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SEI TAX EXEMPT TRUST
Pennsylvania Municipal Portfolio
Supplement dated June 30, 1995 to Prospectus dated December 31, 1994.
This supplement to the Prospectus dated December 31, 1994 of the SEI Tax
Exempt Trust (the "Trust") with respect to the Pennsylvania Municipal Portfolio
(the "Portfolio") supersedes and replaces any existing supplements to the
Prospectus. This supplement provides new and additional information beyond that
contained in the Prospectus and should be retained and read in conjunction with
such Prospectus.
On June 5, 1995, the Board of Trustees of the Trust met and approved a
series of changes relating to the investment adviser of the Portfolio. At
that meeting, the Board determined to give notice of its intention to
terminate the investment advisory agreement between the Trust and Bessemer
Trust Company, N.A., effective as of the close of business on June 30,
1995. The Board then approved, subject to shareholder approval, a new
investment advisory agreement with Morgan Grenfell Capital Management, Inc.
("Morgan Grenfell"), effective as of July 3, 1995.
Pursuant to the regulations of the Securities and Exchange Commission,
Morgan Grenfell will serve as investment adviser prior to the special
meeting of shareholders called by the Board of Trustees for the purpose of
considering the new advisory agreement. The shareholder meeting is
expected to be held on September 28, 1995. Except as approved by the
shareholders of the Portfolio at such special meeting, these changes will
have no effect on the Portfolio's overall expense ratio.
As a result of Morgan Grenfell's investment strategy, the Portfolio's
annual portfolio turnover rate is expected to be over 100%. A high
turnover rate may result in higher transaction costs and may result in
additional taxes for shareholders. See "Taxes."
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
SEI-A-009-01
