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SEI ASSET ALLOCATION TRUST
DIVERSIFIED CONSERVATIVE INCOME FUND
DIVERSIFIED CONSERVATIVE FUND
DIVERSIFIED MODERATE GROWTH FUND
DIVERSIFIED GROWTH FUND
DIVERSIFIED U.S. STOCK FUND
SUPPLEMENT DATED OCTOBER 2, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
At a meeting held on September 16-17, 1996, the Boards of Trustees of SEI
Institutional Managed Trust ("SIMT") and SEI International Trust ("SIT"), each
of which is an Underlying Trust of SEI Asset Allocation Trust (the "Trust"),
voted to make certain changes to the sub-advisers for SIMT and SIT. Effective on
October 1, 1996, Furman Selz Capital Management LLC ("Furman Selz") was added as
a sub-adviser to the SIMT Small Cap Growth Portfolio. In addition, Parametric
Portfolio Associates ("Parametric"), Coronation Asset Management (Proprietary)
Limited ("Coronation") and Yamaichi Capital Management, Inc. ("Yamaichi") and
Yamaichi Capital Management (Singapore) Limited ("YCMS") have been added as
sub-advisors to the SIT Emerging Markets Equity Portfolio. In connection with
these changes, "The Advisers and Sub-Advisers to the Underlying Portfolios"
section of the Trust's Prospectus is amended and the following disclosure is
inserted:
FURMAN SELZ CAPITAL MANAGEMENT LLC
Furman Selz Capital Management LLC ("Furman Selz") acts as a sub-adviser to a
portion of the assets of the SIMT Small Cap Growth Portfolio.
Furman Selz, a Delaware limited liability company whose predecessor was formed
in 1977, is a registered investment adviser that managed approximately $7
billion in assets as of August 31, 1996. Furman Selz's principal business
address is 230 Park Avenue, New York, NY 10169. Matthew S. Price and David C.
Campbell, Managing Directors/Portfolio Managers of Furman Selz, are primarily
responsible for the day-to-day management and investment decisions made with
respect to the assets of the Portfolio. Prior to joining Furman Selz, Mr. Price
and Mr. Campbell were Senior Portfolio Managers at Value Line Asset Management.
The Adviser will pay Furman Selz a fee based on a percentage of the average
monthly market value of the assets of the SIMT Small Cap Growth Portfolio
managed by Furman Selz.
CORONATION ASSET MANAGEMENT (PROPRIETARY) LIMITED
Coronation Asset Management (Proprietary) Limited ("Coronation") acts as a
sub-adviser to a portion of the assets of the SIT Emerging Markets Equity
Portfolio.
Coronation, a registered investment adviser organized under the laws of the
Republic of South Africa, was founded in 1993, and as of July 31, 1996, managed
$2.5 billion in assets. The principal business address of Coronation is 80
Strand Street, Cape Town, South Africa, 8001. Investment decisions for
Coronation's portion of the Portfolio are made by Anthony Gibson and Louis
Stassen. Prior to joining Coronation in 1993, Mr. Gibson, the head of
Coronation's Investment Committee, and Mr. Stassen, the head of Coronation's
research department, worked at Syfrets Managed Assets for seven years and one
year, respectively. Prior to joining Syfrets Managed Assets, Mr.
Stassen worked as an Investment Analyst for Allan Gray Investment Counsel.
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The Adviser will pay Coronation a fee based on a percentage of the average
monthly market value of the assets of the SIT Emerging Markets Equity Portfolio
managed by Coronation.
PARAMETRIC PORTFOLIO ASSOCIATES
Parametric Portfolio Associates ("Parametric") acts as a sub-adviser to a
portion of the assets of the SIT Emerging Markets Equity Portfolio.
Parametric is a general partnership whose general partners are PIMCO Advisors
L.P. ("PIMCO"), the supervisory general partner, and Parametric Management,
Inc., the managing general partner (a wholly-owned subsidiary of PIMCO).
Parametric's predecessor was founded in 1987, and as of July 31, 1996,
Parametric managed approximately $1.5 billion in client assets. Parametric's
business address is 700 Newport Center Drive, Newport Beach, California 92660.
PIMCO's address is 800 Newport Center Drive, Newport Beach, California 92660.
Cliff Quisenberry, CFA, Senior Investment Manager and Research Manager, is
responsible for managing the portion of the Portfolio's assets allocated to
Parametric. Prior to joining Parametric, Mr. Quisenberry was a Portfolio Manager
with Cutler & Company.
The Adviser will pay Parametric a fee based on a percentage of the average
monthly market value of the assets of the SIT Emerging Markets Equity Portfolio
managed by Parametric.
YAMAICHI CAPITAL MANAGEMENT, INC. AND YAMAICHI CAPITAL MANAGEMENT (SINGAPORE)
LIMITED
Yamaichi Capital Management, Inc. ("Yamaichi") and Yamaichi Capital Management
(Singapore) Limited ("YCMS") jointly act as sub-adviser to a portion of the
assets of the SIT Emerging Markets Equity Portfolio. Yamaichi is a New York
Corporation established in 1981, and is a wholly-owned subsidiary of Yamaichi
International Capital Management Co., Ltd. ("YICM"). YCMS, a Singapore
corporation established in 1979, is also a wholly-owned subsidiary of YICM.
Yamaichi is controlled by Yamaichi Securities Co., Ltd., which is located in
Tokyo, Japan. The principal address of Yamaichi is 2 World Trade Center, Suite
9828, New York, New York 10048. The principal address of YCMS is 138 Robinson
Road, #19-01, Hong Leong Centre, Singapore 068906. On July 31, 1996, Yamaichi,
YCMS and their affiliates managed approximately $22 billion worldwide. Mr. Marco
Wong leads the management team for the assets of the SIT Emerging Markets Equity
Portfolio allocated to Yamaichi and YCMS. Mr. Wong has been with YCMS since
1986.
The Adviser will pay Yamaichi and YCMS a fee based on a percentage of the
average monthly market value of the assets of the SIT Emerging Markets Equity
Portfolio managed by Yamaichi and YCMS.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
