<PAGE>
-----------------------------------------------------------------
SEI TAX EXEMPT TRUST
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SEMI-ANNUAL REPORT
-----------------------------------------------------------------
February 28, 1995
<PAGE>
TABLE OF CONTENTS
- - -----------------------------------------
<TABLE>
<S> <C>
STATEMENT OF NET ASSETS & SCHEDULE OF INVESTMENTS....... 1
STATEMENT OF OPERATIONS................................. 44
STATEMENT OF CHANGES IN NET ASSETS ..................... 46
FINANCIAL HIGHLIGHTS.................................... 48
NOTES TO FINANCIAL STATEMENTS........................... 51
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
TAX FREE PORTFOLIO
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 104.6%
ALABAMA -- 2.1%
Alabama Special Care Facilities Finance Authority,
Montgomery Hospital, Ser A, RB, AMBAC Insured
3.900%, 07/01/95 (B) $ 7,000 $ 7,000
--------
ARIZONA -- 2.3%
Chandler Industrial Development Authority, Parsons
Municipal Series Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 3,900 3,900
Tucson Industrial Development Authority, Tucson
Center Parking Garage, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 3,700 3,700
--------
7,600
--------
ARKANSAS -- 3.7%
Little Rock Health Facility Board, Southwest
Hospital, Ser 88, VRDN, RB,
4.050%, 03/07/95 (A) (B) (C) 12,200 12,200
--------
CALIFORNIA -- 3.0%
California State Housing Finance Agency, Home
Mortgage, Ser 1, RB
4.150%, 05/01/95 (B) (C) 420 420
California State School Cash Reserve Program Pool,
Ser A, RB
4.500%, 07/05/95 4,000 4,011
Desert Sands USD, TRAN 4.000%, 07/05/95 2,500 2,500
Riverside County School Finance Authority, RAN
4.500%, 07/07/95 1,500 1,504
Sacramento County, Administration Center &
Courthouse, COP, VRDN, RB 3.700%, 03/07/95 (A) (B)
(C) 1,650 1,650
--------
10,085
--------
COLORADO -- 1.8%
Arapahoe County, Capital Improvement E-470 Project,
Series 86-D, RB
4.450%, 08/31/95 (B) (C) 3,000 3,000
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Colorado Housing Finance Authority, Multi-Family
Housing, Cambray Park, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) $ 2,900 $ 2,900
--------
5,900
--------
FLORIDA -- 7.3%
Boca Raton Industrial Development Authority, Parking
Garage, Ser 1984-A, VRDN, RB
4.475%, 03/07/95 (A) (B) (C) 3,125 3,125
Florida Housing Finance Agency, VRDN, RB
3.850%, 03/07/95 (A) (B) (C) 2,300 2,300
Florida Housing Finance Authority, Sarasota Beneva
Place, Ser C, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 7,850 7,850
Lee Industrial Development Authority, Christian
Mission-Shell Point Village, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 9,850 9,850
Pasco County Housing Facility Authority, Multi-Family
Housing, Carlton Arms/Magnolia Valley, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,000 1,000
--------
24,125
--------
GEORGIA -- 5.6%
Clayton County Multi-Family Housing Authority,
Summercourt Project, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,475 1,475
Cobb County Housing Authority, Summer Oak Project,
Ser 1985-G, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 6,675 6,675
Dekalb County Development Authority, Dart Container
Project, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 1,000 1,000
Dekalb County Hospital Authority, Dekalb Medical
Center, Ser 1994, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 6,160 6,160
</TABLE>
1
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Newton Industrial Development, H.B. Fuller Project,
Ser 1984, VRDN, RB
4.350%, 03/07/95 (A) (B) $ 3,100 $ 3,100
--------
18,410
--------
ILLINOIS -- 9.1%
Chicago O'Hare International Airport, RB
5.000%, 07/03/95 (B) (C) 1,000 1,000
East Peoria Multi-Family Housing, Radnor East
Project, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,000 1,000
Illinois State Development Finance Authority,
Catholic Charities, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 7,500 7,499
Illinois State Development Finance Authority, Dart
Container Project, VRDN, RB
4.230%, 03/07/95 (A) (B) (C) 1,300 1,300
Illinois State Health Facilities Authority, Midwest
Cambridge Project,
VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 3,600 3,600
Illinois State, GO
4.750%, 04/17/95 2,500 2,503
4.750%, 06/15/95 2,500 2,505
Peoria Economic Development, North Point Shopping
Center Project, VRDN, RB
4.450%, 06/01/95 (B) (C) 2,550 2,550
Skokie Industrial Development Authority, Fashion
Square Project, VRDN, RB
4.060%, 03/07/95 (A) (B) (C) 2,800 2,800
Springfield Community Improvement, Kent Family
Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 1,350 1,350
St. Clair County Industrial Building Authority,
Winchester Apartments Project, Ser 94, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 3,000 3,000
Village of Franklin Park, Industrial Development,
A.M. Castle Project,
VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 649 649
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Village of Rosemont, Industrial Development, A.M.
Castle Project, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) $ 188 $ 188
--------
29,944
--------
INDIANA -- 6.6%
Bartholomew Consolidated Schools Corporation, TAW
5.350%, 06/30/95 1,000 1,001
5.750%, 12/29/95 1,417 1,422
Fort Wayne Community Schools, Warrants of
1995, TAW
5.500%, 12/29/95 7,000 7,017
Gary Environmental Improvement, United States Steel,
VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 9,800 9,800
Jackson County, Community High School Building of
Seymour, BAN
4.750%, 03/02/95 (B) 2,500 2,500
--------
21,740
--------
IOWA -- 4.1%
Iowa State Finance Authority, Multi-Family Housing,
Village Court Project, Ser A, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 6,645 6,645
Iowa State Finance Authority, Village Court, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 7,000 7,000
--------
13,645
--------
KENTUCKY -- 0.9%
Perry County, Appalachian Regional Hospital, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 3,000 3,000
--------
MARYLAND -- 2.1%
Maryland State Community Development Authority,
Housing & Community Development, RB
4.700%, 06/06/95 (B) 2,000 2,000
Montgomery County Multi-Family Housing Opportunities,
VRDN, RB
4.300%, 03/07/95 (A) (B) (C) 5,000 5,000
--------
7,000
--------
</TABLE>
2
<PAGE>
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<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
MASSACHUSETTS -- 2.3%
Massachusetts State Housing Finance Agency, Single
Family Housing, Ser 25, RB
4.100%, 06/01/95 (B) (C) $ 2,000 $ 2,000
Massachussetts Bay Transportation Authority,
Massachusetts General Transportation, RB
4.400%, 11/01/95 (B) (C) 5,700 5,700
--------
7,700
--------
MICHIGAN -- 4.5%
Bay City School District, State Aid Notes
3.950%, 04/03/95 5,700 5,702
City of Wayne, Wayne-Westland Community Schools-State
Aid Notes
4.250%, 04/24/95 3,000 3,002
Grand Rapids Economical Development, Amway #2, VRDN,
RB
4.200%, 03/07/95 (A) (B) (C) 1,060 1,060
Wayne County Downriver Sewer System
Disposal, TECP
4.700%, 04/14/95 (B) (C) 2,000 2,000
Wayne County, City of Detroit, State School Aid
Notes, Ser 1994, GO
5.000%, 05/01/95 3,000 3,005
--------
14,769
--------
MINNESOTA -- 6.4%
Bloomington Commercial Development, Park Project,
VRDN, RB
4.310%, 03/07/95 (A) (B) (C) 2,975 2,975
Golden Valley Industrial Development, Graco Project,
VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,155 1,155
Minneapolis Commercial Development, Thresher Square
Partnership II, VRDN, RB
4.160%, 03/07/95 (A) (B) (C) 4,420 4,420
Minneapolis, General Obligation, Ser A, VRDN
4.070%, 03/07/95 (A) (B) (C) 2,670 2,670
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Minneapolis, General Obligation, Ser B, VRDN
4.070%, 03/07/95 (A) (B) (C) $ 6,000 $ 6,000
Saint Paul Water Authority, Ser 1994-D, VRDN, RB
4.110%, 03/07/95 (A) (B) (C) 4,000 4,000
--------
21,220
--------
MISSOURI -- 0.3%
Kansas City Industrial Development Authority, A.M.
Castle Project,
VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 973 973
--------
NEW JERSEY -- 0.6%
Essex County, BAN
5.500%, 12/12/95 2,000 2,007
--------
NEW MEXICO -- 0.7%
Albuquerque Industrial Development Authority,
Plastech Project, Ser 1994-B, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 2,368 2,368
--------
NEW YORK -- 1.9%
Campbell-Savona Community School District, BAN
5.800%, 01/25/96 3,500 3,512
New York State Pollution Control Energy & Research
Development Authority, RB
3.250%, 03/15/95 (B) (C) 2,000 2,000
South Huntington USD, TAN
4.250%, 06/30/95 700 701
--------
6,213
--------
NORTH CAROLINA -- 1.8%
New Hanover County Industrial Development Facility,
American Hoist & Derrick Project, Ser 1984, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 6,000 6,000
--------
NORTH DAKOTA -- 0.7%
Fargo Commercial Development, Cass Oil Company
Project, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 2,200 2,200
--------
</TABLE>
3
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
OHIO -- 3.4%
Cincinnati & Hamilton County Economic Development
Authority, Port Authority, CEI Realty Project,
VRDN, GO
4.350%, 03/01/95 (B) (C) $ 105 $ 105
City of North Olmstead Various Purpose Improvement,
Ser 1994-E, GO, BAN
4.550%, 07/20/95 1,455 1,457
County of Summit, Ser 1995-A, GO, BAN
5.000%, 03/07/96 5,000 5,017
Stark County Sewer District Improvement, BAN
4.130%, 04/07/95 1,125 1,125
Stark County Sewer District Improvement, Ser 2, BAN
4.310%, 07/12/95 1,550 1,551
State of Ohio Industrial Development, A.M. Castle
Project, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 590 590
Summit County Industrial Development Authority,
SGS Tool II, RB
3.950%, 05/01/95 (B) (C) 375 375
Toledo-Lucas Counties Industrial Development
Authority, Countrymark Cooperation Project,
VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 1,000 1,000
--------
11,220
--------
OKLAHOMA -- 1.1%
Tulsa County Industrial Development Authority,
Healthcare Revenue Laureate Psychiatric Project, RB
4.400%, 06/15/95 (B) 1,500 1,500
Tulsa Parking Authority Revenue, Refunding First
Mortgage Williams Project 84 Ser A, VRDN, RB
4.350%, 05/15/95 (B) (C) 1,000 1,000
Tulsa, University of Tulsa,
Ser 1985, RB
4.350%, 03/07/95 (A) (B) (C) 1,000 1,000
--------
3,500
--------
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
OREGON -- 0.9%
Port of Portland, Public Grain Elevator, Columbia
Grain, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) $ 2,900 $ 2,900
--------
PENNSYLVANIA -- 11.7%
Allegheny County Education Building Authority,
University of Pittsburgh Project, Ser 85 B, VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 1,800 1,800
Berks County Industrial Development Authority, Rilsaw
Industrial Project, Elf Aquitaine, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 400 400
Clarion County Industrial Development Authority,
Specialized Development Meritcare, MTC Project,
Ser A, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 500 500
Delaware Valley Regional Finance Authority, Local
Government Revenue, Ser A, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 5,000 5,000
Delaware Valley Regional Finance Authority, Local
Government Revenue,
Ser D, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 4,100 4,100
Delaware Valley Regional Government Finance,
VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 2,100 2,100
Langhorne Hospital Revenue Authority, Franciscan
Health Systems Project, Ser C, VRDN, RB
3.750%, 03/01/95 (A) (B) (C) 4,500 4,500
Montgomery County Industrial Development Authority,
Peco Energy Project 1994,
Ser A, TECP
4.150%, 04/06/95 (B) (C) 7,500 7,499
Montgomery County Industrial Development Authority,
Valley Square Project, VRDN, RB
4.250%, 03/07/95 (A) (B) 455 455
</TABLE>
4
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Moon Township Industrial Development, Executive
Office Project, Ser 1991-A, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) $ 800 $ 800
North Umberland Industrial Development, Atlas
Development, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 760 760
Pennsylvania State Higher Education Facilities
Authority, Ser L, RB, AMBAC Insured
7.000%, 06/15/95 515 520
Philadelphia Hospital & Higher Education Facilities
Authority, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 560 560
Philadelphia Industrial Development Authority Multi-
Family Housing, Harbor View Towers Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 300 300
Philadelphia Intergovernmental Cooperation Authority,
City of Philadelphia Funding Project, RB
9.000%, 06/15/95 2,000 2,026
Philadelphia School District, TRAN
4.750%, 06/30/95 1,000 1,002
Philadelphia, Ser B, TRAN
4.750%, 06/15/95 (C) 1,400 1,403
Sayre Health Care Facilities Authority, Pennsylvania
Capital Finance Project, Ser D, VRDN, RB, AMBAC
Insured
4.050%, 03/07/95 (A) (B) 1,000 1,000
Sayre Health Care Facilities Authority, Pennsylvania
Capital Finance Project, Ser F, VRDN, RB, AMBAC
Insured
4.050%, 03/07/95 (A) (B) 1,100 1,100
Schuylkill County Industrial Development Authority,
Northeastern Power Project, VRDN, RB
3.800%, 03/01/95 (A) (B) (C) 3,000 3,000
--------
38,825
--------
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
RHODE ISLAND -- 1.3%
Cranston, BAN
4.300%, 07/17/95 $ 2,500 $ 2,501
Narragasett Bay Water Quality Management District
Commission, Ser 1, BAN
5.750%, 06/30/95 1,700 1,704
--------
4,205
--------
SOUTH CAROLINA -- 0.9%
Greenville Industrial Development, Edgecomb Project,
Ser 84, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 3,100 3,100
--------
TENNESSEE -- 0.8%
Greenville Health & Education Facilities Board,
Laughlin Memorial Hospital,
VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 2,500 2,500
--------
TEXAS -- 1.8%
Brazo River Hoffman-Laroche Project 85, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 1,000 1,000
Gulf Coast Industrial Development Authority,
Petrounited Terminal, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 1,000 1,000
Harris County Multi-Family Housing, Woodgate Project,
VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 2,300 2,300
McAllan Industrial Development, Royal Palms Design
Center, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 1,650 1,650
--------
5,950
--------
UTAH -- 2.7%
Intermountain Power Agency, Utah Power Supply,
Ser F, RB
3.600%, 06/15/95 (B) (C) 2,400 2,400
Nephi Industrial Development, Safeway Incorporated
Project, RB
4.500%, 09/01/95 (B) (C) 1,405 1,405
</TABLE>
5
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Salt Lake City Industrial Development Authority,
Devereaux Partners Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) $ 5,000 $ 5,000
--------
8,805
--------
VERMONT -- 1.8%
Vermont Student Assistance, Student Loan, Ser 1985,
VRDN, RB
4.020%, 03/07/95 (A) (B) (C) 6,100 6,100
--------
VIRGINIA -- 4.1%
Culpeper Industrial Development Authority, Virginia
Baptist Homes, Ser 1992, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 6,800 6,800
Fairfax County Multi-Family Housing, Chase Commons
Project, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 5,000 5,000
Virginia State Housing Development Authority, AHC
Services Corps, Ser A, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 1,650 1,650
--------
13,450
--------
WASHINGTON -- 1.2%
Seattle Municipal Light & Power, RB
4.300%, 07/12/95 (B) 4,000 4,000
--------
WEST VIRGINIA -- 0.2%
Keyser Industrial Development, Keyser Project, VRDN,
RB
4.150%, 03/07/95 (A) (B) (C) 650 650
--------
WISCONSIN -- 4.9%
Janesville Industrial Development, RTDG Seneca Foods
Sewer Project,
VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 7,710 7,710
Kenosha USD #1, TRAN
5.000%, 08/25/95 1,250 1,253
Kettle Moraine School District, TRAN
4.440%, 08/22/95 1,300 1,300
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Lacrosse, Industrial Development Authority, Lacrosse
Properties, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) $ 1,950 $ 1,950
Oshkosh Area High School District, Ser A, TRAN
4.500%, 09/14/95 2,000 2,002
Village of Menomonee Falls Industrial Development,
Maysteel Corporation Project, VRDN, RB
4.230%, 03/07/95 (A) (B) (C) 1,900 1,900
--------
16,115
--------
Total Municipal Bonds
(Cost $345,419,280) 345,419
--------
Total Investments -- 104.6%
(Cost $345,419,280) 345,419
--------
OTHER ASSETS AND LIABILITIES -- -4.6%
Other Assets and Liabilities, Net (15,050)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization --no par value) based on 329,784,473
outstanding shares of beneficial interest 329,784
Portfolio shares of ProVantage Class (unlimited
authorization -- no par value) based on 759,951
outstanding shares of beneficial interest 760
Accumulated Net Realized Loss on Investments (1,254)
Undistributed Net Investment Income 1,079
--------
Total Net Assets: -- 100.0% $330,369
========
Net Asset Value, Offering Price and Redemption Price Per Share --
Class A $ 1.00
Net Asset Value, Offering Price and Redemption Price Per Share --
ProVantage Class $ 1.00
========
</TABLE>
AMBACAmerican Municipal Bond Assurance Company
BANBond Anticipation Note
COPCertificate of Participation
GOGeneral Obligation
MBIAMunicipal Bond Insurance Association
RANRevenue Anticipation Note
RBRevenue Bond
TANTax Anticipation Note
TAWTax Anticipation Warrant
6
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
TECPTax Exempt Commercial Paper
TRANTax & Revenue Anticipation Note
VRDNVariable Rate Demand Note
USDUnified School District
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on February 28, 1995.
(B) Put and Demand Feature -- the date reported on the Statement of Net Assets
is the lesser of the maturity date or the put date.
(C) Securities are held in conjunction with a letter of credit from a major
commercial bank or financial institution.
CALIFORNIA TAX EXEMPT PORTFOLIO
<S> <C> <C>
MUNICIPAL BONDS -- 101.6%
CALIFORNIA -- 101.6%
Alameda County, Berkeley
USD, TRAN
4.350%, 07/05/95 $ 7,800 $ 7,814
Alameda County, New Haven USD, TRAN
4.350%, 07/05/95 5,000 5,009
Alameda County, Pleasanton
USD, TRAN
4.350%, 07/05/95 5,000 5,009
Alameda County, San Leandro USD, TRAN
4.250%, 07/05/95 4,500 4,507
Alameda County, San Lorenzo USD, TRAN
4.500%, 07/05/95 6,800 6,816
California State Department of Water Resources, Ser 1, TECP
4.050%, 03/15/95 (B) 10,900 10,900
California State Educational Facilities Authority, Stanford
University, Ser L, VRDN, RB
3.850%, 03/07/95 (A) (B) 13,830 13,830
California State Health Facilities Finance Authority,
Catholic Health Care, Ser A, VRDN, RB, MBIA Insured
3.850%, 03/07/95 (A) (B) 3,400 3,400
California State Health Facilities Finance Authority,
Catholic Health Care, Ser B, VRDN, RB, MBIA Insured
3.850%, 03/07/95 (A) (B) 2,000 2,000
California State Health Facilities Finance Authority,
Catholic Health Care, Ser C, VRDN, RB, MBIA Insured
3.850%, 03/07/95 (A) (B) 1,600 1,600
</TABLE>
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
California State Health Facilities Finance
Authority, Memorial Health Services, VRDN, RB
3.900%, 03/07/95 (A) (B) $ 2,300 $ 2,300
California State Health Facilities Finance
Authority, Santa Barbara Cottage, Ser B,
VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 2,900 2,900
California State Health Facilities Finance
Authority, Sutter Health, Ser B, VRDN, RB 3.600%,
03/01/95 (A) (B) (C) 2,000 2,000
California State Housing Finance Agency, Home
Mortgage II, Ser 1, RB, FHA Insured
4.150%, 05/01/95 (B) (C) 900 900
California State Housing Finance Agency, Multi-
Family Housing, Oakbrook Ridge Apartments, Ser
1993-A, VRDN
3.900%, 03/07/95 (A) (B) 4,830 4,830
California State Pollution Control Finance
Authority, Chevron USA Project, RB
3.700%, 06/15/95 (B) 5,000 5,000
California State Pollution Control Finance
Authority, Solid Waste Disposal, North County
Recycling Center, VRDN
4.000%, 03/07/95 (A) (B) (C) 4,000 4,000
California State RAN
5.000%, 06/28/95 2,000 2,005
Contra Costa County Public Facilities Authority,
COP,
BIGI Insured
6.750%, 06/01/95 1,275 1,283
Contra Costa County, Multi-Family Housing, Delta
Square Project, Ser A, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 3,400 3,400
Contra Costa County, Multi-Family Housing, VRDN, RB
4.500%, 03/07/95 (A) (B) 3,500 3,500
Contra Costa Transportation Authority, Sales Tax
Revenue, Ser A, VRDN, RB,
FGIC Insured
3.900%, 03/07/95 (A) (B) 2,800 2,800
Corona Redevelopment Agency, Crown Point Project,
Ser 1985-B, RB,
4.500%, 05/01/95 (B) (C) 6,960 6,960
</TABLE>
7
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Corona, Multi-Family Housing, County Hills Apartment
Project 1995 B, VRDN, RB
3.900%, 03/07/95 (A) (B) (C) $ 6,955 $ 6,955
Desert Sands, USD, TRAN
4.000%, 07/05/95 2,500 2,500
Escondido Community Development Authority, Heritage
Housing Project, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 7,350 7,350
GAF Tax Exempt Bond Grantor Trust, California
Series,
VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 6,325 6,325
Glendale, Adventis Health Systems-West, Ser 1984-A,
RB, Pre-Refunded @ 102, MBIA Insured
10.375%, 03/01/95 (D) 405 413
Hermosa Beach Parking Authority, COP, VRDN, RB
3.800%, 03/07/95 (A) (B) (C) 6,400 6,400
Independent Cities Lease Finance Authority, Revenue
Pooled Project, VRDN, RB
3.800%, 03/07/95 (A) (B) (C) 6,805 6,805
Kern County, Community College District, Project
Note, GO
4.625%, 07/15/95 5,000 5,011
Kern County, Kern Public Facilities Project, Ser C,
VRDN, COP
3.850%, 03/07/95 (A) (B) (C) 4,800 4,800
Kern County, Kern Public Facilities Project, Ser D,
VRDN, COP
3.850%, 03/07/95 (A) (B) (C) 2,700 2,700
Livermore, Water Reclaimation Plant Project, COP,
VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 975 975
Loma Linda, Loma Linda Medical Center Project, Ser
1984-A, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 600 600
Loma Linda, Loma Linda Medical Center, Ser 1985-A,
VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 1,300 1,300
Loma Linda, Loma Linda University Medical Center,
Ser 1985-C, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 6,005 6,005
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Los Angeles County Community Development Commission,
Willowbrook Project,
VRDN, COP
4.050%, 03/07/95 (A) (B) (C) $ 800 $ 800
Los Angeles County Housing Authority, Sand Canyan,
Project F, VRDN, RB
3.750%, 03/07/95 (A) (B) (C) 1,800 1,800
Los Angeles County Metropolitan Transit Authority,
TECP
3.900%, 03/09/95 (C) 5,000 5,000
Los Angeles County Transit Authority, Union Station
Gateway-A, VRDN, RB,
FSA Insured
4.000%, 03/07/95 (A) (B) 5,000 5,000
Los Angeles Redevelopment Agency, Baldwin Hills
Public Park, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 600 600
Los Angeles Redevelopment Agency, Central Business
District, Ser E, RB,
Pre-Refunded @ 102
8.850%, 07/01/95 (D) 3,000 3,103
Los Angeles, Multi-Family Housing, Malibu Meadows
Project II, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 2,700 2,700
Los Angeles, USD, TRAN
4.500%, 07/10/95 2,500 2,508
Modesto, High School & City School District, Capital
Facilities Project, COP, VRDN, RB
3.950%, 03/07/95 (A) (B) (C) 3,000 3,000
Northern California Power Agency, Geothermal Project
#3, Ser A, RB, Pre-Refunded @ 102
9.500%, 07/01/95 (D) 1,000 1,036
Oakland Bay Area Government, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 2,365 2,365
Oxnard Redevelopment Agency, Channel Islands
Business, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 4,685 4,685
Palm Springs Community Redevelopment Agency,
Headquarters Hotel-1,
VRDN, COP
3.900%, 03/07/95 (A) (B) (C) 1,070 1,070
</TABLE>
8
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ----------------------------------------------------------------------------
<S> <C> <C>
Palm Springs Community Redevelopment Agency,
Headquarters Hotel-4,
VRDN, COP
3.900%, 03/07/95 (A) (B) (C) $ 1,800 $ 1,800
Palm Springs Community Redevelopment Agency,
Headquarters Hotel-7,
VRDN, COP
3.900%, 03/07/95 (A) (B) (C) 1,000 1,000
Panama-Buena Vista,
USD, VRDN, COP
4.150%, 03/07/95 (A) (B) (C) 6,000 6,000
Pico Rivera Water Development Corporation,
Leasehold Mortgage,
Pre-Refunded @ 103
8.000%, 12/01/95 (D) 320 337
Placentia, TRAN
4.500%, 06/30/95 3,700 3,709
Pomona Public Finance Authority, Southwest Pomona,
VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 2,400 2,400
Redlands Redevelopment Agency, Parking Lease,
VRDN, RB
4.260%, 03/07/95 (A) (B) (C) 4,855 4,855
Redlands Redevelopment Agency, Tax Allocation
Project,
Ser A, VRDN, RB
4.260%, 03/07/95 (A) (B) (C) 11,275 11,275
Riverside County Industrial Development Authority,
Advanced Business Forms Project, VRDN, RB
3.550%, 03/07/95 (A) (B) (C) 2,100 2,100
Roseville, Joint Union High School District,
Acquisition Project,
VRDN, COP
3.950%, 03/07/95 (A) (B) (C) 3,740 3,740
Sacramento County, Administration Center &
Courthouse Project,
VRDN, COP
3.700%, 03/07/95 (A) (B) (C) 3,350 3,350
San Bernadino County Industrial Development
Authority, Sandpiper Investments,
VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 3,600 3,600
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
San Bernadino County, Multi-Family Housing, Alta
Loma Heritage, Ser A, VRDN, RB, FHLB Insured
4.000%, 03/07/95 (A) (B) (C) $ 2,264 $ 2,264
San Bernadino County, Multi-Family Housing, Gold
West Apartments, Ser A, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 500 500
San Bernadino Industrial Development, Gate City
Beverage Project, VRDN, RB
4.700%, 03/07/95 (A) (B) (C) 585 585
San Diego County Regional Transportation Commission,
VRDN, RB, FGIC Insured
3.900%, 03/07/95 (A) (B) 14,000 14,000
San Diego Housing Authority, Multi-Family Housing,
La Cima Apartments,
Ser K, VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 1,650 1,650
San Dimas, Multi-Family Housing, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 5,670 5,670
San Francisco City & County Redevelopment Agency,
South Harbor Project, VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 300 300
San Francisco City & County, Multi-Family Housing,
Rincon Center Project,
Ser B, VRDN, RB
3.750%, 03/07/95 (A) (B) (C) 1,770 1,770
San Francisco City & County, Multi-Family Housing,
Bayside Village Project,
Ser 1985-A, VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 2,100 2,100
San Francisco City & County, Multi-Family Housing,
Fillmore Center B-1,
VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 6,800 6,800
San Francisco, Bay Area Rapid Transit, Pre-Refunded
@ 103
9.000%, 07/01/95 (D) 5,000 5,225
San Joaquin, TRAN
4.750%, 10/18/95 4,500 4,516
San Marcos Industrial Development Authority, Amistar
Project, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 4,500 4,500
</TABLE>
9
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
San Mateo, TRAN
4.500%, 07/13/95 $ 5,000 $ 5,015
Santa Clara County Housing, Benton Place Central
Apartments Project, VRDN, RB
3.750%, 03/07/95 (A) (B) (C) 4,000 4,000
Santa Clara County, Los Altos Elementary School
District, TRAN
4.250%, 07/05/95 3,600 3,605
Santa Clara Electric,
Ser A, VRDN, RB
3.800%, 03/07/95 (A) (B) (C) 1,000 1,000
Santa Clara Valley Water Utility System, Ser A, RB
4.000%, 06/01/95 5,445 5,448
Simi Valley, Multi-Family Housing, Cochran Street
Project, Ser 1985-A, VRDN, RB
3.950%, 03/07/95 (A) (B) (C) 5,000 5,000
Southern California Public Power Authority,
Transmission Project Ser 1991, VRDN, RB,
AMBAC Insured
3.700%, 03/07/95 (A) (B) (C) 14,200 14,203
Turlock Industrial Development Authority, Irrigation
District, Ser A, VRDN, RB
3.950%, 03/07/95 (A) (B) (C) 6,350 6,350
Upland Community Redevelopment Agency, Northwoods
Project,
Ser B, VRDN, RB
4.800%, 03/07/95 (A) (B) (C) 2,200 2,200
Vacaville, Multi-Family Housing, Quail Run
Apartments
Ser 1988-A, VRDN, RB,
FNMA Insured
3.900%, 03/07/95 (A) (B) 7,300 7,300
Visalia Convention Center, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 1,300 1,300
Vista Community Development, BAN
4.500%, 11/01/95 (B) (C) 4,500 4,500
--------
348,536
--------
Total Municipal Bonds
(Cost $348,535,553) 348,536
--------
Total Investments (101.6%)
(Cost $348,535,553) 348,536
--------
</TABLE>
<TABLE>
<CAPTION>
- - -----------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------
<S> <C> <C>
OTHER ASSETS AND LIABILITIES -- -1.6%
Other Assets and Liabilities, Net $ (5,468)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
26,858,908 outstanding shares of beneficial
interest 26,859
Portfolio shares of Class B (unlimited
authorization -- no par value) based on
5,301,490 outstanding shares of beneficial
interest 5,301
Portfolio shares of Class C (unlimited
authorization -- no par value) based on
310,908,160 outstanding shares of beneficial
interest 310,908
--------
Total Net Assets: -- 100.0% $343,068
========
Net Asset Value, Offering Price and Redemption
Price Per Share -- Class A $ 1.00
Net Asset Value, Offering Price and Redemption
Price Per Share -- Class B $ 1.00
Net Asset Value, Offering Price and Redemption
Price Per Share -- Class C $ 1.00
========
</TABLE>
AMBACAmerican Municipal Bond Assurance Company
BANBond Anticipation Note
BIGIBond Investors Guaranty Insurance Corporation
COPCertificate of Participation
FGICFinancial Guaranty Insurance Corporation
FHAFederal Housing Associations
FHLBFederal Home Loan Bank
FNMAFederal National Mortgage Association
FSAFinancial Security Assurance
GOGeneral Obligation
MBIAMunicipal Bond Investors Assurance
RANRevenue Anticipation Note
RBRevenue Bond
TECPTax Exempt Commercial Paper
TRANTax & Revenue Anticipation Note
USDUnified School District
VRDNVariable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on February 28, 1995.
(B) Put and Demand Feature -- the date reported on the Statement of Net Assets
is the lesser of the maturity date or the put date.
(C) Securities are held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(D) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
10
<PAGE>
- - --------------------------------------------------------------------------------
BAINBRIDGE TAX EXEMPT PORTFOLIO
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 98.8%
ARKANSAS -- 3.6%
Little Rock, Health Facility Board, Southwest
Hospital, Ser 88, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) $6,000 $ 6,000
--------
CALIFORNIA -- 1.5%
Desert Sands, USD, TRAN
4.000%, 07/05/95 2,500 2,500
--------
COLORADO -- 5.5%
Arapahoe County, Capital Improvement, E-470 Project,
Ser 86-D, RB
4.450%, 08/31/95 (B) (C) 1,260 1,260
Colorado State Housing Finance Authority, Multi-
Family Housing, Woodstream Project, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 2,500 2,500
Thornton Multi-Family Housing, Quail Ridge Project,
Ser A, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 5,365 5,365
--------
9,125
--------
FLORIDA -- 3.0%
Florida Housing Finance Authority, Multi-family
Housing, River Oaks Aptartment Project, Ser T,
VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 1,900 1,900
Monroe County School
District, TAN
3.950%, 05/25/95 1,200 1,200
Orange County Industrial Development Authority,
Orlando Drive Partnership Project, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 1,800 1,800
--------
4,900
--------
GEORGIA -- 1.8%
De Kalb County, Multi-Family Housing, Wood Terrace
Project, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 2,200 2,200
Evans County Industrial Development Authority,
Sherman Utility Structures, VRDN, RB, MBIA Insured
4.300%, 03/07/95 (A) (B) (C) 700 700
--------
2,900
--------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
IDAHO -- 3.1%
Caribou County Pollution Control, Monsanto Project,
Ser 1990, VRDN, RB
4.000%, 03/07/95 (A) (B) $5,100 $ 5,100
--------
ILLINOIS -- 4.1%
Chicago, O'Hare International Airport Project, RB
5.000%, 07/03/95 (B) (C) 750 750
Illinois State, GO
4.750%, 04/17/95 1,000 1,001
4.750%, 06/15/95 1,000 1,002
Lincolnwood Industrial Development, Self Storage
Center, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 2,470 2,470
St Clair Industrial Development, Winchester
Apartments Project, Ser 94, VRDN, RB
4.500%, 03/07/95 (A) (B) 1,550 1,550
--------
6,773
--------
INDIANA -- 2.4%
East Chicago School City, TAW
5.750%, 12/29/95 1,500 1,502
Jackson City County, Community High School Building
of Seymour, BAN
4.750%, 03/02/95 (B) 1,500 1,500
Michigan City Area School, TAW
5.750%, 12/29/95 1,000 1,004
--------
4,006
--------
KENTUCKY -- 1.6%
Erlanger City, Industrial Development, Stronghold of
Kentucky Enterprise,
VRDN, RB
4.000%, 05/01/95 (A) (B) (C) 925 925
Ohio County, Pollution Control, Big River Electric
Corporation, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 1,700 1,700
--------
2,625
--------
LOUISIANA -- 5.7%
East Baton Rouge, Industrial Development, Schwegmann
Westside Expressway Project, VRDN, RB
3.900%, 03/07/95 (A) (B) (C) 1,400 1,400
</TABLE>
11
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
BAINBRIDGE TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Hammond, Industrial Development, Schwegmann Westside
Expressway Project, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) $ 3,000 $ 3,000
Louisiana State Ser B, GO, Pre-Refunded @ 102
9.300%, 05/01/95 (D) 1,000 1,029
Louisiana State, Recovery District Sales Tax, RB,
BIGI Insured
7.250%, 07/01/95 1,000 1,011
New Orleans Industrial Development, Spectrum Control
Technology Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 3,000 3,000
--------
9,440
--------
MARYLAND -- 0.9%
Maryland State Community Developement Authority,
Department of Housing & Community Single Family
Program, RB
4.700%, 06/06/95 (B) 1,500 1,500
--------
MASSACHUSETTS -- 0.6%
Massachusetts Housing Finance Agency, Single Family
Housing, Ser 25, RB
4.100%, 06/01/95 (B) (C) 1,000 1,000
--------
MICHIGAN -- 3.8%
Detroit State School Aid
Notes, GO
5.000%, 05/01/95 2,100 2,104
Lansing Educational Development Center, Atrium
Office Building, VRDN, RB
3.950%, 05/01/95 (A) (B) (C) 770 770
McDonald Tax-Exempt Mortgage Trust #1, Michigan, RB
5.350%, 01/15/96 (B) (C) 227 227
Michigan State Job Development Authority, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 2,600 2,600
Oakland County Economic Development Center, Corners
Shopping Center, RB
4.800%, 08/01/95 (B) (C) 535 535
--------
6,236
--------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
MINNESOTA -- 6.8%
Bloomington, Commercial Development, ATS II Project,
Ser 1993, VRDN, RB
4.140%, 03/07/95 (A) (B) (C) $ 4,440 $ 4,440
Saint Paul Housing & Redevelopment Authority,
Lutheran Social Service Project, VRDN, RB
4.300%, 03/07/95 (A) (B) (C) 900 900
Saint Paul Housing & Redevelopment Authority, Single
Family Mortgage, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 6,000 6,000
--------
11,340
--------
MISSOURI -- 5.1%
Berkely Industrial Development Authority, Flight
Safety International Project,
VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 1,000 1,000
Kansas City Industrial Development Authority,
Baptist Health Systems Project, Ser A, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 5,500 5,500
Kansas City Industrial Development Authority,
Owens Illinois, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 2,000 2,000
--------
8,500
--------
NEBRASKA -- 0.3%
Oshkosh, Industrial Development, Marshalltown
Instruments,
Ser 1983, RB
4.350%, 06/01/95 (B) (C) 505 505
--------
NEW JERSEY -- 1.7%
Essex County, BAN
5.500%, 12/12/95 1,000 1,004
New Jersey State Economic Development Authority,
Cincinnati Gear Project, RB
4.125%, 04/01/95 (B) (C) 1,790 1,790
--------
2,794
--------
</TABLE>
12
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
NEW YORK -- 4.0%
Campbell-Savona Community School District, BAN
5.800%, 01/25/96 $1,000 $ 1,003
New York City, Subseries A-7, VRDN, RB
3.900%, 03/01/95 (A) (B) 5,600 5,600
--------
6,603
--------
OHIO -- 7.2%
Brecksville-Broadview Heights, Ohio City School
District, BAN
5.710%, 01/18/96 1,000 1,001
Clark County, Community Hospital Project, Ser B, RB
4.150%, 04/01/95 (B) (C) 510 510
Clermont County, Economic Development, John Q
Hammons Project, RB
4.100%, 05/01/95 (B) (C) 195 195
Cuyahoga County, Health Care Facilities, Visiting
Nurse Care Association, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 250 250
Franklin County, Industrial Development Authority,
Leveque & Associates
Project, RB
4.375%, 06/01/95 (B) (C) 1,475 1,475
Franklin County, Richenbacker Port Authority, VRDN,
RB
4.200%, 03/07/95 (A) (B) (C) 2,300 2,300
Marion County, Pooled Lease Program, Hospital, RB
4.000%, 05/01/95 (B) (C) 1,560 1,560
McDonald Tax-Exempt Mortgage Trust #1, Ohio, RB
5.350%, 01/15/96 (B) (C) 1,061 1,061
Montgomery County Economic Development Authority, ND
Motels Project, RB
4.350%, 06/15/95 (B) (C) 455 455
North Olmstead, Ser 1994-E, BAN
4.550%, 07/20/95 1,000 1,001
Ohio State, Citizens Federal Tax Exempt Mortgage
Bond
Trust, RB
4.150%, 03/01/95 (B) (C) 280 280
Stark County Industrial Development Authority,
Belpar Professional Building, RB
4.150%, 04/01/95 (B) (C) 280 280
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Summit County Industrial Development Authority,
Arlington Plaza Project, RB
3.850%, 03/01/95 (B) (C) $1,610 $ 1,610
--------
11,978
--------
OKLAHOMA -- 5.6%
Creek County Industrial Development Authority,
Indiana Glass Project, RB
4.400%, 06/01/95 (B) (C) 2,175 2,175
Tulsa Industrial Development Authority, Laureate
Psychiatric Project, RB
4.400%, 06/15/95 (B) 1,365 1,365
Tulsa Industrial Development Authority, St. John's
Medical Center Project, VRDN, RB
4.225%, 03/07/95 (A) (B) 4,660 4,660
Tulsa Public Facilities Authority, Capital
Improvement,
Ser 87-B, RB
4.400%, 05/15/95 (B) (C) 1,000 1,000
--------
9,200
--------
PENNSYLVANIA -- 8.3%
Allegheny County Higher Education Building
Authority, University of Pittsburgh, Ser D, VRDN,
RB
4.100%, 12/01/95 (A) (B) (C) 520 520
Delaware County Industrial Development Authority,
United Parcel Services Project, Ser 85, VRDN, RB
3.750%, 03/01/95 (A) (B) 1,700 1,700
Delaware Valley, Regional Government Finance
Project, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 2,200 2,200
McDonald Tax-Exempt Mortgage Trust #1, Pennsylvania,
RB
5.350%, 01/15/96 (B) (C) 227 227
Montgomery County Higher Education & Health
Authority, Holy Redeemer Hospital, VRDN, RB
3.900%, 03/07/95 (A) (B) 800 800
Pennsylvania State Infrastruture Investment
Authority, Penvest Loan Pool Project, Ser 1994,
VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 4,100 4,099
</TABLE>
13
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
BAINBRIDGE TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Philadelphia Intergovernmental Cooperation
Authority, TRAN
9.000%, 06/15/95 $1,010 $ 1,023
Philadelphia School District, TRAN
4.750%, 06/30/95 (C) 2,000 2,004
Philadelphia, TRAN
4.750%, 06/15/95 (C) 1,200 1,203
--------
13,776
--------
RHODE ISLAND -- 2.1%
Cranston, BAN
4.300%, 07/17/95 1,500 1,500
East Providence, TAN
5.250%, 07/06/95 2,000 2,004
--------
3,504
--------
SOUTH CAROLINA -- 3.1%
Charlestown Center Grantor Trust #1, South Carolina,
RB
4.800%, 08/01/95 (B) (C) 2,000 2,000
Greenville Industrial Development, Ser 84, Edgecomb
Project, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 3,100 3,100
--------
5,100
--------
TENNESSEE -- 2.6%
Franklin County Health & Education Facilities Board,
University of the South Project, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 4,300 4,300
--------
TEXAS -- 3.4%
Harris County Multi-Family Housing Authority,
Country Scape Development, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 1,800 1,800
Houston, Health Facilities Development, Memorial
Northwest Pavillion Project, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 545 545
Nacogooches, South Central, Texas Health Facility,
VRDN, RB
3.950%, 03/07/95 (A) (B) (C) 3,300 3,300
--------
5,645
--------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
UTAH -- 1.5%
Intermountain Power Agency, Power Supply, Ser F, RB
3.600%, 06/15/95 (B) (C) $1,000 $ 1,000
Nephi, Industrial Developement, Safeway Incorporated
Project, RB
3.900%, 03/01/95 (B) (C) 1,535 1,535
--------
2,535
--------
VIRGINIA -- 2.0%
Virginia State Housing Development Authority,
Commonwealth Mortgage
Ser D, RB
3.900%, 05/10/95 (B) 3,300 3,300
--------
WASHINGTON -- 1.8%
Seattle Municipal Light &
Power, TECP
4.200%, 04/05/95 (B) 2,000 2,000
4.300%, 10/05/95 (B) 1,000 1,000
--------
3,000
--------
WASHINGTON, D.C. -- 0.2%
District of Columbia, Catholic University, Ser A,
VDRN, RB
4.100%, 03/07/95 (A) (B) (C) 300 300
--------
WISCONSIN -- 5.2%
Kenosh USD #1, TRAN
5.000%, 08/25/95 1,250 1,253
Kettle Moraine School District, TRAN
4.440%, 08/22/95 650 650
Lacrosse, Industrial Development, Lacrosse
Properties, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 3,355 3,356
Oshkosh, School District, TRAN
4.500%, 09/14/95 1,250 1,251
Racine, Ser B, BAN
4.900%, 12/20/95 2,200 2,200
--------
8,710
--------
WYOMING -- 0.3%
Cheyenne County, Holiday Inn Project, RB
4.150%, 04/01/95 (B) (C) 445 445
--------
Total Municipal Bonds
(Cost $163,640,070) 163,640
--------
Total Investments (98.8%)
(Cost $163,640,070) 163,640
--------
</TABLE>
14
<PAGE>
- - --------------------------------------------------------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ----------------------------------------------------------------------
<S> <C> <C>
OTHER ASSETS AND LIABILITIES -- 1.2%
Other Assets and Liabilities, Net $ 1,904
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization --
no par value) based on 165,538,535 outstanding shares
of beneficial interest 165,539
Accumulated Net Realized Gain on Investments 6
Overdistributed Net Investment Income (1)
--------
Total Net Assets: -- 100.0% $165,544
========
Net Asset Value, Offering Price and Redemption Price Per
Share -- Class A $ 1.00
========
</TABLE>
BANBond Anticipation Note
BIGIBond Investors Guaranty Insurance Corporation
GOGeneral Obligation
MBIAMunicipal Bond Insurance Association
RBRevenue Bond
TANTax Anticipation Note
TAWTax Anticipation Warrant
TECPTax Exempt Commercial Paper
USDUnified School District
VRDNVariable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on February 28, 1995.
(B) Put and Demand Feature -- the date reported on the Statement of Net Assets
is the lesser of the maturity date or the put date.
(C) Securities are held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(D) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 100.7%
ALABAMA -- 2.0%
Alabama Special Care Facilities Finance Authority,
Montgomery Hospital, Ser A, RB, AMBAC Insured
3.900%, 07/01/95 (B) $ 3,425 $ 3,425
Birmingham Historical Preservation Authority,
Tutwiler Hotel Project,
VRDN, RB
4.475%, 03/07/95 (A) (B) (C) 5,820 5,820
Decatur Pollution Control Finance Authority,
Monsanto Project, VRDN, RB
4.000%, 03/07/95 (A) (B) 3,500 3,500
Huntsville Industrial Development Board, PPG
Industries Project, Ser 1992, VRDN, RB
4.125%, 03/07/95 (A) (B) 1,000 1,000
Mobile Industrial Development Board, Air Products &
Chemicals, VRDN, RB
4.250%, 03/07/95 (A) (B) 1,000 1,000
Mobile Industrial Development Board, IB Chemical
Company, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,350 1,350
--------
16,095
--------
ARIZONA -- 1.9%
Chandler, Industrial Development, Chandler
Technology Project, VRDN, RB
4.475%, 03/07/95 (A) (B) (C) 1,330 1,330
Maricopa County Industrial Development Authority,
McLane Company Project, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 1,220 1,220
Maricopa County, Grand Canyon University, Ser 1994-
A,
VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 5,000 5,000
Maricopa County, Industrial Development Health
Facilities, Baptist Retirement Centers, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 5,530 5,530
Pinal County Industrial Development Authority,
Evergreen Project, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 1,100 1,100
</TABLE>
15
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Tucson Industrial Development Authority, Tucson
Center Parking Garage, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) $ 1,000 $ 1,000
--------
15,180
--------
ARKANSAS -- 0.7%
Arkansas Hospital Equipment Finance Authority,
Jefferson Hospital Project, Ser 1989, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 5,950 5,950
--------
CALIFORNIA -- 5.6%
California State Higher Education Loan Authority,
Ser B, RB
3.900%, 07/01/95 (B) (C) 5,000 5,000
California State Higher Education Loan Authority,
Ser D-2, RB
3.900%, 07/01/95 (B) (C) 5,000 5,000
California State Housing Finance Agency, Home
Mortgage,
Ser 1, RB
4.150%, 05/01/95 (B) (C) 540 540
California State Pollution Control Finance
Authority, San Diego Gas & Electric, Ser H, RB
4.200%, 08/01/95 (B) 1,000 1,000
California State School Cash Reserve Program Pool,
Ser A, Notes
4.500%, 07/05/95 10,000 10,025
California State, Ser A, RAN
5.000%, 06/28/95 7,000 7,017
Desert Sands, USD, TRAN
4.000%, 07/05/95 2,500 2,500
Redlands Redevelopment Agency, Parking Lease, VRDN,
RB
4.260%, 03/07/95 (A) (B) (C) 2,000 2,000
Redlands Redevelopment Agency, Tax Allocation
Project, Ser A, VRDN, RB
4.260%, 03/07/95 (A) (B) (C) 9,000 9,000
Riverside County School Finance Authority, RAN
4.500%, 07/07/95 3,500 3,510
Upland Community Redevelopment Agency, Northwoods,
Ser B, VRDN, RB
4.800%, 03/07/95 (A) (B) (C) 200 200
--------
45,792
--------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
COLORADO -- 3.1%
Adams County, Multi-Family Housing, Hunters Cove
Project, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) $ 7,500 $ 7,500
Arapahoe County, Capital Improvement, E-470 Project,
Series 1986-D, RB
4.450%, 08/31/95 (B) (C) 5,000 5,000
Arapahoe County, Parkview Metropolitan District,
VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 2,880 2,880
Denver County, Multi-Family Housing, Cottonwood
Creek, Ser A, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 1,850 1,850
El Paso, Multi-Family Housing, Briarglen Apartments
Project, Ser 1994, VRDN, RB
4.250%, 03/07/95 (A) (B) 4,100 4,100
Englewood, Industrial Development, Safeway
Incorporated Project, RB
4.450%, 06/01/95 (B) (C) 1,820 1,820
Idaho Springs, Industrial Development, Safeway
Incorporated Project, RB
4.450%, 06/01/95 (B) (C) 2,465 2,465
--------
25,615
--------
DELAWARE -- 0.1%
Delaware State Economic Development Authority,
Congoleum Project, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 1,000 1,000
--------
FLORIDA -- 3.2%
Boca Raton, Industrial Development, Parking Garage
Project, Ser 1984-A, VRDN, RB
4.475%, 03/07/95 (A) (B) (C) 7,950 7,950
Broward County Multi-Family Housing Authority,
Parkview Partnership, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,100 1,100
Dade County Housing Finance Authority, Multi-Family
Mortgage, VRDN, RB,
FNMA Insured
4.000%, 03/07/95 (A) (B) 4,000 4,000
</TABLE>
16
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Florida Housing Finance Authority, Multi-Family
Housing, Webb Road Apartments, Ser 1984, VRDN, RB
3.850%, 03/07/95 (A) (B) (C) $ 1,900 $ 1,900
Florida State Housing Finance Agency, Multi-Family
Housing, Lakeside South, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 2,600 2,600
Florida State Housing Finance Authority, Sarasota
Beneva Place, Ser C, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 850 850
Jacksonville Hospital Finance Authority, University
Medical Center, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 1,900 1,900
Jacksonville, Industrial Development, University of
Florida Health Science Center, Ser 1989, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 1,000 1,000
Lee Industrial Development Authority, Christian
Mission/Shell Point Villiage, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 3,000 3,000
Pasco County, Multi-Family Housing, Carlton Arms of
Magnolia Valley, Ser 1985, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 2,000 2,000
--------
26,300
--------
GEORGIA -- 5.9%
Athens Multi-Family Housing Authority, Georgian
Apartments, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 1,400 1,400
Clayton County Multi-Family Housing Authority,
Summercourt Project Tara, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 10,050 10,050
Cobb County, Multi-Family Housing, Post Valley
Project, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 1,000 1,000
Dekalb County, Industrial Development, Weyerhaeuser
County Project, VRDN, RB
4.230%, 03/07/95 (A) (B) 3,500 3,500
</TABLE>
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Dekalb County, Multi-Family Housing, Terrace Club
Project, Series 1993-B, VRDN, RB
4.300%, 03/07/95 (A) (B) (C) $ 4,430 $ 4,430
Dekalb County, Multi-Family Housing, Wood Terrace
Project, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 4,535 4,535
Downtown Athens Housing Development Authority,
Georgian Apartments,
VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 1,000 1,000
Georgia State Municipal Electric Authority, General
Resolution, Ser B, RB
3.850%, 06/01/95 (B) 4,400 4,400
Glynn-Brunswick Memorial Hospital Authority, Camden
Medical Center Project, Ser 1994, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 8,700 8,700
Gordon Industrial Development Authority, Federal
Paper Board Project, Ser 1992, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 2,000 2,000
Jefferson & Twiggs County Development Authority,
Pollution Control, Nord Kaolin Project, VRDN, RB
4.300%, 03/07/95 (A) (B) (C) 1,500 1,500
Richmond County Industrial Development Authority,
Federal Paper Board Project, Ser 1992, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 1,000 1,000
Thomaston-Upson County Industrial Development
Authority, Quad-Thomaston Project, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 5,000 5,000
--------
48,515
--------
ILLINOIS -- 4.8%
Chicago, O'Hare International Airport, RB
5.000%, 07/01/95 (B) (C) 2,500 2,500
Chicago, Tender Notes, Ser C, GO
4.250%, 05/31/95 (B) (C) 10,000 10,001
</TABLE>
17
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Illinois State Certificates, GO
4.750%, 04/17/95 $ 5,750 $ 5,756
4.750%, 06/15/95 5,750 5,761
Illinois State Industrial Development Authority,
Miyano Machinery, VRDN, RB
4.600%, 03/07/95 (A) (B) (C) 4,250 4,250
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Illinois, RB
5.000%, 08/15/95 (B) (C) 656 656
Paxton Industrial Development Authority, Merck &
Aircoil, VRDN, RB
4.500%, 03/07/95 (A) (B) 900 900
Saint Clair, Industrial Building, Winchester
Apartments Project, Ser 1994, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 8,000 8,000
Village of Streamwood, Industrial Development, Olde
Church Project, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 1,780 1,780
--------
39,604
--------
INDIANA -- 5.4%
Bartholomew, Consolidated Schools, TAW
5.350%, 06/30/95 2,417 2,420
5.750%, 12/29/95 3,000 3,011
East Chicago, School District, TAN
5.750%, 12/29/95 6,500 6,512
Fort Wayne Economic Development Authority, Avery
International, Ser 1983,
VRDN, RB
4.225%, 03/07/95 (A) (B) 2,750 2,750
Fort Wayne, Community Schools, TAW
4.890%, 06/30/95 3,300 3,302
5.500%, 12/29/95 2,400 2,406
GAF Tax Exempt Bond Grantor Trust, Indiana, Ser A,
VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 2,520 2,520
Gary, Environmental Improvement, United States Steel
Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 3,000 3,000
Hamilton, Consolidated School Building, BAN
5.150%, 08/31/95 2,000 2,000
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Jackson County, Community High School Building of
Seymour, BAN
4.750%, 03/02/95 (B) $ 6,000 $ 6,000
Michigan City, Area School, TAW
5.750%, 12/29/95 3,100 3,111
Michigan City, Economic Development, Marley Project,
Ser 1984, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,325 1,325
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Indiana, RB
5.000%, 08/15/95 (B) (C) 75 75
Warrick County, Pollution Control Finance Authority,
Aluminum Company of America Project, Ser 1992,
VRDN, RB
4.250%, 03/07/95 (A) (B) 6,475 6,475
--------
44,907
--------
IOWA -- 0.2%
Iowa State Finance Authority, Multi-Family Housing,
Village Court Project, Ser A, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 1,355 1,355
--------
KANSAS -- 0.4%
Topeka, Multi-Family Housing, Topeka Retirement
Center Project, Ser 1985, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 1,470 1,470
Wichita Pollution Control Finance Authority, CIC
Industries Project, VRDN, RB
4.600%, 03/07/95 (A) (B) (C) 1,590 1,590
--------
3,060
--------
KENTUCKY -- 5.2%
Calvert City Pollution Authority, Air Products &
Chemical Project, Ser 1993-A, VRDN, RB
4.250%, 03/07/95 (A) (B) 6,000 6,000
Calvert City Pollution Control Finance Authority,
Ser 1993-B, VRDN, RB
4.250%, 03/07/95 (A) (B) 1,000 1,000
Kentucky State Turnpike Authority, Toll Road
Advance, RB, Pre-Refunded @ 101
13.375%, 08/15/95 (D) 2,420 2,535
</TABLE>
18
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Newport City, Multi-Family Housing, Hannaford
Project, RB
4.600%, 06/01/95 (B) $ 1,815 $ 1,815
Ohio County Pollution Control Finance Authority, Big
Rivers Electric Company, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 25,000 25,000
4.500%, 03/07/95 (A) (B) (C) 6,500 6,500
--------
42,850
--------
LOUISIANA -- 2.5%
Parish of Calcasieu, Industrial Development Board,
Pollution Control Revenue, PPG Industries Project,
Ser 1992, VRDN, RB
4.125%, 03/07/95 (A) (B) 14,450 14,450
Parish of Iberville Pollution Control Finance
Authority, Air Products & Chemicals Project, Ser
1992, VRDN, RB
4.250%, 03/07/95 (A) (B) 6,200 6,200
--------
20,650
--------
MAINE -- 0.2%
Portland, Industrial Development, W.W. Grainger
Project, Ser 1985, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,315 1,315
--------
MARYLAND -- 3.3%
Howard County, Multi-Family Housing, Sherwood
Crossing, Ser A, RB
3.900%, 06/01/95 (B) 8,000 8,000
Maryland State Housing & Community Development
Authority, Single Family Program, Ser 8, RB
4.700%, 06/06/95 (B) 6,000 6,000
Montgomery County, Multi-Family Housing
Opportunities, VRDN, RB
4.300%, 03/07/95 (A) (B) (C) 13,000 13,000
--------
27,000
--------
MASSACHUSETTS -- 0.4%
Massachusetts State Housing Finance Agency, Single
Family Housing, Ser 25, RB
4.100%, 06/01/95 (B) 3,000 3,000
--------
</TABLE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - --------------------------------------------------------------------------------
<S> <C> <C>
MICHIGAN -- 3.1%
Birmingham Economic Development Authority, Brown Street Project,
Ser 1983, VRDN, RB
4.475%, 03/07/95 (A) (B) (C) $ 1,205 $ 1,205
Kalamzoo County, City School District State Aid
Notes, GO
3.600%, 04/04/95 1,200 1,200
McDonald Tax Exempt Mortgage Trust, Michigan #1, RB
5.350%, 01/15/96 (B) (C) 546 546
Michigan State Hospital Finance Authority, Hospital
Equipment Project, Ser A, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 3,400 3,400
Michigan State Strategic Fund, Freezer Services of
Michigan, Ser 1993, VRDN, RB
4.450%, 03/07/95 (A)(B)(C) 1,100 1,100
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Michigan, RB
5.000%, 08/15/95 (B) (C) 183 183
Wayne County Community District Schools, State Aid
Notes, Ser 1994, GO
5.000%, 05/01/95 6,400 6,411
Wayne County, Downriver Sewer System Disposal, Ser
B, TECP
4.700%, 04/14/95 (B) (C) 5,000 5,000
Wayne-Westland Community Schools, State Aid Notes,
GO
4.250%, 04/24/95 6,800 6,806
--------
25,851
--------
MINNESOTA -- 9.8%
Bloomington Multi-Family Housing, Hampshire Apartments Project
1991-A, VRDN, RB
4.310%, 03/07/95 (A) (B) (C) 15,000 15,000
Brooklyn, Center Development Project, Brookdale
Office Park, Ser 1984, VRDN, RB
4.160%, 03/07/95 (A) (B) (C) 2,860 2,860
Golden Valley Industrial Development, Graco Incorporated
Project, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,015 1,015
Minneapolis, Ser A,
VRDN, GO
4.070%, 03/07/95 (A) (B) (C) 21,700 21,698
Minneapolis, Ser B,
VRDN, GO
4.070%, 03/07/95 (A) (B) (C) 10,000 10,000
</TABLE>
19
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Plymouth, Industrial Development, Banner
Engineering, VRDN, RB
4.300%, 03/07/95 (A) (B) (C) $ 1,800 $ 1,800
Plymouth, Industrial Development, Woodland Village
Project, VRDN, RB
4.300%, 03/07/95 (A) (B) (C) 1,675 1,675
Rochester, Industrial Development, Seneca Food
Project, Ser 1992, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 4,675 4,675
Saint Paul Housing & Redevelopment Authority, Multi-
Family Housing, Kendrick Housing Project, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 12,000 12,000
5.400%, 03/07/95 (A) (B) (C) 3,395 3,395
Saint Paul, Water Revenue, Ser 1994, VRDN, RB
4.110%, 03/07/95 (A) (B) 6,000 6,000
--------
80,118
--------
MISSISSIPPI -- 0.6%
Desoto County, Industrial Development, American Soap
Project, VRDN, RB
6.300%, 03/07/95 (A) (B) (C) 2,400 2,400
Mississippi State Hospital Equipment & Facilities
Authority, Pooled Loan Project, Ser A, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 2,885 2,885
--------
5,285
--------
MISSOURI -- 0.4%
Kansas City Industrial Development Authority,
Baptist Health System, Ser A,
VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 1,700 1,700
Saint Louis County Industrial Development Authority,
Schnuck Markets Kirkwood Project, VRDN, RB
4.600%, 03/07/95 (A) (B) (C) 1,250 1,250
--------
2,950
--------
NEBRASKA -- 0.0%
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Nebraska, RB
5.000%, 08/15/95 (B) (C) 59 59
--------
</TABLE>
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
NEW JERSEY -- 0.6%
Essex County, BAN
5.500%, 12/12/95 $ 5,000 $ 5,019
Northwestern Mutual Life Tax Exempt Mortgage Trust,
New Jersey, RB
5.000%, 08/15/95 (B) (C) 329 329
--------
5,348
--------
NEW MEXICO -- 0.4%
Albuquerque, Metropolitan Redevelopment, Springer
Square Project, VRDN, RB
4.400%, 03/07/95 (A) (B) (C) 3,000 3,000
--------
NEW YORK -- 1.7%
Campbell-Savona Community School District, BAN
5.800%, 01/25/96 4,500 4,515
Ontario County Industrial Development Authority,
Seneca Foods Project, Ser 1992,
VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 3,000 3,000
South Huntington, USD, TAN
4.250%, 06/30/95 1,000 1,002
Wayne County Industrial Development Authority,
Seneca Foods Project 1992, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 5,060 5,060
--------
13,577
--------
NORTH CAROLINA -- 0.7%
Granville County Industrial Facility & Pollution
Control Authority, Lenox, Ser 1991, VRDN, RB
4.250%, 03/07/95 (A) (B) 5,465 5,465
--------
NORTH DAKOTA -- 2.4%
Cass County, Fargo Public School District #1, TAN
4.500%, 11/27/95 7,200 7,204
Fargo, Kelly Inn Fargo Project, Ser 1993, VRDN, RB
4.400%, 03/07/95 (A) (B) (C) 1,255 1,255
Oliver County Pollution Control Finance Authority,
Square Butte Electric, Ser B, RB
4.300%, 09/01/95 (B) 12,000 12,000
--------
20,459
--------
</TABLE>
20
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
OHIO -- 2.6%
Brecksville-Broadview Heights, City School District,
BAN
5.710%, 01/18/96 $ 2,500 $ 2,502
Marion County, Hospital Revenue, Pooled Lease
Program, Ser 1991, RB
4.000%, 05/01/95 (B) (C) 3,560 3,560
McDonald Tax Exempt Mortgage Trust, Ohio #1, RB
5.350%, 01/15/96 (B) (C) 2,548 2,548
Montgomery County Economic Development Authority,
N.D. Motels Project, RB
4.350%, 06/15/95 (B) (C) 1,785 1,785
Scioto County, Health Care Facilities, Hillview
Retirement, RB
4.500%, 06/01/95 (B) (C) 1,980 1,980
Stark County, Health Care Facilities, Canton
Christian Home Project, RB
3.750%, 03/01/95 (B) (C) 1,410 1,410
3.800%, 03/15/95 (B) (C) 1,645 1,645
Stark County, Sewer District Improvement, Ser 2, BAN
4.310%, 07/12/95 3,400 3,402
Stark County, Sewer District Improvement, Ser 3, BAN
4.130%, 04/07/95 2,300 2,301
--------
21,133
--------
OKLAHOMA -- 2.0%
Oklahoma City, Oklahoma University,
Ser 1955, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 8,500 8,500
Oklahoma Mid-West Tax-Exempt Mortgage Bond Trust,
VRDN, RB
4.000%, 03/07/95 (A) (B) 638 638
Tulsa County Industrial Development Authority,
Laureatte Psychiatric
Project, RB
4.400%, 06/15/95 (B) 3,500 3,500
Tulsa Parking Authority, First Mortgage Williams
Project, RB
4.350%, 05/15/95 (B) (C) 3,600 3,600
--------
16,238
--------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
PENNSYLVANIA -- 7.3%
Allegheny County Hospital Development Authority,
Harmarville Rehabilitation Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) $ 900 $ 900
Beaver County Industrial Development Authority,
Duquesne Light & Power, TECP
4.500%, 10/10/95 (C) 1,500 1,500
Berks County Industrial Development Authority,
Rilsaw Industrial, Elf Aquitaine Project, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 1,000 1,000
Commonwealth of Pennsylvania, Ser 1, TAN
4.750%, 06/30/95 3,000 3,008
Delaware County Industrial Development Authority,
Airport Facilities Revenue,
Ser 1985, VRDN, RB
3.750%, 03/01/95 (B) 2,400 2,400
Delaware County Industrial Development Authority,
Philadelphia Electric Project, TECP, FGIC Insured
4.150%, 04/06/95 (B) 1,900 1,900
Delaware Valley, Regional Government Finance, Ser A,
VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 8,000 8,000
Emmaus General Authority,
Local Government, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 8,900 8,900
Geisinger Health System Authority, Ser 1992-B,
VRDN, RB
3.600%, 03/01/95 (A) (B) (C) 1,000 1,000
Lebanon County, Industrial Development, Pollution
Control, Aluminum Company of America Project, Ser
1992, VRDN, RB
4.250%, 03/07/95 (A) (B) 1,020 1,020
McDonald Tax Exempt Trust, Pennsylvania #1, RB
5.350%, 01/15/96 (B) (C) 546 546
Montgomery County Industrial Development Authority,
Ikea Property Project, VRDN, RB
4.150%, 03/07/95 (A) (B) 3,300 3,300
</TABLE>
21
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Montgomery County Industrial Development Authority,
Valley Square Project, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) $ 600 $ 600
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Pennsylvania, RB
5.000%, 08/01/95 (B) (C) 134 134
Philadelphia Intergovernmental Cooperation
Authority, Special City Tax Funding Project
9.000%, 06/15/95 4,000 4,051
Philadelphia, School District, TRAN
4.750%, 06/30/95 6,400 6,412
Philadelphia, Ser B, TRAN
4.750%, 06/15/95 (C) 4,000 4,010
Quakertown Hospital Authority, HPS Group Pooled
Financing Project, VRDN, RB
3.800%, 03/07/95 (A) (B) (C) 1,700 1,700
Sayre Health Care Facility Authority, VRDN, RB,
AMBAC Insured
4.050%, 03/07/95 (A) (B) (C) 2,000 2,000
Schuylkill County Industrial Development Authority,
Gilberton Power Project, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 1,900 1,900
Warren County Hospital Authority, Warren General
Hospital,
Ser 1994-B, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 400 400
Washington County Lease Authority, Ser B-1,
Subseries D, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 1,000 1,000
York County Industrial Development, New Edgecomb,
VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 3,865 3,865
--------
59,546
--------
RHODE ISLAND -- 2.0%
Cranston, BAN
4.300%, 07/17/95 4,000 4,001
Cranston, TAN
5.750%, 06/30/95 4,600 4,611
East Providence, TAN
5.250%, 07/06/95 8,000 8,014
--------
16,626
--------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
SOUTH CAROLINA -- 3.3%
Charleston Center Tax-Exempt Mortgage Bond Grantor
Trust #1
4.800%, 08/01/95 (B) (C) $ 7,263 $ 7,263
Charleston Center Tax-Exempt Mortgage Bond Grantor
Trust #2
4.000%, 05/01/95 (B) (C) 4,000 4,000
Charleston Center Tax-Exempt Mortgage Bond Grantor
Trust #4
4.400%, 06/01/95 (B) (C) 7,268 7,267
Charleston Center Tax-Exempt Mortgage Bond Grantor
Trust #5
3.800%, 03/01/95 (B) (C) 3,535 3,535
South Carolina State Jobs-Economic Development
Authority, Rolling Green Village Project, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 5,255 5,255
--------
27,320
--------
SOUTH DAKOTA -- 0.2%
Watertown Industrial Development Authority, Ramkota
Project, Ser 1993, VRDN, RB
4.400%, 03/07/95 (A) (B) (C) 1,370 1,370
--------
TENNESSEE -- 1.8%
Blount County Industrial Development Board,
Pollution Control, Aluminum Company of America
Project,
Ser 1992, VRDN, RB
4.250%, 03/07/95 (A) (B) 2,450 2,450
GAF Tax Exempt Bond Grantor Trust, Tennesee,
Ser A, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 4,480 4,480
Jackson, Health, Education & Housing Facility, Delta
Properties Limited Project, RB
4.250%, 10/01/95 (B) 1,000 1,000
Memphis Government Improvement,
Ser 1985-B, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 2,400 2,400
Nashville & Davidson Counties, Metropolitan
Government,
Toys 'R' Us Project,
Ser 1984, VRDN, RB
4.350%, 03/07/95 (A) (B) (C) 1,030 1,030
</TABLE>
22
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Nashville & Davidson Counties, Metropolitan
Industrial Development, GO,
Pre-Refunded @ 102
7.450%, 05/01/95 (D) $ 1,015 $ 1,042
Shelby County, Health Education Housing, Rhodes
College, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 2,700 2,700
--------
15,102
--------
TEXAS -- 4.0%
Arlington Industrial Development Authority, Dallas-
Fort Worth Newspapers, Ser 1985,
VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 3,500 3,500
Bexar County, Air Force Village, Ser 1985, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 2,900 2,900
Corpus Christi, Industrial Development, Texas Air,
5.250%, 08/01/95 (B) (C) 5,030 5,030
Farmers Branch, Industrial Development, PPG
Industries Project, Ser 1992, VRDN, RB
4.125%, 03/07/95 (A) (B) 5,000 5,000
Harris County, Multi-Family Housing, Glen Hollow
Project, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 1,900 1,900
Harris County, Multi-Family Housing, Greenhouse
Project, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 2,400 2,400
Matagorda County, Hospital District, RB
4.900%, 08/01/95 (B) (C) 5,000 5,000
North Carolina National Bank Tax Exempt Trust, Ser
1990-B, VRDN, RB
4.500%, 03/07/95 (A) (B) (C) 7,075 7,075
--------
32,805
--------
UTAH -- 0.7%
Intermountain Power Agency, Utah Power Supply, Ser
F, RB
3.600%, 06/15/95 (B) 3,500 3,500
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Utah, RB
5.000%, 08/15/95 (B) (C) 154 154
</TABLE>
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ----------------------------------------------------------------------------
<S> <C> <C>
Salt Lake City Industrial Development Authority,
Deveraux Partners, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) $ 2,500 $ 2,500
--------
6,154
--------
VIRGINIA -- 5.2%
Louisa County Industrial Development Authority,
Virginia Pooled Finance, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 24,000 24,000
Norfolk Industrial Development Authority, Toys 'R'
Us, Ser 1984, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 2,500 2,500
Northwestern Mutual Life Tax Exempt Trust Mortgage
Trust, Virginia, RB
5.000%, 08/15/95 (B) (C) 104 104
Virginia State Housing Development Authority, AHC
Services Corps, Ser A,
VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 6,735 6,735
Virginia State Housing Development Authority,
Commonwealth Mortgage,
Ser D, RB
3.900%, 05/10/95 (B) 9,500 9,501
--------
42,840
--------
WASHINGTON -- 2.1%
Kent, Economic Development, Northwest Aluminum
Products, VRDN, RB
3.950%, 03/07/95 (A) (B) (C) 1,700 1,700
Redmond, Industrial Development, Pacific Circuit
Project, Ser 1988, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 1,080 1,080
Seattle Industrial Development Authority,
Northwestern Industries, Ser 1992, VRDN, RB
4.600%, 03/07/95 (A) (B) (C) 2,300 2,300
Seattle Municipal Light & Power, TECP
4.200%, 04/05/95 (B) 5,000 5,000
4.300%, 10/05/95 (B) 3,750 3,750
</TABLE>
23
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Washington State Housing Finance Commission, Pioneer
Human Services Program
Ser 1991, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) $ 3,380 $ 3,380
--------
17,210
--------
WEST VIRGINIA -- 1.9%
Charleston Building Community Parking Facility,
Charleston Town Center, VRDN, RB
4.200%, 03/07/95 (A) (B) (C) 11,920 11,920
Parkersburg, Industrial Development, B-H Associates
Project, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 3,500 3,500
--------
15,420
--------
WISCONSIN -- 2.8%
Chippewa Falls, USD, TRAN
4.560%, 09/29/95 4,750 4,752
Kenosha, USD #1, TRAN
5.000%, 08/25/95 5,000 5,012
Kettle, Moraine School District, TRAN
4.440%, 08/22/95 3,300 3,301
Northwestern Mutual, Life Tax Exempt Mortgage Trust,
Wisconsin, RB
5.000%, 08/15/95 (B) (C) 160 160
Oshkosh, Area High School District, Ser A, TRAN
4.500%, 09/14/95 4,000 4,004
Village of Menomonee Falls, Industrial Development,
Maysteel Corporation,
VRDN, RB
4.230%, 03/07/95 (A) (B) (C) 3,000 3,000
Village of Prentice, Industrial Development, Blount
Project, Ser 1992, VRDN, RB
4.250%, 03/07/95 (A) (B) (C) 2,700 2,700
--------
22,929
--------
WYOMING -- 0.2%
Cheyenne County, Holiday Inn, RB
4.150%, 04/01/95 (B) (C) 1,310 1,310
Northwestern Mutual Life Tax Exempt Mortgage Trust,
Wyoming, RB
5.000%, 08/15/95 (B) (C) 116 116
--------
1,426
--------
</TABLE>
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------
Face
Amount (000) Value (000)
- - ---------------------------------------------------------------
<S> <C> <C>
Total Municipal Bonds
(Cost $826,418,937) $826,419
--------
Total Investments (100.7%)
(Cost $826,418,937) 826,419
--------
OTHER ASSETS AND LIABILITIES -- -0.7%
Other Assets and Liabilities, Net (5,905)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
799,369,076 outstanding shares of beneficial
interest 799,369
Portfolio shares of Class B (unlimited
authorization -- no par value) based on
21,374,360 outstanding shares of beneficial
interest 21,374
Accumulated Net Realized Loss on Investments (160)
Overdistributed Net Investment Income (69)
--------
Total Net Assets: (100.0%) $820,514
========
Net Asset Value, Offering Price and Redemption
Price Per Share -- Class A $ 1.00
Net Asset Value, Offering Price and Redemption
Price Per Share -- Class B $ 1.00
========
</TABLE>
AMBACAmerican Municipal Bond Assurance Company
BANBond Anticipation Note
FGICFinancial Guaranty Insurance Corporation
GOGeneral Obligation
RANRevenue Anticipation Note
FNMAFederal National Mortgage Association
RBRevenue Bond
TANTax Anticipation Note
TAWTax Anticipation Warrant
TECPTax Exempt Commercial Paper
TRANTax & Revenue Anticipation Note
USDUnified School District
VRDNVariable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on February 28, 1995.
(B) Put and Demand Feature -- the date reported on the Statements of Net Assets
is the lesser of the maturity date or put date.
(C) Securities are held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(D) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
24
<PAGE>
- - --------------------------------------------------------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 104.1%
PENNSYLVANIA -- 101.1%
Beaver County Industrial Development, Duquesne
Light & Power, TECP
4.500%, 10/10/95 (B) (C) $ 500 $ 500
Berks County Industrial Development Authority,
Rilsaw Industrial Project, Elf Aquitaine, VRDN, RB
4.225%, 03/07/95 (A) (B) (C) 800 800
Bucks County Industrial Development Authority,
Edgecomb Metals Project, VRDN, RB
4.125%, 03/07/95 (A) (B) (C) 700 700
Butler County Industrial Development, Pennzoil
Project, VRDN, RB
4.800%, 03/07/95 (A) (B) (C) 600 600
Clarion County Industrial Development Authority, MTC
Incorporated Project, Ser A, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 500 500
Commonwealth of Pennsylvania, Ser 1, TAN
4.750%, 06/30/95 500 501
Delaware County Airport Facilities, Ser 85, VRDN, RB
3.750%, 03/01/95 (A) (B) 900 900
Delaware County Industrial Development Authority,
Henderson/Radnor Joint Venture Project, VRDN, RB
4.375%, 03/07/95 (A) (B) (C) 600 600
Delaware County Industrial Development Authority,
Philadelphia Electric Project,
Ser B, TECP
4.100%, 04/13/95 (B) (C) 400 400
Delaware County Industrial Development Authority,
Philadelphia Electric Project, TECP, FGIC Insured
4.250%, 08/25/95 (B) 600 600
Delaware County, GO
6.700%, 12/01/95 250 254
Delaware Valley Regional Government, Ser A, VRDN, RB
4.100%, 03/07/95 (A) (B) (C) 1,000 1,001
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Emmaus General Authority, Local Government
Authority, Ser 1989, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) $ 800 $ 800
Geisinger Health System Authority, Ser 1992-B, VRDN,
RB
3.600%, 03/01/95 (A) (B) (C) 700 700
Harrisburg, Multi-Family Housing, Washington Square
Project, VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 600 600
Langhorne Hospital Revenue Authority, Franciscan
Health Systems Project, Ser C,
VRDN, RB
3.750%, 03/01/95 (A) (B) (C) 600 600
Lebanon County Industrial Development Authority,
Environmental Improvement, Aluminum Company of
America, Ser 1992, VRDN, RB
4.250%, 03/07/95 (A) (B) 1,000 1,000
Lehigh County, General Purpose Hospital Central
Services, TECP
4.250%, 07/14/95 (B) (C) 500 500
Montgomery County Higher Education & Health
Authority, Holy Redeemer Hospital, VRDN, RB
3.900%, 03/07/95 (A) (B) 800 800
Montgomery County Industrial Development Authority,
Ikea Property Project, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 500 500
Montgomery County Industrial Development Authority,
Valley Square Project, VRDN, RB
4.000%, 03/07/95 (A) (B) (C) 200 200
Montgomery County, Industrial Development Authority,
Valley Square Project, VRDN, RB
4.250%, 03/07/95 (A) (B) 800 800
Pennsylvania Intergovernmental Cooperation
Authority, City of Philadelphia Special Tax Revenue
Funding Project, RB
9.000%, 06/15/95 800 810
Pennsylvania State Higher Education Facilities
Authority, Ser L, RB, AMBAC Insured
7.000%, 06/15/95 600 606
</TABLE>
25
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
PENNSYLVANIA TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania State University, University Project
Notes,
Ser A, SANS
5.500%, 12/21/95 $ 700 $ 702
Philadelphia Hospital & Higher Education Facilities
Authority, Children's Hospital Project, VRDN, RB
3.600%, 03/01/95 (A) (B) 600 600
Philadelphia Industrial Development Authority,
Multi-Family Housing, Harbor View Towers Project,
VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 415 415
Philadelphia Industrial Development Authority,
Philadelphia Airport Hotel, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 500 500
Philadelphia School District, TRAN
4.750%, 06/30/95 700 701
Philadelphia, Gas Works, Ninth Series, AMBAC
Insured, RB,
Pre-Refunded @ 102.50
9.000%, 03/15/95 (D) 250 257
Philadelphia, Ser B, TRAN
4.750%, 06/15/95 (C) 600 601
Quakertown Hospital Authority, HPS Group Pooled
Financing, VRDN, RB
3.800%, 03/07/95 (A) (B) (C) 500 500
Schuylkill County Industrial Development Authority,
Gilberton Power Project,
VRDN, RB
4.050%, 03/07/95 (A) (B) (C) 600 600
Schuylkill County Industrial Development Authority,
Westwood Energy Project, VRDN, RB
4.050%, 03/01/95 (A) (B) (C) 400 400
Scranton-Lackawanna Health & Welfare Authority,
Community Medical Center, RB,
Pre-Refunded @ 102
9.875%, 03/01/95 (D) 100 102
Warren County Hospital Authority, Warren General
Hospital Project, Ser 1994 B, VRDN, RB
4.150%, 03/07/95 (A) (B) (C) 600 600
-------
21,250
-------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
PUERTO RICO -- 3.0%
Puerto Rico, Commonwealth Public Improvement, GO,
Pre-Refunded @ 104
9.375%, 07/01/95 (D) $ 400 $ 422
Puerto Rico, Electric Power, Ser J, RB, Pre-Refunded
@ 103
9.125%, 07/01/95 (D) 200 209
-------
631
-------
Total Municipal Bonds
(Cost $21,881,049) 21,881
-------
Total Investments -- 104.1%
(Cost $21,881,049) 21,881
-------
OTHER ASSETS AND LIABILITIES -- -4.1%
Other Assets and Liabilities, Net (857)
-------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 21,024,230 outstanding shares of beneficial
interest 21,024
-------
Total Net Assets: -- 100.0% $21,024
=======
Net Asset Value, Offering Price and Redemption Price Per Share --
Class A $ 1.00
=======
</TABLE>
AMBACAmerican Municipal Bond Assurance Company
FGICFinancial Guaranty Insurance Corporation
GOGeneral Obligation
RBRevenue Bond
SANSState Anticipation Notes
TANTax Anticipation Note
TECPTax Exempt Commercial Paper
TRANTax & Revenue Anticipation Note
VRDNVariable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on February 28, 1995.
(B) Put and Demand Feature -- the date reported on the Statement of Net Assets
is the lesser of the maturity date or the put date.
(C) Securities are held in connection with a letter of credit from a major
commercial bank or financial institution.
(D) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
26
<PAGE>
- - --------------------------------------------------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 98.2%
ALASKA -- 3.7%
Anchorage Electric Utility, RB, MBIA Insured
8.000%, 12/01/06 $ 1,775 $ 2,141
8.000%, 12/01/07 1,310 1,583
-------
3,724
-------
ARIZONA -- 5.2%
Mohave County School District #1, GO, AMBAC Insured
9.250%, 07/01/99 225 260
Salt River, Agriculture Improvement & Power, RB
5.500%, 01/01/10 2,795 2,689
Santa Cruz County, Industrial Development, Citizens
Utilities Project, RB
7.000%, 08/01/97 (B) 400 418
Scottsdale, GO
5.300%, 07/01/07 1,000 960
Tempe, GO
8.000%, 07/01/01 735 830
-------
5,157
-------
CALIFORNIA -- 6.8%
Anaheim Public Finance Authority, Electric Utility
Project, RB,
MBIA Insured
5.400%, 10/01/08 2,000 1,908
California State, Veterans Affairs, Ser A, RB,
Callable 08/01/95 @ 100
6.450%, 02/01/01 1,300 1,305
Los Angeles Department of
Water & Power, RB
9.000%, 10/15/02 2,000 2,447
Riverside, Electric, RB,
Callable 10/01/03 @ 100
6.600%, 10/01/05 1,000 1,074
-------
6,734
-------
CONNECTICUT -- 1.7%
Connecticut State Multi-Family Mortgage, RB
4.600%, 04/01/97 (B) (C) 1,680 1,674
-------
FLORIDA -- 3.9%
Hillsborough County Utility Authority, RB, MBIA
Insured
9.750%, 12/01/03 (D) 1,425 1,794
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Jacksonville Electric Authority, Ser Two 1987 A-1,
RB,
Callable 10/01/97 @ 101.50
7.100%, 10/01/99 $ 1,000 $ 1,066
Volusia County, Master Lease Program, COP, FSA
Insured, Callable 08/01/01 @ 102
6.625%, 08/01/06 1,000 1,064
-------
3,924
-------
HAWAII -- 1.8%
Hawaii State, Ser BV, GO
5.700%, 11/01/99 1,750 1,776
-------
ILLINOIS -- 10.5%
Cook County, RB, MBIA Insured
7.250%, 11/01/07 2,000 2,240
Illinois Multi-Family Housing Authority, Section 8,
RB
10.625%, 07/01/14 20 20
Illinois State, GO
5.000%, 06/01/05 1,000 946
Illinois State, GO,
Callable 08/01/98 @ 102
6.375%, 08/01/00 1,000 1,049
McClean County Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,418
Metropolitan Pier & Exposition, RB
5.750%, 06/15/02 1,500 1,528
Schaumburg Park District, Ser B, GO, FGIC Insured
6.375%, 12/01/03 1,025 1,097
Springfield Electric Revenue, RB, Callable 03/01/96 @
102, 03/01/98 @ 100
7.750%, 03/01/06 2,000 2,103
-------
10,401
-------
KENTUCKY -- 4.9%
Kentucky State Housing Corporaton, Ser B, RB,
FHA Insured
4.850%, 07/01/04 1,700 1,583
Kentucky State Turnpike Authority, Ser A, RB,
Callable 07/01/96 @ 102
8.500%, 07/01/04 1,055 1,126
Kentucky State Turnpike Authority, TRAN, AMBAC
Insured
5.500%, 07/01/06 2,200 2,200
-------
4,909
-------
</TABLE>
27
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
LOUISIANA -- 1.8%
Louisiana State, GO, Callable 08/01/97 @ 102
7.000%, 08/01/02 $ 1,750 $ 1,846
-------
MASSACHUSETTS -- 6.2%
Lowell, GO, FSA Insured, Callable 02/15/01 @ 103
8.300%, 02/15/05 1,855 2,163
Massachusetts Bay Transportation Authority, General
Transportation System, GO
7.000%, 03/01/07 3,000 3,350
Massachusetts Municipal Wholesale Electric Company,
Ser A, RB, Mandatory Redemption @ 100
8.750%, 07/01/98 (B) 5 6
8.750%, 01/01/99 (B) 5 6
8.750%, 07/01/99 (B) 5 5
8.750%, 07/01/00 (B) 5 6
8.750%, 01/01/02 (B) 5 6
8.750%, 07/01/02 (B) 5 6
8.750%, 01/01/03 (B) 5 6
8.750%, 07/01/03 (B) 5 6
8.750%, 01/01/04 (B) 5 6
8.750%, 07/01/04 (B) 10 11
8.750%, 07/01/05 (B) 5 6
Massachusetts, Dedicated Income Tax, Ser A, GO
7.875%, 06/01/97 545 576
-------
6,159
-------
MICHIGAN -- 3.8%
Michigan State Housing Development Authority,
Ser 1983-B, RB
02/01/15 13,440 1,747
Michigan State Housing Development Authority,
Ser A, RB
5.100%, 04/01/97 1,000 995
Michigan State Housing Development Authority, Ser A,
RB, Callable 10/01/02 @ 102
6.200%, 04/01/03 1,000 1,025
-------
3,767
-------
MISSISSIPPI -- 1.6%
Mississippi State Capital Improvement, Ser A, GO
5.100%, 08/01/07 1,685 1,607
-------
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
NEW HAMPSHIRE -- 1.0%
Nashua, GO, AMBAC Insured
5.350%, 07/15/06 $ 1,020 $ 986
-------
NEW JERSEY -- 4.6%
New Jersey State Mortgage Housing & Finance Agency,
Section 8, RB
6.000%, 11/01/02 2,000 2,054
New Jersey State Transportation Authority, RB
5.000%, 12/15/97 2,000 1,993
New Jersey State Waste Water Treatment, RB,
Pre-Refunded @ 100.75
8.600%, 09/01/97 (A) 450 493
-------
4,540
-------
NEW MEXICO -- 1.8%
Albuquerque Gross Receipts Tax Refunding, Ser A, RB,
Callable 07/01/96 @ 102
7.500%, 07/01/01 725 766
Santa Fe, Saint Vincent's Hospital Project, RB, FGIC
Insured, Pre-Refunded @ 100
7.500%, 07/01/02 (A) 900 1,025
-------
1,791
-------
NEW YORK -- 3.2%
New York State Dormatory Authority, RB
6.700%, 07/01/03 200 201
New York State Medical Care Facility Agency, RB
6.000%, 02/15/97 335 339
New York State Urban Development Correctional
Facilities, Ser G, RB, Callable 01/01/00 @ 102
7.100%, 01/01/03 2,500 2,681
-------
3,221
-------
OHIO -- 5.5%
Clermont County, Hospital Facilities, Mercy Health
Care, RB, AMBAC Insured, Callable 09/01/95 @ 102
9.750%, 09/01/13 1,000 1,046
Franklin County Convention Facility Authority, RB,
Pre-Refunded @ 102
7.000%, 12/01/00 (A) 2,000 2,223
</TABLE>
28
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Ohio State Public Facilities Commission, Higher
Education, RB, Callable 06/01/97 @ 102
7.000%, 06/01/99 $ 2,100 $ 2,226
-------
5,495
-------
OKLAHOMA -- 0.7%
Central Oklahoma Transportation & Parking Authority,
RB
6.000%, 07/01/03 (D) 170 177
Tulsa Industrial Development Authority, St Johns
Medical Center, RB
6.875%, 01/01/02 (D) 500 536
-------
713
-------
PENNSYLVANIA -- 3.1%
Easton Joint School Authority, RB
5.350%, 04/15/02 (D) 285 289
Pennsylvania State University, RB, Pre-Refunded @ 102
6.750%, 07/01/99 (A) 2,000 2,158
Westmoreland County Municipal Authority, Special
Obligation
9.125%, 07/01/10 (D) 500 619
-------
3,066
-------
SOUTH CAROLINA -- 2.3%
South Carolina Public Service Authority, Electric
Improvement Revenue, RB, Callable
07/01/01 @ 102
6.700%, 07/01/02 1,220 1,327
South Carolina Public Service Authority, Ser A, RB,
Callable 07/01/95 @ 102
6.600%, 07/01/03 900 920
-------
2,247
-------
SOUTH DAKOTA -- 0.3%
South Dakota Student Loan Assistance Corporation,
Ser A, RB
7.000%, 08/01/98 250 259
-------
TEXAS -- 9.6%
Austin Independent School District, RB
9.000%, 07/01/99 (D) 645 742
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Austin Utility Systems, Ser 1992-B, RB, Callable
11/15/98 @ 102
7.250%, 11/15/03 $ 1,000 $ 1,080
7.750%, 11/15/08 600 658
Austin Utility Systems, Ser 1992-B, RB, FGIC Insured
5.800%, 11/15/06 1,000 1,013
Harris County, GO
10.000%, 10/01/00 1,850 2,257
Humble, GO
7.625%, 02/01/00 (C) 1,000 1,105
San Antonio Electric & Gas, RB, Callable 02/01/99 @
101.5
7.000%, 02/01/00 1,500 1,614
Texas Housing Finance Authority, RB, Callable
07/01/95 @ 102
8.900%, 09/01/98 80 82
Texas Municipal Power Agency, RB, MBIA Insured
5.500%, 09/01/10 1,000 965
-------
9,516
-------
UTAH -- 1.6%
Salt Lake City Airport, RB
7.400%, 06/01/00 1,540 1,629
-------
VIRGINIA -- 1.1%
Virginia Beach, GO,
Pre-Refunded @ 102
6.600%, 08/01/01 (A) 1,000 1,090
-------
WASHINGTON -- 4.5%
Grant County, Public Utility District #2, RB
5.625%, 01/01/07 2,470 2,377
King County Library Systems, GO
4.700%, 12/01/05 1,000 935
Washington State, GO, Callable 08/01/00 @ 100
6.750%, 08/01/03 700 742
Washington State, GO, Callable 09/01/01 @ 101
6.300%, 09/01/02 400 421
-------
4,475
-------
WASHINGTON, D.C. -- 2.6%
District of Columbia, Ser A, GO
4.250%, 06/01/97 1,790 1,678
5.125%, 06/01/99 1,000 925
-------
2,603
-------
</TABLE>
29
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
WISCONSIN -- 4.4%
Milwaukee, Ser BV, GO, Callable 06/01/99 @ 100
6.750%, 06/01/00 $ 1,155 $ 1,214
Wisconsin State Clean Water Authority, RB
6.875%, 06/01/11 1,640 1,794
Wisconsin State Housing & Economic Development
Authority, RB, FHA Insured, Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,339
-------
4,347
-------
Total Municipal Bonds
(Cost $98,593,496) 97,656
-------
CASH EQUIVALENTS -- 0.3%
SEI Institutional Tax Free Portfolio
3.930%, 03/07/95 347 347
-------
Total Cash Equivalents
(Cost $346,505) 347
-------
Total Investments -- 98.5%
(Cost $98,940,001) 98,003
-------
OTHER ASSETS AND LIABILITIES -- 1.5%
Other Assets and Liabilities, Net 1,485
-------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 9,544,565 outstanding shares of beneficial
interest 101,000
Portfolio shares of ProVantage Class (unlimited authorization --
no par value) based on 92,422 outstanding shares of beneficial
interest 1,000
Accumulated Net Realized Loss on Investments (1,996)
Net Unrealized Depreciation of Investments (936)
Undistributed Net Investment Income 420
-------
Total Net Assets: -- 100.0% $99,488
=======
Net Asset Value, Offering Price and Redemption Price Per Share --
Class A $ 10.32
Net Asset Value and Redemption Price Per Share -- ProVantage Class $ 10.32
Maximum Offering Price Per Share --ProVantage Class
($10.32 / 96.5%) $ 10.69
=======
</TABLE>
AMBACAmerican Municipal Bond Assurance Company
COPCertificate of Participation
FGICFinancial Guaranty Insurance Corporation
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -----------------------------------------------------------------------------
FHAFederal Housing Agency
FSAFinancial Security Assurance
GOGeneral Obligation
MBIAMunicipal Bond Insurance Association
RBRevenue Bond
TRANTax & Revenue Anticipation Note
(A) Pre-Refunded Security -- the date reported on the Statement of the Net
Assets is the pre-refunded date.
(B) Mandatory Redemption -- the date reported on the Statement of the Net
Assets is the mandatory redemption date.
(C) Security is held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(D) Security is escrowed to maturity.
PENNSYLVANIA MUNICIPAL PORTFOLIO
<S> <C> <C>
MUNICIPAL BONDS -- 97.6%
GUAM -- 0.5%
Guam Government Highway, Ser 1992-A, GO,
CGIC Insured
5.100%, 05/01/97 $ 500 $ 503
--------
PENNSYLVANIA -- 96.0%
Allegheny County Hospital Development Authority,
Children's Hospital of Pittsburgh, Ser 1991, RB,
MBIA Insured
6.600%, 07/01/01 1,000 1,065
Allegheny County Hospital Development Authority,
Magee-Women's Hospital, Ser 1993, RB, FGIC Insured
5.200%, 10/01/05 1,000 968
Allegheny County Hospital Development Authority,
Mercy Hospital of Pittsburgh, Ser 1989, RB, BIGI
Insured, Callable 10/17/98 @ 100
6.875%, 10/01/99 1,000 1,040
Allegheny County Hospital Development Authority,
Presbyterian University Hospital, Ser C, RB, MBIA
Insured
6.900%, 07/01/98 1,000 1,068
</TABLE>
30
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Allegheny County Industrial Development Authority,
Commercial Development, Timber Court Building
Project, Ser 1985, RB, Putable 04/01/95 @ 100
6.625%, 04/01/10 $1,780 $ 1,777
Allegheny County Institution District, Ser 18, GO,
MBIA Insured
7.000%, 04/01/02 1,000 1,074
Allegheny County Sanitary Authority, Ser 1992, Sewer,
RB, FGIC Insured
5.200%, 12/01/00 1,000 1,004
Allegheny County, Ser C-38, GO, AMBAC Insured
6.200%, 09/01/01 1,000 1,045
Allegheny County,
Ser C-42, GO
4.600%, 10/01/03 1,000 929
Beaver County Hospital Authority, Medical Center
Project, Ser 1992, RB, AMBAC Insured
6.100%, 07/01/01 1,000 1,051
Beaver County Housing Authority, First Mortgage
Guaranteed, Section 8, Ser 1980, RB, MBIA Insured,
Callable 03/19/97 @ 100
7.875%, 07/01/99 520 516
Berks County Municipal Hospital Authority, Hospital
Revenue, Reading Hospital & Medical Center Project,
Ser 1993, RB, MBIA Insured
5.000%, 10/01/02 1,000 976
Berks County, Second Ser 1992, GO, FGIC Insured
5.150%, 11/15/01 750 743
Berks County, Second Ser 1993, GO, FGIC Insured
4.550%, 05/15/04 1,000 904
Bucks County Industrial Development Authority,
Grandview Hospital, Ser 91, RB, AMBAC Insured
6.600%, 07/01/01 500 540
</TABLE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Bucks County Redevlopment Authority, Mortgage
Revenue, Warminster Heights, Section 8,
Ser 1992-A, RB, FHA Insured,
Callable 02/17/96 @ 100
5.750%, 08/01/97 $ 125 $ 126
Bucks County Redevelopment Authority, Mortgage
Revenue, Warminster Heights, Section 8,
Ser 1992-A, RB, FHA Insured,
Callable 06/01/00 @ 100
6.250%, 08/01/02 315 324
Chartiers Valley Industrial & Commercial Development
Authority, Colonial Building Partners Project, Ser
1985, RB, Callable 10/14/97 @ 100
5.625%, 12/01/15 (B) 960 960
Chester County Hospital Authority, Chester County
Hospital, Ser 1986,
RB, MBIA Insured
5.900%, 07/01/95 300 302
Clearfield County Industrial Development Authority,
First Mortgage, K-Mart Corporation, Ser 1991-A, RB,
Callable 07/18/95 @ 100
6.500%, 07/01/96 100 101
Clearfield County Industrial Development Authority,
First Mortgage, K-Mart Corporation, Ser 1992-A, RB
6.250%, 11/15/00 230 229
Clinton County Industrial Development Authority,
First Mortgage, K-Mart Corporation, Ser 1992-A, RB,
Callable 12/03/96 @ 100
5.500%, 05/15/99 110 106
Cumberland Valley School District, Ser 1991-A, GO
5.900%, 09/01/98 500 504
Dauphin County General Authority, Phoenixville
Hospital, Hapsco Group Incorporated, Ser 1992-A,
RB, FGIC Insured
5.900%, 07/01/05 845 869
</TABLE>
31
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Delaware County Authority, Haverford College, Ser
1993, RB, MBIA Insured
3.500%, 11/15/96 $ 145 $ 139
Delaware County Industrial Development Authority,
Resource-Recovery Project, Ser 1993-G, RB, Mandatory
Put 12/01/96 @ 100
4.250%, 12/01/13 (B) 1,000 989
Delaware County Regional Water Quality Control
Authority, Sewer Revenue, Ser 93-A, RB, FGIC Insured
4.000%, 05/01/97 1,000 990
Delaware County, GO
6.900%, 12/01/96 255 264
Delaware County, GO,
Pre-Refunded @ 100
6.900%, 09/01/96 (A) 245 253
Erie County Hospital Authority, Hamot Medical Center,
RB, AMBAC Insured
6.700%, 02/15/02 500 541
Erie County, Ser 1991-A, GO, FGIC Insured
6.100%, 09/01/00 1,000 1,044
Erie, Ser A, GO, FGIC Insured
4.700%, 11/01/03 500 477
Fort Le Boeuf School District, Ser 1993-A, GO,
MBIA Insured
5.150%, 01/01/02 500 494
Greater Johnstown School District, Ser 1993,
GO, MBIA Insured
3.500%, 09/01/96 785 770
Greene County Industrial Development Authority,
Pollution Control Revenue, Monogahela Power-Hatfield
Ferry, Ser A, RB
6.300%, 02/01/02 1,000 1,003
Harrisburg Authority, Water Revenue, Ser 1991,
RB, FGIC Insured
6.500%, 07/15/00 (C) 1,000 1,068
Harrisburg Authority, Water Revenue, Ser B-1,
RB, FGIC Insured
5.100%, 07/15/02 1,000 979
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Huntingdon Area School District, Ser 1993-A, GO, MBIA
Insured
4.800%, 02/01/04 $ 400 $ 384
Lackawanna River Basin Sewer Authority, Ser 1970,
Sewer RB
7.000%, 09/01/95 (C) 20 20
Lancaster Area Sewer Authority, Ser 1992,
RB, MBIA Insured
4.750%, 04/01/97 600 603
5.000%, 04/01/98 600 605
Lancaster Sewer Authority,
Ser 1987, RB
6.200%, 06/01/97 500 514
Lehigh County General Purpose Authority, Saint Luke's
Hospital of Bethlehem, Project RB, AMBAC Insured
5.100%, 11/15/03 1,000 973
Luzerne County, Ser 1991, GO, FGIC Insured
6.800%, 09/15/02 500 542
Lycoming County Authority, Pennsylvania College of
Technology, Ser 1990,
RB, AMBAC Insured
6.750%, 11/01/99 1,000 1,080
Montgomery County Higher Education & Health
Authority, Abington Memorial Hospital, Ser
1991-A, RB, AMBAC Insured
6.200%, 06/01/00 800 839
6.300%, 06/01/01 1,000 1,056
Montgomery County Industrial Development Authority,
Star Dental Manufacturing,
RB, Callable 08/10/96 @ 100
7.000%, 08/01/98 195 196
Montgomery County Redevelopment Authority, Multi-
Family Housing, Gwynedd-Oxford Project,
RB, Mandatory Put
12/01/96 @ 100
6.125%, 08/01/07 2,000 2,000
</TABLE>
32
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Montgomery County Redevelopment Authority, Multi-
Family Mortgage, Pheasant Run, RB,
FHA Insured,
Callable 02/29/00 @ 100
4.750%, 07/15/03 $1,000 $ 964
Norristown Area School District, Ser 1991,
Bank Qualified GO
6.650%, 09/01/02 100 108
North Allegheny School District, Ser 1990, GO, AMBAC
Insured,
Pre-Refunded @ 100
7.100%, 05/01/00 (A) 250 273
North Hills School District,
Ser 1991, GO, MBIA Insured
6.750%, 07/15/03 1,000 1,089
North Penn Water Authority, Ser 1992, RB, FGIC
Insured
5.650%, 11/01/04 1,000 1,015
Northampton County Higher Education Authority,
Lehigh University,
RB, MBIA Insured
6.750%, 11/15/99 1,000 1,080
Northampton County Higher Education Authority,
Lehigh University,
Ser 1993-B, RB, MBIA Insured
4.300%, 07/01/97 1,000 996
Northern Lebanon School District, Ser 1993, GO, AMBAC
Insured
4.650%, 04/01/04 500 476
Northumberland County Authority, Commonwealth Lease
Revenue, Ser 1991,
RB, MBIA Insured
6.400%, 10/15/00 1,000 1,056
Pennsylvania Commonwealth Highway, GO
4.000%, 09/01/00 500 460
4.000%, 10/15/00 235 216
Pennsylvania Commonwealth Highway, GO,
AMBAC Insured
4.000%, 06/01/02 415 374
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania Commonwealth, COP
4.600%, 12/01/97 $1,000 $ 989
Pennsylvania Commonwealth, COP, RB
6.200%, 06/01/96 500 503
Pennsylvania Commonwealth, GO
4.000%, 10/15/00 515 475
Pennsylvania Commonwealth, GO, AMBAC Insured
4.000%, 06/01/02 585 527
Pennsylvania Commonwealth, Ser 1993-A, COP,
AMBAC Insured
5.100%, 07/01/04 1,000 958
Pennsylvania Convention Center Authority, Ser 1989-A,
RB, FGIC Insured
6.400%, 09/01/97 1,000 1,039
Pennsylvania Higher Education Assistance Agency,
Student Loan Adjustable Rate Tender, Ser 1985-A, RB,
FGIC Insured
6.800%, 12/01/00 1,675 1,783
Pennsylvania Higher Education, Drexel University,
RB, MBIA Insured
7.000%, 05/01/02 1,000 1,066
Pennsylvania Higher Educational Facilities Authority,
College & University, Carnegie RIDC Regional Growth
Fund, RB
8.400%, 11/01/97 100 105
Pennsylvania Higher Educational Facilities Authority,
College & University, Drexel University, First Ser
1990, RB,
MBIA Insured
7.125%, 05/01/03 750 802
Pennsylvania Higher Educational Facilities Authority,
College & University, Hahnemann University Project,
Ser 1989, RB, MBIA Insured
6.600%, 07/01/96 500 510
</TABLE>
33
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania Higher Educational Facilities Authority,
College & University, Hahnemann University Project,
Ser 1991, RB, MBIA Insured
6.400%, 07/01/01 $ 570 $ 601
6.600%, 07/01/03 535 572
Pennsylvania Higher Educational Facilities Authority,
College & University, Messiah College, Ser 1990, RB,
MBIA Insured
6.700%, 10/01/99 500 504
Pennsylvania Higher Educational Facilities Authority,
Dickinson College, Ser 1992, RB
5.600%, 08/01/98 500 510
Pennsylvania Higher Educational Facilities Authority,
Philadelphia College of Pharmacy,
Ser 1989-A, RB, MBIA Insured, Callable 03/07/99 @
100
6.750%, 09/01/99 500 526
Pennsylvania Higher Educational Facilities Authority,
State System of Higher Education, Ser E, RB, MBIA
Insured
6.450%, 06/15/01 400 429
Pennsylvania Higher Educational Facilities Authority,
Susquehanna University, Ser 1990, RB, AMBAC Insured
6.500%, 03/01/97 500 513
6.600%, 03/01/98 500 519
Pennsylvania Housing Finance Agency, Rental Housing,
Ser 1991, RB
5.450%, 07/01/06 2,000 1,927
Pennsylvania Housing Finance Agency, Single Family
Mortgage, Ser 1992-33, RB
5.700%, 04/01/98 330 331
Pennsylvania Housing Finance Agency, Single Family
Mortgage, Ser K, RB
6.000%, 10/01/96 200 202
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania Housing Finance Agency, Single Family
Mortgage, Ser N, RB
7.500%, 10/01/99 $ 200 $ 206
Pennsylvania Industrial Development Authority,
Economic Development,
Ser 1991-A, RB
6.400%, 07/01/97 1,000 1,026
Pennsylvania Intergovernmental Cooperation Authority,
Special Tax Revenue, City of Philadelphia Funding
Program, Ser 1992,
RB, FGIC Insured
5.050%, 06/15/04 1,000 958
Pennsylvania Intergovernmental Cooperation Authority,
Special Tax, City of Philadelphia Funding Program,
Ser 1993, RB,
FGIC Insured
6.000%, 06/15/00 1,000 1,033
Pennsylvania State University, Second Ser 1992, RB
4.800%, 08/15/99 500 491
Pennsylvania State University, Ser 1989, RB,
Pre-Refunded @ 102
6.750%, 07/01/99 (A) 1,000 1,079
Pennsylvania Turnpike Commission, Pennsylvania
Turnpike, Ser 1986-F, RB, AMBAC Insured
6.500%, 12/01/97 1,000 1,043
Pennsylvania Turnpike Commission, Pennsylvania
Turnpike, Ser 1991-L, RB, MBIA Insured
5.800%, 12/01/96 500 514
Pennsylvania Turnpike Commission, Pennsylvania
Turnpike, Ser H, RB,
FGIC Insured
6.600%, 12/01/99 (C) 1,000 1,066
Philadelphia Airport, Ser 1978, RB, MBIA Insured
5.900%, 06/15/96 270 271
</TABLE>
34
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Philadelphia Authority for Industrial Development,
Convertible Project, PGH Development, Ser 1989,
RB, AMBAC Insured,
Callable 03/11/97 @ 100
7.000%, 07/01/99 $1,400 $ 1,477
Philadelphia Gas Works Revenue, Tenth Series, RB,
BIGI Insured
6.600%, 07/01/95 500 503
Philadelphia Municipal Authority, Justice Lease,
Ser B, RB, FGIC Insured
6.700%, 11/15/01 1,000 1,083
Philadelphia Municipal Authority, Municipal Services
Building, Lease Rental, Ser 1990, RB, CGIC Insured
6.900%, 03/15/99 1,000 1,069
Philadelphia Regional Port Authority, Ser 1993,
Commonwealth Lease, RB, MBIA Insured
4.100%, 09/01/95 500 501
Philadelphia School District, Ser 1991-B, GO, MBIA
Insured, Callable 07/01/01 @ 100
7.000%, 07/01/05 250 277
Philadelphia Water & Sewer, Ser 15, MBIA Insured
6.850%, 10/01/99 500 539
Philadelphia, Ser 1994-B, RB
5.100%, 11/15/00 1,000 993
Pittsburgh Public Parking Authority, Ser 1992-A, RB,
FGIC Insured,
Callable 12/14/04 @ 100
5.750%, 12/01/05 1,000 1,019
Pittsburgh School District, Ser 1993-A, GO, FGIC
Insured
4.850%, 09/01/03 500 473
Pittsburgh Urban Redevelopment Authority, Home
Improvement Loans, RB, FHA Insured,
Callable 08/01/97 @ 102
7.125%, 08/01/04 835 865
Pittsburgh Water & Sewer Authority, Ser 1993-A, RB,
FGIC Insured
4.900%, 09/01/07 2,000 1,763
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Pittsburgh, Ser B, GO,
FGIC Insured
6.500%, 03/01/96 $ 575 $ 585
7.000%, 03/01/01 775 820
Rose Tree Media School District, Delaware County, Ser
1993, GO, FGIC Insured
5.000%, 02/15/06 1,000 939
Saint Mary's Area School District, Elk County, Ser
1993-A, GO, MBIA Insured
5.200%, 01/01/07 1,000 948
Sayre Health Care Facilities Authority, Guthrie
Health Care, Ser 1991-A, RB, AMBAC Insured
6.800%, 03/01/03 1,000 1,086
Scranton Lackawanna Health & Welfare Authority,
Community Medical Center Project, Ser 1988, RB,
BIGI Insured,
Callable 03/14/97 @ 100
7.250%, 07/01/99 1,015 1,105
Scranton Lackawanna Health & Welfare Authority,
Community Medical Center Project, Ser 1989, RB,
FGIC Insured
6.900%, 07/01/98 500 534
7.000%, 07/01/99 250 271
Seneca Valley School District, Ser 1991-B, GO,
MBIA Insured
6.250%, 01/01/01 500 519
Seneca Valley School District, Ser B, GO, FGIC
Insured
5.500%, 07/01/04 750 751
Somerset County Industrial Development Authority,
First Mortgage Revenue, K-Mart Corporation, Ser
1991-A, RB, Callable 07/09/95 @ 100
6.750%, 04/01/96 90 91
South Middleton Township Municipal Authority,
Guaranteed Sewer Revenue, Ser 1992, RB, MBIA Insured
5.000%, 02/01/98 135 136
</TABLE>
35
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
South Middleton Township Municipal Authority,
Guaranteed Water Revenue, Ser 1992, RB, MBIA Insured
4.750%, 02/01/97 $ 145 $ 146
5.000%, 02/01/98 155 156
South Side Area School District, Ser 1991, GO, AMBAC
Insured, Pre-Refunded @ 100
6.550%, 04/15/98 (A) 260 272
State Public Building Authority, Tuscarora School
District, Ser 1992-B, RB
5.500%, 10/15/00 510 505
State Public School Building Authority, Hazleton Area
School District, Ser 1991-J, RB, FGIC Insured
5.250%, 03/01/96 1,000 1,010
State Public School Building Authority, Pennsave
Program, West Perry School District, Ser 1993-H, RB,
MBIA Insured
4.000%, 11/15/97 245 242
State Public School Building Authority, RB
10.375%, 11/01/06 (C) 30 31
State Public School Building Authority, Reading
School District Project, Ser B, RB, MBIA Insured
5.450%, 07/15/98 1,000 1,025
5.600%, 07/15/99 500 515
Swarthmore Borough Authority, Swarthmore College, Ser
1990, RB
6.650%, 09/15/99 250 266
6.750%, 09/15/00 250 269
Twin Valley School District, Ser 1992-C, GO, FGIC
Insured
5.600%, 10/01/04 520 526
University Area Joint Authority, Sewer RB, MBIA
Insured, Pre-Refunded @ 101
7.000%, 09/01/00 (A) 750 819
University of Pittsburgh, Higher Education Authority,
Ser 1992-B, RB, MBIA Insured
6.000%, 06/01/04 1,250 1,302
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Upper Allegheny Joint Sanitary Authority, Ser 1992,
Sewer RB, FGIC Insured
5.700%, 09/01/05 $1,095 $ 1,103
Washington County Authority, Municipal Facilities
Lease, Pooled Capital, Ser C, Subseries C-1A, RB,
AMBAC Insured
6.700%, 12/15/97 200 210
7.000%, 12/15/00 400 439
Washington County Hospital Authority, Shadyside
Hospital Project, Ser 1992, RB, AMBAC Insured
5.875%, 12/15/04 1,000 1,030
Washington School District,
Ser 1993-A, GO, FGIC Insured
5.250%, 09/01/02 1,000 986
5.700%, 09/01/06 1,000 995
West Chester Area Municipal Authority, Water RB,
FGIC Insured
5.000%, 02/01/05 500 473
5.100%, 02/01/06 500 471
Westmoreland County Industrial Development Authority,
Westmoreland Health System, Ser 1992-A, RB, AMBAC
Insured
5.800%, 07/01/04 565 578
Westmoreland County Industrial Development Authority,
Westmoreland Health System, Ser A, RB, AMBAC Insured
5.900%, 07/01/05 595 608
Westmoreland County, Commercial Development Project,
First Mortgage Revenue, K-Mart Corporation, Ser A,
RB, Callable 05/02/98 @ 100
6.500%, 05/01/01 280 279
Wyoming Valley Sanitation Authority, Sewer Revenue,
Ser 1989, RB, BIGI Insured
6.700%, 11/15/97 700 733
6.800%, 11/15/98 495 527
York County Hospital Authority, Ser 1991, RB, AMBAC
Insured
6.400%, 07/01/98 500 528
</TABLE>
36
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
York County Solid Waste & Refuse Authority,
Industrial Development Resource Recovery, Ser 1985,
RB
6.500%, 12/01/95 (B) $ 800 $ 812
--------
102,432
--------
PUERTO RICO -- 1.1%
Puerto Rico Commonwealth, Public Improvement, GO
7.125%, 07/01/02 905 961
Puerto Rico Commonwealth, Public Improvement, GO,
Pre-Refunded @ 102
7.125%, 07/01/97 (A) 195 209
--------
1,170
--------
Total Municipal Bonds
(Cost $102,067,055) 104,105
--------
CASH EQUIVALENTS -- 0.9%
Tax Exempt Trust -- Tax Free Portfolio
3.720%, 03/07/95 975 975
--------
Total Cash Equivalents
(Cost $975,331) 975
--------
Total Investments -- 98.5%
(Cost $103,042,386) 105,080
--------
OTHER ASSETS AND LIABILITIES -- 1.5%
Other Assets and Liabilities, Net 1,612
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on 10,213,464
outstanding shares of beneficial interest 105,153
Accumulated Net Realized Loss on Investments (933)
Net Unrealized Appreciation of Investments 2,037
Undistributed Net Investment Income 435
--------
Total Net Assets: -- 100.0% $106,692
========
Net Asset Value, Offering Price and Redemption Price
Per Share --Class A $ 10.45
========
</TABLE>
AMBACAmerican Municipal Bond Assurance Company
BIGIBond Investors Guaranty Insurance Corporation
CGICCapital Guaranty Insurance Corporation
COPCertificate of Participation
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ----------------------------------------------------------------------------
FGICFinancial Guaranty Insurance Corporation
FHAFederal Housing Agency
GOGeneral Obligation
MBIAMunicipal Bond Insurance Association
RBRevenue Bond
(A) Pre-Refunded Security -- the maturity date shown on the Statement of Net
Assets is the pre-refunded date.
(B) Security is held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(C) Security is escrowed to maturity.
KANSAS TAX FREE INCOME PORTFOLIO
<S> <C> <C>
MUNICIPAL BONDS -- 97.0%
GUAM -- 1.7%
Guam Government Highway
Bonds, Ser A, GO, CGIC
Insured
5.300%, 08/15/96 $ 250 $ 251
5.100%, 05/01/97 250 251
5.500%, 05/01/99 200 203
6.300%, 05/01/12 100 103
Guam Power Authority,
Ser A, GO, AMBAC
Insured
4.600%, 10/01/97 250 248
-------
1,056
-------
KANSAS -- 95.3%
Anderson County, USD
#365 Garnett, Ser 1991,
GO
6.400%, 09/01/05 250 263
6.500%, 09/01/06 250 264
Arkansas City, GO
3.800%, 12/01/99 285 259
Belleville Electric &
Gas, Ser A, RB
5.000%, 12/01/98 150 150
5.500%, 12/01/02 175 177
5.700%, 12/01/04 150 152
Butler County, Bank
Qualified GO, CGIC
Insured
4.150%, 10/01/01 250 234
4.300%, 10/01/02 250 233
Chanute Electric Light,
Water &
Gas, RB
6.900%, 11/01/05 600 638
Cherokee County, USD
#499, GO
5.800%, 10/01/09 200 203
5.900%, 10/01/10 215 218
5.950%, 10/01/11 225 229
Clay County, Clay
Center, Ser 1992, Bank
Qualified GO
5.300%, 04/01/00 250 252
5.400%, 04/01/01 250 251
</TABLE>
37
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Clay County, Ser 1994-B, GO
6.200%, 10/01/15 $ 250 $ 251
Coffeyville Water & Sewer, Ser 1993, RB, AMBAC
Insured
4.600%, 10/01/04 465 443
4.700%, 10/01/05 490 466
Coffeyville, COP
5.875%, 10/01/14 250 243
Cowley County, USD #465 School Improvement Bonds,
Winfields, Ser 1991, GO
6.000%, 11/01/97 250 256
Decatur County, Ser 1992, Bank Qualified GO
6.000%, 09/01/01 250 256
Dickinson County, Abilene School District, Ser 1992,
Bank
Qualified GO
5.400%, 04/01/01 265 263
5.600%, 04/01/03 300 296
Dodge City, Pollution Control Revenue, Excel Project,
RB
6.625%, 05/01/05 700 739
Dodge, USD #443, Ford County, GO, CGIC Insured
4.700%, 03/01/07 180 164
4.900%, 09/01/07 540 501
4.800%, 03/01/08 360 327
5.000%, 03/01/14 250 222
Douglas County, USD #497,
Ser 1993-A, GO
4.500%, 09/01/02 250 233
Emporia Sewer System, Ser 1990, RB, Pre-Refunded @
100.50
7.100%, 06/01/98 (A) 300 320
Emporia, Ser B, GO
5.150%, 09/01/00 155 155
5.250%, 09/01/01 165 166
6.000%, 09/01/06 175 181
Finney County, Garden City Project, Ser 1991, GO
5.700%, 10/01/98 500 509
Finney County, USD #457, GO
5.500%, 10/01/99 185 187
5.550%, 10/01/00 250 254
Ford County, Single Family Mortgage, Ser A, RB
7.900%, 08/01/10 395 425
Garden City, Ser B, GO
4.900%, 11/01/99 250 248
5.000%, 11/01/04 250 254
Garden City, Water & Sewer RB
6.500%, 11/01/00 125 133
6.750%, 11/01/03 125 133
</TABLE>
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ----------------------------------------------------------------------------
<S> <C> <C>
Gardner, Electric Utility,
Ser 1992, RB
7.000%, 11/01/09 $ 500 $ 526
Gray County, USD #102, GO
6.000%, 09/01/04 100 103
6.200%, 09/01/06 125 129
6.800%, 09/01/15 250 258
Great Bend, Ser B, GO,
Pre-Refunded @ 100
5.900%, 09/01/96 (A) 250 255
6.300%, 09/01/02 250 256
Halstead Hospital, Active Sinking Fund, RB
6.750%, 10/01/06 270 293
Hays, Internal Improvement, Ser A, GO
5.200%, 09/01/01 105 105
5.300%, 09/01/02 110 110
5.500%, 09/01/04 120 122
Hays, Water & Sewer, Ser 1992, Bank Qualified RB,
AMBAC Insured
5.600%, 09/01/99 100 103
5.800%, 09/01/00 100 104
6.200%, 09/01/03 100 105
6.400%, 09/01/05 180 188
Holton, Electrical Systems,
Ser 1992-A, RB
6.400%, 12/01/06 150 155
6.500%, 12/01/07 150 155
Hutchinson, Single Family Mortgage, Ser 1992, RB
6.000%, 12/01/07 25 26
6.500%, 12/01/09 500 516
Hutchinson, Water & Sewer, Ser 1993, RB, AMBAC
Insured
6.850%, 12/01/05 150 167
5.000%, 12/01/11 225 206
Jackson County, Holton School Boards USD #336, Ser
1992, Bank Qualified GO
6.200%, 10/01/07 205 216
6.300%, 10/01/08 125 133
Jefferson County, USD #340, GO
6.000%, 09/01/06 300 311
6.100%, 09/01/07 320 331
6.200%, 09/01/08 330 342
Johnson County, Blue Valley Recreation Commission,
COP, Ser 1991, GO
6.000%, 10/01/97 250 253
Johnson County, GO
6.800%, 09/01/99 1,000 1,068
</TABLE>
38
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Johnson County, Internal Improvement, Ser A, GO
5.150%, 09/01/00 $ 250 $ 248
5.600%, 09/01/03 200 201
Johnson County, USD #229 Blue Valley, Ser A, GO
6.500%, 10/01/12 300 321
Johnson County, USD #233 Olathe, Ser B, GO, Pre-
Refunded @ 100
7.000%, 09/01/99 (A) 500 537
7.000%, 09/01/99 (A) 500 537
Johnson County, Water District #001, RB
4.700%, 12/01/01 290 281
5.125%, 12/01/08 250 234
Johnson County, Water District #001, Ser 1990-A, RB
6.800%, 06/01/99 250 268
6.900%, 12/01/00 250 273
Junction City Industrial Development, F.W.
Woolworth, RB
7.250%, 11/01/98 255 256
Junction City, Ser 00, Bank Qualified GO, AMBAC
Insured
6.200%, 09/01/06 515 527
Kansas City, COP
6.800%, 01/15/96 100 101
Kansas City, GO
6.500%, 03/01/96 500 509
Kansas City, Sisters of Charity Health Hospital, RB
4.850%, 08/01/97 250 249
Kansas City, Special Obligation
5.500%, 02/15/99 (B) 500 511
Kansas State Department of Transportation Highway, RB
5.000%, 03/01/04 250 244
Kansas State Department of Transportation Highway,
RB, Pre-Refunded @ 102
6.500%, 03/01/02 (A) 750 813
6.125%, 03/01/03 (A) 500 529
Kansas State Development Finance Authority,
Department of Corrections El Dorado Project L, RB,
MBIA Insured
5.625%, 02/01/03 250 255
Kansas State Development Finance Authority, Ser A, RB
4.500%, 03/01/01 225 216
Kansas State Development Finance Authority, Ser C, RB
6.900%, 08/01/03 500 515
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Kansas State Public Wholesale Water Supply District
#4, Mandatory Sinking Fund, GO
7.000%, 02/01/09 $ 250 $ 258
Kingman, Electric Utility & Distribution System, RB
5.500%, 09/01/08 250 234
Lawrence Hospital, RB
4.850%, 07/01/97 250 249
Lawrence, GO
5.100%, 09/01/01 220 217
Lawrence, Ser 1991-L, GO
5.200%, 09/01/95 135 136
5.600%, 09/01/98 175 179
Leavenworth County, USD #449, Ser A, Bank Qualified
GO
6.300%, 09/01/09 150 150
6.400%, 09/01/10 160 161
6.500%, 09/01/12 125 126
6.500%, 09/01/13 100 101
Leavenworth, Ser 1991-A, Bank Qualified GO
5.400%, 09/01/95 135 136
5.700%, 09/01/97 160 162
Leavenworth, Ser B, GO
5.050%, 09/01/00 210 207
Leawood, Ser 1992-A, GO
5.000%, 09/01/00 300 297
5.200%, 09/01/01 250 250
6.000%, 09/01/08 135 136
Lyon County, Hospital Revenue, Ser 1994, RB
5.200%, 08/01/02 250 236
5.300%, 02/01/03 100 94
Lyon County, Hospital,
Ser 1994, RB
5.200%, 02/01/02 115 109
Lyon County, USD #253
Emponia, RB
6.250%, 10/01/08 250 261
Manhattan, Ser 189, GO
5.850%, 11/01/02 250 257
6.300%, 11/01/11 100 102
6.300%, 11/01/12 105 107
McPherson, Electric Utility, RB, AMBAC Insured
6.700%, 03/01/98 100 102
McPherson, Electric Utility-Capital Appreciation, RB,
AMBAC Insured
03/01/10 520 189
McPherson, Refunding & Improvement, Ser 116, GO
5.000%, 11/01/06 500 480
</TABLE>
39
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
Meade Industrial Development, Dekalb Agresearch
Project, RB
6.500%, 10/01/06 $1,000 $ 1,065
Miami County, USD #368 Paola, Ser 1992, GO, AMBAC
Insured
6.500%, 12/01/05 500 529
Miami County, USD #416 Louisburg, Ser 1992, GO
6.000%, 09/01/02 250 260
Nemaha County, USD #441, Ser 1992, GO, AMBAC Insured
5.400%, 03/01/02 250 251
5.750%, 03/01/07 250 251
Neosho County, USD #413, GO
5.650%, 09/01/01 260 266
Newton, Waste Water Treatment System, Ser 1992, Bank
Qualified RB
5.750%, 03/01/99 110 113
6.000%, 03/01/00 115 118
6.200%, 03/01/01 120 124
6.400%, 03/01/02 130 136
Olathe & Labette County, GNMA Collateral Mortgage,
Senior
Ser 1991-B, RB
7.150%, 02/01/15 75 78
Olathe, Multi-Family Housing, Deerfield Apartments,
Ser 1994-A, RB
5.500%, 06/01/04 490 492
Olathe, Ser 182, GO
5.750%, 09/01/96 250 253
Olathe, Sewer Improvement,
Ser 184, GO
4.600%, 10/01/99 275 265
Osborne, Ser 1992, Bank
Qualified GO
5.500%, 12/01/01 135 135
5.600%, 12/01/02 140 139
5.700%, 12/01/03 150 150
5.800%, 12/01/04 155 155
Ottawa, Waterworks & Electric Systems, Ser 1991, RB
6.000%, 12/01/99 500 526
6.150%, 12/01/00 250 266
6.250%, 12/01/01 250 268
Pawnee County, GO
5.100%, 09/01/04 255 250
Phillip County, USD #325, GO
5.200%, 09/01/03 100 100
5.600%, 09/01/07 155 156
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Pittsburg, Water & Sewer Systems, Ser 1991-A, RB,
Callable 09/01/99 @ 100
6.400%, 09/01/03 $ 105 $ 110
6.500%, 09/01/04 110 116
Pottawatomie County, USD #320 Wamego, Ser 1990, GO
6.600%, 10/01/02 500 538
Pratt, Electrical System, Ser 1992, RB, AMBAC Insured
6.600%, 11/01/07 250 272
6.000%, 11/01/12 250 251
Reno County, GO
6.250%, 08/01/00 685 708
Reno County, Single Family Mortgage, Ser B, RB,
Callable 09/01/01 @ 103
8.700%, 09/01/11 265 286
Riley County, Ser 1992, Bank Qualified GO
5.000%, 11/01/98 335 334
Riley County, Ser B, GO
6.100%, 09/01/06 110 115
6.200%, 09/01/07 110 115
6.300%, 09/01/08 110 116
6.400%, 09/01/09 110 116
Sabetha Electric, RB,
Pre-Refunded @ 100
7.200%, 03/01/06 (A) 500 522
Salina, Internal Improvement Bonds, Ser P-240, GO
4.900%, 10/01/96 125 125
5.500%, 10/01/99 100 101
Salina, Internal Improvement Bonds, Ser R-240, GO
4.650%, 10/01/95 100 100
4.900%, 04/01/96 110 110
Salina, Water & Sewer RB
6.600%, 10/01/98 250 262
6.700%, 10/01/99 250 262
6.750%, 10/01/00 250 261
6.850%, 10/01/02 250 261
Salina, Water & Sewer RB,
MBIA Insured
5.000%, 09/01/07 330 306
Saline County, Sales Tax RB
3.500%, 06/01/96 300 296
3.700%, 12/01/96 100 98
Scott City, Water System, Ser A, Bank Qualified GO
5.250%, 09/01/04 130 126
5.400%, 09/01/05 140 136
</TABLE>
40
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - ------------------------------------------------------------------------------
<S> <C> <C>
5.600%, 09/01/06 $ 140 $ 136
5.700%, 09/01/07 150 146
5.800%, 09/01/08 145 142
Scott County, USD #466,
Ser 1993, GO
5.375%, 09/01/06 685 659
Sedgewick & Shawnee County, Single Family Mortgage,
RB
5.250%, 11/01/04 190 190
Sedgewick & Shawnee County, Single Family Mortgage,
RB, Callable 11/01/04 @ 103
7.800%, 05/01/14 190 206
Sedgewick County, Ser B, GO
4.050%, 08/01/98 500 483
Sedgwick & Shawnee County, GNMA Collateral Mortgage,
Senior Ser 1991-A, RB
7.300%, 12/01/12 720 749
Sedgwick & Shawnee County, Single Family Housing, RB
8.050%, 05/01/14 460 512
Sedgwick County, Airport Facilities, Beech Aircraft,
Ser 1993, RB
5.625%, 03/01/99 1,000 1,019
Sedgwick County, GO
5.400%, 08/01/96 300 302
Sedgwick County, USD #262, Valley Center, GO
0.00%, 11/01/98 100 83
Seward County, Ser B, GO, AMBAC Insured
6.000%, 08/15/08 250 250
6.000%, 08/15/13 250 249
Seward County, Single Family Mortgage, Ser B, RB
8.000%, 05/01/11 500 535
Seward County, USD #480,
Ser 1992, RB, MBIA Insured, Callable 12/01/98 @ 100
5.000%, 12/01/00 500 498
Shawnee County, Ser 1992-C, GO
5.600%, 09/01/04 500 504
Shawnee County, Sister Charity Leavenworth, RB
4.700%, 12/01/04 230 217
5.000%, 12/01/10 360 317
Shawnee County, USD #345 Seaman, GO
7.200%, 09/01/98 250 268
5.750%, 09/01/11 250 246
</TABLE>
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Shawnee County, USD #437 Auburn-Washburn, Ser 1992,
GO, FGIC Insured
6.250%, 03/01/03 $ 700 $ 741
Shawnee, Ser A, GO
4.400%, 12/01/05 500 449
Sumner County, Bridge Improvement Bonds, Ser 1992,
GO, AMBAC Insured
6.000%, 11/01/04 435 450
6.000%, 11/01/05 250 257
Thomas County, USD #315,
Ser 1993, GO
4.200%, 09/01/01 150 141
4.300%, 09/01/02 160 150
4.400%, 09/01/03 165 154
4.600%, 09/01/04 175 165
Topeka Hospital, Storemont Vail Project, Ser 1990-B,
RB
6.750%, 11/15/00 1,000 1,086
Topeka, GO, Pre-Refunded @ 100
6.800%, 08/01/02 (A) 500 505
Topeka, Ser C, GO
5.500%, 08/15/05 250 249
Wellington Electric & Water, Bank Qualified RB, AMBAC
Insured
7.050%, 05/01/06 250 282
6.250%, 05/01/12 250 254
Wichita, GO
6.750%, 06/01/96 350 358
Wichita, Hospital Facility, St. Joseph Rehabilitation
Center, RB
6.000%, 07/01/04 (B) 1,475 1,517
Wichita, RB
5.300%, 04/01/01 250 253
Wichita, Ser D, GO
3.800%, 03/01/98 250 239
Wichita, Single Family Mortgage, Ser B, RB,
Callable 07/01/98 @ 100
7.100%, 09/01/09 490 502
Wichita, Water & Sewer Improvement, Ser B, RB,
FGIC Insured
5.600%, 10/01/05 750 758
Wyandotte County, GO
7.000%, 09/01/05 445 469
Wyandotte County, USD #203 Piper, GO
5.750%, 09/01/03 140 140
5.900%, 09/01/04 295 295
6.600%, 09/01/13 500 503
-------
60,262
-------
</TABLE>
41
<PAGE>
STATEMENT OF NET ASSETS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
MASSACHUSETTS INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- - -----------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -----------------------------------------------------------
<S> <C> <C>
Total Municipal Bonds
(Cost $60,458,710) $61,318
-------
CASH EQUIVALENTS -- 0.9%
Dreyfus Tax Exempt
3.790%, 03/07/95 $ 578 578
SEI Tax Exempt Trust --
Tax Free Portfolio
3.720%, 03/07/95 1 1
-------
Total Cash Equivalents
(Cost $578,738) 579
-------
Total Investments -- 97.9%
(Cost $61,037,448) 61,897
-------
OTHER ASSETS AND LIABILITIES -- 2.1%
Other Assets and Liabilities, Net 1,327
-------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
6,067,698 outstanding shares of beneficial
interest 62,265
Accumulated Net Realized Loss
on Investments (162)
Net Unrealized Appreciation
of Investments 859
Undistributed Net
Investment Income 262
-------
Total Net Assets: -- 100.0% $63,224
=======
Net Asset Value, Offering Price and Redemption
Price Per Share -- Class A $ 10.42
=======
</TABLE>
AMBACAmerican Municipal Bond Assurance Corporation
CGICCapital Guaranty Insurance Corporation
COPCertificate of Participation
FGICFinancial Guaranty Insurance Company
GNMAGovernment National Mortgage Association
GOGeneral Obligation
MBIAMunicipal Bond Investors Association
RBRevenue Bond
USDUnified School District
(A) Pre-Refunded Security -- the date reported on the Statement of Net Assets
is the pre-refunded date.
(B) Security is escrowed to maturity.
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - --------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 92.9%
MASSACHUSETTS -- 85.8%
Boston Water & Sewer Commission, General Senior,
Ser A, RB, FSA Insured
5.800%, 11/01/04 $ 100 $ 104
Boston Water & Sewer Commission, RB,
Pre-Refunded @ 102
7.125%, 11/01/09 (A) 165 181
Boston, Ser A, GO
6.200%, 07/01/02 200 208
Danvers, BAN
4.500%, 09/28/95 300 300
Deerfield, GO
5.600%, 06/15/02 300 305
Lowell, GO
5.200%, 08/15/96 200 201
Lowell, RAN
4.500%, 06/30/95 200 200
Massachusetts Bay Transportation Authority, Ser A, RB
7.000%, 03/01/08 250 280
Massachusetts State Building Authority, University of
Lowell, Fourth Ser A, RB,
Callable 11/01/97 @ 102
7.400%, 11/01/07 500 542
Massachusetts State Convention Center Authority, Hynes
Convention Center, Ser A, RB
5.900%, 09/01/98 100 104
Massachusetts State Health & Educational Facilities
Authority, Beth Israel Hospital, Ser G-1, RB
5.600%, 07/01/04 200 202
Massachusetts State Health & Educational Facilities
Authority, Beverly Hospital, Ser E, RB,
Pre-Refunded @ 102
7.300%, 07/01/02 (A) 125 140
Massachusetts State Health & Educational Facilities
Authority, Childrens Hospital, Ser E, RB
5.600%, 10/01/03 100 99
Massachusetts State Health & Educational Facilities
Authority, Harvard University Project, Ser J, RB,
Pre-Refunded @ 101.5
8.875%, 12/01/15 (A) 250 262
</TABLE>
42
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------------
<S> <C> <C>
Massachusetts State Health & Educational Facilities
Authority, Valley Regal Health Systems,
Ser C, RB
7.000%, 07/01/06 $250 $ 278
Massachusetts State Municipal Power Supply System, RB
5.800%, 07/01/96 150 152
Massachusetts State Port Authority, RB
5.900%, 07/01/98 300 310
Massachusetts State, GO,
Callable 06/01/02 @ 101
6.300%, 06/01/04 500 525
Massachusetts State, GO,
Callable 07/01/01 @ 102
7.000%, 07/01/07 200 218
Massachusetts State,
GO, Pre-Refunded @ 102
7.000%, 03/01/08 (A) 200 215
Massachusetts State, Ser A, GO
6.100%, 06/01/02 250 260
Nantucket, GO
7.100%, 06/15/97 105 110
New England Education Loan Marketing,
Massachusetts Student Loan, RB
5.800%, 03/01/02 250 256
North Andover, GO
6.000%, 11/01/99 175 177
Peabody, BAN
4.250%, 07/28/95 300 300
Scituate, GO
6.400%, 08/15/05 100 108
Springfield, School Project Loan Act of 1948, Ser B,
GO
6.000%, 09/01/01 500 504
------
6,541
------
PUERTO RICO -- 7.1%
Puerto Rico Electric Power Authority, Ser Q, RB
5.700%, 07/01/00 175 179
Puerto Rico Housing Bank & Finance Agency, Special
Obligation, RB, FSA Insured
5.950%, 10/01/01 250 256
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- - -------------------------------------------------------------------------
<S> <C> <C>
Puerto Rico Public Building Authority, RB, FGIC
Insured
6.000%, 07/01/01 $100 $ 106
------
541
------
Total Municipal Bonds
(Cost $7,092,873) 7,082
------
CASH EQUIVALENTS -- 5.8%
Dreyfus Massachusetts Municipal Cash Trust
3.510%, 03/07/95 195 195
Federated Massachusetts Municipal Cash Trust
3.530%, 03/07/95 249 249
------
Total Cash Equivalents
(Cost $443,932) 444
------
Total Investments -- 98.7%
(Cost $7,536,805) 7,526
------
OTHER ASSETS AND LIABILITIES -- 1.3%
Other Assets and Liabilities, Net 98
------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization--no par
value) based on 756,093 outstanding shares of beneficial
interest 7,867
Accumulated Net Realized Loss on Investments (233)
Net Unrealized Depreciation of Investments (10)
------
Total Net Assets: -- 100.0% $7,624
======
Net Asset Value, Offering Price and
Redemption Price Per Share -- Class A $10.08
======
</TABLE>
BANBond Anticipation Note
FGICFinancial Guaranty Insurance Company
FSAFinancial Security Assurance
GOGeneral Obligation
RANRevenue Anticipation Note
RBRevenue Bond
(A) Pre-Refunded Security -- the date reported on the statement of Net Assets
is the pre-refunded date.
43
<PAGE>
- - --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (000)
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- For the six month period ended February 28, 1995
(unaudited)
<TABLE>
<CAPTION>
--------- ---------- ----------
BAINBRIDGE
CALIFORNIA TAX
TAX FREE TAX EXEMPT EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $5,588 $6,332 $3,106
------ ------ ------
EXPENSES:
Management Fees 546 410 301
Waiver of Management Fees (91) (162) (131)
Investment Advisory Fees 59 69 32
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 20 21 11
Professional Fees 19 19 11
Pricing Fees 2 4 1
Registration Fees 24 10 9
Printing Fees 7 11 7
Trustee Fees 7 8 4
Distribution Expenses(1) 86 872 --
Amortization of Deferred Organizational Costs -- 2 6
Insurance Expense 4 3 2
Other Expenses 13 -- 1
------ ------ ------
Total Expenses 696 1,267 254
------ ------ ------
NET INVESTMENT INCOME 4,892 5,065 2,852
------ ------ ------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Gain (Loss) from Security
Transactions -- -- 6
Net Change in Unrealized Appreciation
(Depreciation) of Investment Securities -- -- --
------ ------ ------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $4,892 $5,065 $2,858
====== ====== ======
</TABLE>
/1/ Includes class specific distribution expenses.
The accompanying notes are an integral part of the financial statements.
44
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------- ------------ ------------- ------------ --------- -------------
MASSACHUSETTS
INTERMEDIATE- KANSAS INTERMEDIATE-
INSTITUTIONAL PENNSYLVANIA TERM PENNSYLVANIA TAX FREE TERM
TAX FREE TAX FREE MUNICIPAL MUNICIPAL INCOME MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- - ------------- ------------ ------------- ------------ --------- -------------
<S> <C> <C> <C> <C> <C>
$16,445 $368 $3,180 $3,278 $1,770 $191
------- ---- ------ ------ ------ ----
1,579 36 220 197 46 12
(805) (16) (72) (137) (3) (9)
169 4 102 140 92 10
-- -- (35) (2) (92) --
55 2 20 6 4 3
48 1 5 5 3 --
7 -- 4 4 2 --
51 1 8 9 2 1
65 1 16 6 4 --
21 -- 3 3 1 --
282 5 34 36 -- 3
2 -- 5 4 3 2
9 -- 1 1 1 --
-- -- -- -- -- --
------- ---- ------ ------ ------ ----
1,483 34 311 272 63 22
------- ---- ------ ------ ------ ----
14,962 334 2,869 3,006 1,707 169
------- ---- ------ ------ ------ ----
8 -- (1,296) (616) (148) (85)
-- -- 366 (523) (100) 23
------- ---- ------ ------ ------ ----
$14,970 $334 $1,939 $1,867 $1,459 $107
======= ==== ====== ====== ====== ====
</TABLE>
45
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust--For the six month period ended February 28, 1995 and for
the year ended August 31, 1994 (unaudited)
<TABLE>
<CAPTION>
---------------------- ---------------------- -------------------- ------------------------
BAINBRIDGE INSTITUTIONAL
TAX CALIFORNIA TAX TAX
FREE TAX EXEMPT EXEMPT FREE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------------- ---------------------- -------------------- ------------------------
1995 1994 1995 1994 1995 1994 1995 1994
--------- ----------- --------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITIES:
Net Investment Income $ 4,892 $ 8,912 $ 5,065 $ 4,496 $ 2,852 $ 3,674 $ 14,962 $ 21,040
Net Realized Gain (Loss)
from Security
Transactions -- (19) -- -- 6 -- 8 1
Net Change in Unrealized
Appreciation
(Depreciation) of
Investment Securities -- -- -- -- -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Net Increase in Net
Assets Resulting from
Operations 4,892 8,893 5,065 4,496 2,858 3,674 14,970 21,041
--------- ----------- --------- ----------- --------- --------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
Net Investment Income
Class A (4,880) (8,912) (565) (2,450) (2,853) (3,673) (14,626) (20,937)
Class B (12) -- (95) (86) -- -- (405) (104)
Class C -- -- (4,405) (1,960) -- -- -- --
ProVantage Funds -- -- -- -- -- -- -- --
Net Capital Gains
Class A -- -- (1) -- -- -- -- --
Class B -- -- -- -- -- -- -- --
Class C -- -- (8) -- -- -- -- --
ProVantage Funds -- -- -- -- -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Distributions (4,892) (8,912) (5,074) (4,496) (2,853) (3,673) (15,031) (21,041)
--------- ----------- --------- ----------- --------- --------- ----------- -----------
TRANSACTIONS:
Class A:
Shares Issued 772,982 1,668,938 99,092 570,692 140,740 185,338 2,668,400 5,667,715
Shares Issued in Lieu
of Cash Distributions 17 17 6 7 -- -- 840 1,033
Shares Redeemed (801,689) (1,725,612) (104,246) (1,078,968) (136,014) (184,584) (2,705,555) (5,596,273)
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class A Share
Transactions (28,690) (56,657) (5,148) (508,269) 4,726 754 (36,315) 72,475
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Class B:
Shares Issued -- -- 22,220 29,525 -- -- 54,057 40,870
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- 61 --
Shares Redeemed -- -- (20,175) (26,269) -- -- (54,469) (22,184)
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class B Share
Transactions -- -- 2,045 3,256 -- -- (351) 18,686
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Class C:
Shares Issued -- -- 312,337 447,323 -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- 3,483 -- -- -- -- --
Shares Redeemed -- -- (323,034) (129,201) -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class C Share
Transactions -- -- (7,214) 318,122 -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
ProVantage Funds:
Shares Issued 3,570 -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed (2,810) -- -- -- -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total ProVantage Funds
Transactions 760 -- -- -- -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Increase (Decrease) in
Net Assets from Share
Transaction (27,930) (56,657) (10,317) (186,891) 4,726 754 (36,666) 91,161
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Increase
(Decrease) in Net
Assets (27,930) (56,676) (10,326) (186,891) 4,731 755 (36,727) 91,161
--------- ----------- --------- ----------- --------- --------- ----------- -----------
NET ASSETS:
Beginning of period 358,299 414,975 353,394 540,285 160,813 160,058 857,241 766,080
--------- ----------- --------- ----------- --------- --------- ----------- -----------
End of period $ 330,369 $ 358,299 $ 343,068 $ 353,394 $ 165,544 $ 160,813 $ 820,514 $ 857,241
--------- ----------- --------- ----------- --------- --------- ----------- -----------
SHARES ISSUED AND
REDEEMED
Class A:
Shares Issued 772,982 1,668,938 99,092 570,692 140,740 185,338 2,668,400 5,667,715
Shares Issued in Lieu
of Cash Distributions 17 17 6 7 -- -- 840 1,033
Shares Redeemed (801,689) (1,725,612) (104,246) (1,078,968) (136,014) (184,584) (2,705,555) (5,596,273)
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class A
Transactions (28,690) (56,657) (5,148) (508,269) 4,726 754 (36,315) 72,475
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Class B:
Shares Issued -- -- 22,220 29,525 -- -- 54,057 40,870
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- 61 --
Shares Redeemed -- -- (20,175) (26,269) -- -- (54,469) (22,184)
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class B
Transactions -- -- 2,045 3,256 -- -- (351) 18,686
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Class C:
Shares Issued -- -- 312,337 447,323 -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- 3,483 -- -- -- -- --
Shares Redeemed -- -- (323,034) (129,201) -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class C Share
Transactions -- -- (7,214) 318,122 -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
ProVantage Funds:
Shares Issued 3,570 -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed (2,810) -- -- -- -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Total ProVantage Funds
Transactions 760 -- -- -- -- -- -- --
--------- ----------- --------- ----------- --------- --------- ----------- -----------
Increase (Decrease) in
Capital Shares (27,930) (56,657) (10,317) (186,891) 4,726 754 (36,666) 91,161
========= =========== ========= =========== ========= ========= =========== ===========
</TABLE>
/1/ The Pennsylvania Tax Free Portfolio commenced operations on January 21,
1994.
The accompanying notes are an integral part of the financial statements.
46
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------- ----------------- ------------------ ---------------- -----------------
MASSACHUSETTS
PENNSYLVANIA INTERMEDIATE- KANSAS INTERMEDIATE-
TAX TERM PENNSYLVANIA TAX FREE TERM
FREE MUNICIPAL MUNICIPAL INCOME MUNICIPAL
PORTFOLIO/1/ PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- - ------------------- ----------------- ------------------ ---------------- -----------------
1995 1994 1995 1994 1995 1994 1995 1994 1995 1994
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 334 $ 217 $ 2,869 $ 6,359 $ 3,006 $ 7,875 $ 1,707 $ 3,215 $ 169 $ 438
-- -- (1,296) (651) (616) (254) (148) 8 (85) (146)
-- -- 366 (5,018) (523) (6,032) (100) (2,432) 23 (283)
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
334 217 1,939 690 1,867 1,589 1,459 791 107 9
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
(334) (217) (2,938) (6,267) (3,125) (7,949) (1,719) (3,199) (169) (438)
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- (24) (29) -- -- -- -- -- --
-- -- (15) (759) (4) (232) -- (96) -- (6)
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- (3) -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
(334) 217 (2,977) (7,058) (3,129) (8,181) (1,719) (3,295) (169) (444)
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
57,140 74,709 27,386 81,476 4,217 36,373 4,446 15,512 1,488 15,660
-- -- 611 1,387 85 130 -- 3 -- --
(54,828) (55,997) (55,944) (71,671) (21,429) (58,638) (3,308) (8,862) (2,744) (13,598)
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
2,312 18,712 (27,947) 11,192 (17,127) (22,135) 1,138 6,653 (1,256) 2,062
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- 10 1,658 -- -- -- -- -- --
-- -- 23 26 -- -- -- -- -- --
-- -- (174) (543) -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- (141) 1,141 -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
2,312 18,712 (28,088) 12,333 (17,127) (22,135) 1,138 6,653 (1,256) 2,062
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
2,312 18,712 (29,126) 5,965 (18,389) (28,727) 878 4,149 (1,318) 1,627
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
18,712 -- 128,614 122,649 125,081 153,808 62,346 58,197 8,942 7,315
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
$ 21,024 $ 18,712 $99,488 $128,614 $106,692 $125,081 $63,224 $62,346 $ 7,624 $ 8,942
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
57,140 74,709 2,726 7,664 411 3,360 435 1,454 149 1,505
-- -- 61 132 8 13 -- -- -- --
(54,828) (55,997) (5,553) (6,804) (2,092) (5,548) (323) (834) (277) (1,323)
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
2,312 18,712 (2,766) 992 (1,673) (2,175) 112 620 (128) 182
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- 1 156 -- -- -- -- -- --
-- -- 2 2 -- -- -- -- -- --
-- -- (17) (52) -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
-- -- (14) 106 -- -- -- -- -- --
- - -------- -------- ------- -------- -------- -------- ------- ------- ------- --------
2,312 18,712 (2,780) 1,098 (1,673) (2,175) 112 620 (128) 182
======== ======== ======= ======== ======== ======== ======= ======= ======= ========
</TABLE>
47
<PAGE>
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust (unaudited)
For a Share Outstanding Throughout the Period or Year
<TABLE>
<CAPTION>
Investment Net Realized
Net Activities Distributions and Unrealized
Asset ---------- --------------------------------- Gain (Loss) on Net Net Ratio
Value, Net Net Net Investments Asset Value, Assets, End of Expenses
Beginning Investment Investment Realized Total and Capital End Total of Period to Average
of Period Income Income Gain Distributions Transactions of Period Return (000) Net Assets
- - ---------------------------------------------------------------------------------------------------------------------------
- - ------------------
TAX FREE PORTFOLIO
- - ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $1.00 $0.017 $(0.016) -- $(0.016) -- $1.00 3.22%* $ 329,609 0.45%*
FOR THE YEARS ENDED AUGUST 31,:
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.20% 358,299 0.45%
1993 1.00 0.022 (0.023) -- (0.023) -- 1.00 2.29% 414,975 0.45%
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32% 293,982 0.45%
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.81% 343,300 0.37%
1990(1) 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.20%+ 356,814 0.45%*
FOR THE YEARS ENDED JANUARY 31,:
1990 1.00 0.059 (0.059) -- (0.059) -- 1.00 5.97% 464,389 0.54%
1989 1.00 0.049 (0.049) -- (0.049) -- 1.00 4.98% 790,629 0.46%
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.34% 938,484 0.53%
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.31% 1,143,083 0.56%
1986 1.00 0.051 (0.051) -- (0.051) -- 1.00 5.21% 503,891 0.57%
1985 1.00 0.058 (0.058) -- (0.058) -- 1.00 5.86% 263,325 0.58%
CLASS B
FOR THE PERIOD ENDED FEBRUARY 28,:
1995(2) $1.00 $0.010 $(0.010) -- $(0.010) -- $1.00 2.01%* $ 760 0.80%*
<CAPTION>
- - -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- - -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 3.46%* $ 26,831 0.25%*
FOR THE YEARS ENDED AUGUST 31,:
1994 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.32% 32,015 0.27%
1993 1.00 0.024 (0.024) -- (0.024) -- 1.00 2.41% 540,285 0.28%
1992 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44% 445,936 0.28%
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.92% 376,653 0.28%
1990(3) 1.00 0.016 (0.016) -- (0.016) -- 1.00 1.81%+ 275,095 0.28%*
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $1.00 $0.015 $(0.015) -- $(0.015) -- $1.00 3.16%* $ 5,302 0.55%*
FOR THE YEAR ENDED AUGUST 31,:
1994(4) 1.00 0.013 (0.013) -- (0.013) -- 1.00 2.07%* 3,257 0.51%*
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 2.96%* $ 310,935 0.75%*
FOR THE YEAR ENDED AUGUST 31,:
1994(5) 1.00 0.006 (0.006) -- (0.006) -- 1.00 2.14%* 318,122 0.67%*
<CAPTION>
- - -------------------------------
BAINBRIDGE TAX EXEMPT PORTFOLIO
- - -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $1.00 $0.017 $(0.017) -- $(0.017) -- $1.00 3.40%* $ 165,544 0.30%*
FOR THE YEARS ENDED AUGUST 31,:
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.52% 160,813 0.30%
1993(6) 1.00 0.019 (0.019) -- (0.019) -- 1.00 1.95%+ 160,058 0.30%*
<CAPTION>
Ratio of
Net
Investment
Ratio Ratio of Income to
of Expenses Net Average
to Average Investment Net Assets
Net Assets Income to Excluding Portfolio
Excluding Average Fee Turnover
Fee Waivers Net Assets Waivers Rate
- - --------------------------------------------------------
- - ------------------
TAX FREE PORTFOLIO
- - ------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.51%* 3.19%* 3.13%* --
FOR THE YEARS ENDED AUGUST 31,:
1994 0.53% 2.17% 2.09% --
1993 0.53% 2.24% 2.16% --
1992 0.55% 3.30% 3.20% --
1991 0.55% 4.70% 4.52% --
1990(1) 0.56%* 5.46%* 5.35%* --
FOR THE YEARS ENDED JANUARY 31,:
1990 0.59% 5.90% 5.85% --
1989 0.58% 4.90% 4.78% --
1988 0.54% 4.20% 4.19% --
1987 0.56% 4.10% 4.10% --
1986 0.57% 5.10% 5.10% --
1985 0.60% 5.80% 5.78% --
CLASS B
FOR THE PERIOD ENDED FEBRUARY 28,:
1995(2) 0.87%* 3.01%* 2.94%* --
<CAPTION>
- - -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- - -------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.34%* 3.26%* 3.17%* --
FOR THE YEARS ENDED AUGUST 31,:
1994 0.38% 2.28% 2.17% --
1993 0.37% 2.37% 2.28% --
1992 0.38% 3.34% 3.24% --
1991 0.40% 4.74% 4.62% --
1990(3) 0.51%* 5.27%* 5.04%* --
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.64%* 3.02%* 2.93%* --
FOR THE YEAR ENDED AUGUST 31,:
1994(4) 0.81%* 2.05%* 1.75%* --
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.84%* 2.76%* 2.67%* --
FOR THE YEAR ENDED AUGUST 31,:
1994(5) 0.87%* 2.06%* 1.86%* --
<CAPTION>
- - -------------------------------
BAINBRIDGE TAX EXEMPT PORTFOLIO
- - -------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.46%* 3.37%* 3.21%* --
FOR THE YEARS ENDED AUGUST 31,:
1994 0.47% 2.49% 2.32% --
1993(6) 0.48%* 2.39%* 2.21%* --
</TABLE>
48
<PAGE>
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Realized
Investment and
Net Activities Distributions Unrealized
Asset ---------- ---------------------------------- Gain (Loss) on Net Net
Value, Net Net Net Investments Asset Value, Assets, End
Beginning Investment Investment Realized Total and Capital End Total of Period
of Period Income Income Gain Distributions Transactions of Period Return (000)
- - -----------------------------------------------------------------------------------------------------------------------
- - --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $ 1.00 $0.017 $(0.017) -- $(0.017) -- $ 1.00 3.44%* $799,139
FOR THE YEARS ENDED AUGUST 31,:
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.51% 835,516
1993 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.59% 763,040
1992 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.66% 623,689
1991 1.00 0.049 (0.049) -- (0.049) -- 1.00 5.20% 448,390
1990(1) 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32%+ 226,658
FOR THE YEARS ENDED JANUARY 31,:
1990 1.00 0.059 (0.059) -- (0.059) -- 1.00 6.11% 177,342
1989 1.00 0.048 (0.048) -- (0.048) -- 1.00 5.05% 99,774
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.28% 223,653
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.23% 255,147
1986 1.00 0.050 (0.050) -- (0.050) -- 1.00 5.11% 198,761
1985 1.00 0.056 (0.056) -- (0.056) -- 1.00 5.71% 162,676
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $ 1.00 $0.016 $(0.016) -- $(0.016) -- $ 1.00 3.14%* $ 21,375
FOR THE YEARS ENDED AUGUST 31,:
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.21% 21,725
1993 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.29% 3,040
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.35% 686
1991(7) 1.00 0.038 (0.038) -- (0.038) -- 1.00 3.89%+ 1,515
<CAPTION>
- - -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- - -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $ 1.00 $0.017 $(0.017) -- $(0.017) -- $ 1.00 3.34%* $ 21,024
FOR THE YEAR ENDED AUGUST 31,:
1994(8) 1.00 0.014 (0.014) -- (0.014) -- 1.00 2.37%* 18,712
<CAPTION>
- - -------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- - -------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $10.36 $ 0.26 $ (0.26) -- $ (0.26) $(0.04) $10.32 4.48%* $ 98,532
FOR THE YEARS ENDED AUGUST 31,:
1994 10.84 0.49 (0.49) $ (0.06) (0.55) (0.42) 10.36 0.65% 127,509
1993 10.49 0.49 (0.50) (0.02) (0.52) 0.38 10.84 8.62% 122,649
1992 10.20 0.56 (0.54) (0.01) (0.55) 0.28 10.49 8.56% 63,210
1991 9.98 0.61 (0.63) -- (0.63) 0.24 10.20 8.82% 36,699
1990(1) 10.01 0.38 (0.37) -- (0.37) (0.04) 9.98 3.44%+ 12,781
FOR THE YEAR ENDED JANUARY 31,:
1990(9) 10.00 0.21 (0.16) (0.002) (0.16) (0.04) 10.01 1.72%+ 9,106
PROVANTAGE FUNDS
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $10.36 $ 0.24 $ (0.24) -- $ (0.24) $(0.04) $10.32 4.06%* $ 956
FOR THE YEAR ENDED AUGUST 31,:
1994(10),(**) 10.90 0.45 (0.42) $ (0.06) (0.48) (0.51) 10.36 (0.93%)* 1,105
<CAPTION>
Ratio of
Net
Investment
Ratio Ratio of Income to
of Expenses Net Average
Ratio to Average Investment Net Assets
of Expenses Net Assets Income to Excluding Portfolio
to Average Excluding Average Fee Turnover
Net Assets Fee Waivers Net Assets Waivers Rate
- - ----------------------------------------------------------------------
- - --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.33%* 0.51%* 3.40%* 3.22%* --
FOR THE YEARS ENDED AUGUST 31,:
1994 0.33% 0.50% 2.48% 2.31% --
1993 0.33% 0.49% 2.55% 2.39% --
1992 0.33% 0.51% 3.54% 3.36% --
1991 0.33% 0.53% 4.91% 4.71% --
1990(1) 0.33%* 0.56%* 5.64%* 5.41%* --
FOR THE YEARS ENDED JANUARY 31,:
1990 0.52% 0.60% 5.90% 5.82% --
1989 0.55% 0.57% 4.80% 4.78% --
1988 0.55% 0.56% 4.20% 4.19% --
1987 0.55% 0.56% 4.10% 4.09% --
1986 0.57% 0.57% 5.00% 5.00% --
1985 0.57% 0.59% 5.60% 5.58% --
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.63%* 0.81%* 3.11%* 2.93%* --
FOR THE YEARS ENDED AUGUST 31,:
1994 0.63% 0.81% 2.31% 2.13% --
1993 0.63% 0.79% 2.22% 2.06% --
1992 0.63% 0.81% 3.22% 3.04% --
1991(7) 0.63%* 0.84%* 4.34%* 4.13%* --
<CAPTION>
- - -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- - -------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.35%* 0.50%* 3.31%* 3.16%* --
FOR THE YEAR ENDED AUGUST 31,:
1994(8) 0.35%* 0.65%* 2.37%* 2.07%* --
<CAPTION>
- - --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.54%* 0.73%* 5.04%* 4.85%* 14.09%
FOR THE YEARS ENDED AUGUST 31,:
1994 0.53% 0.71% 4.65% 4.47% 58.39%
1993 0.55% 0.69% 4.79% 4.65% 63.04%
1992 0.55% 0.71% 5.56% 5.40% 61.56%
1991 0.55% 0.78% 6.18% 5.95% 111.82%
1990(1) 0.55%* 0.90%* 6.63%* 6.28%* 63.45%
FOR THE YEAR ENDED JANUARY 31,:
1990(9) 0.56%* 1.36%* 5.80%* 5.00%* 352.00%
PROVANTAGE FUNDS
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.94%* 1.13%* 4.64%* 4.45%* 14.09%
FOR THE YEAR ENDED AUGUST 31,:
1994(10),(**) 0.93%* 1.07%* 4.34%* 4.20%* 58.39%
</TABLE>
49
<PAGE>
FINANCIAL HIGHLIGHTS (Continued)
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust (unaudited)
For a Share Outstanding Throughout the Period or Year
<TABLE>
<CAPTION>
Investment Net Realized
Net Activities Distributions and Unrealized
Asset ---------- ---------------------------------- Gain (Loss) on Net Net Ratio
Value, Net Net Net Investments Asset Value, Assets, End of Expenses
Beginning Investment Investment Realized Total and Capital End Total of Period to Average
of Period Income Income Gain Distributions Transactions of Period Return (000) Net Assets
- - -----------------------------------------------------------------------------------------------------------------------------
- - --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $10.52 $0.27 $(0.27) -- $(0.27) $(0.07) $10.45 4.08%* $106,692 0.47%*
FOR THE YEARS ENDED AUGUST 31,:
1994 10.94 0.53 (0.53) -- (0.53) (0.42) 10.52 1.14% 125,081 0.47%
1993 10.59 0.55 (0.55) $ (0.01) (0.56) 0.36 10.94 8.91% 153,808 0.48%
1992 10.29 0.57 (0.57) (0.01) (0.58) 0.31 10.59 8.89% 114,461 0.48%
1991 9.95 0.60 (0.60) (0.003) (0.60) 0.34 10.29 9.80% 83,054 0.50%
1990(1) 9.98 0.34 (0.34) -- (0.34) (0.03) 9.95 3.12%+ 64,531 0.60%*
FOR THE YEAR ENDED JANUARY 31,:
1990(11) 10.00 0.28 (0.23) (0.001) (0.23) (0.07) 9.98 2.11%+ 53,042 0.60%*
<CAPTION>
- - --------------------------------
KANSAS TAX FREE INCOME PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $10.47 $0.28 $(0.28) -- $(0.28) $(0.05) $10.42 4.68%* $ 63,224 0.21%*
FOR THE YEARS ENDED AUGUST 31,:
1994 10.91 0.57 (0.57) $ (0.02) (0.59) (0.42) 10.47 1.41% 62,346 0.21%
1993 10.50 0.58 (0.58) (0.05) (0.63) 0.46 10.91 10.38% 58,197 0.21%
1992 10.13 0.60 (0.59) (0.01) (0.60) 0.37 10.50 9.78% 45,609 0.22%
1991(12) 10.00 0.42 (0.37) -- (0.37) 0.08 10.13 5.12%+ 29,242 0.31%*
<CAPTION>
- - ---------------------------------------------------
MASSACHUSETTS INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- - ---------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 $10.11 $0.22 $(0.22) -- $(0.22) $(0.03) $10.08 3.84%* $ 7,624 0.60%*
FOR THE YEARS ENDED AUGUST 31,:
1994 10.41 0.42 (0.42) $ (0.01) (0.43) (0.29) 10.11 1.28% 8,942 0.60%
1993(13) 10.00 0.42 (0.42) -- (0.42) 0.41 10.41 8.43%+ 7,315 0.60%*
<CAPTION>
Ratio of
Net
Investment
Ratio Ratio of Income to
of Expenses Net Average
to Average Investment Net Assets
Net Assets Income to Excluding Portfolio
Excluding Average Fee Turnover
Fee Waivers Net Assets Waivers Rate
- - ------------------------------------------------------
- - --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.71%* 5.21%* 4.97%* --
FOR THE YEARS ENDED AUGUST 31,:
1994 0.71% 4.90% 4.66% 25.13%
1993 0.70% 5.15% 4.93% 15.26%
1992 0.72% 5.52% 5.28% 10.54%
1991 0.73% 5.98% 5.75% 19.17%
1990(1) 0.80%* 5.88%* 5.68%* 20.35%
FOR THE YEAR ENDED JANUARY 31,:
1990(11) 0.86%* 6.05%* 5.79%* 10.00%
<CAPTION>
- - --------------------------------
KANSAS TAX FREE INCOME PORTFOLIO
- - --------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.52%* 5.53%* 5.22%* 14.65%
FOR THE YEARS ENDED AUGUST 31,:
1994 0.54% 5.36% 5.03% 10.57%
1993 0.51% 5.56% 5.26% 23.04%
1992 0.52% 5.87% 5.57% 12.69%
1991(12) 0.61%* 5.85%* 5.55%* 21.82%
<CAPTION>
- - ---------------------------------------------------
MASSACHUSETTS INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- - ---------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28,:
1995 0.84%* 4.39%* 4.15%* 3.73%
FOR THE YEARS ENDED AUGUST 31,:
1994 1.03% 4.13% 3.70% 76.69%
1993(13) 1.07%* 4.33%* 4.75%* 13.63%
</TABLE>
* Annualized.
** Total return does not reflect the sales charge on the ProVantage Funds.
+ Return is for the period indicated and has not been annualized.
1 In August 1990, the Trustees changed the fiscal year end of the Trust from
January 31 to August 31.
2 The Tax Free Portfolio--Class B commenced operations on November 1, 1994.
3 The California Tax Exempt Portfolio--Class A commenced operations on May 14,
1990.
4 The California Tax Exempt Portfolio--Class B commenced operations on January
5, 1994.
5 The California Tax Exempt Portfolio--Class C commenced operations on May 11,
1994.
6 The Bainbridge Tax Exempt Portfolio--Class A commenced operations on
November 9, 1992.
7 The Institutional Tax Free Portfolio--Class B commenced operations on
October 15, 1990.
8 The Pennsylvania Tax Free Portfolio--Class A commenced operations on January
21, 1994.
9 The Intermediate-Term Municipal Portfolio--Class A commenced operations on
September 5, 1989.
10 The Intermediate-Term Municipal Portfolio--ProVantage Funds commenced
operations on September 28, 1993.
11 The Pennsylvania Municipal Portfolio--Class A commenced operations on August
14, 1989.
12 The Kansas Tax Free Income Portfolio--Class A commenced operations on
December 10, 1990.
13 The Massachusetts Intermediate-Term Municipal Portfolio--Class A commenced
operations on September 18, 1992.
The accompanying notes are an integral part of the financial statements.
50
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
1. ORGANIZATION
SEI Tax Exempt Trust (the "Trust"), was organized as a Massachusetts business
trust under a Declaration of Trust dated March 15, 1982.
The Trust is registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company with eleven portfolios: the Tax
Free Portfolio, the California Tax Exempt Portfolio, the Bainbridge Tax Exempt
Portfolio, the Institutional Tax Free Portfolio, the Pennsylvania Tax Free
Portfolio (collectively "the Money Market Portfolios"), the Intermediate-Term
Municipal Portfolio, the Pennsylvania Municipal Portfolio, the Kansas Tax Free
Income Portfolio, the Massachusetts Intermediate-Term Municipal Portfolio, the
California Intermediate-Term Municipal Portfolio and the New York Intermediate-
Term Municipal Portfolio (collectively "the Fixed Income Portfolios"). The Cal-
ifornia Intermediate-Term Municipal Portfolio and the New York Intermediate-
Term Municipal Portfolio had not commenced operations as of February 28, 1995.
The Trust is registered to offer four classes of shares: Class A, Class B,
Class C and ProVantage Funds. Effective March 6, 1995, the ProVantage Funds
Class of Shares will be changed to Class D. The assets of each portfolio are
segregated and a shareholder's interest is limited to the portfolio in which
shares are held.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by
the Portfolios.
Security Valuation -- Investment securities of each Money Market Portfolio
are stated at amortized cost which approximates market value. Under this valua-
tion method, purchase discounts and premiums on securities are accreted and am-
ortized ratably to maturity.
The market value for each security for each Fixed Income Portfolio is ob-
tained from an independent pricing service. Debt obligations exceeding sixty
days to maturity for which market quotations are readily available are valued
at the most recently quoted bid price. Debt obligations with sixty days or less
remaining until maturity may be valued at their amortized cost.
Federal Income Taxes -- It is each Portfolio's intention to continue to qual-
ify as a regulated investment company and to distribute all of its taxable in-
come. Accordingly, no provision for Federal income taxes is required in the ac-
companying financial statements.
Net Asset Value Per Share -- The net asset value per share of each Portfolio
is calculated on each business day. In general, it is computed by dividing the
assets of each Portfolio, less its liabilities, by the number of outstanding
shares of the Portfolio. The maximum offering price per share for the
ProVantage Funds shares of the Intermediate-Term Municipal Portfolio is equal
to the net asset value per share plus a sales load of 3.50%.
Classes -- Class specific expenses are borne by that class. Income, expenses,
and realized and unrealized gains/losses are allocated to the respective class
on the basis of the relative net asset value each day.
Security Transactions and Investment Income -- Security transactions are ac-
counted for on the trade date of the security purchase or sale. Costs used in
determining net realized capital gains and losses on the sale of investment se-
curities are those of the specific securities sold. Interest income is recog-
nized on the accrual basis. Purchase discounts and premiums on securities held
by the Fixed Income Portfolios are accreted and amortized to maturity using the
scientific interest method, which approximates the effective interest method.
Distributions to Shareholders -- Distributions from net investment income are
declared on a daily basis and are payable on the first business day of the fol-
lowing month for the Tax Free, the California Tax Exempt, the Bainbridge Tax
Exempt, the Institutional Tax Free, the Pennsylvania Tax Free and the Massachu-
setts Intermediate-Term Municipal Portfolios. Distributions from net investment
income are declared each month and paid on the tenth day of the following month
for all other Portfolios. Any net realized capital gain on sales of securities
after capital loss carryovers is distributed to the shareholders of the Portfo-
lios at least annually. Effective in 1994, generally accepted accounting prin-
ciples require that differences between undistributed net in-
51
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- - --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
vestment income or accumulated net realized capital gains for financial report-
ing and tax purposes, if permanent, be reclassified to/from paid in capital.
The Portfolios were not affected by this new standard.
3. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES
The Trust and SEI Financial Management Corporation (the "Manager") are par-
ties to a Management Agreement dated May 23, 1986 under which the manager pro-
vides management, administrative and shareholder services to the Portfolios for
an annual fee of .36% each of the average daily net asset value of the Tax
Free, Bainbridge Tax Exempt, Institutional Tax Free and Pennsylvania Tax Free
Portfolios, .23% of the average daily net asset value of the California Tax Ex-
empt Portfolio, .39% of the average daily net asset value of the Intermediate-
Term Municipal Portfolio, .35% each of the average daily net asset value of the
Pennsylvania Municipal and the Massachusetts Intermediate-Term Municipal Port-
folios, and .15% of the average daily net asset value of the Kansas Tax Free
Income Portfolio. However, the Manager has voluntarily agreed to waive a por-
tion of its fee so that total expenses of each Portfolio will not exceed cer-
tain annual expense limitations.
Organizational costs have been capitalized by the Trust and are being amor-
tized over sixty months commencing with operations. In the event any of the
initial shares of the Trust are redeemed by any holder thereof during the pe-
riod that the Trust is amortizing its organizational costs, the redemption pro-
ceeds payable to the holder thereof by the Trust will be reduced by the unamor-
tized organizational costs in the same ratio as the number of initial shares
being redeemed bears to the number of initial shares outstanding at the time of
redemption. These costs include legal fees for organizational work performed by
a law firm of which an officer of the Trust is a partner.
SEI Financial Service Company ("SFS") acts as the distributor of the shares
of the Trust under a distribution plan which provides for the Trust to
reimburse SFS for its distribution expenses. Such expenses may not exceed .30%
of the Portfolios' average daily net assets of Class A for all Portfolios ex-
cept the Kansas Tax Free Income Portfolio, .60% of the Portfolios' average
daily net assets of Class B and the ProVantage Class, and .80% of the Portfo-
lios' average daily net assets of Class C. SFS receives no reimbursement for
distributing Class A shares of the Kansas Tax Free Income Portfolio. Distribu-
tion expenses include the compensation and benefits of sales personnel incurred
by SFS in connection with the promotion and sale of shares.
Certain officers and/or Trustees of the Trust are also officers and/or Direc-
tors of the Manager. The Trust pays each unaffiliated Trustee an annual fee for
attendance at quarterly, interim and committee meetings. Compensation of offi-
cers and affiliated Trustees is paid by the Manager.
4. INVESTMENT ADVISORY
Weiss, Peck, and Greer Advisers, Inc. ("WPGA") act as the Investment Advisor
on behalf of the Tax Free, the California Tax Exempt, the Bainbridge Tax Ex-
empt, the Institutional Tax Free, the Pennsylvania Tax Free and the Intermedi-
ate-Term Municipal Portfolios. For its services, WPGA receives a monthly fee
equal to an annual rate of .05% of the combined daily net assets up to $500
million, .04% on the next $500 million and .03% of such assets in excess of $1
billion of the Tax Free, California Tax Exempt, the Bainbridge Tax Exempt, the
Institutional Tax Free and the Pennsylvania Tax Free Portfolios. For the Inter-
mediate-Term Municipal Portfolio, WPGA receives a monthly fee equal to an
annual rate of .18% of the daily net assets up to $150 million and .16% of such
assets in excess of $150 million. WPGA has voluntarily agreed to waive a
portion of its fee in an amount proportionate to the Manager in order to limit
operating expenses in the Intermediate-Term Municipal Portfolio.
Under an Investment Advisory Agreement dated June 30, 1989, Bessemer Trust
Company, N.A. ("Bessemer") serves as the Investment Adviser on behalf of the
Pennsylvania Municipal Portfolio. For its services, Bessemer receives a monthly
fee equal to an annual rate of .25% of the average daily net assets of the
Portfolio.
52
<PAGE>
- - --------------------------------------------------------------------------------
Under an Investment Advisory Agreement dated December 7, 1990, INTRUST Bank,
N.A. in Wichita serves as the Investment Adviser on behalf of the Kansas Tax
Free Income Portfolio. For its services INTRUST Bank receives a monthly fee
equal to an annual rate of .30% of the average daily net assets of the Portfo-
lio. INTRUST Bank has voluntarily agreed to waive the full amount of their fee
in order to limit operating expenses. The Manager has voluntarily agreed to
waive a portion of its fee in order to limit operating expenses of the Kansas
Tax Free Income Portfolio.
Under an Investment Advisory Agreement dated August 24, 1992, State Street
Bank and Trust Company ("State Street") serves as the Investment Adviser on be-
half of the Massachusetts Intermediate-Term Municipal Portfolio. For its serv-
ices State Street receives a monthly fee equal to an annual rate of .25% of the
average daily net assets of the Portfolio.
5. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments for the period ended February 28, 1995, were
as follows:
<TABLE>
<CAPTION>
Intermediate- Kansas Massachusetts
Term Pennsylvania Tax Free Intermediate Term
Municipal Municipal Income Municipal
(000) (000) (000) (000)
------------- ------------ -------- -----------------
<S> <C> <C> <C> <C>
Purchases................. $15,383 $ -- $9,934 $ 275
Sales..................... 41,278 16,882 8,894 2,676
</TABLE>
At August 31, 1994, the following Portfolios had capital loss carryforwards:
<TABLE>
<CAPTION>
Expiration
Name of Portfolio Amount Date
- - ----------------- ---------- ----------
<S> <C> <C>
Tax Free Portfolio........................................ $1,376,036 1995
19,608 2002
Institutional Tax Free Portfolio.......................... 72,601 1995
</TABLE>
For tax purposes, the losses in the Portfolios can be carried forward for a
maximum of eight years to offset any net realized capital gains.
The total cost of securities and the net realized gains or losses on securi-
ties sold for federal income tax purposes was not materially different from the
amounts reported for financial reporting purposes. The aggregate gross
unrealized appreciation on securities in which there was an excess of market
value over cost, the aggregate gross unrealized depreciation on securities in
which there was an excess of cost over market value and the net unrealized ap-
preciation at February 28, 1995, for each Portfolio are as follows:
<TABLE>
<CAPTION>
Massachusetts
Intermediate- Kansas Intermediate
Term Pennsylvania Tax Free Term
Municipal Municipal Income Municipal
(000) (000) (000) (000)
------------- ------------ -------- -------------
<S> <C> <C> <C> <C>
Aggregate gross unrealized
appreciation $ 773 $3,081 $1,432 $ 51
Aggregate gross unrealized
depreciation 1,710 1,043 573 62
----- ------ ------ ----
Net unrealized appreciation/
(depreciation) $(937) $2,038 $ 859 $(11)
===== ====== ====== ====
</TABLE>
6. LINE OF CREDIT
The Portfolios have a bank line of credit. Borrowings under the line of credit
are secured by investment securities of the Portfolios equal to 110% of such
borrowings which may not exceed 10% of the Portfolios' total assets.
7. CONCENTRATION OF CREDIT RISK
The Portfolios invest in debt instruments of municipal issuers. The issuers'
abilities to meet their obligations may be affected by economic developments in
a specific state or region.
53
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- - -----------------------------------------------------------------
SEI Tax Exempt Trust -- February 28, 1995 (unaudited)
The Trust invests in securities which include revenue bonds, tax exempt com-
mercial paper, tax and revenue anticipation notes, and general obligation
bonds. At February 28, 1995, the percentage of portfolio investments by each
revenue source were as follows:
<TABLE>
<CAPTION>
California Bainbridge
Tax Free Tax Exempt Tax Exempt
Portfolio Portfolio Portfolio
------------- ------------ -------------
<S> <C> <C> <C>
Revenue Bonds:
Education Revenue 7.33% 9.18% 5.37%
Health Care Facilities 12.55% 6.54% 12.80%
Housing Facilities 16.45% 22.24% 17.76%
Industrial Development 17.96% 7.29% 23.41%
Pollution Control 1.75% 2.62% 4.09%
Public Facility 4.87% 5.61% 1.85%
Transportation 3.15% 11.12% 2.44%
Utility Revenue 3.94% 2.46% 1.00%
General Obligation 3.14% 0.00% 7.78%
Tax Exempt Commercial Paper 2.76% 4.62% 1.90%
Anticipation Notes:
Bond 5.89% 1.31% 5.18%
Revenue 0.44% 0.58% 0.00%
Tax 2.95% 0.00% 3.44%
Tax & Revenue 2.17% 14.82% 4.58%
Other 14.65% 11.61% 8.40%
------ ------ ------
Total 100.00% 100.00% 100.00%
<CAPTION>
Intermediate-
Institutional Pennsylvania Term
Tax Free Tax Free Municipal
Portfolio Portfolio Portfolio
------------- ------------ -------------
<S> <C> <C> <C>
Revenue Bonds:
Education Revenue 7.33% 2.87% 3.99%
Health Care Facilities 12.55% 18.50% 2.96%
Housing Facilities 16.45% 4.81% 13.26%
Industrial Development 17.96% 23.23% 1.95%
Pollution Control 1.75% 0.00% 0.00%
Public Facility 4.87% 0.00% 4.47%
Transportation 3.15% 6.64% 10.52%
Utility Revenue 3.95% 6.95% 29.24%
General Obligation 3.14% 3.21% 30.92%
Tax Exempt Commercial Paper 2.76% 9.48% 0.00%
Anticipation Notes:
Bond 5.89% 3.33% 0.00%
Revenue 0.44% 0.00% 0.00%
Tax 2.95% 0.00% 0.00%
Tax & Revenue 2.17% 6.18% 0.00%
Other 14.64% 14.80% 2.69%
------ ------ ------
Total 100.00% 100.00% 100.00%
</TABLE>
<TABLE>
<CAPTION>
Massachusetts
Kansas Intermediate-
Pennsylvania Tax Free Term
Municipal Income Municipal
Portfolio Portfolio Portfolio
------------ --------- -------------
<S> <C> <C> <C>
Revenue Bonds:
Education Revenue 17.01% 1.17% 13.90%
Health Care Facilities 14.93% 6.07% 10.36%
Housing Facilities 6.99% 7.95% 3.35%
Industrial Development 10.09% 2.50% 2.00%
Pollution Control 0.00% 1.94% 0.00%
Public Facility 4.89% 0.80% 2.78%
Transportation 3.18% 4.12% 8.00%
Utility Revenue 13.26% 17.25% 6.10%
General Obligation 23.31% 52.77% 36.90%
Tax Exempt Commercial Paper 0.00% 0.00% 0.00%
Anticipation Notes:
Bond 0.00% 0.00% 7.82%
Revenue 0.00% 0.00% 3.00%
Tax 0.00% 0.00% 0.00%
Tax & Revenue 0.00% 0.00% 0.00%
Other 6.34% 5.43% 5.79%
------ ------ ------
Total 100.00% 100.00% 100.00%
</TABLE>
Many municipalities insure their obligations with insurance underwritten by
insurance companies which undertake to pay a holder, when due, the interest and
principal amount of an obligation if the issuer defaults on its obligation. Al-
though bond insurance reduces the risk of loss due to default by an issuer,
there is no assurance that the insurance company will meet its obligations. Al-
so, some of the securities have credit enhancements (letters of credit or guar-
antees issued by third party domestic or foreign banks or other institutions).
At February 28, 1995, the percentage of the Portfolios' investments that were
insured and the percentage of the Portfolios' investments that had credit en-
hancements were as follows:
<TABLE>
<CAPTION>
Credit
Insured Enhancements
------- ------------
<S> <C> <C>
Tax Free 2.78% 75.54%
California Tax Exempt 11.75% 56.58%
Bainbridge Tax Exempt 1.05% 65.16%
Institutional Tax Free 0.89% 61.20%
Pennsylvania Tax Free 6.69% 57.66%
Intermediate-Term Municipal 23.87% 2.84%
Pennsylvania Municipal 76.81% 2.08%
Kansas Tax Free Income 16.86% 0.00%
Massachusetts Intermediate-Term Municipal 4.78% 0.00%
</TABLE>
54
<PAGE>
- - ----------------------
SEI TAX EXEMPT TRUST
- - ----------------------
SEMI-ANNUAL REPORT
- - ----------------------
February 28, 1995 (unaudited)
Robert A. Nesher
Chairman
TRUSTEES
Richard F. Blanchard
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
OFFICERS
David G. Lee
President, Chief Executive Officer
Carmen V. Romeo
Treasurer, Assistant Secretary
Robert B. Carroll
Vice President, Assistant Secretary
Kathryn L. Stanton
Vice President, Assistant Secretary
Sandra K. Orlow
Vice President, Assistant Secretary
Kevin P. Robins
Vice President, Assistant Secretary
Jeffrey A. Cohen
Controller, Assistant Secretary
Richard W. Grant
Secretary
John H. Grady, Jr.
Assistant Secretary
INVESTMENT ADVISERS
Bessemer Trust Company:
Pennsylvania Municipal Portfolio
INTRUST Bank, NA:
Kansas Tax Free Income Portfolio
State Street Bank and Trust Company:
Massachusetts Intermediate-Term Municipal Portfolio
Weiss, Peck & Greer Advisers, Inc.:
Tax Free Portfolio
California Tax Exempt Portfolio
Bainbridge Tax Exempt Portfolio
Institutional Tax Free Portfolio
Pennsylvania Tax Free Portfolio
Intermediate-Term Municipal Portfolio
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Financial Management Corporation
DISTRIBUTOR
SEI Financial Services Company
LEGAL COUNSEL
Morgan, Lewis & Bockius
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
This semi-annual report and the financial statements contained herein are
submitted for the general information of the shareholders of the Trust and must
be preceded or accompanied by a current prospectus. Shares of the SEI Funds are
not deposits or obligations of, or guaranteed or endorsed by, any bank. The
shares are not federally insured by the Federal Deposit Insurance Corporation
(FDIC), the Federal Reserve Board, or any other government agency. Investment
in the shares involves risk, including the possible loss of principal. SEI
Financial Services Company, the Distributor of the SEI Funds, is not affiliated
with any bank.
For more information call 1.800.DIAL.SEI/1.800.342.5734
<PAGE>
SEI-F-090-02
