<PAGE>
As filed with the Securities and Exchange Commission on December 29, 1995
File No. 2-77048
File No. 811-3451
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 [ ]
POST-EFFECTIVE AMENDMENT NO. 34
[X]
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 [ ]
AMENDMENT NO. 33
[X]
SEI Daily Income Trust
(Exact name of registrant as specified in charter)
c/o CT Corporation
2 Oliver Street
Boston, Massachusetts 02109
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (800) 342-5734
David G. Lee
c/o SEI Corporation
680 E. Swedesford Road
Wayne, Pennsylvania 19087
(Name and Address of Agent for Service)
Copy to:
Richard W. Grant, Esquire
Morgan, Lewis & Bockius LLP
2000 One Logan Square
Philadelphia, Pennsylvania 19103
It is proposed that this filing become effective (check appropriate box)
[x] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to Paragraph (b)
[ ] 60 days after filing pursuant to Paragraph (a)
[ ] on (date) pursuant to Paragraph (a) of Rule 485
- --------------------------------------------------------------------------------
Registrant filed a Notice pursuant to Rule 24f-2 under the Investment Company
Act of 1940, as amended, on March 27, 1995 for its fiscal year ended January
31, 1995.
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- --------------------------------------------------------------------------------
<PAGE>
SEI DAILY INCOME
CROSS REFERENCE SHEET
PART A - Money Market Portfolios (Money Market Portfolio, Prime Obligation
Portfolio, Government Portfolio, Government II Portfolio, Treasury Portfolio,
Treasury II Portfolio and Federal Securities Portfolio)
<TABLE>
<CAPTION>
N-1A Item No. Location
- ------------- --------
<S> <C> <C>
Item 1. Cover page....................................... Cover Page
Item 2. Synopsis......................................... Annual Operating Expenses
Item 3. Condensed Financial Information.................. Financial Highlights
Item 4. General Description of Registrant................ The Trust; Investment Objective
and Policies
Item 5. Management of the Fund........................... Trustees of the Trust; The
Manager and Shareholder
Servicing Agent; The Adviser
Item 5A. Management's Discussion of Fund Performance...... *
Item 6. Capital Stock and Other Securities............... Voting Rights, Shareholder
Inquiries; Dividends; Taxes
Item 7. Purchase of Securities Being Offered............. Purchase and Redemption of Shares
Item 8. Redemption or Repurchase......................... Purchase and Redemption of Shares
Item 9. Pending Legal Proceedings........................ *
</TABLE>
PART A - Fixed Income Portfolios (Corporate Daily Income Portfolio, Government
Securities Daily Income Portfolio, Short-Term Mortgage Portfolio, Short Duration
Mortgage Portfolio, Short-Term Government Portfolio, Intermediate-Term
Government Portfolio and GNMA Portfolio)
<TABLE>
<CAPTION>
N-1A Item No. Location
- ------------- --------
<S> <C> <C>
Item 1. Cover page....................................... Cover Page
Item 2. Synopsis......................................... Annual Operating Expenses
Item 3. Condensed Financial Information.................. Financial Highlights
Item 4. General Description of Registrant................ The Trust; Investment Objective
and Policies
Item 5. Management of the Fund........................... Trustees of the Trust; The
Manager and Shareholder
Servicing Agent; The Adviser
Item 5A. Management's Discussion of Fund Performance...... **
Item 6. Capital Stock and Other Securities............... Voting Rights, Shareholder
Inquiries; Dividends; Taxes
Item 7. Purchase of Securities Being Offered............. Purchase and Redemption of
Shares
Item 8. Redemption or Repurchase......................... Purchase and Redemption of
Shares
Item 9. Pending Legal Proceedings........................ *
</TABLE>
<PAGE>
PART A - Class D Shares (Corporate Daily Income Portfolio, Short-Term Government
Portfolio, Intermediate-Term Government Portfolio and GNMA Portfolio)
<TABLE>
<CAPTION>
N-1A Item No. Location
- ------------- --------
<S> <C> <C>
Item 1. Cover page....................................... Cover Page
Item 2. Synopsis......................................... Annual Operating Expenses
Item 3. Condensed Financial Information.................. Financial Highlights
Item 4. General Description of Registrant................ The Trust; Investment Objective
and Policies
Item 5. Management of the Fund........................... Trustees of the Trust; The
Manager; The Adviser and the
Custodian
Item 5A. Management's Discussion of Fund Performance...... **
Item 6. Capital Stock and Other Securities............... Voting Rights, Shareholder
Inquiries; Dividends; Taxes
Item 7. Purchase of Securities Being Offered............. Purchase and Redemption of
Shares
Item 8. Redemption or Repurchase......................... Purchase and Redemption of
Shares
Item 9. Pending Legal Proceedings........................ *
</TABLE>
PART B - All Portfolios
<TABLE>
<CAPTION>
N-1A Item No Location
- ------------ --------
<S> <C> <C>
Item 10. Cover Page....................................... Cover Page
Item 11. Table of Contents................................ Table of Contents
Item 12. General Information and History.................. The Trust
Item 13. Investment Objectives and Policies............... Description of Permitted
Investments; Investment
Limitations
Item 14. Management of the Registrant..................... Trustees and Officers of the
Trust (Prospectus); The
Manager and Shareholder
Servicing Agent; The Adviser
Item 15. Control Persons and Principal Holders
of Securities................................... 5% Shareholders; Trustees and
Officers of the Trust
Item 16. Investment Advisory and Other Services........... The Adviser; The Manager
and Shareholder Servicing
Agent; Distribution; Experts
Item 17. Brokerage Allocation............................. Portfolio Transactions
Item 18. Capital Stock and Other Securities............... Description of Shares
Item 19. Purchase, Redemption, and Pricing of Securities
Being Offered................................... Purchase and Redemption of
Shares (Prospectus);
Determination of Net Asset
Value
Item 20. Tax Status....................................... Taxes (Prospectus); Tax
Item 21. Underwriters..................................... Distribution
Item 22. Calculation of Performance Data.................. Performance
Item 23. Financial Statements............................. Financial Statements
</TABLE>
<PAGE>
PART C - Information required to be included in Part C is set forth under the
appropriate Item, so numbered, in Part C of this Registration Statement.
- ------------------
* Not Applicable
** To be included in the Annual Report for the fiscal year ending January 31,
1995.
<PAGE>
The Prospectus for the Money Market Portfolio, Prime Obligation Portfolio,
Government Portfolio, Government II Portfolio, Treasury Portfolio, Treasury II
Portfolio and Federal Securities Portfolio, included as part of Post-Effective
Amendment No. 33 to the Registrant's Registration Statement on Form N-1A (File
No. 2-77048), filed with the Securities and Exchange Commission on March 31,
1995 pursuant to Rule 485(a) under the Securities Act of 1933, as amended (the
"1933 Act") and in final form under Rule 497(c) on June 2, 1995, as supplemented
under Rule 497(e) on August 4, 1995, is hereby incorporated by reference as if
set forth in full herein.
The Prospectus for the Corporate Daily Income Portfolio, Government Securities
Daily Income Portfolio, Short-Term Mortgage Portfolio, Short Duration Mortgage
Portfolio, Short-Term Government Portfolio, Intermediate-Term Government
Portfolio and GNMA Portfolio is included as part of Post-Effective Amendment No.
33 to the Registrant's Registration Statement on Form N-1A (File No. 2-77048),
filed with the Securities and Exchange Commission on March 31, 1995 pursuant to
Rule 485(a) under the 1933 Act and in final form under Rule 497(c) on June 2,
1995, is hereby incorporated by reference as if set forth in full herein.
The Prospectus for the Class D Shares of the Corporate Daily Income Portfolio,
Short-Term Government Portfolio, Intermediate-Term Government Portfolio and GNMA
Portfolio is included as part of Post-Effective Amendment No. 33 to the
Registrant's Registration Statement on Form N-1A (File No. 2-77048), filed with
the Securities and Exchange Commission on March 31, 1995 pursuant to Rule 485(a)
under the 1933 Act and in final form under Rule 497(c) on June 2, 1995, is
hereby incorporated by reference as if set forth in full herein.
The Statement of Additional Information for the Money Market Portfolio, Prime
obligation Portfolio, Government Portfolio, Government II Portfolio, Treasury
Portfolio, Treasury II Portfolio, Federal Securities Portfolio, Corporate Daily
Income Portfolio, Government Securities Daily Income Portfolio, Short-Term
Mortgage Portfolio, Short Duration Mortgage Portfolio, Short-Term Government
Portfolio, Intermediate-Term Government Portfolio and GNMA Portfolio, included
as part of Post-Effective Amendment No. 33 to the Registrant's Registration
Statement on Form N-1A (File No. 2-77048), filed with the Securities and
Exchange Commission on March 31, 1995 pursuant to Rule 485(b) under the 1933 Act
and in final form under Rule 497(c) on June 2, 1995, as supplemented under Rule
497(e) on August 4, 1995, is hereby incorporated by reference as if set forth in
full herein.
<PAGE>
PART C: OTHER INFORMATION
Item 24. Financial Statements and Exhibits:
(a) Financial Statements
(1) The Registrant's audited financial statements for the Money
Market, Prime Obligation, Government, Government II, Treasury, Treasury II,
Federal Securities, Corporate Daily Income, Government Securities Daily Income,
Short-Term Mortgage (formerly Adjustable Rate Mortgage), Short Duration
Mortgage, Short-Term Government, Intermediate-Term Government and GNMA
Portfolios for the fiscal year ended January 31, 1995, including Arthur Andersen
LLP's report thereon, included in the Statement of Additional Information, filed
as part of Post-Effective Amendment No. 33 to the Registrant's Registration
Statement on Form N-1A (File No. 2-77048) are incorporated by reference, as
filed with the Securities and Exchange Commission on March 31, 1995.
(b) Additional Exhibits
(1) Declaration of Trust originally filed on March 15, 1982, in the
Post-Effective Amendment to Form N-1A, is incorporated by
reference to Post-Effective Amendment No. 33 to Form N-1A, filed
March 31, 1995.
(2) By-Laws originally filed on March 15, 1982, in the
Post-Effective Amendment to Form N-1A, is incorporated by
reference to Post-Effective Amendment No. 33 to Form N-1A, filed
March 31, 1995.
(3) Not Applicable.
(4) Not Applicable.
(5)(a) Management Agreement dated May 23, 1986, as amended, originally
filed in the Post-Effective Amendment to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(5)(b) Investment Advisory Agreement with Wellington Management Company,
originally filed on December 15, 1986, in the Post-Effective
Amendment to Form N-1A, is incorporated by reference to Post-
Effective Amendment No. 33 to Form N-1A, filed March 31,
1995.
(5)(e) Investment Advisory Agreement with Bear Stearns Asset Management,
originally filed May 18, 1993, in Post-Effective Amendment No. 28
to Form N-1A, is incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(5)(f) Investment Advisory Agreement with Wellington Management Company
relating to the Registrant's Corporate Daily Income Portfolio and
Government Securities Daily Income Portfolio originally filed May
18, 1993, in Post-Effective Amendment No. 28 to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(5)(g) Investment Advisory Agreement with Wellington Management Company
relating to the Registrant's Short-Term Mortgage Portfolio and
Short Duration Mortgage Portfolio is incorporated by reference to
Post-Effective Amendment No. 33 to Form N-1A, filed March 31,
1995.
(6)(a) Distribution Agreement originally filed on July 15, 1982 in the
Post-Effective Amendment to Form N-1A, is incorporated by
reference to Post-Effective Amendment No. 33 to Form N-1A, filed
March 31, 1995.
(6)(b) Supplement to Distribution Agreement originally filed on May 29,
1990 in Post-Effective Amendment No. 22 to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(6)(c) Supplement to Distribution Agreement originally filed on August
29, 1991, in Post-Effective Amendment No. 24 to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(7) Not Applicable.
(8)(a) Custodian Agreement with United States National Bank of Oregon
originally filed on July 15, 1982, in the Post-Effective Amendment
to Form N-1A, is incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(8)(b) Custodian Agreement with First Interstate Bank of Oregon, N.A.
originally filed on July 15, 1982, in the Post-Effective Amendment
to Form N-1A, is incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(8)(c) Custodian Agreement with Manufacturers National Bank of Detroit
originally filed on September 22, 1983, in the Post-Effective
Amendment to Form N-1A, is incorporated by reference to Post-
Effective Amendment No. 33 to Form N-1A, filed March 31, 1995.
(8)(d) Custodian Agreement with Philadelphia National Bank originally
filed on August 30, 1985, in the Post-Effective Amendment to Form
N-1A, is incorporated by reference to Post-Effective Amendment No.
33 to Form N-1A, filed March 31, 1995.
(9) Not Applicable.
(10) Opinion and Consent of Counsel Incorporated by Reference to Pre-
Effective Amendment No. 1.
(11) Consent of Independent Public Accountants is filed herewith.
(12) Not Applicable.
(13) Not Applicable.
(14) Not Applicable.
(15)(a) Class D Distribution Plan originally filed on April 1, 1993, in
Post-Effective Amendment No. 27 to Form N-1A, is incorporated by
reference to Exhibit (6)(d) of Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(15)(b) Class A Distribution Plan is filed herewith.
(15)(c) Class B Distribution Plan is filed herewith.
(15)(d) Class C Distribution Plan is filed herewith.
(16) Performance Quotation Computation, Incorporated by Reference to
Post-Effective Amendment No. 32 to Form N-1A, filed April 1, 1994.
(17) Powers of Attorney are incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(18) Rule 18f-3 Multiple Class Plan is filed herewith.
<PAGE>
Item 25. Persons Controlled by or under Common Control with Registrant
See the Prospectuses and Statement of Additional Information filed herewith
regarding the Trust's control relationships. The Manager is a subsidiary of SEI
Corporation which also controls the distributor of the Registrant, SEI Financial
Services Company, and other corporations engaged in providing various financial
and record keeping services, primarily to bank trust departments, pension plan
sponsors and investment managers.
Item 26. Number of Holders of Securities:
<TABLE>
<CAPTION>
As of December 26, 1995:
Number of
Title of Class Record Holders
- --------------------------------------------------------------------------------
<S> <C>
Units of beneficial interest, without par value-
Money Market Portfolio, Class A.................................. 24
Money Market Portfolio, Class B.................................. 2
Money Market Portfolio, Class C.................................. 1
Prime Obligation Portfolio, Class A.............................. 74
Prime Obligation Portfolio, Class B.............................. 5
Prime Obligation Portfolio, Class C.............................. 0
Government Portfolio, Class A.................................... 5
Government Portfolio, Class B.................................... 2
Government Portfolio, Class C.................................... 3
Government II Portfolio, Class A................................. 31
Government II Portfolio, Class B................................. 7
Government II Portfolio, Class C................................. 0
Treasury Portfolio, Class A...................................... 11
Treasury Portfolio, Class B...................................... 1
Treasury Portfolio, Class C...................................... 0
Treasury II, Class A............................................. 46
Treasury II, Class B............................................. 8
Treasury II, Class C............................................. 1
Federal Securities Portfolio..................................... 0
Corporate Daily Income Portfolio, Class A........................ 73
Corporate Daily Income Portfolio, Class B........................ 0
Corporate Daily Income Portfolio, Class C........................ 0
Corporate Daily Income Portfolio, Class D........................ 0
Government Securities Daily Income Portfolio, Class A............ 0
Government Securities Daily Income Portfolio, Class B............ 0
Government Securities Daily Income Portfolio, Class C............ 0
Short-Term Mortgage (formerly known as Adjustable
Rate Mortgage) Portfolio........................................ 18
Short-Term Mortgage Portfolio, Class B........................... 0
Short-Term Mortgage Portfolio, Class C........................... 0
Short Duration Mortgage Portfolio, Class A....................... 0
Short Duration Mortgage Portfolio, Class B....................... 0
Short Duration Mortgage Portfolio, Class C....................... 0
Short-Term Government Portfolio, Class A......................... 128
Short-Term Government Portfolio, Class B......................... 2
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Short-Term Government Portfolio, Class C......................... 0
Short-Term Government Portfolio, Class D......................... 11
Intermediate-Term Government Portfolio, Class A.................. 144
Intermediate-Term Government Portfolio, Class B.................. 0
Intermediate-Term Government Portfolio, Class C.................. 0
Intermediate-Term Government Portfolio, Class D.................. 33
GNMA Portfolio, Class A.......................................... 139
GNMA Portfolio, Class B.......................................... 1
GNMA Portfolio, Class C.......................................... 0
GNMA Portfolio, Class D.......................................... 33
</TABLE>
Item 27. Indemnification:
Article VIII of the Agreement and Declaration of Trust filed as Exhibit 1 to
the Registration Statement is incorporated by reference. Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to trustees, directors, officers and controlling persons of the
Registrant by the Registrant pursuant to the Declaration of Trust or otherwise,
the Registrant is aware that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and, therefore, is unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by trustees, directors, officers or
controlling persons of the Registrant in connection with the successful defense
of any act, suit or proceeding) is asserted by such trustees, directors,
officers or controlling persons in connection with the shares being registered,
the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issues.
Item 28. Business and other Connections of Investment Advisers:
The list required by this Item 28 of officers and partners of Wellington
Management Company ("WMC"), together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by such
officers and partners during the past two years is incorporated by reference to
Schedules A and D of Form ADV, filed by WMC pursuant to the Investment Advisers
Act of 1940 (SEC File No. 801-15908).
Item 29. Principal Underwriters:
(a) Furnish the name of each investment company (other than the Registrant)
for which each principal underwriter currently distributing securities of the
Registrant also acts as a principal underwriter, depositor or investment
adviser:
Registrant's distributor, SEI Financial Services Company ("SFS"), acts as
distributor for:
<TABLE>
<S> <C>
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
Stepstone Funds January 30, 1991
The Compass Capital Group March 8, 1991
FFB Lexicon Funds October 18, 1991
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
CUFUND May 1, 1992
STI Classic Funds May 29, 1992
CoreFunds, Inc. October 30, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
The Arbor Fund January 28, 1993
1784 Funds June 1, 1993
The PBHG Funds, Inc. July 16, 1993
Marquis Funds/(R)/ August 17, 1993
Morgan Grenfell Investment Trust January 3, 1994
Inventor Funds, Inc. August 1, 1994
The Achievement Funds Trust December 27, 1994
Insurance Investment Products Trust December 30, 1994
Bishop Street Funds January 27, 1995
CrestFunds, Inc. March 1, 1995
Conestoga Family of Funds May 1, 1995
STI Classic Variable Trust August 18, 1995
ARK Funds November 1, 1995
</TABLE>
<PAGE>
SFS provides numerous financial services to investment managers, pension
plan sponsors, and bank trust departments. These services include portfolio
evaluation, performance measurement, and consulting services ("Funds
Evaluation") and automated execution, clearing and settlement of securities
transactions ("MarketLink").
(b) Furnish the information required by the following table with respect to
each director, officer or partner of each principal underwriter named in the
answer to Item 21 of Part B. Unless otherwise noted, the business address of
each director or officer is 680 E. Swedesford Road, Wayne, PA 19087.
<TABLE>
<CAPTION>
Position and Office Positions and Offices
Name with Underwriter with Registrant
- ---- ------------------- ---------------------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman & Chief Executive Officer --
Henry H. Greer Director, President & Chief Operating Officer --
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President --
Charles A. Marsh Executive Vice President-Capital Resources Division --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Jerome Hickey Senior Vice President --
David G. Lee Senior Vice President President &
Chief Executive Officer
William Madden Senior Vice President --
A. Keith McDowell Senior Vice President --
Dennis J. McGonigle Senior Vice President --
Hartland J. McKeown Senior Vice President --
James V. Morris Senior Vice President --
Steven Onofrio Senior Vice President --
Kevin P. Robins Senior Vice President, General Counsel & Vice President &
Assistant Secretary
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Position and Office Positions and Offices
Name with Underwriter with Registrant
- ---- ------------------- ---------------------
<S> <C> <C>
Secretary
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Kenneth Zimmer Senior Vice President --
Robert Crudup Managing Director --
Vic Galef Managing Director --
Kim Kirk Managing Director --
John Krzeminski Managing Director --
Carolyn McLaurin Managing Director & Vice President --
Barbara Moore Managing Director --
Donald Pepin Managing Director --
Mark Samuels Managing Director --
Wayne M. Withrow Managing Director --
Mick Duncan Team Leader Assistant Secretary
Robert S. Ludwig Team Leader & Vice President Assistant Secretary
Vicki Malloy Team Leader Assistant Secretary
Robert Aller Vice President --
Steve Bendinelli Vice President --
Cris Brookmyer Vice President & Controller --
Gordon W. Carpenter Vice President --
Robert B. Carroll Vice President & Assistant Secretary Vice President &
Assistant Secretary
Todd Cipperman Vice President & Controller Vice President &
Assistant Secretary
Ed Daly Vice President --
Jeff Drennen Vice President --
Lucinda Duncalfe Vice President --
Kathy Heilig Vice President --
Larry Hutchison Vice President --
Michael Kantor Vice President --
Samuel King Vice President --
Donald H. Korytowski Vice President --
Jack May Vice President --
Sandra K. Orlow Vice President & Assistant Secretary Vice President &
Assistant Secretary
Larry Pokora Vice President --
Kim Rainey Vice President --
Paul Sachs Vice President --
Steve Smith Vice President --
Daniel Spaventa Vice President --
Kathryn L. Stanton Vice President & Assistant Secretary Vice President &
Assistant Secretary
William Zawaski Vice President --
James Dougherty Director of Brokerage Services --
</TABLE>
<PAGE>
Item 30. Location of Accounts and Records:
Books or other documents required to be maintained by Section 31(a) of the
Investment Company Act of 1940, as amended ("1940 Act"), and the rules
promulgated thereunder, are maintained as follows:
(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8);
(12); and 31a-1(d), the required books and records are maintained at the
offices of Registrant's Custodians:
CoreStates Bank, N.A. First Interstate
Broad and Chestnut Street Bank of Oregon
P.O. Box 7618 1300 S.W. Fifth Street
Philadelphia, PA 19101 Portland, OR 97208
Bank of New York
48 Wall Street
New York, NY 10286
(b) With respect to Rules 31a-1(a); 31a-1(b)(1); 31a-1(b)(4); (2)(C) and (D);
(4); (5); (6); (8); (9); (10); (11); and 31a-1(c), the required books and
records are maintained at the offices of Registrant's Manager:
SEI Financial Management Corporation
680 E. Swedesford Road
Wayne, PA 19087
(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the
required books and records are maintained at the principal offices of the
Registrant's Adviser:
Wellington Management Company
75 State Street
Boston, Massachusetts 02109
Item 31. Management Services: None
Item 32. Undertakings:
Registrant hereby undertakes that whenever shareholders meeting the
requirements of Section 16(c) of the 1940 Act inform the Board of Trustees of
their desire to communicate with shareholders of the Trust, the Trustees will
inform such shareholders as to the approximate number of shareholders of record
and the approximate costs of mailing or afford said shareholders access to a
list of shareholders.
Registrant undertakes to call a meeting of shareholders for the purpose of
voting upon the question of the removal of a Trustee(s) when requested in
writing to do so by the holders of at least 10% of Registrant's outstanding
shares and in connection with each meeting to comply with the provisions of
Section 16(c) of the Investment Company Act of 1940 Act relating to shareholder
communications.
Registrant undertakes to furnish, upon request and without charge, to each
person to whom a prospectus is delivered, a copy of the Registrant's latest
annual report to shareholders, when such annual report is issued containing
information called for by Item 5A of Form N-1A.
<PAGE>
NOTICE
A copy of the Agreement and Declaration of Trust of SEI Daily Income Trust
(formerly now known as SEI Cash + Plus Trust) is on file with the Secretary of
State of the Commonwealth of Massachusetts and notice is hereby given that this
Registration Statement has been executed on behalf of the Trust by an officer of
the Trust as an officer and by its Trustees as trustees and not individually and
the obligations of or arising out of this Registration Statement are not binding
upon any of the Trustees, officers, or shareholders individually but are binding
only upon the assets and property of the Trust.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, as amended, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment
to Registration Statement No. 2-77048 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Wayne, Commonwealth of
Pennsylvania on the 27th day of December, 1995.
SEI DAILY INCOME TRUST
By /s/ David G. Lee
--------------------------------
David G. Lee,
President & Chief Executive Officer
ATTEST:
/s/ Jeffrey A. Cohen
- -------------------------------
Jeffrey A. Cohen,
Controller & Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following persons in the
capacity on the dates indicated.
<TABLE>
<S> <C> <C>
* Trustee December 27, 1995
- --------------------------------
Richard F. Blanchard
* Trustee December 27, 1995
- --------------------------------
William M. Doran
* Trustee December 27, 1995
- --------------------------------
F. Wendell Gooch
* Trustee December 27, 1995
- --------------------------------
Frank E. Morris
* Trustee December 27, 1995
- --------------------------------
James M. Storey
*
- -------------------------------- Trustee December 27, 1995
Robert A. Nesher
/s/ David G. Lee President & Chief Executive December 27, 1995
- -------------------------------- Officer
David G. Lee
*
/s/ Jeffrey A. Cohen Controller & Chief Financial December 27, 1995
- -------------------------------- Officer
Jeffrey A. Cohen
*By: /s/ David G. Lee
- --------------------------------
David G. Lee
Attorney-in-Fact
</TABLE>
<PAGE>
EXHIBIT INDEX
--------------
<TABLE>
<CAPTION>
Exhibit Page
<S> <C>
(1) Declaration of Trust originally filed on March 15, 1982, in the
Post-Effective Amendment to Form N-1A, is incorporated by
reference to Post-Effective Amendment No. 33 to Form N-1A, filed
March 31, 1995.
(2) By-Laws originally filed on March 15, 1982, in the
Post-Effective Amendment to Form N-1A, is incorporated by
reference to Post-Effective Amendment No. 33 to Form N-1A, filed
March 31, 1995.
(3) Not Applicable.
(4) Not Applicable.
(5)(a) Management Agreement dated May 23, 1986, as amended, originally
filed in the Post-Effective Amendment to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(5)(b) Investment Advisory Agreement with Wellington Management Company,
originally filed on December 15, 1986, in the Post-Effective
Amendment to Form N-1A, is incorporated by reference to
Post-Effective Amendment No. 33 to Form N-1A, filed March 31, 1995.
(5)(e) Investment Advisory Agreement with Bear Stearns Asset Management,
originally filed May 18, 1993, in Post-Effective Amendment No. 28
to Form N-1A, is incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(5)(f) Investment Advisory Agreement with Wellington Management Company
relating to the Registrant's Corporate Daily Income Portfolio and
Government Securities Daily Income Portfolio originally filed May
18, 1993, in Post-Effective Amendment No. 28 to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(5)(g) Investment Advisory Agreement with Wellington Management Company
relating to the Registrant's Short-Term Mortgage Portfolio and
Short Duration Mortgage Portfolio is incorporated by reference to
Post-Effective Amendment No. 33 to Form N-1A, filed March 31, 1995.
(6)(a) Distribution Agreement originally filed on July 15, 1982 in the
Post-Effective Amendment to Form N-1A, is incorporated by
reference to Post-Effective Amendment No. 33 to Form N-1A, filed
March 31, 1995.
(6)(b) Supplement to Distribution Agreement originally filed on May 29,
1990 in Post-Effective Amendment No. 22 to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995 .
(6)(c) Supplement to Distribution Agreement originally filed on August
29, 1991, in Post-Effective Amendment No. 24 to Form N-1A, is
incorporated by reference to Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(7) Not Applicable.
(8)(a) Custodian Agreement with United States National Bank of Oregon
originally filed on July 15, 1982, in the Post-Effective Amendment
to Form N-1A, is incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(8)(b) Custodian Agreement with First Interstate Bank of Oregon, N.A.
originally filed on July 15, 1982, in the Post-Effective Amendment
to Form N-1A, is incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(8)(c) Custodian Agreement with Manufacturers National Bank of Detroit
originally filed on September 22, 1983, in the Post-Effective
Amendment to Form N-1A, is incorporated by reference to Post-
Effective Amendment No. 33 to Form N-1A, filed March 31, 1995.
(8)(d) Custodian Agreement with Philadelphia National Bank originally
filed on August 30, 1985, in the Post-Effective Amendment to Form
N-1A, is incorporated by reference to Post-Effective Amendment No.
33 to Form N-1A, filed March 31, 1995.
(9) Not Applicable.
(10) Opinion and Consent of Counsel Incorporated by Reference to Pre-
Effective Amendment No. 1.
(11) Consent of Independent Public Accountants is filed herewith.
(12) Not Applicable.
(13) Not Applicable.
(14) Not Applicable.
(15)(a) Class D Distribution Plan originally filed on April 1, 1993, in
Post-Effective Amendment No. 27 to Form N-1A, is incorporated by
reference to Exhibit (6)(d) of Post-Effective Amendment No. 33 to
Form N-1A, filed March 31, 1995.
(15)(b) Class A Distribution Plan is filed herewith.
(15)(c) Class B Distribution Plan is filed herewith.
(15)(d) Class C Distribution Plan is filed herewith.
(16) Performance Quotation Computation, Incorporated by Reference to
Post-Effective Amendment No. 32 to Form N-1A, filed April 1, 1994.
(17) Powers of Attorney are incorporated by reference to Post-Effective
Amendment No. 33 to Form N-1A, filed March 31, 1995.
(18) Rule 18f-3 Multiple Class Plan is filed herewith.
</TABLE>
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our report dated March 8, 1995
included in the Post-Effective Amendment No. 33 to the registration statement on
Form N-1A of the SEI Daily Income Trust (No. 2-77048) and to all references to
our firm included in or made part of Post-Effective Amendment No. 34 to
Registration Statement File No. 2-77048.
/s/ Arthur Andersen LLP
Philadelphia, PA
December 28, 1995
<PAGE>
DISTRIBUTION PLAN
(As amended May 25, 1984)
Section 1. Cash+Plus Trust (the "Trust") has adopted this Distribution
---------
Plan (the "Plan") pursuant to which it may directly or indirectly bear expenses
relating to the distribution of securities of which the Trust is the issuer,
pursuant to Section 12(b) of the Investment Company Act of 1940 (the "Act"), and
the rules and regulations promulgated thereunder, as the same may be from time
to time, issued or amended.
Section 2. SEI Financial Services Company ("SFS") may enter into contracts
---------
with certain banks to act as Sub-Administrators ("Sub-Administrators") pursuant
to which the Sub-Administrators will render shareholder services to unitholders
of the Trust. Shareholder services may include, but are not limited to, mailing
shareholder communications, such as proxies, unitholder reports, the Trust's
unaudited quarterly and audited annual financial statements and dividend
distribution and tax notices, handling general shareholder relations with
investors and answering routine inquiries regarding the Trust, and providing
such other services as the Trust or SFS may reasonably request. To the extent
that some or all of such payments may constitute distribution expenses, this
Plan permits SFS to pay the Sub-Administrators fees for the shareholder services
provided out of revenues derived from acting as the Manager for the Trust or
from other sources. The amount of such fees will be determined by SFS and the
Sub-Administrators based upon the extent and quality of the services provided.
Section 3. The Trust may incur expenses for the items stipulated in
---------
Section 4 of this Plan as provided in a budget approved by a majority of the
Qualified Trustees for the 12 month period following the date on which this Plan
shall first become effective and a similar budget for each succeeding 12 month
period (or portion thereof), provided that in no event shall the expenses
--------
provided for in such budgets exceed .3% of the Trust's average daily net assets
during any fiscal year of the Trust. A majority of the Qualified Trustees may
from time to time change such budgets to increase or decrease the total amount
authorized to be spent, to change the allocation of amounts among expenditure
items, to suspend expenditures or otherwise, but no expenditures shall be made
in excess of those provided for in budgets approved by a majority of the
Qualified Trustees from time to time. All expenditures pursuant to such budgets
shall be made only pursuant to authorization by the President, any Vice
President or the Treasurer of the Trust for an expense permitted pursuant to
this Plan. Expenses incurred pursuant to this Plan
<PAGE>
shall constitute expenses subject to the annual limitation on expenses (with
certain exceptions) provided in Article 3(b) of the Trust's Management Agreement
with SFS dated May 25, 1984. Expenses incurred pursuant to this Plan shall be
allocated among the Portfolios on the basis of their relative net asset values,
unless otherwise determined by a majority of the Qualified Trustees.
Section 4. Expenses permitted pursuant to this Plan shall include, and be
---------
limited, to the following:
A. The incremental printing cost incurred as the result of producing for
persons other than current unitholders of the Trust, reports,
prospectuses, notices and similar materials that are prepared by the
Trust for current unitholders, and of distributing the same to other
than current unitholders of the Trust.
B. The cost of registering the Trust's units under state and foreign laws
and other costs involved in complying with such laws in the
distribution of the Trust's units.
C. Advertising.
D. The costs of preparing, printing and distributing any literature not
covered in A and used in connection with the offering of the Trust's
units.
E. Expenses incurred in connection with the promotion and sale of the
Trust's units including, without limitation, travel and communication
expenses and expenses for compensation and benefits of sales personnel.
Section 5. This Plan shall not take effect until it has been approved by a
---------
vote of at least a majority of the outstanding voting securities of the Trust.
Section 6. This Plan shall not take effect until it has been approved,
---------
together with any related agreements, by votes of the majority (or whatever
greater percentage may, from time to time, be required by Section 12(b) of the
Act or the rules and regulations thereunder) of both (a) the Trustees of the
Trust and (b) the Qualified Trustees cast in person at a meeting called for the
purpose of voting on this Plan or such agreement.
Section 7. This Plan shall continue in effect for a period of more than
---------
one year after it takes effect only so long as such continuance is specifically
approved at least annually in the manner provided for approval of this Plan in
Section 5.
<PAGE>
Section 8. Any person authorized to direct the disposition of monies paid
---------
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, and the Trustees shall review, at least
quarterly, a written report of the amounts so expended and the purposes for
which such expenditures were made.
Section 9. This Plan may be terminated at any time by vote of a majority
---------
of the Qualified Trustees, or by vote of a majority of the Trust's outstanding
voting securities.
Section 10. All agreements with any person relating to implementation of
----------
this Plan shall be in writing, and any agreement related to this Plan shall
provide:
A. That such agreement may be terminated at any time, without payment of
any penalty, by vote of a majority of the Qualified Trustees or by vote
of a majority of the Trust's outstanding voting securities, on not more
than 60 days' written notice to any other party to the agreement; and
B. That such agreement shall terminate automatically in the event of its
assignment.
Section 11. This Plan may not be amended to increase materially the amount
----------
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of a majority of the outstanding voting securities of the Trust, and
all material amendments to this Plan shall be approved in the manner provided
for approval of this Plan in Section 5.
Section 12. As used in this Plan, (A) the term "Qualified Trustees" shall
----------
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operation of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the Act and the rules
and regulations thereunder, subject to such exemptions as may be granted by the
Securities and Exchange Commission.
<PAGE>
DISTRIBUTION PLAN
SEI CASH+PLUS TRUST
Class B
WHEREAS, SEI Cash+Plus Trust (the "Trust") is engaged in business as a
diversified, open-end investment company registered under the Investment Company
Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that the following Distribution Plan will benefit the
Trust and the owners of units of beneficial interest ("Unitholders") in Class B
of the Money Market, Prime Obligation, Government, Government II, Treasury,
Short-Term Government, Intermediate-Term Government, and GNMA Portfolios of the
Trust and such other portfolios as may be added to the Trust (the "Class B
Portfolios");
NOW, THEREFORE, the Trustees of the Trust hereby adopt this distribution
plan pursuant to Rule 12b-1 under the 1940 Act.
Section 1. The Trust has adopted this distribution plan the ("Plan") to
---------
enable the Trust to directly or indirectly bear expenses relating to the
distribution of Class B securities of which the Trust is the issuer.
Section 2. The Trust may incur expenses for the items stipulated in
---------
Section 3 of this Plan, provided that in no event shall the Trust incur
reimbursable expenses for Class B that exceed an annual rate of .30% of the
Trust's average daily net assets during any fiscal year of the Trust. All
expenditures pursuant to this Plan shall be made only pursuant to authorization
by the President, any Vice President or the Treasurer of the Trust. If there
should be more than one series of Trust units, expenses incurred pursuant to
this Plan shall be allocated among the several series of the Trust on the basis
of their relative net asset values, unless otherwise determined by a majority of
the Qualified Trustees. In addition, the Trust will pay the Distributor a fee of
.30% of the Class B Portfolios' average daily net assets which the Distributor
can use to compensate Class B unitholders which provide administrative services
to their customers. The actual fee paid to the administrators will be negotiated
based on the extent and quality of services provided.
Section 3. Reimbursable expenses permitted pursuant to this Plan shall
----------
include, and be limited to, the following:
(a) the incremental printing costs incurred in producing for and
distributing to persons other than current Unitholders of the Trust,
the reports, prospectuses, notices and similar materials that are
prepared by the Trust for current Unitholders;
<PAGE>
(b) the cost of complying with state and federal laws pertaining to the
distribution of the Trust's units;
(c) advertising;
(d) the costs of preparing, printing and distributing any literature used
in connection with the offering of the Trust's units and not covered
by Section 3(a) of this Plan; and
(e) expenses incurred in connection with the promotion and sale of the
Trust's units including, without limitation, travel and communication
expenses and expenses for the compensation of and benefits for sales
personnel.
Section 4. This Plan shall not take effect until it has been approved (a)
---------
by a vote of at least a majority of the outstanding voting securities in Class B
of the Trust; and (b) together with any related agreements, by votes of the
majority of both (i) the Trustees of the Trust and (ii) the Qualified Trustees,
cast in person at a Board of Trustees meeting called for the purpose of voting
on this Plan or such agreement.
Section 5. This Plan shall continue in effect for a period of more than
---------
one year after it takes effect only for so long as such continuance is
specifically approved at least annually in the manner provided in Part (b) of
Section 4 herein for the approval of this Plan.
Section 6. Any person authorized to direct the disposition of monies paid
---------
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, at least quarterly, a written report of
the amounts so expended and the purposes for which such expenditures were made.
Section 7. This Plan may be terminated at any time by the vote of a
---------
majority of the Qualified Trustees or by vote of a majority of the Trust's
outstanding voting securities.
Section 8. All agreements with any person relating to implementation of
---------
this Plan shall be in writing, and any agreement related to this Plan shall
provide (a) that such agreement may be terminated at any time, without payment
of any penalty, by the vote of a majority of the Qualified Trustees or by the
vote of Unitholders holding a majority of the Trust's outstanding voting
securities, on not more than 60 days written notice to any other party to the
agreement; and (b) that such agreement shall terminate automatically in the
event of its assignment.
<PAGE>
Section 9. This Plan may not be amended to increase materially the amount
---------
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of Unitholders holding a majority of the outstanding voting securities
in Class B of the Trust, and all material amendments to this Plan shall be
approved in the manner provided in Part (b) of Section 4 herein for the approval
of this Plan.
Section 10. As used in this Plan, (a) the term "Qualified Trustees" shall
----------
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operation of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the 1940 Act and the
rules and regulations thereunder, subject to such exemptions as may be granted
by the Securities and Exchange Commission.
Section 11. Nothing in this Plan shall operate or be construed to limit
----------
the extent to which the Trust's Sponsor, Manager, Distributor, or Investment
Administrator or any other person, other than the Trust, may incur costs out of
their own monies and bear expenses associated with the distribution of
securities of which the Trust is the issuer.
Section 12. While this Plan is in effect, the selection and nomination of
----------
those Trustees who are not interested persons of the Trust within the meaning of
Section 2(a)(19) of the 1940 Act shall be committed to the discretion of the
Trustees then in office who are not interested persons of the Trust.
Section 13. This Plan shall not obligate the Trust or any other party to
----------
enter into an agreement with any particular person.
<PAGE>
DISTRIBUTION PLAN
SEI CASH+PLUS TRUST
Class C
WHEREAS, SEI Cash+Plus Trust (the "Trust") is engaged in business as an
open-end investment company registered under the Investment Company Act of 1940,
as amended ("1940 Act"); and
WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that the following Distribution Plan will benefit the
Trust and the owners of units of beneficial interest ("Shareholders") in Class C
of the Trust;
NOW, THEREFORE, the Trustees of the Trust hereby adopt this Distribution
Plan pursuant to Rule 12b-1 under the 1940 Act.
Section 1. The Trust has adopted this Class C Distribution Plan ("Plan")
----------
to enable the Trust to directly or indirectly bear expenses relating to the
distribution of Class C securities of which the Trust is the issuer.
Section 2. The Trust may incur expenses for the items stipulated in
----------
Section 3 of this Plan, provided that in no event shall the Trust incur
reimbursable expenses for Class C that exceed an annual rate of .30% of the
Trust's average daily net assets during any fiscal year of the Trust. All
expenditures pursuant to this Plan shall be made only pursuant to authorization
by the President, any Vice President or the Treasurer of the Trust. If there
should be more than one series of Trust shares, expenses incurred pursuant to
this Plan shall be allocated among the several series of the Trust on the basis
of their relative net asset values, unless otherwise determined by a majority of
the Qualified Trustees.
In addition, the Trust will pay the Distributor a fee of up to .50% of the Class
C Portfolios' average daily net assets. Compensation of broker/dealers and
service providers which provide specified services shall be made by the
Distributor from such fees. The actual fee paid will be negotiated based on the
extent and quality of services provided.
Section 3. Expenses permitted pursuant to this Plan shall include, and be
----------
limited to, the following:
(a) The incremental printing costs incurred in producing for and
distributing to persons other than current Shareholders of the Trust
the reports,
1
<PAGE>
prospectuses, notices and similar materials that are prepared by the
Trust for current Shareholders;
(b) advertising;
(c) the costs of preparing, printing and distributing any literature used
in connection with the offering of the Trust's Shares and not covered
by Section 3(a) of this Plan; and
(d) expenses incurred in connection with the promotion and sale of the
Trust's Shares including, without limitation, travel and communication
expenses and expenses for the compensation of and benefits for sales
personnel.
Section 4. This Plan shall not take effect until it has been approved (a)
----------
by a vote of at least a majority of the outstanding voting securities of the
Trust; and (b) together with any related agreements, by votes of the majority of
both (i) the Trustees of the Trust and (ii) the Qualified Trustees, cast in
person at a Board of Trustees meeting called for the purpose of voting on this
Plan or such agreement.
Section 5. This Plan shall continue in effect for a period of more than
----------
one year after it takes effect only for so long as such continuance is
specifically approved at least annually in the manner provided in Part (b) of
Section 4 herein for the approval of this Plan.
Section 6. Any person authorized to direct the disposition of monies paid
----------
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, at least quarterly, a written report of
the amounts so expended and the purposes for which such expenditures were made.
Section 7. This Plan may be terminated at any time by the vote of a
----------
majority of the Qualified Trustees or by vote of a majority of the Trust's
outstanding voting securities.
Section 8. All agreements with any person relating to implementation of
----------
this Plan shall be in writing, and any agreement related to this Plan shall
provide (a) that such agreement may be terminated at any time, without payment
of any penalty, by the vote of a majority of the Qualified Trustees or by the
vote of Shareholders holding a majority of the Trust's outstanding voting
securities, on not more than 60 days written notice to any other party to the
agreement; and (b) that such agreement shall terminate automatically in the
event of its assignment.
Section 9. This Plan may not be amended to increase materially the amount
----------
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of Shareholders holding a majority of the outstanding voting securities
of the Trust, and all material amendments to this Plan shall be approved in the
manner provided in Part (b)
2
<PAGE>
of Section 4 herein for the approval of this Plan.
Section 10. As used in this Plan, (a) the term "Qualified Trustees" shall
-----------
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operation of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the 1940 Act and the
rules and regulations thereunder, subject to such exemptions as may be granted
by the Securities and Exchange Commission.
Section 11. While this Plan is in effect, the selection and nomination of
-----------
those Trustees who are not interested persons of the Trust within the meaning of
Section 2(a)(19) of the 1940 Act shall be committed to the discretion of the
Trustees then in office who are not interested persons of the Trust.
Section 12. This Plan shall not obligate the Trust or any other party to
-----------
enter into an agreement with any particular person.
3
<PAGE>
Exhibit 18
SEI DAILY INCOME TRUST
RULE 18F-3
MULTIPLE CLASS PLAN
DECEMBER 29, 1995
INTRODUCTION
SEI Daily Income Trust (the "Trust"), a registered investment company
that currently consists of fourteen (14) separately managed portfolios (the
Money Market Portfolio, Prime Obligation Portfolio, Government Portfolio,
Government II Portfolio, Treasury Portfolio, Treasury II Portfolio, Federal
Securities Portfolio, Corporate Daily Income Portfolio, Government Securities
Daily Income Portfolio, Short-Term Mortgage Portfolio, Short Duration
Portfolio, Short-Term Government Portfolio, Intermediate-Term Government
Portfolio and GNMA Portfolio) and that may consist of additional portfolios in
the future as listed on Schedule A hereto (each a "Portfolio" and, collectively,
the "Portfolios"), have elected to rely on Rule 18f-3 under the Investment
Company Act of 1940, as amended (the "1940 Act") in offering multiple classes of
units of beneficial interest ("shares") in each Portfolio. The Plan sets forth
the differences among classes, including shareholder services, distribution
arrangements, expense allocations, and conversion or exchange options.
A. ATTRIBUTES OF SHARE CLASSES
The rights of each existing class of the Portfolios (i.e.,
----
Institutional and Retail Classes) shall be as set forth in the resolutions and
related materials of the Trust's Board adopted pursuant to the order dated
September 9, 1993, obtained by SEI Liquid Asset Trust, et al. (Inv. Co. Act
-- ---
Release No. IC-19698), and attached hereto as Exhibits A - C.
With respect to any class of shares of a Portfolio created after the
date hereof, each share of a Portfolio will represent an equal pro rata interest
--- ----
in the Portfolio and will have identical terms and conditions, except that: (i)
each new class will have a different class name (or other designation) that
identifies the class as separate from any other class; (ii) each class will
separately bear any distribution expenses ("distribution fees") in connection
with a plan adopted pursuant to Rule 12b-1 under the 1940 Act (a "Rule 12b-1
Plan"), and will separately bear any non-Rule 12b-1 Plan service payments
("service fees") that are made under any servicing agreement entered into with
respect to that class; (iii) each class may bear, consistent with rulings and
other published statements of position by the Internal Revenue Service, the
expenses of the Portfolio's operations which are directly attributable to such
class ("Class Expenses"); and (iv) shareholders of the class will
<PAGE>
have exclusive voting rights regarding the Rule 12b-1 Plan and the servicing
agreements relating to such class, and will have separate voting rights on any
matter submitted to shareholders in which the interests of that class differ
from the interests of any other class.
B. EXPENSE ALLOCATIONS
Expenses of each existing class and of each class created after the
date hereof shall be allocated as follows: (i) distribution and shareholder
servicing payments associated with any Rule 12b-1 Plan or servicing agreement
relating to each class of shares are (or will be) borne exclusively by that
class; (ii) any incremental transfer agency fees relating to a particular class
are (or will be) borne exclusively by that class; and (iii) class Expenses
relating to a particular class are (or will be) borne exclusively by that class.
Until and unless changed by the Board, the methodology and procedures
for calculating the net asset value of the various classes of shares and the
proper allocation of income and expenses among the various classes of shares
shall be as set forth in the "Report" rendered by Arthur Andersen LLP.
C. AMENDMENT OF PLAN; PERIODIC REVIEW
This Plan must be amended to properly describe (through additional
exhibits hereto or otherwise) each new class of shares approved by the Board
after the date hereof.
The Board of the Trust, including a majority of the independent
Trustees, must periodically review this Plan for its continued appropriateness,
and must approve any material amendment of the Plan as it relates to any class
of any Portfolio covered by the Plan.
-2-
<PAGE>
DISTRIBUTION PLAN
ProVantage Funds
WHEREAS, SEI Cash+Plus Trust (the "Trust") is engaged in business as an
open-end investment company registered under the Investment Company Act of 1940,
as amended ("1940 Act"); and
WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that the following Distribution Plan will benefit the
Trust's ProVantage Funds Class and the owners of units of beneficial interest
("Shareholders") in the Trust's ProVantage Funds Class;
NOW, THEREFORE, the Trustees of the Trust hereby adopt this Distribution
Plan pursuant to Rule 12b-1 under the 1940 Act.
Section 1. The Trust has adopted this ProVantage Funds Distribution Plan
("Plan") to enable the Trust to directly or indirectly bear expenses relating to
the distribution of ProVantage Funds securities of which the Trust is the
issuer.
Section 2. The Trust may incur expenses for the items stipulated in
Section 3 of this Plan in an amount equal to .30% of the average daily net
assets of the ProVantage Funds. All expenditures pursuant to this Plan shall be
made only pursuant to authorization by the President, any Vice President or the
Treasurer of the Trust. If there should be more than one series of Trust shares,
expenses incurred pursuant to this Plan shall be allocated among the several
series of the Trust on the basis of their relative net asset values, unless
otherwise determined by a majority of the Qualified Trustees.
In addition, the Trust will pay the Distributor a fee on the ProVantage
Funds class of the Portfolios up to the amount set forth on Exhibit A. The
Distributor may use this fee toward (i) compensation for its services in
connection with distribution assistance or provision of shareholder services; or
(ii) payments to financial institutions and intermediaries such as banks,
savings and loan associations, insurance companies and investment counselors,
broker-dealers and the Distributor's affiliates and subsidiaries as compensation
for services or reimbursement of expenses incurred in connection with
distribution assistance or provision of shareholder services.
Section 3. Expenses permitted pursuant to this Plan shall include, and be
limited to, the following:
<PAGE>
(a) The incremental printing costs incurred in producing for and
distributing to persons other than current Shareholders of the Trust
the reports, prospectuses, notices and similar materials that are
prepared by the Trust for current Shareholders;
(b) advertising;
(c) the costs of preparing, printing and distributing any literature used
in connection with the offering of the Trust's Shares and not covered
by Section 3(a) of this Plan; and
(d) expenses incurred in connection with the promotion and sale of the
Trust's Shares including, without limitation, travel and communication
expenses and expenses for the compensation of and benefits for sales
personnel.
Section 4. This Plan shall not take effect until it has been approved (a)
by a vote of at least a majority of the outstanding voting securities of the
Trust's ProVantage Funds Class; and (b) together with any related agreements,
by votes of the majority of both (i) the Trustees of the Trust and (ii) the
Qualified Trustees, cast in person at a Board of Trustees meeting called for the
purpose of voting on this Plan or such agreement.
Section 5. This Plan shall continue in effect for a period of more than
one year after it takes effect only for so long as such continuance is
specifically approved at least annually in the manner provided in Part (b) of
Section 4 herein for the approval of this Plan.
Section 6. Any person authorized to direct the disposition of monies paid
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, at least quarterly, a written report of
the amount so expended and the purposes for which such expenditures were made.
Section 7. This Plan may be terminated at any time by the vote of a
majority of the Qualified Trustees or by vote of a majority of the outstanding
voting securities of the Trust's ProVantage Funds Class.
Section 8. All agreements with any person relating to implementation of
this Plan shall be in writing, and any agreement related to this Plan shall
provide (a) that such agreement may be terminated at any time, without payment
of any penalty, by the vote of a majority of the Qualified Trustees or by the
vote of Shareholders holding a majority of the Trust's outstanding voting
securities, on not more than 60 days written notice to any other party to the
agreement; and (b) that such agreement shall terminate automatically in the
event of its assignment.
Section 9. This Plan may not be amended to increase materially the amount
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of
-2-
<PAGE>
Shareholders holding a majority of the outstanding voting securities of the
Trust, and all material amendments to this Plan shall be approved in the manner
provided in Part (b) of Section 4 herein for the approval of this Plan.
Section 10. As used in this Plan, (a) the term "Qualified Trustees" shall
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operations of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the 1940 Act and the
rules and regulations thereunder, subject to such exemptions as may be granted
by the Securities and Exchange Commission.
Section 11. While this Plan is in effect, the selection and nomination of
those Trustees who are not interested persons of the Trust within the meaning of
Section 2(a)(19) of the 1940 Act shall be committed to the discretion of the
Trustees then in office who are not interested persons of the Trust.
Section 12. This Plan shall not obligate the Trust or any other party to
enter into an agreement with any particular person.
-3-
<PAGE>
EXHIBIT A
---------
Intermediate-Term Government Portfolio................. .30%
GNMA Portfolio......................................... .30%
Short-Term Government Portfolio........................ .30%
Amended December 10, 1993
4
<PAGE>
DISTRIBUTION PLAN
(As amended May 25, 1984)
Section 1. Cash+Plus Trust (the "Trust") has adopted this Distribution
---------
Plan (the "Plan") pursuant to which it may directly or indirectly bear expenses
relating to the distribution of securities of which the Trust is the issuer,
pursuant to Section 12(b) of the Investment Company Act of 1940 (the "Act"), and
the rules and regulations promulgated thereunder, as the same may be from time
to time, issued or amended.
Section 2. SEI Financial Services Company ("SFS") may enter into contracts
---------
with certain banks to act as Sub-Administrators ("Sub-Administrators") pursuant
to which the Sub-Administrators will render shareholder services to unitholders
of the Trust. Shareholder services may include, but are not limited to, mailing
shareholder communications, such as proxies, unitholder reports, the Trust's
unaudited quarterly and audited annual financial statements and dividend
distribution and tax notices, handling general shareholder relations with
investors and answering routine inquiries regarding the Trust, and providing
such other services as the Trust or SFS may reasonably request. To the extent
that some or all of such payments may constitute distribution expenses, this
Plan permits SFS to pay the Sub-Administrators fees for the shareholder services
provided out of revenues derived from acting as the Manager for the Trust or
from other sources. The amount of such fees will be determined by SFS and the
Sub-Administrators based upon the extent and quality of the services provided.
Section 3. The Trust may incur expenses for the items stipulated in
---------
Section 4 of this Plan as provided in a budget approved by a majority of the
Qualified Trustees for the 12 month period following the date on which this Plan
shall first become effective and a similar budget for each succeeding 12 month
period (or portion thereof), provided that in no event shall the expenses
provided for in such budgets exceed .3% of the Trust's average daily net assets
during any fiscal year of the Trust. A majority of the Qualified Trustees may
from time to time change such budgets to increase or decrease the total amount
authorized to be spent, to change the allocation of amounts among expenditure
items, to suspend expenditures or otherwise, but no expenditures shall be made
in excess of those provided for in budgets approved by a majority of the
Qualified Trustees from time to time. All expenditures pursuant to such budgets
shall be made only pursuant to authorization by the President, any Vice
President or the Treasurer of the Trust for an expense permitted pursuant to
this Plan. Expenses incurred pursuant to this Plan shall constitute expenses
subject to the annual limitation on expenses (with certain exceptions) provided
in Article 3(b) of the Trust's Management Agreement with SFS dated May 25, 1984.
Expenses incurred pursuant to this Plan shall be allocated among the Portfolios
on the basis of their relative net asset values, unless otherwise determined by
a majority of the Qualified Trustees.
Section 4. Expenses permitted pursuant to this Plan shall include, and be
---------
limited, to the following:
A. The incremental printing cost incurred as the result of producing for
persons other than current unitholders of the Trust, reports,
prospectuses, notices and similar materials that are prepared by the
Trust for current unitholders, and of distributing the same to other
than current unitholders of the Trust.
B. The cost of registering the Trust's units under state and foreign laws
and other costs involved in complying with such laws in the
distribution of the Trust's units.
C. Advertising.
D. The costs of preparing, printing and distributing any literature not
covered in A and used in connection with the offering of the Trust's
units.
E. Expenses incurred in connection with the promotion and sale of the
Trust's units including, without limitation, travel and communication
expenses and expenses for compensation and benefits of sales personnel.
Section 5. This Plan shall not take effect until it has been approved by a
---------
vote of at least a majority of the outstanding voting securities of the Trust.
Section 6. This Plan shall not take effect until it has been approved,
---------
together with any related agreements, by votes of the majority (or whatever
greater percentage may, from time to time, be required by Section 12(b) of the
Act or the rules and regulations thereunder) of both (a) the Trustees of the
Trust and (b) the Qualified Trustees cast in person at a meeting called for the
purpose of voting on this Plan or such agreement.
Section 7. This Plan shall continue in effect for a period of more than
---------
one year after it takes effect only so long as such continuance is specifically
approved at least annually in the manner provided for approval of this Plan in
Section 5.
Section 8. Any person authorized to direct the disposition of monies paid
---------
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, and the Trustees shall review, at least
quarterly, a written report of the amounts so expended and the purposes for
which such expenditures were made.
Section 9. This Plan may be terminated at any time by vote of a majority
---------
of the Qualified Trustees, or by vote of a majority of the Trust's outstanding
voting securities.
Section 10. All agreements with any person relating to implementation of
----------
this Plan shall be in writing, and any agreement related to this Plan shall
provide:
A. That such agreement may be terminated at any time, without payment of
any penalty, by vote of a majority of the Qualified Trustees or by vote
of a majority of the Trust's outstanding voting securities, on not more
than 60 days' written notice to any other party to the agreement; and
B. That such agreement shall terminate automatically in the event of its
assignment.
Section 11. This Plan may not be amended to increase materially the amount
----------
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of a majority of the outstanding voting securities of the Trust, and
all material amendments to this Plan shall be approved in the manner provided
for approval of this Plan in Section 5.
Section 12. As used in this Plan, (A) the term "Qualified Trustees" shall
----------
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operation of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the Act and the rules
and regulations thereunder, subject to such exemptions as may be granted by the
Securities and Exchange Commission.
<PAGE>
DISTRIBUTION PLAN
SEI CASH+PLUS TRUST
Class B
WHEREAS, SEI Cash+Plus Trust (the "Trust") is engaged in business as a
diversified, open-end investment company registered under the Investment Company
Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that the following Distribution Plan will benefit the
Trust and the owners of units of beneficial interest ("Unitholders") in Class B
of the Money Market, Prime Obligation, Government, Government II, Treasury,
Short-Term Government, Intermediate-Term Government, and GNMA Portfolios of the
Trust and such other portfolios as may be added to the Trust (the "Class B
Portfolios");
NOW, THEREFORE, the Trustees of the Trust hereby adopt this distribution
plan pursuant to Rule 12b-1 under the 1940 Act.
Section 1. The Trust has adopted this distribution plan the ("Plan") to
---------
enable the Trust to directly or indirectly bear expenses relating to the
distribution of Class B securities of which the Trust is the issuer.
Section 2. The Trust may incur expenses for the items stipulated in
---------
Section 3 of this Plan, provided that in no event shall the Trust incur
reimbursable expenses for Class B that exceed an annual rate of .30% of the
Trust's average daily net assets during any fiscal year of the Trust. All
expenditures pursuant to this Plan shall be made only pursuant to authorization
by the President, any Vice President or the Treasurer of the Trust. If there
should be more than one series of Trust units, expenses incurred pursuant to
this Plan shall be allocated among the several series of the Trust on the basis
of their relative net asset values, unless otherwise determined by a majority of
the Qualified Trustees. In addition, the Trust will pay the Distributor a fee of
.30% of the Class B Portfolios' average daily net assets which the Distributor
can use to compensate Class B unitholders which provide administrative services
to their customers. The actual fee paid to the administrators will be negotiated
based on the extent and quality of services provided.
Section 3. Reimbursable expenses permitted pursuant to this Plan shall
----------
include, and be limited to, the following:
(a) the incremental printing costs incurred in producing for and
distributing to persons other than current Unitholders of the Trust,
the reports, prospectuses, notices and similar materials that are
prepared by the Trust for current Unitholders;
(b) the cost of complying with state and federal laws pertaining to the
distribution of the Trust's units;
(c) advertising;
(d) the costs of preparing, printing and distributing any literature used
in connection with the offering of the Trust's units and not covered
by Section 3(a) of this Plan; and
(e) expenses incurred in connection with the promotion and sale of the
Trust's units including, without limitation, travel and communication
expenses and expenses for the compensation of and benefits for sales
personnel.
Section 4. This Plan shall not take effect until it has been approved (a)
---------
by a vote of at least a majority of the outstanding voting securities in Class B
of the Trust; and (b) together with any related agreements, by votes of the
majority of both (i) the Trustees of the Trust and (ii) the Qualified Trustees,
cast in person at a Board of Trustees meeting called for the purpose of voting
on this Plan or such agreement.
Section 5. This Plan shall continue in effect for a period of more than
---------
one year after it takes effect only for so long as such continuance is
specifically approved at least annually in the manner provided in Part (b) of
Section 4 herein for the approval of this Plan.
Section 6. Any person authorized to direct the disposition of monies paid
---------
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, at least quarterly, a written report of
the amounts so expended and the purposes for which such expenditures were made.
Section 7. This Plan may be terminated at any time by the vote of a
---------
majority of the Qualified Trustees or by vote of a majority of the Trust's
outstanding voting securities.
Section 8. All agreements with any person relating to implementation of
---------
this Plan shall be in writing, and any agreement related to this Plan shall
provide (a) that such agreement may be terminated at any time, without payment
of any penalty, by the vote of a majority of the Qualified Trustees or by the
vote of Unitholders holding a majority of the Trust's outstanding voting
securities, on not more than 60 days written notice to any other party to the
agreement; and (b) that such agreement shall terminate automatically in the
event of its assignment.
Section 9. This Plan may not be amended to increase materially the amount
---------
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of Unitholders holding a majority of the outstanding voting securities
in Class B of the Trust, and all material amendments to this Plan shall be
approved in the manner provided in Part (b) of Section 4 herein for the approval
of this Plan.
Section 10. As used in this Plan, (a) the term "Qualified Trustees" shall
----------
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operation of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the 1940 Act and the
rules and regulations thereunder, subject to such exemptions as may be granted
by the Securities and Exchange Commission.
Section 11. Nothing in this Plan shall operate or be construed to limit
----------
the extent to which the Trust's Sponsor, Manager, Distributor, or Investment
Administrator or any other person, other than the Trust, may incur costs out of
their own monies and bear expenses associated with the distribution of
securities of which the Trust is the issuer.
Section 12. While this Plan is in effect, the selection and nomination of
----------
those Trustees who are not interested persons of the Trust within the meaning of
Section 2(a)(19) of the 1940 Act shall be committed to the discretion of the
Trustees then in office who are not interested persons of the Trust.
Section 13. This Plan shall not obligate the Trust or any other party to
----------
enter into an agreement with any particular person.
<PAGE>
DISTRIBUTION PLAN
SEI CASH + PLUS TRUST
Class C
WHEREAS, SEI Cash + Plus Trust (the "Trust") is engaged in business as an
open-end investment company registered under the Investment Company Act of 1940,
as amended ("1940 Act"); and
WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that the following Distribution Plan will benefit the
Trust and the owners of units of beneficial interest ("Shareholders") in Class C
of the Trust;
NOW, THEREFORE, the Trustees of the Trust hereby adopt this Distribution
Plan pursuant to Rule 12b-1 under the 1940 Act.
Section 1. The Trust has adopted this Class C Distribution Plan ("Plan")
----------
to enable the Trust to directly or indirectly bear expenses relating to the
distribution of Class C securities of which the Trust is the issuer.
Section 2. The Trust may incur expenses for the items stipulated in
----------
Section 3 of this Plan, provided that in no event shall the Trust incur
reimbursable expenses for Class C that exceed an annual rate of .30% of the
Trust's average daily net assets during any fiscal year of the Trust. All
expenditures pursuant to this Plan shall be made only pursuant to authorization
by the President, any Vice President or the Treasurer of the Trust. If there
should be more than one series of Trust shares, expenses incurred pursuant to
this Plan shall be allocated among the several series of the Trust on the basis
of their relative net asset values, unless otherwise determined by a majority of
the Qualified Trustees.
In addition, the Trust will pay the Distributor a fee of up to .50% of the Class
C Portfolios' average daily net assets. Compensation of broker/dealers and
service providers which provide specified services shall be made by the
Distributor from such fees. The actual fee paid will be negotiated based on the
extent and quality of services provided.
Section 3. Expenses permitted pursuant to this Plan shall include, and be
----------
limited to, the following:
(a) The incremental printing costs incurred in producing for and
distributing to persons other than current Shareholders of the Trust
the reports, prospectuses, notices and similar materials that are
prepared by the Trust for current Shareholders;
(b) advertising;
(c) the costs of preparing, printing and distributing any literature used
in connection with the offering of the Trust's Shares and not covered
by Section 3(a) of this Plan; and
(d) expenses incurred in connection with the promotion and sale of the
Trust's Shares including, without limitation, travel and communication
expenses and expenses for the compensation of and benefits for sales
personnel.
Section 4. This Plan shall not take effect until it has been approved (a)
----------
by a vote of at least a majority of the outstanding voting securities of the
Trust; and (b) together with any related agreements, by votes of the majority of
both (i) the Trustees of the Trust and (ii) the Qualified Trustees, cast in
person at a Board of Trustees meeting called for the purpose of voting on this
Plan or such agreement.
Section 5. This Plan shall continue in effect for a period of more than
----------
one year after it takes effect only for so long as such continuance is
specifically approved at least annually in the manner provided in Part (b) of
Section 4 herein for the approval of this Plan.
Section 6. Any person authorized to direct the disposition of monies paid
----------
or payable by the Trust pursuant to this Plan or any related agreement shall
provide to the Trustees of the Trust, at least quarterly, a written report of
the amounts so expended and the purposes for which such expenditures were made.
Section 7. This Plan may be terminated at any time by the vote of a
----------
majority of the Qualified Trustees or by vote of a majority of the Trust's
outstanding voting securities.
Section 8. All agreements with any person relating to implementation of
----------
this Plan shall be in writing, and any agreement related to this Plan shall
provide (a) that such agreement may be terminated at any time, without payment
of any penalty, by the vote of a majority of the Qualified Trustees or by the
vote of Shareholders holding a majority of the Trust's outstanding voting
securities, on not more than 60 days written notice to any other party to the
agreement; and (b) that such agreement shall terminate automatically in the
event of its assignment.
Section 9. This Plan may not be amended to increase materially the amount
----------
of distribution expenses permitted pursuant to Section 2 hereof without the
approval of Shareholders holding a majority of the outstanding voting securities
of the Trust, and all material amendments to this Plan shall be approved in the
manner provided in Part (b) of Section 4 herein for the approval of this Plan.
Section 10. As used in this Plan, (a) the term "Qualified Trustees" shall
-----------
mean those Trustees of the Trust who are not interested persons of the Trust,
and have no direct or indirect financial interest in the operation of this Plan
or any agreements related to it, and (b) the terms "assignment" and "interested
person" shall have the respective meanings specified in the 1940 Act and the
rules and regulations thereunder, subject to such exemptions as may be granted
by the Securities and Exchange Commission.
Section 11. While this Plan is in effect, the selection and nomination of
-----------
those Trustees who are not interested persons of the Trust within the meaning of
Section 2(a) (19) of the 1940 Act shall be committed to the discretion of the
Trustees then in office who are not interested persons of the Trust.
Section 12. This Plan shall not obligate the Trust or any other party to
-----------
enter into an agreement with any particular person.
<PAGE>
As voted on April 12-13, 1988 -
FURTHER
VOTED: That the Trust's Distribution Plan be, and it hereby is, adopted
by the Treasury II Portfolio of the Trust in accordance with Rule
12b-1 under the Investment Company Act of 1940.
FURTHER
VOTED: That, in accordance with the Distribution Plan, and for so long
as such Plan is in effect, the selection and nomination of non-
interested Trustees shall be committed to such non-interested
Trustees as are then serving on the Board.
-2-
<PAGE>
As voted on May 10-11, 1988 -
FURTHER That the Trust's Distribution Plan be and it hereby is adopted by
VOTED: the High Sierra Portfolio of the Trust in accordance with Rule
12b-1 under the Investment Company Act of 1940.
FURTHER That in accordance with the Distribution Plan, and for so long as
VOTED: such Plan is in effect, the selection and nomination of non-
interested Trustees shall be committed to such non-interested
Trustees as are then serving on the Board.
-11-
<PAGE>
As voted on December 23, 1988 -
VOTED: That a Class B be added to all of the Trust's portfolios to
- -----
enable payments to be made out of the Trust's 12b-1 Distribution
Plan to Unitholders which provides specific services to the
Trust. The addition of Class B to the Trust is contingent on the
receipt of appropriate exemptive relief from the Securities and
Exchange Commission and of a private letter ruling from the
Internal Revenue Service on this issue.
IN WITNESS WHEREOF, this Unanimous Consent of the Board of Trustees
has been duly executed as of the day and year set forth above.
/s/ Alfred P. West, Jr.
-----------------------------
Alfred P. West, Jr.
/s/ William M. Doran
-----------------------------
William M. Doran
/s/ Edward W. Binshadler
-----------------------------
Edward W. Binshadler
/s/ Richard F. Blanchard
------------------------------
Richard F. Blanchard
/s/ F. Wendell Gooch
------------------------------
F. Wendell Gooch
<PAGE>
As voted on January 31-February 2, 1989 -
FURTHER That a second class (Class B) be added to Government II and
VOTED: Treasury Portfolios of the Trust with a distribution plan that
- ------
provides for (i) reimbursement of direct expenses in accordance
with the Distribution Plan currently applicable to the existing
Class A units, and (ii) additional payments to the Portfolio's
Distributor which the Distributor can use to make payments to
unitholders which provide administrative services.
-5-
<PAGE>
As voted on May 9, 1989 -
FURTHER That the Trust's Distribution Plan be, and it hereby is, adopted
VOTED: by the High Sierra U.S. Government Bond Portfolio of the Trust in
accordance with Rule 12b-1 under the Investment Company Act of
1940.
FURTHER That in accordance with the Distribution Plan, and for so long as
VOTED: such Plan is in effect, the selection and nomination of non-
interested Trustees shall be committed to such non-interested
Trustees as are then serving on the Board.
-14-
<PAGE>
As voted on March 7, 1990 -
FURTHER That the form of Distribution Plan for Class B units presented to
VOTED: this meeting be, and it heareby is, approved in accordance with
Rule 12b-1 under the Investment Company Act of 1940; provided,
however, that such approval shall not be effective unless said
Plan shall have been approved by a majority of the outstanding
units of beneficial interest of Class B of the Trust following
the initial issuance of the units of the Trust.
-6-
<PAGE>
as voted on March 6, 1991 -
FURTHER
VOTED: That SEI Financial Services Company be, and it hereby is, appointed to
serve as Distributor of shares of beneficial interest of the Treasury
Portfolio of the Trust under the terms and conditions set forth in the
Distribution Agreement.
FURTHER
VOTED: That the offering of Class A and Class B shares of the Treasury
Portfolio and the form of Distribution Plans for Class A and Class B
are in the best interests and reasonably likely to benefit the Trust
and the unitholders of the Treasury Portfolio.
FURTHER
VOTED: That the form of Distribution Plans for Class A and Class B be, and it
hereby is, adopted by the Treasury Portfolio of the Trust in
accordance with Rule 12b-1 under the Investment Company Act of 1940.
FURTHER
VOTED: That, in accordance with the Distribution Plan, and for so long as
such Plan is in effect, the selection and nomination of non-interested
Trustees shall be committed to such non-interested Trustees as are
then serving on the Board.
-4-
<PAGE>
As voted on May 6, 1991 -
VOTED: That the services fee paid pursuant to the Distribution Plan for
Class B shares of the Treasury Portfolio be, and it hereby is,
increased to .35% from .30%; provided, however, that such
approval shall not be effective unless said Plan shall have been
approved by a majority of the outstanding units of beneficial
interest of Class B of the Treasury Portfolio of the Trust
following the initial issuance of Class B shares of the Treasury
Portfolio of the Trust.
-18-
<PAGE>
As voted on August 7-8, 1991 -
Mr. Nesher then asked for consideration of the proposal to add a
Class C to five money market portfolios of the SEI Cash Plus Trust, noting that
the Trustees had received notice of this addition to the agenda. There ensued a
lengthy discussion about the structure of the Class C and the marketing thereof,
after which, upon motion duly made and seconded, it was unanimously
VOTED: That as of August 8, 1991 a new class, hereafter to be known as Class
C, be added to each of the Money Market, Prime Obligation, Government,
Government II, Treasury and Treasury II Portfolios (the "Portfolios")
of SEI Cash+Plus Trust (the "Trust") with a distribution plan that
provides for reimbursement of direct expenses and that payments be
made to unitholders that provide administrative services to their
customers.
FURTHER That the Distribution Plan for Class C presented to this meeting be,
VOTED: and it hereby is, approved for the Portfolios in accordance with Rule
12b-1 under the Investment Company Act of 1940 (the "1940 Act");
provided, however, that such approval shall not be effective unless
said Plan shall have been approved by a majority of the outstanding
units of beneficial interest of Class C of each Portfolio following
the initial issuance of units of Class C .
FURTHER That in accordance with the Distribution Plan for Class C, and for so
VOTED: long as such Plan is in effect, the selection and nomination of non-
interested Trustees shall be committed to such non-interested Trustees
as are then serving on the Board.
-23-
<PAGE>
As voted on August 4-5, 1992 -
FURTHER
VOTED: That the form of Distribution Plan for Class B be, and it hereby
is, adopted by the Adjustable Rate Mortgage and Short-Duration
Mortgage Portfolios of the Trust in accordance with Rule 12b-1
under the Investment Company Act of 1940.
FURTHER
VOTED: That, in accordance with the Distribution Plan, and for so long
as such Plan is in effect, the selection and nomination of non-
interested Trustees shall be committed to such non-interested
Trustees as are then serving on the Board.
<PAGE>
As voted on June 1, 1993 -
FURTHER
VOTED: That the form of the Distribution Plan for Class B be, and it
hereby is, adopted by the Corporate Enhanced Daily Income
Portfolio and the Government Enhanced Daily Income Portfolio of
the Trust in accordance with Rule 12b-1 under the Investment
Company Act of 1940.
FURTHER
VOTED: That, in accordance with the Distribution Plan and for so long as
such Plan is in effect, the selection and nomination of non-
interested Trustees shall be committed to such non-interested
Trustees as are then serving on the Board.
<PAGE>
As voted on August 31, 1993 -
VOTED: That the modified form of each Distribution Plan for the
ProVantage Funds be, and each hereby is, adopted by each Trust in
accordance with Rule 12b-1 under the Investment Company Act of
1940.
<PAGE>
As voted on December 9-10, 1993 -
VOTED: That the distribution plan for the ProVantage Funds class of SEI
Cash+Plus Trust is hereby amended to add the following Portfolio
to the Plan:
Short-Term Government Portfolio .25%
<PAGE>
As voted on April 12, 1995 -
VOTED: That the units of beneficial interest of each of the
International Fixed Income, European Equity, Pacific Basin Equity
and Emerging Markets Equity Portfolios of SEI International Trust
and the Corporate Daily Income Portfolio of SEI Daily Income
Trust (collectively, the "Portfolios") be, and they hereby are,
further divided into an indefinite number of units entitled Class
D;
VOTED: That the Distribution Plans for the Class D shares of SEI
International Trust and SEI Daily Income Trust (the "Trusts")
previously submitted to the Board of Trustees be, and they hereby
are, adopted by each of the Portfolios in accordance with Rule
12b-1 under the Investment Company Act of 1940;
<PAGE>
SEI DAILY INCOME TRUST
MAY 31, 1995
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
PRIME OBLIGATION PORTFOLIO
GOVERNMENT PORTFOLIO
GOVERNMENT II PORTFOLIO
TREASURY PORTFOLIO
TREASURY II PORTFOLIO
FEDERAL SECURITIES PORTFOLIO
- --------------------------------------------------------------------------------
Please read this Prospectus carefully before investing, and keep it on file for
future reference.
A Statement of Additional Information dated May 31, 1995 has been filed with
the Securities and Exchange Commission and is available without charge through
the Distributor, SEI Financial Services Company, 680 East Swedesford Road,
Wayne, PA 19087 or by calling 1-800-342-5734. The Statement of Additional
Information is incorporated into this Prospectus by reference.
SEI Daily Income Trust (the "Trust") is a mutual fund that offers financial
institutions a convenient means of investing their own funds or funds for which
they act in a fiduciary, agency or custodial capacity in professionally managed
diversified portfolios of securities. Some portfolios offer separate classes of
units of beneficial interest ("shares") that differ from each other primarily
in the allocation of certain distribution expenses. This Prospectus offers
shares of the seven money market fund portfolios (the "Portfolios," and each of
these, a "Portfolio") listed above. Except in the case of the Federal
Securities Portfolio, which offers only one class of shares, each of the
Portfolios offers Class A, Class B and Class C shares.
AN INVESTMENT IN A PORTFOLIO IS NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT ANY PORTFOLIO WILL BE ABLE TO
MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER SHARE.
- --------------------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
THE TRUST'S SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY BANK. THE TRUST'S SHARES ARE NOT FEDERALLY INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY
OTHER GOVERNMENT AGENCY. INVESTMENT IN THE SHARES INVOLVES RISK, INCLUDING
POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE>
ANNUAL OPERATING EXPENSES (as a percentage of average net assets) CLASS A*
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY PRIME FEDERAL
MARKET OBLIGATION GOVERNMENT GOVERNMENT II TREASURY TREASURY II SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- ------------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Management/Advisory Fees
(after fee waiver) (1) .12% .12% .12% .12% .12% .17% .58%
12b-1 Fees (after fee
waiver) (2) .05% .05% .04% .06% .05% .06% .00%
Other Expenses .03% .03% .04% .02% .03% .02% .02%
- --------------------------------------------------------------------------------------------------------
Total Operating Expenses
(after fee waiver) (3) .20% .20% .20% .20% .20% .25% .60%
- --------------------------------------------------------------------------------------------------------
</TABLE>
* The Federal Securities Portfolio offers only Class A shares.
(1) For the Money Market, Government and Federal Securities Portfolios the
Manager has waived, on a voluntary basis, a portion of its fee, and the
management/advisory fees shown reflect this voluntary waiver. The Manager
reserves the right to terminate its waiver at any time in its sole
discretion. Absent such fee waiver, management/advisory fees would be .37%
for the Money Market Portfolio, .27% for the Government Portfolio and .58%
for the Federal Securities Portfolio. For the Prime Obligation, Government
II, Treasury and Treasury II Portfolios, the Manager has contractually
agreed to waive its fee, and, if necessary, pay other operating expenses of
the Portfolios in an amount that operates to limit the total operating
expenses of the Class A shares. Absent these contractual provisions,
management/advisory fees would be .22% for the Prime Obligation Portfolio,
.22% for the Government II Portfolio, .27% for the Treasury Portfolio and
.27% for the Treasury II Portfolio.
(2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for
reimbursement of expenses. The maximum 12b-1 fees payable by Class A shares
of the Portfolios are 30%.
(3) Absent the voluntary fee waivers described above, total operating expenses
for the Class A shares of the Portfolios would be .45% for the Money Market
Portfolio, .30% for the Prime Obligation Portfolio, .35% for the Government
Portfolio, .30% for the Government II Portfolio, .35% for the Treasury
Portfolio, .35% for the Treasury II Portfolio and .60% for the Federal
Securities Portfolio.
EXAMPLE
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
1 YR. 3 YRS. 5 YRS. 10 YRS.
----- ------ ------ -------
<S> <C> <C> <C> <C>
An investor would pay the following expenses on a
$1,000 investment assuming (1) 5% annual return
and (2) redemption at the end of each time period:
Money Market Portfolio $2.00 $ 6.00 $11.00 $26.00
Prime Obligation Portfolio $2.00 $ 6.00 $11.00 $26.00
Government Portfolio $2.00 $ 6.00 $11.00 $26.00
Government II Portfolio $2.00 $ 6.00 $11.00 $26.00
Treasury Portfolio $2.00 $ 6.00 $11.00 $26.00
Treasury II Portfolio $3.00 $ 8.00 $14.00 $32.00
Federal Securities Portfolio $6.00 $19.00 $33.00 $75.00
- -------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that may be directly or indirectly borne by
investors in the Portfolios. A person who purchases shares through a financial
institution may be charged separate fees by that institution. The information
set forth in the foregoing table and example relates only to Class A shares.
Additional information may be found under "The Manager and Shareholder
Servicing Agent," "The Adviser" and "Distribution." Long-term shareholders may
eventually pay more than the economic equivalent of the maximum front-end sales
charges otherwise permitted by Rules of Fair Practice (the "Rules") of the
National Association of Securities Dealers, Inc. ("NASD").
2
<PAGE>
ANNUAL OPERATING EXPENSES (as a percentage of average net assets) CLASS B
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY PRIME
MARKET OBLIGATION GOVERNMENT GOVERNMENT II TREASURY TREASURY II
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- ------------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Management/Advisory Fees
(after fee waiver) (1) .12% .12% .12% .12% .12% .17%
12b-1 Fees (2) .35% .35% .34% .36% .35% .36%
Other Expenses .03% .03% .04% .02% .03% .02%
- ---------------------------------------------------------------------------------------------
Total Operating Expenses
(after fee waiver) (3) .50% .50% .50% .50% .50% .55%
- ---------------------------------------------------------------------------------------------
</TABLE>
(1) For the Money Market and Government Portfolios the Manager has waived, on a
voluntary basis, a portion of its fee, and the management/advisory fees
shown reflect this voluntary waiver. The Manager reserves the right to
terminate its waiver at any time in its sole discretion. Absent such fee
waivers, management/advisory fees would be .37% for the Money Market
Portfolio and .27% for the Government Portfolio. For the Prime Obligation,
Government II, Treasury and Treasury II Portfolios, the Manager has
contractually agreed to waive its fee, and, if necessary, pay other
operating expenses of the Portfolios in an amount that operates to limit the
total operating expenses of the Class B shares. Absent these contractual
provisions, management/advisory fees would be .22% for the Prime Obligation
Portfolio, .22% for the Government II Portfolio, .27% for the Treasury
Portfolio and .27% for the Treasury II Portfolio.
(2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for
reimbursement of expenses. The maximum 12b-1 fees payable by Class B shares
of the Portfolios are .60%.
(3) Absent the voluntary fee waivers described above, total operating expenses
for the Class B shares of the Portfolios would be .75% for the Money Market
Portfolio, .60% for the Prime Obligation Portfolio, .65% for the Government
Portfolio, .60% for the Government II Portfolio, .65% for the Treasury
Portfolio and .65% for the Treasury II Portfolio.
EXAMPLE
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
1 YR. 3 YRS. 5 YRS. 10 YRS.
----- ------ ------ -------
<S> <C> <C> <C> <C>
An investor would pay the following expenses on a
$1,000 investment assuming (1) 5% annual return
and (2) redemption at the end of each time period:
Money Market Portfolio $5.00 $16.00 $28.00 $63.00
Prime Obligation Portfolio $5.00 $16.00 $28.00 $63.00
Government Portfolio $5.00 $16.00 $28.00 $63.00
Government II Portfolio $5.00 $16.00 $28.00 $63.00
Treasury Portfolio $5.00 $16.00 $28.00 $63.00
Treasury II Portfolio $6.00 $18.00 $31.00 $69.00
- -------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that may be directly or indirectly borne by
investors in the Portfolios. A person who purchases shares through a financial
institution may be charged separate fees by that institution. The information
set forth in the foregoing table and example relates only to Class B shares.
Additional information may be found under "The Manager and Shareholder
Servicing Agent," "The Adviser" and "Distribution." Long-term shareholders may
eventually pay more than the economic equivalent of the maximum front-end sales
charges otherwise permitted by the NASD Rules.
3
<PAGE>
ANNUAL OPERATING EXPENSES (as a percentage of average net assets) CLASS C
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY PRIME
MARKET OBLIGATION GOVERNMENT GOVERNMENT II TREASURY TREASURY II
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- ------------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Management/Advisory Fees
(after fee waiver) (1) .12% .12% .12% .12% .12% .17%
12b-1 Fees (2) .55% .55% .54% .55% .55% .56%
Other Expenses .03% .03% .04% .03% .03% .02%
- ---------------------------------------------------------------------------------------------
Total Operating Expenses
(after fee waiver) (3) .70% .70% .70% .70% .70% .75%
- ---------------------------------------------------------------------------------------------
</TABLE>
(1) For the Money Market and Government Portfolios the Manager has waived, on a
voluntary basis, a portion of its fee, and the management/advisory fees
shown reflect this voluntary waiver. The Manager reserves the right to
terminate its waiver at any time in its sole discretion. Absent such fee
waiver, management/advisory fees would be .37% for the Money Market
Portfolio and .27% for the Government Portfolio. For the Prime Obligation,
Government II, Treasury and Treasury II Portfolios, the manager has
contractually agreed to waive its fee, and, if necessary, pay other
operating expenses of the Portfolios in an amount that operates to limit
the total operating expenses of the Class C shares. Absent these
contractual provisions, management/advisory fees would be .22% for the
Prime Obligation Portfolio, .22% for the Government II Portfolio, .27% for
the Treasury Portfolio and .27% for the Treasury II Portfolio.
(2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for
reimbursement of expenses. The maximum 12b-1 fees payable by Class C shares
of the Portfolios are .80%.
(3) Absent the voluntary fee waivers described above, total operating expenses
for the Class C shares of the Portfolios would be .95% for the Money Market
Portfolio, .80% for the Prime Obligation Portfolio, .85% for the Government
Portfolio, .80% for the Government II Portfolio, .85% for the Treasury
Portfolio and .85% for the Treasury II Portfolio.
EXAMPLE
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
1 YR. 3 YRS. 5 YRS. 10 YRS.
----- ------ ------ -------
<S> <C> <C> <C> <C>
An investor would pay the following expenses on a
$1,000 investment assuming (1) 5% annual return
and (2) redemption at the end of each time period:
Money Market Portfolio $7.00 $22.00 $39.00 $87.00
Prime Obligation Portfolio $7.00 $22.00 $39.00 $87.00
Government Portfolio $7.00 $22.00 $39.00 $87.00
Government II Portfolio $7.00 $22.00 $39.00 $87.00
Treasury Portfolio $7.00 $22.00 $39.00 $87.00
Treasury II Portfolio $8.00 $24.00 $42.00 $93.00
- -------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that may be directly or indirectly borne by
investors in the Portfolios. A person who purchases shares through a financial
institution may be charged separate fees by that institution. The information
set forth in the foregoing table and example relates only to Class C shares.
Additional information may be found under "The Manager and Shareholder
Servicing Agent," "The Adviser" and "Distribution." Long-term shareholders may
eventually pay more than the economic equivalent of the maximum front-end sales
charges otherwise permitted by the NASD Rules.
4
<PAGE>
THE TRUST ______________________________________________________________________
SEI DAILY INCOME TRUST (the "Trust") is a diversified open-end management
investment company that offers units of beneficial interest ("shares") in
separate investment portfolios. This Prospectus offers Class A, Class B and
Class C shares of the Trust's Money Market, Prime Obligation, Government,
Government II, Treasury, Treasury II and Federal Securities Portfolios (the
"Portfolios," and each of these, a "Portfolio"). Each Portfolio may have
separate classes of shares which provide for variations in distribution and
transfer agent costs, voting rights and dividends. Additional information
pertaining to the Trust may be obtained from SEI Financial Services Company,
680 East Swedesford Road, Wayne, PA 19087 or by calling 1-800-342-5734.
INVESTMENT
OBJECTIVES AND
POLICIES _______________________________________________________________________
THE MONEY The Money Market Portfolio seeks to preserve principal
MARKET value and maintain a high degree of liquidity while
PORTFOLIO providing current income. Under normal conditions the
Portfolio invests in obligations denominated in U.S.
dollars consisting of: (i) commercial paper rated at least
A-1 or A-2 by Standard & Poor's Corporation ("S&P") or
Prime-1 or Prime-2 by Moody's Investors Service, Inc.
("Moody's") at the time of investment or, if not rated,
determined by the Adviser to be of comparable quality;
(ii) obligations (including certificates of deposit, time
deposits, bankers' acceptances and bank notes) of U.S.
savings and loan and thrift institutions, U.S. commercial
banks (including foreign branches of such banks), and U.S.
and London branches of foreign banks, provided that such
institutions (or, in the case of a branch, the parent
institution) have total assets of $1 billion or more as
shown on their last published financial statements at the
time of investment; (iii) short-term corporate obligations
with a remaining term of not more than one year of issuers
with commercial paper of comparable priority and security
meeting the above ratings; (iv) investments permitted for
the Government II Portfolio (see below); and (v)
repurchase agreements involving any of the foregoing
obligations.
Except for temporary defensive purposes, the Money
Market Portfolio will concentrate its investments in
obligations issued by the banking industry, consisting of
U.S. dollar denominated obligations of domestic banks and
U.S. branches of foreign banks. Concentration in this
context means the investment of more than twenty-five
percent of the Portfolios assets in such industry.
THE PRIME The Prime Obligation Portfolio seeks to preserve principal
OBLIGATION value and maintain a high degree of liquidity while
PORTFOLIO providing current income. Under normal conditions the
Portfolio invests exclusively in obligations of U.S.
issuers (excluding foreign branches of U.S. banks or U.S.
branches of foreign banks) consisting of: (i) commercial
paper rated at least A-1 by S&P or Prime-1 by Moody's at
the time of investment, or, if not rated, determined by
the Adviser to be of comparable quality; (ii) obligations
(including certificates of deposit, time deposits,
bankers' acceptances and bank notes) of U.S. commercial
banks or savings and
18
<PAGE>
THE ADVISER ____________________________________________________________________
Wellington Management Company ("WMC" or the "Adviser") has
acted as the investment adviser for the Portfolios under
an advisory agreement (the "Advisory Agreement") with the
Trust. WMC is a professional investment counseling firm
which provides investment services to investment
companies, employee benefit plans, endowments,
foundations, and other institutions and individuals. Under
the Advisory Agreement, the Adviser is responsible for the
investment decisions for the Portfolios and continuously
reviews, supervises and administers each Portfolio's
investment program. The Adviser is independent of the
Manager and SEI and discharges its responsibilities
subject to the supervision of, and policies set by, the
Trustees of the Trust.
The Adviser's predecessor organizations have provided
investment advisory services to investment companies since
1933 and to investment counseling clients since 1960. As
of March 31, 1995, the Adviser had discretionary
management authority with respect to approximately $88.5
billion of assets, including the assets of the Trust, SEI
Liquid Asset Trust and the Insurance Investment Products
Trust, each an open-end investment company. Wellington
Trust Company, National Association, a wholly-owned
subsidiary of the Adviser, utilizes SEI's trust accounting
services. The principal address of Wellington Management
Company is 75 State Street, Boston, MA 02109. WMC is a
Massachusetts general partnership, of which the following
persons are managing partners: Robert W. Doran, Duncan M.
McFarland and John B. Neff.
The Adviser is entitled to a fee, which is calculated
daily and paid monthly, at an annual rate of .075% of the
combined average daily net assets of the Portfolios of the
Trust up to $500 million and .02% of such combined average
daily net assets in excess of $500 million. Such fees are
allocated daily among the Portfolios on the basis of their
relative net assets. For the fiscal year ended January 31,
1995, the Portfolios paid the Adviser advisory fees (shown
here as a percentage of average daily net assets after
voluntary fee waivers) as follows: Money Market
Portfolio--.02%; Prime Obligation Portfolio--.01%;
Government Portfolio--.01%; Government II Portfolio--.01%;
Treasury Portfolio--.01%; Treasury II Portfolio--.01%; and
Federal Securities Portfolio--.03%.
DISTRIBUTION ___________________________________________________________________
SEI Financial Services Company (the "Distributor"), a
wholly owned subsidiary of SEI, serves as each Portfolio's
distributor pursuant to a distribution agreement (the
"Distribution Agreement"). Each Class of each Portfolio
has a separate distribution plan ("Class A Plan," "Class B
Plan" and "Class C Plan"; collectively, the "Plans")
pursuant to Rule 12b-1 under the 1940 Act. The Trust may
also execute brokerage or other agency transactions
through the Distributor for which the Distributor may
receive usual and customary compensation. The Trust
intends to operate the Plans in accordance with their
22
<PAGE>
terms and with the Rules of Fair Practice (the "Rules") of
the National Association of Securities Dealers, Inc.
("NASD") concerning sales charges.
The Distribution Agreement and Plan for each class
provide for reimbursement of expenses incurred by the
Distributor in an amount not to exceed .30% of a
Portfolio's average daily net assets on an annualized
basis, provided those expenses are permissible as to both
type and amount under a budget, and the Class B and Class
C Plans provide for additional payments for distribution
and shareholder services, as described below. The budget
must be approved and monitored quarterly by the Trustees,
including those Trustees who are not interested persons
and have no financial interest in the Plan or any related
agreement ("Qualified Trustees"). Pursuant to state law,
the Trust has voluntarily agreed to limit the Distribution
related expenses of Class A shares of each Portfolio to
.25%.
Distribution related expenses reimbursable to the
Distributor under the budget include those related to the
costs of advertising and sales materials, the costs of
federal and state securities laws registration and
promotional and sales expenses including expenses for
travel, communication and compensation and benefits for
sales personnel. The Trust is not obligated to reimburse
the Distributor for any expenditures in excess of the
approved budget. Currently, the budget for each Portfolio
(shown here as a percentage of average daily net assets)
is as follows: Money Market--.04%; Prime Obligation--.04%;
Government--.04%; Government II--.05%; Treasury--.04%;
Treasury II--.04%; and Federal Securities--.00% (and the
Manager will reimburse operating expenses of this
Portfolio in the amount of .10%). Distribution expenses
not attributable to a specific portfolio of the Trust are
allocated among each of the portfolios of the Trust based
on average net assets.
The Class B and Class C Plans, in addition to providing
for the reimbursement payments described above, provide
for payments to the Distributor at an annual rate of .30%
and .50%, respectively, of each Portfolio's average daily
net assets attributable to Class B and Class C shares.
These additional payments characterized as "compensation"
and are not directly tied to expenses incurred by the
Distributor; the payments the Distributor receives during
any year may therefore be higher or lower than its actual
expenses. These additional payments may be used to
compensate Class B and Class C shareholders that provide
distribution related services to their customers.
It is possible that an institution may offer different
classes of shares to its customers and thus receive
compensation with respect to different classes. These
financial institutions may also charge separate fees to
their customers. Certain financial institutions offering
shares to their customers may be required to register as
dealers pursuant to state laws.
The Distributor may, from time to time in its sole
discretion, institute one or more promotional incentive
programs, which will be paid by the Distributor from the
sales charge it receives or from any other source
available to it. Under any such program, the Distributor
will provide promotional incentives, in the form of cash
or other compensation, including merchandise, airline
vouchers, trips and vacation packages, to all dealers
selling
23
<PAGE>
shares of the Portfolios. Such promotional incentives will
be offered uniformly to all dealers and predicated upon
the amount of shares of the Portfolios sold by the dealer.
PURCHASE AND
REDEMPTION OF
SHARES _________________________________________________________________________
Financial institutions may acquire shares of the
Portfolios for their own accounts or as a record owner on
behalf of fiduciary, agency or custody accounts by placing
orders with the Transfer Agent. Institutions that use
certain SEI proprietary systems may place orders
electronically through those systems. State securities
laws may require banks and financial institutions
purchasing shares for their customers to register as
dealers pursuant to state laws. Financial institutions may
impose an earlier cut-off time for receipt of purchase
orders directed through them to allow for processing and
transmittal of these orders to the Transfer Agent for
effectiveness the same day. Financial institutions that
purchase shares for the accounts of their customers may
impose separate charges on these customers for account
services. Shares of each Portfolio are offered only to
residents of states in which the shares are eligible for
purchase.
Shares of each Portfolio may be purchased or redeemed
on days on which the New York Stock Exchange is open for
business ("Business Days"). However, money market fund
shares can not be purchased by Federal Reserve wire on
Federal holidays restricting wire transfers.
Shareholders who desire to purchase shares with cash
must place their orders with the Transfer Agent prior to
the determination of net asset value for the order to be
accepted on that Business Day. Cash investments must be
transmitted or delivered in federal funds to the wire
agent by the close of business on the same day the order
is placed. The Trust reserves the right to reject a
purchase order when the Distributor determines that it is
not in the best interest of the Trust or shareholders to
accept such purchase order.
The Trust will send shareholders a statement of shares
owned after each transaction. The purchase price of shares
is the net asset value next determined after a purchase
order is received and accepted by the Trust, which is
expected to remain constant at $1.00. The net asset value
per share of a Portfolio is determined by dividing the
total value of its investments and other assets, less any
liabilities, by the total outstanding shares of the
Portfolio. A Portfolio's investments will be valued by the
amortized cost method described in the Statement of
Additional Information. Net asset value per share is
determined daily as of 2:00 p.m. Eastern time on each
Business Day, except that the net asset value per share of
the Money Market and Treasury Portfolios is determined as
of 4:30 p.m. Eastern time on each Business Day and the net
asset value per share of the Government Portfolio is
determined as of 3:00 p.m. Eastern time on each Business
Day. Financial institutions which purchase and redeem
shares for the accounts of their
24
<PAGE>
additional shares) and will not qualify for the corporate
dividends-received deduction. Distributions of net capital
gains are taxable to shareholders as long-term capital
gains. The Portfolios provide annual reports to
shareholders of the federal income tax status of all
distributions.
Dividends declared by a Portfolio in October, November
or December of any year and payable to shareholders of
record on a date in such a month, will be deemed to have
been paid by the Portfolio and received by the
shareholders on December 31 of the year declared if paid
by the Portfolio at any time during the following January.
Income received on direct U.S. Government obligations
is exempt from tax at the state level when received
directly and may be exempt, depending on the state, when
received by a shareholder from a Portfolio provided
certain conditions are satisfied. Interest received on
repurchase agreements collateralized by U.S. Government
obligations normally is not exempt from state taxation.
Each Portfolio will inform shareholders annually of the
percentage of income and distributions derived from direct
U.S. Government obligations. Shareholders should consult
their tax advisers to determine whether any portion of the
income dividends received from a Portfolio is considered
tax exempt in their particular states.
With respect to investments in STRIPS, which are sold
at original issue discount and thus do not make periodic
cash interest payments, each Portfolio will be required to
include as part of its current income the accreted
interest on any such obligations even though the Portfolio
has not received any interest payments on such obligations
during that period. Because the Portfolio distributes all
of its net investment income to its shareholders, the
Portfolio may have to sell portfolio securities to
distribute such imputed income, which may occur at a time
when the Adviser would not have chosen to sell such
securities, and which may result in a taxable gain or
loss.
Sale, exchange, or redemption of Portfolio shares is a
taxable transaction to the shareholder.
GENERAL INFORMATION ____________________________________________________________
The Trust The Trust was organized as a Massachusetts business trust
under a Declaration of Trust dated March 15, 1982. The
Declaration of Trust permits the Trust to offer separate
portfolios of shares and different classes of each
portfolio. In addition to the Portfolios, the Trust
consists of the following portfolios: Short-Term
Government Portfolio, Intermediate-Term Government
Portfolio, GNMA Portfolio, Short-Term Mortgage Portfolio
(formerly Adjustable Rate Mortgage Portfolio) Short
Duration Mortgage Portfolio, Corporate Daily Income
Portfolio and Government Securities Daily Income
Portfolio. All consideration received by the Trust for
shares of any portfolio and all assets of such portfolio
belong to that portfolio and would be subject to
liabilities related thereto.
The Trust pays its expenses, including fees of its
service providers, audit and legal expenses, expenses of
preparing prospectuses, proxy solicitation materials and
reports to
27
<PAGE>
SEI DAILY INCOME TRUST
MAY 31, 1995
- --------------------------------------------------------------------------------
CORPORATE DAILY INCOME PORTFOLIO
GOVERNMENT SECURITIES DAILY INCOME PORTFOLIO
SHORT-TERM MORTGAGE PORTFOLIO
SHORT DURATION MORTGAGE PORTFOLIO
SHORT-TERM GOVERNMENT PORTFOLIO
INTERMEDIATE-TERM GOVERNMENT PORTFOLIO
GNMA PORTFOLIO
- --------------------------------------------------------------------------------
Please read this Prospectus carefully before investing, and keep it on file for
future reference.
A Statement of Additional Information dated May 31, 1995 has been filed with
the Securities and Exchange Commission and is available without charge through
the Distributor, SEI Financial Services Company, 680 East Swedesford Road,
Wayne, PA 19087 or by calling 1-800-342-5734. The Statement of Additional
Information is incorporated into this Prospectus by reference.
SEI Daily Income Trust (the "Trust") is a mutual fund that offers financial
institutions a convenient means of investing their own funds or funds for which
they act in a fiduciary, agency or custodial capacity in professionally managed
diversified portfolios of securities. Some portfolios offer separate classes of
units of beneficial interest ("shares") that differ from each other primarily
in the allocation of certain distribution expenses and minimum investment
amounts. This Prospectus offers Class A, Class B and Class C shares of the
seven fixed income portfolios (the "Portfolios," and each of these, a
"Portfolio") listed above.
- --------------------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
THE TRUST'S SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY BANK. THE TRUST'S SHARES ARE NOT FEDERALLY INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY
OTHER GOVERNMENT AGENCY. INVESTMENT IN THE SHARES INVOLVES RISK, INCLUDING
POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE>
ANNUAL OPERATING EXPENSES (as a percentage of average net assets) CLASS A
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT
CORPORATE SECURITIES SHORT INTERMEDIATE-
DAILY DAILY SHORT-TERM DURATION SHORT-TERM TERM
INCOME INCOME MORTGAGE MORTGAGE GOVERNMENT GOVERNMENT GNMA
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- --------- ---------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Management/Advisory Fees
(after fee waiver) (1) .24% .25% .26% .10% .37% .37% .40%
12b-1 Fees (2) .06% .06% .04% .08% .05% .05% .05%
Other Expenses .05% .04% .15% .27% .03% .03% .04%
- ------------------------------------------------------------------------------------------------------
Total Operating Expenses
(after fee waiver) (3)
(4) (5) .35% .35% .45% .45% .45% .45% .49%
- ------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Manager has waived, on a voluntary basis, a portion of its fee, and the
management/advisory fees shown reflect this voluntary waiver. The Manager
reserves the right to terminate its waiver at any time in its sole
discretion. Absent such fee waiver, management/advisory fees would be .45%
for the Corporate Daily Income, Government Securities Daily Income, Short-
Term Mortgage, Short Duration Mortgage .44% for the Short-Term Government
and the Intermediate-Term Government Portfolios and .41 for the GNMA
Portfolio.
(2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for
reimbursement of expenses. The maximum 12b-1 fees payable by Class A shares
for each Portfolio are .30%.
(3) Total operating expenses for the Government Securities Portfolio and the
Short Duration Mortgage Portfolio, are based on estimated amounts for the
current fiscal year.
(4) Total operating expenses for the GNMA Portfolio have been restated to
reflect a reduction in the fee waivers.
(5) Absent the voluntary fee waiver and reimbursement described above, total
operating expenses for Class A shares of the Portfolios would be .56% for
the Corporate Daily Income Portfolio, .55% for the Government Securities
Daily Income Portfolio, .64% for the Short-Term Mortgage Portfolio, .80%
for the Short Duration Mortgage Portfolio, .52% for the Short-Term
Government Portfolio, .52% for the Intermediate-Term Government Portfolio
and .50 for the GNMA Portfolio.
EXAMPLE
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
1 YR. 3 YRS. 5 YRS. 10 YRS.
----- ------ ------ -------
<S> <C> <C> <C> <C>
An investor would pay the following expenses on a
$1,000 investment of each portfolio assuming (1) 5%
annual return and (2) redemption at the end of each
time period:
Corporate Daily Income Portfolio $4.00 $11.00 $20.00 $44.00
Government Securities Daily Income Portfolio $4.00 $11.00 $20.00 $44.00
Short-Term Mortgage Portfolio $5.00 $14.00 $25.00 $57.00
Short Duration Mortgage Portfolio $5.00 $14.00 $25.00 $57.00
Short-Term Government Portfolio $5.00 $14.00 $25.00 $57.00
Intermediate-Term Government Portfolio $5.00 $14.00 $25.00 $57.00
GNMA Portfolio $5.00 $16.00 $27.00 $62.00
- --------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that may be directly or indirectly borne by
investors in the Portfolios. A person who purchases shares through a financial
institution may be charged separate fees by that institution. The information
set forth in the foregoing table and example relates only to Class A shares.
The Corporate Daily income, Short-Term Government, Intermediate-Term Government
and GNMA Portfolios also offer Class D shares, which are subject to the same
expenses except that Class D shares bear sales loads and different distribution
costs. Additional information may be found under "The Manager and Shareholder
Servicing Agent," "The Adviser" and "Distribution." Long-term shareholders may
eventually pay more than the economic equivalent of the maximum front-end sales
charges otherwise permitted by the Rules of Fair Practice (the "Rules") of the
National Association of Securities Dealers, Inc. ("NASD").
2
<PAGE>
ANNUAL OPERATING EXPENSES (as a percentage of average net assets) CLASS B
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT
CORPORATE SECURITIES SHORT INTERMEDIATE-
DAILY DAILY SHORT-TERM DURATION SHORT-TERM TERM
INCOME INCOME MORTGAGE MORTGAGE GOVERNMENT GOVERNMENT GNMA
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- --------- ---------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Management/Advisory Fees
(after fee waiver) (1) .24% .25% .26% .10% .37% .37% .40%
12b-1 Fees (2) .36% .36% .34% .38% .35% .35% .35%
Other Expenses .05% .04% .15% .27% .03% .03% .04%
- ------------------------------------------------------------------------------------------------------
Total Operating Expenses
(after fee waiver ) (3)
(4) (5) .65% .65% .75% .75% .75% .75% .79%
- ------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Manager has waived, on a voluntary basis, a portion of its fee, and the
management/advisory fees shown reflect this voluntary waiver. The Manager
reserves the right to terminate its waiver at any time in its sole
discretion. Absent such fee waiver, management/advisory fees would be .45%
for the Corporate Daily Income, Government Securities Daily Income, Short-
Term Mortgage, Short Duration Mortgage, .44% for the Short-Term Government
and the Intermediate-Term Government Portfolios; and .41% for the GNMA
Portfolio.
(2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for
reimbursement of expenses. The maximum 12b-1 fees payable by Class B shares
for each Portfolio are .60%.
(3) Total operating expenses for the Government Securities Portfolio and the
Short Duration Mortgage Portfolio are based on estimated amounts for the
current fiscal year.
(4) Total operating expenses for the GNMA Portfolio have been restated to
reflect a reduction in the fee waivers.
(5) Absent the voluntary fee waiver and reimbursement described above, total
operating expenses for Class B shares of the Portfolios would be .86% for
the Corporate Daily Income Portfolio, .85% for the Government Securities
Daily Income Portfolio, .94% for the Short-Term Mortgage Portfolio, 1.10%
for the Short Duration Mortgage Portfolio, .82% for the Short-Term
Government Portfolio and .82% for the Intermediate-Term Government
Portfolio and .80% for the GNMA Portfolio.
EXAMPLE
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
1 YR. 3 YRS. 5 YRS. 10 YRS.
----- ------ ------ -------
<S> <C> <C> <C> <C>
An investor would pay the following expenses on a
$1,000 investment of each portfolio assuming (1) 5%
annual return and (2) redemption at the end of each
time period:
Corporate Daily Income Portfolio $7.00 $21.00 $36.00 $81.00
Government Securities Daily Income Portfolio $7.00 $21.00 $36.00 $81.00
Short-Term Mortgage Portfolio $8.00 $24.00 $42.00 $93.00
Short Duration Mortgage Portfolio $8.00 $24.00 $42.00 $93.00
Short-Term Government Portfolio $8.00 $24.00 $42.00 $93.00
Intermediate-Term Government Portfolio $8.00 $24.00 $42.00 $93.00
GNMA Portfolio $8.00 $25.00 $44.00 $98.00
- --------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that may be directly or indirectly borne by
investors in the Portfolios. A person who purchases shares through a financial
institution may be charged separate fees by that institution. The information
set forth in the foregoing table and example relates only to Class B shares.
The Corporate Daily Income, Short-Term Government, Intermediate-Term Government
and GNMA Portfolios also offer Class D shares, which are subject to the same
expenses except that Class D shares bear sales loads and different distribution
costs. Additional information may be found under "The Manager and Shareholder
Servicing Agent," "The Adviser" and "Distribution." Long-term shareholders may
eventually pay more than the economic equivalent of the maximum front-end sales
charges otherwise permitted by the NASD Rules.
3
<PAGE>
ANNUAL OPERATING EXPENSES (as a percentage of average net assets) CLASS C
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT
CORPORATE SECURITIES SHORT INTERMEDIATE-
DAILY DAILY SHORT-TERM DURATION SHORT-TERM TERM
INCOME INCOME MORTGAGE MORTGAGE GOVERNMENT GOVERNMENT GNMA
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ---------- --------- ---------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Management/Advisory Fees
(after fee waiver) (1) .24% .25% .26% .10% .37% .37% .40%
12b-1 Fees (2) .56% .56% .54% .58% .55% .55% .55%
Other Expenses .05% .04% .15% .27% .03% .03% .04%
- ------------------------------------------------------------------------------------------------------
Total Operating Expenses
(after the waiver)
(3)(4)(5) .85% .85% .95% .95% .95% .95% .99%
- ------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Manager has waived, on a voluntary basis, a portion of its fee, and the
management/advisory fees shown reflect this voluntary waiver. The Manager
reserves the right to terminate its waiver at any time in its sole
discretion. Absent such fee waiver, management/advisory fees would be .45%
for the Corporate Daily Income, Government Securities Daily Income, Short-
Term Mortgage and Short Duration Mortgage Portfolios, .44% for the Short-
Term Government and the Intermediate-Term Government Portfolios and .41%
for the GNMA Portfolio.
(2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for
reimbursement of expenses. The maximum 12b-1 fees payable by Class C shares
for each Portfolio are .80%.
(3) Total operating expenses for the Government Securities Daily Income
Portfolio and the Short Duration Mortgage Portfolio are based on estimated
amounts for the current fiscal year.
(4) Total operating expenses for the GNMA Portfolio have been restated to
reflect a reduction in the fee waivers.
(5) Absent the voluntary fee waiver and reimbursement described above, total
operating expenses for Class C shares of the Portfolios would be 1.06% for
the Corporate Daily Income Portfolio, 1.05% for the Government Securities
Daily Income Portfolio, 1.14% for the Short-Term Mortgage Portfolio, 1.30%
for the Short Duration Mortgage Portfolio, 1.02% for the Short-Term
Government Portfolio, 1.02% for the Intermediate-Term Government Portfolio
and 1.00% for the GNMA Portfolio.
EXAMPLE
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
1 YR. 3 YRS. 5 YRS. 10 YRS.
------ ------ ------ -------
<S> <C> <C> <C> <C>
An investor would pay the following expenses on a
$1,000 investment of each portfolio assuming (1)
5% annual return and (2) redemption at the end of
each time period:
Corporate Daily Income Portfolio $ 9.00 $27.00 $47.00 $105.00
Government Securities Daily Income Portfolio $ 9.00 $27.00 $47.00 $105.00
Short-Term Mortgage Portfolio $10.00 $30.00 $53.00 $117.00
Short Duration Mortgage Portfolio $10.00 $30.00 $53.00 $117.00
Short-Term Government Portfolio $10.00 $30.00 $53.00 $117.00
Intermediate-Term Government Portfolio $10.00 $30.00 $53.00 $117.00
GNMA Portfolio $10.00 $32.00 $55.00 $121.00
- -------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that may be directly or indirectly borne by
investors in the Portfolios. A person who purchases shares through a financial
institution may be charged separate fees by that institution. The information
set forth in the foregoing table and example relates only to Class C shares.
The Corporate Daily Income, Short-Term Government, Intermediate-Term Government
and GNMA Portfolios also offer Class D shares, which are subject to the same
expenses except that Class D shares bear sales loads and different distribution
costs. Additional information may be found under "The Manager and Shareholder
Servicing Agent," "The Adviser" and "Distribution." Long-term shareholders may
eventually pay more than the economic equivalent of the maximum front-end sales
charges otherwise permitted by the NASD Rules.
4
<PAGE>
THE TRUST ______________________________________________________________________
SEI DAILY INCOME TRUST (the "Trust") is a diversified open-end management
investment company that offers units of beneficial interest ("shares") in
separate investment portfolios. This Prospectus offers Class A, Class B and
Class C shares of the Trust's Corporate Daily Income, Government Securities
Daily Income, Short-Term Mortgage (formerly Adjustable Rate Mortgage), Short
Duration Mortgage, Short-Term Government, Intermediate-Term Government and GNMA
Portfolios (the "Portfolios," and each of these seven, a "Portfolio"). Each
Portfolio may have separate classes of shares which provide for variations in
distribution and transfer agent costs, sales charges, voting rights and
dividends. Shares in the Corporate Daily Income, Short-Term Government,
Intermediate-Term Government and GNMA Portfolios may also be purchased through
those Portfolios' Class D shares. Additional information pertaining to the
Trust's other portfolios may be obtained by writing to SEI Financial Services
Company, 680 East Swedesford Road, Wayne, PA 19087 or by calling
1-800-342-5734.
INVESTMENT OBJECTIVES AND POLICIES _____________________________________________
THE CORPORATE The Corporate Daily Income Portfolio seeks to provide
DAILY INCOME higher current income than that typically offered by a
PORTFOLIO money market fund while maintaining a high degree of
liquidity and a correspondingly higher risk of principal
volatility. Under normal conditions the Portfolio invests
exclusively in high quality obligations of U.S. domiciled
issuers (not including foreign branches of U.S. banks or
U.S. branches of foreign banks) consisting of: (i)
commercial paper rated in one of the two highest rating
category by a nationally recognized statistical rating
organization ("NRSRO") or, if unrated, of comparable
quality at the time of investment as determined by the
Adviser; (ii) obligations (certificates of deposit, time
deposits, bankers' acceptances and bank notes) of U.S.
commercial banks or savings and loan institutions having
net assets of at least $500 million as of the end of their
most recent fiscal year; (iii) U.S. Treasury obligations
and obligations issued or guaranteed as to principal and
interest by agencies or instrumentalities of the U.S.
Government; (iv) corporate obligations (notes, bonds and
debentures) rated in one of the four highest rating
categories by a NRSRO or, if unrated, of comparable
quality at the time of investment as determined by the
Adviser; (v) mortgage-backed securities, asset-backed
securities rated in one of the four highest rating
categories by a NRSRO or, if unrated, of comparable
quality at the time of investment as determined by the
Adviser; and (vi) repurchase agreements involving the
foregoing securities. However, the Adviser intends to
limit the Portfolio's purchases of non-mortgage asset-
backed securities to securities that are readily
marketable at the time of purchase. Securities rated in
the lowest category of investment grade may have
speculative characteristics. In the event a security owned
by the Portfolio is downgraded below these rating
categories, the Adviser will review and take appropriate
action with regard to such security. The Portfolio's
dollar-weighted average maturity will range from 6 to 18
months. Maximum remaining maturity on any single issue
will be 5 years, with the exception of floating rate
securities that reset at least annually.
13
<PAGE>
WMC is entitled to a fee with respect to each
Portfolio, which fee is calculated daily and paid monthly,
at an annual rate of .10% of the average daily net assets
of each group of Portfolios up to $500 million, .075% of
such average daily net assets from $500 million to $1
billion and .05% of such average daily net assets in
excess of $1 billion. For the purpose of calculating such
fees, the Portfolios are aggregated into the following
groups: (i) Corporate Daily Income and Government
Securities Daily Income Portfolios, (ii) Short-Term
Government, Intermediate-Term Government and GNMA
Portfolios and (iii) Short-Term Mortgage and Short
Duration Mortgage Portfolios. The fees are based upon each
group's aggregate average daily net assets, and are
allocated daily among each Portfolio within a group on the
basis of each Portfolio's relative net assets. For the
fiscal year ended January 31, 1995, the Portfolios paid
WMC advisory fees (shown here as a percentage of average
daily net assets, after voluntary fee waivers) as follows:
Corporate Daily Income Portfolio--.08%; Short-Term
Government Portfolio--.08%; Intermediate-Term Government
Portfolio--.08%; and GNMA Portfolio--.08%. In addition,
for the fiscal year ended January 31, 1995, the Short-Term
Mortgage Portfolio paid an advisory fee of .10% of average
daily net assets. Of this advisory fee, .04% of the
Portfolio's total average daily net assets was paid to
Bear Stearns & Co. Inc. and .06% was paid to WMC. The
Government Daily Income Securities and Short Duration
Mortgage Portfolios have not commenced operations as of
January 31, 1995.
DISTRIBUTION ___________________________________________________________________
SEI Financial Services Company (the "Distributor"), a
wholly owned subsidiary of SEI, serves as each Portfolio's
distributor pursuant to a distribution agreement (the
"Distribution Agreement") with the Trust. Each class of
each Portfolio has a separate distribution plan (the
"Class A Plan", "Class B Plan", "Class C Plan" and "Class
D Plan"; collectively, the "Plans") pursuant to Rule 12b-1
under the Investment Company Act of 1940, as amended (the
"1940 Act"). The Trust may also execute brokerage or other
agency transactions through the Distributor for which the
Distributor may receive usual and customary compensation.
The Trust intends to operate the Plans in accordance with
their terms and with the Rules of Fair Practice (the
"Rules") of the (National Association & Securities
Dealers, Inc. ("NASD") concerning sales charges.
The Distribution Agreement and Plan for each class
provide for reimbursement of expenses incurred by the
Distributor in an amount not to exceed .30% of a
Portfolio's average daily net assets on an annualized
basis, provided those expenses are permissible as to both
type and amount under a budget, and the Class B and Class
C Plans provide for additional payments for distribution
and shareholder services, as described below. The budget
must be approved and monitored quarterly by the Trustees,
including those Trustees who are not interested persons
and have no financial interest in the Plan or any related
agreement ("Qualified Trustees").
19
<PAGE>
Distribution related expenses reimbursable to the
Distributor under the budget include those related to the
costs of advertising and sales materials, the costs of
federal and state securities laws registration,
advertising expenses and promotional and sales expenses
including expenses for travel, communication and
compensation and benefits for sales personnel. The Trust
is not obligated to reimburse the Distributor for any
expenditures in excess of the approved budget. Currently,
the budget for each Portfolio (shown here as a percentage
of average daily net assets) is as follows: Corporate
Daily Income--.15%; Government Securities Daily Income--
.06%; Short-Term Mortgage--.13%; Short Duration Mortgage--
.08%; Short-Term Government--.05%; Intermediate-Term
Government--.06%; and GNMA--.06%. For any given Portfolio,
the budget does not vary from class to class. Distribution
expenses not attributable to a specific portfolio of the
Trust are allocated among each of the portfolios of the
Trust based on average net assets.
The Class B and Class C Plans, in addition to
providing for the reimbursement payments described above,
provide for payments to the Distributor at an annual rate
of .30% and .50%, respectively, of each Portfolio's
average daily net assets attributable to Class B and Class
C shares. The Class D Plan also provides for additional
payments to the Distributor of up to .30% of each
Portfolio's average daily net assets attributable to Class
D shares. These additional payments are characterized as
"compensation" and are not directly tied to expenses
incurred by the Distributor; the payments the Distributor
receives during any year may therefore be higher or lower
than its actual expenses. These additional payments may be
used to compensate Class B and Class C shareholders that
provide distribution related services to their customers.
It is possible that an institution may offer different
classes of shares to its customers and thus receive
compensation with respect to different classes. These
financial institutions may also charge separate fees to
their customers. Certain financial institutions offering
shares to their customers may be required to register as
dealers pursuant to state laws.
The Distributor may, from time to time in its sole
discretion, institute one or more promotional incentive
programs, which will be paid by the Distributor from the
sales charge it receives or from any other source
available to it. Under any such program, the Distributor
will provide promotional incentives, in the form of cash
or other compensation, including merchandise, airline
vouchers, trips and vacation packages, to all dealers
selling shares of the Portfolios. Such promotional
incentives will be offered uniformly to all dealers and
predicated upon the amount of shares of the Portfolios
sold by the dealer.
20
<PAGE>
shares) and will not qualify for the corporate dividends-
received deduction. Distributions of net capital gains are
taxable to shareholders as long-term capital gains. The
Portfolios provide annual reports to shareholders of the
federal income tax status of all distributions.
Each Portfolio intends to make sufficient
distributions to avoid liability for the federal excise
tax.
Dividends declared by a Portfolio in October, November
or December of any year and payable to shareholders of
record on a date in such a month will be deemed to have
been paid by the Portfolio and received by the
shareholders on December 31 of the year declared if paid
by the Portfolio at any time during the following January.
Income received on direct U.S. Government obligations
is exempt from tax at the state level when received
directly and may be exempt, depending on the state, when
received by a shareholder from a Portfolio provided
certain conditions are satisfied. Each Portfolio will
inform shareholders annually of the percentage of income
and distributions derived from direct U.S. Government
obligations. Shareholders should consult their tax
advisers to determine whether any portion of the income
dividends received from a Portfolio is considered tax
exempt in their particular states.
With respect to investments such as STRIPS, which are
sold at original issue discount and thus do not make
periodic cash interest payments, each Portfolio will be
required to include as part of its current income the
accreted interest on such obligations even though such
Portfolio has not received any interest payments on such
obligations during that period. Because each Portfolio
distributes all of its net investment income to its
shareholders, a Portfolio may have to sell portfolio
securities to distribute such imputed income, which may
occur at a time when the Adviser would not have chosen to
sell such securities and, which may result in a taxable
gain or loss.
Sale, exchange, or redemption of Portfolio shares is a
taxable transaction to the shareholder.
GENERAL INFORMATION ____________________________________________________________
The Trust The Trust was organized as a Massachusetts business trust
under a Declaration of Trust dated March 15, 1982. The
Declaration of Trust permits the Trust to offer separate
portfolios of shares and different classes of each
portfolio. In addition to the Portfolios, the Trust
consists of the following portfolios: Money Market
Portfolio, Prime Obligation Portfolio, Government
Portfolio, Government II Portfolio, Treasury Portfolio,
Treasury II Portfolio and Federal Securities Portfolio.
All consideration received by the Trust for shares of any
portfolio and all assets of such portfolio belong to that
portfolio and would be subject to liabilities related
thereto.
The Trust pays its expenses, including fees of its
service providers, audit and legal expenses, expenses of
preparing prospectuses, proxy solicitation materials and
reports to shareholders, costs of custodial services and
registering the shares under state and federal
24
<PAGE>
PROSPECTUS
MAY 31, 1995
- --------------------------------------------------------------------------------
CORPORATE DAILY INCOME PORTFOLIO
SHORT-TERM GOVERNMENT PORTFOLIO
INTERMEDIATE-TERM GOVERNMENT PORTFOLIO
GNMA PORTFOLIO
- --------------------------------------------------------------------------------
Please read this Prospectus carefully before investing, and keep it on file for
future reference. It contains information that can help you decide if a
Portfolio's investment goals match your own.
A Statement of Additional Information dated May 31, 1995 has been filed with
the Securities and Exchange Commission and is available without charge through
the Distributor, SEI Financial Services Company, 680 East Swedesford Road,
Wayne, PA 19087 or by calling 1-800-437-6016. The Statement of Additional
Information is incorporated into this Prospectus by reference.
SEI Daily Income Trust (the "Trust") is a mutual fund that offers a convenient
means of investing in one or more professionally managed diversified portfolios
of securities. Class D shares differ from other classes of the Trust primarily
in the imposition of sales charges and the allocation of certain distribution
expenses and transfer agent fees. Class D shares are available through SEI
Financial Services Company (the Trust's distributor) and through participating
broker-dealers, financial institutions and other organizations. This Prospectus
offers Class D shares of the four fixed income portfolios (the "Portfolios,"
and each of these, a "Portfolio") listed above.
- --------------------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
THE TRUST'S SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY BANK. THE TRUST'S SHARES ARE NOT FEDERALLY INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY
OTHER GOVERNMENT AGENCY. INVESTMENT IN THE SHARES INVOLVES RISK, INCLUDING
POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE>
PORTFOLIO EXPENSES _____________________________________________________________
The purpose of the following table is to help you understand the various costs
and expenses that you, as a shareholder, will bear directly or indirectly in
connection with an investment in the Class D shares of a Portfolio.
SHAREHOLDER TRANSACTION EXPENSES (as a percentage of offering price)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CORPORATE SHORT-TERM INTERMEDIATE-TERM
DAILY INCOME GOVERNMENT GOVERNMENT GNMA
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ---------- ----------------- ---------
<S> <C> <C> <C> <C>
Maximum Sales Charge Im-
posed on Purchases 3.50% 3.50% 3.50% 4.50%
Maximum Sales Charge Im-
posed on Reinvested Divi-
dends none none none none
Redemption Fees (1) none none none none
ANNUAL OPERATING EXPENSES (as a percentage of average net assets)
- -------------------------------------------------------------------------------
Management/Advisory Fees
(after fee waiver) (2) .24% .37% .37% .40%
12b-1 Fees (4) .31% .30% .30% .30%
Other Expenses .20% .18% .18% .19%
- -------------------------------------------------------------------------------
Total Operating Expenses
(after fee waiver) (3) (5) .75% .85% .85% .89%
- -------------------------------------------------------------------------------
</TABLE>
(1) A charge, currently $10.00, is imposed on wires of redemption proceeds of a
Portfolio's Class D shares.
(2) The Manager has waived, on a voluntary basis, a portion of its fee, and the
management/advisory fees shown reflect this voluntary waiver. The Manager
reserves the right to terminate its waiver at any time in its sole
discretion. Absent such waiver, the management/advisory fees would be .45%
for the Corporate Daily Portfolio; .44% for the Short-Term Government and
Intermediate-Term Government Portfolios and .41% for the GNMA Portfolio.
(3) Total operating expenses for the GNMA Portfolio have been restated to
reflect a reduction in the fee waivers.
(4) The 12b-1 fees shown reflect both the current 12b-1 budget for
reimbursement of expenses and the Distributor's voluntary waiver of a
portion of its compensatory fee. The Distributor reserves the right to
terminate its waiver at any time in its sole discretion. The maximum 12b-1
fees payable by the Class D shares for each Portfolio are .60%.
(5) Absent the voluntary fee waivers described above, total operating expenses
for Class D shares of the Corporate Daily Income Portfolio would be .96%,
.92% for the Short-Term Government and Intermediate-Term Government
Portfolios and .90% for the GNMA Portfolio.
EXAMPLE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
1 YR. 3 YRS. 5 YRS. 10 YRS.
------ ------ ------ -------
<S> <C> <C> <C> <C>
An investor in the Portfolio would pay the
following expenses on a $1,000 investment
assuming (1) imposition of the maximum sales
load, (2) 5% annual return and (3) redemption at
the end of each time period:
Corporate Daily Income Portfolio $42.00 $58.00 $75.00 $125.00
Short-Term Government Portfolio $43.00 $61.00 $80.00 $136.00
Intermediate-Term Government Portfolio $43.00 $61.00 $80.00 $136.00
GNMA Portfolio $54.00 $72.00 $92.00 $150.00
- ------------------------------------------------------------------------------
</TABLE>
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
The purpose of the expense table and example is to assist the investor in
understanding the various costs and expenses that may be directly or indirectly
borne by investors in Class D shares of each Portfolio. A person who purchases
shares through a financial institution may be charged separate fees by that
institution. The information set forth in the foregoing table and example
relates only to the Class D shares. Each Portfolio also offers Class A, Class B
and Class C shares, which are subject to the same expenses, except that there
are no sales charges, different distribution costs and no transfer agent costs.
Additional information may be found under "The Manager and Shareholder
Servicing Agent," "Distribution" and "The Adviser."
The rules of the Securities and Exchange Commission require that the maximum
sales charge be reflected in the above table. However, certain investors may
qualify for reduced sales charges. See "Purchase of Shares."
Long-term shareholders may pay more than the economic equivalent of the maximum
front-end sales charges otherwise permitted by the Rules of Fair Practice (the
"Rules") of the National Association of Securities Dealers, Inc. ("NASD").
4
<PAGE>
The Adviser is entitled to a fee, which is calculated
daily and paid monthly, at an annual rate of .10% of the
combined average daily net assets of the Portfolios up to
$500 million, .075% of such assets from $500 million to $1
billion and .05% of such net assets in excess of $1
billion. Such fees are allocated daily among the
Portfolios on the basis of their relative net assets. For
the fiscal year ended January 31, 1995, the Portfolios
each paid WMC advisory fees of .08%.
DISTRIBUTION ___________________________________________________________________
SEI Financial Services Company (the "Distributor"), a
wholly-owned subsidiary of SEI, serves as each Portfolio's
distributor pursuant to a distribution agreement (the
"Distribution Agreement") with the Trust. Each class of
each Portfolio has a separate distribution plan (the
"Class A Plan", "Class B Plan", "Class C Plan" and "Class
D Plan"; collectively, the "Plans") pursuant to Rule 12b-1
under the Investment Company Act of 1940, as amended (the
"1940 Act"). The Trust may also execute brokerage or other
agency transactions through the Distributor for which the
Distributor may receive usual and customary compensation.
The Trust intends to operate the Plans in accordance with
their terms and with the Rules of Fair Practice (the
"Rules") of the National Association of Securities
Dealers, Inc. ("NASD") concerning sales charges.
The Distribution Agreement and the Plan for each class
provide for reimbursement of expenses incurred by the
Distributor in an amount not to exceed .30% of each
Portfolio's average daily net assets on an annualized
basis, provided those expenses are permissible as to both
type and amount under a budget approved and monitored
quarterly by the Trustees, including those Trustees who
are not interested persons and have no financial interest
in the Plans or any related agreement ("Qualified
Trustees").
Distribution related expenses reimbursable to the
Distributor under the budget include those related to the
costs of advertising and sales materials, the costs of
federal and state securities laws registration,
advertising expenses and promotional and sales expenses
including expenses for travel, communication and
compensation and benefits for sales personnel. The Trust
is not obligated to reimburse the Distributor for any
expenditures in excess of the approved budget. Currently,
the budget for each Portfolio is set at an annual rate of
.06% of its average daily net assets. Distribution
expenses not attributable to a specific portfolio are
allocated among each of the portfolios of the Trust based
on average net assets.
The Class D Plan, in addition to providing for the
reimbursement payments described above, provides for
payments to the Distributor at an annual rate of .30% of
each Portfolio's average daily net assets attributable to
Class D shares. These additional payments are
characterized as "compensation," and are not directly tied
to expenses incurred by the Distributor; the payments the
Distributor receives during any year may therefore be
higher or lower than its actual expenses. These additional
payments may be used to compensate the Distributor for its
services in connection with distribution
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assistance or provision of shareholder services, and some
or all of it may be used to pay financial institutions and
intermediaries such as banks, savings and loan
associations, insurance companies, and investment
counselors, broker-dealers and the Distributor's
affiliates and subsidiaries for services or reimbursement
of expenses incurred in connection with distribution
assistance or provision of shareholder services. If the
Distributor's expenses are less than its fees under the
Class D Plan, the Trust will still pay the full fee and
the Distributor will realize a profit, but the Trust will
not be obligated to pay in excess of the full fee, even if
the Distributor's actual expenses are higher. Currently,
the Distributor is taking this additional "compensation"
payment under the Class D Plan at a rate of only .25% of
each Portfolio's average daily net assets, on an
annualized basis, attributable to Class D shares.
The Class B and Class C Plans are similar to the Class
D Plan described above, except that for each Portfolio,
the Class B and Class C Plans provide for additional
payments to the Distributor of .30% and .50%,
respectively, and they apply only to Class B or Class C
shares. It is possible that a financial institution may
offer different classes of shares to its customers and
thus receive different compensation with respect to
different classes. These financial institutions may also
charge separate fees to their customers. Certain financial
institutions offering shares to their customers may be
required to register as dealers pursuant to state laws.
The Distributor may, from time to time in its sole
discretion, institute one or more promotional incentive
programs, which will be paid by the Distributor from the
sales charge it receives or from any other source
available to it. Under any such program, the Distributor
will provide promotional incentives, in the form of cash
or other compensation, including merchandise, airline
vouchers, trips and vacation packages, to all dealers
selling shares of the Portfolios. Such promotional
incentives will be offered uniformly to all dealers and
predicated upon the amount of shares of the Portfolios
sold by the dealer.
PERFORMANCE ____________________________________________________________________
For any Portfolio, the performance of the Class D shares
will normally be lower than that on Class A or Class B
shares of the Portfolio because of the sales charge (when
applicable) and additional distribution and transfer agent
expenses charged to Class D shares. The performance of the
Class D shares will normally be higher than on Class C
shares of each Portfolio because of the additional
distribution expenses charged to Class C shares.
From time to time, each Portfolio may advertise its
yield and total return. These figures are based on
historical earnings and are not intended to indicate
future performance. No representation can be made
concerning actual future yields or returns. The yield of a
Portfolio refers to the income generated by a hypothetical
investment, net of any sales charge imposed in the case of
some of the Class D shares, in that Portfolio over a
thirty day period. This income is then "annualized," (i.e.
the income generated by
15
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investment could be exhausted entirely. To participate in
the SWP, you must have your dividends automatically
reinvested. You may change or cancel the SWP at any time,
upon written notice to the Transfer Agent.
How to Close your An account may be closed by providing written notice to
Account the Transfer Agent. You may also close your account by
telephone if you have previously elected telephone options
on your Account Application.
GENERAL INFORMATION ____________________________________________________________
The Trust SEI Daily Income Trust (the "Trust") was organized as a
Massachusetts business trust under a Declaration of Trust
dated March 15, 1982. The Declaration of Trust permits the
Trust to offer separate portfolios of shares and different
classes of each portfolio. Shareholders may purchase
shares in Portfolios through four separate classes: Class
A, Class B, Class C and Class D, which provide for
variation in distribution and transfer agent costs, voting
rights, dividends, and the imposition of a sales charge on
Class D shares. This Prospectus offers the Class D shares
of the Trust's Corporate Daily Income Portfolio, Short-
Term Government Portfolio, Intermediate-Term Portfolio and
GNMA Portfolio (the "Portfolios"). In addition to the
Portfolios, the Trust consists of the following
portfolios: Money Market Portfolio, Prime Obligation
Portfolio, Government Portfolio, Government II Portfolio,
Treasury Portfolio, Treasury II Portfolio, Federal
Securities Portfolio, Short-Term Mortgage Portfolio, Short
Duration Mortgage Portfolio and Government Securities
Daily Income Portfolio. Additional information pertaining
to the Trust may be obtained by writing to SEI Financial
Management Corporation, 680 East Swedesford Road, Wayne,
Pennsylvania 19087 or by calling 1-800-437-6016. All
consideration received by the Trust for shares of any
Portfolio and all assets of such Portfolio belong to that
Portfolio and would be subject to liabilities related
thereto.
The Trust pays its expenses, including fees of its
service providers, audit and legal expenses, expenses of
preparing prospectuses, proxy solicitation materials and
reports to shareholders, costs of custodial services and
registering the shares under federal and state securities
laws, pricing, insurance expenses, including litigation
and other extraordinary expenses, brokerage costs,
interest charges, taxes and organization expenses.
Trustees of the The management and affairs of the Trust are supervised by
Trust the Trustees under the laws of The Commonwealth of
Massachusetts. The Trustees have approved contracts under
which, as described above, certain companies provide
essential management services to the Trust.
Voting Rights Each share held entitles the shareholder of record to one
vote. The shareholders of each Portfolio or class will
vote separately on matters relating solely to that
Portfolio or class. As a Massachusetts business trust, the
Trust is not required to hold annual meetings of
shareholders but approval will be sought for certain
changes in the operation of the Trust and for the election
of Trustees under certain circumstances. In addition, a
Trustee may be removed by the remaining Trustees or by
shareholders at a special meeting called upon
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