<PAGE> 1
SEI INTERNATIONAL TRUST
EMERGING MARKETS EQUITY PORTFOLIO
SUPPLEMENT DATED OCTOBER 2, 1996
TO THE CLASS A PROSPECTUS DATED JUNE 28, 1996
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
At a meeting held on September 16-17, 1996, the Board of Trustees of SEI
International Trust (the "Trust") voted to make certain changes to the
sub-advisers for the Emerging Markets Equity Portfolio (the "Portfolio").
Effective on October 1, 1996, Parametric Portfolio Associates ("Parametric"),
Coronation Asset Management (Proprietary) Limited ("Coronation") and Yamaichi
Capital Management, Inc. ("Yamaichi") and Yamaichi Capital Management
(Singapore) Limited ("YCMS") have been added as the new sub-advisers to the
Portfolio.
The Board of Trustees of the Trust, including all of the Trustees who are not
"interested persons" of the Trust, have appointed Coronation, Parametric and
Yamaichi and YCMS as sub-advisers to the Trust's Emerging Markets Equity
Portfolio. The appointment of each of Coronation, Parametric and Yamaichi and
YCMS does not require shareholder approval. This procedure for adding or
replacing sub-advisers was approved by the Portfolio's sole shareholder on
December 8, 1994 and was authorized by an exemptive order issued to the Trust by
the Securities and Exchange Commission on April 29, 1996.
In evaluating Coronation, Parametric and Yamaichi and YCMS (collectively, the
"Sub-Advisers"), the Trustees received written and oral information from both
SEI Financial Management Corporation ("SFM") and Coronation, Parametric and
Yamaichi and YCMS. SFM recommended the selection of the Sub-Advisers and
reviewed the considerations and the search process that led to their
recommendation. The Trustees also met with representatives of the Sub-Advisers
and considered information about portfolio managers, investment philosophy,
strategies and process, as well as performance track record, among other
factors. In appointing Coronation, Parametric and Yamaichi and YCMS, the
Trustees carefully evaluated: (1) the nature and quality of the services
expected to be rendered to the Portfolio by the Sub-Advisers; (2) the distinct
investment objective and policies of the Portfolio; (3) the history, reputation,
qualification and background of the personnel of the Sub-Advisers, and their
respective financial conditions; (4) their performance record; and (5) other
factors deemed relevant. Trustees also reviewed the fees to be paid to the
Sub-Advisers, including any benefits to be received by the Sub-Advisers, or
their affiliates in connection with soft dollar arrangements.
Under the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement")
between SFM (the "Adviser") and Coronation, Parametric and Yamaichi and YCMS,
relating to the Portfolio, each of the Sub-Advisers makes investment decisions
for the assets of the Portfolio's allocated to it by SFM, and continuously
reviews, supervises and administers the Portfolio's investment program with
respect to these assets. Coronation, Parametric and Yamaichi and YCMS are
independent of SFM and discharge their responsibilities subject to the
supervision of SFM and the Trustees of the Trust and in a manner consistent with
the Portfolio's investment objective, policies and limitations. The Sub-Advisory
Agreement is substantially similar to those in existence between the Adviser and
the Trust's other sub-advisers. Specifically, the duties to be performed under
each Agreement are similar, and the standard of care and termination provisions
of the Agreement are identical, to the other agreements. The Sub-Advisory
Agreement will remain in effect until September 1998 (unless earlier terminated)
and will have to be approved annually thereafter by a majority of the Trust's
Trustees, including a majority of the Trustees who are not "interested persons"
of the Trust (as defined in the Investment Company Act of 1940).
In connection with the appointment of Coronation, Parametric and Yamaichi and
YCMS as sub-advisers to the Emerging Markets Equity Portfolio, "The
Sub-Advisers" section of the Prospectus is amended and the following disclosure
is inserted:
<PAGE> 2
CORONATION ASSET MANAGEMENT (PROPRIETARY) LIMITED
Coronation Asset Management (Proprietary) Limited ("Coronation") acts as a
sub-adviser to a portion of the assets of the Emerging Markets Equity Portfolio.
Coronation, a registered investment adviser organized under the laws of the
Republic of South Africa, was founded in 1993, and as of July 31, 1996, managed
$2.5 billion in assets. The principal business address of Coronation is 80
Strand Street, Cape Town, South Africa, 8001. Investment decisions for
Coronation's portion of the Portfolio are made by Anthony Gibson and Louis
Stassen. Prior to joining Coronation in 1993, Mr. Gibson, the head of
Coronation's Investment Committee, and Mr. Stassen, the head of Coronation's
research department, worked at Syfrets Managed Assets for seven years and one
year, respectively. Prior to joining Syfrets Managed Assets, Mr. Stassen worked
as an Investment Analyst for Allan Gray Investment Counsel.
The Adviser will pay Coronation a fee based on a percentage of the average
monthly market value of the assets of the Portfolio.
Listed below are the names and principal occupations of the principal executive
officer and each of the directors of Coronation. The principal business address
of the principal executive officer and each of the directors, as it relates to
their position at Coronation, is 80 Strand Street, Cape Town, South Africa,
8001.
NAME TITLE
Gavin M. Ryan Director
David L. Barnes Director
Matthias H. Brenzel Director
Hugh R. Broadhurst Director
Philip L. Campher Director
Matthys M. du Toit Director
Anthony J. Gibson Director
Bruce M. Ilsley Director
Robin I. Marsden Director
John A. Snalam Financial & Compliance Officer
PARAMETRIC PORTFOLIO ASSOCIATES
Parametric Portfolio Associates ("Parametric") acts as a sub-adviser to a
portion of the assets of the Emerging Markets Equity Portfolio.
Parametric is a general partnership whose general partners are PIMCO Advisors
L.P. ("PIMCO"), the supervisory general partner, and Parametric Management,
Inc., the managing general partner (a wholly-owned subsidiary of PIMCO).
Parametric's predecessor was founded in 1987, and as of July 31, 1996,
Parametric managed approximately $1.5 billion in client assets. Parametric's
business address is 700 Newport Center Drive, Newport Beach, California 92660.
PIMCO's address is 800 Newport Center Drive, Newport Beach, California 92660.
Cliff Quisenberry, CFA, Senior Investment Manager and Research Manager, is
responsible for managing the portion of the Portfolio's assets allocated to
Parametric. Prior to joining Parametric, Mr. Quisenberry was a Portfolio Manager
with Cutler & Company.
The Adviser will pay Parametric a fee based on a percentage of the average
monthly market value of the assets of the Portfolio managed by Parametric.
Listed below are the names and principal occupations of the principal executive
officer and each of the directors of Parametric. The principal business address
of the principal executive officer and each of the directors, as relates to
their position at Parametric, is 700 Newport Center Drive, Newport Beach,
California 92660.
2
<PAGE> 3
NAME TITLE
William E. Cornelius, Jr. Chief Executive Officer
Mark W. England-Markun Director of Research
David M. Stein Chief Investment Officer
YAMAICHI CAPITAL MANAGEMENT, INC. AND YAMAICHI CAPITAL MANAGEMENT (SINGAPORE)
LIMITED
Yamaichi Capital Management, Inc. ("Yamaichi") and Yamaichi Capital Management
(Singapore) Limited ("YCMS") jointly act as sub-adviser to a portion of the
assets of the Emerging Markets Equity Portfolio. The Adviser will pay Yamaichi
and YCMS a fee based on a percentage of the average monthly market value of the
assets of the Portfolio managed by Yamaichi and YCMS.
Yamaichi and YCMS already serve as sub-advisers to a portion of the assets of
the Trust's International Equity Portfolio. For a description of Yamaichi and
YCMS, see page 15 of the Trust's Prospectus.
The following disclosure is added to the "Purchase and Redemption of Shares"
section of page 17 of the Prospectus:
The minimum initial investment in a Portfolio is $100,000; however, the
minimum investment may be waived at the Distributor's discretion. All
subsequent purchases must be at least $1,000.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
3
