<PAGE>
SEI INSURANCE PRODUCTS TRUST
SEI VP EMERGING MARKETS EQUITY FUND
SEI VP LARGE CAP VALUE FUND
SUPPLEMENT DATED SEPTEMBER 22, 2000
TO THE CLASS A PROSPECTUS DATED APRIL 30, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE CLASS A PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
The Board of Trustees of SEI Insurance Products Trust (the "Trust"), including
all of the Trustees who are not "interested persons" (as defined in the
Investment Company Act of 1940, as amended ("1940 Act")) of the Trust, have
appointed The Boston Company Asset Management, ("The Boston Company"), as an
additional Sub-Adviser to the Trust's SEI VP Emerging Markets Equity Fund (the
"Fund"). The Boston Company was approved as a Sub-Adviser at the Quarterly
Meeting of the Board of Trustees held on September 18-19, 2000, and its
appointment does not require shareholder approval. This procedure for adding or
replacing Sub-Advisers was approved by the Trust's sole initial shareholder on
February 1, 2000, and was authorized by an exemptive order issued to the Trust
by the Securities and Exchange Commission on April 29, 1996.
In evaluating The Boston Company, the Trustees received written and oral
information from both SEI Investments Management Corporation ("SIMC") and The
Boston Company. SIMC recommended the selection of The Boston Company and
reviewed the considerations and the search process that led to its
recommendation. The Trustees also met with representatives of The Boston Company
and considered information about portfolio managers, investment philosophy,
strategies and process, as well as other factors. In appointing The Boston
Company, the Trustees carefully evaluated: (1) the nature and quality of the
services expected to be rendered to the Fund by The Boston Company; (2) the
distinct investment objective and policies of the Fund; (3) the history,
reputation, qualification and background of The Boston Company's personnel and
its financial condition; (4) its performance record; and (5) other factors
deemed relevant. The Trustees also reviewed the fees to be paid to The Boston
Company, including any benefits to be received by The Boston Company or its
affiliates in connection with soft dollar arrangements.
Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and The Boston Company relating to the Fund, The Boston
Company makes investment decisions for the assets of the Fund allocated to it by
SIMC, and continuously reviews, supervises and administers the Fund's investment
program with respect to these assets. The Boston Company is independent of SIMC
and discharges its responsibilities subject to the supervision of SIMC and the
Trustees of the Trust, and in a manner consistent with the Funds' investment
objective, policies and limitations. The Sub-Advisory Agreement is substantially
similar to those in existence between the Adviser and the Trust's other
Sub-Advisers. Specifically, the duties to be performed, standard of care and
termination provisions of the Agreement are similar, to the other Agreements.
The Sub-Advisory Agreement will remain in effect until September 2002 (unless
earlier terminated), and will have to be approved annually thereafter by a
majority of the Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust (as defined in the 1940 Act).
In connection with the appointment of The Boston Company as Sub-Adviser to the
Fund, the "Sub-Advisers" Section on page 27 of the Prospectus is amended by
inserting the following disclosure relating to The Boston Company:
THE BOSTON COMPANY ASSET MANAGEMENT, LLC: D. Kirk Henry, CFA and Senior Vice
President, serves as portfolio manager for a portion of the assets of the
Emerging Markets Equity Fund. Since joining The Boston Company in 1994,
Mr. Henry has had primary responsibility for the firm's Emerging Markets Equity
product and International Equity strategies.
The Boston Company, a limited liability company, was founded in 1970. The Boston
Company is a wholly-owned subsidiary of Mellon Financial Corporation through The
Boston Safe Deposit and Trust Company and The Boston Company, Inc. As of
June 30, 2000, The Boston Company had approximately $25.7 billion in assets
under management.
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Listed below are the names and principal occupations of the principal executive
offices of The Boston Company. The principal business address of the principal
executive officer and each of the directors, as it relates to their position at
The Boston Company, is One Boston Place, Boston, MA 02108.
<TABLE>
<CAPTION>
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NAME TITLE
<S> <C>
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Christopher M. Condron Chairman, Director
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Francis D. Antin President, Director, Chief Executive Officer
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Marie Stewart, CPA Senior Vice President, Chief of Administration
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John D. Kattar, CFA Senior Vice President, Director of Domestic Equity
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Sandor Cseh, CFA Senior Vice President, Director of International Investments
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David S. Hertan Senior Vice President, Director of Fixed Income Management
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Corey A. Griffin Senior Vice President, Director of Marketing & Client Services
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Thomas St. Jean Vice President, Director of Operations
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Jennifer Cassedy Vice President, Director of Risk Management & Compliance
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</TABLE>
The Adviser will pay The Boston Company a fee based on a percentage of the
average monthly market value of the assets of the Fund assigned to The Boston
Company.
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At the same meeting, the Board of Trustees of SEI Insurance Products Trust (the
"Trust"), including all of the Trustees who are not "interested persons" of the
Trust, voted to terminate Credit Suisse Asset Management Limited ("Credit
Suisse") as a Sub-Adviser to the Trust's SEI VP Emerging Markets Equity Fund
(the "Fund"). The Board determined to terminate Credit Suisse because of
significant changes to the Credit Suisse investment management team. This
termination does not require shareholder approval.
--------------------------
At the same meeting, the Board of Trustees of SEI Insurance Products Trust (the
"Trust"), including all of the Trustees who are not "interested persons" of the
Trust, voted to terminate Coronation Asset Management (Proprietary) Limited
("Coronation") as a Sub-Adviser to the Trust's SEI VP Emerging Markets Equity
Fund (the "Fund"). The Board determined to terminate Coronation because
Coronation's expertise is concentrated in the South African market and one of
the other Sub-Advisers to the Fund, Schroder Investment Management North
America, can provide coverage of an expanded area, including Emerging European,
Middle Eastern and African markets. This termination does not require
shareholder approval.
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At the same meeting, the Trustees appointed Iridian Asset Management LLC ("IAM")
as a Sub-Adviser to the Trust's SEI VP Large Cap Value Fund (the "Fund").
Iridian's appointment does not require shareholder approval.
In evaluating IAM, the Trustees received written and oral information from both
SEI Investments Management Corporation ("SIMC") and IAM. SIMC recommended the
selection of IAM and reviewed the considerations and the search process that led
to its recommendation. The Trustees also met with representatives of IAM and
considered information about portfolio managers, investment philosophy,
strategies and process, as well as other factors. In appointing IAM, the
Trustees carefully evaluated: (1) the nature and quality of the services
expected to be rendered to the Fund by IAM; (2) the distinct investment
objective and policies of the Fund; (3) the history, reputation, qualification
and background of IAM's personnel and its financial condition; (4) its
performance record; and (5) other factors deemed relevant. The Trustees also
reviewed the fees to be paid to IAM, including any benefits to be received by
IAM or its affiliates in connection with soft dollar arrangements.
Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and IAM relating to the Fund, IAM makes investment
decisions for the assets of the Fund allocated to it by SIMC, and continuously
reviews, supervises and administers the Fund's investment program with respect
to these assets. IAM is independent of SIMC and discharges its responsibilities
subject to the supervision of SIMC and the Trustees of the Trust, and in a
manner consistent with the Fund's investment objective, policies and
limitations. The Sub-Advisory Agreement is substantially similar to those in
existence between the Adviser and the Trust's other Sub-Advisers. Specifically,
the duties to be performed, standard of care and termination provisions of the
Agreement are similar, to the other Agreements. The Sub-Advisory Agreement will
remain in effect until September 2002 (unless earlier terminated), and will have
to be approved annually thereafter by a majority of the Trustees, including a
majority of the Trustees who are not "interested persons" of the Trust (as
defined in the 1940 Act).
In connection with the appointment of IAM as Sub-Adviser to the Funds, the
"Sub-Advisers" Section on pages 22 and 27 of the Prospectus is amended by
inserting the following disclosure relating to IAM:
<PAGE>
IRIDIAN ASSET MANAGEMENT LLC: David L. Cohen, Principal and Portfolio Manager,
serves as portfolio manager for a portion of the assets of the SEI VP Large Cap
Value Fund. Mr. Cohen joined IAM in 1995, and has 15 years of investment
experience. Since 1995, Mr. Cohen has also been a Portfolio Manager at Arnhold
and S. Bleichroeder Advisers, Inc.
IAM was founded as a limited liability company in November of 1995. As of
June 30, 2000, IAM had approximately $8.4 billion in assets under management.
Listed below are the names and principal occupations of the principal executive
offices of IAM. The principal business address of the principal executive
officer and each of the directors, as it relates to their position at IAM, is
276 Post Road West, Westport, CT 06880-4704.
<TABLE>
<CAPTION>
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NAME TITLE
<S> <C>
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David L. Cohen Principal, Portfolio Manager
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Harold J. Levy Principal, Portfolio Manager
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Alice B. Hicks Executive Vice President, Director of Client Services and Marketing
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Jeffrey M. Elliott Executive Vice President, Chief Operating Officer, Secretary
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</TABLE>
The Adviser will pay IAM a fee based on a percentage of the average monthly
market value of the assets of the Fund assigned to IAM.
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The prospectus is hereby amended to reflect these changes.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
