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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 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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<PAGE> PAGE 20
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SIGNATURE JEFFREY A. COHEN
TITLE CONTROLLER
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<ARTICLE> 6
<CIK> 0000354603
<NAME> SEI LIQUID ASSET TRUST
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<NAME> SEI LIQUID ASSET TRUST
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August 2, 1996
To the 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, 1996,
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 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, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
