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SCHEDULE 14A
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BANC OF AMERICA CAPITAL MANAGEMENT, LLC. (BACAP)
SUMMARY
- - SEI Funds Board of Trustee's is recommending that shareholders vote to
replace Wellington Management Company, LLP with SEI Investments Management
Corporation (SIMC) as advisor, and Banc of America Capital Management, LLC
as sub-advisor to SEI's taxable money market funds.
- - SEI launched a manager search to review portfolio managers for which money
market funds were a primary business focus, and investments were
commensurate with this focus.
- - BACAP was selected from a field of highly regarded candidates to assume
management of all of SEI's taxable money market funds, pending shareholder
approval of SIMC as advisor to SEI's taxable money market funds. The
transition of management will occur prior to shareholder vote.
Banc of America Capital Management's strengths in assuming this mandate lie
primarily in their:
- - size and scalability
- - unparalleled risk management system
- - unique approach to cash management
- - strong commitment to the business
Banc of America Capital Management is the most attractive candidate based on the
firm's size, experienced and broad 2a-7 team, proprietary risk model, and
technology. BACAP's consistent adherence to its investment process is reflected
in the firm's impressive relative performance, clean credit record, and strong
asset growth. Strategic investments in cash products, including dedicated credit
and risk managers, serve to increase their strength and our confidence in this
organization. BACAP has expanded their business and staff accordingly, which has
increased their bench strength and firm resources surrounding the money market
products.
STYLE: US dollar based money market
SUB-STYLE/MANDATE: US dollar based prime, government and treasury style money
market funds
PERFORMANCE SUMMARY
2Q02 2Q01 2001 2000 1999 1998 1997 1996
---- ---- ---- ---- ---- ---- ---- ----
BACAP/Nations Cash Reserves 2.09 2.21 4.34 6.47 5.30 5.64 5.68 5.50
SDIT Money Market 1.87 1.88 4.20 6.41 5.20 5.60 5.66 5.49
SDIT Prime Obligation 1.87 1.89 4.21 6.42 5.26 5.59 5.63 5.46
First Tier Institutional* 1.99 2.08 4.29 6.42 5.24 5.59 5.64 5.47
* represents iMoneyNet's First Tier Institutional Current category for money
market funds.
BACAP IS PROPOSED TO JOIN THE FOLLOWING MONEY MARKET FUNDS:
SEI DAILY INCOME TRUST:
Money Market Fund, Prime Obligation, Government, Government II, Treasury,
Treasury II
SEI LIQUID ASSET TRUST:
Treasury Securities, Government Securities, Prime Obligation
MONEY MARKET TARGET ALLOCATIONS:
MANAGER MANDATE ALLOCATION
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BACAP taxable money market 100%
For Financial Intermediary Use Only. Not for Public Distribution.
Use of the Material Subject to Broker/Dealer Home Office Approval.