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SEI INSURANCE PRODUCTS TRUST
SEI VP INTERNATIONAL EQUITY FUND
SEI VP EMERGING MARKETS EQUITY FUND
SEI VP CORE FIXED INCOME FUND
SUPPLEMENT DATED JULY 13, 2000, TO THE
STATEMENT OF ADDITIONAL INFORMATION ("SAI") DATED APRIL 5, 2000.
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE SAI. IT SHOULD BE RETAINED AND READ IN CONJUNCTION WITH SUCH SAI.
SEI VP INTERNATIONAL EQUITY FUND AND SEI VP EMERGING MARKETS EQUITY FUND
The Board of Trustees of SEI Insurance Products Trust (the "Trust") has
approved the use of equity-linked warrants as an additional investment
vehicle for the SEI VP International Equity Fund and SEI VP Emerging Markets
Equity Funds (the "Funds"). On page S-15 of the SAI of the Trust, after the
first full paragraph, the following is inserted:
EQUITY-LINKED WARRANTS - Equity linked warrants provide a way for investors to
access markets where entry is difficult and time consuming due to regulation.
Typically, a broker issues warrants to an investor and then purchases shares in
the local market and issues a call warrant hedged on the underlying holding. If
the investor exercises his call and closes his 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). Being American style warrants, they
can be exercised at any time. The warrants are U.S. dollar denominated and
priced daily on several international stock exchanges.
There are risks associated with equity-linked warrants: The investor will bear
the full counterparty risk to the issuing broker, (but the sub-advisers can
mitigate this by only purchasing from issuers with the highest credit rating).
They also have a longer settlement period because they go through the same
registration process as the underlying shares (about three weeks) and during
this time the shares cannot be sold. There is currently no active trading market
for equity-linked warrants. Certain issuers of such warrants may be deemed to be
"investment companies" as defined in the 1940 Act. As a result, the Fund's
investment in such warrants may be limited by certain investment restrictions
contained in the 1940 Act.
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The International Equity and Emerging Markets Equity Funds each may invest in
equity-linked warrants.
SEI VP CORE FIXED INCOME FUND
The Board of Trustees of SEI Insurance Products Trust (the "Trust") has approved
amending the investment policies of the Trust's SEI VP Core Fixed Income Fund
(the "Fund") to permit the Fund to include securities on a when-issued or
delayed-delivery basis, including TBA ("to be announced") mortgage-backed
securities, as part of its primary investment strategy. On page S-7 of the
Trust's SAI, the second paragraph under the heading "SEI VP Core Fixed Income
Fund" is modified to include "(viii) securities issued on a when-issued and a
delayed-delivery basis, including TBA mortgage-backed securities." at the end of
the paragraph. The third paragraph is modified by deleting "(iii) securities
issued on a when-issued and delayed-delivery basis, including TBA
mortgage-backed securities," and renumbering the remaining items in the
paragraph as applicable.
The SAI is hereby amended to reflect this change.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
