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

SEI INSTITUTIONAL INVESTMENTS TRUST
497, 2000-09-22

Previous: DIMON INC, 11-K, EX-24, 2000-09-22

Next: DARDEN RESTAURANTS INC, 8-K, 2000-09-22

<PAGE>
SEI INSTITUTIONAL INVESTMENTS TRUST

LARGE CAP FUND
LARGE CAP VALUE FUND
SMALL CAP FUND
EMERGING MARKETS EQUITY FUND
INTERNATIONAL EQUITY FUND

SUPPLEMENT DATED SEPTEMBER 22, 2000 TO THE
CLASS A PROSPECTUS DATED SEPTEMBER 30, 1999

THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE CLASS A PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.

The Board of Trustees of SEI Institutional Investments Trust (the "Trust"),
including all of the Trustees who are not "interested persons" (as defined in
the Investment Company Act of 1940) of the Trust, have appointed Iridian Asset
Management LLC ("IAM"), as an additional Sub-Adviser to the Trust's Large Cap
Fund and Large Cap Value Funds (the "Funds"). IAM was approved as a Sub-Adviser
at the Quarterly Meeting of the Board of Trustees held on September 18-19, 2000,
and its appointment does not require shareholder approval. This procedure for
adding or replacing Sub-Advisers was approved by the Trust's sole initial
shareholder on June 14, 1996, and was authorized by an exemptive order issued to
the Trust by the Securities and Exchange Commission on April 29, 1996.

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

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and IAM relating to the Funds, IAM makes investment
decisions for the assets of the Funds allocated to it by SIMC, and continuously
reviews, supervises and administers the Funds' investment program with respect
to these assets. IAM 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 Funds' investment objective, policies and
limitations. The Sub-Advisory Agreement is substantially similar to those in
existence between the Adviser and the Trust's other Sub-Advisers. Specifically,
the duties to be performed, standard of care and termination provisions of the
Agreement are similar, to the other Agreements. The Sub-Advisory Agreement will
remain in effect until September 2002 (unless earlier terminated), and will have
to be approved annually thereafter by a majority of the Trustees, including a
majority of the Trustees who are not "interested persons" of the Trust (as
defined in the Investment Company Act of 1940).

In connection with the appointment of IAM as Sub-Adviser to the Funds, the
"Sub-Advisers" Section on page 26 of the Prospectus is amended by inserting the
following disclosure relating to IAM:

IRIDIAN ASSET MANAGEMENT LLC: David L. Cohen, Principal and Portfolio Manager,
serves as portfolio manager for a portion of the assets of the Large Cap and
Large Cap Value Funds. Mr. Cohen joined IAM in 1995, and has 15 years of
investment experience. Since 1995, Mr. Cohen has also been a Portfolio Manager
at Arnhold and S. Bleichroeder Advisers, Inc.

IAM was founded as a limited liability company in November of 1995. As of
June 30, 2000, IAM had approximately $8.4 billion in assets under management.
<PAGE>
Listed below are the names and principal occupations of the principal executive
offices of IAM. The principal business address of the principal executive
officer and each of the directors, as it relates to their position at IAM, is
276 Post Road West, Westport, CT 06880-4704.

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

At the same meeting, the Trustees appointed Chartwell Investment Partners
("Chartwell") as an additional Sub-Adviser to the Trust's Small Cap Fund (the
"Fund"). Chartwell's appointment does not require shareholder approval.

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

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and Chartwell relating to the Fund, Chartwell makes
investment decisions for the assets of the Fund allocated to it by SIMC, and
continuously reviews, supervises and administers the Fund's investment program
with respect to these assets. Chartwell is independent of SIMC and discharges
its responsibilities subject to the supervision of SIMC and the Trustees of the
Trust, and in a manner consistent with the Fund's investment objective, policies
and limitations. The Sub-Advisory Agreement is substantially similar to those in
existence between the Adviser and the Trust's other Sub-Advisers. Specifically,
the duties to be performed, standard of care and termination provisions of the
Agreement are similar, to the other Agreements. The Sub-Advisory Agreement will
remain in effect until September 2002 (unless earlier terminated), and will have
to be approved annually thereafter by a majority of the Trustees, including a
majority of the Trustees who are not "interested persons" of the Trust (as
defined in the Investment Company Act of 1940).

In connection with the appointment of Chartwell as Sub-Adviser to the Fund, the
"Sub-Advisers" Section on page 26 of the Prospectus is amended by inserting the
following disclosure relating to Chartwell:

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

Chartwell is an employee-owned investment advisory firm founded on April 1,
1997. Chartwell is 75% owned by the partners of Chartwell and 24.5% owned by a
limited partnership, Maverick Partners L.P. As of June 30, 2000, Chartwell had
$4.5 billion in assets under management.
<PAGE>
Listed below are the names and principal occupations of the principal executive
offices of Chartwell. The principal business address of the principal executive
officer and each of the directors, as it relates to their position at Chartwell,
is 1235 Westlakes Drive, Suite 330, Berwyn, PA 19312.

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

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

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

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

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and McKinley Capital relating to the Fund, McKinley Capital
makes investment decisions for the assets of the Fund allocated to it by SIMC,
and continuously reviews, supervises and administers the Fund's investment
program with respect to these assets. McKinley Capital is independent of SIMC
and discharges its responsibilities subject to the supervision of SIMC and the
Trustees of the Trust, and in a manner consistent with the Fund's investment
objective, policies and limitations. The Sub-Advisory Agreement is substantially
similar to those in existence between the Adviser and the Trust's other
Sub-Advisers. Specifically, the duties to be performed, standard of care and
termination provisions of the Agreement are similar, to the other Agreements.
The Sub-Advisory Agreement will remain in effect until September 2002 (unless
earlier terminated), and will have to be approved annually thereafter by a
majority of the Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust (as defined in the Investment Company Act of
1940).

In connection with the appointment of McKinley Capital as Sub-Adviser to the
Fund, the "Sub-Advisers" Section on page 26 of the Prospectus is amended by
inserting the following disclosure relating to McKinley Capital:

MCKINLEY CAPITAL MANAGEMENT, INC.: Robert B. Gillam, Frederic H. Parke and
Sheldon Lien serve as portfolio managers to a portion of the assets of the Small
Cap Fund. Mr. Gillam has been the Chief Investment Officer at McKinley Capital
Management, Inc. since the firm's inception in 1990, and has over 20 years of
investment experience. Prior to joining McKinley Capital in 1997, Mr. Parke was
a Trader and Portfolio Manager at TransGlobal Investments from 1995 to 1997.
Mr. Parke has 19 years of investment experience. Mr. Lien has been with McKinley
Capital since 1995.
<PAGE>
McKinley Capital was founded in 1990 and is wholly-owned by its employees. As of
June 30, 2000, McKinley Capital had approximately $4.8 billion in assets under
management.

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

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

At the same meeting, the Trustees appointed The Boston Company Asset Management
("The Boston Company") as an additional Sub-Adviser to the Trust's Emerging
Markets Equity Fund (the "Fund"). The Boston Company's appointment does not
require shareholder approval.

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

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and The Boston Company relating to the Fund, The Boston
Company makes investment decisions for the assets of the Fund allocated to it by
SIMC, and continuously reviews, supervises and administers the Fund's investment
program with respect to these assets. The Boston Company 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 Funds' investment
objective, policies and limitations. The Sub-Advisory Agreement is substantially
similar to those in existence between the Adviser and the Trust's other
Sub-Advisers. Specifically, the duties to be performed, standard of care and
termination provisions of the Agreement are similar, to the other Agreements.
The Sub-Advisory Agreement will remain in effect until September 2002 (unless
earlier terminated), and will have to be approved annually thereafter by a
majority of the Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust (as defined in the Investment Company Act of
1940).

In connection with the appointment of The Boston Company as Sub-Adviser to the
Fund, the "Sub-Advisers" Section on page 26 of the Prospectus is amended by
inserting the following disclosure relating to The Boston Company:

THE BOSTON COMPANY ASSET MANAGEMENT, LLC: D. Kirk Henry, CFA and Senior Vice
President, serves as portfolio manager for a portion of the assets of the
Emerging Markets Equity Fund. Since joining The Boston Company in 1994,
Mr. Henry has had primary responsibility for the firm's Emerging Markets Equity
product and International Equity strategies.

The Boston Company, a limited liability company, was founded in 1970. The Boston
Company is a wholly-owned subsidiary of Mellon Financial Corporation through The
Boston Safe Deposit and Trust Company and The Boston Company, Inc. As of
June 30, 2000, The Boston Company had approximately $25.7 billion in assets
under management.
<PAGE>
Listed below are the names and principal occupations of the principal executive
offices of The Boston Company. The principal business address of the principal
executive officer and each of the directors, as it relates to their position at
The Boston Company, is One Boston Place, Boston, MA 02108.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
NAME TITLE
<S> <C>
--------------------------------------------------------------------------------------------------
Christopher M. Condron Chairman, Director
--------------------------------------------------------------------------------------------------
Francis D. Antin President, Director, Chief Executive Officer
--------------------------------------------------------------------------------------------------
Marie Stewart, CPA Senior Vice President, Chief of Administration
--------------------------------------------------------------------------------------------------
John D. Kattar, CFA Senior Vice President, Director of Domestic
Equity
--------------------------------------------------------------------------------------------------
Sandor Cseh, CFA Senior Vice President, Director of International
Investments
--------------------------------------------------------------------------------------------------
David S. Hertan Senior Vice President, Director of Fixed Income
Management
--------------------------------------------------------------------------------------------------
Corey A. Griffin Senior Vice President, Director of Marketing &
Client Services
--------------------------------------------------------------------------------------------------
Thomas St. Jean Vice President, Director of Operations
--------------------------------------------------------------------------------------------------
Jennifer Cassedy Vice President, Director of Risk Management &
Compliance
--------------------------------------------------------------------------------------------------
</TABLE>

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

At the same meeting, the Board of Trustees of SEI Institutional Investments
Trust (the "Trust"), including all of the Trustees who are not "interested
persons" of the Trust, voted to terminate Credit Suisse Asset Management Limited
("Credit Suisse") as a Sub-Adviser to the Trust's Emerging Markets Equity Fund
(the "Fund"). The Board determined to terminate Credit Suisse because of
significant changes to the Credit Suisse investment management team. This
termination does not require shareholder approval.
--------------------------

At the same meeting, the Board of Trustees of SEI Institutional Investments
Trust (the "Trust"), including all of the Trustees who are not "interested
persons" of the Trust, voted to terminate Coronation Asset Management
(Proprietary) Limited ("Coronation") as a Sub-Adviser to the Trust's Emerging
Markets Equity Fund (the "Fund"). The Board determined to terminate Coronation
because Coronation's expertise is concentrated in the South African market and
one of the other Sub-Advisers to the Fund, Schroder Investment Management North
America, can provide coverage of an expanded area, including Emerging European,
Middle Eastern and African markets. This termination does not require
shareholder approval.
--------------------------

At the same meeting, the Trustees appointed Martin Currie Inc. ("Martin Currie")
as an additional Sub-Adviser to the Trust's International Equity Fund (the
"Fund"). Martin Currie's appointment does not require shareholder approval.

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

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and Martin Currie relating to the Fund, Martin Currie makes
investment decisions for the assets of the Fund allocated to it by SIMC, and
continuously reviews, supervises and administers the Fund's investment program
with respect to these assets. Martin Currie is independent of SIMC and
discharges its responsibilities subject to the supervision of SIMC and the
Trustees of the Trust, and in a manner consistent with the Fund's investment
objective, policies and limitations. The Sub-Advisory Agreement is substantially
similar to those in existence between the Adviser and the Trust's other
Sub-Advisers. Specifically, the duties to be performed, standard of care and
termination provisions of the Agreement are similar, to the other Agreements.
The Sub-Advisory Agreement will remain in effect until September 2002 (unless
earlier terminated), and will have to be approved annually thereafter by a
<PAGE>
majority of the Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust (as defined in the Investment Company Act of
1940).

In connection with the appointment of Martin Currie as Sub-Adviser to the Fund,
the "Sub-Advisers" Section on page 26 of the Prospectus is amended by inserting
the following disclosure relating to Martin Currie:

MARTIN CURRIE, INC.: Michael Thomas and Keith Donaldson serve as portfolio
managers for a portion of the assets of the International Equity Fund.
Mr. Thomas joined Martin Currie in 1989, and has 26 years of investment
experience. Prior to joining Martin Currie in 1997, Mr. Donaldson was the vice
president and head of Japanese equity sales at Morgan Stanley from 1996 to 1997,
and head of research at Salomon Brothers in Tokyo from 1990 to 1996.
Mr. Donaldson has 20 years of investment experience.

Martin Currie, a wholly-owned subsidiary of Martin Currie Ltd., was founded in
1978. As of June 30, 2000, Martin Currie had approximately $16.7 billion in
total assets under management.

Listed below are the names and principal occupations of the principal executive
offices of Martin Currie. The principal business address of the principal
executive officer and each of the directors, as it relates to their position at
Martin Currie, is Saltire Court, 20 Castle Terrace, Edinburgh, Scotland EH1 2ES.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
NAME TITLE
<S> <C>
--------------------------------------------------------------------------------------------------
Martin R. Brown Director of Operations
--------------------------------------------------------------------------------------------------
Charles J. P. Dawnay Director, Vice President
--------------------------------------------------------------------------------------------------
James M. A. Fairweather Director, Vice President
--------------------------------------------------------------------------------------------------
James K. R. Falconer Director, Vice President
--------------------------------------------------------------------------------------------------
Timothy J. D. Hall Director, Vice President
--------------------------------------------------------------------------------------------------
Anthony P. Hanlon Director, Vice President
--------------------------------------------------------------------------------------------------
Steven N. Johnson Director, Vice President
--------------------------------------------------------------------------------------------------
Julian M. C. Livingston General Counsel
--------------------------------------------------------------------------------------------------
Patrick J. Scott-Plummer Director, President
--------------------------------------------------------------------------------------------------
Michael W. Thomas Director, Vice President
--------------------------------------------------------------------------------------------------
James G. Wilson Director, Vice President
--------------------------------------------------------------------------------------------------
Colin Winchester Chief Financial Officer
--------------------------------------------------------------------------------------------------
Allan D. MacLeod Director
--------------------------------------------------------------------------------------------------
</TABLE>

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

At the same meeting, the Trustees appointed Jardine Fleming International
Management, Inc. ("JFIMI") as an additional Sub-Adviser to the Trust's
International Equity Fund (the "Fund"). JFIMI's appointment does not require
shareholder approval.

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

Under the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between
SIMC (the "Adviser") and JFIMI relating to the Fund, JFIMI makes investment
decisions for the assets of the Fund allocated to it by SIMC, and continuously
reviews, supervises and administers the Fund's investment program with respect
to these assets. JFIMI is independent of SIMC and discharges its
responsibilities subject to the supervision of SIMC and the Trustees of the
Trust, and in a manner consistent with the Fund's investment objective, policies
and limitations. The Sub-Advisory Agreement is substantially similar to those in
existence between the Adviser and the Trust's other Sub-Advisers. Specifically,
the duties to be performed, standard of care and termination provisions of the
Agreement are similar, to the other Agreements. The Sub-Advisory Agreement will
remain in effect until September 2002 (unless earlier terminated), and will have
to be approved annually thereafter by a majority of the Trustees,
<PAGE>
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 JFIMI as Sub-Adviser to the Fund, the
"Sub-Advisers" Section on page 26 of the Prospectus is amended by inserting the
following disclosure relating to JFIMI:

JARDINE FLEMING INTERNATIONAL MANAGEMENT, INC.: Piers Litherland serves as the
portfolio manager for a portion of the assets of the International Equity Fund.
Mr. Litherland has been with JFIMI for 13 years, and has over 22 years of
investment experience.

JFIMI was founded in 1992 and is a wholly-owned subsidiary of Jardine Fleming
Group Limited. Jardine Fleming Group Limited is a subsidiary of Robert Fleming
(jointventures) (Luxenberg) S.A., which is a subsidiary of Robert Fleming
(Overseas) No. 3 Ltd. Robert Fleming (Overseas) No. 3 Ltd. is a subsidiary of
Copthall Overseas Limited, which is a subsidiary of Robert Fleming Holdings Ltd.
JFIMI's principal address is 47/F, Jardine House, Connaugh Place, Hong Kong. As
of June 30, 2000, JFIMI had approximately $267 million in assets under
management.

Listed below are the names and principal occupations of the principal executive
offices of JFIMI. The principal business address of the principal executive
officer and each of the directors, as it relates to their position at Jardine,
is 47/F, Jardine House, 1 Connaught Place, Hong Kong.

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

At the same meeting, the Board of Trustees of SEI Institutional Investments
Trust (the "Trust"), including all of the Trustees who are not "interested
persons" of the Trust, voted to terminate SG Pacific Asset Management , Inc./
SGY Asset Management (Singapore) Ltd./SG Yamaichi Asset Management Co., Ltd.
("SG Pacific") as a Sub-Adviser to the Trust's International Equity Fund (the
"Fund"). The Board determined to terminate SG Pacific based on a decision to
replace SGY with regional specialists. This termination does not require
shareholder approval.
--------------------------

The prospectus is hereby amended to reflect these changes.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE