Obligation Fund June 30, 2003 - ------------------------------------------------------------- Face Amount Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 64.5% FHLB 3.125%, 11/14/03 $ 500 $ 503 1.425%, 03/08/04 250 250 FHLMC+ 1.185%, 08/11/03 3,500 3,496 0.960%, 08/26/03 3,500 3,495 -------- Total U.S. Government Agency Obligations (Cost $7,744) 7,744 -------- CERTIFICATES OF DEPOSIT -- 1.7% Sigma Finance (A) 1.280%, 07/06/03 100 100 1.260%, 07/07/03 100 100 -------- Total Certificates Of Deposit (Cost $200) 200 -------- CORPORATE OBLIGATIONS -- 17.0% Bear Stearns MTN (A) 1.130%, 07/15/03 250 250 Beta Finance MTN (A) 1.239%, 07/15/03 250 250 Bristol-Myers Squibb (A) 1.214%, 07/31/03 250 250 General Electric Capital (A) 1.280%, 08/15/03 250 250 GSTR, Ser 2002-2A, Cl A1MA (A) 1.085%, 07/25/03 250 250 Merrill Lynch MTN (A) 1.500%, 07/08/03 300 300 Morgan Stanley Dean Witter MTN, Ser C (A) 1.155%, 09/19/03 250 250 White Pine Finance MTN (A) 1.270%, 07/07/03 250 250 -------- Total Corporate Obligations (Cost $1,550) 2,050 -------- - ------------------------------------------------------------- Face Amount Value Description ($ Thousands) ($ Thousands) - ------------------------------------------------------------- REPURCHASE AGREEMENT -- 16.9% Deutsche Bank (B) 1.090%, dated 06/30/03, to be repurchased on 07/01/03, repurchase price $2,030,061 (collateralized by U.S. Treasury Notes, total market value: $2,070,915) $2,030 $ 2,030 -------- Total Repurchase Agreement (Cost $2,030) 2,030 -------- Total Investments -- 100.1% (Cost $12,024) 12,024 -------- OTHER ASSETS AND LIABILITIES -- (0.1)% Investment Advisory Fees Payable (2) Administrator Fees Payable (1) Other Asset and Liabilities (8) -------- Total Other Assets and Liabilities, Net (11) -------- NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 12,013,173 outstanding shares of beneficial interest 12,013 -------- Total Net Assets -- 100.0% $ 12,013 ======== Net Asset Value, Offering and Redemption Price Per Share ($12,013,254 / 12,013,173 shares) $1.00 ======== + Discount Notes -- The rate reported on the Statement of Net Assets is the effective yield at the time of purchase. (A) Floating rate security -- the rate reported on the Statement of Net Assets is the rate in effect as of June 30, 2003. The date shown is the earlier of the reset date or the demand date. (B) Tri-Party Repurchase Agreement. Cl -- Class FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation MTN -- Medium Term Notes Ser -- Series The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 32 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 Statements of Assets and Liabilities ($ thousands)
June 30, 2003 (Unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP SEI VP SEIVP SMALL CAP INTERNATIONAL CORE FIXED EMERGING GROWTH EQUITY INCOME MARKETS FUND FUND FUND DEBT FUND - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS: Investments at value (Cost $289, $12,103, $62,718, and $--, respectively) $ 289 $ 9,868 $65,566 $ --* Cash 3,411 6,404 1 2,957 Foreign currency (Cost $--, $78, $--, and $--, respectively) -- 78 -- -- Dividend and interest receivable 3 21 419 -- Foreign tax reclaim receivable -- 20 -- -- Investment securities sold 2,096 45 6,035 -- Variation margin receivable 20 12 -- -- Receivable from administrator -- 2 -- -- Other assets 2 -- 5 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total Assets 5,821 16,450 72,026 2,958 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES: Payable upon return on securities loaned -- 321 -- -- Call options written, at value (premiums received $--, $--, $22 and $--, respectively) -- -- 25 -- Payable for investment securities purchased 3 14 21,593 -- Payable for portfolio shares redeemed 479 378 415 10 Investment advisory fees payable 2 6 10 1 Administrator fees payable 2 -- -- -- Other accrued expenses payable 8 39 43 6 Variation margin payable -- -- 12 -- Other payables -- 30 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Liabilities 494 788 22,098 17 - ------------------------------------------------------------------------------------------------------------------------------------ Total Net Assets $5,327 $15,662 $49,928 $2,941 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: Paid-in-Capital -- Class A (unlimited authorization -- no par value) based on 868,283, 3,001,333, 4,531,309, and 247,119 outstanding shares of beneficial interest, respectively $9,301 $24,710 $46,086 $1,216 Undistributed net investment income/accumulated net investment loss/distributions in excess of net investment income (14) 160 (21) 238 Accumulated net realized gain (loss) on investments and options (3,916) (6,915) 996 1,487 Net unrealized appreciation (depreciation) on investments and options -- (2,235) 2,845 -- Net unrealized appreciation (depreciation) on futures contracts (44) (59) 22 -- Net unrealized appreciation on foreign currency and translation of other assets and liabilities in foreign currency -- 1 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Net Assets -- 100.0% $5,327 $15,662 $49,928 $2,941 - ------------------------------------------------------------------------------------------------------------------------------------ Net Asset Value, Offering and Redemption Price Per Share ($5,327,327 / 868,283 shares, $15,662,455 / 3,001,333 shares, $49,928,205 / 4,531,309 shares and $2,940,568 / 247,119 shares, respectively) $6.14 $5.22 $11.02 $11.90 - ------------------------------------------------------------------------------------------------------------------------------------ *SEI VP Emerging Markets Debt Fund was not invested in securities on June 30, 2003. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
- -------------------------------------------------------------------------------- SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 33 Statements of Operations ($ Thousands) For the six months ended June 30, 2003 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP SEI VP SEI VP LARGE CAP LARGE CAP SMALL CAP SMALL CAP VALUE FUND GROWTH FUND VALUE FUND GROWTH FUND - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME: Dividends $ 542 $ 132 $ 115 $ 16 Interest Income 12 10 6 11 Net Income from Securities Lending 4 3 1 2 Less: Foreign Taxes Withheld -- (1) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Investment Income 558 144 122 29 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES: Investment Advisory Fees 75 66 52 25 Administrator Fees 75 58 28 14 Custodian/Wire Agent Fees 22 16 10 6 Professional Fees 23 18 7 3 Printing Fees 8 8 4 2 Trustee Fees 9 7 3 2 Other Expenses 3 -- 1 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total Expenses 215 173 105 53 - ------------------------------------------------------------------------------------------------------------------------------------ Less, Waiver of Investment Advisory Fees (24) (7) (3) (3) Waiver of Administrator Fees (10) (25) (15) (7) Reimbursement of Administrator Fees -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net Expenses 181 141 87 43 - ------------------------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME (LOSS) 377 3 35 (14) - ------------------------------------------------------------------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net Realized Gain (Loss) from: Investments 52 (2,555) (194) 667 Future Contracts 323 241 282 221 Option Contracts -- -- -- -- Foreign Currency Transactions -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on: Investments 3,981 5,865 2,463 233 Futures Contracts (31) (18) (45) (44) Option Contracts -- -- -- -- Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $4,702 $3,536 $2,541 $1,063 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP SEI VP SEI VP EMERGING SEI VP SEI VP EMERGING PRIME INTERNATIONAL MARKETS CORE FIXED HIGH YIELD MARKETS OBLIGATION EQUITY FUND EQUITY FUND INCOME FUND BOND FUND DEBT FUND FUND - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME: Dividends $ 299 $132 $ -- $ -- $ -- $-- Interest Income 6 1 1,143 650 333 79 Net Income from Securities Lending 2 -- 5 -- -- -- Less: Foreign Taxes Withheld (32) (15) -- -- 3 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Investment Income 275 118 1,148 650 336 79 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES: Investment Advisory Fees 46 39 82 38 38 5 Administrator Fees 41 25 83 28 29 25 Custodian/Wire Agent Fees 69 65 25 7 12 8 Professional Fees 10 4 34 9 5 4 Printing Fees 4 2 16 4 3 2 Trustee Fees 4 1 13 3 2 2 Other Expenses 6 -- 3 7 1 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total Expenses 180 136 256 96 90 47 - ------------------------------------------------------------------------------------------------------------------------------------ Less, Waiver of Investment Advisory Fees (5) (18) (10) (3) (16) -- Waiver of Administrator Fees (41) (25) (67) (26) (13) (21) Reimbursement of Administrator Fees (18) (20) -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net Expenses 116 73 179 67 61 26 - ------------------------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME (LOSS) 159 45 969 583 275 53 - ------------------------------------------------------------------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net Realized Gain (Loss) from: Investments (783) (22) 1,144 383 1,492 -- Future Contracts 159 -- (330) -- -- -- Option Contracts -- -- 167 -- -- -- Foreign Currency Transactions 6 (6) -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on: Investments 1,788 806 621 212 129 -- Futures Contracts (59) -- 94 -- -- -- Option Contracts -- -- (49) -- -- -- Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies -- 1 -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,270 $824 $2,616 $1,178 $1,896 $53 - ------------------------------------------------------------------------------------------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. 34 & 35 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003
Statements of Changes in Net Assets ($ Thousands) For the periods ended June 30, 2003 (Unaudited) and December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP LARGE CAP VALUE FUND LARGE CAP GROWTH FUND - ------------------------------------------------------------------------------------------------------------------------------------ 1/1/03 to 6/30/03 1/1/02 to 12/31/02 1/1/03 to 6/30/03 1/1/02 to 12/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net Investment Income (Loss) $ 377 $ 641 $ 3 $ (60) Net Realized Gain (Loss) from Security Transactions and Futures Contracts 375 (503) (2,314) (5,409) Net Realized Loss on Foreign Currency Transactions -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts 3,950 (6,533) 5,847 (6,394) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets Resulting from Operations 4,702 (6,395) 3,536 (11,863) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: CLASS A: Net Investment Income (199) (639) (12) -- Net Realized Gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Distributions (199) (639) (12) -- - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 3,593 15,992 2,255 18,959 Reinvestment of Distributions 199 639 12 -- Cost of Shares Redeemed (12,277) (5,096) (10,193) (2,364) - ------------------------------------------------------------------------------------------------------------------------------------ Increase in Net Assets Derived from Class A Transactions (8,485) 11,535 (7,926) 16,595 - ------------------------------------------------------------------------------------------------------------------------------------ Increase in Net Assets Derived from Capital Share Transactions (8,485) 11,535 (7,926) 16,595 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets (3,982) 4,501 (4,402) 4,732 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 43,389 38,888 33,600 28,868 - ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $39,407 $43,389 $29,198 $33,600 - ------------------------------------------------------------------------------------------------------------------------------------ SHARES ISSUED AND REDEEMED: CLASS A: Shares Issued 420 1,685 615 4,333 Reinvestment of Cash Distributions 24 70 3 -- Shares Redeemed (1,345) (533) (2,558) (597) - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Transactions (901) 1,222 (1,940) 3,736 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Capital Shares (901) 1,222 (1,940) 3,736 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP SMALL CAP VALUE FUND SMALL CAP GROWTH FUND - ------------------------------------------------------------------------------------------------------------------------------------ 1/1/03 to 6/30/03 1/1/02 to 12/31/02 1/1/03 to 6/30/03 1/1/02 to 12/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net Investment Income (Loss) $ 35 $ 51 $ (14) $ (66) Net Realized Gain (Loss) from Security Transactions and Futures Contracts 88 715 888 (1,985) Net Realized Loss on Foreign Currency Transactions -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts 2,418 (2,223) 189 (760) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets Resulting from Operations 2,541 (1,457) 1,063 (2,811) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: CLASS A: Net Investment Income (18) (52) -- -- Net Realized Gains (88) (654) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Distributions (106) (706) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 923 3,478 1,128 2,576 Reinvestment of Distributions 106 707 -- -- Cost of Shares Redeemed (2,376) (1,832) (5,189) (1,065) - ------------------------------------------------------------------------------------------------------------------------------------ Increase in Net Assets Derived from Class A Transactions (1,347) 2,353 (4,061) 1,511 - ------------------------------------------------------------------------------------------------------------------------------------ Increase in Net Assets Derived from Capital Share Transactions (1,347) 2,353 (4,061) 1,511 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets 1,088 190 (2,998) (1,300) - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 15,909 15,719 8,325 9,625 - ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $16,997 $15,909 $5,327 $8,325 - ------------------------------------------------------------------------------------------------------------------------------------ SHARES ISSUED AND REDEEMED: CLASS A: Shares Issued 85 280 207 411 Reinvestment of Cash Distributions 9 64 -- -- Shares Redeemed (202) (145) (875) (155) - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Transactions (108) 199 (668) 256 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Capital Shares (108) 199 (668) 256 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP EMERGING INTERNATIONAL EQUITY FUND MARKETS EQUITY FUND - ------------------------------------------------------------------------------------------------------------------------------------ 1/1/03 to 6/30/03 1/1/02 to 12/31/02 1/1/03 to 6/30/03 1/1/02 to 12/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net Investment Income (Loss) $ 159 $ 96 $ 45 $ (40) Net Realized Gain (Loss) from Security Transactions and Futures Contracts (624) (2,272) (22) 216 Net Realized Loss on Foreign Currency Transactions 6 (1) (6) (16) Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts 1,729 (1,286) 806 (972) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies -- 1 1 (1) - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets Resulting from Operations 1,270 (3,462) 824 (813) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: CLASS A: Net Investment Income -- (95) -- -- Net Realized Gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Distributions -- (95) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 4,263 7,113 2,282 1,407 Reinvestment of Distributions -- 95 -- -- Cost of Shares Redeemed (8,338) (2,231) (6,022) (1,334) - ------------------------------------------------------------------------------------------------------------------------------------ Increase in Net Assets Derived from Class A Transactions (4,075) 4,977 (3,740) 73 - ------------------------------------------------------------------------------------------------------------------------------------ Increase in Net Assets Derived from Capital Share Transactions (4,075) 4,977 (3,740) 73 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets (2,805) 1,420 (2,916) (740) - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 18,467 17,047 8,084 8,824 - ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $15,662 $18,467 $5,168 $ 8,084 - ------------------------------------------------------------------------------------------------------------------------------------ SHARES ISSUED AND REDEEMED: CLASS A: Shares Issued 901 1,325 455 256 Reinvestment of Cash Distributions -- 20 -- -- Shares Redeemed (1,662) (409) (1,146) (244) - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Transactions (761) 936 (691) 12 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Capital Shares (761) 936 (691) 12 - ------------------------------------------------------------------------------------------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. 36 & 37 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003
Statements of Changes in Net Assets ($ Thousands) For the periods ended June 30, 2003 (Unaudited) and December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP CORE FIXED INCOME FUND HIGH YIELD BOND FUND - ------------------------------------------------------------------------------------------------------------------------------------ 1/1/03 to 6/30/03 1/1/02 to 12/31/02 1/1/03 to 6/30/03 1/1/02 to 12/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net Investment Income $ 969 $ 2,143 $ 583 $ 1,046 Net Realized Gain (Loss) from Security Transactions, Futures and Options Contracts 981 1,520 383 (514) Net Realized Loss on Foreign Currency Transactions -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures and Options Contracts 666 1,819 212 193 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets from Operations 2,616 5,482 1,178 725 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: CLASS A: Net Investment Income (985) (2,176) (583) (1,046) Net Realized Gains (273) (1,032) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Distributions (1,258) (3,208) (583) (1,046) - ------------------------------------------------------------------------------------------------------------------------------------ CLASS B: (1) Net Investment Income -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Distributions (1,258) (3,208) (583) (1,046) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 4,912 27,578 3,482 2,592 Reinvestment of Distributions 1,258 3,208 583 1,046 Cost of Shares Redeemed (19,035) (17,019) (8,576) (1,207) - ------------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets Derived from Class A Transactions (12,865) 13,767 (4,511) 2,431 - ------------------------------------------------------------------------------------------------------------------------------------ CLASS B: (1) Proceeds from Shares Issued -- -- -- -- Reinvestment of Distributions -- -- -- -- Cost of Shares Redeemed -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in Net Assets Derived from Class B Transactions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets Derived from Capital Share Transactions (12,865) 13,767 (4,511) 2,431 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets (11,507) 16,041 (3,916) 2,110 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 61,435 45,394 14,705 12,595 - ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $49,928 $ 61,435 $10,789 $14,705 - ------------------------------------------------------------------------------------------------------------------------------------ SHARES ISSUED AND REDEEMED: CLASS A: Shares Issued 453 2,610 406 302 Reinvestment of Cash Distributions 115 302 68 122 Shares Redeemed (1,730) (1,598) (981) (142) - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Transactions (1,162) 1,314 (507) 282 - ------------------------------------------------------------------------------------------------------------------------------------ CLASS B: (1) Shares Issued -- -- -- -- Reinvestment of Cash Distributions -- -- -- -- Shares Redeemed -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Class B Transactions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Capital Shares (1,162) 1,314 (507) 282 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP SEI VP EMERGING MARKETS DEBT FUND PRIME OBLIGATION FUND - ------------------------------------------------------------------------------------------------------------------------------------ 1/1//1/03 to 6/30/03 1/1/02 to 12/31/02 1/1/03 to 6/30/03 1/1/02 to 12/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net Investment Income $ 275 $ 747 $ 53 $ 203 Net Realized Gain (Loss) from Security Transactions, Futures and Options Contracts 1,492 552 -- -- Net Realized Loss on Foreign Currency Transactions -- (20) -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures and Options Contracts 129 (412) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets from Operations 1,896 867 53 203 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: CLASS A: Net Investment Income -- (768) (53) (201) Net Realized Gains (208) (52) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Distributions (208) (820) (53) (201) - ------------------------------------------------------------------------------------------------------------------------------------ CLASS B: (1) Net Investment Income -- -- -- (2) - ------------------------------------------------------------------------------------------------------------------------------------ Total Distributions (208) (820) (53) (203) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 271 864 4,235 12,840 Reinvestment of Distributions 208 820 53 201 Cost of Shares Redeemed (8,500) (696) (3,599) (17,920) - ------------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets Derived from Class A Transactions (8,021) 988 689 (4,879) - ------------------------------------------------------------------------------------------------------------------------------------ CLASS B: (1) Proceeds from Shares Issued -- -- -- 559 Reinvestment of Distributions -- -- -- 2 Cost of Shares Redeemed -- -- -- (807) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in Net Assets Derived from Class B Transactions -- -- -- (246) - ------------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets Derived from Capital Share Transactions (8,021) 988 -- (5,125) - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Net Assets (6,333) 1,035 689 (5,125) - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 9,274 8,239 11,324 16,449 - ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $ 2,941 $9,274 $12,013 $ 11,324 - ------------------------------------------------------------------------------------------------------------------------------------ SHARES ISSUED AND REDEEMED: CLASS A: Shares Issued 25 86 4,235 12,840 Reinvestment of Cash Distributions 17 82 53 201 Shares Redeemed (718) (68) (3,599) (17,920) - ------------------------------------------------------------------------------------------------------------------------------------ Total Class A Transactions (676) 100 689 (4,879) - ------------------------------------------------------------------------------------------------------------------------------------ CLASS B: (1) Shares Issued -- -- -- 559 Reinvestment of Cash Distributions -- -- -- 2 Shares Redeemed -- -- -- (807) - ------------------------------------------------------------------------------------------------------------------------------------ Total Class B Transactions -- -- -- (246) - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase (Decrease) in Capital Shares (676) 100 689 (5,125) - ------------------------------------------------------------------------------------------------------------------------------------
(1) SEI VP Prime Obligation Fund's Class B shares were fully liquidated on April 30, 2002. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 38 & 39
Financial Highlights For the six month period ended June 30, 2003, (Unaudited) and the years ended December 31, (unless otherwise indicated) For a Share Outstanding Throughout each Period - ------------------------------------------------------------------------------------------------------------------------------------ Net Realized and Distributions Net Asset Net Unrealized Distributions from Value, Investment Gains from Net Realized Net Asset Beginning Income (Losses) Investment Capital Value, End of Period (Loss) on Securities Income Gains of Period - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP LARGE CAP VALUE FUND CLASS A 2003* $ 8.62 $ 0.08 $ 0.88 $(0.04) $ -- $ 9.54 2002 10.21 0.14 (1.59) (0.14) -- 8.62 2001 10.82 0.12 (0.44) (0.12) (0.17) 10.21 2000(1) 10.00 0.09 0.82 (0.09) -- 10.82 SEI VP LARGE CAP GROWTH FUND CLASS A 2003* $3.72 $ --** $ 0.39 $--** $ -- $ 4.11 2002 5.45 (0.01) (1.72) -- -- 3.72 2001 7.48 -- (2.03) -- -- 5.45 2000(1) 10.00 (0.01) (2.51) -- -- 7.48 SEI VP SMALL CAP VALUE FUND CLASS A 2003* $10.98 $ 0.02 $ 1.74 $(0.01) $(0.06) $12.67 2002 12.57 0.04 (1.11) (0.04) (0.48) 10.98 2001 11.83 0.06 1.64 (0.06) (0.90) 12.57 2000(1) 10.00 0.07 2.13 (0.07) (0.30) 11.83 SEI VP SMALL CAP GROWTH FUND CLASS A 2003* $ 5.42 $(0.02) $ 0.74 $ -- $ -- $ 6.14 2002 7.52 (0.04) (2.06) -- -- 5.42 2001 9.63 (0.04) (2.07) -- -- 7.52 2000(1) 10.00 (0.04) (0.33) $ -- -- 9.63 SEI VP INTERNATIONAL EQUITY FUND CLASS A 2003* $ 4.91 $ 0.05 $ 0.26 $ -- $ -- $ 5.22 2002 6.03 0.03 (1.12) (0.03) -- 4.91 2001 7.95 0.01 (1.92) (0.01) -- 6.03 2000(1) 10.00 0.09 (2.05) (0.09) -- 7.95 SEI VP EMERGING MARKETS EQUITY FUND CLASS A 2003* $ 5.04 $ 0.02 $ 0.60 $ -- $ -- $ 5.66 2002 5.54 (0.02) (0.48) -- -- 5.04 2001 6.23 0.03 (0.72) -- -- 5.54 2000(1) 10.00 (0.05) (3.72) -- -- 6.23 SEI VP CORE FIXED INCOME FUND CLASS A 2003* $10.79 $ 0.18 $ 0.29 $(0.18) $(0.06) $11.02 2002 10.37 0.42 0.61 (0.42) (0.19) 10.79 2001 10.36 0.55 0.23 (0.55) (0.22) 10.37 2000(1) 10.00 0.45 0.36 (0.45) -- 10.36
- ------------------------------------------------------------------------------------------------------------------------------------ Ratio of Ratio of Net Ratio of Net Expenses to Investment Investment Average Net Income (Loss) Ratio of Income Assets (Exclud- to Average Net Net Assets Expenses (Loss) ing Waivers Assets (Exclud- Portfolio Total End of Period to Average to Average and Reim- ing Waivers and Turnover Return+ ($ Thousands) Net Assets Net Assets bursements) Reimbursements) Rate - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP LARGE CAP VALUE FUND CLASS A 2003* 11.19% $39,407 0.85% 1.77% 1.01% 1.61% 8% 2002 (14.30) 43,389 0.85 1.53 1.01 1.37 21 2001 (2.91) 38,888 0.85 1.25 1.14 0.96 42 2000(1) 9.17 22,170 0.85 1.25 1.35 0.75 49 SEI VP LARGE CAP GROWTH FUND CLASS A 2003* 10.52% $29,198 0.85% 0.02% 1.04% (0.17)% 43% 2002 (31.74) 33,600 0.85 (0.19) 1.03 (0.37) 32 2001 (27.14) 28,868 0.85 (0.25) 1.19 (0.59) 84 2000(1) (25.20) 17,236 0.85 (0.26) 1.39 (0.80) 57 SEI VP SMALL CAP VALUE FUND CLASS A 2003* 16.10% $16,997 1.10% 0.43% 1.31% 0.22% 22% 2002 (8.56) 15,909 1.10 0.32 1.30 0.12 30 2001 14.89 15,719 1.10 0.48 1.45 0.13 39 2000(1) 22.25 10,498 1.10 0.90 1.66 0.34 98 SEI VP SMALL CAP GROWTH FUND CLASS A 2003* 13.28% $ 5,327 1.10% (0.37)% 1.33% (0.60)% 68% 2002 (27.93) 8,325 1.10 (0.76) 1.33 (0.99) 187 2001 (21.91) 9,625 1.10 (0.82) 1.46 (1.18) 151 2000(1) (3.70) 8,699 1.10 (0.59) 1.65 (1.14) 116 SEI VP INTERNATIONAL EQUITY FUND CLASS A 2003* 6.31% $15,662 1.28% 2.10% 1.98% 1.40% 21% 2002 (18.15) 18,467 1.28 0.54 2.08 (0.26) 43 2001 (24.05) 17,047 1.28 0.19 2.04 (0.57) 41 2000(1) (19.60) 12,949 1.28 1.61 2.13 0.76 31 SEI VP EMERGING MARKETS EQUITY FUND CLASS A 2003* 12.30% $ 5,168 1.95% 1.62% 3.65% (0.08)% 17% 2002 (9.03) 8,084 1.95 (0.45) 3.49 (1.99) 183 2001 (11.08) 8,824 1.95 0.06 3.70 (1.69) 149 2000(1) (37.70) 7,286 1.95 (0.62) 3.52 (2.19) 117 SEI VP CORE FIXED INCOME FUND CLASS A 2003* 4.36% $49,928 0.60% 3.25% 0.86% 2.99% 249% 2002 10.21 61,435 0.60 3.92 0.83 3.6% 485 2001 7.69 45,394 0.60 5.15 1.00 4.75 423 2000(1) 8.31 19,215 0.60 6.10 1.19 5.51 342
- ------------------------------------------------------------------------------------------------------------------------------------ Net Realized and Distributions Net Asset Net Unrealized Distributions from Value, Investment Gains from Net Realized Net Asset Beginning Income (Losses) Investment Capital Value, End of Period (Loss) on Securities Income Gains of Period - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP HIGH YIELD BOND FUND CLASS A 2003* $ 8.46 $ 0.32 $ 0.31 $(0.32) $ -- $ 8.77 2002 8.66 0.66 (0.20) (0.66) -- 8.46 2001 9.16 0.87 (0.50) (0.87) -- 8.66 2000(1) 10.00 0.70 (0.84) (0.70) -- 9.16 SEI VP EMERGING MARKETS DEBT FUND CLASS A 2003(2)* $10.05 $ 0.34 $ 1.74 $ -- $(0.23) $11.90 2002 10.01 0.87 0.12 (0.89) (0.06) 10.05 2001 9.75 0.96 0.26 (0.96) -- 10.01 2000(1) 10.00 0.76 (0.11) (0.76) (0.14) 9.75 SEI VP PRIME OBLIGATION FUND CLASS A 2003* $ 1.00 $ --** $ -- $ --** $ -- $ 1.00 2002 1.00 0.01 -- (0.01) -- 1.00 2001 1.00 0.04 -- (0.04) -- 1.00 2000(1) 1.00 0.04 -- (0.04) -- 1.00
- ------------------------------------------------------------------------------------------------------------------------------------ Ratio of Ratio of Net Ratio of Net Expenses to Investment Investment Average Net Income (Loss) Ratio of Income Assets (Exclud- to Average Net Net Assets Expenses (Loss) ing Waivers Assets (Exclud- Portfolio Total End of Period to Average to Average and Reim- ing Waivers and Turnover Return+ ($ Thousands) Net Assets Net Assets bursements) Reimbursements) Rate - ------------------------------------------------------------------------------------------------------------------------------------ SEI VP HIGH YIELD BOND FUND CLASS A 2003* 7.40% $10,789 0.85% 7.40% 1.22% 7.03% 36% 2002 5.45 14,705 0.85 7.65 1.22 7.28 49 2001 4.00 12,595 0.85 9.54 1.31 9.08 72 2000(1) (1.51) 10,427 0.85 9.75 1.51 9.09 5 SEI VP EMERGING MARKETS DEBT FUND CLASS A 2003(2)* 20.73% $ 2,941 1.35% 6.13% 2.01% 5.47% 82% 2002 9.98 9,274 1.35 8.77 1.92 8.20 116 2001 12.56 8,239 1.35 9.61 2.07 8.89 201 2000(1) 6.56 6,563 1.35 10.55 2.26 9.64 140 SEI VP PRIME OBLIGATION FUND CLASS A 2003* 0.45% $12,013 0.44% 0.89% 0.79% 0.54% N/A 2002 1.36 11,324 0.44 1.38 0.83 0.99 N/A 2001 3.80 16,203 0.44 3.35 0.93 2.86 N/A 2000(1) 4.56 5,685 0.44 6.04 1.14 5.34 N/A * For the six month period ended June 30, 2003 (Unaudited). All ratios for the period have been annualized. ** Amount represents less than $0.01. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on April 5, 2000. All ratios for the period have been annualized. (2) Per share data calculated using average shares method. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 40 & 41 Notes to Financial Statements (Unaudited) 1. ORGANIZATION SEI Insurance Products Trust (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated December 14, 1998. The Trust commenced operations on April 5, 2000. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company currently offering ten funds: SEI VP Large Cap Value Fund, SEI VP Large Cap Growth Fund, SEI VP Small Cap Value Fund, SEI VP Small Cap Growth Fund, SEI VP International Equity Fund, SEI VP Emerging Markets Equity Fund, SEI VP Core Fixed Income Fund, SEI VP High Yield Bond Fund, SEI VP Emerging Markets Debt Fund, and SEI VP Prime Obligation Fund (collectively the "Funds", and each of these, a "Fund"). The Trust has diversified and non-diversified funds. SEI VP Emerging Markets Debt Fund is a non-diversified fund. The Funds' prospectus provides a description of each Fund's investment objectives, policies and strategies. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held. Effective April 30, 2002 Class B shares for the SEI VP Prime Obligation Fund were fully liquidated. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds. USE OF ESTIMATES -- The preparation of Financial Statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. SECURITY VALUATION -- Investments in equity securities that are traded on a securities exchange are stated at the last quoted sales price if readily available for such equity securities on each business day; other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Securities that are quoted on a National Market System are valued at the official closing price. Foreign securities in the SEI VP International Equity Fund, SEI VP Emerging Markets Equity Fund and SEI VP Emerging Markets Debt Fund (the "International Funds") are valued based on quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Debt obligations are valued at the most recently quoted bid price. Investment securities held by the SEI VP Prime Obligation Fund are stated at amortized cost, which approximates market value. Under the amortized cost method, any discount or premium is amortized ratably to the next interest readjustment date, the date that the principal owned can be recovered through demand, or the maturity date of the security and is included in interest income. Other securities for which market quotations are not readily available, or securities whose market quotations do not reflect market value, are valued at fair value using good faith pricing procedures approved by the Board of Trustees. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are recorded on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of securities are those of the specific identification. Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by each Fund's custodian bank until the repurchase date of the repurchase agreement. Provisions of the repurchase agreement and procedures adopted by the Administrator and the Investment Adviser (see note 3) of the Trust require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds 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 the repurchase date of the repurchase agreement. Provisions of the repurchase agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. DISCOUNT AND PREMIUM AMORTIZATION -- Amortization and accretion are calculated using the scientific interest method which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income. FUTURES CONTRACTS -- The SEI VP Large Cap Value, SEI VP Large Cap Growth, SEI VP Small Cap Value, SEI VP Small Cap Growth, SEI VP International Equity and the SEI VP Core Fixed Income Funds utilized futures contracts during the period ended June 30, 2003. The SEI VP International Equity and SEI VP Core Fixed Income Funds' use of 42 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 futures contracts is primarily for tactical hedging purposes. 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 above 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, or that changes in the values of the contract may not directly correlate with changes in the values of the underlying securities. The following Funds had Long (Short) futures open as of June 30, 2003: - -------------------------------------------------------------------------------- Unrealized Number Contract Appreciation Type of of Value (Depreciation) Contract Contracts ($Thousands) Expiration ($ Thousands) - -------------------------------------------------------------------------------- SEI VP LARGE CAP VALUE FUND S&P 500 Composite Index 64 3,146 09/19/03 $ (31) ----- SEI VP LARGE CAP GROWTH FUND S&P 500 Composite Index 35 1,721 09/19/03 (18) ----- SEI VP SMALL CAP VALUE FUND Russell 2000 Index 11 2,511 09/18/03 (45) ----- SEI VP SMALL CAP GROWTH FUND Russell 2000 Index 24 5,425 09/18/03 (44) ----- SEI VP INTERNATIONAL EQUITY FUND DJ Euro Stoxx 75 2,133 09/19/03 (45) FTSE 100 Index 26 1,749 09/24/03 (22) Hang Seng Index 1 61 07/30/03 -- SPI 200 Index 8 406 09/19/03 (4) Topix Index 18 1,353 09/17/03 12 ----- (59) ----- SEI VP CORE FIXED FUND 90 Day Eurodollar (19) (4,698) 03/15/04 7 U.S. Ten Year Note (31) (3,680) 09/22/03 39 U.S. Ten Year Agency Note 4 464 09/21/03 (5) U.S. Five Year Note (CBT) (46) (5,320) 09/21/03 24 U.S. Long Treasury Bond (CBT) 17 2,038 09/21/03 (43) ----- 22 ----- EQUITY-LINKED WARRANTS -- The SEI VP International Equity and SEI VP Emerging Markets Equity Funds may invest in equity-linked warrants. The above Funds purchase 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 the call and close the position, the shares are sold and the warrant redeemed with the proceeds. Each warrant represents one share of the underlying stock, 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 above Funds bear additional counterparty risk to the issuing broker. There is currently no active trading market for equity-linked warrants. The SEI VP Emerging Markets Equity Fund was invested in equity-linked warrants as of June 30, 2003. OPTION WRITING/PURCHASING -- The SEI VP Core Fixed Income Fund enters into option contracts solely for the purpose of hedging its existing portfolio securities, or securities that the SEI VP Core Fixed Income Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. When the SEI VP Core Fixed Income Fund writes or purchases an option, an amount equal to the premium received or paid by the SEI VP Core Fixed Income 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 writing or purchasing options which expire unexercised are treated by the SEI VP Core Fixed Income Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the SEI VP Core Fixed Income Fund has realized a gain or loss. DELAYED DELIVERY TRANSACTIONS -- The SEI VP Core Fixed Income Fund 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 and maintain until the settlement date in a segregated account, 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. SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 43 NOTES TO FINANCIAL STATEMENTS (unaudited) STRUCTURED NOTES AND INDEXED NOTES -- The SEI VP Core Fixed Income Fund may invest in structured notes that make interest and principal payments based upon the performance of specified assets or indices. Structured notes include mortgage-backed securities such as pass-through certificates, collateralized mortgage obligations and interest and principal only components of mortgage-backed securities. The SEI VP Core Fixed Income Fund may also invest in indexed notes whose values are linked either directly and inversely to changes in foreign currency exchange rates, interest rates, indices, or other reference instruments. The values of these instruments may be more volatile than the rates, indices, or instruments to which they refer, but any loss is limited to the amount of the original investment. ILLIQUID SECURITIES -- Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. LOAN PARTICIPATIONS AND BRADY BONDS -- The SEI VP Emerging Markets Debt Fund may invest 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 may invest 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 SEI VP Emerging Markets Debt Fund having a contractual relationship only with the Lender, not with the sovereign borrower. The SEI VP Emerging Markets Debt Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the SEI VP Emerging Markets Debt 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 SEI VP Emerging Markets Debt Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the SEI VP Emerging Markets Debt Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. The SEI VP Emerging Markets Debt Fund may have difficulty disposing of Participations and Assignments because the market for such instruments is not highly liquid. Certain debt obligations, customarily referred to as "Brady Bonds," are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury, Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. CLASSES -- Class-specific expenses were borne by that class of shares. Income, realized and unrealized gains/losses and non class-specific expenses were allocated to the respective class on the basis of relative daily net assets. EXPENSES -- Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative daily net assets. FORWARD FOREIGN CURRENCY CONTRACTS -- The International Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. The aggregate principal amounts of the contracts are not recorded as the Funds do not intend to hold the contracts to maturity. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The International 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 period are recognized as ordinary income or loss for Federal income tax purposes. DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income are declared daily and paid to shareholders monthly for the SEI VP Core Fixed Income Fund, the SEI VP High Yield Bond Fund and the SEI VP Prime Obligation Fund; declared and paid at least quarterly for the SEI VP Large Cap Value Fund, the SEI VP Large Cap Growth Fund, the SEI VP Small Cap Value Fund and the SEI VP Small Cap Growth Fund; and declared and paid at least annually for the SEI VP International Equity Fund, the SEI VP Emerging Markets Equity Fund and the SEI VP Emerging Markets Debt Fund. 3. ADMINISTRATOR, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS The Trust and SEI Investments Fund Management (the "Administrator"), are parties to an Amended and Restated Administration and Transfer Agency Agreement dated September 16, 2002 under which the Administrator provides administrative and transfer agency services to the Funds. For these services, the Administrator will receive an annual fee which is calculated daily and paid monthly at the following annual rates: .35% of the average daily net assets of the SEI VP Large Cap 44 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 Value Fund, SEI VP Large Cap Growth Fund, SEI VP Small Cap Value Fund, SEI VP Small Cap Growth Fund, SEI VP High Yield Bond Fund; .28% of the average daily net assets of the SEI VP Core Fixed Income Fund; .45% of the average daily net assets of the SEI VP International Equity Fund; .65% of the average daily net assets of the SEI VP Emerging Markets Equity Fund and SEI VP Emerging Markets Debt Fund; and .42% of the average daily net assets of the SEI VP Prime Obligation Fund. Prior to September 16, 2002, the Administrator was a party to separate agreements with the Funds dated March 29, 1999, to provide the same services for the same fees as under the current agreement. The Administrator has agreed to waive all or a portion of its fee, or to reimburse expenses in order to limit the operating expenses of a Fund. Any such waiver is voluntary and may be terminated at any time at the Administrator's sole discretion. SEI Investments Management Corporation ("SIMC") serves as investment adviser to each Fund. In connection with serving as investment adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, at an annual rate of .35% of the average daily net assets of the SEI VP Large Cap Value Fund; .40% of the average daily net assets of the SEI VP Large Cap Growth Fund; .65% of the average daily net assets of the SEI VP Small Cap Value Fund and SEI VP Small Cap Growth Fund; .505% of the average daily net assets of the SEI VP International Equity Fund; 1.05% of the average daily net assets of the SEI VP Emerging Markets Equity Fund, .275% of the average daily net assets of the SEI VP Core Fixed Income Fund; .4875% of the average daily net assets of the SEI VP High Yield Bond Fund; .85% of the average daily net assets of the SEI VP Emerging Markets Debt Fund; and .075% of the average daily net assets of the SEI VP Prime Obligation Fund. SIMC has entered into investment sub-advisory agreements with the following sub-advisers: - -------------------------------------------------------------------------------- Currently Managing a Investment Date of Portion of Sub-Adviser Agreement Fund (Y/N) - -------------------------------------------------------------------------------- SEI VP LARGE CAP VALUE FUND LSV Asset Management, L.P. 03/31/00 Y Barclays Global Fund Advisors 12/09/02 Y SEI VP LARGE CAP GROWTH FUND Goldman Sachs Asset Management 01/24/03 Y Peregrine Capital Management, Inc. 12/12/00 Y SEI VP SMALL CAP VALUE FUND LSV Asset Management, L.P. 03/31/00 Y SEI VP SMALL CAP GROWTH FUND Wellington Management Company, LLP 12/16/02 Y SEI VP INTERNATIONAL EQUITY FUND Capital Guardian Trust Company 02/22/00 Y SEI VP EMERGING MARKETS EQUITY FUND Alliance Capital Management L.P. 06/26/02 Y SEI VP CORE FIXED INCOME FUND Western Asset Management Company 02/15/00 Y SEI VP HIGH YIELD BOND FUND Shenkman Capital Management, Inc. 06/21/01 Y SEI VP PRIME OBLIGATION FUND Banc of America Capital Management, LLC 09/30/02 Y Under the investment sub-advisory agreements, each sub-adviser receives an annual fee, paid by SIMC. Under a distribution agreement with the Trust, SEI Investments Distribution Co. (the "Distributor") will provide the Trust with distribution services. The Distributor will not be entitled to any fee for performing these services. 4. Transactions with Affiliates 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. Such commissions for the six month period ended June 30, 2003 are as follows ($Thousands): SEI VP Large Cap Growth Fund $20 SEI VP Small Cap Growth Fund 14 ----- $34 ===== Certain officers and/or trustees of the Trust are also officers of the Manager. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim and committee meetings. Compensation of affiliated officers and trustees of the Trust is paid by the Administrator. Each of the Funds also uses the Distributor as an agent in placing repurchase agreements. For this service the Distributor retains a portion of the interest earned as a commission. Aggregate commissions SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 45 NOTES TO FINANCIAL STATEMENTS (unaudited) paid by the Trust for repurchase agreements placed during the six month period ended June 30, 2003 were as follows: SEI VP Large Cap Value Fund $ 555 SEI VP Large Cap Growth Fund 467 SEI VP Small Cap Value Fund 277 SEI VP Small Cap Growth Fund 161 SEI VP International Equity Fund 312 SEI VP Emerging Markets Equity Fund 52 SEI VP Core Fixed Income Fund 3,353 SEI VP High Yield Bond Fund 240 ------- $5,417 ====== For the six month period ended June 30, 2003, the Funds paid commissions to affiliated broker-dealers as follows: SEI VP Large Cap Value Fund $ 4,334 SEI VP Large Cap Growth Fund 7,859 ------- $12,193 ======= LSV Asset Management (partially-owned subsidiary of SIMC) serves as a sub-adviser to the SEI VP Large Cap Value and SEI VP Small Cap Value Funds. For this service LSV Asset Management is entitled to receive a fee from SIMC. Such fees for the six month period ended June 30, 2003 are as follows: SEI VP Large Cap Value Fund $17,523 SEI VP Small Cap Value Fund 20,776 ------- $38,299 ======= 5. FORWARD FOREIGN CURRENCY CONTRACTS FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (I) market value of investment securities, other assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective date of such transactions. For foreign debt obligations, the Funds do 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. 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. The International Funds enter into forward foreign currency exchange contracts as hedges against portfolio positions. Such contracts, which are designed to protect the value of the Fund's investment securities against a decline in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities; they simply establish an exchange rate at a future date. Also, although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of such foreign currency increase. 6. INVESTMENT TRANSACTIONS The cost of security purchases and proceeds from the sale of securities, other than temporary investments, during the six month period ended June 30, 2003, were as follows: - -------------------------------------------------------------------------------- Purchases U.S. Gov't Other Total ($ Thousands) ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------- SEI VP LARGE CAP VALUE FUND Purchases $-- $ 3,232 $ 3,232 Sales -- 12,648 12,648 SEI VP LARGE CAP GROWTH FUND Purchases -- 13,264 13,264 Sales -- 21,821 21,821 SEI VP SMALL CAP VALUE FUND Purchases -- 3,320 3,320 Sales -- 6,454 6,454 SEI VP SMALL CAP GROWTH FUND Purchases -- 4,058 4,058 Sales -- 12,941 12,941 SEI VP INTERNATIONAL EQUITY FUND Purchases -- 3,390 3,390 Sales -- 12,773 12,773 SEI VP EMERGING MARKETS EQUITY FUND Purchases -- 1,208 1,208 Sales -- 4,845 4,845 SEI VP CORE FIXED INCOME FUND Purchases 141,153 4,328 145,481 Sales 147,426 6,691 154,117 SEI VP HIGH YIELD BOND FUND Purchases -- 4,965 4,965 Sales -- 9,603 9,603 SEI VP EMERGING MARKETS DEBT FUND Purchases 250 -- 250 Sales 179 -- 179 46 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 7. FEDERAL TAX INFORMATION It is the intention of each Fund to continue to qualify as a regulated investment company under subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements. The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. 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 book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise. At December 31, 2002, the Funds had capital loss carryforwards available to offset future realized gains through the indicated expiration dates as follows:
- ------------------------------------------------------------------------------------------------------------ Expires Expires Expires Total Capital 2010 2009 2008 Loss Carryforward ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------------------------------------ SEI VP Large Cap Value Fund $ 453 $ -- $ -- $ 453 SEI VP Large Cap Growth Fund 5,573 6,210 1,103 12,886 SEI VP Small Cap Growth Fund 1,295 2,168 337 3,800 SEI VP International Equity Fund 2,476 2,324 396 5,196 SEI VP Emerging Markets Equity Fund 747 2,579 1,466 4,792 SEI VP High Yield Bond Fund 1,140 1,051 24 2,215
For Federal income tax purposes, the cost of securities owned at June 30, 2003, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation on investments held by the Funds at June 30, 2003, were as follows:
- ------------------------------------------------------------------------------------- Net Unrealized Appreciated Depreciated Appreciation Securities Securities (Depreciation) ($ Thousands) ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------------- SEI VP Large Cap Value Fund $3,317 $(5,680) $(2,363) SEI VP Large Cap Growth Fund 1,719 (3,340) (1,621) SEI VP Small Cap Value Fund 3,379 (817) 2,562 SEI VP International Equity Fund 579 (2,814) (2,235) SEI VP Emerging Markets Equity Fund 540 (317) 223 SEI VP Core Fixed Income Fund 3,090 (242) 2,848 SEI VP High Yield Bond Fund 527 (15) 512
SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 47 NOTES TO FINANCIAL STATEMENTS (unaudited) - 8. CONCENTRATION OF RISKS The market values of the SEI VP Core Fixed Income Fund's investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of such securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Each International 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 SEI VP Emerging Markets Debt Fund invests in debt securities, the market value of which may change in response to interest rate changes. Also, the ability of the issuers of debt securities held by the SEI VP Emerging Markets Debt Fund to meet its obligations may be affected by economic and political developments in a specific country, industry or region. 9. WRITTEN OPTIONS TRANSACTIONS Written option transactions entered into during the six month period ended June 30, 2003 are summarized as follows: - -------------------------------------------------------------------- SEI VP CORE FIXED INCOME FUND Premium # of contracts ($Thousands) - -------------------------------------------------------------------- BALANCE AT THE BEGINNING OF PERIOD 86 $ 118 Written 3,120,151 142 Expired (3,120,092) (100) Exercised -- -- Closing Buys (113) (138) ----- ----- Balance at the end of period 32 $ 22 ===== ===== At June 30, 2003, the SEI VP Core Fixed Income Fund had sufficient cash and/or securities at least equal to the value of written options. 10. 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 Trust's Board of Trustees. These loans may not exceed 33 1/3% 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 during the day, 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. 11. SUBSEQUENT EVENT On March 11, 2003, the Board of Trustees of the Funds approved the liquidation of the Trust. The liquidation is scheduled to take place on August 29, 2003. 48 SEI Insurance Products Trust / Semi-Annual Report / June 30, 2003 Notes Notes Notes Notes SEI INSURANCE PRODUCTS TRUST semi-ANNUAL REPORT JUNE 30, 2003 Robert A. Nesher, CHAIRMAN TRUSTEES William M. Doran F. Wendell Gooch James M. Storey George J. Sullivan, Jr. Rosemarie B. Greco OFFICERS Edward D. Loughlin PRESIDENT AND CHIEF EXECUTIVE OFFICER James R. Foggo CONTROLLER AND CHIEF FINANCIAL OFFICER Todd Cipperman VICE PRESIDENT, ASSISTANT SECRETARY Robert S. Ludwig VICE PRESIDENT, ASSISTANT SECRETARY William E. Zitelli, Jr. VICE PRESIDENT, ASSISTANT SECRETARY Lydia Gavalis VICE PRESIDENT, ASSISTANT SECRETARY Christine M. McCullough VICE PRESIDENT, ASSISTANT SECRETARY Timothy D. Barto VICE PRESIDENT, SECRETARY Sherry K. Vetterlein VICE PRESIDENT, ASSISTANT SECRETARY John C. Munch VICE PRESIDENT, ASSISTANT SECRETARY Richard W. Grant SECRETARY INVESTMENT ADVISER SEI Investments Management Corporation ADMINISTRATOR SEI Investments Fund Management DISTRIBUTOR SEI Investments Distribution Co. LEGAL COUNSEL Morgan, Lewis & Bockius LLP INDEPENDENT AUDITOR PricewaterhouseCoopers LLP This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal. FOR MORE INFORMATION CALL 1 800 DIAL SEI (1 800 342 5734) [Background graphic omitted] [SEI Logo omitted] SEI Investments Distribution Co. Oaks, PA 19456 1 800-DIAL-SEI (1 800 342 5734) VAR-F-005 (6/03) ITEM 2. CODE OF ETHICS. Not applicable - only effective for annual reports for periods ending on or after July 15, 2003. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable - only effective for annual reports for periods ending on or after July 15, 2003. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable - only effective for annual reports for periods ending on or after December 15, 2003. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. (RESERVED) ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. (RESERVED) ITEM 9. CONTROLS AND PROCEDURES. (a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEMS 10. EXHIBITS. (a)(1) Not applicable. (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 Insurance Products Trust By (Signature and Title)* /s/ Edward D. Loughlin ---------------------- Edward D. Loughlin, President & CEO Date 08/22/2003 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 08/22/2003 By (Signature and Title)* /s/ James R. Foggo ------------------- James R. Foggo, Controller and CFO Date 08/22/2003 * Print the name and title of each signing officer under his or her signature. EX-99.302 CERT 3 exhibcert302eloughlin.txt SIPT EXHIBIT CERTIFICATION E LOUGHLIN 6_03 CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Edward D. Loughlin, certify that: 1. I have reviewed this report on Form N-CSR of SEI Insurance Products Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b)[intentionally left blank]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 22, 3003 /s/ Edward D. Loughlin - ----------------------- Edward D. Loughlin President and CEO EX-99.302 CERT 4 exhib302certjf.txt SIPT EXHIBIT 302 CERTIFICATION JAMES FOGGO CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, James R. Foggo, certify that: 1. I have reviewed this report on Form N-CSR of SEI Insurance Products Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b)[intentionally left blank]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 22, 3003 /s/ James R. Foggo - ----------------------- James R. Foggo Controller and CFO EX-99.906 CERT 5 exhib906certeloughlin.txt SIPT EXHIBIT CERTIFICATION 906 E LOUGHLIN 6_03 CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 The undersigned, the Chief Executive Officer of SEI Insurance Products Trust (the "Fund"), with respect to the Form N-CSR for the period ended June 30, 2003 as filed with the Securities and Exchange Commission, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certifies that, to the best of my knowledge: 1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: August 22, 2003 /s/ Edward D. Loughlin ------------------------ Edward D. Loughlin EX-99.906 CERT 6 exhib906certjf.txt SIPT EXHIBIT 906 CERTIFICATION JAMES FOGGO CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 The undersigned, the Chief Financial Officer of SEI Insurance Products Trust (the "Fund"), with respect to the Form N-CSR for the period ended June 30, 2003 as filed with the Securities and Exchange Commission, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certifies that, to the best of my knowledge: 1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: August 22, 2003 /s/ James R. Foggo ------------------------ James R. Foggo -----END PRIVACY-ENHANCED MESSAGE-----