<PAGE>
SEI INSTITUTIONAL INTERNATIONAL TRUST
EMERGING MARKETS EQUITY FUND
SUPPLEMENT DATED MARCH 21, 2000 TO THE
PROSPECTUS DATED JANUARY 31, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
The Board of Trustees of SEI Institutional International Trust (the 'Trust'),
including all of the Trustees who are not "interested persons" of the Trust,
have appointed Schroder Investment Management North America Inc. ("Schroders"),
as a Sub-Adviser to the Trust's Emerging Markets Equity Fund (the "Fund").
Schroders was approved as a Sub-Adviser at the Quarterly Meeting of the Board of
Trustees held on March 20, 2000, and its appointment does not require
Shareholder approval. This procedure for adding or replacing Sub-Advisers was
approved by the Trust's sole initial shareholder on June 16, 1995, and was
authorized by an exemptive order issued to the Trust by the Securities and
Exchange Commission on April 29, 1996.
In evaluating Schroders, the Trustees received written and oral information from
SEI Investments Management Corporation ("SIMC") and Schroders. SIMC recommended
the selection of Schroders and reviewed the considerations and the search
process that led to its recommendation. The Trustees also met with
representatives of Schroders and considered information about portfolio
managers, investment philosophy, strategies and process, as well as its
performance track record, among other factors. In appointing Schroders, the
Trustees carefully evaluated: (1) the nature and quality of the services
expected to be rendered to the Fund by Schroders; (2) the distinct investment
process of Schroders; (3) the history, reputation, qualification and background
of Schroders' personnel and its financial condition; (4) its performance record;
and (5) other factors deemed relevant. The Trustees also reviewed the fees to be
paid to Schroders, including any benefits to be received by Schroders or its
affiliates in connection with soft dollar arrangements.
Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and Schroders relating to the Fund, Schroders makes
investment decisions for the assets of the Fund allocated to Schroders by SIMC,
and continuously reviews, supervises and administers the Fund's investment
program with respect to these assets. Schroders is independent of SIMC and
discharges its responsibilities subject to the supervision of SIMC and the
Trustees of the Trust and in a manner consistent with the Fund's investment
objectives, policies and limitations. The Sub-Advisory Agreement is
substantially similar to those in existence between the Adviser and the Trust's
other sub-advisers. Specifically, the duties to be performed under such
agreement 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 March 2002 (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 Schroders as Sub-Adviser to the Fund, the
"Sub-Advisers" Section on page 11 of the Prospectus is amended by inserting the
following disclosure relating to Schroders:
SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC.
Schroder Investment Management North America Inc. ("Schroders"), acts as a
Sub-Adviser for a portion of the assets of the Emerging Markets Equity Fund.
Schroders is a registered investment adviser that currently has approximately
$48 billion in assets under management. The principal business address of
Schroders is 787 Seventh Avenue, 34th Floor, New York, NY 10019.
A team of investment professionals at Schroders manages a portion of the assets
of the Emerging Markets Equity Fund. Giles Neville heads the Emerging Markets
Committee at Schroders. Mr. Neville has over 12 years of investment experience.
<PAGE>
Listed below are the names and principal occupations of the principal executive
officer and each of the directors of Schroders. The principal business address
of the principal executive officer and each of the directors, as it relates to
their position at Schroders, is 787 Seventh Avenue, 34th Floor, New York, NY
10019.
<TABLE>
<CAPTION>
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NAME TITLE
<S> <C>
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John Alexander Troiano Chief Executive Officer, Director
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Andrew R. Barker Director, Senior Vice President
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William H. Barnes Director, Senior Vice President
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Stefan Bottcher Director
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Heather Frances Crighton Director, Senior Vice President
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Louise Croset Director, Executive Vice President
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Nancy Curtin Director, Managing Director
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Tappan Datta Director, Senior Vice President
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Robert Geoffrey Davy Director, Executive Vice President
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Margaret Douglas-Hamilton Director, Secretary
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Donald H.M. Farquharson Director, Senior Vice President
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Richard Ralston Foulkes Director, Deputy/Chairman
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Philip Hardy Director
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Sharon Louise Haugh Director, Chairman
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Susan B. Kenneally Director, Senior Vice President
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Catherine A. Mazza Director, Senior Vice President
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Thomas Melendez Director, Senior Vice President
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Robert C. Michele Director, Managing Director
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Connie Moak Mazur Director, Senior Vice President
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Paul M. Morris Director, Managing Director
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Gavin Douglas Lewis Ralston Director, Managing Director
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David J. Ridgway Director, Senior Vice President
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David Murray Salisbury Director
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Frances P. Selby Director, Senior Vice President
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Mark Julian Smith Director, Executive Vice President
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Ellen B. Sullivan Director, Senior Vice President
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Nancy B. Tooke Director, Executive Vice President
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Ira L. Unschuld Director, Senior Vice President
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Jan Kees Van Heusde Director, Senior Vice President
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Guy Varney Director, Senior Vice President
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Reza Vishkai Director, Senior Vice President
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Ash C. Williams Director, Executive Vice President
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</TABLE>
The Adviser will pay Schroders a fee based on a percentage of the average
monthly market value of the assets of the Fund assigned to Schroders.
--------------------------
The prospectus is hereby amended to reflect these changes.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
