<PAGE>
SEI DAILY INCOME TRUST
SUPPLEMENT DATED AUGUST 26, 1999, TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 31, 1999.
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH
THE STATEMENT OF ADDITIONAL INFORMATION.
------------------------
The following disclosure is should replace the first limitation under the
heading "Investment Limitations" on page S-17:
1. Purchase securities of any issuer (except securities issued or guaranteed by
the U.S. Government, its agencies or instrumentalities), if as a result,
more than 5% of the total assets of the Fund would be invested in the
securities of such issuer; provided, however, that any money market fund
except the Money Market and Prime Obligation Funds may invest up to 25% of
its total assets without regard to this restriction as permitted by Rule
2a-7 under the 1940 Act; and further provided that this limitation only
applies to 75% of the total assets of the Corporate Daily Income, Treasury
Securities Daily Income, Short-Duration Goverment, Intermediate-Duration
Government, GNMA, and Federal Securities Funds.
The Statement of Information is hereby amended to reflect this change.
------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
