<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 28, 2000
FILE NO. 33-9504
FILE NO. 811-4878
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 35 /X/
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 37 /X/
------------------------
SEI INSTITUTIONAL MANAGED TRUST
(Exact Name of Registrant as Specified in Charter)
C/O CT CORPORATION
101 Federal Street
Boston, Massachusetts 02110
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (800) 342-5734
EDWARD D. LOUGHLIN
c/o SEI Investments Company
Oaks, Pennsylvania 19456
(Name and Address of Agent for Service)
COPIES TO:
<TABLE>
<S> <C>
Richard W. Grant, Esq. John H. Grady, Jr., Esq.
Morgan Lewis & Bockius LLP Morgan Lewis & Bockius LLP
1701 Market Street 1701 Market Street
Philadelphia, Pennsylvania 19103 Philadelphia, Pennsylvania 19103
</TABLE>
------------------------
Title of Securities Being Registered . . . . . Units of Beneficial Interest
It is proposed that this filing become effective (check appropriate box)
<TABLE>
<C> <S>
/ / immediately upon filing pursuant to paragraph (b)
/ / on [date] pursuant to paragraph (b)
/X/ 60 days after filing pursuant to paragraph (a)(1)
/ / on [date] pursuant to paragraph (a)(1)
/ / 75 days after filing pursuant to paragraph (a)(2)
/ / on [date] pursuant to paragraph (a)(1)
</TABLE>
If appropriate check the following box:
<TABLE>
<C> <S>
This post-effective Amendment designates a new effective
/ / date for a previously filed post-effective Amendment.
</TABLE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
SEI INSTITUTIONAL MANAGED TRUST
PROSPECTUS
JANUARY 31, 2001
LARGE CAP VALUE FUND
LARGE CAP GROWTH FUND
TAX-MANAGED LARGE CAP FUND
SMALL CAP VALUE FUND
SMALL CAP GROWTH FUND
TAX-MANAGED SMALL CAP FUND
MID-CAP FUND
CAPITAL APPRECIATION FUND
EQUITY INCOME FUND
BALANCED FUND
INVESTMENT ADVISER
SEI INVESTMENTS MANAGEMENT CORPORATION
INVESTMENT SUB-ADVISERS
ALLIANCE CAPITAL MANAGEMENT L.P.
ARTISAN PARTNERS LIMITED PARTNERSHIP
BOSTON PARTNERS ASSET MANAGEMENT, L.P.
CHARTWELL INVESTMENT PARTNERS
DAVID J. GREENE & CO., LLC
EQUINOX CAPITAL MANAGEMENT, LLC
HIGHMARK CAPITAL MANAGEMENT, INC.
LOOMIS, SAYLES AND COMPANY, L.P.
LSV ASSET MANAGEMENT, L.P.
MARTINGALE ASSET MANAGEMENT, L.P.
MAZAMA CAPITAL MANAGEMENT, INC.
MCKINLEY CAPITAL MANAGEMENT, INC.
MELLON EQUITY ASSOCIATES, LLP
NICHOLAS-APPLEGATE CAPITAL MANAGEMENT
PROVIDENT INVESTMENT COUNSEL, INC.
<PAGE>
RS INVESTMENT MANAGEMENT, L.P.
SANFORD C. BERNSTEIN & CO., LLC
SAWGRASS ASSET MANAGEMENT, LLC
SECURITY CAPITAL GLOBAL CAPITAL MANAGEMENT GROUP
INCORPORATED TCW INVESTMENT MANAGEMENT COMPANY
WALL STREET ASSOCIATES
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
Page 2 of 48
<PAGE>
ABOUT THIS PROSPECTUS
The SEI Institutional Managed Trust is a mutual fund that offers a number of
separate investment portfolios (Funds). The Funds have individual investment
goals and strategies and are designed primarily for institutional investors and
financial institutions and their clients. This prospectus gives you important
information about Class A Shares of the Funds that you should know before
investing. Please read this prospectus and keep it for future reference.
THIS PROSPECTUS HAS BEEN ARRANGED INTO DIFFERENT SECTIONS SO THAT YOU CAN EASILY
REVIEW THIS IMPORTANT INFORMATION. ON THE NEXT PAGE, THERE IS SOME GENERAL
INFORMATION YOU SHOULD KNOW ABOUT RISK AND RETURN THAT IS COMMON TO EACH OF THE
FUNDS. FOR MORE DETAILED INFORMATION ABOUT THE FUNDS, PLEASE SEE:
PAGE
LARGE CAP VALUE FUND...............................................XXX
LARGE CAP GROWTH FUND..............................................XXX
TAX-MANAGED LARGE CAP FUND.........................................XXX
SMALL CAP VALUE FUND...............................................XXX
SMALL CAP GROWTH FUND..............................................XXX
TAX-MANAGED SMALL CAP FUND.........................................XXX
MID-CAP FUND.......................................................XXX
CAPITAL APPRECIATION FUND..........................................XXX
EQUITY INCOME FUND.................................................XXX
BALANCED FUND......................................................XXX
MORE INFORMATION ABOUT FUND INVESTMENTS............................XXX
INVESTMENT ADVISER AND SUB-ADVISERS................................XXX
PURCHASING, SELLING AND EXCHANGING FUND SHARES.....................XXX
DIVIDENDS AND DISTRIBUTIONS........................................XXX
TAXES..............................................................XXX
FINANCIAL HIGHLIGHTS...............................................XXX
HOW TO OBTAIN MORE INFORMATION ABOUT
SEI INSTITUTIONAL MANAGED TRUST.................................Back Cover
Page 3 of 48
<PAGE>
ASSET ALLOCATION
Each Fund has its own distinct risk and reward characteristics, investment
objectives, policies, and strategies. In addition to managing the Funds, SEI
Investments Management Corporation (SIMC) constructs and maintains asset
allocation strategies for certain clients, and the Funds are designed in part to
implement those strategies. The degree to which an investor's portfolio is
invested in the particular market segments and/or asset classes represented by
these Funds varies, as does the investment risk/return potential represented by
each Fund. Some Funds may have extremely volatile returns. Because of the
historical lack of correlation among various asset classes, an investment in a
portfolio of Funds representing a range of asset classes as part of an asset
allocation strategy may reduce the strategy's overall level of volatility. As a
result, an asset allocation strategy may reduce risk.
In managing the Funds, SIMC focuses on four key principles: asset allocation,
portfolio structure, the use of specialist managers, and continuous portfolio
management. Asset allocation across appropriate asset classes (represented by
some of the Funds) is the central theme of SIMC's investment philosophy. SIMC
seeks to reduce risk further by creating a portfolio that focuses on a specific
asset class. SIMC then oversees a network of specialist managers who invest the
assets of these Funds in distinct segments of the market or class represented by
each Fund. These specialist managers adhere to distinct investment disciplines,
with the goal of providing greater consistency and predictability of results, as
well as broader diversification across and within asset classes. Finally, SIMC
regularly rebalances to ensure that the appropriate mix of assets is constantly
in place, and constantly monitors and evaluates specialist managers for these
Funds to ensure that they do not deviate from their stated investment philosophy
or process.
Page 4 of 48
<PAGE>
RISK/RETURN INFORMATION COMMON TO THE FUNDS
Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using
professional investment managers, invests it in securities.
Each Fund has its own investment goal and strategies for reaching that goal.
Each Fund's assets are managed under the direction of SIMC and one or more
Sub-Advisers who manage the Funds' assets in a way that they believe will help
the Funds achieve their goal. SIMC acts as "manager of managers" for the Funds,
and attempts to ensure that the Sub-Advisers comply with the Funds' investment
policies and guidelines. SIMC also recommends the appointment of additional or
replacement Sub-Advisers to the Funds' Board. Still, investing in the Funds
involves risks, and there is no guarantee that a Fund will achieve its goal.
SIMC and the Sub-Advisers make judgments about the securities markets, the
economy, and companies, but these judgments may not anticipate actual market
movements or the impact of economic conditions on company performance. In fact,
no matter how good a job SIMC and the Sub-Advisers do, you could lose money on
your investment in a Fund, just as you could with other investments. A Fund
share is not a bank deposit, and it is not insured or guaranteed by the FDIC or
any government agency.
The value of your investment in a Fund is based on the market prices of the
securities the Fund holds. These prices change daily due to economic and other
events that affect securities markets generally, as well as those that affect
particular companies and other issuers. These price movements, sometimes called
volatility, may be greater or lesser depending on the types of securities a Fund
owns and the markets in which they trade. The estimated level of volatility for
each Fund is set forth in the Fund Summaries that follow. The effect on a Fund
of a change in the value of a single security will depend on how widely the Fund
diversifies its holdings.
Page 5 of 48
<PAGE>
LARGE CAP VALUE FUND
FUND SUMMARY
INVESTMENT GOAL Long-term growth of capital and income
SHARE PRICE VOLATILITY Medium to high
PRINCIPAL INVESTMENT STRATEGY Utilizing multiple specialist
sub-advisers that manage in a value
style, the Fund invests in large cap
income-producing U.S. common stocks
INVESTMENT STRATEGY
The Large Cap Value Fund invests primarily in common stocks of U.S. companies
with market capitalizations of more than $1 billion. The Fund uses a
multi-manager approach, relying on a number of Sub-Advisers with differing
investment philosophies to manage portions of the Fund's portfolio under the
general supervision of SIMC. Each Sub-Adviser, in managing its portion of the
Fund's assets, selects stocks it believes are undervalued in light of such
fundamental characteristics as earnings, book value or return on equity. The
Fund's portfolio is diversified as to issuers and industries.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that large capitalization value stocks may
underperform other segments of the equity market or the equity markets as a
whole.
Page 6 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for six years.*
1995 37.75%
1996 20.45%
1997 36.74%
1998 11.35%
1999 4.93%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR. THE FUND
COMMENCED OPERATIONS ON APRIL 20, 1987.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell 1000 Value Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS (10/31/94)
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
LARGE CAP VALUE FUND X.XX% X.XX% X.XX%*
FRANK RUSSELL 1000 VALUE INDEX** X.XX% X.XX% X.XX%
</TABLE>
* Prior to October 31, 1994, the Fund was advised by a different investment
adviser and performance for that period is not shown.
** An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell 1000
Value Index is a widely-recognized, capitalization-weighted (companies with
larger market capitalizations have more influence than those with smaller
market capitalization) index of the 1000 largest U.S. companies with lower
growth rates and price-to-book ratios.
Page 7 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
--------------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.35%
Distribution (12b-1) Fees None
Other Expenses X.XX%
-----
Total Annual Fund Operating Expenses X.XX%
</TABLE>
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
LARGE CAP VALUE FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 8 of 48
<PAGE>
LARGE CAP GROWTH FUND
FUND SUMMARY
INVESTMENT GOAL Capital appreciation
SHARE PRICE VOLATILITY Medium to high
PRINCIPAL INVESTMENT STRATEGY Utilizing multiple specialist
sub-advisers that manage in a growth
style, the Fund invests in large cap
U.S. common stocks
INVESTMENT STRATEGY
The Large Cap Growth Fund invests primarily in common stocks of U.S. companies
with market capitalizations of more than $1 billion. The Fund uses a
multi-manager approach, relying on a number of Sub-Advisers with differing
investment philosophies to manage portions of the Fund's portfolio under the
general supervision of SIMC. Each Sub-Adviser, in managing its portion of the
Fund's assets, selects stocks it believes have significant growth potential in
light of such characteristics as revenue and earnings growth and positive
earnings surprises. The Fund's portfolio is diversified as to issuers and
industries.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that large capitalization growth stocks may
underperform other segments of the equity market or the equity markets as a
whole.
Page 9 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for six years.*
1995 35.50%
1996 22.70%
1997 34.76%
1998 38.80%
1999 34.20%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell 1000 Growth Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS (12/20/94)
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
LARGE CAP GROWTH FUND X.XX% X.XX% X.XX%
FRANK RUSSELL 1000 GROWTH INDEX* X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell 1000
Growth Index is a widely-recognized, capitalization-weighted (companies
with larger market capitalizations have more influence than those with
smaller market capitalization) index of the 1000 largest U.S. companies
with higher growth rates and price-to-book ratios.
** The inception date for the Index is December 31, 1994.
Page 10 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.40%
Distribution (12b-1) Fees None
Other Expenses X.XX%
-----
Total Annual Fund Operating Expenses X.XX%*
</TABLE>
--------------------------------------------------------------------------------
* The Fund's total actual annual fund operating expenses for the most recent
fiscal year were less than the amount shown above because the Adviser is
voluntarily waiving a portion of the fees in order to keep total operating
expenses at a specified level. The Adviser may discontinue all or part of these
waivers at any time. With these fee waivers, the Fund's actual total operating
expenses are expected to be as follows:
Large Cap Growth Fund -- Class A Shares X.XX%
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
LARGE CAP GROWTH FUND - CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 11 of 48
<PAGE>
TAX-MANAGED LARGE CAP FUND
FUND SUMMARY
INVESTMENT GOAL High long-term after-tax returns
SHARE PRICE VOLATILITY Medium to high
PRINCIPAL INVESTMENT STRATEGY Utilizing multiple sub-advisers, the
Fund seeks long-term capital
appreciation while minimizing the
current tax impact on shareholders by
buying and holding large cap U.S.
common stocks with lower dividend
yields.
INVESTMENT STRATEGY
The Tax-Managed Large Cap Fund invests primarily in common stocks of U.S.
companies with market capitalizations of more than $1 billion. The Fund uses a
multi-manager approach, relying upon a number of Sub-Advisers to manage portions
of the Fund's portfolio under the general supervision of SIMC. Generally, the
Sub-Advisers attempt to minimize taxes by using a "buy and hold" strategy, but
they will also utilize such techniques as investing in companies that pay
relatively low dividends; selling stocks with the highest tax cost first; and
offsetting losses against gains where possible.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that large capitalization stocks may
underperform other segments of the equity market or the equity markets as a
whole.
The Fund is managed to minimize tax consequences to investors, but will likely
earn taxable income and gains from time to time.
Page 12 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows the performance of the Fund's Class A Shares for two
years.*
1999 18.48%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell 1000 Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR (3/4/98)
--------------------------------------------------------------------------
<S> <C> <C>
TAX-MANAGED LARGE CAP FUND X.XX% X.XX%
FRANK RUSSELL 1000 INDEX* X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell 1000
Index is a widely-recognized, capitalization-weighted (companies with
larger market capitalizations have more influence than those with smaller
market capitalizations) index of the 1,000 largest U.S. companies.
** The inception date for the Index is March 31, 1998.
Page 13 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
----------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.40%
Distribution (12b-1) Fees None
Other Expenses X.XX%
-----
Total Annual Fund Operating Expenses X.XX%*
</TABLE>
--------------------------------------------------------------------------------
* The Fund's total actual annual fund operating expenses for the most recent
fiscal year were less than the amount shown above because the Adviser waived a
portion of the fees in order to keep total operating expenses at a specified
level. The Adviser may discontinue all or part of these waivers at any time.
With these fee waivers, the Fund's actual total operating expenses are expected
to be as follows:
Tax-Managed Large Cap Fund -- Class A Shares X.XX%
For more information about these fees, see "Investment Adviser or Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
TAX-MANAGED LARGE CAP FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 14 of 48
<PAGE>
SMALL CAP VALUE FUND
FUND SUMMARY
INVESTMENT GOAL Capital appreciation
SHARE PRICE VOLATILITY High
PRINCIPAL INVESTMENT STRATEGY Utilizing multiple sub-advisers that
manage in a value style, the Fund
invests in common stocks of smaller
U.S. companies
INVESTMENT STRATEGY
The Small Cap Value Fund invests primarily in common stocks of U.S. companies
with market capitalizations of less than $2 billion. The Fund uses a
multi-manager approach, relying upon a number of Sub-Advisers to manage portions
of the Fund's portfolio under the general supervision of SIMC. Each Sub-Adviser,
in managing its portion of the Fund's assets, selects stocks it believes are
undervalued in light of such fundamental characteristics as earnings, book value
or return on equity. The Fund's portfolio is diversified as to issuers and
industries.
Due to its investment strategy, the Fund may buy and sell securities frequently.
This may result in higher transaction costs and additional capital gains tax
liabilities.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that small capitalization value stocks may
underperform other segments of the equity market or the equity markets as a
whole.
The smaller capitalization companies the Fund invests in may be more vulnerable
to adverse business or economic events than larger, more established companies.
In particular, these small companies may have limited product lines, markets and
financial resources, and may depend upon a relatively small management group.
Therefore, small cap stocks may be more volatile than those of larger companies.
These securities may be traded over the counter or listed on an exchange.
Page 15 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for six years.*
1995 18.21%
1996 22.13%
1997 35.11%
1998 -2.84%
1999 -6.99%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell 2000 Value Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS (12/20/94)
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SMALL CAP VALUE FUND X.XX% X.XX% X.XX%
FRANK RUSSELL 2000 VALUE INDEX* X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell 2000
Value Index is a widely-recognized, capitalization-weighted (companies with
larger market capitalizations have more influence than those with smaller
market capitalization) index of the 2000 largest U.S. companies with lower
growth rates and price-to-book ratios.
** The inception date for the Index is December 31, 1994.
Page 16 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
---------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.65%
Distribution (12b-1) Fees None
Other Expenses X.XX%
-----
Total Annual Fund Operating Expenses X.XX%
</TABLE>
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
SMALL CAP VALUE FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 17 of 48
<PAGE>
SMALL CAP GROWTH FUND
FUND SUMMARY
INVESTMENT GOAL Long-term capital appreciation
SHARE PRICE VOLATILITY High
PRINCIPAL INVESTMENT STRATEGY Utilizing multiple sub-advisers that
manage in a growth style, the Fund
invests in common stocks of smaller
U.S. companies
INVESTMENT STRATEGY
The Small Cap Growth Fund invests primarily in common stocks of U.S. companies
with market capitalizations of less than $2 billion. The Fund uses a
multi-manager approach, relying upon a number of Sub-Advisers to manage portions
of the Fund's portfolio under the general supervision of SIMC. Each Sub-Adviser,
in managing its portion of the Fund's assets, selects stocks it believes have
significant growth potential in light of such characteristics as revenue and
earnings growth and positive earnings surprises. The Fund is diversified as to
issuers and industries.
Due to its investment strategy, the Fund may buy and sell securities frequently.
This may result in higher transaction costs and additional capital gains tax
liabilities.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that small capitalization growth stocks may
underperform other segments of the equity market or the equity markets as a
whole.
The smaller capitalization companies the Fund invests in may be more vulnerable
to adverse business or economic events than larger, more established companies.
In particular, these small companies may have limited product lines, markets and
financial resources, and may depend upon a relatively small management group.
Therefore, small cap stocks may be more volatile than those of larger companies.
These securities may be traded over the counter or listed on an exchange.
Page 18 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for eight years.*
1993 13.32%
1994 1.74%
1995 39.93%
1996 19.14%
1997 8.38%
1998 5.59%
1999 75.22%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell 2000 Growth Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS (4/20/92)
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SMALL CAP GROWTH FUND X.XX% X.XX% X.XX%
FRANK RUSSELL 2000 GROWTH INDEX* X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell 2000
Growth Index is a widely recognized, capitalization-weighted (companies
with larger market capitalizations have more influence than those with
smaller market capitalizations) index of the 2000 smallest U.S. companies
out of the 3000 largest U.S. companies with higher growth rates and
price-to-book ratios.
** The inception date for the Index is April 30, 1992.
Page 19 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
-----------------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.65%
Distribution (12b-1) Fees None
Other Expenses X.XX%
-----
Total Annual Fund Operating Expenses X.XX%
</TABLE>
For more information about these fees, see "Investment Advisers and
Sub-Advisers" and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
SMALL CAP GROWTH FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 20 of 48
<PAGE>
TAX-MANAGED SMALL CAP FUND
FUND SUMMARY
INVESTMENT GOAL High long-term after-tax returns
SHARE PRICE VOLATILITY High
PRINCIPAL INVESTMENT STRATEGY Utilizing multiple sub-advisers, the
Fund seeks long-term capital
appreciation while minimizing the
current tax impact on shareholders by
buying and holding small cap U.S.
common stocks with lower dividend
yields
INVESTMENT STRATEGY
The Tax-Managed Small Cap Fund invests primarily in common stocks of U.S.
companies with market capitalizations of less than $4 billion. The Fund uses a
multi-manager approach, relying upon a number of Sub-Advisers to manage portions
of the Fund's portfolio under the general supervision of SIMC. Generally, the
Sub-Advisers attempt to minimize taxes by using a "buy and hold" strategy, but
they will also utilize such techniques as investing in companies that pay
relatively low dividends; selling stocks with the highest tax cost first; and
offsetting losses against gains where possible.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that small capitalization stocks may
underperform other segments of the equity market or the equity markets as a
whole.
The smaller capitalization companies the Fund invests in may be more vulnerable
to adverse business or economic events than larger, more established companies.
In particular, these small companies may have limited product lines, markets and
financial resources, and may depend upon a relatively small management group.
Therefore, small cap stocks may be more volatile than those of larger companies.
These securities may be traded over the counter or listed on an exchange.
The Fund is managed to minimize tax consequences to investors, but will likely
earn taxable income and gains from time to time.
Page 21 of 48
<PAGE>
PERFORMANCE INFORMATION
The Fund commenced operations on November 1, 2000, and does not yet have a full
calendar year of performance.
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
-------------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.65%
Distribution (12b-1) Fees None
Other Expenses X.XX%*
-----
Total Annual Fund Operating Expenses X.XX%**
</TABLE>
--------------------------------------------------------------------------------
* Other expenses are based on estimated amounts for the current fiscal year.
** The Fund's total actual annual fund operating expenses for the current
fiscal year are expected to be less than the amount shown above because
the Distributor is waiving a portion of the fees in order to keep total
operating expenses at a specified level. The Distributor may discontinue
all or part of these waivers at any time. With these fee waivers, the
Fund's actual total operating expenses are expected to be as follows:
Tax-Managed Small Cap Fund -- Class A Shares X.XX%
For more information about these fees, see "The Investment Adviser or
Sub-Advisers" and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
<S> <C> <C>
TAX-MANAGED SMALL CAP FUND -- CLASS A SHARES $XXX $XXX
</TABLE>
Page 22 of 48
<PAGE>
MID-CAP FUND
FUND SUMMARY
INVESTMENT GOAL Long-term capital appreciation
SHARE PRICE VOLATILITY High
PRINCIPAL INVESTMENT STRATEGY Utilizing a sub-adviser that manages
in a core style, the Fund invests in
mid-cap U.S. common stocks
INVESTMENT STRATEGY
The Mid-Cap Fund invests primarily in common stocks of U.S. companies with
market capitalizations of between $500 million and $5 billion. The Fund utilizes
a specialist Sub-Adviser to manage the Fund's portfolio under the general
supervision of SIMC. The Sub-Adviser, in managing the Fund's assets, selects
stocks of companies that have low price-earnings and price-book ratios, but that
also have high sustainable growth levels and the probability of high positive
earnings revisions. The Fund is diversified as to issuers and industries.
Due to its investment strategy, the Fund may buy and sell securities frequently.
This may result in higher transaction costs and additional capital gains tax
liabilities.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that mid-cap common stocks may underperform
other segments of the equity market or the equity markets as a whole.
The medium capitalization companies the Fund invests in may be more vulnerable
to adverse business or economic events than larger, more established companies.
Therefore, mid-cap stocks may be more volatile than those of larger companies.
Page 23 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for seven years.*
1994 -10.79%
1995 23.04%
1996 26.66%
1997 31.88%
1998 3.30%
1999 8.95%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell Mid-Cap Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS (2/16/93)
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MID-CAP FUND X.XX% X.XX% X.XX%
FRANK RUSSELL MID-CAP INDEX* X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell
Midcap Index is a widely-recognized, capitalization-weighted (companies
with larger market capitalizations have more influence than those with
smaller market capitalization) index of the 800 smallest U.S. companies
out of the 1000 largest U.S.
companies.
** The inception date for the Index is February 28, 1993.
Page 24 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
--------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees 0.40%
Distribution (12b-1) Fees None
Other Expenses X.XX%
----
Total Annual Fund Operating Expenses X.XX%
</TABLE>
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
MID-CAP FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 25 of 48
<PAGE>
CAPITAL APPRECIATION FUND
FUND SUMMARY
INVESTMENT GOAL Capital appreciation
SHARE PRICE VOLATILITY Medium to high
PRINCIPAL INVESTMENT STRATEGY Utilizing an experienced sub-adviser
that manages in a growth style, the
Fund invests in large cap U.S. common
stocks
INVESTMENT STRATEGY
The Capital Appreciation Fund invests primarily in U.S. common stocks with
market capitalizations of more than $1 billion. The Fund utilizes a specialist
Sub-Adviser to manage the Fund's portfolio under the general supervision of
SIMC. The Sub-Adviser, in managing the Fund's assets, selects stocks it believes
will have above-average sustainable growth rates. The Fund is diversified as to
issuers and industries.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that large capitalization growth stocks may
underperform other segments of the equity markets as a whole.
Page 26 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for ten years.*
1991 35.11%
1992 7.74%
1993 9.20%
1994 -7.53%
1995 30.78%
1996 20.93%
1997 31.69%
1998 28.72%
1999 10.13%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the S&P 500 Composite Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS 10 YEARS (3/1/88)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND X.XX% X.XX% X.XX% X.XX%
S&P 500 COMPOSITE INDEX* X.XX% X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The S&P 500 Composite
Index is a widely recognized, market value-weighted (higher market value
stocks have more influence than lower market value stocks) index of 500
stocks designed to mimic the overall equity market's industry weightings.
** The inception date for the Index is March 31, 1988.
Page 27 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
-------------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees [0.40]%
Distribution (12b-1) Fees None
Other Expenses [0.51]%
-------
Total Annual Fund Operating Expenses [0.91]%*
</TABLE>
--------------------------------------------------------------------------------
* The Fund's total actual annual fund operating expenses for the most recent
fiscal year were less than the amount shown above because the Adviser is
voluntarily waiving a portion of the fees in order to keep total operating
expenses at a specified level. The Adviser may discontinue all or part of these
waivers at any time. With these fee waivers, the Fund's actual total operating
expenses are expected to be as follows:
Capital Appreciation Fund -- Class A Shares X.XX%
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 28 of 48
<PAGE>
EQUITY INCOME FUND
FUND SUMMARY
INVESTMENT GOAL Current income and moderate capital
appreciation
SHARE PRICE VOLATILITY Medium
PRINCIPAL INVESTMENT STRATEGY Utilizing a sub-adviser experienced in
selecting stocks with above-average
dividend yields, the Fund invests in
dividend-paying U.S. common stocks
INVESTMENT STRATEGY
The Equity Income Fund invests primarily in common stocks of U.S. companies that
historically have paid dividends and that have a current dividend yield that is
higher than the stocks in the Standard & Poor's 500 Index. The Fund utilizes a
specialist Sub-Adviser to manage the Fund's portfolio under the general
supervision of SIMC. In managing the assets of the fund, the Sub-Adviser selects
stocks that meet its dividend and yield criteria. The Fund is diversified as to
issuers and industries.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that dividend-paying U.S. stocks may
underperform other segments of the equity market or the equity markets as a
whole.
Page 29 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for ten years.*
1991 30.63%
1992 10.02%
1993 13.16%
1994 -0.23%
1995 36.07%
1996 16.61%
1997 27.96%
1998 16.12%
1999 2.52%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the Frank Russell 1000 Value Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS 10 YEARS (6/2/88)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQUITY INCOME FUND X.XX% X.XX% X.XX% X.XX%
FRANK RUSSELL 1000 VALUE INDEX* X.XX% X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The Frank Russell 1000
Value Index is a widely-recognized, capitalization-weighted (companies with
larger market capitalizations have more influence than those with smaller
market capitalization) index of the 1000 largest U.S. companies with lower
growth rates and price-to-book ratios.
** The inception date for the Index is June 30, 1988.
Page 30 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
---------------------------------------------------------------------
<S> <C>
Investment Advisory Fees [0.40]%
Distribution (12b-1) Fees None
Other Expenses [0.51]%
-------
Total Annual Fund Operating Expenses [0.91]%*
</TABLE>
--------------------------------------------------------------------------------
* The Fund's total actual annual fund operating expenses for the most recent
fiscal year were less than the amount shown above because the Adviser is
voluntarily waiving a portion of the fees in order to keep total operating
expenses at a specified level. The Adviser may discontinue all or part of these
waivers at any time. With these fee waivers, the Fund's actual total operating
expenses are expected to be as follows:
Equity Income Fund -- Class A Shares X.XX%
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
EQUITY INCOME FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 31 of 48
<PAGE>
BALANCED FUND
FUND SUMMARY
INVESTMENT GOAL Total return with preservation of
capital
SHARE PRICE VOLATILITY Medium
PRINCIPAL INVESTMENT STRATEGY Utilizing an experienced sub-adviser,
the Fund balances its investment
between common stocks and fixed income
securities
INVESTMENT STRATEGY
The Balanced Fund invests primarily in a balanced portfolio of common stocks and
intermediate maturity investment grade fixed income securities, including
government and corporate securities. The Fund utilizes a specialist Sub-Adviser
to manage the Fund's portfolio under the general supervision of SIMC. The
Sub-Adviser, in managing the Fund's assets, seeks total return in all market
environments by purchasing a combination of common stocks with market
capitalizations of more than $1 billion and fixed income securities. The
Sub-Adviser selects stocks it believes will have above-average sustainable
growth rates and selects the Fund's fixed income securities which will have an
average maturity of approximately three to seven years.
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's securities may
fluctuate drastically from day to day. Individual companies may report poor
results or be negatively affected by industry and/or economic trends and
developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
The Fund is also subject to the risk that large capitalization growth stocks may
underperform other segments of the equity markets as a whole.
The prices of the Fund's fixed income securities respond to economic
developments, particularly interest rate changes, as well as to perceptions
about the creditworthiness of individual issuers, including governments.
Generally, the Fund's fixed income securities will decrease in value if interest
rates rise and vice versa, and the volatility of lower rated securities is even
greater than that of higher rated securities.
Page 32 of 48
<PAGE>
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Class A Shares
from year to year for ten years.*
1991 15.85%
1992 13.34%
1993 7.91%
1994 -6.59%
1995 24.34%
1996 13.49%
1997 20.98%
1998 19.52%
1999 5.15%
2000 X.XX%
BEST QUARTER WORST QUARTER
X.XX% X.XX%
(XX/XX/XX) (XX/XX/XX)
* THE PERFORMANCE INFORMATION SHOWN ABOVE IS BASED ON A CALENDAR YEAR.
This table compares the Fund's average annual total returns for the periods
ended December 31, 2000, to those of the S&P 500 Composite Index and the Lehman
Brothers Government/Corporate Bond Index.
<TABLE>
<CAPTION>
SINCE INCEPTION
CLASS A SHARES 1 YEAR 5 YEARS 10 YEARS (8/7/90)
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BALANCED FUND X.XX% X.XX% X.XX% X.XX%
S&P 500 COMPOSITE INDEX* X.XX% X.XX% X.XX% X.XX%**
LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX* X.XX% X.XX% X.XX% X.XX%**
</TABLE>
* An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest
directly in an index. Unlike a mutual fund, an index does not have an
investment adviser and does not pay any commissions or expenses. If an
index had expenses, its performance would be lower. The S&P 500 Composite
Index is a widely-recognized, market value-weighted (higher market value
stocks have more influence than lower market value stocks) index of 500
stocks designed to mimic the overall equity market's industry weightings.
The Lehman Brothers Government/Corporate Bond Index is a widely-recognized,
market value-weighted (higher market value bonds have more influence than
lower market value bonds) index of U.S. Treasury securities, U.S.
government agency obligations, corporate debt backed by the U.S.
government, fixed-rate nonconvertible corporate debt securities, Yankee
bonds, and nonconvertible debt securities issued by or guaranteed by
foreign governments and agencies. All securities in the Index are rated
investment grade (BBB) or higher, with maturities of at least 1 year.
** The inception date for each index is August 31, 1990.
Page 33 of 48
<PAGE>
FUND FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
FUND SHARES.
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
CLASS A SHARES
-------------------------------------------------------------------------------
<S> <C>
Investment Advisory Fees [0.40]%
Distribution (12b-1) Fees None
Other Expenses [0.40]%
-------
Total Annual Fund Operating Expenses [0.80]%*
</TABLE>
--------------------------------------------------------------------------------
* The Fund's total actual annual fund operating expenses for the most recent
fiscal year were less than the amount shown above because the Adviser is
voluntarily waiving a portion of the fees in order to keep total operating
expenses at a specified level. The Adviser may discontinue all or part of these
waivers at any time. With these fee waivers, the Fund's actual total operating
expenses are expected to be as follows
Balanced Fund -- Class A Shares X.XX%
For more information about these fees, see "Investment Adviser and Sub-Advisers"
and "Distribution of Fund Shares."
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and that you sell your
shares at the end of the period. The Example also assumes that each year your
investment has a 5% return, Fund operating expenses remain the same and you
reinvest all dividends and distributions. Although your actual costs and returns
might be different, your approximate costs of investing $10,000 in the Fund
would be:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
BALANCED FUND -- CLASS A SHARES $XXX $XXX $XXX $XXX
</TABLE>
Page 34 of 48
<PAGE>
MORE INFORMATION ABOUT FUND INVESTMENTS
This prospectus describes the Funds' primary strategies, and the Funds will
normally invest at least 65% of their assets in the types of securities
described in this prospectus. However, each Fund also may invest in other
securities, use other strategies and engage in other investment practices. These
investments and strategies, as well as those described in this prospectus, are
described in detail in the Fund's Statement of Additional Information (SAI).
The investments and strategies described in this prospectus are those that the
Sub-Advisers use under normal conditions. During unusual economic or market
conditions or for temporary defensive or liquidity purposes, each Fund may
invest up to 100% of its assets in investments that would not ordinarily be
consistent with the Funds' objectives. A Fund will do so only if the Adviser or
Sub-Advisers believe that the risk of loss outweighs the opportunity for capital
gains or higher income. Of course, there is no guarantee that any Fund will
achieve its investment goal.
INVESTMENT ADVISER AND SUB-ADVISERS
SEI INVESTMENTS MANAGEMENT CORPORATION (SIMC) ACTS AS THE MANAGER OF MANAGERS OF
THE FUNDS, AND IS RESPONSIBLE FOR THE INVESTMENT PERFORMANCE OF THE FUNDS SINCE
IT ALLOCATES EACH FUND'S ASSETS TO ONE OR MORE SUB-ADVISERS AND RECOMMENDS
HIRING OR CHANGING SUB-ADVISERS TO THE BOARD OF TRUSTEES.
Each Sub-Adviser makes investment decisions for the assets it manages and
continuously reviews, supervises and administers its investment program. SIMC
oversees the Sub-Advisers to ensure compliance with the Funds' investment
policies and guidelines, and monitors each Sub-Adviser's adherence to its
investment style. The Board of Trustees supervises SIMC and the Sub-Advisers;
establishes policies that they must follow in their management activities; and
oversees the hiring and termination of Sub-Advisers recommended by SIMC. SIMC
pays the Sub-Advisers out of the investment advisory fees it receives (described
below).
SIMC, an SEC-registered adviser, serves as the Adviser to the Funds. As of
October 31, 2000, SIMC had approximately $___ billion in assets under
management. For the fiscal year ended September 30, 2000, SIMC received
investment advisory fees, after fee waivers, as follows:
<TABLE>
<S> <C>
LARGE CAP VALUE FUND 0.35%
LARGE CAP GROWTH FUND 0.35%
TAX-MANAGED LARGE CAP FUND 0.35%
SMALL CAP VALUE FUND 0.65%
SMALL CAP GROWTH FUND 0.65%
TAX-MANAGED SMALL CAP FUND 0.65%
MID-CAP FUND 0.40%
CAPITAL APPRECIATION FUND 0.35%
EQUITY INCOME FUND 0.35%
BALANCED FUND 0.35%
</TABLE>
Page 35 of 48
<PAGE>
SUB-ADVISERS AND PORTFOLIO MANAGERS
LARGE CAP VALUE FUND:
LSV ASSET MANAGEMENT, L.P.: Josef Lakonishok, Andrei Shleifer, and Menno
Vermeulen of LSV Asset Management, L.P. ("LSV"), serve as portfolio managers of
a portion of the assets of the Large Cap Value Fund. They are officers and
partners of LSV. An affiliate of SIMC owns an interest in LSV. SIMC pays LSV a
fee, which is calculated and paid monthly, based on an annual rate of 0.20% of
the average monthly market value of the assets of the Fund managed by LSV.
MELLON EQUITY ASSOCIATES, LLP: Robert A. Wilk and Harry A. Grosse, CFA, of
Mellon Equity Associates, LLP ("Mellon Equity") serve as portfolio managers of a
portion of the assets of the Tax-Managed Large Cap Fund. Mr. Wilk is a Senior
Vice President and Portfolio Manager of Mellon Equity, and has been involved
with securities analysis, quantitative research, asset allocation, trading and
client services at Mellon Equity since 1990. Mr. Grosse has been employed with
Mellon Equity since 1990 and currently serves as Vice President and Portfolio
Manager of Mellon Equity.
SANFORD C. BERNSTEIN & CO., LLC.: Lewis A. Sanders and Marilyn Goldstein Fedak
of Sanford C. Bernstein & Co., LLC ("Bernstein"), serve a portfolio managers of
a portion of the assets of the Large Cap Value Fund. Mr. Sanders is the Chairman
and a Director of Bernstein since September 2000 and is a Vice Chairman, Chief
Investment Officer and a Director of Alliance Capital Management L.P. since
October 2000. Mr. Sanders previously served as Chairman of the Board of
Directors and Chief Executive Officer of Sanford C. Bernstein & Co., Inc. since
1993. Marilyn G. Fedak is an Executive Vice President and Chief Investment
Officer - U.S. Value Equities - Bernstein Unit of Alliance Capital Management
L.P. since October 2, 2000 and prior to that was Chief Investment Officer and
Chairman of the U.S. Equity Investment Policy Group at Sanford C. Bernstein &
Co., Inc. since 1993.
LARGE CAP GROWTH FUND:
ALLIANCE CAPITAL MANAGEMENT L.P.: A committee of investment professionals at
Alliance Capital Management L.P. manages a portion of the assets of the Large
Cap Growth Fund.
PROVIDENT INVESTMENT COUNSEL, INC.: A team of investment professionals at
Provident Investment Counsel, Inc., serve as portfolio managers of a portion of
the assets of the Large Cap Growth Fund. Each team member is a senior officer of
the firm and has significant experience managing Large Cap Growth investment
strategies.
TCW INVESTMENT MANAGEMENT COMPANY: Glen E. Bickerstaff of TCW Investment
Management Company ("TCW") serves as portfolio manager of a portion of the
assets of the Large Cap Growth Fund. Mr. Bickerstaff is a Managing Director of
TCW, and has over 19 years of investment experience dedicated to investing in
large cap growth securities. Mr. Bickerstaff joined TCW in May 1998, after 10
years at Transamerica Investment Services, where he served as Vice President and
Senior Portfolio Manager.
Page 36 of 48
<PAGE>
TAX-MANAGED LARGE CAP FUND:
EQUINOX CAPITAL MANAGEMENT, LLC: A committee of investment professionals at
Equinox Capital Management, LLC manages a portion of the assets of the
Tax-Managed Large Cap Fund.
MELLON EQUITY ASSOCIATES, LLP: Robert A. Wilk and Harry A. Grosse, CFA, of
Mellon Equity Associates, LLP ("Mellon Equity") serve as portfolio managers of a
portion of the assets of the Tax-Managed Large Cap Fund. Mr. Wilk is a Senior
Vice President and Portfolio Manager of Mellon Equity, and has been involved
with securities analysis, quantitative research, asset allocation, trading and
client services at Mellon Equity since 1990. Mr. Grosse has been employed with
Mellon Equity since 1990 and currently serves as Vice President and Portfolio
Manager of Mellon Equity.
PROVIDENT INVESTMENT COUNSEL, INC.: A team of investment professionals at
Provident Investment Counsel, Inc., serve as portfolio managers of a portion of
the assets of the Tax-Managed Large Cap Fund. Each team member is a senior
officer of the firm and has significant experience managing Tax-Managed Large
Cap Growth investment strategies.
SANFORD C. BERNSTEIN & CO., LLC: Lewis A. Sanders and Marilyn Goldstein Fedak of
Sanford C. Bernstein & Co., LLC ("Bernstein"), serve a portfolio managers of a
portion of the assets of the Tax-Managed Large Cap Fund. Mr. Sanders is the
Chairman and a Director of Bernstein since September 2000 and is a Vice
Chairman, Chief Investment Officer and a Director of Alliance Capital Management
L.P. since October 2000. Mr. Sanders previously served as Chairman of the Board
of Directors and Chief Executive Officer of Sanford C. Bernstein & Co., Inc.
since 1993. Marilyn G. Fedak is an Executive Vice President and Chief Investment
Officer - U.S. Value Equities - Bernstein Unit of Alliance Capital Management
L.P. since October 2, 2000 and prior to that was Chief Investment Officer and
Chairman of the U.S. Equity Investment Policy Group at Sanford C. Bernstein &
Co., Inc. since 1993.
ALLIANCE CAPITAL MANAGEMENT L.P.: A committee of investment professionals at
Alliance Capital Management L.P. manages a portion of the assets of the
Tax-Managed Large Cap Fund.
SMALL CAP VALUE FUND:
ARTISAN PARTNERS LIMITED PARTNERSHIP: Scott Satterwhite and Jim Kieffer of
Artisan Partners Limited Partnership ("Artisan") serve as portfolio managers of
a portion of the assets of the Small Cap Value Fund. Mr. Satterwhite and Mr.
Kieffer are managing directors of Artisan. They have been with Artisan since
1996. Prior to joining Artisan, Mr. Satterwhite was a portfolio manager at
Wachovia Bank, N.A., and Mr. Kieffer was a research analyst at the investment
firm McColl Partners.
BOSTON PARTNERS ASSET MANAGEMENT, L.P.: Wayne J. Archambo, CFA, of Boston
Partners Asset Management, L.P. ("BPAM"), serves as portfolio manager of a
portion of the assets of the Small Cap Value Fund. He has been employed by BPAM
since its organization, and has 17 years experience investing in equities. Prior
to joining BPAM, Mr. Archambo was employed at The Boston Company Asset
Management, Inc. ("TBCAM"), from 1989 through April 1995. He created TBCAM's
small cap value product in 1992.
Page 37 of 48
<PAGE>
CHARTWELL INVESTMENT PARTNERS: David C. Dalyrymple , 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
Portfolio Manager. Mr. Dalyrymple and Mr. Zenouzi both have 14 years of
investment experience.
LSV ASSET MANAGEMENT, L.P.: Josef Lakonishok, Andrei Shleifer, and Menno
Vermeulen of LSV Asset Management, L.P. ("LSV"), serve as portfolio managers of
a portion of the assets of the Small Cap Value Fund. They are officers and
partners of LSV. An affiliate of SIMC owns an interest in LSV. SIMC pays LSV a
fee, which is calculated and paid monthly, based on an annual rate of 0.50% of
the average monthly market value of the assets of the Fund managed by LSV.
MELLON EQUITY ASSOCIATES, LLP: Robert A. Wilk and Scott D. Pitz, CFA, of Mellon
Equity Associates, LLP ("Mellon Equity") serve as portfolio managers of a
portion of the assets of the Small Cap Value Fund. Mr. Wilk is a Senior Vice
President and Portfolio Manager of Mellon Equity, and has been involved with
securities analysis, quantitative research, asset allocation, trading and client
services at Mellon Equity since 1990. Mr. Pitz is a Vice President and Portfolio
Manager of Mellon Equity. Prior to joining Mellon Equity in 1998, he served as a
portfolio manager at Dewey Square Investors.
SECURITY CAPITAL GLOBAL CAPITAL MANAGEMENT GROUP INCORPORATED: Anthony R. Manno,
Jr., Kenneth D. Statz, and Kevin W. Bedell comprise the Portfolio Management
Committee of Security Capital Global Capital Management Group Incorporated
("Security Capital"). The Portfolio Management Committee is responsible for
determining the portfolio composition for the Fund's assets allocated to
Security Capital. The members of the Portfolio Management Committee have an
average of 19 years of investment experience.
SMALL CAP GROWTH FUND
MAZAMA CAPITAL MANAGEMENT, INC.: Ronald A. Sauer and Stephen C. Brink, CFA,
serve as portfolio managers of the portion of the Small Cap Growth Fund's assets
managed by Mazama Capital Management, Inc. ("Mazama"). Helen M. Degener
contributes ongoing strategic advice and research with respect to the Fund. Mr.
Sauer is a founder, President and Senior Portfolio Manager at Mazama, and has
over twenty years of investment experience. Prior to founding Mazama in October
1997, Mr. Sauer was President and Director of Research at Black & Co., Inc.,
where he had worked since 1983. Mr. Brink is a Vice President and Director of
Research at Mazama, and has over 23 years of investment experience. Prior to
joining Mazama in 1997, he was Chief Investment Officer at US Trust's Pacific
Northwest office, where he had been employed since 1984. Ms. Degener is Chief
Investment Officer at Mazama and has over 30 years of investment experience.
Prior to joining Mazama, she was Senior Vice President and a portfolio manager
at Fiduciary Trust Company International, where she had worked since 1994.
MCKINLEY CAPITAL MANAGEMENT, INC.: Robert B. Gillam and Frederic H. Parke of
McKinley Capital Management, Inc. ("McKinley Capital") 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. Mr. Parke joined McKinley Capital in 1997. Prior to joining McKinley
Capital, Mr. Parke was a Trader and Portfolio Manager at TransGlobal Investment
from 1995 to 1997. Mr. Parke has 19 years of investment experience.
NICHOLAS-APPLEGATE CAPITAL MANAGEMENT: John Kane and Stacey Nutt of
Nicholas-Applegate Capital Management ("Nicholas-Applegate") serve as portfolio
managers of a portion of the assets of the Small Cap Growth Fund.
Nicholas-Applegate's U.S. Systematic team is responsible for the day to day
management of a portion of the Small Cap Growth Fund's assets. Mr. Kane is the
lead portfolio manager of the U.S. Systematic team. He joined Nicholas-Applegate
in 1994 with 25 years of investment/economics experience, including positions
with ARCO Investment
Page 38 of 48
<PAGE>
Management and General Electric Company. Stacey Nutt, Ph.D., joined
Nicholas-Applegate in 1999 and is the lead portfolio manager for the Small Cap
Growth account. The team also includes Larry Speidell, Director of Quantitative
Research and Portfolio Management. Chief Financial Officer Catherine Somhegyi
has oversight responsibility for Nicholas-Applegate's Global Equity Management
and Trading strategies.
RS INVESTMENT MANAGEMENT, L.P.: Jim Callinan of RS Investment Management, L.P.
(formerly, Robertson Stephens Investment Management, L.P.) ("RSIM"), serves as
portfolio manager of a portion of the assets of the Small Cap Growth Fund. Mr.
Callinan is a managing director of RSIM. He joined RSIM in June 1996 after nine
years at Putnam Investments ("Putnam") in Boston, where he served as a portfolio
manager of the Putnam OTC Emerging Growth Fund. Mr. Callinan also served as a
specialty growth research analyst and portfolio manager of both the Putnam
Emerging Information Science Trust Fund and the Putnam Emerging Health Sciences
Trust Fund while at Putnam.
SAWGRASS ASSET MANAGEMENT, LLC: Dean McQuiddy, CFA, of Sawgrass Asset
Management, LLC ("Sawgrass"), serves as portfolio manager of a portion of the
assets of the Small Cap Growth Fund. Mr. McQuiddy, a founding Principal of
Sawgrass, has 14 years of investment experience. Prior to joining Sawgrass, he
was a portfolio manager at Barnett Capital Advisors.
WALL STREET ASSOCIATES: William Jeffery III and Kenneth F. McCain of Wall Street
Associates ("WSA") serve as portfolio managers of a portion of the assets of the
Small Cap Growth Fund. Each is a controlling principal of WSA. They each have
over 27 years of investment management experience. David Baratta, who joined WSA
in 1999, also serves as a portfolio manager of a portion of the assets of the
Small Cap Growth Fund. Prior to joining WSA, Mr. Baratta was a portfolio manager
of Morgan Grenfell, Inc. for 5 years. He has over 19 years of investment
experience.
TAX-MANAGED SMALL CAP FUND
DAVID J. GREENE AND COMPANY, LLC: Benjamin H. Nahum and Michael C. Greene, Chief
Executive Officer, of David J. Greene and company, LLC ("David J. Greene") serve
as portfolio managers of a portion of the assets of the Tax-Managed Small Cap
Fund. Messrs. Nauhm and Greene have been Principals of the firm for the past
five years.
LOOMIS, SAYLES AND COMPANY, L.P.: Christopher Ely, CFA, Portfolio Manager and
Vice President, Philip Fine, CFA, Portfolio Manager and Vice President and David
Smith, CFA, Portfolio Manager and Vice President of Loomis, Sayles and Company,
L.P. ("Loomis") serve as portfolio mangers of a portion of the assets of the
Tax-Managed Small Cap Fund. Mr. Ely joined Loomis in 1996. Prior to joining
Loomis, Mr. Ely was a Portfolio Manager and Senior Vice President of Keystone
Investments. Mr. Fine joined Loomis in 1996. Prior to joining Loomis, Mr. Fine
was a Portfolio Manager and Vice President of Keystone Investments. Prior to
joining Loomis in 1996, Mr. Smith was a Portfolio Manager and Vice President of
Keystone Investments.
LSV ASSET MANAGEMENT, L.P.: Josef Lakonishok, Andrei Shleifer, and Menno
Vermeulen of LSV Asset Management, L.P. ("LSV"), serve as portfolio managers of
a portion of the assets of the Tax-Managed Small Cap Fund. They are officers and
partners of LSV. An affiliate of SIMC owns an interest in LSV. SIMC pays LSV a
fee, which is calculated and paid monthly, based on an annual rate of 0.20% of
the average monthly market value of the assets of the Fund managed by LSV.
Page 39 of 48
<PAGE>
MCKINLEY CAPITAL MANAGEMENT, INC.: Robert B. Gillam and Frederic H. Parke of
McKinley Capital Management, Inc. ("McKinley Capital") serve as portfolio
managers to a portion of the assets of the Tax-Managed Small Cap 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. Mr. Parke joined McKinley Capital in 1997. Prior to joining McKinley
Capital, Mr. Parke was a Trader and Portfolio Manager at TransGlobal Investment
from 1995 to 1997. Mr. Parke has 19 years of investment experience.
SAWGRASS ASSET MANAGEMENT, LLC: Dean McQuiddy, CFA, of Sawgrass Asset
Management, LLC ("Sawgrass"), serves as portfolio manager of a portion of the
assets of the Tax-Managed Small Cap Fund. Mr. McQuiddy, a founding Principal of
Sawgrass, has 14 years of investment experience. Prior to joining Sawgrass, he
created the Barnett Small Cap Growth Product.
MID-CAP FUND
MARTINGALE ASSET MANAGEMENT, L.P.: William E. Jacques, CFA, of Martingale Asset
Management, L.P. ("Martingale"), serves as portfolio manager for the Mid-Cap
Fund. Mr. Jacques is Chief Investment Officer and an Executive Vice President.
He has been with Martingale since 1987.
CAPITAL APPRECIATION FUND
PROVIDENT INVESTMENT COUNSEL, INC.: A team of investment professionals at
Provident Investment Counsel, Inc., serve as portfolio managers of a portion of
the assets of the Capital Appreciation Fund. Each team member is a senior
officer of the firm and has significant experience managing Capital Appreciation
investment strategies.
EQUITY INCOME FUND
HIGHMARK CAPITAL MANAGEMENT, INC.: A committee of investment professionals at
HighMark Capital Management, Inc., provides investment advice to the Equity
Income Fund.
BALANCED FUND
PROVIDENT INVESTMENT COUNSEL, INC.: A team of investment professionals at
Provident Investment Counsel, Inc., serve as portfolio managers of a portion of
the assets of the Balanced Fund. Each team member is a senior officer of the
firm and has significant experience managing Balanced investment strategies.
PURCHASING, SELLING AND EXCHANGING FUND SHARES
This section tells you how to purchase, sell (sometimes called "redeem") and
exchange shares of the Funds.
The Funds offer Class A Shares only to financial institutions for their own or
their customers' accounts. For information on how to open an account and set up
procedures for placing transactions, call 1-800-DIAL-SEI.
Page 40 of 48
<PAGE>
HOW TO PURCHASE FUND SHARES
You may purchase shares on any day that the New York Stock Exchange (NYSE) is
open for business (a Business Day).
Financial institutions and intermediaries may purchase Class A Shares by placing
orders with the Funds' Transfer Agent (or their authorized agent). Institutions
and intermediaries that use certain SEI proprietary systems may place orders
electronically through those systems. Cash investments must be transmitted or
delivered in federal funds to the Funds' wire agent by the close of business on
the day after the order is placed. The Funds reserve the right to refuse any
purchase requests, particularly those that would not be in the best interests of
the Funds or their shareholders and could adversely affect the Fund or its
operations. This includes those from any individual or group who, in a Fund's
view, are likely to engage in excessive trading (usually defined as more than
four transactions out of the Fund within a calendar year).
When you purchase, sell, or exchange Fund shares through certain financial
institutions (rather than directly from the Funds), you may have to transmit
your purchase, sale, and exchange requests to your financial institution at an
earlier time for your transaction to become effective that day. This allows your
financial institution time to process your requests and transmit them to the
Funds.
Certain other intermediaries, including certain broker-dealers and shareholder
organizations, are authorized to accept purchase, redemption, and exchange
requests for Fund shares. These requests are normally executed at the net asset
value per share (NAV) next determined after the intermediary receives the
request. These authorized intermediaries are responsible for transmitting
requests and delivering funds on a timely basis.
If you deal directly with a financial institution or financial intermediary, you
will have to follow the institution's or intermediary's procedures for
transacting with the Funds. For more information about how to purchase or sell
Fund shares through your financial institution, you should contact your
financial institution directly. Investors may be charged a fee for purchase
and/or redemption transactions effectuated through certain of these
broker-dealers or other financial intermediaries.
Each Fund calculates its NAV once each Business Day at the regularly-scheduled
close of normal trading on the NYSE (normally, 4:00 p.m. Eastern time). So, for
you to receive the current Business Day's NAV, generally a Fund (or an
authorized agent) must receive your purchase order in proper form before 4:00
p.m. Eastern time. The Funds will not accept purchase orders that request a
particular day or price for the transaction or any other special condition.
HOW THE FUNDS CALCULATE NAV
NAV for one Fund share is the value of that share's portion of the net assets of
the Fund. In calculating NAV, each Fund generally values its investment
portfolio at market price. If market prices are unavailable or the Funds think
that they are unreliable, fair value prices may be determined in good faith
using methods approved by the Board of Trustees. Some Funds hold portfolio
securities that are listed on foreign exchanges. These securities may trade on
weekends or other days when the Funds do not calculate NAV. As a result, the
market value of these Funds' investments may change on days when you cannot
purchase or sell Fund shares.
Page 41 of 48
<PAGE>
MINIMUM PURCHASES
To purchase shares for the first time, you must invest at least $100,000 in any
Fund, with minimum subsequent investments of at least $1,000. The Funds may
accept investments of smaller amounts at their discretion.
HOW TO SELL YOUR FUND SHARES
If you hold Class A Shares, you may sell your shares on any Business Day by
following the procedures established when you opened your account or accounts.
If you have questions, call 1-800-DIAL-SEI. If you own your shares through an
account with a broker or other institution, contact that broker or institution
to sell your shares. Your financial institution or intermediary may charge a fee
for its services. The sale price of each share will be the next NAV determined
after the Funds (or authorized intermediary) receive your request.
RECEIVING YOUR MONEY
Normally, the Funds will make payment on your sale of shares on the Business Day
following the day on which they receive your request, but it may take up to
seven days. Your proceeds can be wired to your bank account.
REDEMPTIONS IN KIND
The Funds generally pay sale (redemption) proceeds in cash. However, under
unusual conditions that make the payment of cash unwise (and for the protection
of the Fund's remaining shareholders) the Funds might pay all or part of your
redemption proceeds in liquid securities with a market value equal to the
redemption price (redemption in kind). Although, it is highly unlikely that your
shares would ever be redeemed in kind, you would probably have to pay brokerage
costs to sell the securities distributed to you, as well as taxes on any capital
gains from the sale as with any redemption.
SUSPENSION OF YOUR RIGHT TO SELL YOUR SHARES
The Funds may suspend your right to sell your shares if the NYSE restricts
trading, the SEC declares an emergency or for other reasons. More information
about this is in the SAI.
HOW TO EXCHANGE YOUR SHARES
You may exchange Class A Shares of any Fund for Class A Shares of any other Fund
on any Business Day by contacting the Funds directly by mail or telephone. You
may also exchange shares through your financial institution or intermediary by
telephone. This exchange privilege may be changed or canceled at any time upon
60 days' notice. When you exchange shares, you are really selling your shares
and buying other Fund shares. So, your sale price and purchase price will be
based on the NAV next calculated after the Funds receive your exchange request.
Page 42 of 48
<PAGE>
TELEPHONE TRANSACTIONS
Purchasing and selling Fund shares over the telephone is extremely convenient,
but not without risk. Although the Funds have certain safeguards and procedures
to confirm the identity of callers and the authenticity of instructions, the
Funds are not responsible for any losses or costs incurred by following
telephone instructions the Funds reasonably believe to be genuine. If you or
your financial institution transact with the Funds over the telephone, you will
generally bear the risk of any loss.
DISTRIBUTION OF FUND SHARES
SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of
the Funds. SIDCo. receives no compensation for distributing the Funds' Class A
Shares.
For Class A Shares, shareholder servicing fees, as a percentage of average daily
net assets, may be up to 0.25%.
DIVIDENDS AND DISTRIBUTIONS
The Funds distribute their investment income quarterly as a dividend to
shareholders. The Funds make distributions of capital gains, if any, at least
annually.
You will receive dividends and distributions in cash unless otherwise stated.
TAXES
PLEASE CONSULT YOUR TAX ADVISOR REGARDING YOUR SPECIFIC QUESTIONS ABOUT FEDERAL,
STATE AND LOCAL INCOME TAXES. Below the Funds have summarized some important tax
issues that affect the Funds and their shareholders. This summary is based on
current tax laws, which may change.
Each Fund will distribute substantially all of its income and capital gains, if
any. The dividends and distributions you receive may be subject to federal,
state and local taxation, depending upon your tax situation. If so, they are
taxable whether or not you reinvest them. Income distributions are generally
taxable at ordinary income tax rates. Capital gains distributions are generally
taxable at the rates applicable to long-term capital gains. EACH SALE OR
EXCHANGE OF FUND SHARES IS A TAXABLE EVENT.
The Funds use a tax management technique known as "highest in, first out." Using
this technique, the portfolio holdings that have experienced the smallest gain
or largest loss are sold first in an effort to minimize capital gains and
enhance after-tax returns.
MORE INFORMATION ABOUT TAXES IS IN THE FUNDS' SAI.
Page 43 of 48
<PAGE>
FINANCIAL HIGHLIGHTS
The tables that follow present performance information about the Class A Shares
of each Fund except for the Tax-Managed Small Cap Fund. As of the fiscal year
ended September 30, 2000, the Tax-Managed Small Cap Fund had not commenced
operation. This information is intended to help you understand each Fund's
financial performance for the past five years, or, if shorter, the period of the
Funds' operations. Some of this information reflects financial information for a
single Fund share. The total returns in the table represent the rate that you
would have earned (or lost) on an investment in a Fund, assuming you reinvested
all of your dividends and distributions. This information has been audited
by [ ] independent public accountants. Their report,
along with each Fund's financial statements, appears in the Funds' annual
report that accompanies the SAI. You can obtain the annual report, which
contains more performance information, at no charge by calling 1-800-DIAL-SEI.
Page 44 of 48
<PAGE>
FINANCIAL HIGHLIGHTS
SEI Institutional Managed Trust -- For the periods ended September 30.
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE, INVESTMENT GAINS/ FROM NET REALIZED VALUE, END
BEGINNING INCOME (LOSSES) INVESTMENT CAPITAL OF PERIOD TOTAL
OF PERIOD (LOSS) ON SECURITIES INCOME GAINS RETURN
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
LARGE CAP VALUE FUND
CLASS A
2000
1999 $17.31 $0.24 $2.67 $(0.24) $(1.01) $18.97 17.13%
1998 19.37 0.25 (0.42) (0.26) (1.63) 17.31 (1.40)
1997 14.78 0.28 5.77 (0.29) (1.17) 19.37 44.12
1996 13.00 0.32 2.01 (0.26) (0.29) 14.78 18.33
LARGE CAP GROWTH FUND
CLASS A
2000
1999 $21.01 $(0.05) $7.92 $-- $(0.30) $28.58 37.74%
1998 20.40 0.03 1.62 (0.04) (1.00) 21.01 8.35
1997 15.03 0.03 6.33 (0.05) (0.94) 20.40 44.35
1996 (1) 12.75 0.07 2.51 (0.08) (0.22) 15.03 20.59
TAX-MANAGED LARGE CAP FUND
CLASS A
2000
1999 $9.61 $0.08 $3.04 $(0.08) $-- $12.65 32.60%
1998(2) 10.00 0.04 (0.42) (0.01) -- 9.61 (3.82)
SMALL CAP VALUE FUND
CLASS A
2000
1999 $13.67 $0.05 $0.57 $(0.05) $(0.18) $14.06 4.47%
1998 17.85 0.05 (2.22) (0.04) (1.97) 13.67 (13.68)
1997 13.17 0.05 5.74 (0.05) (1.06) 17.85 47.16
1996(3) 12.19 0.02 1.27 (0.01) (0.30) 13.17 10.86
SMALL CAP GROWTH FUND
CLASS A
2000
1999 $13.68 $(0.12) $7.62 $-- $(0.06) $21.12 55.00%
1998 19.32 (0.08) (4.92) -- (0.64) 13.68 (26.53)
1997 20.51 0.02 2.64 -- (3.85) 19.32 17.23
1996 19.88 (0.08) 4.37 -- (3.66) 20.51 26.56
<CAPTION>
RATIO OF NET
RATIO OF NET RATIO OF INVESTMENT
INVESTMENT EXPENSES INCOME (LOSS)
RATIO OF INCOME TO AVERAGE TO AVERAGE PORTFOLIO
NET ASSETS EXPENSES (LOSS) NET ASSETS NET ASSETS TURNOVER
RATIO OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING RATE
PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS)
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LARGE CAP VALUE FUND
CLASS A
2000
1999 $2,452,540 0.85% 1.26% 0.85% 1.26% 49%
1998 1,410,903 0.85 1.42 0.85 1.42 79
1997 866,826 0.85 1.74 0.85 1.74 67
1996 515,011 0.83 2.31 0.83 2.31 75
LARGE CAP GROWTH FUND
CLASS A
2000
1999 $2,626,807 0.85% (0.24)% 0.90% (0.29)% 45%
1998 1,379,199 0.85 0.11 0.90 0.06 80
1997 800,479 0.85 0.22 0.90 0.17 73
1996 (1) 482,079 0.82 0.50 0.87 0.45 90
TAX-MANAGED LARGE CAP FUND
CLASS A
2000
1999 $710,136 0.85% 0.71% 0.90% 0.66% 21%
1998(2) 170,097 0.85 1.18 0.90 1.13 12
SMALL CAP VALUE FUND
CLASS A
2000
1999 $572,125 1.10% 0.38% 1.10% 0.38% 130%
1998 430,010 1.10 0.34 1.10 0.34 77
1997 323,337 1.11 0.37 1.11 0.37 98
1996(3) 163,177 1.11 0.15 1.11 0.15 121
SMALL CAP GROWTH FUND
CLASS A
2000
1999 $931,024 1.10% (0.72)% 1.10% (0.72)% 141%
1998 536,393 1.10 (0.56) 1.10 (0.56) 128
1997 561,414 1.10 (0.60) 1.10 (0.60) 107
1996 380,525 1.10 (0.63) 1.11 (0.64) 167
Page 45 of 48
<PAGE>
<CAPTION>
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE, INVESTMENT GAINS/ FROM NET REALIZED VALUE, END
BEGINNING INCOME (LOSSES) INVESTMENT CAPITAL OF PERIOD TOTAL
OF PERIOD (LOSS) ON SECURITIES INCOME GAINS RETURN
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MID-CAP FUND
CLASS A
2000
1999 $14.00 $0.07 $2.21 $(0.07) $(1.02) $15.19 16.53%
1998 19.56 0.13 (2.67) (0.15) (2.87) 14.00 (15.41)
1997 14.96 0.13 5.86 (0.14) (1.25) 19.56 43.13
1996 13.04 0.18 1.89 (0.15) -- 14.96 16.03
CAPITAL APPRECIATION FUND
CLASS A
2000
1999 $14.01 $0.07 $2.92 $(0.09) $(3.68) $13.23 23.13%
1998 18.20 0.16 0.92 (0.16) (5.11) 14.01 7.08
1997 18.14 0.21 4.65 (0.22) (4.58) 18.20 34.02
1996 16.70 0.20 3.18 (0.17) (1.77) 18.14 22.14
EQUITY INCOME FUND
CLASS A
2000
1999 $14.61 $0.24 $1.87 $(0.24) $(3.89) $12.59 15.35%
1998 18.02 0.41 (0.09) (0.38) (3.35) 14.61 1.51
1997 16.40 0.39 4.33 (0.42) (2.68) 18.02 33.46
1996 16.07 0.49 2.20 (0.41) (1.95) 16.40 18.17
BALANCED FUND
CLASS A
2000
1999 $13.17 $0.31 $1.10 $(0.34) $(1.75) $12.49 11.22%
1998 14.06 0.41 0.80 (0.40) (1.70) 13.17 9.49
1997 13.94 0.41 2.27 (0.42) (2.14) 14.06 22.38
1996 12.76 0.42 1.44 (0.34) (0.34) 13.94 15.01
<CAPTION>
RATIO OF NET
RATIO OF NET RATIO OF INVESTMENT
INVESTMENT EXPENSES INCOME (LOSS)
RATIO OF INCOME TO AVERAGE TO AVERAGE PORTFOLIO
NET ASSETS EXPENSES (LOSS) NET ASSETS NET ASSETS TURNOVER
RATIO OF TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING RATE
PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS)
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MID-CAP FUND
CLASS A
2000
1999 $34,995 1.00% 0.40% 1.00% 0.40% 139%
1998 35,160 1.00 0.93 1.00 0.93 106
1997 35,047 0.93 0.79 0.94 0.78 92
1996 24,954 0.77 1.28 0.88 1.17 101
CAPITAL APPRECIATION FUND
CLASS A
2000
1999 $84,597 0.84% 0.47% 0.91% 0.41% 147%
1998 118,741 0.84 1.03 0.89 0.98 238
1997 164,238 0.84 1.20 0.89 1.15 178
1996 236,581 0.84 1.20 0.86 1.18 153
EQUITY INCOME FUND
CLASS A
2000
1999 $80,835 0.85% 1.66% 0.91% 1.60% 75%
1998 116,576 0.85 1.85 0.90 1.80 66
1997 173,766 0.85 2.38 0.90 2.33 40
1996 202,823 0.83 3.00 0.86 2.97 43
BALANCED FUND
CLASS A
2000
1999 $54,487 0.75% 2.39% 0.80% 2.39% 188%
1998 56,256 0.75 2.90 0.80 2.85 183
1997 51,195 0.75 3.15 0.81 3.09 197
1996 57,915 0.75 2.98 0.84 2.89 143
</TABLE>
(1) Large Cap Growth shares were offered beginning December 20, 1994. All
ratios including total return for that period have been annualized.
(2) Tax Managed Large Cap Class A shares were offered beginning March 4, 1998.
All ratios have been annualized.
(3) Small Cap Value shares were offered beginning December 20, 1994. All ratios
including total return for that period have been annualized.
* Sales load is not reflected in total return.
Amounts designated as "--" are zero or have been rounded to zero.
Page 46 of 48
<PAGE>
SEI INSTITUTIONAL MANAGED TRUST
INVESTMENT ADVISER
SEI Investments Management Corporation
One Freedom Valley Drive
Oaks, PA 19456
DISTRIBUTOR
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
More information about the Funds is available without charge through the
following:
STATEMENT OF ADDITIONAL INFORMATION (SAI)
The SAI dated January, 31, 2001, includes more detailed information about the
SEI Institutional Managed Trust. The SAI is on file with the SEC and is
incorporated by reference into this prospectus. This means that the SAI, for
legal purposes, is a part of this prospectus.
ANNUAL AND SEMI-ANNUAL REPORTS
These reports list the Funds' holdings and contain information from the Funds'
managers about strategies, and recent market conditions and trends and their
impact on Fund performance. The reports also contain detailed financial
information about the Funds.
TO OBTAIN AN SAI, ANNUAL OR SEMI-ANNUAL REPORT, OR MORE INFORMATION:
BY TELEPHONE: Call 1-800-DIAL-SEI
BY MAIL: Write to the Funds at:
One Freedom Valley Drive
Oaks, PA 19456
BY INTERNET: www.seic.com
Page 47 of 48
<PAGE>
FROM THE SEC: You can also obtain the SAI or the Annual and Semi-Annual reports,
as well as other information about the SEI Institutional Managed Trust, from the
EDGAR Database on the SEC's website ("http://www.sec.gov"). You may review and
copy documents at the SEC Public Reference Room in Washington, DC (for
information on the operation of the Public Reference Room call 1-202-942-8090).
You may request documents by mail from the SEC, upon payment of a duplicating
fee, by writing to: Securities and Exchange Commission, Public Reference
Section, Washington, DC 20549-0102. You may also obtain this information upon
payment of a duplicating fee, by e-mailing the SEC at the following address:
[email protected].
The SEI Institutional Managed Trust's Investment Company Act registration number
is 811-4878.
Page 48 of 48
<PAGE>
SEI INSTITUTIONAL MANAGED TRUST
Administrator:
SEI Investments Fund Management
Distributor:
SEI Investments Distribution Co.
Adviser:
SEI Investments Management Corporation
Sub-Advisers:
Alliance Capital Management L.P.
Artisan Partners Limited Partnership
BlackRock Financial Management, Inc.
Boston Partners Asset Management, L.P.
Chartwell Investment Partners
David J. Greene & Co., LLC
Equinox Capital Management, LLC
Credit Suisse Asset Management LLC
HighMark Capital Management, Inc.
Loomis, Sayles and Company, L.P.
LSV Asset Management, L.P.
Martingale Asset Management, L.P.
Mazama Capital Management, Inc.
McKinley Capital Management, Inc.
Mellon Equity Associates, LLP
Nicholas-Applegate Capital Management
Nomura Corporate Research
and Asset Management Inc.
Provident Investment Counsel, Inc.
Robert W. Baird & Co., Incorporated
RS Investment Management, L.P.
Sanford C. Bernstein & Co., LLC
Sawgrass Asset Management, LLC
Security Capital Global Capital
Management Group Incorporated
TCW Investment Management Company
Wall Street Associates
Western Asset Management Company
This STATEMENT OF ADDITIONAL INFORMATION is not a Prospectus. It is intended
to provide additional information regarding the activities and operations of the
Trust and should be read in conjunction with the Trust's Prospectuses dated
January 31, 2001. Prospectuses may be obtained by writing the Trust's
distributor, SEI Investments Distribution Co., at Oaks, Pennsylvania 19456, or
by calling 1-800-342-5734.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
The Trust................................................... S-2
Investment Objectives and Policies.......................... S-2
Description of Permitted Investments and Risk Factors....... S-7
Investment Limitations...................................... S-21
Description of Ratings...................................... S-23
The Administrator and Transfer Agent........................ S-26
The Adviser and Sub-Advisers................................ S-27
Distribution and Shareholder Servicing...................... S-31
Trustees and Officers of the Trust.......................... S-32
Performance................................................. S-36
Purchase and Redemption of Shares........................... S-38
Shareholder Services (Class D Shares)....................... S-39
Taxes....................................................... S-40
Portfolio Transactions...................................... S-42
Description of Shares....................................... S-46
Limitation of Trustees' Liability........................... S-47
Code of Ethics.............................................. S-47
Voting...................................................... S-47
Shareholder Liability....................................... S-47
5% Shareholders............................................. S-48
Custodian................................................... S-51
Experts..................................................... S-52
Legal Counsel............................................... S-52
Financial Statements........................................ S-52
January 31, 2001
</TABLE>
<PAGE>
THE TRUST
SEI Institutional Managed Trust (the "Trust") is an open-end management
investment company that offers shares of diversified portfolios. The Trust was
established as a Massachusetts business trust pursuant to a Declaration of Trust
dated October 20, 1986. The Declaration of Trust permits the Trust to offer
separate series ("portfolios") of units of beneficial interest ("shares") and
separate classes of portfolios. Shareholders may purchase shares in certain
portfolios through four separate classes, Class A, Class D, Class I and Class Y,
which provide for variations in sales charges, distribution costs, transfer
agent fees, voting rights and dividends. Except for differences between the
Class A shares and/or Class D shares pertaining to sales charges, distribution
and shareholder servicing, voting rights, dividends and transfer agent expenses,
each share of each portfolio represents an equal proportionate interest in that
portfolio with each other share of that portfolio.
This Statement of Additional Information relates to the following
portfolios: Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap
Value, Small Cap Growth, Tax-Managed Small Cap Mid-Cap, Capital Appreciation,
Equity Income, Balanced, Core Fixed Income, and High Yield Bond Funds (each a
"Fund" and, together, the "Funds"), and any different classes of the Funds.
INVESTMENT OBJECTIVES AND POLICIES
LARGE CAP VALUE FUND--The investment objective of the Large Cap Value Fund
is long-term growth of capital and income. There can be no assurance that the
Fund will achieve its investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in a diversified portfolio of high quality, income producing common
stocks of large companies (I.E., companies with market capitalizations of more
than $1 billion) which, in the opinion of the advisers, are undervalued in the
marketplace at the time of purchase. In general, the advisers characterize high
quality securities as those that have above-average reinvestment rates. The
advisers also consider other factors, such as earnings and dividend growth
prospects, as well as industry outlook and market share. Any remaining assets
may be invested in other equity securities and in investment grade fixed income
securities. Investment grade fixed income securities are securities that are
rated at least BBB by Standard & Poor's Corporation ("S&P") or Baa by Moody's
Investors Service, Inc. ("Moody's"). The Fund may also borrow money, invest in
illiquid securities, when-issued and delayed-delivery securities, shares of real
estate investment trusts ("REITs"), and shares of other investment companies,
and lend its securities to qualified buyers.
LARGE CAP GROWTH FUND--The investment objective of the Large Cap Growth Fund
is capital appreciation. There can be no assurance that the Fund will achieve
its investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in equity securities of large companies (I.E., companies with
market capitalizations of more than $1 billion) which, in the opinion of the
advisers, possess significant growth potential. Any remaining assets may be
invested in investment grade fixed income securities or in equity securities of
smaller companies that the Fund's advisers believe are appropriate in light of
the Fund's objective. The Fund may also borrow money, invest in illiquid
securities, when-issued and delayed-delivery securities, shares of REITs, and
shares of other investment companies, and lend its securities to qualified
buyers.
TAX-MANAGED LARGE CAP FUND--The Tax-Managed Large Cap Fund's investment
objective is to achieve high long-term after-tax returns for its shareholders.
The investment objective of the Fund is fundamental, and may not be changed
unless authorized by a vote of the Fund's shareholders.
Under normal market conditions, the Fund will invest at least 80% of its
total assets in equity securities of large companies (I.E., companies with
market capitalizations of more than $1 billion at the time of purchase). Any
remaining assets may be invested in investment grade fixed income securities,
including tax-exempt securities and variable and floating rate securities, or in
equity securities of smaller
S-2
<PAGE>
companies that the Fund's advisers believe are appropriate in light of the
Fund's objective. The Fund may acquire shares of other investment companies,
when-issued and delayed-delivery securities and zero coupon obligations, and may
invest in securities that are illiquid. The Fund may also borrow money and lend
its securities to qualified borrowers.
The Fund is designed for long-term taxable investors, including high net
worth individuals. While the Fund seeks to minimize taxes associated with the
Fund's investment income and realized capital gains, the Fund is very likely to
have taxable investment income and will likely realize taxable gains from time
to time.
The Fund seeks to achieve favorable after-tax returns for its shareholders
in part by minimizing the taxes they incur in connection with the Fund's
realization of investment income and capital gains. Taxable investment income
will be minimized by investing primarily in lower yielding securities. If this
strategy is carried out, the Fund can be expected to distribute relatively low
levels of taxable investment income.
Realized capital gains will be minimized in part by investing primarily in
established companies with the expectation of holding these securities for a
period of years. The Fund's advisers will generally seek to avoid realizing
short-term capital gains, thereby minimizing portfolio turnover. When a decision
is made to sell a particular appreciated security, the Fund will attempt to
select for sale those share lots with holding periods sufficient to qualify for
long-term capital gains treatment and among those, the share lots with the
highest cost basis. The Fund may, when prudent, sell securities to realize
capital losses that can be used to offset realized capital gains.
The Fund's exposure to losses during stock market declines may be higher
than that of other funds that do not follow a general policy of avoiding sales
of highly-appreciated securities.
SMALL CAP VALUE FUND--The investment objective of the Small Cap Value Fund
is capital appreciation. There can be no assurance that the Fund will achieve
its investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in the equity securities of smaller companies (I.E., companies with
market capitalizations of less than $2 billion) which, in the opinion of the
advisers, have prices that appear low relative to certain fundamental
characteristics such as earnings, book value, or return on equity. Any remaining
assets may be invested in investment grade fixed income securities or equity
securities of larger, more established companies that the Fund's advisers
believe are appropriate in light of the Fund's objective. The Fund may also
borrow money, invest in illiquid securities, when-issued and delayed-delivery
securities, shares of REITs, and shares of other investment companies, and lend
its securities to qualified buyers.
SMALL CAP GROWTH FUND--The investment objective of the Small Cap Growth Fund
is long-term capital appreciation. There can be no assurance that the Fund will
achieve its investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in the equity securities of smaller growth companies (I.E.,
companies with market capitalizations less than $2 billion) which, in the
opinion of the advisers, are in an early stage or transitional point in their
development and have demonstrated or have the potential for above average
capital growth. Any remaining assets may be invested in the equity securities of
more established companies that the advisers believe may offer strong capital
appreciation potential due to their relative market position, anticipated
earnings growth, changes in management or other similar opportunities.
For temporary defensive purposes, the Fund may invest all or a portion of
its assets in common stocks or larger, more established companies and in
investment grade fixed income securities. The Fund may also borrow money, invest
in illiquid securities, when-issued and delayed-delivery securities, shares of
REITs, and shares of other investment companies, and lend its securities to
qualified buyers.
The Fund's annual turnover rate may exceed 100%. Such a turnover rate may
result in higher transaction costs and in additional taxes for shareholders.
S-3
<PAGE>
TAX-MANAGED SMALL CAP FUND--The investment objective is to achieve high
long-term after-tax returns for its shareholders.
Under normal market conditions, the Fund will invest at least 80% of its
total assets in equity securities of small companies (I.E., companies with
market capitalizations of less than $4 billion at the time of purchase). Any
remaining assets may be invested in other equity securities, and investment
grade fixed income securities, including tax-exempt securities and variable and
floating rate securities. Investment grade securities are those rated in one of
the four highest categories at the time of investment, or determined by a
Sub-Adviser to be of equivalent quality. The Fund may acquire shares of other
investment companies, when-issued and delayed-delivery securities and zero
coupon obligations, and may invest in securities that are illiquid. The Fund may
also borrow money and lend its securities to qualified borrowers.
The Fund is designed for long-term taxable investors, including high net
worth individuals. While the Fund seeks to minimize taxes associated with the
Fund's investment income and realized capital gains, the Fund is very likely to
have taxable investment income and will likely realize taxable gains from time
to time.
The Fund seeks to achieve favorable after-tax returns for its shareholders
in part by minimizing the taxes they incur in connection with the Fund's
realization of investment income and capital gains. Taxable investment income
will be minimized by investing primarily in lower yielding securities. If this
strategy is carried out, the Fund can be expected to distribute relatively low
levels of taxable investment income.
When a decision is made to sell a particular appreciated security, the
Portfolio will attempt to select for sale those share lots with holding periods
sufficient to qualify for long-term capital gains treatment and among those, the
share lots with the highest cost basis. The Fund may, when prudent, sell
securities to realize capital losses that can be used to offset realized capital
gains.
The Fund's exposure to losses during stock market declines may be higher
than that of other funds that do not follow a general policy of avoiding sales
of highly-appreciated securities.
MID-CAP FUND--The investment objective of the Mid-Cap Fund is long-term
capital appreciation. There can be no assurance that the Fund will achieve its
investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in equity securities of medium-sized companies (I.E., companies
with market capitalizations of $500 million to $5 billion). Such companies are
typically well established but have not reached full maturity, and may offer
significant growth potential. The advisers will seek to identify companies
which, in their opinion, will experience accelerating earnings, increased
institutional ownership or strong price appreciation relative to their
industries and broad market averages.
Any remaining assets may be invested in equity securities of larger, more
established companies, investment grade fixed income securities or money market
securities. For temporary defensive purposes, when the advisers determine that
market conditions warrant, the Fund may invest all or a portion of its assets in
equity securities of larger companies. The Fund may also borrow money, invest in
illiquid securities, when-issued and delayed-delivery securities, shares of
REITs, and shares of other investment companies, and lend its securities to
qualified buyers.
The Fund's annual turnover rate may exceed 100%. Such a turnover rate may
result in higher transaction costs and in additional taxes for shareholders.
CAPITAL APPRECIATION FUND--The investment objective of the Capital
Appreciation Fund is capital appreciation. There can be no assurance that the
Fund will achieve its investment objective.
Under normal market conditions, at least 65% of the Fund's assets will be
invested in a diversified portfolio of common stocks (and securities convertible
into common stock) which, in the opinion of the advisers, will have
above-average sustainable growth rates. Dividend income is an incidental
consideration compared to growth of capital. In selecting securities for the
Fund, the advisers will evaluate factors they believe are likely to affect
long-term capital appreciation such as the issuer's background, industry
position,
S-4
<PAGE>
historical returns on equity and experience and qualifications of the management
team. Any remaining assets may be invested in investment grade fixed income
securities and other types of equity securities. The Fund may also borrow money,
invest in illiquid securities, when-issued and delayed-delivery securities,
shares of REITs, and shares of other investment companies, and lend its
securities to qualified buyers.
The Fund's annual turnover rate may exceed 100%. Such a turnover rate may
result in higher transaction costs and in additional taxes for shareholders.
EQUITY INCOME FUND--The investment objective of the Equity Income Fund is to
provide current income and, as a secondary objective, moderate capital
appreciation. There can be no assurance that the Fund will achieve its
investment objectives.
Under normal market conditions, at least 65% of the Fund's assets will be
invested in a diversified portfolio of common stocks. The investment approach
employed by the advisers emphasizes income-producing common stocks which, in
general, have above-average dividend yields relative to the stock market as
measured by the S&P 500 Index. Any remaining assets may be invested in
investment grade fixed income securities. The Fund may also borrow money, invest
in illiquid securities, when-issued and delayed-delivery securities, shares of
REITs, and shares of other investment companies, and lend its securities to
qualified buyers.
BALANCED FUND--The investment objective of the Balanced Fund is total return
consistent with the preservation of capital. There can be no assurance that the
Fund will achieve its investment objective.
The Fund invests in a combination of undervalued common stocks and fixed
income securities or in other investment companies that invest in such
securities. The Fund seeks strong total return in all market by purchasing a
combination of common stocks and fixed income securities. The Fund primarily
invests in equity securities with market capitalizations of more than $1
billion, intermediate-maturity fixed income securities and money market
instruments. The Fund may also borrow money, invest in illiquid securities,
when-issued and delayed-delivery securities, and shares of REITs, and shares of
other investment companies, and lend its securities to qualified buyers.
The average maturity of the fixed income securities in the Fund will, under
normal circumstances, be approximately five years, although this will vary with
changing market conditions.
CORE FIXED INCOME FUND--The investment objective of the Core Fixed Income
Fund is current income consistent with the preservation of capital. There can be
no assurance that the Fund will achieve its investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in fixed income securities that are rated investment grade or
better, I.E., rated in one of the four highest rating categories by a nationally
recognized statistical rating organization ("NRSRO") at the time of purchase,
or, if not rated, determined to be of comparable quality by the advisers. Fixed
income securities in which the Fund may invest consist of: (i) corporate bonds
and debentures, (ii) obligations issued by the United States Government, its
agencies and instrumentalities, (iii) municipal securities of Issuers located in
all fifty states, the District of Columbia, Puerto Rico and other U.S.
territories and possessions, consisting of municipal bonds, municipal notes,
tax-exempt commercial paper and municipal lease obligations, (iv) receipts
involving U.S. Treasury obligations, (v) mortgage-backed securities,
(vi) asset-backed securities, (vii) zero coupon, pay-in-kind or deferred payment
securities, and (viii) securities issued on a when-issued and a delayed-delivery
basis, including TBA mortgage-backed securities.
Any remaining assets may be invested in: (i) interest-only and
principal-only components of mortgage-backed securities, (ii) mortgage dollar
rolls, (iii) warrants, (iv) money market securities, (v) construction loans and
(vi) Yankee obligations. In addition, the Fund may purchase or write options,
futures (including futures on U.S. Treasury obligations and Eurodollar
instruments) and options on futures. The Fund may also borrow money, invest in
illiquid securities and shares of other investment companies, and lend its
securities to qualified buyers.
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Duration is a measure of the expected life of a fixed income security on a
cash flow basis. Most debt obligations provide interest payments and a final
payment at maturity. Some also have put or call provisions that allow the
security to be redeemed at special dates prior to maturity. Duration
incorporates yield, coupon interest payments, final maturity and call features
into a single measure. The advisers therefore consider duration a more accurate
measure of a security's expected life and sensitivity to interest rate changes
than is the security's term to maturity.
The Fund invests in a portfolio with a dollar-weighted average duration that
will, under normal market conditions, stay within plus or minus 20% of what the
advisers believe to be the average duration of the domestic bond market as a
whole. The advisers base their analysis of the average duration of the domestic
bond market on the bond market indices which they believe to be representative.
The advisers currently use the Lehman Aggregate Bond Index for this purpose.
The Fund's annual turnover rate may exceed 100%. Such a turnover rate may
lead to higher transaction costs and may result in higher taxes for
shareholders.
HIGH YIELD BOND FUND--The investment objective of the High Yield Bond Fund
is to maximize total return. There can be no assurance that the Fund will
achieve its investment objective.
Under normal market conditions, the Fund will invest at least 65% of its
total assets in fixed income securities that are rated below investment grade,
I.E., rated below the top four rating categories by an NRSRO at the time of
purchase, or, if not rated, determined to be of comparable quality by the
advisers. Below investment grade securities are commonly referred to as "junk
bonds," and generally entail increased credit and market risk. Securities rated
in the lowest rating categories may have predominantly speculative
characteristics or may be in default.
The Fund may invest in all types of fixed income securities issued by
domestic and foreign issuers, including: (i) mortgage-backed securities,
(ii) asset-backed securities, (iii) zero coupon, pay-in-kind or deferred payment
securities, and (iv) variable and floating rate instruments.
Any assets of the Fund not invested in the fixed income securities described
above may be invested in: (i) convertible securities, (ii) preferred stocks,
(iii) equity securities, (iv) investment grade fixed income securities,
(v) money market securities, (vi) securities issued on a when-issued and
delayed-delivery basis, including TBA mortgage-backed securities, (vii) forward
foreign currency contracts, and (viii) Yankee obligations. In addition, the Fund
may purchase or write options, futures and options on futures. The Fund may also
borrow money, invest in illiquid securities and shares of other investment
companies, and lend its securities to qualified buyers.
The advisers may vary the average maturity of the securities in the Fund
without limit, and there is no restriction on the maturity of any individual
security.
The "Appendix" to this Statement of Additional Information sets forth a
description of the bond rating categories of several NRSROs. The ratings
established by each NRSRO represents its opinion of the safety of principal and
interest payments (and not the market risk) of bonds and other fixed income
securities it undertakes to rate at the time of issuance. Ratings are not
absolute standards of quality, and may not reflect changes in an issuer's
creditworthiness. Accordingly, although the advisers will consider ratings, they
will perform their own analyses and will not rely principally on ratings. The
advisers will consider, among other things, the price of the security and the
financial history and condition, the prospects and the management of an issuer
in selecting securities for the Fund.
The achievement of the Fund's investment objective may be more dependent on
the adviser's own credit analysis than would be the case if the Fund invested in
higher rated securities. There is no bottom limit on the ratings of high yield
securities that may be purchased or held by the Fund.
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DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS
ALL FUNDS MAY INVEST IN THE FOLLOWING INVESTMENTS UNLESS SPECIFICALLY NOTED
OTHERWISE.
AMERICAN DEPOSITORY RECEIPTS ("ADRs")--The Balanced, Capital Appreciation,
Equity Income, High Yield Bond, Large Cap Growth, Large Cap Value and Small Cap
Value Funds may invest in ADRs traded on registered exchanges or on Nasdaq. The
Large Cap Growth Fund may also invest in ADRs not traded on an established
exchange. ADRs are securities, typically issued by a U.S. financial institution
(a "depositary"), that evidence ownership interests in a security or a pool or
securities issued by a foreign issuer and deposited with the depositary. ADRs
may be available through "sponsored" or "unsponsored" facilities. A sponsored
facility is established jointly by the issuer of the security underlying the
receipt and a depositary, whereas an unsponsored facility may be established by
a depositary without participation by the issuer of the underlying security.
While the Funds typically invest in sponsored ADRs, joint arrangements between
the issuer and the depositary, some ADRs may be unsponsored. Unlike sponsored
ADRs, the holders of unsponsored ADRs bear all expenses and the depositary may
not be obligated to distribute shareholder communications or to pass through the
voting rights on the deposited securities.
ASSET-BACKED SECURITIES--The Core Fixed Income and High Yield Bond Funds may
invest in asset-backed securities. Asset-backed securities are securities
secured by non-mortgage assets such as company receivables, truck and auto
loans, leases and credit card receivables. Such securities are generally issued
as pass-through certificates, which represent undivided fractional ownership
interests in the underlying pools of assets. Such securities also may be debt
instruments, which are also known as collateralized obligations and are
generally issued as the debt of a special purpose entity, such as a trust,
organized solely for the purpose of owning such assets and issuing such debt.
Credit support for asset-backed securities may be based on the underlying assets
and/or provided by a third party through credit enhancements. Credit enhancement
techniques include letters of credit, insurance bonds, limited guarantees (which
are generally provided by the issuer), senior-subordinated structures and
overcollateralization.
Asset-backed securities are not issued or guaranteed by the United States
Government or its agencies or instrumentalities; however, the payment of
principal and interest on such obligations may be guaranteed up to certain
amounts and for a certain period by a letter of credit issued by a financial
institution (such as a bank or insurance company) unaffiliated with the issuers
of such securities. The purchase of asset-backed securities raises risk
considerations peculiar to the financing of the instruments underlying such
securities. For example, there is a risk that another party could acquire an
interest in the obligations superior to that of the holders of the asset-backed
securities. There also is the possibility that recoveries on repossessed
collateral may not, in some cases, be available to support payments on those
securities. Asset-backed securities entail prepayment risk, which may vary
depending on the type of asset, but is generally less than the prepayment risk
associated with mortgage-backed securities. In addition, credit card receivables
are unsecured obligations of the card holders.
The market for asset-backed securities is at a relatively early stage of
development. Accordingly, there may be a limited secondary market for such
securities.
BANKERS' ACCEPTANCES--A bankers' acceptance is a bill of exchange or time
draft drawn on and accepted by a commercial bank. It is used by corporations to
finance the shipment and storage of goods and to furnish dollar exchange.
Maturities are generally six months or less.
CERTIFICATES OF DEPOSIT--A certificate of deposit is a negotiable,
interest-bearing instrument with a specific maturity. Certificates of deposit
are issued by banks and savings and loan institutions in exchange for the
deposit of funds, and normally can be traded in the secondary market prior to
maturity. Certificates of deposit have penalties for early withdrawal.
COMMERCIAL PAPER--Commercial paper is the term used to designate unsecured,
short-term promissory notes issued by corporations and other entities.
Maturities on these issues vary from a day to nine months.
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CONSTRUCTION LOANS--In general, construction loans are mortgages on
multifamily homes that are insured by the Federal Housing Administration ("FHA")
under various federal programs of the National Housing Act of 1934 and its
amendments. Several FHA programs have evolved to ensure the construction
financing and permanent mortgage financing on multifamily residences, nursing
homes, elderly residential facilities, and health care units. Project loans
typically trade in two forms: either as FHA- or GNMA-insured pass-through
securities. In this case, a qualified issuer issues the pass-through securities
while holding the underlying mortgage loans as collateral. Regardless of form,
all projects are government-guaranteed by the U.S. Department of Housing and
Urban Development ("HUD") through the FHA insurance fund. The credit backing of
all FHA and GNMA projects derives from the FHA insurance fund, and so projects
issued in either form enjoy the full faith and credit backing of the U.S.
Government.
Most project pools consist of one large mortgage loan rather than numerous
smaller mortgages, as is typically the case with agency single-family mortgage
securities. As such, prepayments on projects are driven by the incentives most
mortgagors have to refinance, and are very project-specific in nature. However,
to qualify for certain government programs, many project securities contain
specific prepayment restrictions and penalties.
Under multifamily insurance programs, the government insures the
construction financing of projects as well as the permanent mortgage financing
on the completed structures. This is unlike the single-family mortgage market,
in which the government only insures mortgages on completed homes. Investors
purchase new projects by committing to fund construction costs on a monthly
basis until the project is built. Upon project completion, an investors
construction loan commitments are converted into a proportionate share of the
final permanent project mortgage loan. The construction financing portion of a
project trades in the secondary market as an insured Construction Loan
Certificate ("CLC"). When the project is completed, the investor exchanges all
the monthly CLCs for an insured Permanent Loan Certificate ("PLC"). The PLC is
an insured pass-through security backed by the final mortgage on the completed
property. As such, PLCs typically have a thirty-five to forty year maturity,
depending on the type of final project. There are vastly more PLCs than CLCs in
the market, owing to the long economic lives of the project structures. While
neither CLCs or PLCs are as liquid as agency single-family mortgage securities,
both are traded on the secondary market and would generally not be considered
illiquid. The benefit to owning these securities is a relatively high yield
combined with significant prepayment protection, which generally makes these
types of securities more attractive when prepayments are expected to be high in
the mortgage market. CLCs typically offer a higher yield due to the fact that
they are somewhat more administratively burdensome to account for. The Core
Fixed Income Fund may invest in construction loans.
CONVERTIBLE SECURITIES--Convertible securities are corporate securities that
are exchangeable for a set number of another security at a prestated price.
Convertible securities have characteristics similar to both fixed income and
equity securities. Because of the conversion feature, the market value of
convertible securities tends to move together with the market value of the
underlying stock. As a result, a Fund's selection of convertible securities is
based, to a great extent, on the potential for capital appreciation that may
exist in the underlying stock. The value of convertible securities is also
affected by prevailing interest rates, the credit quality of the issuer and any
call provisions. The Balanced, Capital Appreciation, Equity Income, High Yield
Bond, Mid-Cap, Large Cap Growth, Large Cap Value, Tax-Managed Large Cap, Small
Cap Growth, Small Cap Value, and Tax-Managed Small Cap Funds may invest in
convertible securities.
EQUITY SECURITIES--The Balanced, Capital Appreciation, Equity Income, High
Yield Bond, Mid-Cap, Large Cap Growth, Large Cap Value, Tax-Managed Large Cap,
Small Cap Growth, Small Cap Value, and Tax-Managed Small Cap Funds may purchase
equity securities. Equity securities include common stock, preferred stock,
warrants or rights to subscribe to common stock and, in general, any security
that is convertible into or exchangeable for common stock. The Large Cap Value,
Small Cap Growth, Capital
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Appreciation and Equity Income Funds may only invest in such securities if they
are listed on registered exchanges or actively traded in the over-the-counter
market.
Equity securities represent ownership interests in a company or corporation,
and include common stock, preferred stock, and warrants and other rights to
acquire such instruments. Investments in equity securities in general are
subject to market risks that may cause their prices to fluctuate over time. The
value of convertible equity securities is also affected by prevailing interest
rates, the credit quality of the issuer and any call provisions. Fluctuations in
the value of equity securities in which a Fund invests will cause the net asset
value of the Fund to fluctuate.
Investments in small or middle capitalization companies involve greater risk
than is customarily associated with larger, more established companies due to
the greater business risks of small size, limited markets and financial
resources, narrow product lines and the frequent lack of depth of management.
The securities of small or medium-sized companies are often traded
over-the-counter, and may not be traded in volumes typical of securities traded
on a national securities exchange. Consequently, the securities of smaller
companies may have limited market stability and may be subject to more abrupt or
erratic market movements than securities of larger, more established companies
or the market averages in general.
FIXED INCOME SECURITIES--Fixed income securities are debt obligations issued
by corporations, municipalities and other borrowers. The market value of a
Fund's fixed income investments will change in response to interest rate changes
and other factors. During periods of falling interest rates, the values of
outstanding fixed income securities generally rise. Conversely, during periods
of rising interest rates, the values of such securities generally decline.
Securities with longer maturities are subject to greater fluctuations in value
than securities with shorter maturities. Fixed income securities rated in the
fourth highest rating category lack outstanding investment characteristics, and
have speculative characteristics as well. Changes by an NRSRO in the rating of
any fixed income security and in the ability of an issuer to make payments of
interest and principal also affect the value of these investments. Changes in
the value of a Fund's securities will not affect cash income derived from these
securities but will affect the Fund's net asset value.
Fixed income securities are considered investment grade if they are rated in
one of the four highest rating categories by a NRSRO, or, if not rated, are
determined to be of comparable quality by the Fund's advisers. The Description
of Ratings section of this Prospectus sets forth a description of the bond
rating categories of several NRSROs. Ratings of each NRSRO represents its
opinion of the safety of principal and interest payments (and not the market
risk) of bonds and other fixed income securities it undertakes to rate at the
time of issuance. Ratings are not absolute standards of quality and may not
reflect changes in an issuer's creditworthiness. Fixed income securities rated
BBB or Baa lack outstanding investment characteristics, and have speculative
characteristics as well. In the event a security owned by a Fund is downgraded,
the adviser will review the situation and take appropriate action with regard to
the security.
Securities held by a Fund that are guaranteed by the U.S. Government, its
agencies or instrumentalities guarantee only the payment of principal and
interest, and do not guarantee the securities' yield or value or the yield or
value of a Fund's shares.
There is a risk that the current interest rate on floating and variable rate
instruments may not accurately reflect existing market interest rates.
FOREIGN SECURITIES--The Balanced, Capital Appreciation, Equity Income, High
Yield Bond, Small Cap Growth, Small Cap Value, Large Cap Growth and Large Cap
Value Funds may invest in U.S. dollar denominated obligations or securities of
foreign issuers. In addition, the Core Fixed Income and High Yield Bond Funds
may invest in Yankee Obligations. Permissible investments may consist of
obligations of foreign branches of U.S. banks and foreign banks, including
European Certificates of Deposit, European Time Deposits, Canadian Time
Deposits, Yankee Certificates of Deposit and investments in Canadian Commercial
Paper, foreign securities and Europaper. These instruments may subject the Fund
to investment risks that differ in some respects from those related to
investments in obligations of U.S. issuers. Investing in the securities of
foreign companies and the utilization of forward foreign currency
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contracts involve special risks and considerations not typically associated with
investing in U.S. companies. These risks and considerations include differences
in accounting, auditing and financial reporting standards, generally higher
commission rates on foreign portfolio transactions, the possibility of
expropriation or confiscatory taxation, adverse changes in investment or
exchange control regulations, political instability that could affect U.S.
investment in foreign countries and potential restrictions of the flow of
international capital and currencies. Such investments may also entail higher
custodial fees and sales commissions than domestic investments. Foreign issuers
of securities or obligations are often subject to accounting treatment and
engage in business practices different from those respecting domestic issuers of
similar securities or obligations. Foreign branches of U.S. banks and foreign
banks may be subject to less stringent reserve requirements than those
applicable to domestic branches of U.S. banks.
FORWARD FOREIGN CURRENCY CONTRACTS--A forward contract involves an
obligation to purchase or sell a specific currency amount at a future date,
agreed upon by the parties, at a price set at the time of the contract. A Fund
may enter into a contract to sell, for a fixed amount of U.S. dollars or other
appropriate currency, the amount of foreign currency approximating the value of
some or all of a Fund's securities denominated in such foreign currency.
By entering into forward foreign currency contracts, a Fund will seek to
protect the value of its investment securities against a decline in the value of
a currency. However, these forward foreign currency contracts will not eliminate
fluctuations in the underlying prices of the securities. Rather, they simply
establish a rate of exchange which one can obtain at some future point in time.
Although such contracts tend to minimize the risk of loss due to a decline in
the value of the hedged currency, they also tend to limit any potential gain
which might result should the value of such currency increase. At the maturity
of a forward contract, a Fund may either sell a portfolio security and make
delivery of the foreign currency, or it may retain the security and terminate
its contractual obligation to deliver the foreign currency by purchasing an
"offsetting" contract with the same currency trader, obligating it to purchase,
on the same maturity date, the same amount of the foreign currency. A Fund may
realize a gain or loss from currency transactions. A Fund will place assets in a
segregated account to assure that its obligations under forward foreign currency
contracts are covered.
FUTURES AND OPTIONS ON FUTURES--Futures contracts provide for the future
sale by one party and purchase by another party of a specified amount of a
specific security at a specified future time and at a specified price. An option
on a futures contract gives the purchaser the right, in exchange for a premium,
to assume a position in a futures contract at a specified exercise price during
the term of the option. A Fund may use futures contracts and related options for
BONA FIDE hedging purposes, to offset changes in the value of securities held or
expected to be acquired or be disposed of, to minimize fluctuations in foreign
currencies, or to gain exposure to a particular market or instrument. A Fund
will minimize the risk that it will be unable to close out a futures contract by
only entering into futures contracts that are traded on national futures
exchanges.
An index futures contract is a bilateral agreement pursuant to which two
parties agree to take or make delivery of an amount of cash equal to a specified
dollar amount times the difference between the bond index value at the close of
trading of the contract and the price at which the futures contract is
originally struck. No physical delivery of the bonds comprising the index is
made; generally contracts are closed out prior to the expiration date of the
contract.
In order to avoid leveraging and related risks, when a Fund invests in
futures contracts, it will cover its position by depositing an amount of cash or
liquid securities equal to the market value of the futures positions held, less
margin deposits, in a segregated account and that amount will be marked to
market on a daily basis.
A Fund may enter into futures contracts and options on futures contracts
traded on an exchange regulated by the Commodities Futures Trading Commission
("CFTC"), so long as, to the extent that such transactions are not for "bona
fide hedging purposes," the aggregate initial margin and premiums on such
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positions (excluding the amount by which such options are in the money) do not
exceed 5% of the Fund's net assets.
There are risks associated with these activities, including the following:
(1) the success of a hedging strategy may depend on an ability to predict
movements in the prices of individual securities, fluctuations in markets and
movements in interest rates, (2) there may be an imperfect or no correlation
between the changes in market value of the securities held by the Fund and the
prices of futures and options on futures, (3) there may not be a liquid
secondary market for a futures contract or option, (4) trading restrictions or
limitations may be imposed by an exchange, and (5) government regulations may
restrict trading in futures contracts and options on futures. In addition, some
strategies reduce a Fund's exposure to price fluctuations, while others tend to
increase its market exposure. Futures and options on futures can be volatile
instruments and involve certain risks that could negatively impact a Fund's
return.
ILLIQUID SECURITIES--Illiquid securities are securities that cannot be
disposed of within seven days at approximately the price at which they are being
carried on the Fund's books. Illiquid securities include demand instruments with
demand notice periods exceeding seven days, securities for which there is no
active secondary market, and repurchase agreements with maturities over seven
days in length.
LOWER RATED SECURITIES--The High Yield Bond Fund will invest in lower-rated
bonds commonly referred to as "junk bonds" or high-yield/high-risk securities.
Lower rated securities are defined as securities below the fourth highest rating
category by an NRSRO. Such obligations are speculative and may be in default.
There is no bottom limit on the ratings of high-yield securities that may be
purchased or held by the Fund. In addition, the Fund may invest in unrated
securities. Fixed income securities are subject to the risk of an issuer's
ability to meet principal and interest payments on the obligation (credit risk),
and may also be subject to price volatility due to such factors as interest rate
sensitivity, market perception of the creditworthiness of the issuer and general
market liquidity (market risk). Lower rated or unrated (I.E., high yield)
securities are more likely to react to developments affecting market and credit
risk than are more highly rated securities, which primarily react to movements
in the general level of interest rates. The market values of fixed-income
securities tend to vary inversely with the level of interest rates. Yields and
market values of high yield securities will fluctuate over time, reflecting not
only changing interest rates but the market's perception of credit quality and
the outlook for economic growth. When economic conditions appear to be
deteriorating, medium to lower rated securities may decline in value due to
heightened concern over credit quality, regardless of prevailing interest rates.
Investors should carefully consider the relative risks of investing in high
yield securities and understand that such securities are not generally meant for
short-term investing.
The high yield market is relatively new and its growth has paralleled a long
period of economic expansion and an increase in merger, acquisition and
leveraged buyout activity. Adverse economic developments can disrupt the market
for high yield securities, and severely affect the ability of issuers,
especially highly leveraged issuers, to service their debt obligations or to
repay their obligations upon maturity which may lead to a higher incidence of
default on such securities. In addition, the secondary market for high yield
securities, which is concentrated in relatively few market makers, may not be as
liquid as the secondary market for more highly rated securities. As a result,
the Fund's advisers could find it more difficult to sell these securities or may
be able to sell the securities only at prices lower than if such securities were
widely traded. Furthermore the Trust may experience difficulty in valuing
certain securities at certain times. Prices realized upon the sale of such lower
rated or unrated securities, under these circumstances, may be less than the
prices used in calculating the Fund's net asset value.
Prices for high yield securities may be affected by legislative and
regulatory developments. These laws could adversely affect the Fund's net asset
value and investment practices, the secondary market value for high yield
securities, the financial condition of issuers of these securities and the value
of outstanding high yield securities.
Lower rated or unrated debt obligations also present risks based on payment
expectations. If an issuer calls the obligations for redemption, the Fund may
have to replace the security with a lower yielding
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security, resulting in a decreased return for investors. If the Fund experiences
unexpected net redemptions, it may be forced to sell its higher rated
securities, resulting in a decline in the overall credit quality of the Fund's
investment portfolio and increasing the exposure of the Fund to the risks of
high yield securities.
GROWTH OF HIGH-YIELD BOND, HIGH-RISK BOND MARKET. The widespread expansion
of government, consumer and corporate debt within the U.S. economy has made the
corporate sector more vulnerable to economic downturns or increased interest
rates. Further, an economic downturn could severely disrupt the market for lower
rated bonds and adversely affect the value of outstanding bonds and the ability
of the issuers to repay principal and interest.
SENSITIVITY TO INTEREST RATE AND ECONOMIC CHANGES. Lower rated bonds are
very sensitive to adverse economic changes and corporate developments. During an
economic down turn or substantial period of rising interest rates, highly
leveraged issuers may experience financial stress that would adversely affect
their ability to service their principal and interest payment obligations, to
meet projected business goals, and to obtain additional financing. If the issuer
of a bond defaulted on its obligations to pay interest or principal or entered
into bankruptcy proceedings, the Fund may incur losses or expenses in seeking
recovery of amounts owed to it. In addition, periods of economic uncertainty and
change can be expected to result in increased volatility of market prices of
high-yield, high-risk bonds and the Fund's net asset value.
PAYMENT EXPECTATIONS. High-yield, high-risk bonds may contain redemption or
call provisions. If an issuer exercised these provisions in a declining interest
rate market, the Fund would have to replace the security with a lower yielding
security, resulting in a decreased return for investors. Conversely, a high-
yield, high-risk bond's value will decrease in a rising interest rate market, as
will the value of the Fund's assets. If the Fund experiences significant
unexpected net redemptions, this may force it to sell high-yield, high-risk
bonds without regard to their investment merits, thereby decreasing the asset
base upon which expenses can be spread and possibly reducing the Fund's rate of
return.
TAXES. The Fund may purchase debt securities (such as zero-coupon or
pay-in-kind securities) that contain original issue discount. Original issue
discount that accrues in a taxable year is treated as earned by a Fund and
therefore is subject to the distribution requirements of the tax code. Because
the original issue discount earned by the Fund in a taxable year may not be
represented by cash income, the Fund may have to dispose of other securities and
use the proceeds to make distributions to shareholders.
MONEY MARKET SECURITIES--Each Fund may hold cash reserves and invest in
money market instruments (including securities issued or guaranteed by the U.S.
Government, its agencies or instrumentalities, repurchase agreements,
certificates of deposit and bankers' acceptances issued by banks or savings and
loan associations having net assets of at least $500 million as of the end of
their most recent fiscal year, high-grade commercial paper and other short-term
debt securities) rated at the time of purchase in the top two categories by an
NRSRO, or, if not rated, determined by the advisers to be of comparable quality
at the time of purchase.
MORTGAGE-BACKED SECURITIES--The Balanced, Core Fixed Income, and High Yield
Bond Funds may, consistent with their respective investment objectives and
policies, invest in mortgage-backed securities.
Mortgage-backed securities in which the Funds may invest represent pools of
mortgage loans assembled for sale to investors by various governmental agencies
such as the Government National Mortgage Association ("GNMA") and
government-related organizations such as Fannie Mae and the Federal Home Loan
Mortgage Corporation ("FHLMC"), as well as by non-governmental issuers such as
commercial banks, savings and loan institutions, mortgage bankers, and private
mortgage insurance companies. Mortgage-backed securities are instruments that
entitle the holder to a share of all interest and principal payments from
mortgages underlying the security. The mortgages backing these securities
include conventional fifteen- and thirty-year fixed-rate mortgages, graduated
payment mortgages, adjustable rate mortgages and balloon mortgages. During
periods of declining interest rates, prepayment of mortgages
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underlying mortgage-backed securities can be expected to accelerate. Prepayment
of mortgages which underlie securities purchased at a premium often results in
capital losses, while prepayment of mortgages purchased at a discount often
results in capital gains. Because of these unpredictable prepayment
characteristics, it is often not possible to predict accurately the average life
or realized yield of a particular issue. Although certain mortgage-backed
securities are guaranteed by a third party or otherwise similarly secured, the
market value of the security, which may fluctuate, is not so secured. If a Fund
purchases a mortgage-backed security at a premium, that portion may be lost if
there is a decline in the market value of the security whether resulting from
changes in interest rates or prepayments in the underlying mortgage collateral.
As with other interest-bearing securities, the prices of such securities are
inversely affected by changes in interest rates. However, though the value of a
mortgage-backed security may decline when interest rates rise, the converse is
not necessarily true since in periods of declining interest rates the mortgages
underlying the securities are prone to prepayment. When the mortgage-backed
securities held by a Fund are prepaid, the Fund must reinvest the proceeds in
securities the yield of which reflects prevailing interest rates, which may be
lower than the prepaid security. For this and other reasons, a mortgage-backed
security's stated maturity may be shortened by unscheduled prepayments on the
underlying mortgages and, therefore, it is not possible to predict accurately
the security's return to a Fund. In addition, regular payments received in
respect of mortgage-backed securities include both interest and principal. No
assurance can be given as to the return a Fund will receive when these amounts
are reinvested.
A Fund may also invest in mortgage-backed securities that are collateralized
mortgage obligations structured on pools of mortgage pass-through certificates
or mortgage loans. For purposes of determining the average maturity of a
mortgage-backed security in its investment portfolio, the Core Fixed Income Fund
will utilize the expected average life of the security, as estimated in good
faith by the Fund's advisers. Unlike most single family residential mortgages,
commercial real estate property loans often contain provisions which
substantially reduce the likelihood that such securities will be prepaid. The
provisions generally impose significant prepayment penalties on loans and, in
some cases there may be prohibitions on principal prepayments for several years
following origination.
GOVERNMENT PASS-THROUGH SECURITIES: These are securities that are issued or
guaranteed by a U.S. Government agency representing an interest in a pool of
mortgage loans. The primary issuers or guarantors of these mortgage-backed
securities are GNMA, Fannie Mae and the FHLMC. GNMA, Fannie Mae and FHLMC
guarantee timely distributions of interest to certificate holders. GNMA and
Fannie Mae also guarantee timely distributions of scheduled principal. FHLMC
generally guarantees only the ultimate collection of principal of the underlying
mortgage loan. Fannie Mae and FHLMC obligations are not backed by the full faith
and credit of the U.S. Government as GNMA certificates are, but Fannie Mae and
FHLMC securities are supported by the instrumentalities' right to borrow from
the U.S. Treasury. Government and private guarantees do not extend to the
securities' value, which is likely to vary inversely with fluctuations in
interest rates.
There are a number of important differences among the agencies and
instrumentalities of the U.S. Government that issue mortgage-backed securities
and among the securities that they issue. Mortgage-backed securities issued by
the GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie
Maes") that are guaranteed as to the timely payment of principal and interest by
GNMA and are backed by the full faith and credit of the United States. GNMA is a
wholly-owned U.S. Government corporation within HUD. GNMA certificates also are
supported by the authority of GNMA to borrow funds from the U.S. Treasury to
make payments under its guarantee. Mortgage-backed securities issued by Fannie
Mae include Fannie Mae Guaranteed Mortgage Pass-Through Certificates (also known
as "Fannie Maes") that are solely the obligations of Fannie Mae and are not
backed by or entitled to the full faith and credit of the United States. Fannie
Mae is a government-sponsored organization owned entirely by private
stockholders. Fannie Maes are guaranteed as to timely payment of the principal
and interest by Fannie Mae. Mortgage-backed securities issued by the FHLMC
include FHLMC Mortgage Participation Certificates (also known as "Freddie Macs"
or "PC's"). The FHLMC is a corporate instrumentality of the United States,
created pursuant to an Act of Congress, which is owned entirely by Federal Home
Loan Banks.
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Freddie Macs are not guaranteed by the United States or by any Federal Home Loan
Banks and do not constitute a debt or obligation of the United States or of any
Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of
interest, which is guaranteed by the FHLMC. The FHLMC guarantees either ultimate
collection or timely payment of all principal payments on the underlying
mortgage loans. When the FHLMC does not guarantee timely payment of principal,
FHLMC may remit the amount due on account of its guarantee of ultimate payment
of principal at any time after default on an underlying mortgage, but in no
event later than one year after it becomes payable. For FHLMC REMIC
Certificates, FHLMC guarantees the timely payment of interest, and also
guarantees the payment of principal as payments are required to be made on the
underlying mortgage participation certificates. Fannie Mae REMIC Certificates
are issued and guaranteed as to timely distribution of principal and interest by
Fannie Mae.
PRIVATE PASS-THROUGH SECURITIES: These are mortgage-backed securities
issued by a non-governmental entity, such as a trust. While they are generally
structured with one or more types of credit enhancement, private pass-through
securities typically lack a guarantee by an entity having the credit status of a
governmental agency or instrumentality.
COMMERCIAL MORTGAGE-BACKED SECURITIES ("CMBS"): CMBS are generally
multi-class or pass-through securities backed by a mortgage loan or a pool of
mortgage loans secured by commercial property, such as industrial and warehouse
properties, office buildings, retail space and shopping malls, multifamily
properties and cooperative apartments. The commercial mortgage loans that
underlie CMBS are generally not amortizing or not fully amortizing. That is, at
their maturity date, repayment of the remaining principal balance or "balloon"
is due and is repaid through the attainment of an additional loan of sale of the
property.
COLLATERALIZED MORTGAGE OBLIGATIONS ("CMOs"): CMOs are debt obligations of
multiclass pass-through certificates issued by agencies or instrumentalities of
the U.S. Government or by private originators or investors in mortgage loans.
Principal payments on the underlying mortgage assets may cause CMOs to be
retired substantially earlier then their stated maturities or final distribution
dates, resulting in a loss of all or part of any premium paid. Each class of a
CMO is issued with a specific fixed or floating coupon rate and has a stated
maturity or final distribution date.
REMICs: A REMIC is a CMO that qualifies for special tax treatment under the
Internal Revenue Code and invests in certain mortgages principally secured by
interests in real property. Investors may purchase beneficial interests in
REMICs, which are known as "regular" interests, or "residual" interests.
Guaranteed REMIC pass-through certificates ("REMIC Certificates") issued by
Fannie Mae, GNMA or FHLMC represent beneficial ownership interests in a REMIC
trust consisting principally of mortgage loans or Fannie Mae, FHLMC or
GNMA-guaranteed mortgage pass-through certificates. For FHLMC REMIC
Certificates, FHLMC guarantees the timely payment of interest, and also
guarantees the payment of principal as payments are required to be made on the
underlying mortgage participation certificates. Fannie Mae REMIC Certificates
are issued and guaranteed as to timely distribution of principal and interest by
Fannie Mae. GNMA REMIC Certificates are backed by the full faith and credit of
the U.S. Government.
PARALLEL PAY SECURITIES; PAC BONDS: Parallel pay CMOs and REMICS are
structured to provide payments of principal on each payment date to more than
one class. These simultaneous payments are taken into account in calculating the
stated maturity date or final distribution date of each class, which must be
retired by its stated maturity date or final distribution date, but may be
retired earlier. Planned Amortization Class CMOs ("PAC Bonds") generally require
payments of a specified amount of principal on each payment date. PAC Bonds are
always parallel pay CMOs with the required principal payment on such securities
having the highest priority after interest has been paid to all classes.
STRIPPED MORTGAGE-BACKED SECURITIES ("SMBs"): SMBs are usually structured
with two classes that receive specified proportions of the monthly interest and
principal payments from a pool of mortgage
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securities. One class may receive all of the interest payments, while the other
class may receive all of the principal payments. The market for SMBs is not as
fully developed as other markets; SMBs, therefore, may be illiquid.
MORTGAGE DOLLAR ROLLS--Mortgage "dollar rolls" are transactions in which
mortgage-backed securities are sold for delivery in the current month and the
seller simultaneously contracts to repurchase substantially similar securities
on a specified future date. The difference between the sale price and the
purchase price (plus any interest earned on the cash proceeds of the sale) is
netted against the interest income foregone on the securities sold to arrive at
an implied borrowing rate. Alternatively, the sale and purchase transactions can
be executed at the same price, with a Portfolio being paid a fee as
consideration for entering into the commitment to purchase. Mortgage dollar
rolls may be renewed prior to cash settlement and initially may involve only a
firm commitment agreement by a Fund to buy a security. If the broker-dealer to
whom a Fund sells the security becomes insolvent, the Fund's right to repurchase
the security may be restricted. Other risks involved in entering into mortgage
dollar rolls include the risk that the value of the security may change
adversely over the term of the mortgage dollar roll and that the security a Fund
is required to repurchase may be worth less than the security that the Fund
originally held.
To avoid any leveraging concerns, a Fund will place U.S. Government or other
liquid securities in a segregated account in an amount sufficient to cover its
repurchase obligation.
MUNICIPAL SECURITIES--The Core Fixed Income Fund and High Yield Bond Fund
may invest in municipal securities. Municipal securities consist of (i) debt
obligations issued by or on behalf of public authorities to obtain funds to be
used for various public facilities, for refunding outstanding obligations, for
general operating expenses, and for lending such funds to other public
institutions and facilities, and (ii) certain private activity and industrial
development bonds issued by or on behalf of public authorities to obtain funds
to provide for the construction, equipment, repair or improvement of privately
operated facilities. The two principal classifications of Municipal Securities
are "general obligation" and "revenue" issues. General obligation issues are
issues involving the credit of an issuer possessing taxing power and are payable
from the issuer's general unrestricted revenues, although the characteristics
and method of enforcement of general obligation issues may vary according to the
law applicable to the particular issuer. Revenue issues are payable only from
the revenues derived from a particular facility or class of facilities or other
specific revenue source. A Fund may also invest in "moral obligation" issues,
which are normally issued by special purpose authorities. Moral obligation
issues are not backed by the full faith and credit of the state and are
generally backed by the agreement of the issuing authority to request
appropriations from the state legislative body. Municipal Securities include
debt obligations issued by governmental entities to obtain funds for various
public purposes, such as the construction of a wide range of public facilities,
the refunding of outstanding obligations, the payment of general operating
expenses, and the extension of loans to other public institutions and
facilities. Certain private activity bonds that are issued by or on behalf of
public authorities to finance various privately-owned or operated facilities are
included within the term "Municipal Securities." Private activity bonds and
industrial development bonds are generally revenue bonds, the credit and quality
of which are directly related to the credit of the private user of the
facilities.
Municipal Securities may also include general obligation notes, tax
anticipation notes, bond anticipation notes, revenue anticipation notes, project
notes, certificates of indebtedness, demand notes, tax-exempt commercial paper,
construction loan notes and other forms of short-term, tax-exempt loans. Such
instruments are issued with a short-term maturity in anticipation of the receipt
of tax funds, the proceeds of bond placements or other revenues. Project notes
are issued by a state or local housing agency and are sold by HUD. While the
issuing agency has the primary obligation with respect to its project notes,
they are also secured by the full faith and credit of the United States through
agreements with the issuing authority which provide that, if required, the
federal government will lend the issuer an amount equal to the principal of and
interest on the project notes.
The quality of Municipal Securities, both within a particular classification
and between classifications, will vary, and the yields on Municipal Securities
depend upon a variety of factors, including general money market conditions, the
financial condition of the issuer (or other entity whose financial resources are
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supporting the securities), general conditions of the municipal bond market, the
size of a particular offering, the maturity of the obligation and the rating(s)
of the issue. In this regard, it should be emphasized that the ratings of any
NRSRO are general and are not absolute standards of quality. Municipal
Securities with the same maturity, interest rate and rating(s) may have
different yields, while Municipal Securities of the same maturity and interest
rate with different rating(s) may have the same yield.
An issuer's obligations under its Municipal Securities are subject to the
provisions of bankruptcy, insolvency, and other laws affecting the rights and
remedies of creditors, such as the Federal Bankruptcy Code, and laws, if any,
which may be enacted by Congress or state legislatures extending the time for
payment of principal or interest, or both, or imposing other constraints upon
the enforcement of such obligations or upon the ability of municipalities to
levy taxes. The power or ability of an issuer to meet its obligations for the
payment of interest on and principal of its Municipal Securities may be
materially adversely affected by litigation or other conditions.
MUNICIPAL LEASES--The Core Fixed Income Fund may invest in instruments, or
participations in instruments, issued in connection with lease obligations or
installment purchase contract obligations of municipalities ("municipal lease
obligations"). Although municipal lease obligations do not constitute general
obligations of the issuing municipality, a lease obligation is ordinarily backed
by the municipality's covenant to budget for, appropriate funds for, and make
the payments due under the lease obligation. However, certain lease obligations
contain "non-appropriation" clauses, which provide that the municipality has no
obligation to make lease or installment purchase payments in future years unless
money is appropriated for such purpose in the relevant years. Municipal lease
obligations are a relatively new form of financing, and the market for such
obligations is still developing. Municipal leases will be treated as liquid only
if they satisfy criteria set forth in guidelines established by the Board of
Trustees, and there can be no assurance that a market will exist or continue to
exist for any municipal lease obligation.
OPTIONS--A Fund may purchase and write put and call options on indices and
enter into related closing transactions. A put option on a security gives the
purchaser of the option the right to sell, and the writer of the option the
obligation to buy, the underlying security at any time during the option period.
A call option on a security gives the purchaser of the option the right to buy,
and the writer of the option the obligation to sell, the underlying security at
any time during the option period. The premium paid to the writer is the
consideration for undertaking the obligations under the option contract.
A Fund may purchase and write put and call options on foreign currencies
(traded on U.S. and foreign exchanges or over-the-counter markets) to manage its
exposure to exchange rates. Call options on foreign currency written by a Fund
will be "covered," which means that the Fund will own an equal amount of the
underlying foreign currency.
Put and call options on indices are similar to options on securities except
that options on an index give the holder the right to receive, upon exercise of
the option, an amount of cash if the closing level of the underlying index is
greater than (or less than, in the case of puts) the exercise price of the
option. This amount of cash is equal to the difference between the closing price
of the index and the exercise price of the option, expressed in dollars
multiplied by a specified number. Thus, unlike options on individual securities,
all settlements are in cash, and gain or loss depends on price movements in the
particular market represented by the index generally, rather than the price
movements in individual securities.
All options written on indices or securities must be covered. When a Fund
writes an option or security on an index or a foreign currency, it will
establish a segregated account containing cash or liquid securities in an amount
at least equal to the market value of the option and will maintain the account
while the option is open or will otherwise cover the transaction.
Each Fund may trade put and call options on securities and securities
indices, as the advisers determine is appropriate in seeking the Fund's
investment objective, and except as restricted by each Fund's investment
limitations as set forth below. See "Investment Limitations."
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The initial purchase (sale) of an option contract is an "opening
transaction." In order to close out an option position, a Fund may enter into a
"closing transaction," which is simply the sale (purchase) of an option contract
on the same security with the same exercise price and expiration date as the
option contract originally opened. If a Fund is unable to effect a closing
purchase transaction with respect to an option it has written, it will not be
able to sell the underlying security until the option expires or the Fund
delivers the security upon exercise.
A Fund may purchase put and call options on securities to protect against a
decline in the market value of the securities in its portfolio or to anticipate
an increase in the market value of securities that the Fund may seek to purchase
in the future. A Fund purchasing put and call options pays a premium therefor.
If price movements in the underlying securities are such that exercise of the
options would not be profitable for the Fund loss of the premium paid may be
offset by an increase in the value of the Fund's securities or by a decrease in
the cost of acquisition of securities by the Fund.
A Fund may write covered call options on securities as a means of increasing
the yield on its fund and as a means of providing limited protection against
decreases in its market value. When a Fund writes an option, if the underlying
securities do not increase or decrease to a price level that would make the
exercise of the option profitable to the holder thereof, the option generally
will expire without being exercised and the Fund will realize as profit the
premium received for such option. When a call option of which a Fund is the
writer is exercised, the Fund will be required to sell the underlying securities
to the option holder at the strike price, and will not participate in any
increase in the price of such securities above the strike price. When a put
option of which a Fund is the writer is exercised, the Fund will be required to
purchase the underlying securities at a price in excess of the market value of
such securities.
A Fund may purchase and write options on an exchange or over-the-counter.
Over-the-counter options ("OTC options") differ from exchange-traded options in
several respects. They are transacted directly with dealers and not with a
clearing corporation, and therefore entail the risk of non-performance by the
dealer. OTC options are available for a greater variety of securities and for a
wider range of expiration dates and exercise prices than are available for
exchange-traded options. Because OTC options are not traded on an exchange,
pricing is done normally by reference to information from a market maker. It is
the position of the Securities and Exchange Commission that OTC options are
generally illiquid.
The market value of an option generally reflects the market price of an
underlying security. Other principal factors affecting market value include
supply and demand, interest rates, the pricing volatility of the underlying
security and the time remaining until the expiration date.
RISK FACTORS. Risks associated with options transactions include: (1) the
success of a hedging strategy may depend on an ability to predict movements in
the prices of individual securities, fluctuations in markets and movements in
interest rates; (2) there may be an imperfect correlation between the movement
in prices of options and the securities underlying them; (3) there may not be a
liquid secondary market for options; and (4) while a Fund will receive a premium
when it writes covered call options, it may not participate fully in a rise in
the market value of the underlying security.
PAY-IN-KIND BONDS--Investments of the Core Fixed Income and High Yield Bond
Funds in fixed-income securities may include pay-in-kind bonds. These are
securities which, at the issuer's option, pay interest in either cash or
additional securities for a specified period. Pay-in-kind bonds, like zero
coupon bonds, are designed to give an issuer flexibility in managing cash flow.
Pay-in-kind bonds are expected to reflect the market value of the underlying
debt plus an amount representing accrued interest since the last payment.
Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more
volatile than cash pay securities.
RECEIPTS--Receipts are interests in separately traded interest and principal
component parts of U.S. Government obligations that are issued by banks or
brokerage firms and are created by depositing U.S. Government obligations into a
special account at a custodian bank. The custodian holds the interest and
principal payments for the benefit of the registered owners of the certificates
or receipts. The custodian arranges for the issuance of the certificates or
receipts evidencing ownership and maintains the
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register. Receipts include "Treasury Receipts" ("TRs"), "Treasury Investment
Growth Receipts" ("TIGRs"), "Liquid Yield Option Notes" ("LYONs") and
"Certificates of Accrual on Treasury Securities" ("CATS"). LYONs, TIGRs and CATS
are interests in private proprietary accounts while TRs and Separately Traded
Registered Interest and Principal Securities ("STRIPS") (See "U.S. Treasury
Obligations") are interests in accounts sponsored by the U.S. Treasury. Receipts
are sold as zero coupon securities, which means that they are sold at a
substantial discount and redeemed at face value at their maturity date without
interim cash payments of interest or principal. This discount is accreted over
the life of the security, and such accretion will constitute the income earned
on the security for both accounting and tax purposes. Because of these features,
such securities may be subject to greater interest rate volatility than interest
paying securities. The Capital Appreciation, Core Fixed Income, Equity Income,
and Large Cap Value Funds may invest in receipts.
REITs--REITs are trusts that invest primarily in commercial real estate or
real estate-related loans. A REIT is not taxed on income distributed to its
shareholders or unitholders if it complies with regulatory requirements relating
to its organization, ownership, assets and income, and with a regulatory
requirement that it distribute to its shareholders or unitholders at least 95%
of its taxable income for each taxable year. Generally, REITs can be classified
as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the
majority of their assets directly in real property and derive their income
primarily from rents and capital gains from appreciation realized through
property sales. Mortgage REITs invest the majority of their assets in real
estate mortgages and derive their income primarily from interest payments.
Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. By
investing in REITs indirectly through a Fund, shareholders will bear not only
the proportionate share of the expenses of the Fund, but also, indirectly,
similar expenses of underlying REITs.
A Fund may be subject to certain risks associated with the direct
investments of the REITs. REITs may be affected by changes in the value of their
underlying properties and by defaults by borrowers or tenants. Mortgage REITs
may be affected by the quality of the credit extended. Furthermore, REITs are
dependent on specialized management skills. Some REITs may have limited
diversification and may be subject to risks inherent in financing a limited
number of properties. REITs depend generally on their ability to generate cash
flow to make distributions to shareholders or unitholders, and may be subject to
defaults by borrowers and to self-liquidations. In addition, a REIT may be
affected by its failure to qualify for tax-free pass-through of income under the
Internal Revenue Code of 1986, as amended ("Code") or its failure to maintain
exemption from registration under the Investment Company Act of 1940, as amended
("1940 Act").
REPURCHASE AGREEMENTS--Repurchase agreements are agreements under which
securities are acquired from a securities dealer or bank subject to resale on an
agreed upon date and at an agreed upon price which includes principal and
interest. A Fund involved bears a risk of loss in the event that the other party
to a repurchase agreement defaults on its obligations and a Fund is delayed or
prevented from exercising its rights to dispose of the collateral securities. An
adviser enters into repurchase agreements only with financial institutions that
it deems to present minimal risk of bankruptcy during the term of the agreement,
based on guidelines that are periodically reviewed by the Board of Trustees.
These guidelines currently permit each Fund to enter into repurchase agreements
only with approved banks and primary securities dealers, as recognized by the
Federal Reserve Bank of New York, which have minimum net capital of $100
million, or with a member bank of the Federal Reserve System. Repurchase
agreements are considered to be loans collateralized by the underlying security.
Repurchase agreements entered into by a Fund will provide that the underlying
security at all times shall have a value at least equal to 102% of the price
stated in the agreement. This underlying security will be marked to market
daily. The advisers will monitor compliance with this requirement. Under all
repurchase agreements entered into by a Fund, the Custodian or its agent must
take possession of the underlying collateral. However, if the seller defaults, a
Fund could realize a loss on the sale of the underlying security to the extent
the proceeds of the sale are less than the resale price. In addition, even
though the Bankruptcy Code provides protection for most repurchase agreements,
if the seller should be involved in bankruptcy or insolvency proceedings, a Fund
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may incur delay and costs in selling the security and may suffer a loss of
principal and interest if the Fund is treated as an unsecured creditor.
Repurchase agreements are considered loans under the 1940 Act.
RESTRICTED SECURITIES--Restricted securities are securities that may not be
sold freely to the public absent registration under the Securities Act of 1933,
as amended (the "1933 Act"), or an exemption from registration. Section
4(2) commercial paper is issued in reliance on an exemption from registration
under Section 4(2) of the 1933 Act, and is generally sold to institutional
investors who purchase for investment. Any resale of such commercial paper must
be in an exempt transaction, usually to an institutional investor through the
issuer or investment dealers who make a market on such commercial paper.
Rule 144A securities are securities re-sold in reliance on an exemption from
registration provided by Rule 144A under the 1933 Act.
SECURITIES LENDING--Loans are made only to borrowers deemed by the advisers
to be in good standing and when, in the judgment of the advisers, the
consideration that can be earned currently from such loaned securities justifies
the attendant risk. Any loan may be terminated by either party upon reasonable
notice to the other party. Each of the Funds may use the Distributor as a broker
in these transactions.
TIME DEPOSITS--Time deposits are non-negotiable receipts issued by a bank in
exchange for the deposit of funds. Like a certificate of deposit, it earns a
specified rate of interest over a definite period of time; however, it cannot be
traded in the secondary market. Time deposits with a withdrawal penalty are
considered to be illiquid securities.
U.S. GOVERNMENT AGENCY OBLIGATIONS--Obligations issued or guaranteed by
agencies of the U.S. Government, including, among others, the Federal Farm
Credit Bank, the FHA and the Small Business Administration, and obligations
issued or guaranteed by instrumentalities of the U.S. Government, including,
among others, the FHLMC, the Federal Land Banks and the U.S. Postal Service.
Some of these securities are supported by the full faith and credit of the U.S.
Treasury, and others are supported by the right of the issuer to borrow from the
Treasury, while still others are supported only by the credit of the
instrumentality. Guarantees of principal by agencies or instrumentalities of the
U.S. Government may be a guarantee of payment at the maturity of the obligation
so that in the event of a default prior to maturity there might not be a market
and thus no means of realizing on the obligation prior to maturity. Guarantees
as to the timely payment of principal and interest do not extend to the value or
yield of these securities nor to the value of the Funds' shares.
U.S. TREASURY OBLIGATIONS--U.S. Treasury obligations consist of bills, notes
and bonds issued by the U.S. Treasury, as well as separately traded interest and
principal component parts of such obligations, known as STRIPS that are
transferable through the Federal book-entry system.
U.S. TREASURY RECEIPTS--U.S. Treasury receipts are interests in separately
traded interest and principal component parts of U.S. Treasury obligations that
are issued by banks or brokerage firms and are created by depositing U.S.
Treasury notes and obligations into a special account at a custodian bank. The
custodian holds the interest and principal payments for the benefit of the
registered owners of the certificates of receipts. The custodian arranges for
the issuance of the certificates or receipts evidencing ownership and maintains
the register.
VARIABLE OR FLOATING RATE INSTRUMENTS--Certain obligations may carry
variable or floating rates of interest, and may involve a conditional or
unconditional demand feature. Such instruments bear interest at rates which are
not fixed, but which vary with changes in specified market rates or indices. The
interest rates on these securities may be reset daily, weekly, quarterly or some
other reset period, and may have a floor or ceiling on interest rate changes.
These instruments may involve a demand feature and may include variable amount
master demand notes available through the Custodian. Variable or floating rate
instruments bear interest at a rate which varies with changes in market rates.
The holder of an instrument with a demand feature may tender the instrument back
to the issuer at par prior to maturity. A variable amount master demand note is
issued pursuant to a written agreement between the issuer and the holder, its
amount may be increased by the holder or decreased by the holder or issuer, it
is payable on
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demand, and the rate of interest varies based upon an agreed formula. The
quality of the underlying credit must, in the opinion of a Fund's advisers, be
equivalent to the long-term bond or commercial paper ratings applicable to
permitted investments for each Fund. Each Fund's advisers will monitor on an
ongoing basis the earning power, cash flow, and liquidity ratios of the issuers
of such instruments and will similarly monitor the ability of an issuer of a
demand instrument to pay principal and interest on demand. There is a risk that
the current interest rate on such obligations may not accurately reflect
existing market interest rates. A demand instrument with a demand notice
exceeding seven days may be considered illiquid if there is no secondary market
for such security.
In case of obligations which include a put feature at the option of the debt
holder, the date of the put may be used as an effective maturity date for the
purpose of determining weighted average portfolio maturity.
WARRANTS--Warrants are instruments giving holders the right, but not the
obligation, to buy equity or fixed income securities of a company at a given
price during a specified period.
WHEN-ISSUED AND DELAYED-DELIVERY SECURITIES--When-Issued securities are
securities that involve the purchase of debt obligations on a when-issued basis,
in which case delivery and payment normally take place within 45 days after the
date of commitment to purchase. The payment obligation and the interest rate
that will be received on the securities are each fixed at the time the purchaser
enters into the commitment. Purchasing when-issued obligations results in
leveraging, and can involve a risk that the yields available in the market when
the delivery takes place may actually be higher than those obtained in the
transaction itself. In that case there could be an unrealized loss at the time
of delivery. A Fund will establish a segregated account with the Custodian and
maintain liquid assets in an amount at least equal in value to that Fund's
commitments to purchase when-issued securities. If the value of these assets
declines, the Fund involved will place additional liquid assets in the account
on a daily basis so that the value of the assets in the account is equal to the
amount of such commitments.
One form of when-issued or delayed-delivery security that a Fund may
purchase is a TBA mortgage-backed security. A TBA mortgage-backed security
transaction arises when a mortgage-backed security, such as a GNMA pass-through
security, is purchased or sold with specific pools that will constitute that
GNMA pass-through security to be announced on a future settlement date.
YANKEE OBLIGATIONS--Yankee obligations ("Yankees") are U.S.
dollar-denominated instruments of foreign issuers who either register with the
Securities and Exchange Commission or issue securities under Rule 144A of the
1933 Act, as amended. These consist of debt securities (including preferred or
preference stock of non-governmental issuers), certificates of deposit, fixed
time deposits and bankers' acceptances issued by foreign banks, and debt
obligations of foreign governments or their subdivisions, agencies and
instrumentalities, international agencies and supranational entities. Some
securities issued by foreign governments or their subdivisions, agencies and
instrumentalities may not be backed by the full faith and credit of the foreign
government. Yankee obligations as obligations of foreign issuers, are subject to
the same types of risks discussed in "Securities of Foreign Issuers," above.
The yankee obligations selected for the Funds will adhere to the same
quality standards as those utilized for the selection of domestic debt
obligations.
ZERO COUPON, PAY-IN-KIND AND DEFERRED PAYMENT SECURITIES--Zero coupon
securities are securities that are sold at a discount to par value and
securities on which interest payments are not made during the life of the
security. Upon maturity, the holder is entitled to receive the par value of the
security. While interest payments are not made on such securities, holders of
such securities are deemed to have received "phantom income" annually. Because a
Fund will distribute its "phantom income" to shareholders, to the extent that
shareholders elect to receive dividends in cash rather than reinvesting such
dividends in additional shares, a Fund will have fewer assets with which to
purchase income producing securities. In the event of adverse market conditions,
zero coupon, pay-in-kind and deferred payment securities may be subject to
greater fluctuations in value and may be less liquid than comparably rated
securities paying cash interest at regular interest payment periods. STRIPS and
Receipts (TRs, TIGRs,
S-20
<PAGE>
LYONs and CATS) are sold as zero coupon securities, that is, fixed income
securities that have been stripped of their unmatured interest coupons. Zero
coupon securities are sold at a (usually substantial) discount and redeemed at
face value at their maturity date without interim cash payments of interest or
principal. The amount of this discount is accreted over the life of the
security, and the accretion constitutes the income earned on the security for
both accounting and tax purposes. Because of these features, the market prices
of zero coupon securities are generally more volatile than the market prices of
securities that have similar maturity but that pay interest periodically. Zero
coupon securities are likely to respond to a greater degree to interest rate
changes than are non-zero coupon securities with similar maturity and credit
qualities. The Fund may have to dispose of its portfolio securities under
disadvantageous circumstances to generate cash, or may have to leverage itself
by borrowing cash to satisfy income distribution requirements. A Fund accrues
income with respect to the securities prior to the receipt of cash payments.
Pay-in-kind securities are securities that have interest payable by delivery of
additional securities. Deferred payment securities are securities that remain
zero coupon securities until a predetermined date, at which time the stated
coupon rate becomes effective and interest becomes payable at regular intervals.
CORPORATE ZERO COUPON SECURITIES--Corporate zero coupon securities are:
(i) notes or debentures which do not pay current interest and are issued at
substantial discounts from par value, or (ii) notes or debentures that pay no
current interest until a stated date one or more years into the future, after
which date the issuer is obligated to pay interest until maturity, usually at a
higher rate than if interest were payable from the date of issuance, and may
also make interest payments in kind (E.G., with identical zero coupon
securities). Such corporate zero coupon securities, in addition to the risks
identified above, are subject to the risk of the issuer's failure to pay
interest and repay principal in accordance with the terms of the obligation.
INVESTMENT LIMITATIONS
FUNDAMENTAL POLICIES
No Fund may:
1. With respect to 75% of its assets, (i) purchase the securities of any issuer
(except securities issued or guaranteed by the United States Government, its
agencies or instrumentalities) if, as a result, more than 5% of its total
assets would be invested in the securities of such issuer; or (ii) acquire
more than 10% of the outstanding voting securities of any one issuer.
2. Purchase any securities which would cause more than 25% of the total assets
of the Fund to be invested in the securities of one or more issuers
conducting their principal business activities in the same industry,
provided that this limitation does not apply to investments in obligations
issued or guaranteed by the United States Government, its agencies or
instrumentalities.
3. Borrow money in an amount exceeding 33 1/3% of the value of its total
assets, provided that, for purposes of this limitation, investment
strategies which either obligate a Fund to purchase securities or require a
Fund to segregate assets are not considered to be borrowings. To the extent
that its borrowings exceed 5% of its assets, (i) all borrowings will be
repaid before making additional investments and any interest paid on such
borrowings will reduce income; and (ii) asset coverage of at least 300% is
required.
4. Make loans if, as a result, more than 33 1/3% of its total assets would be
loaned to other parties, except that each Fund may (i) purchase or hold debt
instruments in accordance with its investment objective and policies;
(ii) enter into repurchase agreements; and (iii) lend its securities.
5. Purchase or sell real estate, physical commodities, or commodities
contracts, except that each Fund may purchase (i) marketable securities
issued by companies which own or invest in real estate (including REITs),
commodities, or commodities contracts; and (ii) commodities contracts
relating to financial instruments, such as financial futures contracts and
options on such contracts.
6. Issue senior securities (as defined in the 1940 Act) except as permitted by
rule, regulation or order of the Securities and Exchange Commission (the
"SEC").
S-21
<PAGE>
7. Act as an underwriter of securities of other issuers except as it may be
deemed an underwriter in selling a portfolio security.
8. With the exception of the Tax-Managed Small Cap Fund, invest in interests in
oil, gas, or other mineral exploration or development programs and oil, gas
or mineral leases.
The foregoing percentages will apply at the time of the purchase of a
security and shall not be considered violated unless an excess or deficiency
occurs immediately after or as a result of a purchase of such security. These
investment limitations and the investment limitations in each Prospectus are
fundamental policies of the Trust and may not be changed without shareholder
approval.
NON-FUNDAMENTAL POLICIES
No Fund may:
1. Pledge, mortgage or hypothecate assets except to secure borrowings permitted
by the Fund's fundamental limitation on borrowing.
2. Invest in companies for the purpose of exercising control.
3. Purchase securities on margin or effect short sales, except that each Fund
may (i) obtain short-term credits as necessary for the clearance of security
transactions; (ii) provide initial and variation margin payments in
connection with transactions involving futures contracts and options on such
contracts; and (iii) make short sales "against the box" or in compliance
with the SEC's position regarding the asset segregation requirements imposed
by Section 18 of the 1940 Act.
4. Invest its assets in securities of any investment company, except as
permitted by the 1940 Act or an order of exemption therefrom.
5. Purchase or hold illiquid securities, I.E., securities that cannot be
disposed of for their approximate carrying value in seven days or less
(which term includes repurchase agreements and time deposits maturing in
more than seven days) if, in the aggregate, more than 15% of its net assets
would be invested in illiquid securities.
6. Purchase securities which are not readily marketable, if, in the aggregate,
more than 15% of its total assets would be invested in such securities.
Under rules and regulations established by the SEC, a Fund is typically
prohibited from acquiring the securities of other investment companies if, as a
result of such acquisition, the Fund owns more than 3% of the total voting stock
of the company; securities issued by any one investment company represent more
than 5% of the total Fund's assets; or securities (other than treasury stock)
issued by all investment companies represent more than 10% of the total assets
of the Fund. However, certain Funds may rely upon SEC exemptive orders issued to
the Trust which permit the Funds to invest in other investment companies beyond
these percentage limitations. A Fund's purchase of such investment company
securities results in the bearing of expenses such that shareholders would
indirectly bear a proportionate share of the operating expenses of such
investment companies, including advisory fees.
Each of the foregoing percentage limitations (except with respect to the
limitation on investing in illiquid securities) apply at the time of purchase.
These limitations are non-fundamental and may be changed by the Trust's Board of
Trustees without a vote of shareholders.
S-22
<PAGE>
DESCRIPTION OF RATINGS
DESCRIPTION OF CORPORATE BOND RATINGS
The following descriptions of corporate bond ratings have been published by
Moody's, S&P, Fitch, Inc. ("Fitch") and Thomson BankWatch ("Thomson"),
respectively.
DESCRIPTION OF MOODY'S LONG-TERM RATINGS
Aaa Bonds rated Aaa are judged to be of the best quality. They carry the
smallest degree of investment risk and are generally referred to as "gilt
edged". Interest payments are protected by a large or by an exceptionally
stable margin and principal is secure. While the various protective
elements are likely to change, such changes as can be visualized are most
unlikely to impair the fundamentally strong position of such issues.
Aa Bonds rated Aa are judged to be of high quality by all standards. Together
with the Aaa group they comprise what are generally known as high-grade
bonds. They are rated lower than the best bonds because margins of
protection may not be as large as in Aaa securities or fluctuation of
protective elements may be of greater amplitude or there may be other
elements present which make the long-term risk appear somewhat larger than
the Aaa securities.
A Bonds rated A possess many favorable investment attributes and are to be
considered as upper-medium grade obligations. Factors giving security to
principal and interest are considered adequate, but elements may be present
which suggest a susceptibility to impairment some time in the future.
Baa Bonds rated Baa are considered as medium-grade obligations (I.E., they are
neither highly protected nor poorly secured). Interest payments and
principal security appear adequate for the present but certain protective
elements may be lacking or may be characteristically unreliable over any
great length of time. Such bonds lack outstanding investment
characteristics and in fact have speculative characteristics as well.
DESCRIPTION OF S&P'S LONG-TERM RATINGS
INVESTMENT GRADE
AAA Debt rated "AAA" has the highest rating assigned by S&P. Capacity to pay
interest and repay principal is extremely strong.
AA Debt rated "AA" has a very strong capacity to pay interest and repay
principal and differs from the highest rated debt only in small degree.
A Debt rated "A" has a strong capacity to pay interest and repay principal,
although it is somewhat more susceptible to adverse effects of changes in
circumstances and economic conditions than debt in higher-rated categories.
BBB Debt rated "BBB" is regarded as having an adequate capacity to pay interest
and repay principal. Whereas it normally exhibits adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal
for debt in this category than in higher rated categories.
S-23
<PAGE>
DESCRIPTION OF FITCH'S LONG-TERM RATINGS
INVESTMENT GRADE BOND
AAA Bonds rated AAA are judged to be strictly high grade, broadly marketable,
suitable for investment by trustees and fiduciary institutions liable to
slight market fluctuation other than through changes in the money rate. The
prime feature of an AAA bond is a showing of earnings several times or many
times greater than interest requirements, with such stability of applicable
earnings that safety is beyond reasonable question whatever changes occur
in conditions.
AA Bonds rated AA are judged to be of safety virtually beyond question and are
readily salable, whose merits are not unlike those of the AAA class, but
whose margin of safety is less strikingly broad. The issue may be the
obligation of a small company, strongly secured but influenced as to rating
by the lesser financial power of the enterprise and more local type market.
A Bonds rated A are considered to be investment grade and of high credit
quality. The obligor's ability to pay interest and repay principal is
considered to be strong, but may be more vulnerable to adverse changes in
economic conditions and circumstances than bonds with higher ratings.
BBB Bonds rated BBB are considered to be investment grade and of satisfactory
credit quality. The obligor's ability to pay interest and repay principal
is considered to be adequate. Adverse changes in economic conditions and
circumstances, however, are more likely to have adverse impact on these
bonds, and therefore impair timely payment. The likelihood that the ratings
of these bonds will fall below investment grade is higher than for bonds
with higher ratings.
DESCRIPTION OF THOMSON'S LONG-TERM DEBT RATINGS
INVESTMENT GRADE
AAA Bonds rated AAA indicate that the ability to repay principal and interest
on a timely basis is very high.
AA Bonds rated AA indicate a superior ability to repay principal and interest
on a timely basis, with limited incremental risk compared to issues rated
in the highest category.
A Bonds rated A indicate the ability to repay principal and interest is
strong. Issues rated A could be more vulnerable to adverse developments
(both internal and external) than obligations with higher ratings.
BBB Bonds rated BBB indicate an acceptable capacity to repay principal and
interest. Issues rated BBB are, however, more vulnerable to adverse
developments (both internal and external) than obligations with higher
ratings.
DESCRIPTION OF COMMERCIAL PAPER RATINGS
The following descriptions of commercial paper ratings have been published
by Moody's, Standard and Poor's, Duff and Phelps, Fitch, IBCA and Thomson
BankWatch, respectively.
DESCRIPTION OF MOODY'S SHORT-TERM RATINGS
PRIME-1 Issuers rated Prime-1 (or supporting institutions) have a superior
ability for repayment of senior short-term debt obligations. Prime-1
repayment ability will often be evidenced by many of the following
characteristics:
- Leading market positions in well-established industries.
- High rates of return on funds employed.
S-24
<PAGE>
- Conservative capitalization structure with moderate reliance on debt and
ample asset protection.
- Broad margins in earnings coverage of fixed financial charges and high
internal cash generation.
- Well-established access to a range of financial markets and assured
sources of alternate liquidity.
PRIME-2 Issuers rated Prime-2 (or supporting institutions) have a strong
ability for repayment of senior short-term debt obligations. This will
normally be evidenced by many of the characteristics cited above but to a
lesser degree. Earnings trends and coverage ratios, while sound, may be more
subject to variation. Capitalization characteristics, while still
appropriate, may be more affected by external conditions. Ample alternate
liquidity is maintained.
S&P'S SHORT-TERM RATINGS
<TABLE>
<S> <C>
A-1 This highest category indicates that the degree of safety
regarding timely payment is strong. Debt determined to
possess extremely strong safety characteristics is denoted
with a plus sign (+) designation.
A-2 Capacity for timely payment on issues with this designation
is satisfactory. However, the relative degree of safety is
not as high as for issues designated "A-1".
DESCRIPTION OF FITCH'S SHORT-TERM RATINGS
F-1+ Exceptionally Strong Credit Quality. Issues assigned this
rating are regarded as having the strongest degree of
assurance for timely payment.
F-1 Very Strong Credit Quality. Issues assigned this rating
reflect an assurance of timely payment only slightly less in
degree than issues rated "F-1+"
F-2 Good Credit Quality. Issues assigned this rating have a
satisfactory degree of assurance for timely payment, but the
margin of safety is not as great as for issues assigned
"F-1+" and "F-1" ratings.
LOC The symbol LOC indicates that the rating is based on a
letter of credit issued by a commercial bank.
DESCRIPTION OF THOMSON'S SHORT-TERM RATINGS
TBW-1 The highest category; indicates a very high likelihood that
principal and interest will be paid on a timely basis.
TBW-2 The second-highest category; while the degree of safety
regarding timely repayment of principal and interest is
strong, the relative degree of safety is not as high as for
issues rated "TBW-1".
</TABLE>
S-25
<PAGE>
THE ADMINISTRATOR AND TRANSFER AGENT
SEI Investments Fund Management ("SEI Management" or the "Administrator")
provides the Trust with overall administrative services, regulatory reporting,
all necessary office space, equipment, personnel and facilities, and acts as
dividend disbursing agent. SEI Management also serves as transfer agent (the
"Transfer Agent") for the Funds.
The Trust and SEI Management have entered into an Administration Agreement
("the Administration Agreement"). The Administration Agreement provides that SEI
Management shall not be liable for any error of judgment or mistake of law or
for any loss suffered by the Trust in connection with the matters to which the
Administration Agreement relates, except a loss resulting from willful
misfeasance, bad faith or gross negligence on the part of SEI Management in the
performance of its duties or from reckless disregard of its duties and
obligations thereunder.
The continuance of the Administration Agreement must be specifically
approved at least annually (i) by the vote of a majority of the Trustees or by
the vote of a majority of the outstanding voting securities of the Funds, and
(ii) by the vote of a majority of the Trustees of the Trust who are not parties
to the Administration Agreement or an "interested person" (as that term is
defined in the 1940 Act) of any party thereto, cast in person at a meeting
called for the purpose of voting on such approval. The Administration Agreement
is terminable at any time as to any Fund without penalty by the Trustees of the
Trust, by a vote of a majority of the outstanding shares of the Fund or by SEI
Management on not less than 30 days' nor more than 60 days' written notice.
The Administrator, a Delaware business trust, has its principal business
offices at Oaks, Pennsylvania 19456. SEI Investments Management Corporation, a
wholly-owned subsidiary of SEI Investments Company ("SEI Investments"), is the
owner of all beneficial interest in the Administrator. SEI Investments and its
subsidiaries and affiliates, including the Administrator, are leading providers
of funds evaluation services, trust accounting systems, and brokerage and
information services to financial institutions, institutional investors, and
money managers. The Administrator and its affiliates also serve as administrator
or sub-administrator to the following other mutual funds including, but without
limitation: The Achievement Funds Trust, The Advisors' Inner Circle Fund, Alpha
Select Funds, Amerindo Funds, Inc., The Arbor Fund, ARK Funds, Armada Funds, The
Armada Advantage Fund, Bishop Street Funds, CNI Charter Funds, The Expedition
Funds, First American Funds, Inc., First American Investment Funds, Inc., First
American Strategy Funds, Inc., First Omaha Funds, Inc., Friends Ivory Funds,
HighMark Funds, Huntington Funds, Huntington VA Funds, iShares Inc., iShares
Trust, JohnsonFamily Funds, Inc., Millenium Funds, The Nevis Fund, Inc., Oak
Associates Funds, The PBHG Funds, Inc., PBHG Insurance Series Fund, Inc., The
Pillar Funds, Pitcairn Funds, SEI Asset Allocation Trust, SEI Daily Income
Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional
Investments Trust, SEI Insurance Products Trust, SEI Liquid Asset Trust, SEI Tax
Exempt Trust, STI Classic Funds, STI Classic Variable Trust, TIP Funds, UAM
Funds Trust, UAM Funds, Inc. and UAM Funds, Inc.
If operating expenses of any Fund exceed applicable limitations, SEI
Management will pay such excess. SEI Management will not be required to bear
expenses of any Fund to an extent which would result in the Fund's inability to
qualify as a regulated investment company under provisions of the Code. The term
"expenses" is defined in such laws or regulations, and generally excludes
brokerage commissions, distribution expenses, taxes, interest and extraordinary
expenses.
S-26
<PAGE>
For the fiscal years ended September 30, 1998, 1999, and 2000, the Funds
paid fees to the Administrator as follows:
<TABLE>
<CAPTION>
ADMINISTRATION FEES ADMINISTRATION FEES
PAID (000) WAIVED (000)
------------------------------ ------------------------------
1998 1999 2000 1998 1999 2000
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Large Cap Value Fund................... $4,109 $7,270 $XXX $ 0 $ 0 $XXX
Large Cap Growth Fund.................. $4,091 $7,399 $XXX $ 0 $ 0 $XXX
Tax-Managed Large Cap Fund............. $ 162 $1,467 $XXX $ 0 $ 0 $XXX
Small Cap Value Fund................... $1,460 $1,787 $XXX $ 0 $ 0 $XXX
Small Cap Growth Fund.................. $2,041 $2,546 $XXX $ 0 $ 0 $XXX
Tax-Managed Small Cap Fund............. * * * * * *
Mid-Cap Fund........................... $ 141 $ 132 $XXX $ 0 $ 0 $XXX
Capital Appreciation Fund.............. $ 511 $ 416 $XXX $ 0 $ 0 $XXX
Equity Income Fund..................... $ 518 $ 365 $XXX $ 0 $ 0 $XXX
Balanced Fund.......................... $ 186 $ 208 $XXX $ 0 $ 0 $XXX
Core Fixed Income Fund................. $3,419 $5,324 $XXX $ 23 $ 0 $XXX
High Yield Bond Fund................... $ 940 $1,287 $XXX $105 $159 $XXX
</TABLE>
------------------------
* Not in operation during such period.
THE ADVISER AND SUB-ADVISERS
SEI Investments Management Corporation ("SIMC" or the "Adviser") is a
wholly-owned subsidiary of SEI Investments, a financial services company. The
principal business address of SIMC and SEI Investments is Oaks, Pennsylvania,
19456. SEI Investments was founded in 1968, and is a leading provider of
investment solutions to banks, institutional investors, investment advisers and
insurance companies. Affiliates of SIMC have provided consulting advice to
institutional investors for more than 20 years, including advice regarding
selection and evaluation of sub-advisers. SIMC and its affiliates currently
serves as adviser or administrator to more than XX investment companies,
including more than XXX funds, SIMC had more than $XX billion in assets as of
December 31, 2000.
SIMC is the investment adviser for each of the Funds, and operates as a
"manager of managers." SIMC and the Trust have obtained an exemptive order from
the SEC that permits SIMC, with the approval of the Trust's Board of Trustees,
to retain Sub-Advisers unaffiliated with SIMC for the Funds without submitting
the Sub-Adviser agreements to a vote of the Fund's shareholders. The exemptive
relief permits SIMC to disclose only the aggregate amount payable by SIMC to the
Sub-Advisers under all such Sub-Adviser agreements for each Fund. The Funds will
notify shareholders in the event of any addition or change in the identity of
its Sub-Advisers.
SIMC oversees the investment advisory services provided to the Funds and
manages the cash portion of the Funds' assets. Pursuant to separate sub-advisory
agreements with SIMC, and under the supervision of SIMC and the Board of
Trustees, a number of sub-advisers (the "Sub-Advisers") are responsible for the
day-to-day investment management of all or a discrete portion of the assets of
the Funds. Sub-Advisers are selected for the Funds based primarily upon the
research and recommendations of SIMC, which evaluates quantitatively and
qualitatively a Sub-Adviser's skills and investment results in managing assets
for specific asset classes, investment styles and strategies.
Subject to Board review, SIMC allocates and, when appropriate, reallocates
the Funds' assets among Sub-Advisers, monitors and evaluates Sub-Adviser
performance, and oversees Sub-Adviser compliance with the Funds' investment
objectives, policies and restrictions. SIMC HAS ULTIMATE RESPONSIBILITY FOR THE
INVESTMENT PERFORMANCE OF THE FUNDS DUE TO ITS RESPONSIBILITY TO OVERSEE
SUB-ADVISERS AND RECOMMEND THEIR HIRING, TERMINATION AND REPLACEMENT.
S-27
<PAGE>
For its advisory services, SIMC is entitled to a fee, which is calculated
daily and paid monthly, at the following annual rates (shown as a percentage of
the average daily net assets of each Fund):
<TABLE>
<S> <C>
Large Cap Value Fund........................................ 0.35%
Large Cap Growth Fund....................................... 0.35%
Tax-Managed Large Cap Fund.................................. 0.35%
Small Cap Value Fund........................................ 0.65%
Small Cap Growth Fund....................................... 0.65%
Tax-Managed Small Cap Fund.................................. 0.65%
Mid-Cap Fund................................................ 0.40%
Capital Appreciation Fund................................... 0.35%
Equity Income Fund.......................................... 0.35%
Balanced Fund............................................... 0.35%
Core Fixed Income Fund...................................... 0.28%
High Yield Bond Fund........................................ 0.49%
</TABLE>
SIMC pays the Sub-Advisers a fee out of its advisory fee which is based on a
percentage of the average monthly market value of the assets managed by each
Sub-Adviser.
The Advisory Agreement and certain of the Sub-Advisory Agreements provide
that SIMC (or any Sub-Adviser) shall not be protected against any liability to
the Trust or its shareholders by reason of willful misfeasance, bad faith or
gross negligence on its part in the performance of its duties, or from reckless
disregard of its obligations or duties thereunder. In addition, certain of the
Sub-Advisory Agreements provide that the Sub-Adviser shall not be protected
against any liability to the Trust or its shareholders by reason of willful
misfeasance, bad faith or negligence on its part in the performance of its
duties, or from reckless disregard of its obligations or duties thereunder.
The continuance of each Advisory and Sub-Advisory Agreement must be
specifically approved at least annually (i) by the vote of a majority of the
outstanding shares of that Fund or by the Trustees, and (ii) by the vote of a
majority of the Trustees who are not parties to such Agreement or "interested
persons" of any party thereto, cast in person at a meeting called for the
purpose of voting on such approval. Each Advisory or Sub-Advisory Agreement will
terminate automatically in the event of its assignment, and is terminable at any
time without penalty by the Trustees of the Trust or, with respect to a Fund, by
a majority of the outstanding shares of that Fund, on not less than 30 days' nor
more than 60 days' written notice to the Adviser (or Sub-Adviser) or by the
Adviser (or Sub-Adviser) on 90 days' written notice to the Trust.
For the fiscal years ended September 30, 1998, 1999, and 2000, the Funds
paid advisory fees as follows:
<TABLE>
<CAPTION>
ADVISORY FEES
ADVISORY FEES PAID (000) WAIVED (000)
------------------------------ ------------------------------
1998 1999 2000 1998 1999 2000
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Large Cap Value Fund..................... $4,109 $7,270 $XX $ 0 $ 0 $XX
Large Cap Growth Fund.................... $4,676 $7,399 $XX $584 $1,057 $XX
Tax-Managed Large Cap Fund............... $ 185 $1,468 $XX $ 23 $ 209 $XX
Small Cap Value Fund..................... $2,711 $3,319 $XX $ 0 $ 0 $XX
Small Cap Growth Fund.................... $3,791 $4,729 $XX $ 0 $ 0 $XX
Tax-Managed Small Cap Fund............... * * * * * *
Mid-Cap Fund............................. $ 162 $ 151 $XX $ 0 $ 0 $XX
Capital Appreciation Fund................ $ 585 $ 393 $XX $ 73 $ 82 $XX
Equity Income Fund....................... $ 592 $ 355 $XX $ 74 $ 63 $XX
Balanced Fund............................ $ 213 $ 208 $XX $ 27 $ 30 $XX
Core Fixed Income Fund................... $3,358 $5,229 $XX $ 0 $ 0 $XX
High Yield Bond Fund..................... $1,309 $2,014 $XX $ 0 $ 0 $XX
</TABLE>
------------------------
* Not in operation during such period.
S-28
<PAGE>
For the fiscal years ended September 30, 1998, 1999, 2000, SIMC paid
sub-advisory fees as follows:
<TABLE>
<CAPTION>
SUB-ADVISORY FEES
PAID (000)
------------------------------
1998 1999 2000
-------- -------- --------
<S> <C> <C> <C>
Large Cap Value Fund........................................ $2,230 $4,283 $XX
Large Cap Growth Fund....................................... $1,762 $4,380 $XX
Tax-Managed Large Cap Fund.................................. $ 72 $ 850 $XX
Small Cap Value Fund........................................ $2,030 $2,381 $XX
Small Cap Growth Fund....................................... $2,386 $3,533 $XX
Tax-Managed Small Cap Fund.................................. * * *
Mid-Cap Fund................................................ $ 96 $ 94 $XX
Capital Appreciation Fund................................... $ 274 $ 223 $XX
Equity Income Fund.......................................... $ 277 $ 195 $XX
Balanced Fund............................................... $ 104 $ 119 $XX
Core Fixed Income Fund...................................... $1,508 $2,350 $XX
High Yield Bond Fund........................................ $ 892 $1,372 $XX
</TABLE>
------------------------
* Not applicable during such period.
THE SUB-ADVISERS
ALLIANCE CAPITAL MANAGEMENT L.P.--Alliance Capital Management L.P.
("Alliance") serves as a Sub-Adviser for a portion of the assets of the Large
Cap Growth Fund. As of November 30, 2000, Alliance managed over $XXX billion in
assets.
ARTISAN PARTNERS LIMITED PARTNERSHIP--Artisan Partners Limited Partnership
("Artisan") serves as a Sub-Adviser for a portion of the assets of the Small Cap
Value Fund. As of November 30, 2000, Artisan had approximately $XXX billion in
assets under management.
BLACKROCK FINANCIAL MANAGEMENT, INC.--BlackRock Financial Management, Inc.
("BlackRock") serves as a Sub-Adviser for a portion of the assets of the Core
Fixed Income Fund. As of November 30, 2000, BlackRock had $XXX billion in assets
under management.
BOSTON PARTNERS ASSET MANAGEMENT, L.P.--Boston Partners Asset Management,
L.P. ("BPAM") serves as a Sub-Adviser for a portion of the assets of the Small
Cap Value Fund. As of November 30, 2000, BPAM had approximately $10.2 billion in
assets under management.
CHARTWELL INVESTMENT PARTNERS--Chartwell Investment Partners ("Chartwell")
serves as a Sub-Adviser for a portion of the assets of the Small Cap Value Fund.
As of November 30, 2000, Chartwell had approximately $XX in assets under
management.
DAVID J. GREENE AND COMPANY, LLC--David J. Greene and Company, LLC
("David J. Greene") serves a Sub-Adviser to a portion of the assets of the
Tax-Managed Small Cap Fund. As of November 30, 2000, David J. Greene had
approximately $XX million in assets under management.
EQUINOX CAPITAL MANAGEMENT, LLC--Equinox Capital Management, LLC ("Equinox")
serves a Sub-Adviser for a portion of the assets of the Tax-Managed Large Cap
Fund. As of November 30, 2000, Equinox had approximately $XX in assets under
management.
CREDIT SUISSE ASSET MANAGEMENT, LLC--Credit Suisse Asset Management, LLC
("Credit Suisse") serves as the Sub-Adviser for the High Yield Bond Fund. Credit
Suisse together with its predecessor firms, has been engaged in the investment
advisory business for more than 50 years. As of November 30, 2000, Credit Suisse
managed approximately $196 billion in assets.
S-29
<PAGE>
HIGHMARK CAPITAL MANAGEMENT, INC.--HighMark Capital Management, Inc.
("HighMark") serves as a Sub-Adviser to a portion of the assets of the Equity
Income Fund. As of November 30, 2000, HighMark had approximately $XX billion in
assets under management.
LOOMIS, SAYLES AND COMPANY, L.P.--Loomis, Sayles and Company, L.P.
("Loomis") serves as a Sub-Adviser to a portion of the assets of the Tax-Managed
Small Cap Fund. As of November 30, 2000, Loomis had approximately $XX billion in
assets under management.
LSV ASSET MANAGEMENT, L.P.--LSV Asset Management, L.P. ("LSV") serves as a
Sub-Adviser to a portion of the assets of the Large Cap Value, Small Cap Value,
and Tax-Managed Small Cap Funds. The general partners of LSV developed a
quantitative value investment philosophy that has been used to manage assets
over the past 7 years. As of November 30, 2000, LSV managed approximately
$XX billion in client assets.
MARTINGALE ASSET MANAGEMENT, L.P.--Martingale Asset Management, L.P.
("Martingale") serves as a Sub-Adviser to the Mid-Cap Fund. As of November 30,
2000, Martingale had approximately $XX in assets under management.
MAZAMA CAPITAL MANAGEMENT, INC.--Mazama Capital Management, Inc. ("Mazama"),
serves 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. As of November 30, 2000, Mazama currently had approximately
$XX million in assets under management.
MCKINLEY CAPITAL MANAGEMENT, INC.--McKinley Capital Management, Inc.
("McKinley") serves a Sub-Adviser to a portion of the assets of the Tax-Managed
Small Cap and the Small Cap Growth Funds. As of November 30, 2000, McKinley had
approximately $XX billion in assets under management.
MELLON EQUITY ASSOCIATES, LLP--Mellon Equity Associates, LLP ("Mellon
Equity") serves as a Sub-Adviser to a portion of the assets of each of the Large
Cap Value and Small Cap Value Funds. Mellon Equity had discretionary management
authority with respect to approximately $XX billion of assets as of
November 30, 2000.
NICHOLAS-APPLEGATE CAPITAL MANAGEMENT--Nicholas-Applegate Capital Management
("Nicholas-Applegate") serves as a Sub-Adviser to a portion of the assets of the
Small Cap Growth Fund. As of November 30, 2000, Nicholas-Applegate had
discretionary management authority with respect to approximately $XX billion in
assets.
NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.--Nomura Corporate
Research and Asset Management Inc. ("Nomura") serves as a Sub-Adviser to a
portion of the assets of the High Yield Bond Fund. As of November 30, 2000,
Nomura had approximately $XX billion in assets under management.
PROVIDENT INVESTMENT COUNSEL, INC.--Provident Investment Counsel, Inc.
("PIC") serves as a Sub-Adviser for a portion of the assets of the Large Cap
Growth, Capital Appreciation and Balanced Funds. As of November 30, 2000, PIC
had over $XX billion in client assets under management.
ROBERT W. BAIRD & CO., INCORPORATED--Robert W. Baird & Co., Incorporated
("Baird") serves a Sub-Adviser for a portion of the assets of the Core Fixed
Income Fund. As of November 30, 2000, Baird had approximately $XX in assets
under management.
RS INVESTMENT MANAGEMENT, L.P.--RS Investment Management, L.P. ("RSIM"),
acts as a Sub-Adviser for a portion of the assets of the Small Cap Growth Fund.
As of November 30, 2000, RSIM had approximately $XX billion in assets under
management.
SANFORD C. BERNSTEIN & CO., LLC--Sanford C. Bernstein & Co., LLC
("Bernstein"), serves as a Sub-Adviser to a portion of the assets of the Large
Cap Value Fund. Bernstein was founded in 1967, and as of November 30, 2000, had
approximately $XX billion in assets under management.
S-30
<PAGE>
SAWGRASS ASSET MANAGEMENT, LLC--Sawgrass Asset Management, L.L.C.
("Sawgrass") serves as a Sub-Adviser for a portion of the assets of the Small
Cap Growth and Tax-Managed Small Cap Funds. As of November 30, 2000, Sawgrass
had approximately $XX million in assets under management.
SECURITY CAPITAL GLOBAL CAPITAL MANAGEMENT GROUP INCORPORATED--Security
Capital Global Capital Management Group Incorporated ("Security Capital") serves
as a Sub-Adviser to a portion of the assets of the Small Cap Value Fund. As of
November 30, 2000, Security Capital had approximately $XX billion in assets
under management.
TCW INVESTMENT MANAGEMENT COMPANY--TCW Investment Management Company ("TCW")
acts as a Sub-Adviser for a portion of the assets of the Large Cap Growth Fund.
As of November 30, 2000, TCW had approximately $XX billion of assets under
management.
WALL STREET ASSOCIATES--Wall Street Associates ("WSA") serves as a
Sub-Adviser for a portion of the assets of the Small Cap Growth Fund. As of
November 30, 2000, WSA had approximately $XX billion in assets under management.
WESTERN ASSET MANAGEMENT COMPANY--Western Asset Management Company
("Western") serves as a Sub-Adviser for a portion of the assets of the Core
Fixed Income Fund. As of November 30, 2000, Western managed approximately
$XX billion in client assets.
DISTRIBUTION AND SHAREHOLDER SERVICING
The Trust has adopted a Distribution Agreement for the Funds. The Trust has
also adopted a Distribution Plan (the "Class D Plan") for the Class D shares of
the Small Cap Growth Fund in accordance with the provisions of Rule 12b-1 under
the 1940 Act which regulates circumstances under which an investment company may
directly or indirectly bear expenses relating to the distribution of its shares.
In this regard, the Board of Trustees has determined that the Class D Plan and
the Distribution Agreement are in the best interests of the shareholders.
Continuance of the Class D Plan must be approved annually by a majority of the
Trustees of the Trust and by a majority of the Qualified Trustees, as defined in
the Class D Plan. The Class D Plan requires that quarterly written reports of
amounts spent under the Class D Plan and the purposes of such expenditures be
furnished to and reviewed by the Trustees. The Class D Plan may not be amended
to increase materially the amount which may be spent thereunder without approval
by a majority of the outstanding shares of the Fund or class affected. All
material amendments of the Class D Plan will require approval by a majority of
the Trustees of the Trust and of the Qualified Trustees.
The Class D Plan provides that the Trust will pay a fee of up to .30% of the
average daily net assets of the Small Cap Growth Fund's Class D shares that SEI
Investments Distribution Co. ("SIDCo." or the "Distributor") can use to
compensate broker-dealers and service providers, including SIDCo. and its
affiliates, which provide distribution-related services to the Small Cap Growth
Fund Class D shareholders or their customers who beneficially own Class D
shares.
The distribution-related services that may be provided under the Class D
Plan include establishing and maintaining customer accounts and records;
aggregating and processing purchase and redemption requests from customers;
placing net purchase and redemption orders with the Distributor; and
automatically investing customer account cash balances.
Except to the extent that the Administrator and the Adviser benefitted
through increased fees from an increase in the net assets of the Trust which may
have resulted in part from the expenditures, no interested person of the Trust
nor any Trustee of the Trust who is not an interested person of the Trust had a
direct or indirect financial interest in the operation of the Plan or related
agreements.
The Funds have also adopted shareholder servicing plans for their Class A
and Class I shares (each a "Service Plan" and collectively the "Service Plans").
Under the Service Plan for Class A Shares, the Distributor may perform, or may
compensate other service providers for performing, the following
S-31
<PAGE>
shareholder services: maintaining client accounts; arranging for bank wires;
responding to client inquiries concerning services provided on investments;
assisting clients in changing dividend options, account designations and
addresses; sub-accounting; providing information on share positions to clients;
forwarding shareholder communications to clients; processing purchase, exchange
and redemption orders; and processing dividend payments. Under the Services Plan
for Class I Shares, the Distributor may perform, or may compensate other service
providers for performing, the following shareholder services: maintaining client
accounts; arranging for bank wires; responding to client inquiries concerning
services provided in investments; and assisting clients in changing dividend
options, account designations and addresses. Under both Service Plan, the
Distributor may retain as a profit any difference between the fee it receives
and the amount it pays to third parties.
The Funds have adopted an Administration Services Plan ("Class I Plan") for
the Class I shares of the Large Cap Value, Large Cap Growth, Small Cap Value,
Small Cap Growth and Core Fixed Income Funds. Under the Class I Plan, certain
broker dealers and their affiliated registered investment advisers (the
"Intermediaries") may perform, or may compensate other service providers for
performing, the following administrative services: providing subaccounting with
respect to shares beneficially owned by clients; providing information
periodically to clients showing their positions in shares; forwarding
shareholder communications from a Fund (such as proxies, shareholder reports,
annual and semi-annual financial statements and dividend, distribution and tax
notices) to clients; processing purchase, exchange and redemption requests from
clients and placing such orders with a Fund or its service providers; processing
dividend payments from a Fund on behalf of its clients; and providing such other
similar services as a Fund may, through the Intermediaries, reasonably request
to the extent that the service provider is permitted to do so under applicable
laws or regulations.
Although banking laws and regulations prohibit banks from distributing
shares of open-end investment companies such as the Trust, according to an
opinion issued to the staff of the SEC by the Office of the Comptroller of the
Currency, financial institutions are not prohibited from acting in other
capacities for investment companies, such as providing shareholder services.
Should future legislative, judicial or administrative action prohibit or
restrict the activities of financial institutions in connection with providing
shareholder services, the Trust may be required to alter materially or
discontinue its arrangements with such financial institutions.
For the fiscal year ended September 30, 2000, the Funds incurred the
following distribution expenses:
<TABLE>
<CAPTION>
AMOUNT PAID TO
3RD PARTIES BY
THE DISTRIBUTOR
FOR DISTRIBUTION
TOTAL RELATED SERVICES
FUND/CLASS ($AMOUNT) ($AMOUNT)
---------- --------- ----------------
<S> <C> <C>
CLASS D
Small Cap Growth Fund.................................... $X,XXX $X,XXX
</TABLE>
TRUSTEES AND OFFICERS OF THE TRUST
The management and affairs of the Trust are supervised by the Board of
Trustees under the laws of the Commonwealth of Massachusetts. The Trustees have
approved contracts under which, as described above, certain companies provide
essential management services to the Trust.
The Trustees and Executive Officers of the Trust, their respective dates of
birth, and their principal occupations for the last five years are set forth
below. Each may have held other positions with the named companies during that
period. Unless otherwise noted, the business address of each Trustee and each
Executive Officer is SEI Investments Company, Oaks, Pennsylvania 19456. Certain
officers of the Trust also serve as officers to one or more mutual funds for
which SEI Investments Company or its affiliates act as investment manager,
administrator or distributor.
S-32
<PAGE>
ROBERT A. NESHER (DOB 08/17/46)--Chairman of the Board of
Trustees*--Currently performs various services on behalf of SEI Investments for
which Mr. Nesher is compensated. Executive Vice President of SEI Investments,
1986-1994. Director and Executive Vice President of the Adviser, the
Administrator and the Distributor, 1981-1994. Trustee of The Advisors' Inner
Circle Fund, The Arbor Fund, Bishop Street Funds, The Expedition Funds, Pillar
Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI
Institutional International Trust, SEI Institutional Investments Trust, SEI
Institutional Managed Trust, SEI Liquid Asset Trust, SEI Insurance Products
Trust and SEI Tax Exempt Trust.
WILLIAM M. DORAN (DOB 05/26/40)--Trustee*--1701 Market Street, Philadelphia,
PA 19103. Partner, Morgan, Lewis & Bockius LLP (law firm), counsel to the Trust,
SEI Investments, the Adviser, the Administrator and the Distributor. Director of
SEI Investments since 1974; Secretary of SEI Investments since 1978. Trustee of
The Advisors' Inner Circle Fund, The Arbor Fund, The Expedition Funds, SEI Asset
Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional
International Trust, SEI Institutional Investments Trust, SEI Institutional
Managed Trust, SEI Liquid Asset Trust, SEI Insurance Products Trust and SEI Tax
Exempt Trust.
F. WENDELL GOOCH (DOB 12/03/32)--Trustee**--President, Orange County
Publishing Co., Inc.; Publisher, Paoli News and Paoli Republican; and Editor,
Paoli Republican, October 1981-January 1997. President, H&W Distribution, Inc.,
since July 1984. Executive Vice President, Trust Department, Harris Trust and
Savings Bank and Chairman of the Board of Directors of The Harris Trust Company
of Arizona before January 1981. Trustee of SEI Asset Allocation Trust, SEI Daily
Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI
Institutional Investments Trust, SEI Institutional Managed Trust, SEI Insurance
Products Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, STI Classic Funds
and STI Classic Variable Trust.
JAMES M. STOREY (DOB 04/12/31)--Trustee**--Partner, Dechert Price & Rhoads,
September 1987-December 1993. Trustee of The Advisors' Inner Circle Fund, The
Arbor Fund, The Expedition Funds, SEI Asset Allocation Trust, SEI Daily Income
Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional
Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI
Insurance Products Trust, and SEI Tax Exempt Trust.
GEORGE J. SULLIVAN, JR. (DOB 11/13/42)--Trustee**--Chief Executive Officer,
Newfound Consultants Inc. since April 1997. General Partner, Teton Partners,
L.P., June 1991-December 1996; Chief Financial Officer, Noble Partners, L.P.,
March 1991-December 1996; Treasurer and Clerk, Peak Asset Management, Inc.,
since 1991; Trustee, Navigator Securities Lending Trust, since 1995. Trustee of
The Advisors' Inner Circle Fund, The Arbor Fund, The Expedition Funds, SEI Asset
Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional
International Trust, SEI Institutional Investments Trust, SEI Institutional
Managed Trust, SEI Liquid Asset Trust, SEI Insurance Products Trust and SEI Tax
Exempt Trust.
ROSEMARIE B. GRECO (DOB 03/31/46)--Trustee**--Principal, Grecoventures
(consulting firm) since August 1997. President, Corestates Financial Corp.,
1991-1997; Chief Executive Officer and President, Corestates Bank, N.A.,
1991-1997; Director, Sonoco, Inc.; Director, PECO Energy; Director, Radian,
Inc.; Trustee, Pennsylvania Real Estate Investment Trust; Director, Cardone
Industries, Inc.; Director, Genuardi Markets, Inc.; Director, PRWT Comserve,
Inc. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index
Funds, SEI Institutional International Trust, SEI Institutional Investments
Trust, SEI Institutional Managed Trust, SEI Insurance Products Trust, SEI Liquid
Asset Trust and SEI Tax Exempt Trust.
EDWARD D. LOUGHLIN (DOB 03/07/51)--President and Chief Executive
Officer--Executive Vice President and President--Asset Management Division of
SEI Investments since 1993. Executive Vice President of the Adviser and the
Administrator since 1994. Senior Vice President of the Distributor, 1986-1991;
Vice President of the Distributor, 1981-1986.
S-33
<PAGE>
TIMOTHY D. BARTO (DOB 3/28/68)--Vice President and Assistant
Secretary--Employed by SEI Investments since October 1999. Vice President and
Assistant Secretary of the Administrator and Distributor since December 1999.
Associate at Dechert Price & Rhoads, 1997-1999. Associate at Richer, Miller &
Finn, 1994-1997.
TODD B. CIPPERMAN (DOB 02/14/66)--Vice President and Assistant
Secretary--Senior Vice President and General Counsel of SEI Investments; Senior
Vice President, General Counsel and Secretary of the Adviser, the Administrator
and the Distributor since 2000. Vice President and Assistant Secretary of SEI
Investments, the Adviser, the Administrator and the Distributor, 1995-2000.
Associate, Dewey Ballantine (law firm), 1994-1995. Associate, Wilson & Strawn
(law firm), 1991-1994.
CHRISTINE M. MCCULLOUGH (DOB 12/05/60)--Vice President and Assistant
Secretary--Employed by SEI Investments since November 1, 1999. Vice President
and Assistant Secretary of the Administrator and Distributor since December
1999. Associate, Montgomery, Walker and Rhoads (law firm), 1990-1991.
JAMES R. FOGGO (DOB 06/30/64)--Vice President and Assistant Secretary--Vice
President and Assistant Secretary of SEI Investments since January 1998. Vice
President of the Administrator and Distributor since May 1999. Associate, Paul
Weiss, Rifkind, Wharton & Garrison (law firm), 1998. Associate, Baker & McKenzie
(law firm), 1995-1998. Associate, Battle Fowler L.L.P. (law firm), 1993-1995.
Operations Manager, The Shareholder Services Group, Inc., 1986-1990.
LYDIA A. GAVALIS (DOB 06/05/64)--Vice President and Assistant
Secretary--Vice President and Assistant Secretary of SEI Investments, the
Adviser, the Administrator and the Distributor since 1998. Assistant General
Counsel and Director of Arbitration, Philadelphia Stock Exchange, 1989-1998.
KATHY HEILIG (DOB 12/21/58)--Vice President and Assistant
Secretary--Treasurer of SEI Investments since 1997; Vice President of SEI
Investments since 1991. Vice President and Treasurer of the Adviser and the
Administrator since 1997. Assistant Controller of SEI Investments and Vice
President of the Distributor since 1995. Director of Taxes of SEI Investments,
1987-1991. Tax Manager, Arthur Andersen LLP prior to 1987.
CYNTHIA M. PARRISH (DOB 10/23/59)--Vice President and Assistant
Secretary--Vice President and Assistant Secretary of the SEI Investments, the
Adviser, the Administrator and the Distributor since August 1997. Branch Chief,
Division of Enforcement, U.S. Securities and Exchange Commission,
January 1995-August 1997. Senior Counsel--Division of Enforcement, U.S.
Securities and Exchange Commission, September 1992-January 1995. Staff
Attorney--Division of Enforcement, U.S. Securities and Exchange Commission,
January 1995-August 1997.
RICHARD W. GRANT (DOB 10/25/45)--Secretary--1701 Market Street,
Philadelphia, PA 19103. Partner, Morgan, Lewis & Bockius LLP (law firm), counsel
to the Trust, SEI Investments, the Adviser, the Administrator and the
Distributor.
MARK E. NAGLE (DOB 10/20/59)--Controller and Chief Financial
Officer--President of the Administrator and Senior Vice President of SEI
Investments Mutual Funds Services Operations Group since 1998. Vice President of
the Administrator and Vice President of Fund Accounting and Administration of
SEI Investments Mutual Funds Services, 1996-1998. Vice President of the
Distributor since December 1997. Senior Vice President, Fund Administration,
BISYS Fund Services, September 1995-November 1996. Senior Vice President and
Site Manager, Fidelity Investments 1981-September 1995.
ROBERT LUDWIG (DOB 3/12/50)--Vice President and Assistant
Secretary--Employed by SEI Investments since 1985. Senior Vice President and
Chief Investment Officer of SEI Asset Management Group since 1995. Chairman of
SEI Investment Policy Committee since 1995. Manager of Product Development for
SEI's institutional mutual funds and repurchase trading desk from 1985 to 1995.
Held
S-34
<PAGE>
various product management and development positions at Chase Econometrics and
Interactive Data Corporation from 1974 to 1985.
------------------------
* Messrs. Nesher and Doran are Trustees who may be deemed to be "interested
persons" of the Trust as the term is defined in the 1940 Act.
** Messrs. Gooch, Storey, Sullivan and Ms. Greco serve as members of the Audit
Committee of the Trust.
Compensation of officers and affiliated Trustees of the Trust is paid by the
Administrator. The Trust pays the fees for unaffiliated Trustees. For the fiscal
year ended September 30, 2000, the Trust paid the following amounts to the
Trustees.
<TABLE>
<CAPTION>
AGGREGATE PENSION OR TOTAL COMPENSATION FROM
COMPENSATION RETIREMENT BENEFITS ESTIMATED ANNUAL REGISTRANT AND FUND
FROM REGISTRANT ACCRUED AS PART OF BENEFITS UPON COMPLEX PAID TO TRUSTEES
NAME OF PERSON AND POSITION FOR FYE 9/30/00 FUND EXPENSES RETIREMENT FOR FYE 9/30/00
--------------------------- ----------------- ------------------- ---------------- --------------------------
<S> <C> <C> <C> <C>
Robert A. Nesher, Trustee........ $ 0 $0 $0 $0 for services on
9 boards
William M. Doran, Trustee........ $ 0 $0 $0 $0 for services on
9 boards
F. Wendell Gooch, Trustee........ $XX,XXX $0 $0 $XXX,XXX for services on
9 boards
James M. Storey, Trustee......... $XX,XXX $0 $0 $XXX,XXX for services on
9 boards
George J. Sullivan, Trustee...... $XX,XXX $0 $0 $XXX,XXX for services on
9 boards
Rosemarie B. Greco, Trustee...... $XX,XXX $0 $0 $XX,XXX for services on
9 boards
</TABLE>
------------------------
Mr. Edward W. Binshadler is a Trustee Emeritus of the Trust. Mr. Binshadler
serves as a consultant to the Audit Committee and receives as compensation,
$5,000 per Audit Committee meeting attended.
The Trustees and officers of the Trust own less than 1% of the outstanding
shares of the Trust.
S-35
<PAGE>
PERFORMANCE
From time to time, each Fund may advertise yield and/or total return. These
figures will be based on historical earnings and are not intended to indicate
future performance. The yield of a Fund refers to the annualized income
generated by an investment in such Fund over a specified 30-day period. The
yield is calculated by assuming that the income generated by the investment
during that period is generated each period over one year and is shown as a
percentage of the investment. In particular, yield will be calculated according
to the following formula:
Yield =2[((a-b)/cd) + 1) RAISED TO THE POWER OF 6-1], where a =
dividends and interest earned the period; b = expenses accrued for the
period (net of reimbursement); c = the current daily number of shares
outstanding during the period that were entitled to receive dividends;
and d = the maximum offering price per share on the last day of the
period.
Based on the foregoing, the 30-day yield for the Funds for the 30-day period
ended September 30, 2000 were as follows:
<TABLE>
<CAPTION>
FUND 30-DAY YIELD
---- ------------
<S> <C>
CLASS A
Large Cap Value Fund...................................... X.XX%
Large Cap Growth Fund..................................... X.XX%
Tax-Managed Large Cap Fund................................ X.XX%
Small Cap Value Fund...................................... X.XX%
Small Cap Growth Fund..................................... X.XX%
Tax-Managed Small Cap Fund*............................... X.XX%
Mid-Cap Fund.............................................. X.XX%
Capital Appreciation Fund................................. X.XX%
Equity Income Fund........................................ X.XX%
Balanced Fund............................................. X.XX%
Core Fixed Income Fund.................................... X.XX%
High Yield Bond Fund...................................... X.XX%
CLASS D
Small Cap Growth Fund..................................... X.XX%
CLASS I
Large Cap Value Fund*..................................... X.XX%
Large Cap Growth Fund*.................................... X.XX%
Small Cap Value Fund*..................................... X.XX%
Small Cap Growth Fund*.................................... X.XX%
Core Fixed Income Fund*................................... X.XX%
CLASS Y
Tax-Managed Large Cap Fund*............................... X.XX%
</TABLE>
------------------------
* Not in operation during such period.
The total return of a Fund refers to the average compounded rate of return
to a hypothetical investment for designated time periods (including, but not
limited to, the period from which the Fund commenced operations through the
specified date), assuming that the entire investment is redeemed at the end of
each period. In particular, total return will be calculated according to the
following formula:
P(1 + T) RAISED TO THE POWER OF n = ERV, where P = a hypothetical
initial payment of $1,000; T = annual total return; n = number of years;
and ERV = ending redeemable value of a hypothetical $1,000 payment made
at the beginning of the designated time period as of the end of such
period.
S-36
<PAGE>
Based on the foregoing, the average annual total returns for the Funds from
inception through and for the one, five and ten year periods ended
September 30, 2000, were as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------
ONE FIVE TEN SINCE
FUND CLASS YEAR YEAR YEAR INCEPTION
---- ----- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Large Cap Value Fund Class A(7)................. X.XX% X.XX% X.XX% X.XX%
Class I(12)................ X.XX% * * X.XX%
Large Cap Growth Fund Class A(6)................. X.XX% X.XX% * X.XX%
Class I(12)................ X.XX% * * X.XX%
Tax-Managed Large Cap Fund Class A(11)................ X.XX% X.XX% * X.XX%
Class Y(13)................ X.XX% * * X.XX%
Small Cap Value Fund Class A(6)................. X.XX% X.XX% * X.XX%
Class I(12)................ X.XX% * * X.XX%
Small Cap Growth Fund Class A(9)................. X.XX% X.XX% * X.XX%
Class D(10) (no load)...... X.XX% X.XX% * X.XX%
Class D(10) (load)......... X.XX% X.XX% * X.XX%
Class I(12)................ X.XX% * * X.XX%
Tax-Managed Small Cap Fund Class A(14)................ X.XX% * * X.XX%
Mid-Cap Fund Class A(8)................. X.XX% X.XX% * X.XX%
Capital Appreciation Fund Class A(2)................. X.XX% X.XX% X.XX% X.XX%
Equity Income Fund Class A(4)................. X.XX% X.XX% X.XX% X.XX%
Class I(12)................ X.XX% * * X.XX%
Balanced Fund Class A(1)................. X.XX% X.XX% * X.XX%
Core Fixed Income Fund Class A(3)................. X.XX% X.XX% X.XX% X.XX%
Class I(12)................ X.XX% * * X.XX%
High Yield Bond Fund Class A(5)................. X.XX% X.XX% * X.XX%
</TABLE>
------------------------
* Not in operation during period.
(1) Commenced operations August 7, 1990.
(2) Commenced operations March 1, 1988.
(3) Commenced operations May 4, 1987.
(4) Commenced operations June 2, 1988.
(5) Commenced operations January 11, 1995.
(6) Commenced operations December 20, 1994.
(7) Commenced operations April 20, 1987.
(8) Commenced operations February 16, 1993.
(9) Commenced operations April 20, 1992.
(10) Commenced operations May 2, 1994.
(11) Commenced operations March 4, 1998.
(12) Commenced operations , 2000.
(13) Commenced operations , 2000.
(14) Commenced operations , 2000.
The Funds may, from time to time, compare their performance to other mutual
funds tracked by mutual fund rating services, to broad groups of comparable
mutual funds or to unmanaged indices which may assume investment of dividends
but generally do not reflect deductions for administrative and management costs.
S-37
<PAGE>
PURCHASE AND REDEMPTION OF SHARES
The purchase and redemption price of shares is the net asset value of each
share. A Fund's securities are valued by SEI Management pursuant to valuations
provided by an independent pricing service (generally the last quoted sale
price). Fund securities listed on a securities exchange for which market
quotations are available are valued at the last quoted sale price on each
Business Day (defined as days on which the New York Stock Exchange is open for
business ("Business Day")) or, if there is no such reported sale, at the most
recently quoted bid price. Unlisted securities for which market quotations are
readily available are valued at the most recently quoted bid price. The pricing
service may also use a matrix system to determine valuations. This system
considers such factors as security prices, yields, maturities, call features,
ratings and developments relating to specific securities in arriving at
valuations. The procedures of the pricing service and its valuations are
reviewed by the officers of the Trust under the general supervision of the
Trustees.
Information about the market value of each portfolio security may be
obtained by SEI Management from an independent pricing service. The pricing
service relies primarily on prices of actual market transactions as well as
trader quotations. However, the pricing service may use a matrix system to
determine valuations of fixed income securities. This system considers such
factors as security prices, yields, maturities, call features, ratings and
developments relating to specific securities in arriving at valuations. The
procedures used by the pricing service and its valuations are reviewed by the
officers of the Trust under the general supervision of the Trustees.
Securities with remaining maturities of 60 days or less will be valued by
the amortized cost method, which involves valuing a security at its cost on the
date of purchase and thereafter (absent unusual circumstances) assuming a
constant amortization to maturity of any discount or premium, regardless of the
impact of fluctuations in general market rates of interest on the value of the
instrument. While this method provides certainty in valuation, it may result in
periods during which value, as determined by this method, is higher or lower
than the price the Trust would receive if it sold the instrument. During periods
of declining interest rates, the daily yield of a Fund may tend to be higher
than a like computation made by a company with identical investments utilizing a
method of valuation based upon market prices and estimates of market prices for
all of its portfolio securities. Thus, if the use of amortized cost by a Fund
resulted in a lower aggregate portfolio value on a particular day, a prospective
investor in a Fund would be able to obtain a somewhat higher yield that would
result from investment in a company utilizing solely market values, and existing
shareholders in the Fund would experience a lower yield. The converse would
apply during a period of rising interest rates.
It is currently the Trust's policy to pay all redemptions in cash. The Trust
retains the right, however, to alter this policy to provide for redemptions in
whole or in part by a distribution in kind of readily marketable securities held
by a Fund in lieu of cash. Shareholders may incur brokerage charges on the sale
of any such securities so received in payment of redemptions. However, a
shareholder will at all times be entitled to aggregate cash redemptions from all
Funds of the Trust during any 90-day period of up to the lesser of $250,000 or
1% of the Trust's net assets.
A gain or loss for federal income tax purposes may be realized by a taxable
shareholder upon an in-kind redemption depending upon the shareholder's basis in
the shares of the Trust redeemed.
Purchases and redemptions of shares of the Funds may be made on any day the
New York Stock Exchange is open for business. Currently, the following holidays
are observed by the Trust: New Year's Day, Martin Luther King, Jr. Day,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day. The Trust reserves the right to suspend the
right of redemption and/or to postpone the date of payment upon redemption for
any period during which trading on the New York Stock Exchange is restricted, or
during the existence of an emergency (as determined by the SEC by rule or
regulation) as a result of which disposal or evaluation of the portfolio
securities is not reasonably practicable, or for such other periods as the SEC
may by order permit. The Trust also reserves
S-38
<PAGE>
the right to suspend sales of shares of the Funds for any period during which
the New York Stock Exchange, the Administrator, the Distributor, and/or the
Custodian are not open for business.
REDUCTIONS IN SALES CHARGES
In calculating the sales charge rates applicable to current purchases of
Class D shares, members of the following affinity groups and clients of the
following broker-dealers, each of which has entered into an agreement with the
Distributor, are entitled to the following percentage-based discounts from the
otherwise applicable sales charge:
<TABLE>
<CAPTION>
PERCENTAGE DATE OFFER
NAME OF GROUP DISCOUNT STARTS
------------- ---------- ----------
<S> <C> <C>
BHC Securities, Inc. ................................... 10% 12/29/94
First Security Investor Services, Inc. ................. 10% 12/29/94
</TABLE>
Those members or clients who take advantage of a percentage-based reduction
in the sales charge during the offering period noted above may continue to
purchase shares at the reduced sales charge rate after the offering period
relating to each such purchaser's affinity group or broker-dealer relationship
has terminated.
For more information regarding reductions in sales charges, please contact
the Distributor at 1-800-437-6016.
SHAREHOLDER SERVICES (CLASS D SHARES)
The following is a description of plans and privileges by which the sale
charges imposed on the Class D shares of the Small Cap Growth Fund may be
reduced.
RIGHT OF ACCUMULATION: A shareholder qualifies for cumulative quantity
discounts when his or her new investment, together with the current market value
of all holdings of that shareholder in certain eligible portfolios, reaches a
discount level. See "Purchase and Redemption of Shares" in the Prospectus for
the sales charge on quantity purchases.
LETTER OF INTENT: The reduced sales charges are also applicable to the
aggregate amount of purchases made by any such purchaser previously enumerated
within a 13-month period pursuant to a written Letter of Intent provided to the
Distributor that (i) does not legally bind the signer to purchase any set number
of shares and (ii) provides for the holding in escrow by the Administrator of 5%
of the amount purchased until such purchase is completed within the 13-month
period. A Letter of Intent may be dated to include shares purchased up to 90
days prior to the date the Letter of Intent is signed. The 13-month period
begins on the date of the earliest purchase. If the intended investment is not
completed, the Administrator will surrender an appropriate number of the
escrowed shares for redemption in order to recover the difference between the
sales charge imposed under the Letter of Intent and the sales charge that would
have otherwise been imposed.
DISTRIBUTION INVESTMENT OPTION: Distributions of dividends and capital
gains made by the Funds may be automatically invested in shares of one of the
Funds if shares of the Fund are available for sale. Such investments will be
subject to initial investment minimums, as well as additional purchase minimums.
A shareholder considering the Distribution Investment Option should obtain and
read the prospectus of the other Funds and consider the differences in
objectives and policies before making any investment.
REINSTATEMENT PRIVILEGE: A shareholder who has redeemed shares of the Fund
has a one-time right to reinvest the redemption proceeds in shares of the Funds
at their net asset value as of the time of reinvestment. Such a reinvestment
must be made within 30 days of the redemption and is limited to the amount of
the redemption proceeds. Although redemptions and repurchases of shares are
taxable events, a reinvestment within such 30-day period in the same fund is
considered a "wash sale" and results in the inability to recognize currently all
or a portion of a loss realized on the original redemption for federal
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<PAGE>
income tax purposes. The investor must notify the Transfer Agent at the time the
trade is placed that the transaction is a reinvestment.
EXCHANGE PRIVILEGE: Some or all of the Fund's Class D shares for which
payment has been received (I.E., an established account), may be exchanged for
Class D shares of SEI Liquid Asset Trust, SEI Tax Exempt Trust and SEI
Institutional International Trust ("SEI Funds"). Exchanges are made at net asset
value plus any applicable sales charge. SEI Funds' portfolios that are not money
market portfolios currently impose a sales charge on Class D shares. A
shareholder who exchanges into one of these "non-money market" portfolios will
have to pay a sales charge on any portion of the exchanged Class D shares for
which he or she has not previously paid a sales charge. If a shareholder has
paid a sales charge on Class D shares, no additional sales charge will be
assessed when he or she exchanges those Class D shares for other Class D shares.
If a shareholder buys Class D shares of a "non-money market" fund and receives a
sales load waiver, he or she will be deemed to have paid the sales load for
purposes of this exchange privilege. In calculating any sales charge payable on
an exchange transaction, the SEI Funds will assume that the first shares a
shareholder exchanges are those on which he or she has already paid a sales
charge. Sales charge waivers may also be available under certain circumstances,
as described in the portfolios' prospectuses. The Trust reserves the right to
change the terms and conditions of the exchange privilege discussed herein, or
to terminate the exchange privilege, upon sixty days' notice. Exchanges will be
made only after proper instructions in writing or by telephone (an "Exchange
Request") are received for an established account by the Distributor.
A shareholder may exchange the shares of the Fund's Class D shares, for
which good payment has been received, in his or her account at any time,
regardless of how long he or she has held his or her shares.
Each Exchange Request must be in proper form (I.E., if in writing, signed by
the record owner(s) exactly as the shares are registered; if by telephone-proper
account identification is given by the dealer or shareholder of record), and
each exchange must involve either shares having an aggregate value of at least
$1,000 or all the shares in the account. Each exchange involves the redemption
of the shares of the Fund (the "Old Fund") to be exchanged and the purchase at
net asset value (I.E., without a sales charge) of the shares of the other
portfolios (the "New Fund"). Any gain or loss on the redemption of the shares
exchanged is reportable on the shareholder's federal income tax return, unless
such shares were held in a tax-deferred retirement plan or other tax-exempt
account. If the Exchange Request is received by the Distributor in writing or by
telephone on any business day prior to the redemption cut-off time specified in
each Prospectus, the exchange usually will occur on that day if all the
restrictions set forth above have been complied with at that time. However,
payment of the redemption proceeds by the Old Funds, and thus the purchase of
shares of the New Fund, may be delayed for up to seven days if the Fund
determines that such delay would be in the best interest of all of its
shareholders. Investment dealers which have satisfied criteria established by
the Funds may also communicate a Shareholder's Exchange Request to the Fund
subject to the restrictions set forth above. No more than five exchange requests
may be made in any one telephone Exchange Request.
TAXES
The following is only a summary of certain additional federal tax
considerations generally affecting the Funds and their shareholders that are not
described in the Funds' prospectuses. No attempt is made to present a detailed
explanation of the federal, state and local, or foreign tax treatment of the
Funds or their shareholders and the discussion here and in the Funds'
prospectuses is not intended as a substitute for careful tax planning.
This discussion of federal income tax consequences is based on the Code, and
the regulations issued thereunder, in effect on the date of this Statement of
Additional Information. New legislation, as well as administrative changes or
court decisions, may significantly change the conclusions expressed herein, and
may have a retroactive effect with respect to the transactions contemplated
herein.
Each Fund is treated as a separate entity for federal income tax purposes
and is not combined with the Trust's other Funds. Each Fund intends to qualify
as a regulated investment company ("RIC") under
S-40
<PAGE>
Subchapter M of the Code so that it will be relieved of federal income tax on
that part of its income that is distributed to shareholders. In order to qualify
for treatment as a RIC, a Fund must distribute annually to its shareholders at
least 90% of its net interest income excludable from net income, 90% of its
investment company taxable income (generally, net investment income plus the
excess, if any, of net short-term capital gain over net long-term capital
losses) ("Distribution Requirement") and also must meet several additional
requirements. Among these requirements are the following: (i) at least 90% of a
Fund's gross income each taxable year must be derived from dividends, interest,
payments with respect to securities loans, and gains from the sale or other
disposition of stock or securities, or other income derived with respect to its
business of investing in such stock or securities; (ii) at the close of each
quarter of a Fund's taxable year, at least 50% of the value of its total assets
must be represented by cash and cash items, U.S. government securities,
securities of other RICs and other securities, with such other securities
limited, in respect of any one issuer, to an amount that does not exceed 5% of
the value of a Fund's assets and that does not represent more than 10% of the
outstanding voting securities of such issuer; and (iii) at the close of each
quarter of a Fund's taxable year, not more than 25% of the value of its assets
may be invested in securities (other than U.S. Government securities or the
securities of other RICs) of any one issuer or of two or more issuers engaged in
the same, similar, or related trades or businesses if the Fund owns at least 20%
of the voting power of such issuers.
Notwithstanding the Distribution Requirement described above, which only
requires a Fund to distribute at least 90% of its annual investment company
taxable income and does not require any minimum distribution of net capital
gain, a Fund will be subject to a nondeductible 4% federal excise tax to the
extent it fails to distribute by the end of any calendar year at least 98% of
its ordinary income for that year and 98% of its capital gain net income (the
excess of short- and long-term capital gain over short- and long-term capital
loss) for the one-year period ending on October 31 of that year, plus certain
other amounts. Each Fund intends to make sufficient distributions to avoid
liability for the federal excise tax. A Fund may in certain circumstances be
required to liquidate portfolio investments in order to make sufficient
distributions to avoid federal excise tax liability when the investment advisor
might not otherwise have chosen to do so, and liquidation of investments in such
circumstances may affect the ability of a Fund to satisfy the requirements for
qualification as a RIC.
If a Fund fails to qualify as a RIC for any year, all of its taxable income
will be subject to tax at regular corporate rates without any deduction for
distributions to shareholders, and its distributions (including capital gains
distributions) out of its accumulated or current earnings and profits generally
will be taxable as ordinary income dividends to its shareholders, subject to the
dividends received deduction for corporate shareholders. The board reserves the
right not to maintain the qualification of a Fund as a regulated investment
company if it determines such course of action to be beneficial to shareholders.
Each Fund receives income generally in the form of dividends and interest on
its investments. Each Fund's income, less expenses incurred in the operation
such Fund, constitutes the Fund's net investment income from which dividends may
be paid to you. Any distributions of dividends by a Fund will be taxable as
ordinary income, whether you take them in cash or additional shares. A Fund may
derive capital gains and losses in connection with sale or other dispositions of
its portfolio securities. Distributions from net short-term capital gains will
be taxable to you as ordinary income. Distributions from net long-term gains
will be taxable to you as long-term capital gain, regardless of how long you
have held your shares in a Fund.
The Funds will inform you of the amount of your distributions at the time
they are paid, and will advise you of their tax status for federal income tax
purposes shortly after the close of each calendar year. If you have not held
fund shares for a full year the a Fund may designate and distribute to you as
ordinary income a percentage of income that is not equal to the actual amount of
such income earned during the period of your investment in the Fund.
Any gain or loss recognized on a sale, exchange or redemption of shares of a
Fund by a shareholder who is not a dealer in securities will generally, for
individual shareholders, will be treated as either long-term or short-term
capital gain or loss depending upon how long you have held your shares. However,
if shares on which a shareholder has received a net capital gain distribution
are subsequently sold, exchanged
S-41
<PAGE>
or redeemed and such shares have been held for six months or less, any loss
recognized will be treated as a long-term capital loss to the extent of the net
capital gain distribution.
All or a portion of any loss that you realize upon the redemption of your
shares of a Fund will be disallowed to the extent that you buy other shares in
the Fund (through reinvestment of dividends or otherwise) within 30 days before
or after your share redemptions. Any loss disallowed under these rules will be
added to your tax basis in the new shares you buy.
A Fund will be required in certain cases to withhold and remit to the United
States Treasury 31% of amounts payable to any shareholder who (1) has provided
the Fund either an incorrect tax identification number or no number at all,
(2) who is subject to backup withholding by the Internal Revenue Service for
failure to properly report payments of interest or dividends, or (3) who has
failed to certify to the Fund that such shareholder is not subject to backup
withholding.
With respect to investments in STRIPS, TRs, TIGRs, LYONs, CATS and other
Zero Coupon securities which are sold at original issue discount and thus do not
make periodic cash interest payments, a Fund will be required to include as part
of its current income the imputed interest on such obligations even though the
Fund has not received any interest payments on such obligations during that
period. Because each Fund distributes all of its net investment income to its
shareholders, a Fund may have to sell Fund securities to distribute such imputed
income which may occur at a time when the Advisers would not have chosen to sell
such securities and which may result in taxable gain or loss.
STATE TAXES
A Fund is not liable for any income or franchise tax in Massachusetts if it
qualifies as a RIC for federal income tax purposes. Rules of state and local
taxation of dividend and capital gains distributions from RICs often differ from
the rules for federal income taxation described above. Depending upon state and
local law, distributions by the Fund to shareholders and the ownership of shares
may be subject to state and local taxes. Some of the Funds may invest a portion
of their portfolios in obligations of the U.S. Government. Many states grant
tax-free status to dividends paid to you from interest earned on direct
obligations of the U.S. government, subject in some states to minimum investment
requirements that must be met by a fund. Investment in Ginnie Mae or Fannie Mae
securities, banker's acceptances, commercial paper and repurchase agreements
collateralized by U.S. government securities do not generally qualify for such
tax-free treatment. The rules on exclusion of this income are different for
corporate shareholders. Shareholders are urged to consult their tax advisers
regarding the affect of federal, state, and local taxes in their own individual
circumstances.
PORTFOLIO TRANSACTIONS
The Trust has no obligation to deal with any broker-dealer or group of
brokers or dealers in the execution of transactions in portfolio securities.
Subject to policies established by the Trustees, the advisers are responsible
for placing orders to execute Fund transactions. In placing orders, it is the
Trust's policy to seek to obtain the best net results taking into account such
factors as price (including the applicable dealer spread), size, type and
difficulty of the transaction involved, the firm's general execution and
operational facilities, and the firm's risk in positioning the securities
involved. While the advisers generally seek reasonably competitive spreads or
brokerage commissions, the Trust will not necessarily be paying the lowest
spread or commission available. The Trust will not purchase portfolio securities
from any affiliated person acting as principal except in conformity with the
regulations of the SEC.
It is expected that the Funds may execute brokerage or other agency
transactions through the Distributor, a registered broker-dealer, for a
commission in conformity with the 1940 Act, the Securities Exchange Act of 1934,
as amended, ("1934 Act") and rules and regulations of the SEC. Under these
provisions, the Distributor is permitted to receive and retain compensation for
effecting portfolio transactions for a Fund on an exchange if a written contract
is in effect between the Distributor and the Trust expressly permitting the
Distributor to receive and retain such compensation. These provisions further
require that commissions paid to the Distributor by the Trust for exchange
transactions not exceed "usual
S-42
<PAGE>
and customary" brokerage commissions. The rules define "usual and customary"
commissions to include amounts which are "reasonable and fair compared to the
commission, fee or other remuneration received or to be received by other
brokers in connection with comparable transactions involving similar securities
being purchased or sold on a securities exchange during a comparable period of
time." In addition, the Funds may direct commission business to one or more
designated broker-dealers, including the Distributor, in connection with such
broker-dealer's payment of certain of the Funds' expenses. The Trustees,
including those who are not "interested persons" of the Trust, have adopted
procedures for evaluating the reasonableness of commissions paid to the
Distributor and will review these procedures periodically.
In connection with transactions effected for Funds operating within the
"Manager of Managers" structure, SIMC and the various firms that serve as
sub-advisers to certain Funds of the Trust, in the exercise of joint investment
discretion over the assets of a Fund, may direct a substantial portion of a
Fund's brokerage to the Distributor. All such transactions directed to the
Distributor must be accomplished in a manner that is consistent with the Trust's
policy to achieve best net results, and must comply with the Trust's procedures
regarding the execution of transactions through affiliated brokers.
For the fiscal year ended September 30, 2000, the Funds paid the following
brokerage fees:
<TABLE>
<CAPTION>
TOTAL $ AMOUNT
TOTAL $ AMOUNT OF BROKERAGE % OF TOTAL % OF TOTAL
OF BROKERAGE COMMISSIONS BROKERAGE BROKERED
COMMISSIONS PAID TO COMMISSIONS TRANSACTIONS
PAID IN AFFILIATED BROKERS IN PAID TO EFFECTED THROUGH
FUND FYE 9/30/00 FYE 9/30/00 AFFILIATED BROKERS AFFILIATED BROKERS
---- -------------- --------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Large Cap Value Fund............... $ XXX $ XXX XX% XX%
Large Cap Growth Fund.............. $ XXX $ XXX XX% XX%
Tax-Managed Large Cap Fund......... $ XXX $ XXX XX% XX%
Small Cap Value Fund............... $ XXX $ XXX XX% XX%
Small Cap Growth Fund.............. $ XXX $ XXX XX% XX%
Tax-Managed Small Cap Fund......... * * * *
Mid-Cap Fund....................... $ XXX $ XXX XX% XX%
Capital Appreciation Fund.......... $ XXX $ XXX XX% XX%
Equity Income Fund................. $ XXX $ XXX XX% XX%
Balanced Fund...................... $ XXX $ XXX XX% XX%
Core Fixed Income Fund............. $ XXX $ XXX XX% XX%
High Yield Bond Fund............... $ XXX $ XXX N/A N/A
</TABLE>
------------------------
* Not in operation during such period.
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<PAGE>
For the fiscal years ended September 30, 1998 and 1999, the Funds paid the
following brokerage fees:
<TABLE>
<CAPTION>
TOTAL $ AMOUNT
TOTAL $ AMOUNT OF BROKERAGE
OF BROKERAGE COMMISSIONS PAID
COMMISSIONS PAID TO AFFILIATES
-------------------------- ----------------------
FUND 1998 1999 1998 1999
---- ---------- ------------- -------- -----------
<S> <C> <C> <C> <C>
Large Cap Value Fund........................ $2,179,458 $2,571,587.93 $274,296 $432,748.14
Large Cap Growth Fund....................... $1,876,706 $1,972,752.12 $879,453 $ 33,534.85
Tax-Managed Large Cap Fund.................. $ 171,586 $ 665,890.93 $ 49,479 $ 79,982.22
Small Cap Value Fund........................ $1,159,153 $2,418,713.85 $ 0 $ 16,573.83
Small Cap Growth Fund....................... $1,035,121 $1,489,350.21 $ 0 $ 15,074.02
Tax-Managed Small Cap Fund.................. * * * *
Mid-Cap Fund................................ $ 199,773 $ 177,134.09 $ 0 $ 373.58
Capital Appreciation Fund................... $ 592,551 $ 368,075.53 $ 0 $ 33,546.68
Equity Income Fund.......................... $ 260,476 $ 229,485.34 $ 0 $ 26,983.57
Balanced Fund............................... $ 114,561 $ 103,153.80 $ 0 $ 9,262.60
Core Fixed Income Fund...................... $ 0 $ 190,402.15 $ 0 $190,402.15
High Yield Bond Fund........................ $ 0 $ -- $ 0 $ --
</TABLE>
------------------------
* Not in operation during such period.
Class D shareholders paid the following sales charges:
<TABLE>
<CAPTION>
DOLLAR AMOUNT
DOLLAR AMOUNT OF CHARGES
OF CHARGES RETAINED BY SIDCO
------------------------------ ------------------------------
FUND/CLASS 1998 1999 2000 1998 1999 2000
---------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Small Cap Growth Fund--Class D................. $30,295 $4,170
</TABLE>
For certain of the Funds, the reason for the difference between the
percentage of brokerage commissions paid to the Distributor as compared to all
brokerage commissions and the percentage of the amount of brokered transactions
as compared to the aggregate amount of all brokered transactions for the most
recent fiscal year versus the previous fiscal year is the increase in assets for
those funds.
The portfolio turnover rate for each Fund for the fiscal years ending
September 30, 1999 and 2000 was as follows:
<TABLE>
<CAPTION>
TURNOVER RATE
-----------------------
FUND 1999 2000
---- -------- --------
<S> <C> <C>
Large Cap Value Fund....................................... XX% XX%
Large Cap Growth Fund...................................... XX% XX%
Tax-Managed Large Cap Fund................................. XX% XX%
Small Cap Value Fund....................................... XX% XX%
Small Cap Growth Fund...................................... XX% XX%
Tax-Managed Small Cap Fund................................. * *
Mid-Cap Fund............................................... XX% XX%
Capital Appreciation Fund.................................. XX% XX%
Equity Income Fund......................................... XX% XX%
Balanced Fund.............................................. XX% XX%
Core Fixed Income Fund..................................... XX% XX%
High Yield Bond Fund....................................... XX% XX%
</TABLE>
------------------------
* Not in operation during such period.
Consistent with their duty to obtain best execution, the Trust's
Sub-Advisers may allocate brokerage or principal business to certain
broker-dealers in recognition of the sale of Fund shares. In addition, a Fund's
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<PAGE>
advisers or sub-advisers may place portfolio orders with qualified
broker-dealers who recommend the Trust to clients, and may, when a number of
brokers and dealers can provide best price and execution on a particular
transaction, consider such recommendations by a broker or dealer in selecting
among broker-dealers.
The Trust does not expect to use one particular broker or dealer, but a
Fund's advisers or sub-advisers may, consistent with the interests of the Fund,
select brokers on the basis of the research services they provide to the Fund's
advisers. Such services may include analysis of the business or prospects of a
company, industry or economic sector or statistical and pricing services.
Information so received by the advisers will be in addition to and not in lieu
of the services required to be performed by a Fund's advisers under the Advisory
and Sub-Advisory Agreements. If in the judgement of a Fund's advisers, the Fund,
or other accounts managed by the Fund's advisers, will be benefitted by
supplemental research services, the Fund's advisers are authorized to pay
brokerage commissions to a broker furnishing such services that are in excess of
commissions which another broker may have charged for effecting the same
transaction. The expenses of a Fund's advisers will not necessarily be reduced
as a result of the receipt of such supplemental information.
S-45
<PAGE>
The Trust is required to identify any securities of its "regular brokers or
dealers" (as such term is defined in the 1940 Act) which the Trust has acquired
during its most recent fiscal year. As of September 30, 2000, the Trust held the
following securities:
<TABLE>
<CAPTION>
AMOUNT
FUND TYPE OF SECURITY NAME OF ISSUER (000)
---- ---------------- --------------------- ------
<S> <C> <C> <C>
Large Cap Value................ Debt J.P. Morgan $ 46,994
Equity Bear Stearns $ 10,724
Equity Lehman Brothers $ 10,071
Equity Morgan Stanley $ 11,728
Large Cap Growth............... Equity Morgan Stanley $ 30,431
Debt Morgan Stanley $ 56,182
Equity Goldman Sachs $ 1,263
Tax-Managed Large Cap.......... Equity Morgan Stanley $ 9,008
Debt Morgan Stanley $ 23,077
Small Cap Value................ Debt Morgan Stanley $ 25,005
Debt Merrill Lynch $ 879
Small Cap Growth............... Debt J.P. Morgan $ 38,948
Tax-Managed Small Cap*
Mid-Cap........................ Equity Bear Stearns $ 238
Debt J.P. Morgan $ 219
Equity Lehman Brothers $ 198
Equity Paine Webber $ 149
Capital Appreciation........... Debt J.P. Morgan $ 3,052
Equity Income.................. Debt J.P. Morgan $ 6,535
Equity Merrill Lynch $ 894
Equity Morgan Stanley $ 314
Balanced....................... Debt Merrill Lynch $ 807
Debt J.P. Morgan $ 601
Debt Paine Webber $ 392
Core Fixed Income.............. Debt Bear Stearns $ 2,222
Debt J.P. Morgan $406,372
Debt Lehman Brothers $ 22,242
Debt Merrill Lynch $ 4,771
Debt Paine Webber $ 12,146
Debt Salomon Bros. $ 5,536
Debt Goldman Sachs $ 4,600
High Yield Bond................ Debt Merrill Lynch $ 32,999
</TABLE>
* Not in operation during such period.
DESCRIPTION OF SHARES
The Declaration of Trust authorizes the issuance of an unlimited number of
shares of each Fund, each of which represents an equal proportionate interest in
that Fund. Each share upon liquidation entitles a shareholder to a PRO RATA
share in the net assets of that Fund, after taking into account additional
distribution and transfer agency expenses attributable to Class D shares.
Shareholders have no preemptive rights. The Declaration of Trust provides that
the Trustees of the Trust may create additional series of shares or separate
classes of portfolios. Share certificates representing the shares will not be
issued.
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<PAGE>
LIMITATION OF TRUSTEES' LIABILITY
The Declaration of Trust provides that a Trustee shall be liable only for
his or her own willful defaults and, if reasonable care has been exercised in
the selection of officers, agents, employees or administrators, shall not be
liable for any neglect or wrongdoing of any such person. The Declaration of
Trust also provides that the Trust will indemnify its Trustees and officers
against liabilities and expenses incurred in connection with actual or
threatened litigation in which they may be involved because of their offices
with the Trust unless it is determined in the manner provided in the Declaration
of Trust that they have not acted in good faith in the reasonable belief that
their actions were in the best interests of the Trust. However, nothing in the
Declaration of Trust shall protect or indemnify a Trustee against any liability
for his or her wilful misfeasance, bad faith, gross negligence or reckless
disregard of his or her duties.
CODE OF ETHICS
The Board of Trustees of the Trust has adopted a Code of Ethics pursuant to
Rule 17j-1 under the 1940 Act. In addition, the Investment Adviser,
Sub-Advisers, and Distributor have adopted Codes of Ethics pursuant to Rule
17j-1. These Codes of Ethics apply to the personal investing activities of
trustees, officers and certain employees ("access persons"). Rule 17j-1 and the
Codes are designed to prevent unlawful practices in connection with the purchase
or sale of securities by access persons. Under each Code of Ethics, access
persons are permitted to engage in personal securities transactions, but are
required to report their personal securities transactions for monitoring
purposes. In addition, certain access persons are required to obtain approval
before investing in intial public offerings or private placements. Copies of
these Codes of Ethics are on file with the SEC, and are available to the public.
VOTING
Each share held entitles the shareholder of record to one vote. The
shareholders of each Fund or class will vote separately on matters pertaining
solely to that Fund or class, such as any distribution plan. As a Massachusetts
business trust, the Trust is not required to hold annual meetings of
shareholders, but approval will be sought for certain changes in the operation
of the Trust and for the election of Trustees under certain circumstances. In
addition, a Trustee may be removed by the remaining Trustees or by shareholders
at a special meeting called upon written request of shareholders owning at least
10% of the outstanding shares of the Trust. In the event that such a meeting is
requested, the Trust will provide appropriate assistance and information to the
shareholders requesting the meeting.
Where the Trust's Prospectuses or Statement of Additional Information state
that an investment limitation or a fundamental policy may not be changed without
shareholder approval, such approval means the vote of: (i) 67% or more of the
affected Fund's shares present at a meeting if the holders of more than 50% of
the outstanding shares of the Fund are present or represented by proxy; or
(ii) more than 50% of the affected Fund's outstanding shares, whichever is less.
SHAREHOLDER LIABILITY
The Trust is an entity of the type commonly known as a "Massachusetts
business trust." Under Massachusetts law, shareholders of such a business trust
could, under certain circumstances, be held personally liable as partners for
the obligations of the trust. Even if, however, the Trust were held to be a
partnership, the possibility of the shareholders incurring financial loss for
that reason appears remote because the Trust's Declaration of Trust contains an
express disclaimer of shareholder liability for obligations of the Trust and
requires that notice of such disclaimer be given in each agreement, obligation
or instrument entered into or executed by or on behalf of the Trust or the
Trustees, and because the Declaration of Trust provides for indemnification out
of the Trust property for any shareholders held personally liable for the
obligations of the Trust.
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<PAGE>
5% SHAREHOLDERS
As of January 3, 2001, the following persons were the only persons who were
record owners (or to the knowledge of the Trust, beneficial owners) of 5% or
more of the shares of the Funds. The Trust believes that most of the shares
referred to below were held by the below persons in accounts for their
fiduciary, agency, or custodial customers.
<TABLE>
<CAPTION>
PERCENTAGE OF
FUND NAME AND ADDRESS OF BENEFICIAL OWNER FUND'S SHARES
---- ------------------------------------------ -------------
<S> <C> <C>
LARGE CAP VALUE FUND--CLASS A SEI Trust Company xx.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
LARGE CAP VALUE FUND--CLASS I
LARGE CAP GROWTH FUND--CLASS A SEI Trust Company xx.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
LARGE CAP GROWTH FUND--CLASS I
TAX-MANAGED LARGE CAP FUND--CLASS A SEI Trust Company xx.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
TAX-MANAGED LARGE CAP FUND--CLASS Y
SMALL CAP VALUE FUND--CLASS A SEI Trust Company xx.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
SMALL CAP VALUE FUND--CLASS I
SMALL CAP GROWTH FUND--CLASS A SEI Trust Company xx.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
SMALL CAP GROWTH FUND--CLASS D MAC & Co. x.xx%
APSF 1852692
Mutual Fund Operations
PO Box 3198
Pittsburgh, PA 15230-3198
MAC & Co. A/C HMPF1852762 x.xx%
ATTN: Marsha Ondo
Mutual Fund Operations
PO Box 3198
Pittsburgh, PA 15230-3198
</TABLE>
S-48
<PAGE>
<TABLE>
<CAPTION>
PERCENTAGE OF
FUND NAME AND ADDRESS OF BENEFICIAL OWNER FUND'S SHARES
---- ------------------------------------------ -------------
<S> <C> <C>
SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
Wachovia Bank NA x.xx%
ATTN: Theresa Almond
301 North Church Street
MC-NC 31013
Winsotn-Salem, NC 27101-3820
Mellon Trust x.xx%
Herculus-STD
One Mellon Bank Center
Pittsburgh, PA 15258-0001
Bankers Trust TTEE of the Cincinnati Bell x.xx%
Pension Plan Trust
ATTN: Mike Stack
100 Plaza One
Jersey City, NJ 07311-3999
SMALL CAP GROWTH FUND--CLASS I x.xx%
TAX-MANAGED SMALL CAP FUND--CLASS A
MID-CAP FUND--CLASS A Ingersoll and Company x.xx%
C/O Brenton Bank
ATTN: Laurie Konrad
PO Box 10478
Des Moines, IA 50306-0478
Charles Schwab & Co., Inc. x.xx%
ATTN: Steve Sears, Mutual Funds Dept.
101 Montgomery St.
San Francisco, CA 94104-4122
SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
BMS & Co. x.xx%
C/O Central Trust Bank
ATTN: Wanda McGlade
PO Box 779
Jefferson City, MO 65102-0779
Farmers & Merchants Company x.xx%
C/O FNB of Abilene
ATTN: Wanda Richard
PO Box 701
Abilene, TX 79604-0701
</TABLE>
S-49
<PAGE>
<TABLE>
<CAPTION>
PERCENTAGE OF
FUND NAME AND ADDRESS OF BENEFICIAL OWNER FUND'S SHARES
---- ------------------------------------------ -------------
<S> <C> <C>
Farmers & Merchants Company x.xx%
C/O FNB of Abilene
ATTN: Wanda Richard
PO Box 701
Abilene, TX 79604-0701
CAPITAL APPRECIATION FUND--CLASS A Charles Schwab & Co., Inc. x.xx%
ATTN: Mutual Funds Dept.
101 Montgomery St.
San Francisco, CA 94104-4122
Carn & Co. 02252-01 x.xx%
Cole Parmer Employees' P/S Plan
Attn: Mutual Funds--Star
PO Box 96211
Washington, DC 20090-6211
SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
Nabank & Co x.xx%
ATTN: Record Keeping
PO Box 2180
Tulsa, OK 74101-2180
EQUITY INCOME FUND--CLASS A Dingle & Co. x.xx%
C/O Commercia Bank
ATTN: Mutual Funds Unity M/C 3446
PO Box 75000
Detroit, MI 48275-0001
Charles Schwab & Co., Inc. x.xx%
ATTN: Mutual Funds Dept.
101 Montgomery St.
San Francisco, CA 94104-4122
Carn & Co. 02252-01 x.xx%
Cole Parmer Employees' P/S Plan
Attn: Mutual Funds--Star
PO Box 96211
Washington, DC 20090-6211
SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
</TABLE>
S-50
<PAGE>
<TABLE>
<CAPTION>
PERCENTAGE OF
FUND NAME AND ADDRESS OF BENEFICIAL OWNER FUND'S SHARES
---- ------------------------------------------ -------------
<S> <C> <C>
Nabank & Co x.xx%
ATTN: Record Keeping
PO Box 2180
Tulsa, OK 74101-2180
EQUITY INCOME FUND--CLASS I
BALANCED FUND--CLASS A Co-Bank Company x.xx%
PO Box 42
Clearfield, PA 16830-0042
SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
Nabank & Co x.xx%
ATTN: Record Keeping
PO Box 2180
Tulsa, OK 74101-2180
CORE FIXED INCOME FUND--CLASS A SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
CORE FIXED INCOME FUND--CLASS I
HIGH YIELD BOND FUND--CLASS A SEI Trust Company x.xx%
Attn: Jacqueline Esposito
680 East Swedesford Road
Wayne, PA 19087
</TABLE>
MASTER/FEEDER OPTION
The Tax-Managed Small Cap Fund may in the future seek to achieve its
investment objective by investing all of its assets in another investment
company having the same investment objective and substantially the same
investment policies and restrictions as those applicable to the Fund. It is
expected that any such investment company would be managed by SIMC in
substantially the same manner as the Fund. The initial shareholder(s) of the
Fund voted to vest such authority in the sole discretion of the Trustees and
such investment may be made without further approval of the shareholders of the
Fund. However, shareholders of the Fund will be given 30 days prior notice of
any such investment. Such investment would be made only if the Trustees
determine it to be in the best interests of the Fund and its shareholders. In
making that determination, the Trustees will consider, among other things, the
benefits to shareholders and/or the opportunity to reduce costs and achieve
operational efficiencies. Although the Fund believes that the Trustees will not
approve an arrangement that is likely to result in higher costs, no assurance is
given that costs will be materially reduced if this option is implemented.
CUSTODIAN
First Union National Bank, Broad and Chestnut Streets, P.O. Box 7618,
Philadelphia, Pennsylvania 19101 (the "Custodian"), acts as custodian and wire
agent of the assets. The Custodian holds cash, securities and other assets of
the Trust as required by the 1940 Act.
S-51
<PAGE>
EXPERTS
The financial statements incorporated by reference into this Statement of
Additional Information have been incorporated by reference in reliance on the
report of PricewaterhouseCoopers LLP, independent accountants, given on the
authority of said firm as experts in auditing and accounting.
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, Pennsylvania
19103, serves as counsel to the Trust.
FINANCIAL STATEMENTS
The Trust's financial statements for the fiscal year ended September 30,
2000, including notes thereto and the report of [ ]
thereon, are herein incorporated by reference from the Trust's 2000 Annual
Report. A copy of the 2000 Annual Report must accompany the delivery of this
Statement of Additional Information.
S-52
<PAGE>
PART C. OTHER INFORMATION
Item 23. EXHIBITS:
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<S> <C>
(a)(1) Agreement and Declaration of Trust dated October 17, 1986 as
originally filed with Registrant's Registration Statement
on Form N-1A (File No. 33-9504) filed with the SEC on
October 17, 1986 is incorporated by reference to
Exhibit 1 filed with the SEC on January 28, 1998.
(a)(2) Amendment to the Declaration of Trust dated December 23,
1988 is incorporated by reference to Exhibit 1(a) of
Post-Effective Amendment No. 27 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on December 19, 1997.
(b)(1) By-Laws were filed as Exhibit 2 to Registrant's Registration
Statement on Form N-1A (File No. 33-9504) filed with the
SEC on October 17, 1986.
(b)(2) Amended and Restated By-Laws are incorporated by reference
to Exhibit 2(a) filed with the SEC on January 28, 1998.
(c) Not Applicable.
(d)(1) Investment Advisory Agreement between the Trust and SunBank,
N.A. with respect to the Trust's Capital Appreciation
Portfolio filed as Exhibit (5)(b) to Post-Effective
Amendment No. 4 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1987.
(d)(2) Investment Advisory Agreement between the Trust and The Bank
of California with respect to the Trust's Equity Income
Portfolio filed as Exhibit (5)(c) to Post-Effective
Amendment No. 4 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1987.
(d)(3) Investment Advisory Agreement between the Trust and Merus
Capital Management, Inc. with respect to the Trust's
Equity Income Portfolio filed as Exhibit (5)(d) to
Post-Effective Amendment No. 4 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 25, 1987.
(d)(4) Investment Advisory Agreement between the Trust and
Boatmen's Trust Company with respect to the Trust's Bond
Portfolio filed as Exhibit (5)(e) to Post-Effective
Amendment No. 5 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 30, 1988.
(d)(5) Investment Advisory Agreement between the Trust and Bank
One, Indianapolis, N.A. with respect to the Trust's
Limited Volatility Bond Portfolio filed as Exhibit (5)(f)
to Post-Effective Amendment No. 6 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on May 4, 1989.
(d)(6) Investment Advisory Agreement between the Trust and
Nicholas-Applegate Capital Management with respect to the
Trust's Mid-Cap Growth Portfolio filed as Exhibit (5)(h)
to Post-Effective Amendment No. 12 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on September 15, 1992.
(d)(7) Investment Sub-Advisory Agreement between the SEI
Investments Management Corporation (the "Adviser") and
Investment Advisers, Inc. with respect to the Trust's
Small Cap Growth Portfolio filed as Exhibit (5)(i) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
</TABLE>
<PAGE>
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<S> <C>
(d)(8) Investment Sub-Advisory Agreement between the Adviser and
Nicholas-Applegate Capital Management with respect to the
Trust's Small Cap Growth Portfolio is incorporated by
reference to Exhibit (5)(j) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on November 30,
1995.
(d)(9) Investment Advisory Agreement between the Adviser and
Pilgrim Baxter & Associates with respect to the Trust's
Small Cap Growth Portfolio filed as Exhibit (5)(k) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
(d)(10) Investment Advisory Agreement between the Trust and Duff &
Phelps Investment Management Co. with respect to the
Trust's Value Portfolio filed as Exhibit (5)(l) to
Post-Effective Amendment No. 17 Registrant's Registration
Statement on Form N-1A (File No. 33-9504) filed with the
SEC on June 21, 1993.
(d)(11) Investment Advisory Agreement between the Trust and E.I.I.
Realty Securities, Inc. with respect to the Trust's Real
Estate Securities Portfolio filed as Exhibit (5)(n) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
(d)(12) Investment Advisory Agreement between the Trust and Western
Asset Management with respect to the Trust's Intermediate
Bond Portfolio filed as Exhibit (5)(o) of Post-Effective
Amendment No. 21 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 29, 1994.
(d)(13) Investment Advisory Agreement between the Trust and Mellon
Equity Associates, LLP with respect to the Trust's Large
Cap Value Portfolio is incorporated by reference to
Exhibit (d)(13) of Post-Effective Amendment No. 31 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on January 28, 1999.
(d)(14) Investment Sub-Advisory Agreement between the Adviser and
LSV Asset Management with respect to the Trust's Large Cap
Value Portfolio is incorporated by reference to
Exhibit (5)(q) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on November 30,
1995.
(d)(15) Investment Sub-Advisory Agreement between the Adviser and
Alliance Capital Management L.P. with respect to the
Trust's Large Cap Growth Portfolio is incorporated by
reference to Exhibit (5)(r) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on November 30,
1995.
(d)(16) Investment Sub-Advisory Agreement between the Adviser and
IDS Advisory Group, Inc. with respect to the Trust's Large
Cap Growth Portfolio is incorporated by reference to
Exhibit (5)(s) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed with the SEC on November 30, 1995.
(d)(17) Investment Sub-Advisory Agreement between the Adviser and
1838 Investment Advisors, L.P. with respect to the Trust's
Small Cap Value Portfolio is incorporated by reference to
Exhibit (5)(t) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed with the SEC on November 30, 1995.
</TABLE>
2
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<S> <C>
(d)(18) Investment Sub-Advisory Agreement between the Adviser and
Martingale Asset Management with respect to the Trust's
Mid-Cap Portfolio is incorporated by reference to
Exhibit (5)(u) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed with the SEC on November 30, 1995.
(d)(19) Investment Sub-Advisory Agreement between the Adviser and
BlackRock Financial Management, Inc. with respect to the
Trust's Core Fixed Income Portfolio is incorporated by
reference to Exhibit (d)(19) of Post-Effective Amendment
No. 29 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1998.
(d)(20) Investment Sub-Advisory Agreement between the Adviser and
Firstar Investment Research & Management Company with
respect to the Trust's Core Fixed Income Portfolio is
incorporated by reference to Exhibit (5)(x) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
(d)(21) Investment Sub-Advisory Agreement between the Adviser and
BEA Associates with respect to the Trust's High Yield Bond
Portfolio is incorporated by reference to Exhibit (5)(y)
of Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
(d)(22) Investment Sub-Advisory Agreement between the Adviser and
Boston Partners Asset Management, L.P. with respect to the
Trust's Small Cap Value Portfolio is incorporated by
reference to Exhibit (5)(z) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on November 30,
1995.
(d)(23) Investment Sub-Advisory Agreement between the Adviser and
Apodaca-Johnston Capital Management, Inc. with respect to
the Trust's Small Cap Growth Portfolio is incorporated by
reference to Exhibit (5)(aa) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on November 30,
1995.
(d)(24) Investment Sub-Advisory Agreement between the Adviser and
Wall Street Associates with respect to the Trust's Small
Cap Growth Portfolio is incorporated by reference to
Exhibit (5)(bb) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed with the SEC on November 30, 1995.
(d)(25) Investment Sub-Advisory Agreement between the Adviser and
First of America Corporation dated June 14, 1996 with
respect to the Trust's Small Cap Growth Portfolio is
incorporated by reference to Exhibit 5(y) of
Post-Effective Amendment No. 26 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 28, 1997.
(d)(26) Investment Sub-Advisory Agreement between the Adviser and
Furman Selz Capital Management LLC with respect to the
Trust's Small Cap Growth Portfolio is incorporated by
reference to Exhibit 5(z) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1997.
</TABLE>
3
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<S> <C>
(d)(27) Investment Sub-Advisory Agreement between the Adviser and
Provident Investment Counsel, Inc. with respect to the
Trust's Large Cap Growth Portfolio is incorporated by
reference to Exhibit 5(aa) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1997.
(d)(28) Investment Sub-Advisory Agreement between the Adviser and
Boatmen's Trust Company dated December 16, 1996 with
respect to the Trust's Bond Portfolio is incorporated by
reference to Exhibit 5(bb) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1997.
(d)(29) Investment Advisory Agreement between the Trust and the
Adviser dated December 16, 1994 is incorporated by
reference to Exhibit 5(cc) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1997.
(d)(30) Investment Sub-Advisory Agreement between the Adviser and
Western Asset Management Company dated November 13, 1995
is incorporated by reference to Exhibit 5(dd) of
Post-Effective Amendment No. 26 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 28, 1998.
(d)(31) Investment Sub-Advisory Agreement between the Adviser and
Sanford C. Bernstein, LLC, as amended and dated October 2,
2000 is filed herewith.
(d)(32) Investment Sub-Advisory Agreement between the Adviser and
Pacific Alliance Capital Management (formerly, Merus-UCA
Capital Management) dated April 1, 1996 is incorporated
by reference to Exhibit 5(ff) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1998.
(d)(33) Investment Sub-Advisory Agreement between the Adviser and
STI Capital Management, N.A. (formerly "Sun Bank Capital
Management, N.A.") dated July 10, 1995 is incorporated by
reference to Exhibit 5(gg) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1998.
(d)(34) Investment Sub-Advisory Agreement between the Adviser and
TCW Funds Management, Inc., is incorporated by reference
to Exhibit (d)(34) of Post-Effective Amendment No. 29 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 25, 1998.
(d)(35) Investment Sub-Advisory Agreement between the Adviser and
Spyglass Asset Management, is incorporated by reference to
Exhibit (d)(35) of Post-Effective Amendment No. 29 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 25, 1998.
(d)(36) Investment Sub-Advisory Agreement between the Adviser and
Mellon Equity Associates, LLP, is incorporated by
reference to Exhibit (d)(36) of Post-Effective Amendment
No. 29 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1998.
(d)(37) Investment Sub-Advisory Agreement between the Adviser and
Mazama Capital Management, LLC, is incorporated by
reference to Exhibit (d)(37) of Post-Effective Amendment
No. 32 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed on January 28, 2000.
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
(d)(38) Investment Sub-Advisory Agreement between the Adviser and
Nomura Corporate Research and Asset Management Inc., is
incorporated by reference to Exhibit (d)(38) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
(d)(39) Schedule B to the Sub-Advisory Agreement between the Adviser
and Provident Investment Counsel as of September 14, 1999,
is incorporated by reference to Exhibit (d)(39) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
(d)(40) Schedule B to the Sub-Advisory Agreement between the Adviser
and Mellon Equity Associates, LLP, as of September 14,
1999, is incorporated by reference to Exhibit (d)(40) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
(d)(41) Schedule B to the Sub-Advisory Agreement between the Adviser
and Mellon Equity Associates, LLP, as of September 14,
1999, is incorporated by reference to Exhibit (d)(41) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
(d)(42) Schedule B to the Sub-Advisory Agreement between the Adviser
and Credit Suisse Asset Management LLC/Americas, as of
December 13, 1999, is incorporated by reference to
Exhibit (d)(42) of Post-Effective Amendment No. 32 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed on January 28, 2000.
(d)(43) Schedule B to the Sub-Advisory Agreement between the Adviser
and Firstar Investment Research & Management Company, as
of December 13, 1999, is incorporated by reference to
Exhibit (d)(43) of Post-Effective Amendment No. 32 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed on January 28, 2000.
(d)(44) Schedule B to the Sub-Advisory Agreement between the Adviser
and Western Asset management, as of December 13, 1999, is
incorporated by reference to Exhibit (d)(44) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
(d)(45) Schedule B to the Sub-Advisory Agreement between the Adviser
and Black Rock Financial Management, Inc., as of
December 13, 1999, is incorporated by reference to
Exhibit (d)(45) of Post-Effective Amendment No. 32 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed on January 28, 2000.
(d)(46) Investment Sub-Advisory Agreement between the Adviser and
Robert W. Baird & Co., Incorporated is incorporated by
reference to Exhibit (d)(46) of Post-Effective Amendment
No. 33 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed on July 3, 2000.
(d)(47) Investment Sub-Advisory Agreement between the Adviser and
David J. Greene & Co., LLC is filed herewith.
(d)(48) Investment Sub-Advisory Agreement between the Adviser and
LSV Asset Management, L.P. is filed herewith.
(d)(49) Investment Sub-Advisory Agreement between the Adviser and
McKinley Capital Management, Inc. with respect to the
Tax-Managed Small Cap Fund is filed herewith.
(d)(50) Investment Sub-Advisory Agreement between the Adviser and
Sawgrass Asset Management, LLC is filed herewith.
</TABLE>
5
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<TABLE>
<S> <C>
(d)(51) Investment Sub-Advisory Agreement between the Adviser and
Chartwell Investment Partners is filed herewith.
(d)(52) Investment Sub-Advisory Agreement between the Adviser and
Equinox Capital Management, LLC is filed herewith.
(d)(53) Investment Sub-Advisory Agreement between the Adviser and
Loomis, Sayles and Company, L.P. is filed herewith.
(d)(54) Form of Investment Sub-Advisory Agreement between the
Adviser and McKinley Capital Management, Inc. with respect
to the Small Cap Growth Fund is filed herewith.
(e) Distribution Agreement between the Trust and SEI Investments
Distribution Co. as originally filed with Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on October 17, 1986 is incorporated by
reference to Exhibit 6 filed with the SEC on January 28,
1998.
(f) Not Applicable.
(g)(1) Custodian Agreement between the Trust and CoreStates Bank,
N.A. (formerly Philadelphia National Bank) as originally
filed with Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 29, 1987 is incorporated by
reference to Exhibit 8(a) filed with the SEC on
January 28, 1998.
(g)(2) Custodian Agreement between the Trust and United States
National Bank of Oregon filed with Pre-Effective Amendment
No. 1 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 29, 1987
is incorporated by reference to Exhibit 8(b) of
Post-Effective Amendment No. 28.
(h)(1) Management Agreement between the Trust and SEI Investments
Management Corporation as originally filed with
Exhibit (5)(a) to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on October
17, 1986 is incorporated by reference to Exhibit 9(a)
filed with the SEC on January 28, 1998.
(h)(2) Schedule C to Management Agreement between the Trust and SEI
Investments Management Corporation adding the Mid-Cap
Growth Portfolio as originally filed as Exhibit (5)(j) to
Post-Effective Amendment No. 12 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on September 15, 1992 is incorporated
by reference to Exhibit 9(b) filed with the SEC on
January 28, 1998.
(h)(3) Schedule D to Management Agreement between the Trust and SEI
Investments Management Corporation adding the Real Estate
Securities Portfolio filed as Exhibit (5)(m) to
Post-Effective Amendment No. 17 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on June 21, 1993 is incorporated by
reference to Exhibit 9(c) of Post-Effective Amendment
No. 28.
(h)(4) Consent to Assignment and Assumption between SIMC and SEI
Fund Management dated August 21, 1996 is incorporated by
reference to Exhibit 9(d) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28, 1997.
(h)(5) Schedule K to Management Agreement between the Trust and SEI
Investments Management Corporation for the Tax-Managed
Large Cap Fund is incorporated by reference to Exhibit
(h)(5) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
</TABLE>
6
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<TABLE>
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(i) Opinion and Consent of Counsel to be filed by later
Amendment.
(j) Consent of Independent Accountants to be filed by later
Amendment.
(k) Not Applicable.
(l) Not Applicable.
(m)(1) Distribution Plan pursuant to Rule 12b-1 (Class A) filed
with Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on October 17, 1986
is incorporated by reference to Exhibit 15(a) of
Post-Effective Amendment No. 28.
(m)(2) Distribution Plan pursuant to Rule 12b-1 (Class B) filed
with Post-Effective Amendment No. 17 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on June 21, 1993 is incorporated by
reference to Exhibit 15(b) of Post-Effective Amendment
No. 28.
(m)(3) Distribution Plan pursuant to Rule 12b-1 (ProVantage Class)
filed with Post-Effective Amendment No. 19 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on December 2, 1993 is incorporated by
reference to Exhibit 15(c) of Post-Effective Amendment
No. 28.
(m)(4) Amended and Restated Distribution Plan is incorporated by
reference to Exhibit 15(d) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 28,
1997.
(m)(5) Shareholder Service Plan and Agreement with respect to the
Class A shares is incorporated by reference to
Exhibit 15(e) of Post-Effective Amendment No. 26 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed with the SEC on January 28, 1997.
(m)(6) Shareholder Service Plan and Agreement with respect to
Class I shares to be filed by later Amendment.
(m)(7) Shareholder Service Plan and Agreement with respect to
Class Y shares to be filed by later Amendment.
(m)(8) Administrative Service Plan and Agreement with respect to
Class I shares to be filed by later Amendment.
(n) Not applicable.
(o)(1) Rule 18f-3 Multiple Class Plan incorporated by reference to
Exhibit 18(a) of Post-Effective Amendment No. 28 and to
Exhibit (15)(d) of Post-Effective Amendment No. 23 to
Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on June 19, 1995.
(o)(2) Amendment No. 1 to Rule 18f-3 Plan relating to Class A and
Class D shares is incorporated by reference to
Exhibit 18(b) of Post-Effective Amendment No. 26 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed with the SEC on January 28, 1997.
(o)(3) Amendment No. 2 to Rule 18f-3 Plan relating to Class I and
Class Y shares is incorporated by reference to Exhibit
(o)(3) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
</TABLE>
7
<PAGE>
<TABLE>
<S> <C>
(p)(1) The Code of Ethics for SEI Investments Company dated April,
2000 is incorporated by reference to Exhibit (p)(4) of
Post-Effective Amendment No. 42 of SEI Daily Income
Trust's Registration Statement on Form N-1A (File Nos.
2-77048 and 811-3451), filed with the SEC on May 30, 2000
(Accession #0000912057-00-026756).
(p)(2) The Code of Ethics for SEI Institutional Managed Trust dated
March 20, 2000 is incorporated by reference to Exhibit
(p)(2) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(3) The Code of Ethics for Alliance Capital Management, L.P. is
incorporated by reference to Exhibit (p)(3) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(4) The Code of Ethics for Artisan Partners Limited Partnership
is incorporated by reference to Exhibit (p)(4) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(5) The Code of Ethics for Credit Suisse Asset Management,
LLC/Americas is incorporated by reference to Exhibit
(p)(5) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(6) The Code of Ethics for BlackRock Financial Management, Inc.
is incorporated by reference to Exhibit (p)(6) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(7) The Code of Ethics for Boston Partners Asset Management,
L.P. is incorporated by reference to Exhibit (p)(7) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(8) The Code of Ethics for Highmark Capital Management Inc. is
incorporated by reference to Exhibit (p)(8) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(9) The Code of Ethics for LSV Asset Management, L.P. is
incorporated by reference to Exhibit (p)(9) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(10) The Code of Ethics for Martingale Asset Management, L.P. is
incorporated by reference to Exhibit (p)(10) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(11) The Code of Ethics for Mazama Capital Management, Inc. is
incorporated by reference to Exhibit (p)(11) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(12) The Code of Ethics for Mellon Equity Associates, LLP is
incorporated by reference to Exhibit (p)(12) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(13) The Code of Ethics for Nicholas-Applegate Capital Management
is incorporated by reference to Exhibit (p)(13) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(14) The Code of Ethics for Nomura Corporate Resesarch & Asset
Management is incorporated by reference to Exhibit (p)(14)
of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
</TABLE>
8
<PAGE>
<TABLE>
<S> <C>
(p)(15) The Code of Ethics for Provident Investment Counsel, Inc. is
incorporated by reference to Exhibit (p)(15) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(16) The Code of Ethics for RS Investment Management, L.P. is
incorporated by reference to Exhibit (p)(16) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(17) The Code of Ethics for Sanford Bernstein & Co., Inc. is
incorporated by reference to Exhibit (p)(17) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(18) The Code of Ethics for Sawgrass Asset Management, L.L.C. is
incorporated by reference to Exhibit (p)(18) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(19) The Code of Ethics for Security Capital Global Capital
Management Group Incorporated is incorporated by reference
to Exhibit (p)(19) of Post-Effective Amendment No. 33 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed on July 3, 2000.
(p)(20) The Code of Ethics for TCW Investment Management Company is
incorporated by reference to Exhibit (p)(20) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(21) The Code of Ethics for Wall Street Associates is
incorporated by reference to Exhibit (p)(21) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(22) The Code of Ethics for Western Asset Management Company is
incorporated by reference to Exhibit (p)(22) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(23) The Code of Ethics for Robert W. Baird & Co., Incorporated
is incorporated by reference to Exhibit (p)(23) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
(p)(24) The Code of Ethics for David J. Greene & Co., LLC is
incorporated by reference to Exhibit (p)(24) of
Post-Effective Amendment No. 34 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 14, 2000.
(p)(25) The Code of Ethics for McKinley Capital Management, Inc. is
incorporated by reference to Exhibit (p)(19) of
Post-Effective Amendment No. 6 to SEI Institutional
Investments Trust's Registration Statement on Form N-1A
(File Nos. 33-58041 and 811-07257) filed on September 28,
2000.
(p)(26) The Code of Ethics for Chartwell Investment Partners is
filed herewith.
(p)(27) The Code of Ethics for Equinox Capital Management, LLC is
filed herewith.
(p)(28) The Code of Ethics for Loomis, Sayles & Company, L.P. is
filed herewith.
(q) Powers of Attorney to be filed by later Amendment.
</TABLE>
Item 24. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT:
None.
9
<PAGE>
Item 25. INDEMNIFICATION:
Article VIII of the Agreement and Declaration of Trust filed as Exhibit 1 to
the Registration Statement is incorporated by reference. Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to trustees, directors, officers and controlling persons of the
Registrant by the Registrant pursuant to the Declaration of Trust or otherwise,
the Registrant is aware that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and, therefore, is unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by trustees, directors, officers or
controlling persons of the Registrant in connection with the successful defense
of any act, suit or proceeding) is asserted by such trustees, directors,
officers or controlling persons in connection with the shares being registered,
the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issues.
Item 26. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER:
Other business, profession, vocation, or employment of a substantial nature
in which each director or principal officer of each Investment Adviser is or has
been, at any time during the last two fiscal years, engaged for his own account
or in the capacity of director, officer, employee, partner or trustee are as
follows:
ALLIANCE CAPITAL MANAGEMENT L.P.
Alliance Capital Management, L.P. ("Alliance") is a sub-adviser to the
Registrant's Large Cap Growth and Tax-Managed Large Cap Funds. The principal
business address of Alliance is 1345 Avenue of the Americas, New York, New York
10105. Alliance is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION POSITION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Alliance Capital Management
Corporation
General Partner
Luis Javier Bastida Banco Bilbao Vizcaya CFO & Member of the Executive
Director of General Partner Committee
John L. Blundin
Executive Vice President of
General Partner
David Remson Brewer, Jr.
Sr. Vice President, General
Counsel & Secretary of
General Partner
Donald Hood Brydon AXA Investment Managers S.A. Chairman & CEO
Director of General Partner
Bruce William Calvert
Vice Chairman, CEO, &
Director of General Partner
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION POSITION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Henri de la Croix de Castries AXA SEVP-Financial Services &
Director of General Partner Life Division
John Donato Carifa
President, COO, Director of
General Partner
Kathleen Ann Corbet
Executive Vice President &
CEO of Fixed Income
Division
Kevin C. Dolan AXA Senior Vice President
Director of General Partner
Denis Duverne AXA Senior Vice President
Director of General Partner
Alfred Harrison
Vice Chairman, Director of
General Partner
Herve Hatt AXA Senior Vice President
Director of General Partner
Michael Hegarty The Equitable Life Assurance President, COO & Director
Director of General Partner Society of the United
States
Robert Gene Hysterberg
Senior Vice President of
General Partner
Jean-Pierre Hellebuyck AXA Chairman
Director of General Partner
Benjamin Duke Holloway
Director of General Partner
Nelson Rudolph Jantzen
Senior Vice President of
General Partner
W. Edwin C. Jarmain
Director of General Partner
Robert Henry Joseph, Jr.
Sr. Vice Pres., CFO of
General Partner
Wayne D. Lyski
Executive Vice President of
General Partner
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION POSITION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Mark Randall Manley
Senior Vice President,
Counsel, Compliance
Officer & Assistant
Secretary of General
Partner
Edward D. Miller The Equitable Companies Inc. President & CEO
Director of General Partner
The Equitable Life Assurance Chairman, President & CEO
Society of the United
States
Peter D. Noris The Equitable Life Assurance EVP & CIO
Director of General Partner Society of the United
States
Joseph Edward Potter
Senior Vice President of
General Partner
Frank Savage
Director of General Partner
Alden Merle Stewart
Executive Vice President of
General Partner
Peter J. Tobin
Director of General Partner
Stanley B. Tulin The Equitable Life Insurance Vice Chairman & CFO
Director of General Partner Society of the United
States
Dave Harrell Williams The Equitable Companies Inc. Director
Chairman of the Board
Reda White Williams
Director of General Partner
Robert Bruce Zoellick Center for Strategic and President & CEO
Director of General Partner International Studies
Harry Lewis Carr, Jr.
Chairman of Shields/Alliance
Division of General Partner
Michael Francis Deltino
Chairman of Regent Division
of General Partner
</TABLE>
12
<PAGE>
ARTISAN PARTNERS LIMITED PARTNERSHIP
Artisan Partners Limited Partnership ("Artisan") is a sub-adviser for the
Registrant's Small Cap Value Fund. The principal business address of Artisan is
1000 North Water Street, Suite 1770, Milwaukee, WI 53202. Artisan is an
investment adviser registered under the Adviser Act.
<TABLE>
<CAPTION>
NAME AND POSITION POSITION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Andrew A. Ziegler Artisan Distributors LLC Officer
Chief Executive Office
Lawrence A Totsky Artisan Distributors LLC Officer
Chief Financial Officer
Carlene M. Ziegler Heidrick + Struggles Independent Director
Portfolio Manager
</TABLE>
BLACKROCK FINANCIAL MANAGEMENT, INC.
BlackRock Financial Management, Inc. is an investment sub-adviser for the
Registrant's Core Fixed Income Fund. The principal address of BlackRock, Inc. is
345 Park Avenue, 30th Floor, New York, New York 10154. BlackRock, Inc. is an
investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Gordon Anderson CastleInternational Asset Director
Managing Director Management Inc.
BlackRock International, Ltd. Managing Director
Keith Thomas Anderson BlackRock Financial Managing Director
Managing Director Management, Inc.
BlackRock Advisors, Inc. Managing Director
BlackRock (Japan) Inc. Managing Director
BlackRock International, Ltd. Managing Director
BlackRock Institutional Managing Director
Management Corporation
Provident Advisers, Inc. Managing Director
Paul L. Audet BlackRock International, Ltd. Chief Financial Officer,
Chief Financial Officer, Managing Director
Managing Director
BlackRock Financial Chief Financial Officer,
Management, Inc. Managing Director
BlackRock Advisors, Inc. Chief Financial Officer,
Managing Director
BlackRock (Japan) Inc. Chief Financial Officer,
Managing Director
BlackRock Institutional Chief Financial Officer,
Management Corporation Managing Director
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
BlackRock, Inc. Chief Financial Officer,
Managing Director
NC Investment Holdings, LLC Chief Financial Officer,
Managing Director
PNC Asset Management, Inc. Chief Financial Officer,
Managing Director
PNC Investment Chief Financial Officer,
Holdings, Inc. Managing Director
Bartholomew Angelo Battista BlackRock Financial Vice President, Regulatory
Vice President, Regulatory Management, Inc. Compliance
Compliance
BlackRock Advisors, Inc. Vice President, Regulatory
Compliance
BlackRock (Japan) Inc. Vice President, Regulatory
Compliance
BlackRock International, Ltd. Vice President, Regulatory
Compliance
BlackRock Institutional Vice President, Regulatory
Management Corporation Compliance
Robert Peter Connolly BlackRock, Inc. General Counsel
Managing Director, General
Counsel, Secretary
BlackRock Financial Managing Director, Counsel,
Management, Inc. Secretary
BlackRock Advisors, Inc. Managing Director, Counsel,
Secretary
BlackRock (Japan) Inc. Managing Director, Counsel,
Secretary
BlackRock International, Ltd. Managing Director, Counsel,
Secretary
BlackRock Institutional Managing Director, Counsel,
Management Corporation Secretary
Provident Advisers, Inc. General Counsel, Assistant
Secretary
Laurence Douglas Fink BlackRock, Inc. Chairman, CEO, Director
Chairman, CEO & Director
BlackRock Financial Chairman, CEO, Director
Management, Inc.
BlackRock Advisors, Inc. Chairman, CEO, Director
BlackRock (Japan) Inc. Chairman, CEO, Director
BlackRock International, Ltd Chairman, CEO, Director
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
BlackRock Institutional Chairman, CEO, Director
Management
Provident Advisers, Inc. Chairman, CEO, Director
Hugh Robert Frater BlackRock, Inc. Managing Director
Managing Director
BlackRock Advisors, Inc. Managing Director
BlackRock (Japan) Inc. Managing Director
BlackRock International, Ltd. Managing Director
BlackRock Institutional Managing Director
Management Corporation
Provident Advisers, Inc. Managing Director
Henry Gabbay BlackRock Financial Managing Director, Portfolio
Managing Director, Portfolio Management, Inc. Compliance
Compliance
BlackRock, Inc. Managing Director, Portfolio
Compliance
BlackRock Advisors, Inc. Managing Director, Portfolio
Compliance
BlackRock (Japan) Inc. Managing Director, Portfolio
Compliance
BlackRock International, Ltd. Managing Director, Portfolio
Compliance
BlackRock Institutional Managing Director, Portfolio
Management Corporation Compliance
Provident Advisers, Inc. Chief Compliance Officer
Bennett William Golub BlackRock, Inc. Managing Director
Managing Partner
BlackRock Advisors, Inc. Managing Director
BlackRock (Japan) Inc. Managing Director
BlackRock International, Ltd. Managing Director
BlackRock Institutional Managing Director
Management Corporation
Provident Advisers, Inc. Managing Director
Robert Steven Kapito BlackRock, Inc. Vice Chairman
Director, Vice Chairman
BlackRock Financial Vice Chairman, Director
Management, Inc.
BlackRock Advisors, Inc. Vice Chairman, Director
BlackRock (Japan) Inc. Vice Chairman, Director
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
BlackRock International, Ltd. Vice Chairman, Director
BlackRock Institutional Vice Chairman, Director
Management Corporation
Provident Advisers, Inc. Vice Chairman, Director
James Joseph Lillis BlackRock, Inc. Treasurer, Assistant
Treasurer, Assistant Secretary
Secretary
BlackRock Advisors, Inc. Treasurer, Assistant
Secretary
BlackRock (Japan) Inc. Treasurer, Assistant
Secretary
BlackRock International, Ltd. Treasurer, Assistant
Secretary
BlackRock Institutional Treasurer, Assistant
Management Corporation Secretary
Provident Advisers, Inc. Treasurer, Assistant
Secretary
Paul Phillip Matthews, II BlackRock Financial Managing Director
Managing Director Management, Inc.
BlackRock Advisors, Inc. Managing Director
BlackRock (Japan) Inc. Managing Director
BFM International, Ltd. Managing Director
BlackRock Institutional Managing Director
Management Corporation
Provident Advisers, Inc. Managing Director
Barbara Goldman Novick BlackRock, Inc. Managing Director
Managing Director
BlackRock Advisors, Inc. Managing Director
BlackRock (Japan) Inc. Managing Director
BlackRock International, Ltd. Managing Director
BlackRock Institutional Managing Director
Management Corporation
Provident Advisers, Inc. Managing Director
Karen Horwitz Sabath BlackRock, Inc. Managing Director
Managing Director
BlackRock Advisors, Inc. Managing Director
BlackRock (Japan) Inc. Managing Director
BlackRock International, Ltd. Managing Director
BlackRock Institutional Managing Director
Management Corporation
Provident Advisers, Inc. Managing Director
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Ralph Lewis Schlosstein BlackRock, Inc. President, Director
President, Director
BlackRock Financial President, Director
Management, Inc.
BlackRock Advisors, Inc President, Director
BlackRock (Japan) Inc. President, Director
BlackRock International, Ltd. President, Director
BlackRock Institutional President, Director
Management
Provident Advisers, Inc. President, Director
Susan Lynne Wagner BlackRock, Inc. Chief Financial Officer,
Chief Financial Officer, Secretary
Secretary
BlackRock Advisors, Inc. Chief Financial Officer,
Secretary
BlackRock (Japan) Inc. Chief Financial Officer,
Secretary
BlackRock International, Ltd. Chief Financial Officer,
Secretary
BlackRock Institutional Chief Financial Officer,
Management Corporation Secretary
Provident Advisers, Inc. Chief Financial Officer,
Secretary
</TABLE>
BOSTON PARTNERS ASSET MANAGEMENT, L.P.
Boston Partners Asset Management, L.P. ("BPAM") is a sub-adviser to the
Registrant's Small Cap Value Fund. The principal business address of BPAM is 28
State Street, 20th Floor, Boston, MA 02109. BPAM is an investment adviser
registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Boston Partners, Inc. -- --
General Partner
Desmond John Heathwood -- --
Chief Investment Officer
Michael Anthony Jones -- --
Chief Operating Officer
William John Kelly -- --
Chief Financial Officer
</TABLE>
17
<PAGE>
CHARTWELL INVESTMENT PARTNERS
Chartwell Investment Partners ("Chartwell") is a sub-adviser for the
Registrant's Small Cap Value Fund. The principal business address of Chartwell
is 1235 Westlakes Drive, Suite 330, Berwyn, PA 19312. Chartwell is a registered
investment adviser under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Chartwell G.P., Inc. -- --
General Partner
Michael J. McCloskey -- --
Partner
Alexander K. Melich -- --
Partner/Portfolio Manager
Bernard P. Schaffer -- --
Partner/Portfolio Manager
Edward N. Antoian -- --
Partner/Portfolio Manager
Timothy J. Riddle -- --
Partner/Compliance Officer
Terry F. Bovarnick -- --
Partner/Portfolio Manager
David C. Dalrymple -- --
Partner/Portfolio Manager
Winthrop S. Jessup -- --
Partner
Harold A. Ofstie -- --
Partner/Portfolio Manager
Mark A. Sullivan -- --
Vice President, Client
Services
Michael D. Jones -- --
Partner/Portfolio Manager
Leslie M. Varrelman -- --
Director/Fixed Income
John P. McNiff CAM Investment Advisors Vice President
Indirect Limited Partner
Longwood Investment Managing Director
Advisors, Inc.
Michael T. Kennedy Radnor Holdings Corp. President
Indirect Limited Partner
Trinity Capital Partners President and Treasurer
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Alden Merle Stewart
Executive Vice President of
General Partner
Peter J. Tobin
Director of General Partner
Stanley B. Tulin The Equitable Life Insurance Vice Chairman & CFO
Director of General Partner Society of the United
States
Dave Harrell Williams The Equitable Companies Inc. Director
Chairman of the Board
Reda White Williams
Director of General Partner
Robert Bruce Zoellick Center for Strategic and President & CEO
Director of General Partner International Studies
Harry Lewis Carr, Jr.
Chairman of Shields/Alliance
Division of General Partner
Michael Francis Deltino
Chairman of Regent Division
of
General Partner
</TABLE>
CREDIT SUISSE ASSET MANAGEMENT, LLC
Credit Suisse Asset Management LLC (CSAM) is an investment sub-adviser for
the Registrant's High Yield Bond Fund. The principal address of CSAM is One
Citicorp Center, 153 East 53rd Street, New York, New York 10022. CSAM is an
investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Credit Suisse Capital -- --
Corporation
General Partner
CS Advisers Corporation -- --
General Partner
Credit Suisse Investment -- --
Corporation
Indirect Owner
Credit Suisse First Boston -- --
Indirect Owner
Credit Suisse Group -- --
Indirect Owner
Philip Maxwell Colebatch Credit Suisse Asset President/head of CS Global,
Member of Partnership Board Management Ltd. Asset Management
</TABLE>
19
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Jeffrey Alan Geller -- --
Member of Partnership Board
Robert John Moore -- --
COO/Member of Partnership
Board
William Wallace Priest, Jr. Credit Suisse Asset Managing Director
CEO/Member of Partnership Management Ltd.
Board
Phillip Keebler Ryan Credit Suisse Asset Chief Financial Officer
Member of Partnership Board Management Ltd.
William Paul Sterling Credit Suisse Asset Managing Director
Member of Partnership Board Management Ltd.
Timothy Torrey Taussig Credit Suisse Asset Managing Director
Member of Partnership Board Management Ltd.
</TABLE>
DAVID J. GREENE & CO., LLC
David J. Greene & Co., LLC ("D.J. Greene") is a sub-adviser to the
Registrant's Tax-Managed Small Cap Fund. The principal business address of
D.J. Greene is 599 Lexington Avenue, 12th Floor New York, NY 10022. D.J. Greene
is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION
WITH INVESTMENT ADVISER OTHER COMPANY TITLE
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Michael C. Greene -- --
Chief Executive Officer
Alan I. Greene -- --
Chairman of Investment
Committee
Marcia R. Dachs, CPA -- --
Chief Financial Officer
E. Stephen Walsh -- --
Chief Administrative Officer
David R. Pedowitz -- --
Director of Research
Erwin A. Zeuschner -- --
Director of Portfolio
Management
Ralph Ruiz -- --
Director of Trading
Robert J. Ravitz, CFA -- --
Controller, Vice President
Benjamin H. Nahum -- --
Vice President
</TABLE>
20
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION
WITH INVESTMENT ADVISER OTHER COMPANY TITLE
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Jordan F. Posner -- --
Vice President
Sara B. Ogiony -- --
Assistant Vice President
John M. Collins -- --
Assistant Vice President
James R. Greene -- --
Senior Vice President
Stanley G. Lee, CFA -- --
Vice President
Ruth S. Graham, CFP -- --
Assistant Vice President
Clarissa Moore -- --
Director of Marketing/ Client
Service
Jack Estes -- --
Vice President
</TABLE>
EQUINOX CAPITAL MANAGEMENT, LLC
Equinox Capital Management, LLC ("Equinox") is an investment sub-adviser for
the Registrant's Tax-Managed Large Cap Fund. The principal address of Equinox is
590 Madison Avenue, 41st Floor, New York, NY 10022. Equinox is an investment
adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION
WITH INVESTMENT ADVISER OTHER COMPANY TITLE
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Ronald J. Ulrich Equinox Capital Director, President,
Director, President, Management, Inc. ("ECM") Secretary & Treasurer
Secretary and Treasurer
Wendy D. Lee -- --
Member
</TABLE>
HIGHMARK CAPITAL MANAGEMENT, INC.
HighMark Capital Management, Inc. ("HighMark") is an investment sub-adviser
for the Equity Income Fund. The principal address of HighMark is 475 Sansome
Street, San Francisco, CA 94104.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Highmark Capital Management, -- --
Inc.
100% Owner
Terry L. Chambless Union Bank of California, NA Investment Trust
Managing Director, Inst.
Sales & Marketing
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Patrick G. Dodson Union Bank of California, NA Manager, Systems
Chief Financial Officer,
Director
Milton M. Fukuda Union Bank of California, NA Trust
Managing Director, Support
Services
Clark R. Gates Union Bank of California, NA Head of Investment Division
President, COO, Director
Susumu Hanada Bank of Tokyo--Mitsubishi, Senior Inspector
CEO and Chairman of the Board Inspection Division
Capital Markets Group Deputy General Manager
Union Bank of California, NA Executive Vice President
Robert G. Knopf Union Bank of California, NA Investments
Managing Director--Mutual
Funds
Luke C. Mazur Union Bank of California, NA Managing Director, CIO
Managing Director, CIO
Tsutomu Nakagawa The Bank of Tokyo-Mitsubishi Banking
Director
Kevin A. Rogers Union Bank of California, NA Investments
Managing Director, Reg.
Portfolio Management Group
Olga J. Sanchez Union Bank of California, NA Attorney
Secretary
Yoshihiko Someya The Bank of Tokyo--Mitsubishi Manager--Corporate--Office
Director
</TABLE>
LOOMIS, SAYLES AND COMPANY, L.P.
Loomis, Sayles and Company, L.P. ("Loomis Sayles") is a sub-adviser to the
Registrant's Tax-Managed Small Cap Fund. The principal business address of
Loomis Sayles is One Financial Center, Boston, MA 02111. Loomis Sayles is an
investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION
WITH INVESTMENT ADVISER OTHER COMPANY TITLE
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Robert J. Blanding -- --
Director, Chief Executive
Officer
Mauricio F. Gevallos -- --
Director, Executive Vice
President, Business
Development
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION
WITH INVESTMENT ADVISER OTHER COMPANY TITLE
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Kevin P. Charleston -- --
Director, Vice President,
Chief Financial Officer
Christopher R. Ely -- --
Director, Vice President,
Managing Partner--Growth
Equity Management
Daniel J. Fuss -- --
Director, Vice Chairman,
Managing Partner--Fixed
Income Management
John F. Gallagher, III -- --
Director, Executive Vice
President, Director of
Institutional Sales
Michael F. Harris -- --
Director, Vice President,
Portfolio Manager--Core
Bond Group
Mark W. Holland -- --
Director, Executive Vice
President, Product
Manager--Fixed Income
Management
Michael J. Millhouse -- --
Director, Executive Vice
President, Managing
Partner--Core Bond Group
Kent P. Newmark -- --
Director, Vice President,
Senior Portfolio
Manager--Core Bond Group
Sandra P. Tichenor -- --
Director, Executive Vice
President, General Counsel
George R. Tydings -- --
Director, Executive Vice
President, Marketing &
Client Services
</TABLE>
23
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION
WITH INVESTMENT ADVISER OTHER COMPANY TITLE
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Peter S. Voss Nvest (parent company of Chief Executive Officer
Director Registrant)
Anthony J. Wilkins -- --
Director, Vice President,
Associate, Managing
Partner--Fixed Income
Management
</TABLE>
LSV ASSET MANAGEMENT, L.P.
LSV Asset Management, L.P. is an investment sub-adviser for the Large Cap
Value and Small Cap Value Funds. The principal address of LSV Asset Management,
L.P. is 181 West Madison Avenue, Chicago, Illinois 60602. LSV Asset Management,
L.P. is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Lakonishok Corporation -- --
General Partner
SEI Funds, Inc. -- --
General Partner
Shleifer Corporation -- --
General Partner
</TABLE>
MARTINGALE ASSET MANAGEMENT, L.P.
Martingale Asset Management, L.P. is the investment sub-adviser for the
Mid-Cap Fund. The principal address of Martingale Asset Management, L.P., is 222
Berkeley Street, Boston, Massachusettes 02116. Martingale Asset Management,
L.P., is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Martingale Asset Management -- --
Corporation
General Partner
Patricia J. O'Connor -- --
Treasurer, Administrator
Shareholder of MAM
William Edward Jacques -- --
Executive Vice President,
Portfolio Manager,
Shareholder of MAM
Alan J. Stassman
Chairman
Shareholder of MAM
</TABLE>
24
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Arnold Seton Wood -- --
President, Portfolio Manager
Shareholder of MAM
Douglas Evan Stark, CFA -- --
Investment Research,
Portfolio Manager
Paul Burik Commerz International Capital CIO, Deputy Managing Director
Director Management, GmbH
Peter M. Lampe Commerz International VP Controller Compliance
Management, GmbH Officer
</TABLE>
MAZAMA CAPITAL MANAGMENT, INC.
Mazama Capital Managment, Inc. ("Mazama") is a sub-adviser for the
Registrant's Small Cap Growth Fund. The principal business address of Mazama is
One SW Columbia Street, Suite 1860, Portland, Oregon 97258. Mazama is an
investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Ronald Adair Sauer -- --
Member, President
Jill Ronne Collins -- --
Member, VP Marketing
Brian Paul Alfrey -- --
Member, VP-Administration/Ops
Stephen Charles Brink -- --
Member, VP-Research
</TABLE>
MCKINLEY CAPITAL MANAGEMENT, INC.
McKinley Capital Management, Inc. ("McKinley Capital") is a sub-adviser for
the Registrant's Tax-Managed Small Cap Fund and Small Cap Growth Fund. The
principal business address of McKinley Capital is 3301 C Street, Suite 500,
Anchorage, AK 99503. McKinley Capital is a registered investment adviser under
the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Robert B. Gillam National Asset Management Representative
President, Chief Investment
Officer, and Director National Securities Principal, Broker
Corporation
Diane M. Wilke National Asset Management Representative
Vice President, Chief
Operating Officer, National Securities Broker
Director, and Compliance Corporation
Officer
</TABLE>
25
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Jerry Allen -- --
Vice President, Chief
Financial Officer
B. Thomas Willison Willison Alaska, Inc. President
Director
James Lewis McCarrey, III -- --
General Counsel
</TABLE>
MELLON EQUITY ASSOCIATES, LLP
Mellon Equity Associates, LLP is an investment sub-adviser for the Large Cap
Value and Tax-Managed Large Cap Funds. The principal address of Mellon Equity
Associates is 500 Grant Street, Suite 3700, Pittsburgh, Pennsylvania 15258.
Mellon Equity Associates is an investment adviser registered under the Advisers
Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Christopher Mark Condron The Boston Company Asset Director
Executive Committee Member Management, LLC
Founders Asset Managment, LLC Chairman & Director
TBCAM Holdings, Inc. Director
The Dreyfus Corporation Chairman, CEO, & Director
Franklin Portfolio Director
Holdings, Inc.
Franklin Portfolio Director
Associates, LLC
Certus Asset Advisors Director
Corporation
Boston Safe Advisors, Inc. Director & President
Mellon Capital Management Director
Corporation
Mellon Bond Associates, LLP Exec. Comm. Member
Mellon Bank, N.A. Director, COO/President
Mellon Bank Corporation Director, COO
The Boston Company, Inc. Vice Chairman & Director
Boston Safe Deposit and Trust Director
Company
The Boston Copmany Financial President & Director
Strategies, Inc.
</TABLE>
26
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Ronald P. O'Hanley, III Franklin Portfolio Director
Executive Committee Member & Holdings, Inc.
Chairman
The Boston Company Asset Director
Managment, Inc.
Boston Safe Advisors, Inc. Director
Mellon Capital Managment Director
Corporation
Certus Asset Advisors Director
Corporation
Mellon Bond Associates, LLP Exec. Comm. Member &
Chairman
Mellon-France Corporation Director
Laurel Capital Advisors, LLP Executive Committee Member
William Paul Rydell The Dreyfus Corporation Group Manager
President/CEO
Executive Committee Member
James Milton Gockley Dreyfus Financial Services Vice President
Executive Committee Member Corp.
Dreyfus Investment Services Vice President
Corp.
Franklin Portfolio Associates Chief Legal Officer & Vice
Trust President
Mellon Securities Trust Vice President
Company
Laurel Capital Advisors, LLP Vice President
Boston Safe Deposit and Trust General Counsel
Company
The Boston Company, Inc. General Counsel
Patricia Kay Nichols
Executive VP/COO
Exec. Comm. Member
Mellon Bank, N.A.
Limited Partner (99%)
MMIP, Inc.
General Partner (1%)
Mellon Bank Corporation
Shareholder
Shareholders of Mellon Bank
Corporation
</TABLE>
27
<PAGE>
NICHOLAS-APPLEGATE CAPITAL MANAGEMENT
Nicholas-Applegate Capital Management ("Nicholas-Applegate"), is an
investment sub-adviser for the Small Cap Growth Fund. The principal address of
Nicholas-Applegate is 600 West Broadway, 29th Floor, San Diego, California
92101. Nicholas-Applegate is an investment adviser registered under the Advisers
Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Thomas E. Bleakley -- --
Limited Partner of LP
William H. Chenoweth -- --
Limited Partner of LP
Laura Stanley DeMarco -- --
Limited Partner of LP
Andrew B. Gallagher Nicholas-Applegate Capital Partner, Portfolio Manager,
Limited Partner of LP Management Institutional Equity
Management
Richard E. Graf -- --
Limited Partner of LP
Peter J. Johnson -- --
Limited Partner of LP
Jill B. Jordon Nicholas-Applegate Capital Head of Global Sales and
Limited Partner of LP Management Marketing
Nicholas-Applegate Securities Senior Vice President and
Head of Institutional
Business
John J. Kane -- --
Limited Partner of LP
James E. Kellerman -- --
Limited Partner of LP
George C. Kenney -- --
Limited Partner of LP
Pedro V. Marcal -- --
Limited Partner of LP
James T. McComsey -- --
Limited Partner of LP
John J.P. McDonnell Nicholas-Applegate Capital COO
Limited Partner of LP Management
Edward B. Moore, Jr. -- --
Limited Partner of LP
Loretta J. Morris -- --
Limited Partner of LP
Arthur E. Nicholas Nicholas-Applegate Securites President, Chairman
Managing Partner
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Nicholas-Applegate Capital Managing Partner, President
Managment of General Partner, CIO
John R. Pipkin -- --
Limited Partner of LP
Frederick S. Robertson Nicholas-Applegate Capital CIO/Fixed Income
Limited Partner of LP Management
Catherine C. Somhegyi Nicholas-Applegate Capital CIO, Global Equity
Limited Partner of LP Management Management, Partner, and
Portfolio Manager
Lawrence S. Speidell -- --
Limited Partner of LP
Todd L. Spillane -- --
Vice President, Director of
Compliance
James W. Szabo Nicholas-Applegate Capital General Partner of Global
Limited Partner of LP Management Holdings LP Holding and Nicholas-
Applegate Capital
Management
Nicholas-Applegate Capital General Partner of General
Management Holdings Inc. Partner
Nicholas-Applegate Capital Limited Partner of LP
Management Inc.
Nicholas-Applegate Global -- --
Holding Co. LP
Limited Partner
Nicholas-Applegate Capital -- --
Management, Inc.
Limited Partner of Limited
Partner
</TABLE>
NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT, INC.
Nomura Corporate Research and Asset Management, Inc. ("Nomura") is a
sub-adviser for the Registrant's High Yield Bond Fund. The principal business
address of Nomura is Two World Financial Center, Building B, New York, New York
10281-1198. Nomura is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------------- ----------------------------------- -----------------------------------
<S> <C> <C>
Nomura Holding America Inc. -- --
Shareholder
The Nomura Securities Co., Ltd. -- --
Shareholder
</TABLE>
29
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------------- ----------------------------------- -----------------------------------
<S> <C> <C>
Robert NMN Levine -- --
President, CEO and Board Member
Richard Alan Buch -- --
Board Member, Managing Director and
Head Trader
Douglas Reed Metcalf -- --
Director
Shigeki NMN Fujitani Nomura Securities Managing Director
Board Member International, Inc.
Joseph Redmond Schmuckler Nomura Securities Global Co-Chairman of the Board
Co-Chairman of the Board Investments Advisors, Inc.
Nomura Holding America Inc. Executive Managing Director
Nomura Securities International Co-Pres., Co-CEO & Board Member
</TABLE>
PROVIDENT INVESTMENT COUNSEL, INC.
Provident Investment Counsel, Inc. ("PIC") is a sub-adviser for the
Registrant's Large Cap Growth, Tax-Managed Large Cap, Balanced and Capital
Appreciation Funds. The principal business address of PIC is 300 North Lake
Avenue, Pasadena, California 91101. PIC is an investment adviser registered
under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Aaron Webster Lee -- --
Eubanks, Sr.
Senior Vice President, Chief
Operating Officer
Thomas John Condon -- --
Managing Director
Lauro F. Guerra -- --
Managing Director
George Edward Handtmann, III -- --
Executive Managing Director
Robert Marvin Kommerstad -- --
President/Chairman
Jeffrey John Miller -- --
Managing Director/Secretary
Larry Dee Tashjian -- --
Executive Managing Director
William Todd Warnick -- --
Vice President, Chief
Financial Officer
</TABLE>
30
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Jeffrey Dale Lovell Putnam, Lovell, de Managing Director & President
Director Guardiola &
Thornton, Inc.
Thomas Michael Mitchell -- --
Managing Director
Frederick Brown Windle -- --
Managing Director
</TABLE>
ROBERT W. BAIRD & CO., INCORPORATED
Robert W. Baird & Co., Incorporated ("Baird") is a sub-adviser for the
Registrant's Core Fixed Income Fund. The principal business address of Baird is
777 E. Wisconsin Avenue, Milwaukee, WI 53202. Baird is an investment adviser
registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
James Dick Bell -- --
Managing Director
Paul John Carbone -- --
Managing Director
Bryce Patrick Edwards -- --
Managing Director
Harold Charles Elliot -- --
Managing Director
Glen Fredrick Hackmann -- --
Secretary, General Counsel,
Managing Director
George Frederick Kasten, Jr. -- --
Chairman, Chief Executive
Officer
Keith Anthony Kolb -- --
Managing Director
Patrick Steven Lawton -- --
Managing Director
William Walter Mahler -- --
Managing Director
John Robert Merrell -- --
Managing Director, Marketing
Director
Terrance Patrick Maxwell -- --
Managing Director
Paul Edward Purcell -- --
President, Chief Operating
Officer
</TABLE>
31
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Michael John Schroeder -- --
Managing Director
Paul Stuart Shain -- --
Managing Director
John Earl Sundeen -- --
Senior Vice President,
Compliance Director
Russell Paul Schwei -- --
Chief Financial Officer,
Managing Director
Dominick Paul Zarcone -- --
Managing Director
</TABLE>
RS INVESTMENT MANAGEMENT, L.P.
Robertson, Stephens Investment Management, L.P., ("Robertson") is an
investment subadviser to the Small Cap Growth Fund. The principal address of
Robertson is 555 California Street, Suite 2600, San Francisco, CA 94104.
Robertson is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
RS Regulated 1 LLC (RSR1) -- --
Robertson Stephens Investment -- --
Member of RSR1
Bank America Corporation -- --
Indirect Parent
George Randall Hecht Robertson, Stephens & Co. Indirect Owner
Director and President Investment Management, L.P.
Roberston, Stephens President, CEO, Director &
Investment Indirect Owner
Management, Inc.
Robertson, Stephens Trustee
Investment Trust
Paul Harbor Stephens Roberston, Stephens Indirect Owner
Member of Group Investment
Management, Inc.
David James Evans, III -- --
Secretary, Sec. Analyst,
Portfolio Manager
</TABLE>
SANFORD C. BERNSTEIN & CO., LLC
Sanford C. Bernstein & Co., LLC, is an investment sub-adviser for the
Tax-Managed Large Cap Fund and Large Cap Value Fund. The principal address of
Sanford C. Bernstein & Co., Inc., is 767 Fifth Avenue,
32
<PAGE>
New York, New York 10153-0185. Sanford C. Bernstein & Co., Inc., is an
investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Lewis A. Sanders -- --
Chairman of the Board, Chief
Executive Officer, Director
Roger Hertog -- --
President and Chief Operating
Officer
Andrew S. Adelson -- --
Senior Vice President, Chief
Investment Officer--
International Equities,
Director
Kevin R. Brine -- --
Senior Vice President--Global
Asset Management Services,
Director
Charles C. Cahn, Jr. -- --
Senior Vice President,
Director of Global Fixed
Income, Director
Marilyn Goldstein Fedak -- --
Senior Vice President, Chief
Investment Officer--U.S.
Equities, Director
Michael L. Goldstein -- --
Senior Vice President--Chief
Investment Strategist,
Director
Thomas S. Hexner -- --
Senior Vice
President--Private Client
Services
Thomas S. Hexnar RFT Corporation Managing Director
Sr. VP--Private Client (Philanthropic Mgmt.)
Services, Director
Gerald M. Lieberman -- --
Senior Vice
President--Finance and
Administration
</TABLE>
33
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Jean Margo Reid -- --
Senior Vice President,
General Counsel, Director
Francis H. Trainer, Jr. -- --
Senior Vice President, Chief
Investment Officer--Fixed
Income, Director
</TABLE>
SAWGRASS ASSET MANAGEMENT, LLC
Sawgrass Asset Management, LLC is a sub-adviser for the Registrant's Small
Cap Fund. The principal business address of Sawgrass Asset Management, LLC is
4337 Pablo Oaks Court, Building 200, Jacksonville, Florida 32224. Sawgrass Asset
Management, LLC is an investment adviser registered under the Adviser Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Sawgrass Asset -- --
Management, Inc.
("S.A.M., Inc.")
Member, Shareholder of 50%
AmSouth Bank -- --
Member, Shareholder of 50%
AmSouth Bancorporation -- --
100% Shareholder of AmSouth
Bank
Andrew M. Cantor S.A.M., Inc. 1/3 Owner
Principal
Dean E. McQuiddy S.A.M., Inc. 1/3 Owner
Principal
Brian K. Monroe S.A.M., Inc. 1/3 Owner
Principal
</TABLE>
SECURITY CAPITAL GLOBAL CAPITAL MANAGEMENT GROUP, INC.
Security Capital Global Capital Management Group, Inc. is a Sub-adviser for
the Registrant's Small Cap Value Fund. The principal business address of
Security Capital Global Capital Management Group,
34
<PAGE>
Inc. is 11 South LaSalle St., Chicago, IL 60603. Security Capital Global Capital
Management Group, Inc. is an investment adviser registered under the Adviser
Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Security Capital Investment -- --
Research Incorporated
("SCIR")
Owner
Security Capital Group -- --
Incorporated
100% Owner of SCIR
Kevin W. Bedell -- --
Senior Vice President
Jeff A. Jacobson -- --
Managing Director
Anthony R. Manno, Jr. -- --
President, Director, and
Managing Director
Daniel F. Miranda -- --
Managing Director
Jeffrey C. Nellessen -- --
Vice President, Secretary,
Treasurer, and Controller
Kenneth D. Statz -- --
Managing Director
</TABLE>
SEI INVESTMENTS MANAGEMENT CORPORATION
SEI Investments Management Company ("SIMC") is an investment adviser for
each of the Funds. The principal address of SIMC is Oaks, Pennsylvania 19456.
SIMC is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Alfred P. West, Jr. SEI Investments Company Chairman, CEO
Chairman, CEO, Director
SEI Investments Distribution Director, Chairman of the
Co. Board of Directors
SEI Inc. (Canada) Director
SEI Ventures, Inc. Director, Chairman, President
SEI Funds, Inc. CEO, Chairman of the Board of
Directors
Rembrandt Financial Services Chairman of the Board of
Company Directors
</TABLE>
35
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Global Investment Corp. Director, CEO, Chairman
SEI Investments Global Chairman, CEO
Management (Cayman),
Limited
SEI Capital AG Director, Chairman of the
Board
SEI Global Capital Director, CEO, Chairman
Investments, Inc.
CR Financial Services Company Director, Chairman of the
Board
CR Capital Resources, Inc. Director, Chairman of the
Board
SEI Investments Mutual Fund Chairman, CEO
Services
SEI Investments Fund Chairman, CEO
Management
SEI Global Holdings (Cayman) Chairman, CEO
Inc.
SEI Investments De Mexico Director
SEI Asset Korea Director
Carmen V. Romeo SEI Investments Company Director, Executive Vice
Executive Vice President, President, President--
Director Investment Advisory Group
SEI Investments Distribution Director
Co.
SEI Trust Company Director
SEI Investments, Inc. Director, President
SEI Investments Director, President
Developments, Inc.
SEI Funds, Inc. Director, Executive Vice
President
Rembrandt Financial Services Director, Executive Vice
Company President
SEI Global Capital Executive Vice President
Investments, Inc.
SEI Primus Holding Corp. Director, President
CR Financial Services Company Director
CR Capital Resources, Inc. Director
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments Mutual Fund Executive Vice President
Services
SEI Investments Fund Executive Vice President
Management
Richard B. Lieb SEI Investments Company Director, Executive Vice
Director, Executive Vice President, President--
President Investment Systems &
Services Division
SEI Investments Distribution Director, Executive Vice
Co. President
SEI Trust Company Director, Chairman of the
Board
SEI Investments-Global Fund Director
Services Limited
CR Capital Resources, Inc. Director
SEI Investments Mutual Fund Executive Vice President
Services
SEI Investments Fund Executive Vice President
Management
Edward Loughlin SEI Investments Company Executive Vice President,
Executive Vice President President--Asset Management
Division
SEI Trust Company Director
SEI Insurance Group, Inc. Director, President,
Secretary
SEI Funds, Inc. Executive Vice President
SEI Advanced Capital Director, President
Management, Inc.
SEI Investments Mutual Fund Executive Vice President
Services
SEI Investments Fund Executive Vice President
Management
Primus Capital Advisors Director
Company
Dennis J. McGonigle SEI Investments Company Executive Vice President
Executive Vice President
SEI Investments Distribution Executive Vice President
Co.
SEI Investments Mutual Fund Senior Vice President
Services
</TABLE>
37
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments Fund Senior Vice President
Management
Michael Arizin -- --
Senior Vice President,
Managing Director
Ed Daly -- --
Senior Vice President,
Managing Director
Leo J. Dolan, Jr. SEI Distribution Co. Senior Vice President
Senior Vice President
Rembrandt Financial Services Senior Vice President
Company
SEI Investments Mutual Fund Senior Vice President
Services
SEI Investments Fund Senior Vice President
Management
Mick Duncan SEI Investments Mutual Fund Vice President, Team Leader
Senior Vice President, Services
Managing Director
SEI Investments Fund Vice President, Team Leader
Management
Carl A. Guarino SEI Investments Company Senior Vice President
Senior Vice President
SEI Investments Distribution Senior Vice President
Company
Rembrandt Financial Services Director, Vice President
Company
SEI Global Investments Corp. Senior Vice President
SEI Global Investments Director
(Cayman) Limited
SEI Investments Global, Director
Limited
SEI Global Holdings (Cayman) Director
Inc.
SEI Investments Argentina Director
S.A.
SEI Investments De Mexico Director
SEI Investments (Europe) Ltd. Director
Larry Hutchison SEI Investments Distribution Senior Vice President
Senior Vice President Co.
</TABLE>
38
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Robert S. Ludwig SEI Funds, Inc. Vice President
Senior Vice President, CIO
SEI Investments Mutual Fund Vice President, Team Leader
Services
SEI Investments Fund Vice President, Team Leader
Management
Jack May SEI Investments Distribution Senior Vice President
Senior Vice President Co.
James V. Morris -- --
Senior Vice President,
Managing Director
Steve Onofrio -- --
Senior Vice President,
Managing Director
Kevin P. Robins SEI Investments Company Senior Vice President,
Senior Vice President General Counsel, Assistant
Secretary
SEI Investments Distribution Senior Vice President,
Co. General Counsel, Secretary
SEI Inc. (Canada) Senior Vice President,
General Counsel, Secretary
SEI Trust Company Director, Senior Vice
President, General Counsel,
Assistant Secretary
SEI Investments, Inc. Senior Vice President,
General Counsel, Secretary
SEI Ventures, Inc. Senior Vice President,
General Counsel, Secretary
SEI Investments Senior Vice President,
Developments, Inc. General Counsel, Secretary
SEI Insurance Group, Inc. Senior Vice President,
General Counsel
SEI Funds, Inc. Senior Vice President,
General Counsel, Secretary
Rembrandt Financial Services Vice President, Assistant
Company Secretary
SEI Global Investments Corp. Senior Vice President,
General Counsel, Secretary
SEI Advanced Capital Senior Vice President,
Management, Inc. General Counsel, Secretary
</TABLE>
39
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Global Capital Senior Vice President,
Investments Inc. General Counsel, Secretary
SEI Primus Holding Corp. Senior Vice President,
General Counsel, Secretary
CR Financial Services Company Senior Vice President,
General Counsel, Secretary
CR Capital Resources, Inc. Senior Vice President
SEI Investments Mutual Fund Senior Vice President,
Services General Counsel, Secretary
SEI Investments Fund Senior Vice President,
Management General Counsel, Secretary
SEI Global Holdings (Cayman) Director, General Counsel,
Inc. Secretary
Kenneth Zimmer -- --
Senior Vice President,
Managing Director
Robert Aller Vice President SEI Investments Distribution Vice President
Company
Timothy D. Barto SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
</TABLE>
40
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Jay Brown -- --
Vice President
Todd Cipperman SEI Investments Company Vice President, Assistant
Senior Vice President, Secretary
General Counsel & Secretary
SEI Investments Distribution Vice President, Assistant
Co. Secretary
SEI Trust Company Vice President, Assistant
Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Developments, Inc. Vice President, Assistant
Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
Rembrandt Financial Services Vice President, Assistant
Company Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Director, Vice President,
Management, Inc. Assistant Secretary
SEI Investments Global Director, Vice President,
(Cayman), Limited Assistant Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Investments Global, Director
Limited
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
SEI Global Holdings (Cayman) Director, Vice President,
Inc. Assistant Secretary
</TABLE>
41
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments (Europe) Ltd. Director
S. Courtney E. Collier SEI Investments Distribution Vice President, Assistant
Vice President, Assistant Co. Secretary
Secretary
SEI Trust Company Vice President, Assistant
Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Robert Crudup SEI Investments Distribution Vice President, Managing
Vice President, Managing Company Director
Director
SEI Investments Mutual Fund Vice President, Managing
Services Director
SEI Investments Fund Vice President, Managing
Management Director
Richard A. Deak SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Trust Company Vice President, Assistant
Secretary
</TABLE>
42
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Melissa Doran Rayer -- --
Vice President
Michael Farrell -- --
Vice President
James R. Foggo SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Trust Company Vice President, Assistant
Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
</TABLE>
43
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Vic Galef SEI Investments Distribution Vice President, Managing
Vice President, Managing Company Director
Director
SEI Investments Mutual Fund Vice President, Managing
Services Director
SEI Investments Fund Vice President, Managing
Management Director
Lydia A. Gavalis SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Trust Company Vice President, Assistant
Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
</TABLE>
44
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Greg Gettinger SEI Investments Company Vice President
Vice President
SEI Investments Distribution Vice President
Company
SEI Trust Company Vice President
SEI Investments, Inc. Vice President
SEI Ventures, Inc. Vice President
SEI Investments Vice President
Developments, Inc.
SEI Funds, Inc. Vice President
SEI Global Investments Corp. Vice President
SEI Advanced Capital Vice President
Management, Inc.
SEI Global Capital Vice President
Investments, Inc.
SEI Primus Holding Corp. Vice President
SEI Investments Mutual Fund Vice President
Services
SEI Investments Fund Vice President
Management
Susan R. Hartley -- --
Vice President
Kathy Heilig SEI Inc. (Canada) Vice President, Treasurer
Vice President, Treasurer
SEI Investments Company Vice President, Treasurer,
Chief Accounting Officer
SEI Investments Distribution Vice President
Company
SEI Trust Company Vice President, Treasurer
SEI Ventures, Inc Vice President, Treasurer
SEI Insurance Group, Inc. Vice President, Treasurer
SEI Realty Capital Vice President, Treasurer
Corporation
</TABLE>
45
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Rembrandt Financial Services Vice President, Treasurer
Company
SEI Global Investments Corp. Director, Vice President,
Treasurer
SEI Advanced Capital Director, Vice President,
Management, Inc. Treasurer
SEI Investments Global Vice President, Treasurer
(Cayman), Limited
CR Capital Resources, Inc. Vice President, Treasurer
SEI Investments Mutual Fund Vice President, Treasurer
Services
SEI Investments Fund Vice President, Treasurer
Management
SEI Global Holdings (Cayman) Vice President, Treasurer
Inc.
Kim Kirk SEI Investments Distribution Vice President, Managing
Vice President, Managing Company Director
Director
SEI Investments-Global Fund Director
Services Limited
SEI Investments Mutual Fund Vice President, Managing
Services Director
SEI Investments Fund Vice President, Managing
Management Director
John Krzeminski SEI Investments Distribution Vice President, Managing
Vice President, Managing Company Director
Director
SEI Investments Mutual Fund Vice President, Managing
Services Director
SEI Investments Fund Vice President, Managing
Management Director
Vicki Malloy SEI Investments Mutual Fund Vice President, Team Leader
Vice President, Managing Services
Director
SEI Investments Fund Vice President, Team Leader
Management
Christine M. McCullough SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Carolyn McLaurin SEI Investments Distribution Vice President, Managing
Vice President, Managing Company Director
Director
SEI Investments Mutual Fund Vice President, Managing
Services Director
SEI Investments Fund Vice President, Managing
Management Director
Mary Jean Melair -- --
Vice President
Roger Messina -- --
Vice President
Cynthia M. Parish SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Trust Company Vice President, Assistant
Secretary
</TABLE>
47
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
Rembrandt Financial Services Vice President, Assistant
Company Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
SEI Global Holdings (Cayman) Vice President, Assistant
Inc. Secretary
SEI Investments (Europe) Ltd. Director
Robert Prucnal -- --
Vice President
Edward T. Searle SEI Investments Distribution Vice President, Assistant
Vice President, Assistant Company Secretary
Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
</TABLE>
48
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Daniel Spaventa SEI Investments Distribution Vice President
Vice President Company
Kathryn L. Stanton SEI Investments Company Vice President
Vice President
SEI Investments Distribution Vice President
Co.
CR Financial Services Company Secretary, Treasurer
CR Capital Resource, Inc. Secretary
SEI Investments Mutual Fund Vice President
Services
SEI Investments Fund Vice President
Management
Lynda J. Striegel SEI Investments Company Vice President, Assistant
Vice President, Assistant Secretary
Secretary
SEI Investments Distribution Vice President, Assistant
Company Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Trust Company Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
</TABLE>
49
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
SEI Investments Fund Vice President, Assistant
Management Secretary
Mary Vogan -- --
Vice President
Raymond B. Webster -- --
Vice President
Susan R. West -- --
Vice President, Managing
Director
Lori L. White SEI Investments Distribution Vice President, Assistant
Vice President, Assistant Co. Secretary
Secretary
SEI Trust Company Vice President, Assistant
Secretary
SEI Investments, Inc. Vice President, Assistant
Secretary
SEI Ventures, Inc. Vice President, Assistant
Secretary
SEI Investments Vice President, Assistant
Developments, Inc. Secretary
SEI Funds, Inc. Vice President, Assistant
Secretary
SEI Global Investments Corp. Vice President, Assistant
Secretary
SEI Advanced Capital Vice President, Assistant
Management, Inc. Secretary
SEI Global Capital Vice President, Assistant
Investments, Inc. Secretary
SEI Primus Holding Corp. Vice President, Assistant
Secretary
SEI Investments Mutual Fund Vice President, Assistant
Services Secretary
</TABLE>
50
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
SEI Investments Fund Vice President, Assistant
Management Secretary
Mark S. Wilson -- --
Vice President
Wayne M. Withrow SEI Investments Distribution Vice President, Managing
Vice President, Managing Co. Director
Director
SEI Investments Mutual Fund Vice President, Managing
Services Director
SEI Investments Fund Vice President, Managing
Management Director
</TABLE>
TCW INVESTMENT MANAGEMENT COMPANY
TCW Investment Management Company ("TCW") is an investment sub-adviser for
the Registrant's Large Cap Growth Fund. The principal address of TCW is 865
S. Figueroa Street, Suite 1800, Los Angeles, CA 90017. TCW is an investment
adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Alvin Robert Albe, Jr. TCW Latin America Partners, Director of Member
Director, President & Chief L.L.C.
Executive Officer
TCW Advisors, Inc. Director & Executive Vice
President
TCW London International, Director & Executive Vice
Limited President
TCW Asset Management Company Director & Executive Vice
President
Trust Company of the West Director & Executive Vice
President
The TCW Group, Inc. Executive Vice President
Mark Louis Attanasio TCW/Crescent Mezzanine, Director & Managing Director
Group Managing Director & L.L.C.
CIO--
Below Investment Grade
Fixed Income
TCW Asset Management Company Director, Group Managing
Director & CIO--Below
Investment Grade Fixed
Income
Trust Company of the West Group Managing Director &
CIO--Below Investment Grade
Fixed Income
</TABLE>
51
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Crescent MACH I G.P. Senior Vice President
Corporation
Crescent InterFunding Principal
Partners
Philip Alan Barach TCW Advisors, Inc. Group Managing Director &
Group Managing Director & CIO--Investment Grade Fixed
CIO--Investment Grade Fixed Income
Income
TCW Asset Management Company Director & Group Managing
Director & CIO--Investment
Grade Fixed Income
Trust Company of the West Group Managing Director &
CIO--Investment Grade Fixed
Income
Javier Weichers Baz TCW/Latin America Partners Investment Committee Member
Managing Director & CIO-- L.L.C.
International & Chairman,
International Asset
Allocation Committee
TCW London International, Director, President & CEO
Limited
TCW Asia Limited CIO--International
TCW Asset Management Company Director & Managing Director,
CIO--International &
Chairman, International
Asset Allocation Committee
Trust Company of the West Managing Director, CIO--
International & Chairman,
International Asset
Allocation Committee
Brian Michael Beitner TCW Asset Management Company Managing Director & Director
Managing Director & Director of Research
of Research
Trust Company of the West Managing Director & Director
of Research
Michael Edward Cahill TCW/Latin America Partners, General Counsel and Assistant
General Counsel, Secretary & L.L.C. Secretary
Managing Director
TCW/Crescent Mezzanine, Managing Director, General
L.L.C. Counsel & Secretary
TCW Advisors, Inc. Managing Director, General
Counsel & Secretary
</TABLE>
52
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
TCW London International, Director, Managing Director,
Limited General Counsel, Vice
President & Assistant
Secretary
TCW Asset Management Company Director, Managing Director,
General Counsel & Secretary
Trust Company of the West Managing Director, General
Counsel & Secretary
The TCW Group, Inc. Managing Director, General
Counsel & Secretary
Robert Addison Day TCW Latin America Partners, Shareholder of Parent Company
Indirect Owner L.L.C.
TCW Advisors, Inc. Director (COB) & Chief
Executive Officer
TCW London International, Member--Comprehensive Asset
Limited Allocation and
International Asset
Allocation Committees
The TCW Group, Inc. Director (COB) & Chief
Executive Officer
Oakmont Corporation Chairman of the Board
TCW Asset Management Company Director (COB) & Chief
Executive Officer
Trust Company of the West Director (COB) & Chief
Executive Officer
David Stephen Devito TCW/ Crescent Mezzanine, Managing Director, CFO &
Managing Direcor, CFO & L.L.C. Assistant Secretary
Assistant Secretary
TCW Latin America Partners, Chief Financial Officer &
L.L.C. Treasurer
TCW Advisors, Inc. Managing Director, CFO &
Assistant Secretary
TCW London International, Managing Director & CFO
Limited
TCW Asset Management Company Managing Director, CFO &
Assistant Secretary
The TCW Group, Inc. Managing Director, CFO &
Assistant Secretary
Trust Company of the West Managing Director, CFO &
Assistant Secretary
</TABLE>
53
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Ernest Odin Ellison TCW Asset Management Company Chairman, Investment Policy
Chairman, Investment Policy Committee
Committee
TCW London International, Director--Vice Chairman
Limited
The TCW Group, Inc. Director--Vice Chairman
Trust Company of the West Director--Vice Chairman,
Chairman, Investment Policy
Committee
TCW Special Credits Chairman, Investment
Committee
TCW Capital Chairman, Investment
Committee
TCW Advisors, Inc. Investment Committee Member
Douglas Stephen Foreman TCW Asset Management Company Group Managing Director,
Group Managing Director & Chief Investment Officer--
CIO--U.S. Equities U.S. Equities
Trust Company of the West Group Managing Director,
Chief Investment Officer--
U.S. Equities
Robert Maxwell Hanisee TCW Asset Management Company Managing Director, Chief
Managing Director & CIO-- Investment Officer--Private
Private Client Services Client Services
Trust Company of the West Managing Director, Chief
Investment Officer--Private
Client Services
Thomas Ernest Larkin, Jr. TCW Advisors, Inc. Director--Vice Chairman
Director, Vice Chairman
TCW Asset Management Company Director--Vice Chairman
Trust Company of the West Director--Vice Chairman
The TCW Group, Inc. Director--Vice Chairman
Hillary Gillian Darcy Lord TCW Advisors, Inc. Managing Director & Chief
Managing Director, Chief Compliance Officer
Compliance Officer &
Assistant Secretary
The TCW Group, Inc. Managing Director, CCO &
Asst. Secretary
TCW Asset Management Company Managing Director & CCO
</TABLE>
54
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Trust Company of the West Managing Director & CCO
William Charles Sonneborn TCW Advisors, Inc. Executive Vice President &
Executive Vice President & Assistant Secretary
Assistant Secretary
TCW Asset Management Company Director, Executive Vice
President & Assistant
Secretary
TCW/Crescent Mezzanine, Director, Managing
L.L.C. Director, & Assistant
Secretary
TCW London International, Managing Director & Assistant
Limited Secretary
Trust Company of the West Executive Vice President &
Assistant Secretary
The TCW Group, Inc. Executive Vice President &
Assistant Secretary
TCW Latin American Partners, Managing Director & Assistant
L.L.C. Secretary
Komal Sivasubrahmanyan TCW London International, Member, International Asset
Sri-Kumar Limited Allocation
Managing Director & Chairman,
Comprehensive Asset
Allocation Committee
TCW Asset Management Company Director and Managing
Director & Chairman,
Comprehensive Asset
Allocation Committee
Trust Company of the West Director and Managing
Director & Chairman,
Comprehensive Asset
Allocation Committee
Marc Irwin Stern TCW Latin America Partners, Member Director, Managing
Director, Chairman L.L.C. Director & Management
Committee Member
TCW/Crescent Mezzanine, Director
L.L.C.
TCW Advisors, Inc. Director, Vice Chairman
TCW Special Credits Investment Committee Member
</TABLE>
55
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
TCW London International, Chairman of the Board
Limited
TCW Asset Management Company Director, President & Vice
Chairman
The TCW Group, Inc. Director & President
Trust Company of the West Director, Executive Vice
President & Group Managing
Director
</TABLE>
WALL STREET ASSOCIATES
Wall Street Associates is an investment sub-adviser for the Small Cap Growth
Fund. The principal address of Wall Street Associates is 1200 Prospect Street,
Suite 100, La Jolla, California 92037. Wall Street Associates is an investment
adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION POSITION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Richard S. Coons -- --
Director/Portfolio Manager
William Jeffery, III -- --
Director/Portfolio Manager
Kenneth F. McCain -- --
Director/Portfolio Manager
</TABLE>
WESTERN ASSET MANAGEMENT COMPANY
Western Asset Management Company ("Western Asset") is a sub-adviser for the
Registrant's Core Fixed Income Fund. The principal business address of Western
Asset is 117 East Colorado Boulevard, Pasadena, California 91105. Western Asset
is an investment adviser registered under the Advisers Act.
<TABLE>
<CAPTION>
NAME AND POSITION WITH INVESTMENT CONNECTION WITH
ADVISER NAME OF COMPANY OTHER COMPANY
--------------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Legg Mason, Inc. -- --
Sole Shareholder
Ilene Schiowitz Harker -- --
Director, Compliance & Controls
James William Hirschmann III -- --
Director & CEO
Stephen Kenneth Leech -- --
Director & CIO
Raymond Adams Mason Legg Mason, Inc. Chairman, President & CEO
Non-Employee Director Legg Mason Wood Walker, Inc. Chairman, President & CEO
</TABLE>
56
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION WITH INVESTMENT CONNECTION WITH
ADVISER NAME OF COMPANY OTHER COMPANY
--------------------------------- ----------------------------- -----------------------------
<S> <C> <C>
Elisabeth Nurick Spector Legg Mason, Inc. Senior Vice President
Non-Employee Director Legg Mason Wood Walker, Inc. Senior Vice President
Edward Albert Taber III Legg Mason, Inc. Senior Exec. VP & Head of
Non-Employee Director Legg Mason Wood Walker, Inc. Investment Management
Sr. Executive Vice President
Bruce Daniel Alberts -- --
Chief Financial Officer
William Curtis Livingston, III -- --
Director & Chairman
Timothy Charles Scheve Legg Mason Wood Walker, Inc. Executive VP & Chief
Non-Employee Director Administrative Officer
</TABLE>
Item 27. PRINCIPAL UNDERWRITERS:
(a) Furnish the name of each investment company (other than the Registrant)
for which each principal underwriter currently distributing the securities of
the Registrant also acts as a principal underwriter, distributor or investment
adviser.
Registrant's distributor, SEI Investments Distribution Co. (the
"Distributor"), acts as distributor for:
<TABLE>
<S> <C>
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional International Trust August 30, 1988
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
STI Classic Funds May 29, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
The Arbor Fund January 28, 1993
The PBHG Funds, Inc. July 16, 1993
The Achievement Funds Trust December 27, 1994
Bishop Street Funds January 27, 1995
STI Classic Variable Trust August 18, 1995
ARK Funds November 1, 1995
Huntington Funds January 11, 1996
SEI Asset Allocation Trust April 1, 1996
TIP Funds April 28, 1996
SEI Institutional Investments Trust June 14, 1996
First American Strategy Funds, Inc. October 1, 1996
HighMark Funds February 15, 1997
Armada Funds March 8, 1997
PBHG Insurance Series Fund, Inc. April 1, 1997
The Expedition Funds June 9, 1997
Alpha Select Funds January 1, 1998
Oak Associates Funds February 27, 1998
The Nevis Fund, Inc. June 29, 1998
CNI Charter Funds April 1, 1999
</TABLE>
57
<PAGE>
<TABLE>
<S> <C>
The Armada Advantage Fund May 1, 1999
Amerindo Funds Inc. July 13, 1999
Huntington VA Funds October 15, 1999
Friends Ivory Funds December 16, 1999
iShares Inc. January 28, 2000
SEI Insurance Products Trust March 29, 2000
iShares Trust April 25, 2000
Pitcairn Funds August 1, 2000
First Omaha Funds, Inc. October 1, 2000
Johnson Family Funds, Inc. November 1, 2000
</TABLE>
The Distributor provides numerous financial services to investment managers,
pension plan sponsors, and bank trust departments. These services include
portfolio evaluation, performance measurement and consulting services
("Funds Evaluation") and automated execution, clearing and settlement of
securities transactions ("MarketLink").
(b) Furnish the Information required by the following table with respect to
each director, officer or partner of each principal underwriter named in the
answer to Item 21 of Part B. Unless otherwise noted, the business address of
each director or officer is Oaks, PA 19456.
<TABLE>
<CAPTION>
POSITION AND OFFICE POSITIONS AND OFFICES WITH
NAME WITH UNDERWRITER REGISTRANT
------------------------- ------------------------------------------- --------------------------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman of the Board of --
Directors
Richard B. Lieb Director, Executive Vice President --
Carmen V. Romeo Director --
Mark J. Held President and Chief Operating Officer --
Dennis J. McGonigle Executive Vice President --
Robert M. Silvestri Chief Financial Officer & Treasurer --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Jack May Senior Vice President --
Hartland J. McKeown Senior Vice President --
Kevin P. Robins Senior Vice President --
Patrick K. Walsh Senior Vice President --
Todd Cipperman Senior Vice President & General Counsel --
Wayne M. Withrow Senior Vice President --
Robert Aller Vice President --
John D. Anderson Vice President & Managing Director --
Timothy D. Barto Vice President & Assistant Secretary Vice President &
Assistant Secretary
Robert Crudup Vice President & Managing Director --
Richard A. Deak Vice President & Assistant Secretary --
Scott W. Dellorfano Vice President & Managing Director --
Barbara Doyne Vice President --
Jeff Drennen Vice President --
Vic Galef Vice President & Managing Director --
Steven A. Gardner Vice President & Managing Director --
Lydia A. Gavelis Vice President & Assistant Secretary Vice President &
Assistant Secretary
Greg Gettinger Vice President & Assistant Secretary --
Kathy Heilig Vice President Vice President &
Assistant Secretary
Jeff Jacobs Vice President --
Samuel King Vice President --
John Kirk Vice President & Managing Director --
</TABLE>
58
<PAGE>
<TABLE>
<CAPTION>
POSITION AND OFFICE POSITIONS AND OFFICES WITH
NAME WITH UNDERWRITER REGISTRANT
------------------------- ------------------------------------------- --------------------------
<S> <C> <C>
Kim Kirk Vice President & Managing Director --
John Krzeminski Vice President & Managing Director --
Alan H. Lauder Vice President --
Paul Lonergan Vice President & Managing Director --
Ellen Marquis Vice President --
Carolyn McLaurin Vice President & Managing Director --
Mark Nagle Vice President Controller and Chief
Financial Officer
Joanne Nelson Vice President --
Cynthia M. Parrish Vice President & Secretary Vice President &
Assistant Secretary
Christine M. McCollough Vice President & Assistant Secretary Vice President &
Assistant Secretary
Rob Redican Vice President --
Maria Rinehart Vice President --
Steve Smith Vice President --
Daniel Spaventa Vice President --
Lynda J. Striegel Vice President & Assistant Secretary --
Kathryn L. Stanton Vice President --
Lori L. White Vice President & Assistant Secretary --
William E. Zitelli, Jr. Vice President & Assistant Secretary
</TABLE>
Item 28. LOCATION OF ACCOUNTS AND RECORDS:
Books or other documents required to be maintained by Section 31(a) of the
Investment Company Act of 1940, and the rules promulgated thereunder, are
maintained as follows:
(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3);
(6); (8); (12); and 31a-1(d), the required books and records are maintained
at the offices of Registrant's Custodian:
First Union National Bank
Broad and Chestnut Streets
P.O. Box 7618
Philadelphia, PA 19101
(b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1),(4);
(2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the
required books and records are maintained at the offices of Registrant's
Manager:
SEI Investments Fund Management
Oaks, PA 19456
(c) With respect to Rules 31a-1(b)(5),(6),(9) and (10) and 31a-1(f), the
required books and records are maintained at the principal offices of the
Registrant's Advisers:
Alliance Capital Management, L.P.
1345 Avenue of the Americas
New York, NY 10105
Artisan Partners Limited Partnership
1000 North Water Street, Suite 1770
Milwaukee, WI 53202
BlackRock Financial Management, Inc.
345 Park Avenue, 30th Floor
New York, NY 10154
59
<PAGE>
Boston Partners Asset Management, L.P.
28 State Street, 20th Floor
Boston, MA 02109
Chartwell Investment Partners
1235 Westlakes Drive, Suite 330
Berwyn, PA 19312
David J. Greene & Co., LLC
599 Lexington Avenue, 12th Floor
New York, NY 10022
Equinox Capital Management, LLC
590 Madison Avenue, 41st Floor
New York, NY 10022
Credit Suisse Asset Management, LLC
153 East 53rd Street
New York, NY 10022
David J. Greene & Co., Inc.
599 Lexington Avenue, 12th Floor
New York, NY 10022
HighMark Capital Management Inc.
475 Sansome Street, Suite 1400
San Francisco, CA 94111
Loomis, Sayles and Company, L.P.
One Financial Center
Boston, MA 02111
LSV Asset Management, L.P.
200 W. Madison Avenue
Chicago, IL 60606
Martingale Asset Management, L.P.
222 Berkeley Street
Boston, MA 02110
Mazama Capital Management, Inc.
One Southwest Columbia Street
Suite 1860
Portland, OR 97258
McKinley Capital Management, Inc.
3301 C Street, Suite 500
Anchorage, AK 99503
Mellon Equity Associates, LLP
500 Grant Street
Suite 4200
Pittsburgh, PA 15258
Nicholas-Applegate Capital Management
600 West Broadway, Suite 2900
San Diego, CA 92101
60
<PAGE>
Nomura Corporate Research and Asset Management
2 World Financial Center
Bldg B, 25th Floor
New York, NY 10281-1198
Provident Investment Counsel, Inc.
300 North Lake Avenue
Pasadena, CA 91101
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave.
Milwaukee, WI 53202
RS Investment Management, L.P.
388 Market Street
Suite 200
San Francisco, CA 94111
Sanford C. Bernstein & Co., L.L.C.
767 Fifth Avenue
New York, NY 10153-0185
SEI Investments Management Corporation
One Freedom Valley Drive
Oaks, PA 19456
Sawgrass Asset Management, L.L.C
4337 Pablo Oaks Court
Jacksonville, FL 32224
Security Capital Global
Capital Management
Group Incorporated
11 South LaSalle St.
Chicago, IL 60603
TCW Investment Management Company
865 S. Figueroa Street
Suite 1800
Los Angeles, CA 90017
Wall Street Associates
1200 Prospect Street
Suite 100
La Jolla, CA 92037
Western Asset Management Company
117 East Colorado Boulevard
Pasadena, CA 91105
Item 29. MANAGEMENT SERVICES:
None.
Item 30. UNDERTAKINGS:
None
61
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and
the Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all of the requirements for effectiveness of this Registration Statement
pursuant to Rule 485(a) under the Securities Act of 1933 and has duly caused
this Post-Effective Amendment No. 35 to Registration Statement No. 33-9504 to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Oaks, Commonwealth of Pennsylvania on the 28th day of November, 2000.
SEI INSTITUTIONAL MANAGED TRUST
By: /s/ Edward D. Loughlin
-----------------------------------------
Edward D. Loughlin
PRESIDENT & CHIEF EXECUTIVE OFFICER
Pursuant to the requirements of the Securities Act of 1933, this Amendment
to the Registration Statement has been signed below by the following persons in
the capacity on the date(s) indicated.
*
------------------------------ Trustee November 28, 2000
Rosemarie B. Greco
*
------------------------------ Trustee November 28, 2000
William M. Doran
*
------------------------------ Trustee November 28, 2000
F. Wendell Gooch
*
------------------------------ Trustee November 28, 2000
George J. Sullivan, Jr.
*
------------------------------ Trustee November 28, 2000
James M. Storey
*
------------------------------ Trustee November 28, 2000
Robert A. Nesher
/s/ Edward D. Loughlin
------------------------------ President & Chief November 28, 2000
Edward D. Loughlin Executive Officer
/s/ Mark E. Nagle
------------------------------ Controller & Chief November 28, 2000
Mark E. Nagle Financial Officer
*By: /s/ Edward D. Loughlin
-------------------------
Edward D. Loughlin
ATTORNEY IN FACT
62
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(a)(1) Agreement and Declaration of Trust dated October 17, 1986 as
originally filed with Registrant's Registration Statement
on Form N-1A (File No. 33-9504) filed with the SEC on
October 17, 1986 is incorporated by reference to
Exhibit 1 filed with the SEC on January 28, 1998.
EX-99.B(a)(2) Amendment to the Declaration of Trust dated December 23,
1988 is incorporated by reference to Exhibit 1(a) of
Post-Effective Amendment No. 27 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on December 19, 1997.
EX-99.B(b)(1) By-Laws incorporated by reference to Exhibit 2 as filed with
Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on October 17, 1986.
EX-99.B(b)(2) Amended and Restated By-Law are incorporated by reference to
Exhibit 2(a) filed with the SEC on January 28, 1998.
EX-99.B(c) Not Applicable.
EX-99.B(d)(1) Investment Advisory Agreement between the Trust and SunBank,
N.A. with respect to the Trust's Capital Appreciation
Portfolio filed as Exhibit (5)(b) to Post-Effective
Amendment No. 4 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1987.
EX-99.B(d)(2) Investment Advisory Agreement between the Trust and The Bank
of California with respect to the Trust's Equity Income
Portfolio filed as Exhibit (5)(c) to Post-Effective
Amendment No. 4 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1987.
EX-99.B(d)(3) Investment Advisory Agreement between the Trust and Merus
Capital Management, Inc. with respect to the Trust's
Equity Income Portfolio filed as Exhibit (5)(d) to
Post-Effective Amendment No. 4 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 25, 1987.
EX-99.B(d)(4) Investment Advisory Agreement between the Trust and
Boatmen's Trust Company with respect to the Trust's Bond
Portfolio filed as Exhibit (5)(e) to Post-Effective
Amendment No. 5 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 30, 1988.
EX-99.B(d)(5) Investment Advisory Agreement between the Trust and Bank
One, Indianapolis, N.A. with respect to the Trust's
Limited Volatility Bond Portfolio filed as Exhibit (5)(f)
to Post-Effective Amendment No. 6 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on May 4, 1989.
</TABLE>
63
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(d)(6) Investment Advisory Agreement between the Trust and
Nicholas-Applegate Capital Management with respect to the
Trust's Mid-Cap Growth Portfolio filed as Exhibit (5)(h)
to Post-Effective Amendment No. 12 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on September 15, 1992.
EX-99.B(d)(7) Investment Sub-Advisory Agreement between the SEI
Investments Management Corporation (the "Adviser") and
Investment Advisers, Inc. with respect to the Trust's
Small Cap Growth Portfolio filed as Exhibit (5)(i) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
EX-99.B(d)(8) Investment Sub-Advisory Agreement between the Adviser and
Nicholas-Applegate Capital Management with respect to the
Trust's Small Cap Growth Portfolio incorporated by
reference to Exhibit (5)(j) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 30, 1995.
EX-99.B(d)(9) Investment Advisory Agreement between the Adviser and
Pilgrim Baxter & Associates with respect to the Trust's
Small Cap Growth Portfolio filed as Exhibit (5)(k) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
EX-99.B(d)(10) Investment Advisory Agreement between the Trust and Duff &
Phelps Investment Management Co. with respect to the
Trust's Value Portfolio filed as Exhibit (5)(l) to
Post-Effective Amendment No. 17 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on June 21, 1993.
EX-99.B(d)(11) Investment Advisory Agreement between the Trust and E.I.I.
Realty Securities, Inc. with respect to the Trust's Real
Estate Securities Portfolio filed as Exhibit (5)(n) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
EX-99.B(d)(12) Investment Advisory Agreement between the Trust and Western
Asset Management with respect to the Trust's Intermediate
Bond Portfolio filed as Exhibit (5)(o) to Post-Effective
Amendment No. 21 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 29, 1994.
EX-99.B(d)(13) Investment Advisory Agreement between the Trust and Mellon
Equity Associates, LLP with respect to the Trust's Large
Cap Value Portfolio is incorporated by reference to
Exhibit (d)(13) of Post-Effective Amendment No. 31 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on January 28, 1999.
</TABLE>
64
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(d)(14) Investment Sub-Advisory Agreement between the Adviser and
LSV Asset Management with respect to the Trust's Large Cap
Value Portfolio incorporated by reference to
Exhibit (5)(q) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on November 30,
1995.
EX-99.B(d)(15) Investment Sub-Advisory Agreement between the Adviser and
Alliance Capital Management L.P. with respect to the
Trust's Large Cap Growth Portfolio incorporated by
reference to Exhibit (5)(r) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 30, 1995.
EX-99.B(d)(16) Investment Sub-Advisory Agreement between the Adviser and
IDS Advisory Group, Inc. with respect to the Trust's Large
Cap Growth Portfolio incorporated by reference to
Exhibit (5)(s) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 30, 1995.
EX-99.B(d)(17) Investment Sub-Advisory Agreement between the Adviser and
1838 Investment Advisors, L.P. with respect to the Trust's
Small Cap Value Portfolio incorporated by reference to
Exhibit (5)(t) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 30, 1995.
EX-99.B(d)(18) Investment Sub-Advisory Agreement between the Adviser and
Martingale Asset Management with respect to the Trust's
Mid-Cap Portfolio incorporated by reference to
Exhibit (5)(u) of Post-Effective Amendment No. 25 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 30, 1995.
EX-99.B(d)(19) Investment Sub-Advisory Agreement between the Adviser and
BlackRock Financial Management, Inc. with respect to the
Trust's Core Fixed Income Portfolio is incorporated by
reference to Exhibit (d)(19) of Post-Effective Amendment
No. 29 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1998.
EX-99.B(d)(20) Investment Sub-Advisory Agreement between the Adviser and
Firstar Investment Research & Management Company with
respect to the Trust's Core Fixed Income Portfolio
incorporated by reference to Exhibit (5)(x) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
EX-99.B(d)(21) Investment Sub-Advisory Agreement between the Adviser and
BEA Associates with respect to the Trust's High Yield Bond
Portfolio incorporated by reference to Exhibit (5)(y) of
Post-Effective Amendment No. 25 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on November 30, 1995.
</TABLE>
65
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(d)(22) Investment Sub-Advisory Agreement between the Adviser and
Boston Partners Asset Management, L.P. with respect to the
Trust's Small Cap Value Portfolio incorporated by
reference to Exhibit (5)(z) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 30, 1995.
EX-99.B(d)(23) Investment Sub-Advisory Agreement between the Adviser and
Apodaca-Johnston Capital Management, Inc. with respect to
the Trust's Small Cap Growth Portfolio incorporated by
reference to Exhibit (5)(aa) of Post-Effective Amendment
No. 25 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 30, 1995.
EX-99.B(d)(24) Investment Sub-Advisory Agreement between the Adviser and
Wall Street Associates with respect to the Trust's Small
Cap Growth Portfolio incorporated by reference to
Exhibit(5)(bb) of Post-Effective Amendment No. 26 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 30, 1995.
EX-99.B(d)(25) Investment Sub-Advisory Agreement between the Adviser and
First of America Corporation dated June 14, 1996 with
respect to the Trust's Small Cap Growth Portfolio is
incorporated by reference to Exhibit 5(y) of
Post-Effective Amendment No. 26 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 28, 1997.
EX-99.B(d)(26) Investment Sub-Advisory Agreement between the Adviser and
Furman Selz Capital Management LLC with respect to the
Trust's Small Cap Growth Portfolio as previously filed
with Post-Effective Amendment No. 26 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 28, 1997.
EX-99.B(d)(27) Investment Sub-Advisory Agreement between the Adviser and
Provident Investment Counsel, Inc. with respect to the
Trust's Large Cap Growth Portfolio is incorporated by
reference to Post-Effective Amendment No. 26 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on January 28, 1997.
EX-99.B(d)(28) Investment Sub-Advisory Agreement between the Adviser and
Boatmen's Trust Company dated December 16, 1996 with
respect to the Trust's Bond Portfolio is incorporated by
reference to Exhibit 5(bb) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
January 28, 1997.
EX-99.B(d)(29) Investment Advisory Agreement between the Trust and the
Adviser dated December 16, 1994 is incorporated by
reference to Exhibit 5(cc) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
January 28, 1997.
</TABLE>
66
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(d)(30) Investment Sub-Advisory Agreement between the Adviser and
Western Asset Management Company dated November 13, 1995
is incorporated by reference to Exhibit 5(dd) of
Post-Effective Amendment No. 28 to Registrant's
Registration Statement on Form N-14 (File No. 33-9504)
filed with the SEC on January 28, 1998.
EX-99.B(d)(31) Investment Sub-Advisory Agreement between the Adviser and
Sanford C. Bernstein, LLC, as amended and dated
October 2, 2000, is filed herewith.
EX-99.B(d)(32) Investment Sub-Advisory Agreement between the Adviser and
Pacific Alliance Capital Management (formerly, Merus-UCA
Capital Management) dated April 1, 1996 is incorporated by
reference to Exhibit 5(ff) of Post-Effective Amendment No.
28 to Registrant's Registration Statement on Form N-14
(File No. 33-9504) filed with the SEC on January 28, 1998.
EX-99.B(d)(33) Investment Sub-Advisory Agreement between the Adviser and
STI Capital Management, N.A. (formerly "Sun Bank Capital
Management, N.A.") dated July 10, 1995 is incorporated by
reference to Exhibit 5(gg) of Post-Effective Amendment No.
28 to Registrant's Registration Statement on Form N-14
(File No. 33-9504) filed with the SEC on January 28, 1998.
EX-99.B(d)(34) Investment Sub-Advisory Agreement between the Adviser and
TCW Funds Management, Inc., is incorporated by reference
to Exhibit (d)(34) of Post-Effective Amendment No. 29 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 25, 1998.
EX-99.B(d)(35) Investment Sub-Advisory Agreement between the Adviser and
Spyglass Asset Management, is incorporated by reference to
Exhibit (d)(35) of Post-Effective Amendment No. 29 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed with the SEC on November 25, 1998.
EX-99.B(d)(36) Investment Sub-Advisory Agreement between the Adviser and
Mellon Equity Associates, LLP, is incorporated by
reference to Exhibit (d)(36) of Post-Effective Amendment
No. 29 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
November 25, 1998.
EX-99.B(d)(37) Investment Sub-Advisory Agreement between the Adviser and
Mazama Capital Management, LLC, is incorporated by
reference to Exhibit (d)(37) of Post-Effective Amendment
No. 32 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed on January 28, 2000.
EX-99.B(d)(38) Investment Sub-Advisory Agreement between the Adviser and
Nomura Corporate Research and Asset Management Inc., is
incorporated by reference to Exhibit (d)(38) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
</TABLE>
67
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(d)(39) Schedule B to the Sub-Advisory Agreement between the Adviser
and Provident Investment Counsel as of September 14, 1999
is incorporated by reference to Exhibit (d)(39) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
EX-99.B(d)(40) Schedule B to the Sub-Advisory Agreement between the Adviser
and Mellon Equity Associates, LLP, as of September 14,
1999 is incorporated by reference to Exhibit (d)(40) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
EX-99.B(d)(41) Schedule B to the Sub-Advisory Agreement between the Adviser
and Mellon Equity Associates, LLP, as of September 14,
1999 is incorporated by reference to Exhibit (d)(41) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
EX-99.B(d)(42) Schedule B to the Sub-Advisory Agreement between the Adviser
and Credit Suisse Asset Management LLC/Americas, as of
December 13, 1999 is incorporated by reference to
Exhibit (d)(42) of Post-Effective Amendment No. 32 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed on January 28, 2000.
EX-99.B(d)(43) Schedule B to the Sub-Advisory Agreement between the Adviser
and Firstar Investment Research & Management Company, as
of December 13, 1999 is incorporated by reference to
Exhibit (d)(43) of Post-Effective Amendment No. 32 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed on January 28, 2000.
EX-99.B(d)(44) Schedule B to the Sub-Advisory Agreement between the Adviser
and Western Asset management, as of December 13, 1999 is
incorporated by reference to Exhibit (d)(44) of
Post-Effective Amendment No. 32 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on January 28, 2000.
EX-99.B(d)(45) Schedule B to the Sub-Advisory Agreement between the Adviser
and Black Rock Financial Management, Inc., as of
December 13, 1999 is incorporated by reference to
Exhibit (d)(45) of Post-Effective Amendment No. 32 to
Registrant's Registration Statement on Form N-1A (File
No. 33-9504) filed on January 28, 2000.
EX-99.B(d)(46) Investment Sub-Advisory Agreement between the Adviser and
Robert W. Baird & Co., Incorporated is incorporated by
reference to Exhibit (d)(46) of Post-Effective Amendment
No. 33 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed on July 3, 2000.
EX-99.B(d)(47) Investment Sub-Advisory Agreement between the Adviser and
David J. Greene & Co., LLC is filed herewith.
EX-99.B(d)(48) Investment Sub-Advisory Agreement between the Adviser and
LSV Asset Management, L.P. is filed herewith.
</TABLE>
68
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
-------------------
<S> <C>
EX-99.B(d)(49) Investment Sub-Advisory Agreement between the Adviser and
McKinley Capital Management, Inc. with respect to the Tax-
Managed Small Cap Fund is filed herewith.
EX-99.B(d)(50) Investment Sub-Advisory Agreement between the Adviser and
Sawgrass Asset Management, LLC is filed herewith.
EX-99.B(d)(51) Investment Sub-Advisory Agreement between the Adviser and
Chartwell Investment Partners is filed herewith.
EX-99.B(d)(52) Investment Sub-Advisory Agreement between the Adviser and
Equinox Capital Management, LLC is filed herewith.
EX-99.B(d)(53) Investment Sub-Advisory Agreement between the Adviser and
Loomis, Sayles and Company, L.P. is filed herewith.
EX-99.B(d)(54) Form of Sub-Advisory Agreement between the Adviser and
McKinley Capital Management, Inc. with respect to the
Small Cap Growth Fund is filed herewith.
EX-99.B(e) Distribution Agreement between the Trust and SEI Investments
Distribution Co. as originally filed with Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on October 17, 1986 is incorporated by
reference to Exhibit 6 filed with the SEC on January 28,
1998.
EX-99.B(f) Not Applicable.
EX-99.B(g)(1) Custodian Agreement between the Trust and CoreStates Bank,
N.A. (formerly Philadelphia National Bank) as originally
filed with Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 29, 1987 is incorporated by
reference to Exhibit 8(a) filed with the SEC on
January 28, 1998.
EX-99.B(g)(2) Custodian Agreement between the Trust and United States
National Bank of Oregon filed with Pre-Effective Amendment
No. 1 to Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on January 29, 1987
is incorporated by reference to Exhibit 8(b) of
Post-Effective Amendment No. 28.
EX-99.B(h)(1) Management Agreement between the Trust and SEI Investments
Management Corporation as originally filed with
Exhibit (5)(a) to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
October 17, 1986 is incorporated by reference to Exhibit
9(a) filed with the SEC on January 28, 1998.
EX-99.B(h)(2) Schedule C to Management Agreement between the Trust and SEI
Investments Management Corporation adding the Mid-Cap
Growth Portfolio as originally filed as Exhibit (5)(j) to
Post-Effective Amendment No. 12 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on September 15, 1992 is incorporated
by reference to Exhibit 9(b) filed with the SEC on
January 28, 1998.
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EX-99.B(h)(3) Schedule D to Management Agreement between the Trust and SEI
Investments Management Corporation adding the Real Estate
Securities Portfolio filed as Exhibit (5)(m) to
Post-Effective Amendment No. 17 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on June 21, 1993 is incorporated by
reference to Exhibit 9(c) of Post-Effective Amendment No.
28.
EX-99.B(h)(4) Consent to Assignment and Assumption between SIMC and SEI
Fund Management dated August 21, 1996 is incorporated by
reference to Exhibit 9(d) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
January 28, 1997.
EX-99.B(h)(5) Schedule K to Management Agreement between the Trust and SEI
Investments Management Corporation for the Tax-Managed
Large Cap Fund is incorporated by reference to Exhibit
(h)(5) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(i) Opinion and Consent of Counsel to be filed by later
Amendment.
EX-99.B(j) Consent of Independent Accountants to be filed by later
Amendment.
EX-99.B(k) Not Applicable.
EX-99.B(l) Not Applicable.
EX-99.B(m)(1) Distribution Plan pursuant to Rule 12b-1 (Class A) filed
with Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on October 17, 1986
is incorporated by reference to Exhibit 15(a) of
Post-Effective Amendment No. 28.
EX-99.B(m)(2) Distribution Plan pursuant to Rule 12b-1 (Class B) filed
with Post-Effective Amendment No. 17 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on June 21, 1993 is incorporated by
reference to Exhibit 15(b) of Post Effective Amendment No.
28.
EX-99.B(m)(3) Distribution Plan pursuant to Rule 12b-1 (ProVantage Class)
filed with Post-Effective Amendment No. 19 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on December 2, 1993 is incorporated by
reference to Exhibit 15(c) of Post-Effective Amendment No.
28.
EX-99.B(m)(4) Amended and Restated Distribution Plan is incorporated by
reference to Exhibit 15(d) of Post-Effective Amendment
No. 26 to Registrant's Registration Statement on
Form N-1A (File No. 33-9504) filed with the SEC on
January 28, 1997.
EX-99.B(m)(5) Shareholder Service Plan and Agreement with respect to the
Class A shares is incorporated by reference to Exhibit
15(e) of Post-Effective Amendment No. 26 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 28, 1997.
EX-99.B(m)(6) Shareholder Service Plan and Agreement with respect to
Class I shares is to be filed by later Amendment.
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EX-99.B(m)(7) Shareholder Service Plan and Agreement with respect to
Class Y shares is to be filed by later Amendment.
EX-99.B(m)(8) Administrative Service Plan and Agreement with respect to
Class I shares is to be filed by later Amendment.
EX-99.B(o)(1) Rule 18f-3 Multiple Class Plan incorporated by reference to
Exhibit 18(a) of Post-Effective Amendment No. 28 and to
Exhibit (15)(d) to Post-Effective Amendment No. 23 to
Registrant's Registration Statement on Form N-1A
(File No. 33-9504) filed with the SEC on June 19, 1995.
EX-99.B(o)(2) Amendment No. 1 to Rule 18f-3 Plan relating to Class A and
Class D shares is incorporated by reference to Exhibit
18(b) of Post-Effective Amendment No. 26 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed with the SEC on January 28, 1997.
EX-99.B(o)(3) Amendment No. 2 to Rule 18f-3 Plan relating to Class I and
Class Y shares is incorporated by reference to Exhibit
(o)(3) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(1) The Code of Ethics for SEI Investments Company dated April,
2000 is incorporated by reference to Exhibit (p)(4) of
Post-Effective Amendment No. 42 of SEI Daily Income
Trust's Registration Statement on Form N-1A (File Nos.
2-77048 and 811-3451), filed with the SEC on May 30, 2000
(Accession #0000912057-00-026756).
EX-99.B(p)(2) The Code of Ethics for SEI Institutional Managed Trust dated
March 20, 2000 is incorporated by reference to Exhibit
(p)(2) of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(3) The Code of Ethics for Alliance Capital Management, L.P. is
incorporated by reference to Exhibit (p)(3) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(4) The Code of Ethics for Artisan Partners Limited Partnership
is incorporated by reference to Exhibit (p)(4) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(5) The Code of Ethics for Credit Suisse Asset Management, LLC/
Americas is incorporated by reference to Exhibit (p)(5) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(6) The Code of Ethics for BlackRock Financial Management, Inc.
is incorporated by reference to Exhibit (p)(6) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(7) The Code of Ethics for Boston Partners Asset Management,
L.P. is incorporated by reference to Exhibit (p)(7) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
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EX-99.B(p)(8) The Code of Ethics for Highmark Capital Management Inc. is
incorporated by reference to Exhibit (p)(8) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(9) The Code of Ethics for LSV Asset Management, L.P. is
incorporated by reference to Exhibit (p)(9) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(10) The Code of Ethics for Martingale Asset Management, L.P. is
incorporated by reference to Exhibit (p)(10) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(11) The Code of Ethics for Mazama Capital Management, Inc. is
incorporated by reference to Exhibit (p)(11) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(12) The Code of Ethics for Mellon Equity Associates, LLP is
incorporated by reference to Exhibit (p)(12) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(13) The Code of Ethics for Nicholas-Applegate Capital Management
is incorporated by reference to Exhibit (p)(13) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(14) The Code of Ethics for Nomura Corporate Resesarch & Asset
Management is incorporated by reference to Exhibit (p)(14)
of Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(15) The Code of Ethics for Provident Investment Counsel, Inc. is
incorporated by reference to Exhibit (p)(15) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(16) The Code of Ethics for RS Investment Management, L.P. is
incorporated by reference to Exhibit (p)(16) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(17) The Code of Ethics for Sanford Bernstein & Co., Inc. is
incorporated by reference to Exhibit (p)(17) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(18) The Code of Ethics for Sawgrass Asset Management, L.L.C. is
incorporated by reference to Exhibit (p)(18) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
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EX-99.B(p)(19) The Code of Ethics for Security Capital Global Capital
Management Group Incorporated is incorporated by reference
to Exhibit (p)(19) of Post-Effective Amendment No. 33 to
Registrant's Registration Statement on Form N-1A (File No.
33-9504) filed on July 3, 2000.
EX-99.B(p)(20) The Code of Ethics for TCW Investment Management Company is
incorporated by reference to Exhibit (p)(20) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(21) The Code of Ethics for Wall Street Associates is
incorporated by reference to Exhibit (p)(21) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(22) The Code of Ethics for Western Asset Management Company is
incorporated by reference to Exhibit (p)(22) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(23) The Code of Ethics for Robert W. Baird & Co., Incorporated
is incorporated by reference to Exhibit (p)(23) of
Post-Effective Amendment No. 33 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 3, 2000.
EX-99.B(p)(24) The Code of Ethics for David J. Greene & Co., LLC is
incorporated by reference to Exhibit (p)(24) of
Post-Effective Amendment No. 34 to Registrant's
Registration Statement on Form N-1A (File No. 33-9504)
filed on July 14, 2000.
EX-99.B(p)(25) The Code of Ethics for McKinley Capital Management, Inc. is
incorporated by reference to Exhibit (p)(19) of
Post-Effective Amendment No. 6 to SEI Institutional
Investments Trust's Registration Statement on Form N-1A
(File Nos. 33-58041 and 811-07257) filed on September 28,
2000.
EX-99.B(p)(26) The Code of Ethics for Chartwell Investment Partners is
filed herewith.
EX-99.B(p)(27) The Code of Ethics for Equinox Capital Management, LLC is
filed herewith.
EX-99.B(p)(28) The Code of Ethics for Loomis, Sayles & Company, L.P. is
filed herewith.
EX-99.B(q) Powers of Attorney to be filed by later Amendment.
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