<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE JEFFREY A. COHEN
TITLE CONTROLLER
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<NAME> SEI LIQUID ASSET TRUST
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<DISTRIBUTIONS-OF-INCOME> (62948)
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<NUMBER-OF-SHARES-SOLD> 9652814
<NUMBER-OF-SHARES-REDEEMED> 9900410
<SHARES-REINVESTED> 823
<NET-CHANGE-IN-ASSETS> (246773)
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1285
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<PER-SHARE-NAV-BEGIN> 1.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000354603
<NAME> SEI LIQUID ASSET TRUST
<SERIES>
<NUMBER> 014
<NAME> TREASURY SECURITIES PORTFOLIO CLASS D
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000354603
<NAME> SEI LIQUID ASSET TRUST
<SERIES>
<NUMBER> 02
<NAME> GOVERNMENT SECURITIES PORTFOLIO
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<CURRENCY> U.S. DOLLARS
<S> <C>
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<NUMBER-OF-SHARES-SOLD> 1544000
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<SHARES-REINVESTED> 579
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<GROSS-EXPENSE> 1285
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<PER-SHARE-NAV-BEGIN> 1.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000354603
<NAME> SEI LIQUID ASSET TRUST
<SERIES>
<NUMBER> 04
<NAME> PRIME OBLIGATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1995
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<INVESTMENTS-AT-COST> 944691
<INVESTMENTS-AT-VALUE> 944691
<RECEIVABLES> 1084
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<PAID-IN-CAPITAL-COMMON> 940882
<SHARES-COMMON-STOCK> 940882
<SHARES-COMMON-PRIOR> 918584
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 940863
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 57035
<OTHER-INCOME> 0
<EXPENSES-NET> 4438
<NET-INVESTMENT-INCOME> 52597
<REALIZED-GAINS-CURRENT> 55
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<NET-CHANGE-FROM-OPS> 52652
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<DISTRIBUTIONS-OF-INCOME> 52597
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<NUMBER-OF-SHARES-SOLD> 9162056
<NUMBER-OF-SHARES-REDEEMED> 9151091
<SHARES-REINVESTED> 11333
<NET-CHANGE-IN-ASSETS> 22353
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (74)
<GROSS-ADVISORY-FEES> 311
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<GROSS-EXPENSE> 53
<AVERAGE-NET-ASSETS> 1008666
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000354603
<NAME> SEI LIQUID ASSET TRUST
<SERIES>
<NUMBER> 05
<NAME> INSTITUTIONAL CASH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
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<EXPENSES-NET> 8
<NET-INVESTMENT-INCOME> 93
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<NUMBER-OF-SHARES-SOLD> 163880
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<SHARES-REINVESTED> 0
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<PER-SHARE-NAV-BEGIN> 1.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000354603
<NAME> SEI LIQUID ASSET TRUST
<SERIES>
<NUMBER> 07
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
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</TABLE>
Report of Independent Accountants
To the Board of Trustees and Shareholders
of SEI Liquid Asset Trust
In our opinion, the accompanying statement of net assets and statement of
assets and liabilities, and the related statements of operations and of
changes in net assets and the financial highlights present fairly,
in all material respects, the financial position of the Treasury Securities
Portfolio, the Government Securities Portfolio, the Prime Obligation
Portfolio, the Institutional Cash Portfolio and the Money Market Portfolio
(constituting SEI Liquid Asset Trust, hereafter referred to as the "Trust")
at June 30, 1995, the results of each of their operations, the changes in
each of their net assets and the financial highlights for each of the
respective periods presented, in conformity with generally accepted
accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted
our audits of these financial statements in accordance with generally
accepted auditing standards which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at June 30, 1995, by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
August 11, 1995
To the Board of Trustees of
SEI Liquid Asset Trust
In planning and performing our audit of the financial statements of SEI
Liquid Asset Trust (the "Trust'') for the year ended June 30, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purposes of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal accounting control structure.
The management of the Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the
risk that it may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
August 11, 1995
SEI Financial Management Methodology for Controlling
Multi-Class Funds
Control Objectives
The following represents the internal accounting control objectives and
policies and procedures for the allocation of income and expenses and the
computation of the net asset value and, if applicable, the
dividend/distribution for each class of shares. It does not cover the
internal accounting control procedures surrounding the processing of
information into the primary accounting system of SEI Financial
Management.
Following are the specific control objectives:
1.Capital share activity as reported by the Fund's transfer agent is
recorded for each class in an accurate and timely manner.
2.Net investment income before class specific expenses and realized
gains/losses is properly allocated between the various classes of shares
within each fund.
3.Class specific expenses, (i.e. 12b-1 fees) are properly calculated and
allocated between the various classes of shares within each fund .
4.Dividends and distributions are correctly calculated for each class of
shares of each fund.
5.Net asset value per share of each class of shares of each fund includes
the appropriate amount of expenses, including those expenses allocated
between each class of shares.
SEI Financial Management Methodology for Controlling
Multi-Class Funds
Procedures - Non Dollar Funds
1.Separate paid in capital accounts will be maintained for each class.
Both the transfer agent and the fund accountant will track and record
paid in capital/share activity separately for each class.
2.On a daily basis, net investment income before class specific expenses
(e.g. 12b-1 fee) will be allocated to the various classes on the basis of
prior day's net assets adjusted for current day's shareholder activity.
3.On a daily basis, the net daily realized gain/loss and net daily change
in unrealized gain/loss will be allocated to the various classes on the
basis of prior day's net assets adjusted for current day's shareholder
activity. Only the net daily activity will be allocated. Cumulative
balances will be tracked by class.
4.Net investment income allocated to each class will be reduced by class
specific expenses.
5.Total net assets will be calculated for each class.
6.Per unit NAV, POP, and/or redemption price will be calculated for each
class as required.
7.Distributions from net investment income will be calculated as follows:
a.Undistributed net investment income before class specific expenses
will be allocated to the respective classes on the basis of outstanding
shares on the declaration date.
b.The allocated amount will be reduced by class specific expenses.
c.The per share distributions will be calculated by class. Cumulative
distributions will be tracked by class.
8.Capital gain distributions will be calculated as follows:
a.The amount of net capital gains available for distribution will be
allocated to the various classes on the basis of outstanding shares
on the record date.
b.The per share distributions will be calculated by class. Cumulative
distributions will be tracked by class.
Key Internal Controls - Money Market Funds and Non-Dollar Funds
1. All calculations relating to the daily allocation of income, expenses,
realized gains, and unrealized appreciation/depreciation to each class
are performed via a standard EDP process without manual intervention.
Prior to utilizing this process, SEI accounting management tested this
process to ensure its accuracy.
2. On a daily basis, SEI supervisory staff review and sign-off on the
daily allocations performed through the above EDP process.
Net Asset Value Calculation
Non-Dollar Funds
Assumptions
1.The various classes differ as follows:
Class A No 12(b)-1 plan or load.
Class B 12(b)-1 plan which causes the class to incur
25 basis points of distribution expense. In addition, a
front end load of 4% is in place.
Class C 12(b)-1 plan which causes the class to incur
25 basis points of distribution expense. In addition, a
CDSC of 4% is in place.
2.Paid in capital is tracked separately by class. That is, activity within
a specific class is recorded in the paid in capital account of that
specific class.
3.Unrealized gains losses, realized gains/losses, and undistributed income
before class specific expenses are allocated to the respective classes on
the basis of prior day's net assets, adjusted for current day shareholder
activity, on a daily basis. Separate accounts are maintained for each
class and the allocated amounts are recorded in the respective accounts.
4.Class specific expenses are levied prior to calculating the net asset
value per share.
5.After calculating class specific expenses, net asset value for each class
is calculated. Net assets are then divided by outstanding shares to
calculate the net asset value per share.
6.Two days' activity is presented. The daily activity was assumed to be as
follows:
Day 1
Opening Net Assets Shares
Class A $1,000,000 100,000
Class B $1,000,000 100,000
Class C $1,000,000 100,000
Paid in Capital Activity
Class A 100 Shares purchased
Class B 100 Shares purchased
Class C 100 Shares purchased
Unrealized Gains/Losses
Net unrealized gain activity of $10,000 was incurred for
the day.
Realized gains/losses
Net realized gain activity of $5,000 was incurred for the
day.
Net Investment Income
Net investment income of $20,000 was earned for the day.
Day 2
Paid in Capital Activity
Class A 50 shares redeemed
Class B 100 shares purchased
Class C 50 shares purchased
Unrealized Gains/Losses
Net unrealized gain activity of $10,000 was incurred for
the day.
Realized Gains/Losses
Net realized gain activity of $5,000 was incurred for the
day.
Net Investment Income
Net investment income of $20,000 was earned for the day.
Daily Net Asset Value
Calculation
Day 1
<TABLE>
<CAPTION>
Class A Class B Class C Total
<S> <C> <C> <C> <C>
1.Shares, Prior Day 100,000.00 100,000.00 100,000.00 300,000.00
2.Share Activity 100.00 100.00 100.00 300.00
3.Adjusted Shares 100,100.00 100,100.00 100,100.00 300,300.00
4.Prior Day Net Assets 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00
5.Today's Cap Activity 1,000.00 1,000.00 1,000.00 3,000.00
6.Adjusted Net Assets 1,001,000.00 1,001,000.00 1,001,000.00 3,003,000.00
7.Net Asset Percentage 33.34% 33.33% 33.33% 100.00%
8. Net Investment Income
Before class 6,668.00 6,666.00 6,666.00 20,000.00
specific expenses
9. Class specific
expense 0.00 6.85 6.85 13.70
12(b)-1 fees
10.Net Investment 6,668.00 6,659.15 6,659.15 19,986.30
Income
11. Realized Gains/Losses
Short Term 0.00 0.00 0.00 0.00
Long Term 1667.00 1666.50 1666.50 5000.00
12. Unrealized Gains 3,334.00 3,333.00 3,333.00 10,000.00
Losses
13. Net Change in Net
Assets 12,669.00 12,658.65 12,658.65 37,986.30
(5+10+11+12)
14. Prior Day's Net 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.
Assets
15.Total Net Assets 1,012,669.00 1,012,658.65 1,012,658.65 3,037,986.30
(13+14)
16.Outstanding Shares 100,100.00 100,100.00 100,100.00 300,300.00
17.Net Asset Value - 10.1165734 10.1164700 10.1164700
Raw
Net Asset Value - 10.12 10.12 10.12
Rounded
POP 10.12 10.54 10.12
Redemption Price 10.12 10.12 9.72
</TABLE>
Prepared By:
Reviewed By:
Daily Net Asset Value
Calculation
Day 2
<TABLE>
<CAPTION>
Class A Class B Class C Total
<S> <C> <C> <C> <C>
1.Shares, Prior Day 100,100.00 100,100.00 100,100.00 300,300.00
2. Share Activity -50.00 100.00 50.00 100.00
3. Adjusted Shares 100,050.00 100,200.00 100,150.00 300,400.00
4.Prior Day Net Assets 1,012,669.00 1,012,658.00 1,012,658.00 3,037,986.00
5.Today's Capital -506.00 1,012.00 506.00 1,012.00
Activity
6.Adjusted Net Assets 1,012,163.00 1,013,670.67 1,013,164.67 3,038,998.34
7.Net Asset Percentage 33.31% 33.35% 33.34% 100.00%
8. Net Investment Income
Before class 6,662.00 6,670.00 6,668.00 20,000.00
specific expenses
9. Class specific
expense 0.00 6.94 6.94 13.88
12(b)-1 fees
10.Net Investment 6,662.00 6,663.08 6,661.08 19,986.16
Income
11. Realized Gains/Losses
Short Term 0.00 0.00 0.00 0.00
Long Term 1,665.50 1,667.50 1,667.00 5,000.00
12. Unrealized Gains 3,331.00 3,335.00 3,334.00 10,000.00
Losses
13. Net Change in Net
Assets 11,152.50 12,677.60 12,168.10 35,998.20
(5+10+11+12)
14.Prior Day's Net 1,012,669.00 1,012,658.67 1,012,658.67 3,037,986.34
Assets
15.Total Net Assets 1,023,821.50 1,025,336.27 1,024,826.77 3,073,984.54
(13+14)
16.Outstanding Shares 100,050.00 100,200.00 100,150.00 300,400.00
17.Net Asset Value - 10.2330984 10.2328969 10.2329183
Raw
Net Asset Value - 10.23 10.23 10.23
Rounded
POP 10.23 10.66 10.23
Redemption Price 10.23 10.23 9.82
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