SEI INSTITUTIONAL MANAGED TRUST, 497, 2000-09-22

SEI INSTITUTIONAL MANAGED TRUST
497, 2000-09-22

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<PAGE>
SEI INSTITUTIONAL MANAGED TRUST

TAX-MANAGED LARGE CAP FUND
SMALL CAP VALUE FUND
SMALL CAP GROWTH FUND

SUPPLEMENT DATED SEPTEMBER 22, 2000
TO THE PROSPECTUS DATED JANUARY 31, 2000

The Board of Trustees of SEI Institutional Managed Trust (the "Trust"),
including all of the Trustees who are not "interested persons" (as defined in
the Investment Company Act of 1940) of the Trust, have appointed Equinox Capital
Management, LLC ("Equinox"), as an additonal Sub-Adviser to the Trust's
Tax-Managed Large Cap Value Fund (the "Fund"). Equinox was approved as a
Sub-Adviser at the Quarterly Meeting of the Board of Trustees held on September
18-19, 2000 and its appointment does not require shareholder approval. This
procedure for adding or replacing Sub-Advisers was approved by the Trust's sole
initial shareholder 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 Equinox, the Trustees received written and oral information from
both SEI Investments Management Corporation ("SIMC") and Equinox. SIMC
recommended the selection of Equinox and reviewed the considerations and the
search process that led to its recommendation. The Trustees also met with
representatives of Equinox and considered information about portfolio managers,
investment philosophy, strategies and process, as well as other factors. In
appointing Equinox, the Trustees carefully evaluated: (1) the nature and quality
of the services expected to be rendered to the Fund by Equinox; (2) the distinct
investment objective and policies of the Fund; (3) the history, reputation,
qualification and background of Equinox's personnel and its financial condition;
(4) its performance record; and (5) other factors deemed relevant. The Trustees
also reviewed the fees to be paid to Equinox, including any benefits to be
received by Equinox or its affiliates in connection with soft dollar
arrangements.

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and Equinox relating to the Fund, Equinox 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. Equinox 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, standard of care and termination provisions of the
Agreement are similar, to the other Agreements. The Sub-Advisory Agreement will
remain in effect until September 2002 (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 Equinox as Sub-Adviser to the Fund, the
"Sub-Advisers" Section on page 21 of the Prospectus is amended by inserting the
following disclosure relating to Equinox:

EQUINOX CAPITAL MANAGEMENT, LLC: A committee of invesmtent professionals at
Equinox Capital Management, LLC manages a portion of the assets of the
Tax-Managed Large Cap Fund.

Equinox was founded in 1989 and is wholly-owned by its employees. As of
June 30, 2000, Equinox had over $10 billion in assets under management.

Listed below are the names and principal occupations of the principal executive
offices of Equinox. The principal business address of the principal executive
officer and each of the directors, as it relates to their position at Equinox,
is 590 Madison Avenue, 41st Floor, New York, NY 10022.

The Adviser will pay Equinox a fee based on a percentage of the average monthly
market value of the assets of the Fund assigned to Equinox.
--------------------------

At the same meeting, the Trustees appointed Chartwell Investment Partners
("Chartwell") as an additional Sub-Adviser to the Trust's Small Cap Fund (the
"Fund"). Chartwell's appointment does not require shareholder approval.
<PAGE>
In evaluating Chartwell, the Trustees received written and oral information from
both SEI Investments Management Corporation ("SIMC") and Chartwell. SIMC
recommended the selection of Chartwell and reviewed the considerations and the
search process that led to its recommendation. The Trustees also met with
representatives of Chartwell and considered information about portfolio
managers, investment philosophy, strategies and process, as well as other
factors. In appointing Chartwell, the Trustees carefully evaluated: (1) the
nature and quality of the services expected to be rendered to the Fund by
Chartwell; (2) the distinct investment objective and policies of the Fund;
(3) the history, reputation, qualification and background of Chartwell's
personnel and its financial condition; (4) its performance record; and
(5) other factors deemed relevant. The Trustees also reviewed the fees to be
paid to Chartwell, including any benefits to be received by Chartwell or its
affiliates in connection with soft dollar arrangements.

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and Chartwell relating to the Fund, Chartwell 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. Chartwell 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, standard of care and termination provisions of the
Agreement are similar, to the other Agreements. The Sub-Advisory Agreement will
remain in effect until September 2002 (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 Chartwell as Sub-Adviser to the Fund, the
"Sub-Advisers" Section on page 22 of the Prospectus is amended by inserting the
following disclosure relating to Chartwell:

CHARTWELL INVESTMENT PARTNERS: David C. Dalrymple, Managing Partner and Senior
Portfolio Manager, and Babak Zenouzi, Partner and Senior Portfolio Manager,
serve as portfolio managers for a portion of the assets of the Small Cap Value
Fund. Mr. Dalyrymple has been with Chartwell Investment Partners since 1997.
Prior to joining Chartwell, Mr. Dalyrymple was a portfolio manager with Delaware
Investment Advisers from 1991-1997. Mr. Zenouzi joined the firm in November 1999
after seven years with Delaware Investment Advisers, where he served as a
Portofio Manager. Mr. Dalyrymple and Mr. Zenouzi both have 14 years of
investment experience.

Chartwell is an employee-owned investment advisory firm founded on April 1,
1997. Chartwell is 75% owned by the partners of Chartwell and 24.5% owned by a
limited partnership, Maverick Partners L.P. As of June 30, 2000, Chartwell had
$4.5 billion in assets under management.

Listed below are the names and principal occupations of the principal executive
offices of Chartwell. The principal business address of the principal executive
officer and each of the directors, as it relates to their position at Chartwell,
is 1235 Westlakes Drive, Suite 330, Berwyn, PA 19312.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
NAME TITLE
<S> <C>
--------------------------------------------------------------------------------------------------
Edward N. Antoian, CPA, CFA Managing Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
Terry F. Bovarnick, CFA Managing Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
David C. Dalrymple, CFC Managing Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
G. Gregory Hagar Partner, Chief Financial Officer
--------------------------------------------------------------------------------------------------
Winthrop S. Jessup Managing Partner, President
--------------------------------------------------------------------------------------------------
Michael D. Jones, CFA Managing Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
Managing Partner, Director of Client Services
Michael J. McCloskey Marketing
--------------------------------------------------------------------------------------------------
Kevin A. Melich, CFA Managing Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
Michael J. Nalevanko Partner, Head Trader
--------------------------------------------------------------------------------------------------
Harold A. Ofstie Managing Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
Timothy J. Riddle Managing Partner, Chief Operating Officer
--------------------------------------------------------------------------------------------------
Bernard P. Schaffer Managing Partner
--------------------------------------------------------------------------------------------------
Leslie M. Varrelman Partner, Director of Fixed Income
--------------------------------------------------------------------------------------------------
Babak Zenouzi Partner, Senior Portfolio Manager
--------------------------------------------------------------------------------------------------
</TABLE>

The Adviser will pay Chartwell a fee based on a percentage of the average
monthly market value of the assets of the Fund assigned to Chartwell.
<PAGE>
--------------------------

At the same meeting, the Trustees appointed McKinley Capital Management Inc.
("McKinley Capital") as an additional Sub-Adviser to the Trust's Small Cap
Growth Fund (the "Fund"). McKinley Capital's appointment does not require
shareholder approval.

In evaluating McKinley Capital, the Trustees received written and oral
information from both SEI Investments Management Corporation ("SIMC") and
McKinley Capital. SIMC recommended the selection of McKinley Capital and
reviewed the considerations and the search process that led to its
recommendation. The Trustees also met with representatives of McKinley Capital
and considered information about portfolio managers, investment philosophy,
strategies and process, as well as other factors. In appointing McKinley
Capital, the Trustees carefully evaluated: (1) the nature and quality of the
services expected to be rendered to the Fund by McKinley Capital; (2) the
distinct investment objective and policies of the Fund; (3) the history,
reputation, qualification and background of McKinley Capital's personnel and its
financial condition; (4) its performance record; and (5) other factors deemed
relevant. The Trustees also reviewed the fees to be paid to McKinley Capital,
including any benefits to be received by McKinley Capital or its affiliates in
connection with soft dollar arrangements.

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and McKinley Capital relating to the Fund, McKinley Capital
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. McKinley Capital 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, standard of care and
termination provisions of the Agreement are similar, to the other Agreements.
The Sub-Advisory Agreement will remain in effect until September 2002 (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 McKinley Capital as Sub-Adviser to the
Fund, the "Sub-Advisers" Section on page 22 of the Prospectus is amended by
inserting the following disclosure relating to McKinley Capital:

MCKINLEY CAPITAL MANAGEMENT, INC.: Robert B. Gillam, Frederic H. Parke and
Sheldon Lien serve as portfolio managers to a portion of the assets of the Small
Cap Growth Fund. Mr. Gillam has been the Chief Investment Officer at McKinley
Capital Management, Inc. since the firm's inception in 1990, and has over 20
years of investment experience. Prior to joining McKinley Capital in 1997,
Mr. Parke was a Trader and Portfolio Manager at TransGlobal Investments from
1995 to 1997. Mr. Parke has 19 years of investment experience. Mr. Lien has been
with McKinley Capital since 1995.

McKinley Capital was founded in 1990 and is wholly-owned by its employees. As of
June 30, 2000, McKinley Capital had approximately $4.8 billion in assets under
management.

Listed below are the names and principal occupations of the principal executive
offices of McKinley Capital. The principal business address of the principal
executive offices, as it relates to their position at McKinley Capital, is 3301
C Street, Suite 500, Anchorage, AK 99503.

The Adviser will pay McKinley Capital a fee based on a percentage of the average
monthly market value of the assets of the Fund assigned to McKinley Capital.
--------------------------

The prospectus is hereby amended to reflect these changes.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE