-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vtoa37BZOaNWMaq+kS99RcKlxHt7rGJh5edMZ2iGVg83doikCm9ZG+myneAkiaYk t6bM+hzrmWmeqkMoffc+tA== 0000893220-96-000602.txt : 19960425 0000893220-96-000602.hdr.sgml : 19960425 ACCESSION NUMBER: 0000893220-96-000602 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19960424 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-22821 FILM NUMBER: 96550277 BUSINESS ADDRESS: STREET 1: 2 OLIVER ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 1: SEI INTERNATIONAL TRUST STREET 2: 680 E SWEDESFORD RD CITY: WAYNE STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 497 1 SIT PROSPECTUS SUPPLEMENTS DATED APRIL 8, 1996 1 SEI INTERNATIONAL TRUST INTERNATIONAL EQUITY PORTFOLIO EMERGING MARKETS EQUITY PORTFOLIO INTERNATIONAL FIXED INCOME PORTFOLIO SUPPLEMENT DATED APRIL 8, 1996 TO THE CLASS A PROSPECTUS DATED AUGUST 31, 1995 THIS SUPPLEMENT TO THE PROSPECTUS SUPERSEDES AND REPLACES ANY EXISTING SUPPLEMENTS TO THE PROSPECTUS. 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 December 4-5, 1995, the Board of Trustees of the Trust voted to change the name of the Core International Equity Portfolio to the "International Equity Portfolio" effective January 1, 1996. ------------------------------------ At a Special Meeting of Shareholders held on March 15, 1996, Shareholders of the European Equity Portfolio and Pacific Basin Equity Portfolio, two other separately managed series of SEI International Trust (the "Trust"), approved an Agreement and Plan of Reorganization and Liquidation, relating to the European Equity and Pacific Basin Portfolios into the International Equity Portfolio, which Agreement provided for: (i) the transfer of substantially all of the assets and liabilities of the European Equity and Pacific Basin Equity Portfolios to the International Equity Portfolio in exchange for shares of the International Equity Portfolio; and (ii) the distribution of the International Equity Portfolio's shares so received to Shareholders of the European Equity and Pacific Basin Equity Portfolios in liquidation of those portfolios. At the same Meeting, the Shareholders of the International Equity Portfolio approved the addition of Morgan Grenfell Investment Services Limited ("MG") and Schroder Capital Management International Limited ("SC") as investment sub-advisers to the International Equity Portfolio, and the respective investment sub-advisory agreements between SEI Financial Management Corporation ("SFM") and SC and MG relating to the International Equity Portfolio. Shareholders of the International Equity Portfolio also approved an amended Investment Advisory Agreement between the International Equity Portfolio and SFM, which increased the advisory fee paid to SFM and an Amended Investment Sub-Advisory Agreement between SFM and Acadian Asset Management, Inc. ("Acadian"), which increased the sub-advisory fee paid to Acadian. The transactions to be accomplished under the Agreement were carried out on March 15, 1996. As a result, the European Equity and Pacific Basin Equity Portfolios were liquidated and are no longer operative. Accordingly, all references to those Portfolios in this Prospectus are deleted. As a result of these changes to the investment advisory structure of the International Equity Portfolio,, the operating expenses of the International Equity Portfolio have changed. The following "Annual Operating Expenses" table replaces the corresponding table on page 4 of the Prospectus: 2 ANNUAL OPERATING EXPENSES (as a percentage of average net assets)
- -------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY EMERGING MARKETS INTERNATIONAL FIXED PORTFOLIO EQUITY PORTFOLIO INCOME PORTFOLIO --------- ---------------- ---------------- Management/Advisory Fees (after fee waiver and reimbursement)(1) .94% .80% .57% 12b-1 Fees(2) .15% .15% .15% Other Expenses .19% 1.00% .28% - -------------------------------------------------------------------------------------------------------------------------------- Total Operating Expenses (after fee waiver and reimbursement)(3) 1.28% 1.95% 1.00% - --------------------------------------------------------------------------------------------------------------------------------
(1) SEI Financial Management Corporation ("SFM"), in its capacity as Manager for each Portfolio, and certain of the advisers, have waived, on a voluntary basis, a portion of their fee, and the management/advisory fees shown reflect these voluntary waivers. SFM and the advisers each reserve the right to terminate its waiver at any time in its sole discretion. Absent such fee waiver, management/advisory fees would be .96% for the International Equity Portfolio, and .90% for the International Fixed Income Portfolio. For the Emerging Markets Equity Portfolio, SFM has agreed to waive its management fee, and, if necessary, pay other operating expenses of the Portfolio in an amount that operates to limit the total operating expenses of the Class A shares. Absent this fee waiver and expense reimbursement, management/advisory fees would be 1.70% for the Emerging Markets Equity Portfolio. (2) The 12b-1 fees shown reflect each Portfolio's current 12b-1 budget for reimbursement of expenses. The maximum 12b-1 fee payable by Class A shares for each Portfolio is .30%. (3) Absent the Manager's fee waiver and expense reimbursement, total operating expenses would be 1.45% for the International Equity Portfolio, 3.00% for the Emerging Markets Equity Portfolio and 1.48% for the International Fixed Income Portfolio. Additional information may be found under "The Advisers," "The Sub-Advisers" and "The Manager and Shareholder Servicing Agent." EXAMPLE - ------------------------------------------------------------------------------- An investor in a Portfolio would pay the following expenses on a $1,000 investment assuming (1) a 5% annual return and (2) redemption at the end of each time period:
1 YR. 3 YRS. 5 YRS. 10 YRS. ----- ------ ------ ------- International Equity $13 $41 $70 $155 Emerging Markets Equity $20 $61 --- --- International Fixed Income $10 $32 $55 $122 - --------------------------------------------------------------------------------------------------------------------------------
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. The purpose of the expense table and example is to assist the investor in understanding the various costs and expenses that may be directly or indirectly borne by investors in Class A shares of the Portfolios. The information set forth in the foregoing table and example relates only to the Portfolios' Class A shares. Each Portfolio also offers Class D shares, which are subject to the same expenses except that Class D shares bear sales charges and different distribution costs and additional transfer agent costs. A person who purchases shares through a financial institution may be charged separate fees by that institution. Additional information may be found under "The Manager and Shareholder Servicing Agent," "The Advisers," "The Sub-Advisers" and "Distribution." Long-term shareholders may eventually pay more than the economic equivalent of the maximum front-end sales charges otherwise permitted by the Rules of Fair Practice of the National Association of Securities Dealers, Inc. ("NASD"). ------------------------------------ At a meeting held on March 18, 1996, the Trustees eliminated the Trust's Rule 12b-1 Distribution Plan for Class A shares, and approved a Class A shareholder servicing plan that provides for shareholder servicing fees payable to the Distributor of up to .25% of average net assets. These new arrangements are to be effective as of May 1, 1996. Under this new plan, the Distributor may provide a broad range of shareholder and administrative services itself, or may enter into arrangements under which third parties provide such services and are compensated by the Distributor. As a result of this change, effective May 1, 1996, the following "Annual Operating Expenses" table replaces the table on page 4 of the Prospectus (as previously supplemented): 3 ANNUAL OPERATING EXPENSES (as a percentage of average net assets)
- ------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EQUITY EMERGING MARKETS INTERNATIONAL FIXED PORTFOLIO EQUITY PORTFOLIO INCOME PORTFOLIO --------- ---------------- ---------------- Management/Advisory Fees (after fee waiver and reimbursement)(1) .96% .95% .72% 12b-1 Fees None None None Total Other Expenses .32% 1.00% .28% Shareholder Servicing Expenses (after waiver) (2) .13% .00% .00% - ------------------------------------------------------------------------------------------------------------------------------------ Total Operating Expenses (after fee waiver and reimbursement)(3) 1.28% 1.95% 1.00% - ------------------------------------------------------------------------------------------------------------------------------------
(1) SEI Financial Management Corporation ("SFM"), in its capacity as Manager for each Portfolio, and certain of the advisers, have waived, on a voluntary basis, a portion of their fee, and the management/advisory fees shown reflect these voluntary waivers. SFM and the advisers each reserve the right to terminate its waiver at any time in its sole discretion. Absent such fee waiver, management/advisory fees would be .90% for the International Fixed Income Portfolio. For the Emerging Markets Equity Portfolio, SFM has agreed to waive its management fee, and, if necessary, pay other operating expenses of the Portfolio in an amount that operates to limit the total operating expenses of the Class A shares. Absent this fee waiver and expense reimbursement, management/advisory fees would be 1.70% for the Emerging Markets Equity Portfolio. (2) The Distributor has waived, on a voluntary basis, all or a portion of its shareholder servicing fee, and the Shareholder Servicing Fees shown reflect this waiver. The Distributor reserves the right to terminate its waiver at any time in its sole discretion. Absent such waiver, Shareholder Servicing Fees would be .25% for each of the Portfolios. (3) Absent these fee waivers and the expense reimbursement, total operating expenses would be 1.40% for the International Equity Portfolio, 2.95% for the Emerging Markets Equity Portfolio and 1.43% for the International Fixed Income Portfolio. Additional information may be found under "The Advisers," "The Sub-Advisers" and "The Manager and Shareholder Servicing Agent." EXAMPLE - -------------------------------------------------------------------------------- An investor in a Portfolio would pay the following expenses on a $1,000 investment assuming (1) a 5% annual return and (2) redemption at the end of each time period:
1 YR. 3 YRS. 5 YRS. 10 YRS. ----- ------ ------ ------- International Equity $13 $41 $70 $155 Emerging Markets Equity $20 $61 --- --- International Fixed Income $10 $32 $550 $122 - -------------------------------------------------------------------------------------------------------------------------------
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. The purpose of the expense table and example is to assist the investor in understanding the various costs and expenses that may be directly or indirectly borne by investors in Class A shares of the Portfolios. The information set forth in the foregoing table and example relates only to the Portfolios' Class A shares. Each Portfolio also offers Class D shares, which are subject to the same expenses except that Class D shares bear sales charges and different distribution costs and shareholder servicing fees and additional transfer agent costs. A person who purchases shares through a financial institution may be charged separate fees by that institution. Additional information may be found under "The Manager and Shareholder Servicing Agent," "The Advisers," "The Sub-Advisers" and "Distribution." ------------------------------------ The description of MG and SC in "The Sub-Advisers" section is replaced with the following: MG manages the assets of the International Equity Portfolio entrusted to it by SFM using its European, large-capitalization growth style. MG, a subsidiary of Morgan Grenfell Asset Management Limited, managed over $9.5 billion in assets as of December 31, 1994. Morgan Grenfell Asset Management Limited, a wholly-owned subsidiary of Deutsche Bank, A.G., a German financial services conglomerate, managed over $48 billion in assets as of December 31, 1994. MG has over 11 years experience in managing international portfolios for North American clients. Morgan Grenfell Asset Management employs more than 15 European investment professionals. MG attempts to exploit perceived inefficiencies present in the European markets with original research and an emphasis on stock selection. The principal address of MG is 20 Finsbury Circus, London, England, EC2M 1NB. Julian R. Johnston and Jeremy G. Lodwick share primary responsibility for the segment of the International Equity Portfolio managed by MG. Mr. Johnston has 20 years experience in European equity investment. Mr. Johnston joined MG in 1984, and is currently the head of the Morgan Grenfell Continental European Investment team. Mr. Lodwick has ten years experience in European equity investment. He joined MG in 1986, and was a UK equity research analyst before moving to New York where he was a member of the client liaison and marketing team for 5 years. 4 He returned to the London office in 1991 to manage MG's European equity portfolios. MG is entitled to a fee from SFM of .325% of the average monthly market value of assets of the International Equity Portfolio assigned to it. SC manages the Pacific Basin, large-capitalization growth and Japanese small-capitalization segments of the International Equity Portfolio. The Schroder Group has research resources throughout the Asian region, consisting of offices in Tokyo, Hong Kong, Singapore, Kuala Lumpur, Seoul, Taipei, Sydney, Bangkok, Shanghai, and Jakarta, staffed by 41 investment professionals. SC's investment process emphasizes individual stock selection and company research conducted by professionals at each local office which is integrated into SC's global research network by the manager of research in London. The principal address of SC is 33 Gutter Lane, London EC2V 8AS, England. John S. Ager, a Senior Vice President and Director of SC, serves as principal portfolio manager for the segment of the International Equity Portfolio managed by SC since December 15, 5995. Mr. Ager has been an international fund manager since 1981. Mr. Ager has over 20 years of experience in managing client accounts invested in Asian countries. SC is entitled to a fee from SFM of .50% of the first $100 million of the average monthly market value of assets managed, .30% of the next $50 million of such assets, and .20% of such assets in excess of $150 million. ------------------------------------ The first and second sentences of the third paragraph of "The Sub-Advisers - Acadian Asset Management, Inc." is replaced with the following: Acadian is entitled to a fee from SFM calculated on the basis of a percentage of the market value of the assets assigned to it. That fee, which is paid monthly, is based on an annual percentage rate of .325% of the first $150 million of the assets managed by Acadian, .25% of the next $150 million of such assets, and .20% of such assets in excess of $300 million. ------------------------------------ The first sentence of the second paragraph of "The Advisers - SEI Financial Management Corporation" section is replaced with the following: SFM is entitled to a fee, which is calculated daily and paid monthly, at an annual rate of .505% of the International Equity Portfolio's average daily net assets and 1.05% of the Emerging Markets Equity Portfolio's average daily net assets. ------------------------------------ In connection with the elimination of the Portfolios' Distribution Plan, the "Distribution" section on page 18 is replaced with the following: DISTRIBUTION AND SHAREHOLDER SERVICES. SEI Financial Services Company (the "Distributor"), a wholly-owned subsidiary of SEI, serves as each Portfolio's distributor pursuant to a distribution agreement with the Trust. The Portfolios have adopted a distribution plan for their Class D shares (the "Class D Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"). The Portfolios have adopted a shareholder servicing plan for Class A shares (the "Service Plan") under which a shareholder servicing fee of up to .25% of average daily net assets attributable to Class A shares will be paid to the Distributor. Under the Service Plan, the Distributor may perform, or may compensate other service providers for performing, the following shareholder and administrative services: maintaining client accounts; arranging for bank wires; responding to client inquiries concerning services provided on investments; assisting clients in changing 5 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 Service Plan, the Distributor may retain as a profit any difference between the fee it receives and the amount it pays to third parties. It is possible that an institution may offer different classes of shares to its customers and thus receive different compensation with respect to different classes. These financial institutions may also charge separate fees to their customers. The Trust may also execute brokerage or other agency transactions through the Distributor for which the Distributor may receive usual and customary compensation. In addition, the Distributor may, from time to time in its sole discretion, institute one or more promotional incentive programs, which will be paid by the Distributor from the sales charge it receives or from any other source available to it. Under any such program, the Distributor will provide promotional incentives, in the form of cash or other compensation, including merchandise, airline vouchers, trips and vacation packages, to all dealers selling shares of the Portfolios. Such promotional incentives will be offered uniformly to all dealers and predicated upon the amount of shares of the Portfolios sold by the dealer. ------------------------------------ At a meeting scheduled for April 30, 1996, Shareholders of the International Fixed Income Portfolio of the Trust will be asked to amend, reclassify or eliminate certain of the Portfolio's fundamental investment policies in order to reflect regulatory developments, provide the flexibility to adapt to developments in the securities markets, and to improve management efficiency by making the investment limitations as consistent as possible. In addition, the changes will minimize the need to call Shareholder meetings in the future in order to change certain investment limitations. At the same meeting, Shareholders of the International Fixed Income Portfolio will be asked to approve the selection of SEI Financial Management Corporation ("SFM") as Investment Adviser to this Portfolio and to approve the "Manager of Managers" structure wherein, upon the recommendation of SFM, the Board of Trustees will be able to appoint additional and replacement sub-advisers for the Portfolio without Shareholder approval. Apart from Shareholder approval, this change requires an order of exemption from the SEC before becoming operative, which order is expected to be issued in the near future. In connection with this change, Shareholders of the International Fixed Income Portfolio will be asked to approve the selection of the Portfolio's current investment adviser, Strategic Fixed Income, L.P., to serve as investment sub-adviser to the Portfolio for the same compensation from SFM that it currently receives from the Portfolio. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE -----END PRIVACY-ENHANCED MESSAGE-----