<PAGE>
SEI INSTITUTIONAL MANAGED TRUST
BOND PORTFOLIO
SUPPLEMENT DATED DECEMBER 10, 1997
TO THE PROSPECTUS DATED JANUARY 31, 1997
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
At a meeting held on December 1-2, 1997, the Board of Trustees of the SEI
Institutional Managed Trust (the "Trust") voted to close the Bond Portfolio (the
"Portfolio"). Effective on December 31, 1997, the Portfolio will be terminated
and the shareholder accounts will be liquidated. In addition, all of the
contracts of the Trust, on behalf of the Portfolio, will be terminated, and the
officers of the Trust will take all appropriate actions to conclude the
dissolution and termination of the Portfolio.
Please call 1-800-734-1003 if you have any questions about your account or about
the termination of the Portfolio.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE