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SEI INSTITUTIONAL MANAGED TRUST
BOND PORTFOLIO
SUPPLEMENT DATED APRIL 11, 1997,
TO THE CLASS A 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 March 17, 1997, the Board of Trustees of SEI Institutional
Managed Trust (the "Trust"), including all of the Trustees who are not
"interested persons" of the Trust, appointed Western Asset Management Company
("Western") as a sub-adviser to the Trust's Bond Portfolio (the "Portfolio"),
effective March 17, 1997. At the same Meeting, the Trustees determined to
reduce the percentage of the assets of the Portfolio allocated to Boatmen's
Trust Company ("Boatmen's"), the Portfolio's current sub-adviser, from 100% to
0%. At a meeting scheduled for June 1997, the Board of Trustees will meet and
consider whether to retain Boatmen's as a sub-adviser to the Portfolio.
Western's appointment as sub-adviser to the Portfolio does not require
shareholder approval. This procedure for adding sub-advisers was approved by
the Portfolio's Shareholders at a Special Meeting of Shareholders held on June
16, 1995, and was authorized by an exemptive order issued to the Trust by the
Securities and Exchange Commission on April 29, 1996.
Western already serves as sub-adviser to the Trust's Core Fixed Income
Portfolio. In evaluating Western as a sub-adviser for the Bond Portfolio, the
Trustees received information from SEI Financial Management Corporation ("SFM").
SFM recommended the selection of Western and reviewed the considerations that
led to the recommendation. The Trustees had met with representatives of Western
at the Trust's December, 1996 Meeting and considered information at that time
about portfolio managers, investment philosophy, strategies and process, as well
as performance track record, among other factors. In appointing Western, the
Trustees evaluated: (1) the nature and quality of the services expected to be
rendered to the Portfolio by Western; (2) the distinct investment objective and
policies of the Portfolio; (3) the history, reputation, qualification and
background of Western's personnel and its financial condition; (4) its
performance record; and (5) other factors deemed relevant. Trustees also
reviewed the fees to be paid to Western.
Under the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement")
between SFM (the "Adviser") and Western relating to the Portfolio, Western makes
investment decisions for the assets of the Portfolio allocated to it by SFM, and
continuously reviews, supervises and administers the Portfolio's investment
program with respect to these assets. Western is independent of SFM and
discharges its responsibilities subject to the supervision of SFM and the
Trustees of the Trust and in a manner consistent with the Portfolio's investment
objective, policies and limitations. The Sub-Advisory Agreement will remain in
effect with respect to the Portfolio until March 1999 (unless earlier
terminated) and will have to be approved annually thereafter by a majority of
the Trust's Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust (as defined in the Investment Company Act of
1940).
In connection with this change, the description of Western on page 13 of the
Prospectus is amended and the following language is inserted:
Western also serves as Sub-Adviser to a portion of the assets of the Bond
Portfolio. Kent S. Engel is primarily responsible for the day-to-day management
of the assets of the Bond Portfolio.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
SEI-A-102-01
