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SEI INSTITUTIONAL MANAGED TRUST
SMALL CAP GROWTH FUND
SUPPLEMENT DATED DECEMBER 15, 1999 TO THE
CLASS A AND CLASS D PROSPECTUSES DATED JANUARY 31, 1999
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE CLASS A AND CLASS D PROSPECTUSES, AND SHOULD BE READ IN CONJUNCTION WITH
SUCH PROSPECTUSES.
The Board of Trustees of SEI Institutional Managed Trust (the "Trust"),
including all of the Trustees who are not "interested persons" of the Trust,
have appointed Mazama Capital Management, LLC ("Mazama"), as an additional
Sub-Adviser to the Trust's Small Cap Growth Fund (the "Fund"). Mazama was
approved as a Sub-Adviser at the Quarterly Meeting of the Board of Trustees held
on December 13-14, 1999, and its appointment does not require Shareholder
approval. This procedure for adding or replacing Sub-Advisers was approved by
the Trust's Shareholders on November 13, 1995, and was authorized by an
exemptive order issued to the Trust by the Securities and Exchange Commission on
April 29, 1996.
In evaluating Mazama, the Trustees received written and oral information from
both SEI Investments Management Corporation ("SIMC") and Mazama. SIMC
recommended the selection of Mazama and reviewed the considerations and search
process that led to its recommendation. The Trustees also met with
representatives of Mazama and considered information about portfolio managers,
investment philosophy, strategies and process, as well as other factors. In
appointing Mazama, the Trustees carefully evaluated: (1) the nature and quality
of the services expected to be rendered to the Fund by Mazama; (2) the distinct
investment objective and policies of the Fund; (3) the history, reputation,
qualification and background of Mazama's personnel and its financial condition;
(4) its performance track record; and (5) other factors deemed relevant. The
Trustees also reviewed the fees to be paid to Mazama, including any benefits to
be received by Mazama or its affiliates in connection with soft dollar
arrangements.
Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and Mazama relating to the Fund, Mazama makes investment
decisions for the assets of the Fund allocated to it by SIMC, and continuously
reviews, supervises and administers the Fund's investment program with respect
to these assets. Mazama is independent of SIMC and discharges its
responsibilities subject to the supervision of SIMC and the Trustees of the
Trust, and in a manner consistent with the Fund's investment objective, policies
and limitations. The Sub-Advisory Agreement is substantially similar to those in
existence between the Adviser and the Trust's other Sub-Advisers. Specifically,
the duties to be performed under such agreement and the standard of care and
termination provisions of the Agreement are similar to the other agreements. The
Sub-Advisory Agreement will remain in effect until December 2001 (unless earlier
terminated), and will have to be approved annually thereafter by a majority of
the Trustees, including a majority of the Trustees who are not "interested
persons" of the Trust (as defined in the Investment Company Act of 1940).
In connection with the appointment of Mazama as Sub-Adviser to the Fund, the
"Sub-Advisers" Section on page 22 of the Class A Prospectus and page 4 of the
Class D Prospectus is amended by inserting the following disclosure relating to
Mazama under the heading "Small Cap Growth Fund":
MAZAMA CAPITAL MANAGEMENT, LLC:
Mazama Capital Management, LLC ("Mazama"), acts as a Sub-Adviser for a
portion of the assets of the Small Cap Growth Fund. Mazama is a limited
liability company that is registered as an investment adviser. Mazama currently
has approximately $121 million in assets under management. The principal
business address of Mazama is One Southwest Columbia, Suite 1860, Portland,
Oregon 97258.
Ronald A. Sauer, a founder, President and Senior Portfolio Manager of Mazama,
and Stephen C. Brink, CFA, Vice President, Director of Research and Portfolio
Manager at Mazama, serve as Portfolio Manager of the portion of the Fund's
assets managed by Mazama. Prior to founding Mazama in October 1997, Mr. Sauer
was President and Director of Research at Black & Company Asset Management. Mr.
Sauer has over 19 years of investment experience. Prior to joining Mazama in
1997, Mr. Brink was Chief Investment Officer at US Trust's Pacific Northwest
office. Mr. Brink has over 22 years of investment experience.
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Listed below are the names and principal occupations of the principal executive
officer and each of the members of Mazama. The principal business address of the
principal executive officer and each of the members, as it relates to their
position at Mazama, is One Southwest Columbia, Suite 1860, Portland, Oregon
97258.
<TABLE>
<S> <C>
NAME TITLE
Ronald A. Sauer President and Senior Portfolio Manager
Helen Degener Chief Investment Officer
Stephen C. Brink, CFA Vice President, Director of Research, and
Portfolio Manager
Gretchen Schroeder Assistant Vice President and Analyst
Claudette deBruin Assistant Vice President, Trader and
Research Associate
Jill Collins Vice President, Marketing & Client Service
Brian Alfrey Vice President, Administration, Operations
& Compliance
</TABLE>
The Adviser will pay Mazama a fee based on a percentage of the average monthly
market value of the assets of the Fund assigned to Mazama.
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At the same Meeting, the Trustees determined to terminate Furman Selz Capital
Management, LLC ("Furman Selz"), one of the Small Cap Growth Fund's current
Sub-Advisers. In determining to terminate Furman Selz, the Trustees reviewed
information provided by SIMC relating to Furman Selz's ability to successfully
execute their investment process, depth and quality of fundamental research, and
investment performance.
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The Prospectuses are hereby amended to reflect these changes.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
