<PAGE>
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SEI TAX EXEMPT TRUST
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ANNUAL REPORT
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August 31, 1995
<PAGE>
TABLE OF CONTENTS
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LETTER TO SHAREHOLDERS....................................................... 1
MUNICIPAL BOND MARKET OVERVIEW............................................... 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE..................... 3
STATEMENT OF NET ASSETS...................................................... 7
STATEMENT OF OPERATIONS...................................................... 52
STATEMENT OF CHANGES IN NET ASSETS........................................... 54
FINANCIAL HIGHLIGHTS......................................................... 56
NOTES TO FINANCIAL STATEMENTS................................................ 59
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS..................................... 64
NOTICE TO SHAREHOLDERS....................................................... 65
<PAGE>
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SEI Tax Exempt Trust--August 31, 1995
TO OUR SHAREHOLDERS:
The fiscal year ending August 31, 1995 saw yields declining in the municipal
market as a result of the reversal in the Federal Reserve Board's (the "Fed")
interest rate policy. Despite the decline in interest rates, both the money
market and fixed income portfolios of the Trust continue to provide competitive
yields.
From September 1994 through February 1995, the Fed continued to raise short-
term interest rates in an attempt to curb inflation. When the Fed tightened for
the last time this past February, short-term rates had risen from 3.00% to
6.00% in just 12 months. Satisfied that it had engineered a successful "soft
landing", the Fed switched gears in July 1995, and lowered the Federal Funds
rate 25 basis points to 5.75%.
In December 1994, the market received the news of the Orange County, Califor-
nia bankruptcy. The reaction of municipal bond investors to this highly unusual
event continued to affect the market through early 1995 resulting in the
underperformance of municipal bonds as compared to their taxable fixed income
counterparts. The sharp decline in rates, however, was a more powerful force as
most municipal bond indices during the first half of 1995 posted returns in ex-
cess of 1994's disappointing results. New issues continue to be scarce, also
contributing to this year's market rally as more investors compete for the ex-
isting pool of bonds.
In the near term, we expect the municipal market to be clouded with uncer-
tainty. Any news of tax reform from Capitol Hill has the potential to cause mu-
nicipal bonds to trade at historically cheap levels. On the other hand, the
market could rally if new issue supply remains at current modest levels. De-
spite this uncertainty, we are confident that our advisers will navigate these
difficult market conditions and work to produce strong relative returns for our
portfolios.
Thank you for your continued confidence in the SEI Tax-Exempt Trust.
Sincerely,
/s/ David G. Lee
David G. Lee President
1
<PAGE>
MUNICIPAL BOND MARKET OVERVIEW
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SEI Tax Exempt Trust--August 31, 1995
During the fiscal year ended August 31, 1995, yields fell in the municipal
market following the turnaround in the Federal Reserve Board's (the "Fed") rate
policy. The Fed, signaling its belief that the economy had slowed sufficiently,
lowered the Fed Funds rate 25 basis points to 5.75% in July 1995. This move re-
versed the rise in fixed income yields fueled by the five separate rate in-
creases occurring in fiscal 1994. Between August 1994 and August 1995, 30 year
general obligation municipal yields fell 10 basis points from 6.0% to 5.9%
while the 30 year Treasury yields fell 80 basis points to 6.6%. Intermediate
maturity municipals were the best performers as their yields fell 40 basis
points during the year. Continued low supply levels also contributed to the
market's rally in 1995. New issuance was down approximately 20% for the 1995
fiscal year.
Most major municipal bond indices posted strong returns in 1995, well above
last year's poor results. Nevertheless, tax-exempt bonds underperformed their
taxable fixed income counterparts reflecting the negative impact of the Orange
County crisis and fears of major federal tax reform.
Orange County, a previously AA rated credit, declared bankruptcy in December
1994. This move shook investor confidence in the safety of general obligation
bonds and dampened demand in the market as a whole. During the first months of
1995, investors increased their focus on the various tax reform proposals com-
ing out of Washington. Proposals such as the "flat tax" and others could ad-
versely impact the market value of municipal bonds. Fears of this impact caused
municipal bonds to trade at historically cheap levels before rebounding some-
what in July and August.
2
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI Tax Exempt Trust--August 31, 1995
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
Weiss, Peck, and Greer Advisors
OBJECTIVES
The Intermediate-Term Municipal Portfolio seeks to preserve capital and pro-
vide a high level of income exempt from Federal income tax through a diversi-
fied portfolio of high-quality municipal securities.
STRATEGY
The Intermediate-Term Municipal Portfolio invests primarily in municipal
notes and bonds rated A or better. The Portfolio will maintain an average
weighted maturity of three to ten years, although typically the average matu-
rity will tend towards the shorter end of this maturity range. The Portfolio
invests in securities which are viewed as attractively priced due to the inef-
ficiencies of the municipal market.
ANALYSIS
For the fiscal year ended August 31, 1995, the Intermediate-Term Municipal
Portfolio, Class A had a total return of 7.53% compared to a total return of
8.11% for the Lehman Brothers 5 Year G.O. Municipal Bond Index. The Portfolio's
underperformance relative to the Lehman Brothers 5 Year G.O. Municipal Bond In-
dex can mainly be attributed to the Portfolio's exposure to longer and shorter
maturity bonds which underperformed intermediate maturities during the year.
Additionally, the Portfolio is managed to a benchmark -- the Lehman Brothers
3 to 10 Year Bond Index Blend (the "benchmark") -- because its maturity and
sector structure closely reflect the objectives of the Portfolio. The Portfolio
had a total return of 7.53% for the year ended August 31, 1995 compared to a
total return of 8.55% for the benchmark. The Portfolio, which had exposure to
maturities under three years and over 10 years, underperformed the benchmark
which is exclusively weighted in the 3 to 10 year maturity range. During the
fiscal year, yields fell relatively more in the 3 to 10 year maturity range
causing these maturities to outperform shorter and longer securities. In the
one to two year maturity range, yields fell between 6 and 27 basis points. For
maturities exceeding 20 years, yields fell 13 to 22 basis points. However, on
securities with maturities between 3 and 10 years, yields fell between 32 and
40 basis points fueling this sector's outperformance. The Portfolio maintains a
weighting in shorter securities in order to maintain liquidity.
In addition, the Portfolio is overweighted to high coupon, premium bonds
which are defensive in nature and outperform in rising rate environments. The
benchmark has a heavy weighting to discounted bonds whose prices appreciate
faster than premium bonds in falling rate environments. During the 1995 fiscal
year, yields fell between 6 and 40 basis points across all maturities.
(ART)
3
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI Tax Exempt Trust--August 31, 1995
PENNSYLVANIA MUNICIPAL PORTFOLIO
Morgan Grenfell Capital Management Incorporated
OBJECTIVES
The Pennsylvania Municipal Portfolio seeks to preserve capital and to provide
a high level of current income exempt from both Federal and Pennsylvania state
income taxes.
STRATEGY
While the Portfolio is permitted to purchase investment-grade municipal
bonds, a large percentage of the assets are currently in AAA-rated, insured
Pennsylvania municipal securities. As principal stability is a primary objec-
tive of the Portfolio, the weighted average maturity of the Portfolio is typi-
cally in a narrow band of five to seven years. While the Adviser does not at-
tempt to forecast interest rates, the maturity of the Portfolio is extended
when interest rates are stable or in decline, and is shortened during periods
of rising interest rates.
ANALYSIS
For the twelve months ended August 31, 1995, the Portfolio experienced a
6.81% total return versus a total return of 8.11% for the Lehman 5 Year G.O.
Municipal Bond Index. The underperformance of the Portfolio is mainly attribut-
able to its large weighting to revenue bonds which lagged over the fiscal year.
Additionally, the Portfolio is managed to a benchmark--the Lehman M.F. Penn-
sylvania Intermediate Index (the "benchmark")--as its maturity and sector
structure closely reflect the objectives of the Portfolio. For the twelve
months ended August 31, 1995, the Portfolio returned 6.81% versus 8.92% for the
Lehman M.F. Pennsylvania Intermediate Index.
The underperformance by the Portfolio relative to the Lehman M.F. Pennsylva-
nia Intermediate Index for the period is attributable to the Portfolio's
shorter relative duration during a falling rate environment. Over the fiscal
year ended August 31, 1995, the Portfolio experienced about $20 million in net
shareholder redemptions. The Portfolio's strategy was to remain shorter than
the benchmark and to maintain liquidity as redemptions continued to affect the
Portfolio. As of August 31, 1995, the Pennsylvania Municipal Portfolio's dura-
tion was 4.61 years versus 5.60 years for the Lehman M.F. Pennsylvania Interme-
diate Index.
On July 3, 1995, Morgan Grenfell Capital Management Incorporated replaced
Bessemer Trust Company, N.A. as investment advisor for the Pennsylvania Munici-
pal Portfolio. Going forward, Morgan Grenfell will be attempting to add value
through security selection. The new advisor specializes in locating and acquir-
ing securities which are mispriced due to inefficiencies in the municipal mar-
ket. Over the next several months, the advisor will be looking to extend dura-
tion to match that of the index.
(ART)
4
<PAGE>
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KANSAS TAX FREE INCOME PORTFOLIO
INTRUST Bank
OBJECTIVE
The Kansas Tax Free Income Portfolio seeks to preserve capital while produc-
ing current income for the investor that is exempt from both federal and Kansas
state income taxes.
STRATEGY
The Kansas Tax Free Income Portfolio invests primarily in municipal obliga-
tions exempt from federal and Kansas state income taxes. Additionally at least
80% of the Portfolio's assets will be invested in assets the income of which is
not subject to alternative minimum tax. The Portfolio will maintain an average
weighted maturity of seven years to twelve years.
ANALYSIS
The Kansas Tax Free Income Portfolio's total return for the fiscal year ended
August 31, 1995 was 7.23% compared with a total return of 8.94% for the Lehman
7 Year G.O. Index and 8.11% for the Lehman 5 Year G.O. Municipal Bond Index.
The first six months of 1995 were a fairly static period for the Portfolio
with inflows only exceeding outflows by $800,000. Money market positions were
kept at a slightly higher level for possible redemptions and due to possible
tax legislation impacting municipal bonds. This caused duration to fall from
6.0 years on August 31, 1994 to 5.5 years on August 31, 1995. In May, the Port-
folio's investment advisor's interest rate forecast projected a 50 basis point
increase in rates before settling into a 25 basis point trading range. As a re-
sult, the Portfolio's purchases were restricted to the securities in the three
to ten year maturity range. In August, 1995, the Portfolio received inflows
slightly over $3 million. Since rates had increased by approximately 50 basis
points by the first of August, this new money was used to make purchases in the
fifteen to twenty year maturity range in order to lengthen duration.
(ART)
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI Tax Exempt Trust--August 31, 1995
MASSACHUSETTS INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
State Street Bank and Trust Company
OBJECTIVE
The Massachusetts Intermediate-Term Municipal Portfolio seeks to provide a
high level of current income exempt from both Federal and Massachusetts state
income taxes and to preserve capital.
STRATEGY
The Massachusetts Intermediate-Term Municipal Portfolio invests primarily in
investment grade obligations issued by the Commonwealth of Massachusetts and
other governmental issuers. Emphasis is placed on assessing the direction of
interest rates and the analysis of spreads between Treasuries and municipal is-
sues in order to determine a target maturity range and relative value within
the municipal tent to hold to maturity. However, the Portfolio is continuously
monitored to take advantage of trading opportunities presented by changing
yield curve and sector spread relationships. The Portfolio will maintain an av-
erage weighted maturity of three to ten years.
ANALYSIS
On August 15th, 1995, the Massachusetts Intermediate-Term Municipal Portfolio
(the "Portfolio") was closed. For the eleven months ended July 31, 1995, the
total return of the Portfolio was 6.05% versus a total return of 7.29% for the
Lehman 5 Year G.O. Municipal Bond Index. For the fifteen day period ended Au-
gust 15, 1995, the Portfolio returned -.19%. For the month ended August 31,
1995, the Lehman 5 year G.O. Municipal Bond Index returned 1.01%.
Additionally, the Portfolio is managed to a benchmark--the Lehman M.F. Massa-
chusetts Intermediate Index (the "benchmark")--as its maturity and sector
structure closely reflect the objectives of the Portfolio. For the eleven
months ended July 31, 1995, the Portfolio returned 6.05% versus 7.96% for the
Lehman M.F. Massachusetts Intermediate Index. The underperformance by the
Portfolio relative to the Lehman M.F. Massachusetts Intermediate Index for the
period is attributable to the Portfolio's shorter relative duration during a
falling rate environment. The Portfolio was shorter than the benchmark in every
month during this period. As of July 31, 1995, the Massachusetts Intermediate-
Term Municipal Portfolio's duration was 1.64 years versus 5.75 years for the
Lehman M.F. Massachusetts Intermediate Index. The Portfolio's duration was much
shorter in July than in previous 10 months (from 9/94 to 6/95 the Portfolio's
duration ranged from 4.00 to 4.99 years) because much of the Portfolio was in-
vested in short-term liquid securities in anticipation of shareholder
redemptions.
(ART)
6
<PAGE>
STATEMENT OF NET ASSETS
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SEI Tax Exempt Trust -- August 31, 1995
TAX FREE PORTFOLIO
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<TABLE>
<CAPTION>
Face
Amount (000) Value (000)
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<S> <C> <C>
MUNICIPAL BONDS -- 103.8%
ALABAMA -- 1.0%
Birmingham, Baptist Medical Center, Special Care
Facilities, Baptist Health System, Ser A, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) $ 3,630 $ 3,630
---------
ALASKA -- 0.3%
Alaska State Housing Finance Corporation, Government
Purpose, Ser A, VRDN, RB 3.550%, 09/07/95 (A) (B)
(C) 1,200 1,200
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ARIZONA -- 2.2%
Arizona Health Facilities Authority, Pooled Loan
Program, VRDN, RB,
FGIC Insured
3.750%, 09/07/95 (A) (B) 800 800
Chandler Industrial Development Authority, Parsons
Municipal Series Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 3,900 3,900
Tucson, Industrial Development Authority, Tucson
Center Parking Garage, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 3,700 3,700
---------
8,400
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ARKANSAS -- 1.7%
Pine Bluff Industrial Development Authority, Camden
Wire Project, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 6,300 6,300
---------
CALIFORNIA -- 3.7%
California Community College Financial Authority, Ser
A, TRAN
4.750%, 07/10/96 2,000 2,011
California State Pollution Control Revenue, San Diego
Gas & Electric, RB, 4.000%, 09/01/96 (A) (B) 1,000 1,000
</TABLE>
<TABLE>
<CAPTION>
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Face
Amount (000) Value (000)
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<S> <C> <C>
Los Angeles County, Multi-Family Housing, Malibu
Meadows Project, Ser A, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) $ 4,000 $ 4,001
Los Angeles Unified School District, TRAN
4.500%, 07/03/96 2,500 2,516
San Diego Community College, TRAN
4.500%, 07/06/96 3,500 3,513
Western Placer, Unified School District, TRAN
4.700%, 09/05/96 1,000 1,005
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14,046
--------
COLORADO -- 1.8%
Colorado Housing Finance Authority, Multi-Family
Housing, Cambray Park Project, VRDN, RB
3.700%, 09/07/95 (A) (B) 2,900 2,900
Colorado Housing Finance Authority, Multi-Family
Housing, Grants Plaza Project 1991A, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 1,200 1,200
Colorado Housing Finance Authority, Multi-Family
Housing, Windridge Project, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 1,000 1,000
Colorado River Authority, RB, Pre-Refunded @ 102
9.000%, 01/01/96 (C) (D) 1,000 1,036
Jefferson County Industrial Development Revenue,
Southwest Medpro Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 600 600
--------
6,736
--------
FLORIDA -- 8.4%
Boca Raton Industrial Revenue Authority, Parking
Garage, Ser 84A, VRDN, RB
4.075%, 09/07/95 (A) (B) (C) 3,125 3,125
Dade County, Aviation Revenue, Ser V, VRDN, RB
3.650%, 09/07/95 (A) (B) 10,955 10,955
</TABLE>
7
<PAGE>
STATEMENT OF NET ASSETS
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SEI Tax Exempt Trust -- August 31, 1995
TAX FREE PORTFOLIO--CONTINUED
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<TABLE>
<CAPTION>
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Florida Housing Finance Authority, Sarasota Beneva
Place, Ser C, VRDN, RB 3.675%, 09/07/95 (A) (B) (C) $ 2,975 $ 2,975
Florida Housing Finance Authority, VRDN, RB 3.800%,
09/07/95 (A) (B) (C) 2,300 2,300
Lee Industrial Development Authority, Christ Mission
Shell Point Village,
VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 11,155 11,155
Pasco County Housing Facility Authority, Multi-Family
Housing, Carlton Arms/Magnolia Valley, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,000 1,000
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31,510
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GEORGIA -- 6.7%
Clayton County, Multi-Family Housing Authority,
Summercourt Project,
VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,475 1,475
Cobb County, Housing Finance Authority, Summeroak
Project, Ser 1985G,
VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 6,675 6,675
Dekalb County Hospital Authority, Dekalb Medical
Center, Ser 1994, VRDN, RB 3.750%, 09/07/95 (A) (B)
(C) 6,160 6,160
Dekalb County, Development Authority Revenue, Dart
Container Project, VRDN, RB 4.050%, 09/07/95 (A) (B)
(C) 1,000 1,000
Dekalb County, Multi-Family Housing Revenue, Wood
Terrace Project, VRDN, RB 3.825%, 09/07/95 (A) (B)
(C) 4,690 4,690
Newton, Industrial Development Revenue, H.B. Fuller
Project, Ser 1984, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 3,100 3,100
</TABLE>
<TABLE>
<CAPTION>
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Face
Amount (000) Value (000)
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<S> <C> <C>
Rockdale County Hospital Authority, VRDN, RB, Revenue
Anticipation Certificates
3.750%, 09/07/95 (A) (B) (C) $ 2,000 $ 2,000
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25,100
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ILLINOIS -- 9.0%
Chicago, Multi-Family Housing Authority, Waveland
Project, Ser E, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 7,000 7,000
East Peoria, Multi-Family Housing Revenue, Radnor
East Project, VRDN, RB 3.950%, 09/07/95 (A) (B) 1,000 1,000
Illinois State Development Finance Authority,
Catholic Charities VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 7,500 7,500
Illinois State Development Financial Authority, Dart
Container Project, VRDN, RB 3.675%, 09/07/95 (A) (B)
(C) 1,300 1,300
Illinois State Health Facilities Authority, Midwest
Cambridge Project,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 3,600 3,600
Illinois State Health Facilities Authority,
University of Chicago Revolving Revenue Fund, TECP
3.900%, 02/08/96 (B) 3,900 3,900
Peoria Economic Development, North Point Shopping
Center Project, VRDN, RB
3.950%, 12/01/95 (A) (B) (C) 2,500 2,500
Saint Clair Industrial Building Revenue, Winchester
Apartments Project,
Ser 94, VRDN, RB
4.050%, 09/07/95 (A) (B) 3,000 3,000
Skokie, Industrial Development Authority, Fashion
Square Project, VRDN, RB
4.200%, 09/07/95 (A) (B) (C) 2,800 2,800
Springfield, Community Improvement Revenue, Kent
Family Project, VRDN, RB 3.700%, 09/07/95 (A) (B)
(C) 1,250 1,250
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33,850
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</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
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Face
Amount (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
INDIANA -- 9.7%
Bartholomew Consolidated Schools, TAW
5.750%, 12/29/95 $ 1,417 $ 1,419
Fort Wayne Community Schools, TAW
5.500%, 12/29/95 7,000 7,006
Fort Wayne Economic Development Authority, Georgetown
Place Venture, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 5,500 5,500
Gary Environmental Improvement, US Steel, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 9,800 9,802
Indiana Bond Bank Advance Refunding Project,
Ser B, BAN
3.750%, 01/10/96 2,086 2,086
Indiana State Housing Finance Authority, VRDN, RB,
Callable 03/01/96 @ 100 3.900%, 07/01/96 (A) 3,000 3,000
Indianapolis, Local Improvement Board, Ser D, Bank
Notes
4.250%, 01/11/96 (B) 4,875 4,888
Penn Harris Madison School District, TAW
5.000%, 12/29/95 1,000 1,001
Westfield, High School Building, Ser A, BAN 4.050%,
12/01/95 2,000 2,000
--------
36,702
--------
IOWA -- 3.6%
Iowa Finance Authority, Small Business Revenue,
Multi-Family Housing, Village Court Project, Ser
85A, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 6,645 6,645
Iowa State Finance Authority, Village Court Project,
VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 7,000 7,000
--------
13,645
--------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
KANSAS -- 1.1%
Kansas City, Industrial Development Revenue, Moderate
Income Housing Project, RB,
4.250%, 06/01/96 (A) (B) $ 1,000 $ 1,000
Leawood, BAN
4.000%, 03/15/96 2,500 2,500
Salina, Central Mall Dillard, Ser 84, VRDN, RB
4.075%, 09/07/95 (A) (B) (C) 495 495
---------
3,995
---------
KENTUCKY -- 0.8%
Perry County Health Facilities System, Appalachian
Regional Hospital,
VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 3,000 3,000
---------
MARYLAND -- 1.9%
Baltimore County, Pollution Control Revenue,
Baltimore Gas & Electric Project, TECP 3.600%,
10/03/95 (B) 2,000 2,000
Montgomery County, Multi-Family Housing
Opportunities, Community Housing, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 5,000 5,000
---------
7,000
---------
MASSACHUSETTS -- 1.5%
Massachusetts Bay Transportation Authority, RB
4.400%, 01/01/95 (A) (B) (C) 5,700 5,700
---------
MICHIGAN -- 2.3%
Grand Rapids, Educational Development Corporation,
Revenue Amway #2,
VRDN, RB
3.650%, 09/07/95 (A) (B) 1,060 1,060
Wayne County, Detroit School District, School Aid
Notes 4.500%, 05/01/96 (B) 5,000 5,021
Wayne County, Downriver System Sewer Disposal
Project, Ser B, TECP
4.350%, 09/26/95 (B) (C) 2,670 2,670
---------
8,751
---------
</TABLE>
9
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MINNESOTA -- 8.4%
Bloomington Commercial Development, Revenue Park
Project, VRDN, RB
3.860%, 09/07/95 (A) (B) (C) $ 2,975 $ 2,975
Cloquet Pollution Control Revenue, Potlatch Project,
VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 3,900 3,900
Golden Valley Industrial Development Revenue, Graco
Project, VRDN, RB 3.950%, 09/07/95 (A) (B) (C) 805 805
Minneapolis, Commercial Development Revenue, Thresher
Square Partnership II, VRDN, RB
3.710%, 09/07/95 (A) (B) (C) 4,335 4,335
Minneapolis, Ser A, VRDN, RB 3.610%, 09/07/95 (A) (B)
(C) 2,670 2,670
Minneapolis, Ser B, VRDN, GO 3.610%, 09/07/95 (A) (B)
(C) 13,000 13,000
Saint Paul, Water Revenue,
Ser 1994-D, VRDN, RB
3.660%, 09/07/95 (A) (B) (C) 4,000 4,000
--------
31,685
--------
MISSOURI -- 0.6%
Howell County Industrial Development Authority,
Safeway Project, VRDN, RB 3.800%, 02/01/96 (A) (B)
(C) 1,225 1,225
Missouri State Environment Improvement and Energy
Pollution Control, Union Electric Project, RB
4.000%, 06/01/96 (A) (B) (C) 1,000 1,000
--------
2,225
--------
NEBRASKA -- 0.8%
Nebraska Public Power District, Ser B, TECP
3.950%, 09/08/95 3,000 3,000
--------
NEW HAMPSHIRE -- 0.7%
New Hampshire Higher Education & Health Facilities
Authority, Dartmouth College, Ser 1995, RB, Putable
06/01/96 @ 100
4.100%, 06/01/16 (A) 2,500 2,500
--------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
NEW MEXICO -- 0.7%
Albuquerque, Industrial Development Revenue, Plastech
Project, Ser 94-B, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) $ 2,305 $ 2,305
Dona Ana County Industrial Development Authority,
Foamex Products Project, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 500 500
--------
2,805
--------
NEW YORK -- 2.4%
Campbell Savona Community School District, BAN
5.800%, 01/25/96 3,500 3,505
Nassau County, Ser F, BAN 4.500%, 03/15/96 1,500 1,505
New York State Pollution Control, Energy & Research
Development Authority, New York State
Electric & Gas, RB
4.650%, 03/15/96 (A) (B) 2,000 2,000
Ontario County Industrial Development Authority,
Seneca Foods Project,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 2,185 2,185
--------
9,195
--------
NORTH DAKOTA -- 0.6%
Fargo, Commercial Development Revenue, Cass Oil
Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,200 2,200
--------
OHIO -- 2.9%
Cincinnati & Hamilton County Port Authority, CEI
Realty Project, VRDN, RB
4.350%, 09/01/95 (A) (B) (C) 105 105
Montgomery County, Economic Development Revenue,
Wayne Town Center, VRDN, RB
4.500%, 10/01/95 (A) (B) (C) 1,065 1,065
North Olmstead, General Purpose Improvement,
Ser 1995, BAN
4.670%, 06/20/96 2,500 2,508
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Ohio State, Court Street Center, Ser 1983, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) $ 1,000 $ 1,000
Summit County, Industrial Development Authority,
SGS Tool II Project, RB
4.350%, 11/01/95 (A) (B) (C) 375 375
Summit County,
Ser 1995-A, BAN
5.000%, 03/07/96 5,000 5,009
Toledo, Industrial Development Revenue, Countymark
Coop Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 900 900
--------
10,962
--------
OKLAHOMA -- 1.5%
Oklahoma City Industrial Development Authority,
Baptist General Convention Refunding, Ser 89, RB
4.000%, 03/01/96 (A) (B) (C) 1,940 1,940
Tulsa County Industrial Development Authority,
Laureate Psychiatric
Project, RB
3.750%, 12/15/95 (B) 2,000 2,000
Tulsa Parking Authority, Refunding First Mortgage
Williams Project 84, Ser A, VRDN, RB
4.300%, 11/15/95 (A) (B) (C) 540 540
Tulsa, University of Tulsa,
Ser 1985, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,100 1,100
--------
5,580
--------
OREGON -- 1.7%
Klamath, Electric Revenue,
Ser C, VRDN, RB,
Putable 05/01/96 @ 100
4.400%, 11/15/96 (A) 3,000 3,000
Port of Portland, Public Grain Elevator, Columbia
Grain, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 3,500 3,500
--------
6,500
--------
PENNSYLVANIA -- 8.7%
Allegheny County, Higher Education Building
Authority, University of Pittsburgh, Ser 85B,
VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 1,700 1,700
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Berks County Industrial Development Authority, Rilsaw
Industrial Project,
Elf Aquitaine, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) $ 400 $ 400
Clarion County Industrial Development Authority,
Specialized Development, Revenue Meritcare, MTC
Project, Ser A, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,000 1,000
Delaware County Industrial Development Authority,
British Petroleum Project, Ser 1995, VRDN, RB
3.250%, 09/01/95 (A) (B) 850 850
Delaware County, Industrial Development Authority,
Airport Facilities, United Parcel Service, Ser 85,
VRDN, RB
3.400%, 09/01/95 (A) (B) 1,700 1,700
Delaware Valley Regional Finance Authority, Local
Government, VRDN, RB
3.600%, 09/07/95 (A) (B) 2,100 2,100
Langhorne Hospital Revenue Authority, Franciscan
Health Systems Project, Ser C, VRDN, RB
3.400%, 09/01/95 (A) (B) (C) 2,600 2,600
Montgomery County Industrial Development Authority,
Pollution Control Revenue, TECP
3.900%, 09/07/95 (C) 1,000 1,000
Montgomery County, Higher Education & Health
Authority, Holy Redeemer Hospital, VRDN, RB
3.400%, 09/07/95 (A) (B) 2,600 2,600
Montour County Health System Authority, Geisinger
Authority, Ser 1992B, VRDN, RB
3.250%, 09/01/95 (A) (B) (C) 700 700
Moon Township Industrial Development Revenue,
Executive Office Project,
Ser 1991A, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 800 800
</TABLE>
11
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
North Cumberland County, Industrial Development
Authority, Atlas Development Project,
VRDN, RB
3.750%, 09/07/95 (A) (B) (C) $ 760 $ 760
Pennsylvania Hospital & Higher Education Facility
Authority, Thomas Jefferson University Project, Ser
C, RB
3.900%, 02/26/96 (A) (B) (C) 2,250 2,250
Pennsylvania State Infrastructure Investment
Authority, Penvest Loan Pool Project Ser 1994, VRDN,
RB
3.600%, 09/07/95 (A) (B) (C) 1,550 1,550
Philadelphia Industrial Development Authority, Multi-
Family Housing, Harbor View Towers Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 300 300
Philadelphia School District, Ser 1995, TRAN
4.500%, 06/28/96 7,000 7,030
Philadelphia, Hospital and Higher Education Facility
Authority, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 560 560
Philadelphia, Ser A, TRAN
4.500%, 06/27/96 2,000 2,009
Schuylkill County, Industrial Development Authority,
Westwood Energy Project, VRDN, RB
3.600%, 09/01/95 (A) (B) (C) 2,940 2,940
--------
32,849
--------
RHODE ISLAND -- 0.5%
Cranston, BAN
4.700%, 11/15/95 2,000 2,002
--------
SOUTH CAROLINA -- 2.9%
Florence County, Industrial Development Revenue,
La-Z-Boy Chair Project, VRDN, RB
3.763%, 09/07/95 (A) (B) 5,000 5,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Greenville Industrial Development Revenue, Edgecomb
Project, Ser 84, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) $ 3,100 $ 3,100
York County, Pollution Control Revenue, North
Carolina Electric Project, VRDN, RB
4.300%, 09/15/95 (A) (B) 3,000 3,000
--------
11,100
--------
TENNESSEE -- 1.3%
Memphis, Ser A, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 5,000 5,000
--------
TEXAS -- 5.6%
Bexar County, Health Facilities Development, Air
Force Village, Ser 85B , VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 3,985 3,985
Brazo River, Hoffman-Laroche Project, Ser 85, VRDN,
RB
3.800%, 09/07/95 (A) (B) 1,000 1,000
Dallas Waterworks and Sewer Systems, RB
6.000%, 04/01/96 (D) 1,135 1,148
Harris County, Multi-Family Housing, Woodgate
Project, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 2,300 2,300
San Antonio, Electric & Gas Revenue, RB
7.000%, 02/01/96 300 304
Texas State, Ser A, TRAN 4.750%, 08/30/96 9,500 9,561
Trinity River, Industrial Development Authority,
Trinity River Project,
VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 2,900 2,900
--------
21,198
--------
UTAH -- 2.3%
Nephi Industrial Development Revenue, Refunding
Safeway Project, VRDN, RB
4.500%, 09/01/95 (A) (B) (C) 1,405 1,405
3.850%, 03/01/96 (A) (B) (C) 1,405 1,405
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Salt Lake City, Industrial Development Authority,
Devereaux Partners Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) $ 5,000 $ 5,000
West Valley City, Refunding Johnson Matthey Project,
Ser 144A, VRDN, RB
3.500%, 09/07/95 (A) (B) (C) 1,200 1,200
---------
9,010
---------
VERMONT -- 1.6%
Vermont State Student Assistance Loan Bonds,
Ser 1985, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 6,100 6,100
---------
VIRGINIA -- 1.3%
Fairfax County, Multi-Family Housing Revenue, Chase
Commons Project,
VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 5,000 5,000
---------
WASHINGTON -- 0.4%
Washington State Public Power Supply System, Nuclear
Project Number 3, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 1,400 1,400
---------
WEST VIRGINIA -- 0.3%
Keyser Industrial Development Revenue, Keyser
Project, VRDN, RB 3.700%, 09/07/95 (A) (B) (C) 1,200 1,200
---------
WISCONSIN -- 1.9%
Lacrosse, Industrial Development Revenue, Lacrosse
Properties,
VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,950 1,950
Oshkosh Area High School District, Ser A, TRAN
4.500%, 09/14/95 2,000 2,000
Random Lake School District, TRAN
4.530%, 09/29/95 1,300 1,300
Village of Menomonee, Industrial Development Revenue,
Maysteel Corporation, VRDN, RB 3.675%, 09/07/95 (A)
(B) (C) 1,900 1,900
---------
7,150
---------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ---------------------------------------------------------------------------
<S> <C> <C>
WYOMING -- 1.0%
Evanston, Industrial Development Revenue, Safeway
Project, RB
3.950%, 12/01/95 (A) (B) (C) $ 3,700 $ 3,700
--------
Total Municipal Bonds
(Cost $391,925,784) 391,926
--------
Total Investments -- 103.8%
(Cost $391,925,784) 391,926
--------
OTHER ASSETS AND LIABILITIES -- -3.8%
Other Assets and Liabilities, Net (14,502)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 377,333,054 outstanding shares of beneficial
interest 377,188
Portfolio shares of Class D (unlimited authorization -- no par
value) based on 271,607 outstanding shares of beneficial
interest 272
Accumulated Net Realized Loss on Investment (36)
--------
Total Net Assets: -- 100.0% $377,424
========
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 D $ 1.00
========
</TABLE>
BAN Bond Anticipation Note
FGIC Financial Guaranty Insurance Corporation
GO General Obligation
RB Revenue Bond
Ser Series
TAW Tax Anticipation Warrant
TECP Tax Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on August 31, 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.
13
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
CALIFORNIA TAX EXEMPT PORTFOLIO
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 97.9%
CALIFORNIA -- 97.9%
Bay Area Governments, Finance Authority, Non-Profit,
Lucile Saltier Project, VRDN, RB,
AMBAC Insured
3.200%, 09/07/95 (A) (B) (C) $ 7,950 $ 7,950
California Community College Financial Authority,
Ser A, TRAN
4.750%, 07/10/96 7,000 7,040
California Education Facility Authority, Stanford
University, VRDN, RB
3.200%, 09/07/95 (A) (B) 5,055 5,055
California State Health Facilities Catholic
Healthcare West,
Ser 1995 D, VRDN, RB
MBIA Insured
3.400%, 09/07/95 (A) (B) 5,000 5,000
California State Health Facilities Finance Authority,
Catholic Health Care, Ser B, VRDN, RB,
MBIA Insured
3.400%, 09/07/95 (A) (B) 2,000 2,000
California State Health Facilities Finance Authority,
Catholic Health Care, Ser C, VRDN, RB, MBIA Insured
3.400%, 09/07/95 (A) (B) 1,600 1,600
California State Health Facilities Finance Authority,
Sutter Health, Ser B, VRDN, RB
3.450%, 09/01/95 (A) (B) (C) 7,300 7,300
California State Health Facilities Financing
Authority, Catholic Health Care, Ser A, VRDN, RB,
MBIA Insured
3.400%, 09/07/95 (A) (B) 3,300 3,300
California State Health Facilities Financing
Authority, Kaiser Permanente, Ser A, VRDN, RB
3.350%, 09/07/95 (A) (B) 1,200 1,200
California State Health Facilities Financing
Authority, Kaiser Permanente, Ser B, VRDN, RB
3.350%, 09/07/95 (A) (B) 5,100 5,100
California State Health Facilities Financing
Authority, Memorial Health Services, VRDN, RB
3.400%, 09/07/95 (A) (B) 2,300 2,300
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
California State Health Facilities Financing
Authority, Saint Joseph Health System, Ser B, VRDN,
RB
3.200%, 09/01/95 (A) (B) $ 1,075 $ 1,075
California State Health Facilities Financing
Authority, Santa Barbara Cottage,
Ser B, VRDN, RB
3.300%, 09/07/95 (A) (B) (C) 2,900 2,900
California State Housing Finance Authority Multi-
Family Housing Revenue, Oakbrook Ridge Apartments,
Ser 93-A,
VRDN, RB
3.550%, 09/07/95 (A) (B) 4,830 4,830
California State Pollution Control Chevron USA
Project B, RB, Putable 6/15/96 @ 100
4.250%, 06/15/05 (A) 1,360 1,366
California State Pollution Control Finance Authority
Revenue, San Diego Gas & Electric, Ser H, RB,
Putable 8/1/96 @ 100,
FGIC Insured
4.250%, 12/01/07 (A) 6,300 6,300
California State Pollution Control Finance Authority,
San Diego Gas & Electric, RB
4.000%, 09/01/96 (A) (B) 2,750 2,750
California State Pollution Control Finance Authority,
Solid Waste Disposal, North County Recycling Center,
VRDN, RB
3.350%, 09/06/95 (A) (B) (C) 4,000 4,000
California State Pollution Control Financing
Authority, Chevron USA Project, RB, Putable 05/15/96
@ 100
4.500%, 05/15/02 (A) 5,500 5,513
California Statewide Community Development Authority,
Apartment Development Revenue, Ser 1995 A-4,
VRDN, RB
3.450%, 09/07/95 (A) (B) 5,000 5,000
California Statewide Community Development Authority,
Sutter Health Group, VRDN, RB,
AMBAC Insured
3.300%, 09/01/95 (A) (B) (C) 3,900 3,900
</TABLE>
14
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Contra Costa County, Multi-Family Housing, Delta
Square Project, Ser A, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) $ 2,000 $ 2,000
Contra Costa County, Multi-Family Housing, VRDN, RB
4.050%, 09/07/95 (A) (B) 3,500 3,500
Contra Costa County, TRAN
4.500%, 07/03/96 1,000 1,007
Contra Costa County, Transportation Authority, Sales
Tax Revenue, Ser A, VRDN, RB
FGIC Insured
3.400%, 09/07/95 (A) (B) 5,500 5,500
Corona Redevelopment Agency, Crown Point Project, Ser
1985, RB, Putable 05/01/96 @ 100
4.750%, 05/01/15 (A) (C) 7,885 7,885
Corona, Multi-Family Housing, County Hills Apartment
Project, Ser 1995-B, VRDN, RB
3.350%, 09/07/95 (A) (B) (C) 1,655 1,655
East Bay, Utility District Water System, Revenue
Refunding Project, RB, Pre-Refunded
@ 102.50
6.750%, 03/01/96 (D) 3,000 3,107
Escondido, Community Development Multi-Family
Housing, Heritage Housing Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 3,350 3,350
Fairfield, TRAN
4.500%, 06/27/96 1,000 1,004
Fontana, GAF Tax Exempt Bond Grantor Trust, Ser Ga7,
VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 6,325 6,325
Freemont, Multi-Family Housing, Creekside Village
Apartments Project, Ser D, VRDN, RB
3.350%, 09/07/95 (A) (B) 7,300 7,300
Hermosa Beach,
Parking Authority,
VRDN, COP
3.400%, 09/07/95 (A) (B) 6,400 6,400
Independent Cities,
Lease Finance Authority,
Revenue Pooled Project,
VRDN, RB
3.300%, 09/07/95 (A) (B) (C) 5,605 5,605
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Irwindale, Industrial Development Revenue, Toys R Us
Project, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) $ 500 $ 500
Kern County, Panama-Buena Vista Union School
District, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 6,000 6,000
Kern County, Public Facilities Project, Ser C, VRDN,
RB
3.450%, 03/08/96 (A) (B) (C) 4,500 4,500
Kern County, Public Facilities Project, Ser D, VRDN,
RB
3.450%, 09/07/95 (A) (B) (C) 2,600 2,600
Livermore, Water Reclamation Plant Project, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 950 950
Loma Linda, Hospital Revenue, Loma Linda Medical
Center,
Ser 85-A, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 1,300 1,300
Loma Linda, University Medical Center #979, Ser 1985-
C,
VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 8,880 8,880
Los Angeles County, Metropolitan Transit Commission,
Ser A, VRDN, RB, FGIC Insured
3.200%, 09/07/95 (A) (B) (C) 1,150 1,150
Los Angeles County, Metropolitan Transit Commission,
TECP
3.850%, 09/29/95 (C) 5,000 5,000
Los Angeles County, Metropolitan Transportation
Authority, Sales Tax Revenue, Ser 1995-A, RAN
5.000%, 04/25/96 (C) 12,000 12,057
Los Angeles County, Metropolitian Transportation
Authority Revenue, Union Station Gateway-A, VRDN, RB
3.500%, 09/06/95 (A) (B) 5,000 5,000
Los Angeles County, Community Redevelopment Agency
Willowbrook Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 800 800
Los Angeles Housing Authority, Multi-Family Housing
Revenue, Var Sand Canyon Ranchester Project 1985,
Ser F, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 1,800 1,800
Los Angeles, Community Redevelopment Agency Baldwin
Hills Public Park, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 600 600
</TABLE>
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
CALIFORNIA TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ----------------------------------------------------------------------------
<S> <C> <C>
Los Angeles, Equipment Acquisition Program,
Ser U, COP, AMBAC Insured
4.300%, 03/01/96 $ 375 $ 375
Los Angeles, Multi-Family Housing Malibu Meadows
Project II, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,700 2,700
Los Angeles, Unified School District, TRAN
4.500%, 07/03/96 10,000 10,064
Modesto, High School & City School District, VRDN,
COP 3.450%, 09/07/95 (A) (B) (C) 3,000 3,000
Monterey County, Finance Authority Revenue,
Reclamation & Distribution Program,
Ser A-95, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 5,000 5,000
Monterey, Regional Waste Management Authority,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 3,500 3,500
Oakland Redevelopment Agency, Central District Tax
Allocation, Ser B, GO, Pre-Refunded
@ 103, FGIC Insured
10.100%, 02/01/96 (D) 490 517
Oakland, Revenue Assessment Bay Area Government,
VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 2,365 2,365
Oxnard Redevelopment Agency, Channel Islands
Business, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 4,685 4,685
Palm Springs Community Redevelopment Agency,
Headquarters Hotel-1,
VRDN, COP
3.700%, 09/07/95 (A) (B) (C) 1,070 1,070
Palm Springs Community Redevelopment Agency,
Headquarters Hotel-4,
Ser 7, VRDN, COP
3.700%, 09/06/95 (A) (B) (C) 1,000 1,000
Palm Springs Community Redevelopment Agency,
Headquarters Hotel-4,
Ser 4, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,800 1,800
Pico Rivera, Water Development Leasehold Mortgage,
RB, Pre-Refunded @ 103
8.000%, 12/01/95 (D) 320 332
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Pomona Public Finance Authority, Southwest Pomona,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) $ 2,300 $ 2,300
Redlands Redevelopment Agency, Parking Lease, VRDN,
RB
3.810%, 09/07/95 (A) (B) (C) 4,735 4,735
Redlands Redevelopment Agency, Tax Allocation, Ser A,
VRDN, RB
3.810%, 09/07/95 (A) (B) (C) 11,200 11,200
Riverside County, Industrial Development Advanced
Business Forms Project,
VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,050 2,050
Roseville, Joint Union High School District, VRDN,
COP
3.450%, 09/07/95 (A) (B) (C) 3,740 3,740
San Bernadino County, Industrial Development
Authority, Sandpiper Investments Project, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 3,500 3,500
San Bernadino County, Multi-Family Housing Revenue,
Alta Loma Heritage Project,
Ser A, VRDN, RB
3.350%, 09/07/95 (A) (B) (C) 2,264 2,264
San Bernadino County, Multi-Family Housing Revenue,
Gold West Apartments,
Ser A, VRDN, RB
3.350%, 09/07/95 (A) (B) (C) 500 500
San Bernadino County, Transportation Authority,
Sales Tax, VRDN, RB
3.400%, 09/07/95 (A) (B) (C) 3,400 3,400
San Bernadino, Industrial Development Revenue,
Gate City Beverage District, VRDN, RB
3.750%, 09/07/95 (A)( (B) (C) 540 540
San Diego, Industrial Development Authority, San
Diego Gas & Electric Project, TECP
3.300%, 09/27/95 2,500 2,500
San Diego, Multi-Family Housing Revenue, La Cima
Apartments Project, Ser K, VRDN, RB
3.500%, 09/07/95 (A) (B) (C) 1,650 1,650
San Diego, Regional Transportation Commission, Sales
Tax Revenue, Second Sr-Ser A, RB,
FGIC Insured
4.750%, 04/01/96 5,000 5,021
</TABLE>
16
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
San Dimas, Multi-Family Housing Revenue, Ser 1988-A,
VRDN, RB
3.680%, 09/07/95 (A) (B) (C) $ 5,670 $ 5,670
San Francisco City & County Redevelopment Agency,
Multi Family Housing Revenue, South Harbor Project,
VRDN, RB
3.575%, 09/07/95 (A) (B) (C) 300 300
San Francisco City & County Redevelopment Agency,
Multi-Family Housing Revenue, Bayside Village
Project,
Ser A, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 2,100 2,100
San Francisco City & County Redevlopment Agency,
Multi-Family Housing Revenue, Fillmore Center
Project,
Ser B-1, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 6,800 6,800
San Joaquin County, TRAN
4.750%, 10/18/95 4,500 4,503
San Luis Obispo County, Board of Education, TRAN
4.500%, 06/28/96 12,035 12,088
San Marcos Industrial Development Authority, Amistar
Project, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 4,500 4,500
Santa Clara County Housing Authority, Benton Place
Central Apartments Project, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 1,800 1,800
Santa Clara, Electric Revenue,
Ser A, VRDN, RB
3.300%, 09/07/95 (A) (B) (C) 930 930
Simi Valley, Multi-Family Housing, Cochnan Street
Project 1985, Issue A, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 5,000 5,000
Southern California Public Power Authority,
Transmission Project, Ser 1991, VRDN, RB,
AMBAC Insured
3.150%, 09/07/95 (A) (B) (C) 11,000 11,000
Turlock Industrial Development Authority, Irrigation
District,
Ser A, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 6,350 6,350
Union City, Multi Family Housing Revenue, Sierra
Green Apartments, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 4,000 4,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Upland, Community Redevelopment Agency, Northwoods
Project, Ser B, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) $ 2,300 $ 2,300
Vacaville, Multi-Family Housing Revenue, Quail Run
Apartments, Ser 1988-A, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 7,300 7,300
Visalia Convention Center, VRDN, COP
3.750%, 09/07/95 (A) (B) (C) 1,300 1,300
Vista Community Development, BAN, Putable 11/01/95 @
100
4.500%, 10/01/97 (A) (C) 4,500 4,500
--------
Total Municipal Bonds
(Cost $351,503,175) 351,503
--------
Total Investments -- 97.9%
(Cost $351,503,175) 351,503
--------
OTHER ASSETS AND LIABILITIES -- 2.1%
Other Asests and Liabilities, Net 7,453
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 30,944,611 outstanding shares of beneficial
interest 30,945
Portfolio shares of Class C (unlimited authorization -- no par
value) based on 328,011,753 outstanding shares of beneficial
interest 328,011
--------
Total Net Assets: -- 100.0% $358,956
========
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 C $ 1.00
========
</TABLE>
AMBAC American Municipal Bond Assurance Company
BAN Bond Anticipation Notes
COP Certificate of Participation
FGIC Financial Guaranty Insurance Corporation
GO General Obligation
MBIA Municipal Bond Insurance Association
RAN Revenue Anticipation Note
RB Revenue Bond
Ser Series
TRAN Tax & Revenue Anticipation Note
TECP Tax Exempt Commercial Paper
VRDN Variable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on August 31, 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.
17
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
BAINBRIDGE TAX EXEMPT PORTFOLIO
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 102.3%
ALABAMA -- 2.3%
Birmingham, Baptist Medical Center, Special Care
Facility, Living Community Project,
Ser A, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) $3,500 $ 3,500
--------
ALASKA -- 1.3%
Alaska, Housing Finance Corporation, Government
Purpose Bonds, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 2,000 2,000
--------
ARIZONA -- 0.8%
Tucson, Multi-Family Housing Revenue, Lincoln Garden
Project, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 1,130 1,130
--------
CALIFORNIA -- 4.5%
California Community College, TRAN
4.750%, 07/10/96 1,000 1,006
San Diego Community College, TRAN
4.500%, 07/06/96 1,500 1,506
San Francisco City & County, Bayside Village
Project, Ser 1985-B, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 4,200 4,199
--------
6,711
--------
COLORADO -- 5.0%
Colorado Housing Finance Authority, Multi-Family
Housing, Woodstream Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,500 2,500
Colorado Housing Finance Authority, Multi-Family
Housing, Windridge Project, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 4,915 4,915
--------
7,415
--------
FLORIDA -- 2.5%
Florida Housing Finance Authority, Multi-Family
Housing, River Oaks Apartment Project, Ser T, VRDN,
RB
3.550%, 09/07/95 (A) (B) (C) 1,900 1,900
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Orange County Industrial Development Authority,
Orlando Drive Partnership Project, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) $1,800 $ 1,800
--------
3,700
--------
GEORGIA -- 5.9%
Cobb County, Multi-Family Housing, Tobbaron Project,
Ser 1985, VRDN, RB
3.770%, 09/07/95 (A) (B) (C) 3,600 3,600
De Kalb County, Multi-Family Housing, Wood Terrace
Project, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 4,500 4,500
Evans County Industrial Development Authority,
Sherman Utilitity Structures, VRDN, RB,
3.750%, 09/07/95 (A) (B) (C) 700 700
--------
8,800
--------
ILLINOIS -- 1.0%
Saint Clair Industrial Development Authority,
Winchester Apartments Project, Ser 94, VRDN, RB
4.050%, 09/07/95 (A) (B) 1,550 1,550
--------
</TABLE>
<TABLE>
<S> <C> <C>
INDIANA -- 6.2%
East Chicago School City, TAW
5.750%, 12/29/95 1,500 1,501
Fort Wayne, Community Schools, TAW
5.500%, 12/29/95 2,500 2,509
Indiana Health Faciltites Finance Authority, Lutherwood Project,
VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 900 900
Indiana State Housing Finance Authority, VRDN, RB
3.900%, 07/01/96 (A) (B) 1,400 1,400
Michigan City Area School, TAW
5.750%, 12/29/95 1,000 1,001
Penn-Harris-Madison, School District, TAW
5.000%, 12/29/95 1,000 1,001
Westfield, High School Building, Ser 1995, BAN
4.050%, 12/01/95 1,000 1,000
-----
9,312
-----
</TABLE>
18
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
IOWA -- 0.7%
Iowa Higher Education Loan Authority, Private
College Project, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) $1,000 $ 1,000
--------
KANSAS -- 0.7%
Leawood, BAN
4.000%, 03/15/96 1,000 1,000
--------
KENTUCKY -- 1.7%
Erlanger City, Industrial Development, Stronghold of
Kentucky Enterprise, VRDN, RB
4.350%, 11/01/95 (A) (B) (C) 910 910
Ohio County, Pollution Control, Big River Electric
Corporation, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 1,700 1,700
--------
2,610
--------
LOUISIANA -- 1.9%
New Orleans Industrial Development, Spectrum Control
Technology Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,800 2,800
--------
MARYLAND -- 1.7%
Hyattsville, Industrial Development Revenue, Safeway
Project, RB
3.950%, 12/01/95 (A) (B) (C) 2,590 2,590
--------
MASSACHUSETTS -- 0.7%
Haverhill, VRDN, RB,
Pre-refunded @ 102
8.875%, 12/01/95 (A) (D) 1,000 1,032
--------
MICHIGAN -- 4.1%
Lansing Educational Development Center, Atrium
Office Building, VRDN, RB
4.350%, 11/01/95 (A) (B) (C) 770 770
McDonald Tax-Exempt Mortgage Trust #1, Michigan, RB
5.350%, 01/15/96 (A) (B) (C) 227 227
Michigan State Job Development Authority, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 2,600 2,601
Oakland County, Economic Development Center, Corners
Shop Center, RB
4.100%, 02/01/96 (A) (B) (C) 525 525
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Wayne County Detroit, School District, SAN
4.500%, 05/01/96 $2,000 $ 2,008
--------
6,131
--------
MINNESOTA -- 5.5%
Bloomington, Commercial Development, ATS II Project,
Ser 1993, VRDN, RB
4.025%, 09/07/95 (A) (B) (C) 4,315 4,315
Minneapolis, Ser B, VRDN, RB
3.610%, 09/07/95 (A) (B) (C) 3,000 3,000
Saint Paul, Housing and Redevelopment Authority,
Lutheran Social Service Project, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 870 870
--------
8,185
--------
MISSOURI -- 5.7%
Kansas City Industrial Development Authority,
Baptist Health Systems Project, Ser A, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 5,475 5,475
Missouri State Environment Input and Energy
Pollution Control, Union Electric Project, RB
4.000%, 06/01/96 (A) (B) (C) 1,000 1,000
West Plains, Industrial Development Authority, West
Plains Manor Project, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 2,000 2,000
--------
8,475
--------
NEBRASKA -- 0.3%
Oshkosh, Industrial Development Revenue,
Marshalltown Instruments Project, RB
4.450%, 12/01/95 (A) (B) (C) 505 505
--------
NEW HAMPSHIRE -- 1.3%
New Hampshire State Housing Finance Authority,
Hampshire Estates, Manchester Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,000 2,000
--------
NEW JERSEY -- 1.2%
New Jersey State Economic Development Authority,
Cincinnati Gear Project, RB
4.400%, 10/01/95 (A) (B) (C) 1,790 1,790
--------
</TABLE>
19
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
BAINBRIDGE TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
NEW YORK -- 1.2%
Campbell-Savona, Community School District, BAN
5.800%, 01/25/96 $1,000 $ 1,001
Nassau County, Series F, BAN
4.500%, 03/15/96 750 753
--------
1,754
--------
OHIO -- 6.5%
Brecksville-Broadview Heights, Ohio City School
District, BAN
5.710%, 01/18/96 1,000 1,000
Clark County, Community Hospital Project, Ser B, RB
4.800%, 10/01/95 (A) (B) (C) 275 275
4.800%, 10/01/95 (A) (B) (C) 235 235
Clermont County, Economic Development Revenue, John
Q Hammons Project, RB
4.800%, 11/01/95 (A) (B) (C) 195 195
Cuyahoga County, Health Care Facilities, Visiting
Nurse Care Association, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 250 250
Franklin County, Industrial Development Authority,
Leveque & Associates Project, RB
4.200%, 12/01/95 (A) (B) (C) 1,475 1,475
Marion County, Pooled Lease Program, Hospital, RB
4.250%, 11/01/95 (A) (B) (C) 1,560 1,560
McDonald Tax-Exempt Mortgage Trust #1, Ohio, RB
5.350%, 01/15/96 (A) (B) (C) 1,061 1,061
Montgomery County, Economic Development Authority,
ND Motels Project, RB
4.200%, 12/15/95 (A) (B) (C) 455 455
North Olmstead, Various Purpose Improvement Notes
Ser 1995, BAN
4.670%, 06/20/96 1,000 1,003
Ohio State, Citizens Federal
Tax Exempt Mortgage Bond Trust, RB
5.050%, 09/01/95 (A) (B) (C) 280 280
Stark County Industrial Development Authority,
Belpar Professional Building, RB
4.700%, 10/01/95 (A) (B) (C) 280 280
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Summit County Industrial Development Authority,
Arlington Plaza Project, RB
4.500%, 09/01/95 (A) (B) (C) $1,610 $ 1,610
--------
9,679
--------
OKLAHOMA -- 2.4%
Creek County, Industrial Development Authority,
Indiana Glass Project, RB
4.250%, 12/01/95 (A) (B) (C) 2,175 2,175
Tulsa County, Industrial Development Authority,
Laureate Psychiatric Project, RB
3.750%, 12/15/95 (A) (B) 1,000 1,000
Tulsa, Industrial Development Authority, St. John's
Medical Center Project, VRDN, RB
3.825%, 09/01/95 (A) (B) 365 365
--------
3,540
--------
OREGON -- 3.1%
Port of Portland, Industrial Development Revenue,
Stinstzer Steel Project, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 1,000 1,000
Port of Portland, Public Grain Elevator Columbia
Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,250 1,250
3.950%, 09/07/95 (A) (B) (C) 2,350 2,350
--------
4,600
--------
PENNSYLVANIA -- 8.4%
Cumberland County Municipal Authority, United
Methodist Home Project, RB
3.950%, 07/01/96 (A) (B) (C) 1,000 1,000
Delaware County Industrial Development Authority,
British Petroleum Project, Ser 1995, VRDN, RB
3.250%, 09/01/95 (A) (B) 1,000 1,000
Delaware County, Industrial Development Authority,
United Parcel Services Project, Series 85, VRDN, RB
3.400%, 09/01/95 (A) (B) 1,100 1,100
</TABLE>
20
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Langhorne, Hospital Revenue Authority, Franciscan
Health Systems Project, Ser C, VRDN, RB
3.400%, 09/01/95 (A) (B) (C) $ 900 $ 900
McDonald Tax-Exempt Mortgage Trust #1, Pennsylvania,
RB
5.350%, 01/15/96 (A) (B) (C) 227 227
Montgomery County Higher Education and Health
Authority, Holy Redeemer Hospital Project, VRDN, RB
3.400%, 09/07/95 (A) (B) 500 500
Montgomery County Hospital, Abington Memorial
Hospital, RB
8.000%, 06/01/96 (D) 1,000 1,057
Pennsylvania Higher Education Facility Authority,
Thomas Jefferson University Project, Ser C, RB
3.900%, 02/26/96 (A) (B) (C) 1,000 1,000
Pennsylvania State Higher Educational Facilities
Authority, Temple University Project, VRDN, RB
3.250%, 09/01/95 (A) (B) (C) 1,100 1,100
Pennsylvania State Infrastruture Investment
Authority, Penvest Loan Pool Project Ser 1994,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 1,000 1,000
Pennsylvania State, Authority For Improvement In
Municipalities, Hospital Equipment Leasing,
Allegheny County Hospital Project, RB
3.500%, 09/07/95 (A) (B) 1,655 1,655
Philadelphia School District, TRAN
4.500%, 06/28/96 2,000 2,010
--------
12,549
--------
RHODE ISLAND -- 0.7%
Cranston, BAN
4.700%, 11/15/95 1,000 1,001
--------
SOUTH CAROLINA -- 6.1%
Charlestown Center Grantor
Trust #1, South Carolina, RB
3.850%, 02/01/96 (A) (B) (C) 2,000 2,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Greenville, Industrial Development, Ser 84, Edgecomb
Project, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) $3,100 $ 3,100
Rockhill, Utility Systems Project, VRDN, RB
3.550%, 09/07/95 (A) (B) 1,000 1,000
York County, Pollution Control Revenue, North
Carolina Electric Project, RB
4.300%, 09/15/95 (A) (B) 3,000 3,000
--------
9,100
--------
TENNESSEE -- 3.0%
Franklin County, Health & Education Facilities
Board, University of The South Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 4,500 4,500
--------
TEXAS -- 6.5%
Harris County Multi-Family Housing Authority,
Country Scape Development, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 1,800 1,800
Houston, Health Facilities Development, Memorial
Northwest Pavillion Project, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 545 545
Nacogdoches, South Central, Texas Health Facility,
VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 3,300 3,300
Texas State, TRAN
4.750%, 08/30/96 4,000 4,026
--------
9,671
--------
VIRGINIA -- 1.0%
Hampton, Redevelopment & Housing Authority, Chase
Hampton Village Project,
Ser 1984, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 1,460 1,460
--------
WASHINGTON -- 3.3%
Seattle Municipal Light & Power, TECP
4.300%, 10/05/95 (B) 1,000 1,000
</TABLE>
21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
BAINBRIDGE TAX EXEMPT PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Washington State Housing Finance Commission, Mill
Plains Crossing Project,
Series 85, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) $1,000 $ 1,000
Washington State Housing Finance Commission, Multi-
Family Housing, Pacific First Federal Savings Bank
Project, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 1,475 1,475
Washington State Housing Finance Community, Pioneer
Human Services Project
Ser 1991, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 1,450 1,450
--------
4,925
--------
WASHINGTON, D.C. -- 0.2%
District of Columbia, Catholic University Project,
Ser A, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 300 300
--------
WISCONSIN -- 4.6%
Lacrosse, Industrial Development, Lacrosse
Properties, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 3,355 3,355
Oshkosh School District, TRAN
4.500%, 09/14/95 1,250 1,250
Racine, Promissory Notes, Series B, GO
4.900%, 12/20/95 2,200 2,200
--------
6,805
--------
WYOMING -- 0.3%
Cheyenne County, Holiday Inn Project, RB
4.800%, 10/01/95 (A) (B) (C) 490 490
--------
Total Municipal Bonds
(Cost $152,609,876) 152,610
--------
Total Investments -- 102.3%
(Cost $152,609,876) 152,610
--------
OTHER ASSETS AND LIABILITIES -- -2.3%
Other Assets and Liabilities, Net ( 3,377)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on 149,227,433
outstanding shares of beneficial interest 149,227
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Accumulated Net Realized Gain on Investments $ 4
Undistributed Net Investment Income 2
--------
Total Net Assets: -- 100.0% $149,233
========
Net Asset Value, Offering Price and Redemption Price
Per Share --Class A $ 1.00
========
</TABLE>
BAN Bond Anticipation Note
GO General Obligation
RB Revenue Bond
SAN School Aid Note
Ser Series
TAW Tax Anticipation Warrant
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
VRDN Variable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on August 31, 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.
INSTITUTIONAL TAX FREE PORTFOLIO
<TABLE>
<S> <C> <C>
MUNICIPAL BONDS -- 104.7%
ALABAMA -- 0.9%
Birmingham Historical Reservation Authority,
Tutwiler Hotel Project, VRDN, RB
4.075%, 09/07/95 (A) (B) (C) $ 5,820 $ 5,820
Mobile Industrial Development Authority, IB Chemical
Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,350 1,350
--------
7,170
--------
ALASKA -- 2.8%
Alaska Housing Finance Corporation, Government
Purpose Bonds, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 18,000 18,000
Alaska Industrial Development & Export Authority,
Safeway Project, RB
3.950%, 12/01/95 (A) (B) (C) 4,760 4,760
--------
22,760
--------
</TABLE>
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
ARIZONA -- 0.4%
Chandler Industrial Development, Chandler Technology
Project, VRDN, RB
4.075%, 09/07/95 (A) (B) (C) $ 650 $ 650
Maricopa County Industrial Development Authority,
McLane Project, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 1,220 1,220
Pinal County Industrial Development Authority,
Evergreen Project, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 600 600
Tucson Industrial Development Authority, Tucson
Center Parking Garage Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,000 1,000
--------
3,470
--------
ARKANSAS -- 0.5%
North Little Rock Electric Company, Murray Lock &
Dam Hydro Project, RB,
Pre-refunded @ 102
7.400%, 07/01/96 (D) 1,000 1,044
Pine Bluff Industrial Development Authority, Camden
Wire Project, VRDN, RB
3.800%, 09/06/95 (A) (B) (C) 2,700 2,700
--------
3,744
--------
CALIFORNIA -- 5.2%
California Community College Financial Authority,
Ser 1995-A, TRAN
4.750%, 07/10/96 5,000 5,029
California PCR, San Diego Gas & Electric Project, RB
4.000%, 09/01/96 (A) (B) 3,000 3,000
Long Beach Housing Authority, Channel Point
Apartments,
Ser A, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 2,500 2,500
Los Angeles Unified School District, TRAN
4.500%, 07/03/96 4,500 4,529
Placer Union High School District, TRAN
4.700%, 09/05/96 2,500 2,512
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Redlands Redevelopment Agency, Parking Lease
Project, VRDN, RB
3.810%, 09/07/95 (A) (B) (C) $ 1,950 $ 1,950
Redlands Redevelopment Project, Ser A, VRDN, RB
3.810%, 09/07/95 (A) (B) (C) 8,940 8,939
Rocklin, Unified School District, TRAN
4.700%, 09/05/96 2,000 2,010
San Diego Community College, TRAN
4.500%, 07/06/96 7,000 7,027
San Francisco City & County Multi-Family Housing
Authority, Rincon Center Project, Ser B, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 1,770 1,770
Santa Clara County Housing Authority, Benton Place
Central Apartments Project, VRDN, RB
3.450%, 09/07/95 (A) (B) (C) 2,200 2,200
--------
41,466
--------
COLORADO -- 3.2%
Adams County Housing Authority, Hunters Cove
Project, VRDN, RB
3.900%, 09/07/95 (A) (B) (C) 7,500 7,500
Colorado Housing Finance Authority, Multi-Family
Housing, Windridge Project, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 6,800 6,800
El Paso Multi-Family Housing Authority, Briarglen
Apartments Project, Ser 1994, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 4,100 4,100
Englewood Industrial Development Authority, Safeway
Project, VRDN, RB
3.950%, 12/01/95 (A) (B) (C) 3,360 3,360
Fraser Industrial Development Authority, Safeway
Project, RB
3.950%, 12/01/95 (A) (B) (C) 1,965 1,965
Idaho Springs Industrial Development Authority,
Safeway Project, VRDN, RB
3.950%, 12/01/95 (A) (B) (C) 2,355 2,355
--------
26,080
--------
</TABLE>
23
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
DELAWARE -- 0.3%
Delaware Economic Development Authority, Commercial
Development Authority, Congoleum Project, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) $ 1,000 $ 1,000
Delaware State Economic Development Authority,
Winterthur Museum Project, RB
6.750%, 11/01/95 1,075 1,080
--------
2,080
--------
FLORIDA -- 3.7%
Boca Raton Industrial Development Authority, Parking
Garage Project,
Ser 84A, VRDN, RB
4.075%, 09/07/95 (A) (B) (C) 7,950 7,950
Brevard County Housing Finance Authority, Park
Village & Malobar Lakes Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,000 1,000
Broward County Housing Finance Authority, MFH Harbor
Town of Jacamanda Project, Ser B, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 3,000 3,000
Broward County Multi-Family Housing, Parkview
Partnership Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,100 1,100
Florida Housing Agency, Multi-Family Housing,
Lakeside South Project, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 2,600 2,600
Florida Housing Finance Authority, Sarasota Beneva
Place, Ser C, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 5,225 5,225
Florida Housing Finance Authority, Webb Road
Apartment, Ser 1984, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 1,900 1,900
Jacksonville Hospital Authority, University Medical
Center, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 1,900 1,900
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Jacksonville Industrial Development Authority,
University of Florida Health Science Center, Ser
1989, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) $ 1,000 $ 1,000
Monroe County, TAN
4.000%, 06/05/96 1,750 1,750
Pasco County Housing Finance Authority, Multi-Family
Housing, Carlton Arms of Magnolia Valley, Ser 85,
VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 2,000 2,000
--------
29,425
--------
GEORGIA -- 6.1%
Athens Multi-Family Housing, Georgian Apartments,
VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 1,400 1,400
Clayton County Multi-Family Housing Authority,
Summercourt Tara Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 10,050 10,051
Cobb County Multi-Family Housing, Post Valley
Project, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 1,000 1,000
Cobb County Multi-Family Housing, Tibairen
Associates Project, Ser 1985-D, VRDN, RB
3.770%, 09/07/95 (A) (B) (C) 2,000 2,000
DeKalb County Industrial Development Authority,
Weyerhaeuser County Project, VRDN, RB
3.675%, 09/07/95 (A) (B) 3,500 3,500
DeKalb County Multi-Family Housing Authority,
Terrace Club Project, Ser 93-B,
VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 4,430 4,430
DeKalb County Multi-Family Housing, Wood Terrace
Project, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 4,015 4,015
Downtown Athens, Development Authority, Georgian
Apartments Project, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 1,000 1,000
</TABLE>
24
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Glynn-Brunswick Memorial Hospital Authority, Camden
Medical Center Project,
Ser 1994, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) $ 8,700 $ 8,700
Gordon Industrial Development Authority, Federal
Paper Board Project, Ser 1992, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,000 2,000
Jefferson & Twiggs County Pollution Control, Nord
Kaolin Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 1,310 1,310
Marietta Housing Authority MFH, Falls At Bells Ferry
Project, RB
5.250%, 01/15/96 (A) (B) 4,500 4,521
Marietta Housing Finance Authority MFH, Franklin
Walk Apartments Project, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 1,600 1,600
Richmond County Industrial Development Authority,
Federal Paper Board Project,
Ser 1992, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,000 1,000
Rome, Ser 1995, TAN
4.250%, 12/29/95 2,500 2,501
--------
49,028
--------
ILLINOIS -- 6.5%
Chicago International Airport, General Airport
Project, RB
3.800%, 01/03/96 (A) (B) (C) 4,500 4,500
Chicago Multi-Family Housing Authority, Waveland
Project, Ser E, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 3,000 3,000
Chicago Tender Notes,
Ser C, TECP
3.900%, 11/27/95 (B) (C) 10,000 10,000
Illinois Industrial Development Authority, Miyano
Machinery Project, VRDN, RB
4.200%, 09/07/95 (A) (B) (C) 4,250 4,250
Illinois State DFA, Roosevelt University Project,
VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 9,000 9,000
Illinois State Health Facilities Authority,
University of Chicago, RB
3.900%, 02/08/96 (B) 8,000 8,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Illinois State Toll Highway, RB, Pre-refunded @ 102
7.375%, 01/01/96 (D) $ 2,000 $ 2,062
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 579 579
Paxton Industrial Development Authority, Merck &
Aircoil, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 900 900
Saint Clair Industrial Building Authority,
Winchester Apartments Project, Ser 94, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 8,000 8,000
Village of Streamwood Industrial Development
Authority, Olde Church Project, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 1,780 1,780
--------
52,071
--------
INDIANA -- 6.1%
Bartholomew Consolidated School, TAW
5.750%, 12/29/95 3,000 3,004
East Chicago School City, Warrants of 1995, TAN
5.750%, 12/29/95 9,000 9,019
Fort Wayne Community Schools, Warrants of 1995, TAN
5.500%, 12/29/95 8,400 8,432
Fort Wayne, Industrial Development--Avery
International, Ser 1983, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 4,750 4,750
GAF Tax Exempt Bond Grantor Trust Indiana, Ser A,
VRDN, RB
4.150%, 09/07/95 (A) (B) (C) 2,520 2,520
Gary Environmental Improvement, United States Steel,
VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 3,000 3,000
Hammond Multi-School Building Authority, BAN
3.950%, 10/05/95 2,500 2,500
Indiana State Housing Finance Authority, VRDN, RB
3.900%, 07/01/96 (A) (B) 4,000 4,000
Indianapolis Local Public Import,
Ser A, RB
5.100%, 01/10/96 1,555 1,561
</TABLE>
25
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Michigan City Area School, General Fund, TAW
5.750%, 12/29/95 $ 3,100 $ 3,104
Michigan City Economic Development Authority, Marley
Project, Ser 1984, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 100 100
Michigan City, Indiana Economic Development
Authority, Marley Project, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,225 1,225
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 66 66
Penn-Harris Madison School Warrants, TAW
5.000%, 12/29/95 3,000 3,006
Westfield High School Building, Ser 1995, BAN
4.050%, 12/01/95 3,000 3,000
--------
49,287
--------
IOWA -- 0.2%
Iowa Finance Authority, Small Business, Village
Court Multi-Family Housing, Ser A, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 1,355 1,355
--------
KANSAS -- 1.4%
Kansas City Industrial Development Authority,
Moderate Income Housing Project, RB
4.250%, 06/01/96 (A) (B) 2,700 2,700
Leawood, BAN
4.000%, 03/15/96 5,500 5,500
Topeka Multi-Family Housing, Topeka Retirement
Center Project, Ser 1985, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 1,470 1,470
Wichita Pollution Control, CIC Industries Project,
VRDN, RB
4.200%, 09/07/95 (A) (B) (C) 1,590 1,590
--------
11,260
--------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
KENTUCKY -- 5.1%
Covington Industrial Building Authority, Atkins &
Pearce Project, Ser 1995, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) $ 2,465 $ 2,465
Lexington-Fayette Urban County, Government
Residential Facilities, Richmond Place Project, RB
4.500%, 04/01/96 1,665 1,665
Newport City MFH Mortgage, Hannaford Project, RB
4.300%, 12/01/95 (A) (B) 1,815 1,815
Ohio County Pollution Control, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 25,000 25,000
4.000%, 09/07/95 (A) (B) (C) 6,700 6,700
Pendleton County Self Insurance, Kentucky Center,
Ser 87, VRDN, RB
4.000%, 01/01/96 (A) (B) (C) 1,700 1,700
Perry County Health Care System Appalachian Regional
Hospital, VRDN, RB
3.700%, 09/06/95 (A) (B) (C) 2,000 2,000
--------
41,345
--------
MAINE -- 0.2%
Portland Industrial Development Authority, W.W.
Grainger, Ser 1985, VRDN, RB
3.750%, 09/06/95 (A) (B) (C) 1,315 1,315
--------
MARYLAND -- 1.9%
Annapolis Forest Gemini Facilities Project, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 2,500 2,500
Montgomery County Multi-Family Housing
Opportunities, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 13,000 13,000
--------
15,500
--------
MASSACHUSETTS -- 0.6%
Massachusetts Housing Finance Agency, Single Family
Housing Project, Ser 35, RB
4.100%, 12/01/95 (A) (B) 5,000 5,000
--------
</TABLE>
26
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
MICHIGAN -- 5.0%
Birmingham Economic Development Authority, Brown
Street Project, Ser 1983, VRDN, RB
4.075%, 09/07/95 (A) (B) (C) $ 1,205 $ 1,205
Kalamazoo Education Development Authority, Wyndham
Project, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 2,200 2,200
McDonald Tax-Exempt Mortgage Trust #1, Michigan, RB
5.350%, 01/15/96 (A) (B) (C) 546 546
Michigan State Hospital Finance Authority, Hospital
Equipment Loan Program, Ser A, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 10,000 10,000
Michigan State Hospital Finance Authority, Hospital
Equipment Loan Project, Ser A, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 3,300 3,300
Michigan State Hospital Finance Authority, Hospital
Equipment Project, Ser A, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 3,400 3,400
Michigan Strategic Fund Obligation, Freezer Services
of Michigan, Ser 1993, VRDN, RB
4.100%, 09/07/95 (A) (B) (C) 1,100 1,100
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 162 162
Wayne County Downriver System Sewer Disposal
Project,
Ser B, TECP
4.350%, 09/26/95 (C) 5,500 5,500
Wayne County School District, City of Detroit, SAN
4.500%, 05/01/96 13,000 13,054
--------
40,467
--------
MINNESOTA -- 6.9%
Bloomington Multi-Family Housing, Hampshire
Apartments Project, Ser A-1991, VRDN, RB
3.860%, 09/07/95 (A) (B) 15,000 15,000
Brooklyn Center Development Project, Brookdale
Office Park, Ser 1984, VRDN, RB
3.710%, 09/07/95 (A) (B) (C) 2,860 2,860
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Golden Valley Industrial Development Authority,
Graco Project, Ser 1988, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) $ 1,215 $ 1,215
Minneapolis Ser A, VRDN, RB
3.610%, 09/07/95 (A) (B) (C) 21,700 21,700
Plymouth Industrial Development Authority, Banner
Engineering Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 1,800 1,800
Plymouth, Woodland Village Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 1,630 1,630
Saint Paul Housing And Redevelopment Authority,
Multi-Family Housing, Kendrick Housing Project,
VRDN, RB
5.250%, 09/07/95 (A) (B) (C) 3,395 3,395
Saint Paul Port Authority Energy, Park Tax
Increment,
First Lien, RB
3.900%, 02/01/96 1,615 1,615
Saint Paul Water Project,
Ser 1994-D, VRDN, RB
3.660%, 09/07/95 (A) (B) (C) 6,000 6,000
--------
55,215
--------
MISSISSIPPI -- 0.3%
Desoto County Industrial Development Refunding,
American Soap Project, VRDN, RB
4.860%, 09/07/95 (A) (B) (C) 2,400 2,400
--------
MISSOURI -- 2.2%
Howell County Industrial Development Authority,
Safeway Project, VRDN, RB
3.800%, 02/01/96 (A) (B) (C) 3,000 3,000
Kansas City Industrial Development Authority,
Baptist Health System, Ser A, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 2,025 2,025
Macon City Industrial Development Authority, Health
Care Realty Macon Project, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 1,640 1,640
</TABLE>
27
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Missouri State Economic Improvement & Energy
Authority PCR, Union Electric Project, VRDN, RB
4.000%, 06/01/96 (A) (B) (C) $ 3,500 $ 3,500
Missouri State Health & Educational Facilities
Authority SSM, Health Care Project,
Ser C, VRDN, RB,
MBIA Insured
3.500%, 09/07/95 (A) (B) 6,200 6,200
Saint Louis County Industrial Development Authority,
Schnuck Markets Kirkwood Project, VRDN, RB
4.200%, 09/07/95 (A) (B) (C) 1,250 1,250
--------
17,615
--------
MONTANA -- 0.4%
Great Falls Industrial Development Authority,
Safeway Project, RB
3.950%, 12/01/95 (A) (B) (C) 2,315 2,315
Montana Board of
Investments, GO
4.900%, 03/01/96 (A) (B) 1,000 1,002
--------
3,317
--------
NEBRASKA -- 0.8%
Nebraska Public Power District Ser B, TECP
3.950%, 09/08/95 6,600 6,600
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 52 52
--------
6,652
--------
NEVADA -- 0.8%
Henderson Public Improvement Trust Multi-Family
Housing, Pueblo Verde I+II Apartment Project, Ser
1995-B, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 6,700 6,700
--------
NEW HAMPSHIRE -- 0.1%
New Hampshire Educational & Health Facilities
Authority, Dartmouth Education Loan, Ser 1995, RB
4.100%, 06/01/96 (B) 1,015 1,015
--------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ----------------------------------------------------------------------------
<S> <C> <C>
NEW JERSEY -- 0.1%
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) $ 291 $ 291
--------
NEW MEXICO -- 0.4%
Albuquerque Metropolitan Redevelopment Authority,
Springer Square Project, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 3,000 3,000
--------
NEW YORK -- 2.2%
Campbell-Savona Community School District, BAN
5.800%, 01/25/96 4,500 4,507
Nassau County, Ser F, BAN
4.500%, 03/15/96 2,750 2,759
Ontario County Industrial Development Authority,
Seneca Foods Project,
Ser 1992, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 3,000 3,000
Wayne County Industrial Development Authority,
Seneca Foods Project,
Ser 1992, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 5,060 5,060
West Islip Unified Free School District, TAN
4.750%, 06/27/96 2,000 2,012
--------
17,338
--------
NORTH CAROLINA -- 0.9%
Buford Industrial Facility PCR, Texasgulf Project,
VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 2,000 2,000
Granville County Industrial Facility & Pollution
Control, Lenox Ser 1991, VRDN, RB
3.650%, 09/07/95 (A) (B) 5,465 5,465
--------
7,465
--------
NORTH DAKOTA -- 2.5%
Cass County Fargo Public
School District #1, GO
4.500%, 11/27/95 7,200 7,201
Fargo, Kelly Inn Project,
Ser 1993, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 1,255 1,255
</TABLE>
28
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Oliver County Pollution Control, Minnesota Power &
Light Square Butte Project, RB
4.300%, 09/01/95 (A) $12,000 $ 12,000
--------
20,456
--------
OHIO -- 3.5%
Brecksville-Broadview Heights City School District,
BAN
5.710%, 01/18/96 2,500 2,501
Marion County Hospital Authority, Pooled Lease
Program, Ser 1991, RB
4.250%, 11/01/95 (A) (B) (C) 3,560 3,560
McDonald Tax-Exempt Mortgage Trust, Ohio #1, RB
5.350%, 01/15/96 (A) (B) (C) 2,548 2,548
Montgomery County Education Development Authority,
ND Motels Project, RB
4.200%, 12/15/95 (A) (B) (C) 1,785 1,785
North Olmstead, Various Purpose Improvement Notes,
Ser 1995, BAN
4.670%, 06/20/96 6,000 6,019
Ohio State Higher Education Facility Commission,
Ashland University Project, Ser 1995, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 4,030 4,030
Scioto County Healthcare Facilities Authority,
Hillview Retirement Project, RB
4.200%, 12/01/95 (A) (B) (C) 1,980 1,980
Stark County Canton Christian Home Project, Ser
1990, RB
4.500%, 09/01/95 (A) (B) (C) 1,410 1,410
Stark County Health Care Facilities, Canton
Christian Home Project, RB
4.450%, 09/15/95 (A) (B) (C) 1,645 1,645
Summit County, BAN
4.250%, 06/05/96 2,800 2,805
--------
28,283
--------
OKLAHOMA -- 3.3%
Oklahoma City Industrial Development Authority,
Baptist General Convention Project,
Ser 89, RB
4.000%, 03/01/96 (B) (C) 5,000 5,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Oklahoma City, Oklahoma University, Ser 1955, VRDN,
RB
3.925%, 09/07/95 (A) (B) (C) $ 8,500 $ 8,500
Oklahoma Mid-West Tax-Exempt Mortgage Bond Trust,
VRDN, RB
3.700%, 09/15/95 (A) (B) (C) 493 493
Tulsa County Industrial Development Authority,
Laureate Psychiatric Healthcare Project, RB
3.750%, 12/15/95 (A) (B) (C) 4,365 4,365
Tulsa Industrial Development Authority, Saint John
Medical Center Project, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 995 995
Tulsa Parking Authority, First Mortgage Williams
Project,
Ser 84-A, VRDN, RB
4.300%, 11/15/95 (A) (B) (C) 3,000 3,001
Tulsa Public Facilities Authority, Capital
Improvement Project, Ser 87-B, VRDN, RB
3.875%, 11/15/95 (A) (B) (C) 4,075 4,075
--------
26,429
--------
OREGON -- 0.9%
Klamath Electric, Falls Hydroelectric, Ser C,
VRDN, RB
4.400%, 05/01/96 (A) (B) 7,000 7,000
--------
PENNSYLVANIA -- 7.1%
Allegheny County Hospital Development Authority,
Harmarville Rehabilatation Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 900 900
Beaver County Industrial Development Authority,
Duquesne Light & Power, TECP
4.500%, 10/10/95 (C) 1,500 1,500
Cumberland County Municipal Authority, United
Methodist Home Project, RB
3.950%, 07/01/96 (A) (B) (C) 4,235 4,235
Delaware Valley Regional Finance Authority, Local
Government, Ser B, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 1,300 1,300
</TABLE>
29
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Delaware Valley Regional Finance Authority, Local
Government, Ser C, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) $ 1,000 $ 1,000
Delaware Valley Regional Government Finance
Authority, Ser A, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 1,000 1,000
Delaware Valley Regional Government Finance
Authority, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 5,100 5,100
Erie County Hospital Authority, Senior Living
Services Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,145 1,145
McCandless Industrial Development Authority,
Bradford Foundation Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 1,730 1,730
McDonald Tax-Exempt Mortgage Trust, Pennsylvania #1,
RB
5.350%, 01/15/96 (A) (B) (C) 546 546
Montgomery County Higher Education & Health
Authority, VRDN, RB
3.400%, 09/06/95 (A) (B) (C) 2,700 2,700
Montgomery County Industrial Development, Ikea
Property Project, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 3,300 3,300
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 118 118
Pennsylvania Higher Education Facility, Thomas
Jefferson University Project, Ser B, RB
3.900%, 02/26/96 (A) (B) (C) 4,000 4,000
Pennsylvania State Authority For Improvement In
Municipalities, Hospital Equipment Leasing,
Allegheny County Hospital Project, VRDN, RB
3.500%, 09/01/95 (A) (B) 1,545 1,545
Pennsylvania State Infrastructure Investment
Authority, Pennvest Loan Pool Program,
Ser 1994, RB
3.600%, 09/07/95 (A) (B) (C) 2,000 2,000
Philadelphia Hospital & Higher Education Facility
Authority, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 1,800 1,800
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Philadelphia School District,
Ser 1995, TRAN
4.500%, 06/28/96 $ 8,000 $ 8,036
Quakertown Hospital Authority, HPS Group Pooled
Financing Project, VRDN, RB
3.650%, 09/05/95 (A) (B) (C) 1,700 1,700
Sayre Health Care Facility Authority, Pennsylvania
Capital Financing Project, Ser D, VRDN, RB
3.500%, 09/07/95 (A) (B) (C) 400 400
Sayre Health Care Facility Authority, VHA Capitol
Finance Project, Ser I, VRDN, RB, AMBAC Insured
3.500%, 09/07/95 (A) (B) (C) 2,700 2,700
Schuylkill County Industrial Development Authority,
Gilberton Power Project, VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 6,900 6,900
Warren County, Warren General Hospital Project, Ser
1994-B, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 400 400
York County Industrial Development Authority, New
Edgecomb Project, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 3,865 3,865
--------
57,920
--------
RHODE ISLAND -- 0.8%
Cranston, BAN
4.700%, 11/15/95 4,119 4,124
Cranston, Sewer Project, RAN
4.750%, 07/05/96 2,000 2,010
--------
6,134
--------
SOUTH CAROLINA -- 3.8%
Charleston Center Tax Exempt Bond Grantor Trust #5,
VRDN, RB
4.550%, 09/01/95 (A) (B) (C) 3,535 3,535
Charleston Center Tax-Exempt Bond Grantor Trust #1,
VRDN, RB
3.850%, 02/01/96 (A) (B) (C) 7,263 7,263
Charleston Center Tax-Exempt Bond Grantor
Trust #4, VRDN, RB
4.250%, 12/01/95 (A) (B) (C) 7,268 7,268
</TABLE>
30
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Charleston Center Tax-Exempt Bond Grantor
Trust #5, VRDN, RB
3.950%, 03/01/96 (A) (B) (C) $ 500 $ 500
Charleston Center Tax-Exempt Bond Guarantor Trust
#2, VRDN, RB
4.300%, 11/01/95 (A) (B) (C) 4,000 4,000
York County Pollution Control, North Carolina
Electric
Project, RB
4.300%, 09/15/95 (A) (B) 8,000 7,999
--------
30,565
--------
SOUTH DAKOTA -- 0.2%
Watertown Industrial Development Authority, Ramkota
Project, Ser 1993, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 1,345 1,345
--------
TENNESSEE -- 2.8%
Chattanooga-Hamilton County Hospital Authority,
Erlanger Medical Center, VRDN, RB
3.500%, 09/01/95 (A) (B) (C) 1,500 1,500
GAF Tax Exempt Bond Grantor Trust, Tennessee, Ser A,
VRDN, RB
4.150%, 09/07/95 (A) (B) (C) 4,480 4,480
Jackson Education & Hospital Facility, Delta
Properties
Project, RB
4.250%, 10/01/95 (A) (B) 1,600 1,600
Memphis Government Improvement, Ser 85-B, VRDN, RB
3.800%, 09/07/95 (A) (B) (C) 2,400 2,400
Memphis, Ser A, VRDN, GO
3.550%, 09/01/95 (A) (B) (C) 5,900 5,900
Nashville & Davidson County, Metro Government
Industrial Development Building, MFH Nashville
Apartment Property Project, Ser 2, VRDN, RB
4.250%, 09/01/95 (A) (B) (C) 3,000 3,000
Nashville Metropolitan Government, Industrial
Development Authority,
Toys 'R' Us Project, Ser 84, VRDN, RB
3.950%, 09/07/95 (A) (B) (C) 1,030 1,030
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Shelby County Health Education Housing, Rhodes
College, VRDN, RB
3.900%, 09/07/95 (A) (B) (C) $ 2,600 $ 2,600
--------
22,510
--------
TEXAS -- 5.9%
Arlington Industrial Development Authority, Dallas-
Fort Worth Newspapers Project, Ser 1985, VRDN, RB
4.050%, 09/07/95 (A) (B) (C) 3,500 3,500
Corpus Christi Industrial Development Committee,
Tex-Air Project, RB
3.900%, 02/01/96 (A) (B) (C) 4,915 4,915
Harris County Multi-Family Housing, Glenhollow
Project, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 1,900 1,900
Harris County Multi-Family Housing, Greenhouse
Project, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 2,400 2,400
Matagorda County Hospital District, RB
3.850%, 02/01/96 (A) (C) 4,900 4,900
North Carolina National Bank Tax Exempt Trust, Ser
1990-B, VRDN, RB
4.375%, 09/07/95 (A) (B) (C) 6,715 6,715
San Antonio Electric & Gas Project, Ser A, RB
6.000%, 02/01/96 1,585 1,599
Texas State, Ser A, TRAN
4.750%, 08/30/96 20,500 20,632
Trinity River Industrial Development Authority,
Trinity River Project, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 1,000 1,000
--------
47,561
--------
UTAH -- 1.7%
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 136 136
Salt Lake City Industrial Development Authority,
Deveraux Partners, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,500 2,500
</TABLE>
31
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Salt Lake City Industrial Development Authority,
Park View Plaza Project, VRDN, RB
3.810%, 09/07/95 (A) (B) (C) $ 4,450 $ 4,450
Utah County, TRAN
4.650%, 12/29/95 2,500 2,502
Webu County, Ser B, TAN
4.500%, 12/28/95 1,750 1,753
West Valley City Johnson Matthey Project, Ser 144-A,
VRDN, RB
3.500%, 09/01/95 (A) (B) (C) 2,350 2,350
--------
13,691
--------
VIRGINIA -- 0.8%
Hampton Redevelopment & Housing Authority, Chase
Hampton Village, Ser 1984, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 1,350 1,350
Norfolk Industrial Development Authority, Toys "R"
Us Project, Ser 1984, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 2,500 2,500
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 92 92
Stafford County Industrial Development Authority,
Safeway Project, VRDN, RB
3.950%, 12/01/95 (A) (B) (C) 2,335 2,335
--------
6,277
--------
WASHINGTON -- 1.2%
Kent Economic Development Authority, Northwest
Aluminum Products Project, VRDN, RB
3.900%, 09/07/95 (A) (B) (C) 1,700 1,700
Redmond Public Industrial Development Authority,
Integrated Circuit Project, Ser 1988, VRDN, RB
4.000%, 09/07/95 (A) (B) (C) 850 850
Seattle Industrial Development Authority,
Northwestern Industries, Ser 1992, VRDN, RB
4.200%, 12/01/95 (A) (B) (C) 2,300 2,300
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ----------------------------------------------------------------------------
<S> <C> <C>
Seattle Municipal Light &
Power, RB
3.850%, 05/01/96 (B) $ 1,000 $ 1,000
Seattle Municipal Light & Power, Ser 1990, TECP
4.300%, 10/05/95 3,750 3,750
--------
9,600
--------
WEST VIRGINIA -- 1.9%
Charleston Building Community Packing Facility,
Charleston Town Center Project, VRDN, RB
3.900%, 09/07/95 (A) (B) (C) 11,920 11,920
Parkersburg Industrial Development Authority, B-H
Associates Project, VRDN, RB
3.925%, 09/07/95 (A) (B) (C) 3,500 3,500
--------
15,420
--------
WISCONSIN -- 2.9%
Chippewa Falls Area, Unified School District, TRAN
4.560%, 09/29/95 4,750 4,750
Hartford Industrial Development Authority, IC
Products Project, VRDN, RB
3.850%, 09/07/95 (A) (B) (C) 5,000 5,000
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 141 141
Oshkosh Area High School District, Ser A, TRAN
4.500%, 09/14/95 4,000 4,000
Stevens Point Area School District, Callable
09/01/95 @ 100, BAN
5.500%, 09/01/95 4,000 4,000
Village of Menomonee Industrial Development
Authority, Maysteel Corporation, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 3,000 3,000
Village of Prentice Industrial Development
Authority, Blount Project, Ser 1992, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 2,363 2,363
--------
23,254
--------
</TABLE>
32
<PAGE>
- --------------------------------------------------------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
Face
Amount (000) Value (000)
- --------------------------------------------------------------------------
<S> <C> <C>
WYOMING -- 0.2%
Cheyenne County Holiday Inn Project, RB
4.800%, 10/01/95 (A) (B) (C) $ 1,310 $ 1,310
Northwest Mutual Life Tax Exempt Mortgage Trust,
VRDN, RB
4.500%, 02/15/96 (A) (B) (C) 103 103
--------
1,413
--------
Total Municipal Bonds
(Cost $841,688,834) 841,689
--------
Total Investments -- 104.7%
(Cost $841,688,834) 841,689
--------
OTHER ASSETS AND LIABILITIES -- -4.7%
Other Assets and Liabilities, Net (37,728)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no
par value) based on 789,040,395 outstanding shares of
beneficial interest 788,872
Portfolio shares of Class B (unlimited authorization -- no
par value) based on 15,082,335 outstanding shares of
beneficial interest 15,082
Accumulated Net Realized Loss on Investments (3)
Undistibuted Net Investment Income 10
--------
Total Net Assets: -- 100.0% $803,961
========
Net Asset Value, Offering Price and Redemption Price Per
Share -- Class A $ 1.00
Net Asset Value, Offering and Redemption Price Per Share --
Class B $ 1.00
========
</TABLE>
AMBAC American Municipal Bond Assurance Company
BAN Bond Anticipation Note
GO General Obligation
MBIA Municipal Bond Insurance Association
MFH Multi Family Housing
RAN Revenue Anticipation Note
RB Revenue Bond
SAN School Aid Note
Ser Series
TAN Tax Anticipation Note
TAW Tax Anticipation Warrant
TECP Tax Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on August 31, 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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 104.6%
PENNSYLVANIA -- 104.6%
Allegheny County Hospital Development Authority,
Revenue Childrens Hospital,
Ser B, VRDN, RB, MBIA Insured
3.550%, 09/07/95 (A) (B) $1,000 $ 1,000
Allegheny County, University of Pittsburgh,
Education Buildings, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 570 570
Beaver County Industrial Development Revenue,
Dusquesne Light & Power, TECP, Swiss Bank Insured
4.500%, 10/10/95 (C) 500 500
Berks County Industrial Development Authority, Elf
Aquitaine Project, VRDN, RB
3.825%, 09/07/95 (A) (B) (C) 1,200 1,200
Bucks County Industrial Development Authority,
Edgecomb Metals, VRDN, RB
3.675%, 09/07/95 (A) (B) (C) 700 700
Bucks County Water & Sewer Authority, Neshaminy
Interceptor Sewer Systems Project, Escrowed to
Maturity, RB
7.700%, 12/01/95 (D) 1,000 1,010
Butler County Industrial Development Revenue,
Pennzoil Project, VRDN, RB
4.250%, 09/07/95 (A) (B) (C) 600 600
Delaware County Industrial Development Authority,
Philadelphia Electric Project, RB, FGIC Insured
4.150%, 10/20/95 400 400
Delaware County, GO
6.700%, 12/01/95 250 251
Delaware County, Industrial Development Authority,
British Petroleum Project, Ser 1995, VRDN, RB
3.250%, 09/01/95 (A) (B) 1,200 1,200
Delaware Valley, Regional Finance Authority, Ser B,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 1,000 1,000
Delaware Valley, Regional Finance Authority, Ser D,
VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 100 100
</TABLE>
33
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
PENNSYLVANIA TAX FREE PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Lackawanna River Basin, RB
9.375%, 09/01/95 (D) $ 555 $ 555
Lancaster Higher Education Authority, Franklin &
Marshall Project, Ser 1995, VRDN, RB
3.900%, 09/07/95 (A) (B) 600 600
Lebanon County Industrial Development Authority,
Environmental Improvement, Aluminum Company of
America, Ser 1992, VRDN, RB
3.650%, 09/07/95 (A) (B) 1,000 1,000
Lebanon County Industrial Development Authority,
Pollution Control, Aluminum Company of America
Project, Ser 1992, VRDN, RB
3.650%, 09/07/95 (A) (B) 1,020 1,020
Lehigh County Water Authority, VRDN, RB
3.400%, 09/07/95 (A) (B) (C) 885 885
Montgomery County Higher Education & Health
Authority, United Hospitals Project,
Ser B, Pre-Refunded
@ 102, RB
9.750%, 11/01/95 (D) 300 309
Montgomery County Higher Education & Health
Authority, VRDN, RB
3.400%, 09/07/95 (A) (B) (C) 1,100 1,100
Montgomery County Hospital Revenue, Abington
Memorial Hospital, Prerefunded
@ 103, RB
8.000%, 06/01/96 (D) 600 634
Montgomery County Industrial Development Authority,
Ikea Property Project, VRDN, RB
3.700%, 09/07/95 (A) (B) 500 500
Montour County Geisinger Health System Authority,
Ser 1992 B, VRDN, RB
3.250%, 09/01/95 (A) (B) (C) 900 900
North Umberland County Atlas Development Authority,
VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 100 100
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania Higher Education Facility Authority,
Thomas Jefferson University Project, Ser C, RB
3.900%, 02/26/96 (B) (C) $ 500 $ 500
Pennsylvania State Improvement Authority, Allegheney
County Hospital Project, VRDN, RB
3.500%, 09/01/95 (A) (B) 600 600
Pennsylvania State Infrastructure Investment
Authority, Penvest Loan Pool Program,
Ser 1994, VRDN, RB
3.600%, 09/07/95 (A) (B) (C) 1,100 1,100
Pennsylvania State University, University Project,
Ser 1994-A, RB
5.500%, 12/21/95 700 701
Philadelphia Industrial Development Authority,
Multi-Family Housing Revenue Bond For Harbor View
Towers Project, VRDN, RB
3.750%, 09/07/95 (A) (B) (C) 1,015 1,015
Philadelphia Industrial Development Authority,
Philadelphia Airport Hotel, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 500 500
Philadelphia School District, Ser 1995, TRAN
4.500%, 06/28/96 1,000 1,004
Philadelphia,
Ser A, TRAN
4.500%, 06/27/96 1,000 1,004
Quakertown Hospital Authority, HPS Group Pooled
Financing Project, VRDN, RB
3.650%, 09/07/95 (A) (B) (C) 500 500
Sayre County Health Care Facility Authority,
Pennsylvania Capital Financing Project, Ser D,
VRDN, RB
3.500%, 09/07/95 (A) (B) 1,120 1,120
Schuylkill County Industrial Development Authority,
Gilberton Power Project,
VRDN, RB
3.550%, 09/07/95 (A) (B) (C) 1,200 1,200
</TABLE>
34
<PAGE>
- --------------------------------------------------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Schuylkill County Industrial Development Authority,
Westwood Energy Project, VRDN, RB
3.600%, 09/01/95 (A) (B) (C) $ 300 $ 300
Warren County, Warren General Hospital Project, Ser
1994 B, VRDN, RB
3.700%, 09/07/95 (A) (B) (C) 500 500
West Perry School Dist,
Ser A, GO
6.350%, 04/01/96 (D) 150 152
West View Municipal Authority, RB
9.500%, 11/15/95 (D) 600 614
Williamsport Area School Dist,
Ser A, RB, MBIA Insured
6.900%, 03/01/96 (D) 200 203
Wilson Area School District, GO
6.700%, 02/15/96 (D) 100 101
-------
27,248
-------
Total Municipal Bonds
(Cost $27,248,421) 27,248
-------
Total Investments -- 104.6%
(Cost $27,248,421) 27,248
-------
OTHER ASSETS AND LIABILITIES -- -4.6%
Other Assets and Liabilities, Net (1,190)
-------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 26,059,128 outstanding shares of beneficial
interest 26,059
Overdistributed Net Investment Income (1)
-------
Total Net Assets: -- 100.0% $26,058
=======
Net Asset Value, Offering Price and Redemption Price Per Share --
Class A $ 1.00
=======
</TABLE>
FGIC Financial Guaranty Insurance Corporation
GO General Obligation
MBIA Municipal Bond Insurance Association
RB Revenue Bond
Ser Series
TECP Tax Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
(A) Floating Rate Security -- the rate reflected on the Statement of Net Assets
is the rate in effect on August 31, 1995.
(B) Put and Demand Feature -- the date reported on the Statement 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.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 99.8%
ALASKA -- 4.0%
Anchorage Electric Utility, RB, MBIA Insured
8.000%, 12/01/06 $1,775 $ 2,195
8.000%, 12/01/07 1,310 1,619
-------
3,814
-------
ARIZONA -- 1.2%
Mohave County School District #1, GO, AMBAC Insured
9.250%, 07/01/99 225 262
Tempe, GO
8.000%, 07/01/01 735 862
-------
1,124
-------
ARKANSAS -- 0.6%
Little Rock Capital Improvement, Ser 1995-A,
Callable 02/01/00 @ 100, GO
5.950%, 02/01/12 570 575
-------
CALIFORNIA -- 9.3%
Anaheim Public Finance Authority, Electric Utility
Project, Callable 04/01/03 @ 102, RB,
MBIA Insured
5.400%, 10/01/08 2,000 1,965
California State, Veterans Affairs, Ser AZ,
Callable 02/01/96 @ 100, GO
6.450%, 02/01/01 1,300 1,311
Los Angeles Department of
Water & Power, RB
9.000%, 10/15/02 2,000 2,475
Riverside, Electric Revenue, RB, Callable 10/01/01 @
102
6.600%, 10/01/05 1,000 1,089
University of California
Board of Regents, RB
6.500%, 09/01/02 1,995 2,152
-------
8,992
-------
CONNECTICUT -- 0.7%
Connecticut State Industrial Development Authority,
Pollution Control, Frito-Lay-Pepsi Project, RB
6.375%, 07/01/04 560 572
</TABLE>
35
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Connecticut State Multi-Family Mortgage, Callable
04/01/97 @ 100 RB
4.600%, 04/01/08 (B) $ 100 $ 100
-------
672
-------
FLORIDA -- 6.3%
Dade County, Aviation Revenue, Ser V, VRDN, RB
3.650%, 09/07/95 425 425
Dade County, Guaranteed Entitlement, Zero Coupon
Bond, RB, MBIA Insured
0.000%, 02/01/00 600 494
Florida State, Enviromental Preservation, RB,
AMBAC Insured,
Callable 07/01/05 @ 101
5.500%, 07/01/07 1,000 1,020
Hillsborough County Utility Authority, RB, Escrowed
To Maturity, MBIA Insured
9.750%, 12/01/03 1,425 1,831
Hillsborough County, Industrial Development
Authority, Tampa Electric Project, VRDN, RB
3.450%, 09/07/95 100 100
Jacksonville Electric Revenue Authority, Ser Two 1987
A-1, RB, Callable 10/01/97 @ 101.50
7.100%, 10/01/99 1,000 1,074
Volusia County, Master Lease Program, COP, FSA
Insured, Callable 08/01/01 @ 102
6.625%, 08/01/06 1,000 1,093
-------
6,037
-------
HAWAII -- 0.8%
Hawaii State, Ser BV, GO
5.700%, 11/01/99 750 786
-------
ILLINOIS -- 14.0%
Cook County, GO, MBIA Insured
7.250%, 11/01/07 2,000 2,350
Illinois Development Finance Authority, Prog
Community High School, Zero Coupon Bond, RB, MBIA
Insured
0.000%, 12/01/05 1,500 878
Illinois Multi-Family Housing Authority, Section 8,
RB
10.625%, 07/01/14 (B) 20 20
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Illinois State, Callable
08/01/99 @102, GO
6.375%, 08/01/00 $1,000 $ 1,081
Kane & Dekalb County, School District #301, GO,
AMBAC Insured
6.300%, 12/01/04 2,640 2,891
McClean County Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,466
Metropolitan Pier & Exposition, RB
5.750%, 06/15/02 1,500 1,584
Schaumburg, Park District,
Ser B, GO, FGIC Insured
6.375%, 12/01/03 1,025 1,122
Springfield, Electric Revenue, Callable 03/01/96 @
102, RB
7.750%, 03/01/06 2,000 2,078
-------
13,470
-------
KENTUCKY -- 3.5%
Kentucky State Turnpike Authority, Ser A, RB,
Callable 07/01/96 @ 102
8.500%, 07/01/04 1,055 1,113
Kentucky State Turnpike Authority, TRAN, AMBAC
Insured
5.500%, 07/01/06 2,200 2,277
-------
3,390
-------
LOUISIANA -- 1.9%
Louisiana State, Ser A, GO,
Callable 08/01/97 @ 102
7.000%, 08/01/02 1,750 1,853
-------
MASSACHUSETTS -- 6.2%
Lowell, Callable
02/15/01 @ 103, GO,
FSA Insured
8.300%, 02/15/05 1,855 2,180
Massachusettes State Housing Finance Agency, Single
Family, Ser 1, Callable
12/01/95 @ 102, RB
9.375%, 06/01/12 240 247
Massachusetts Bay Transportation Authority, General
Transportation System, Ser A, RB
7.000%, 03/01/07 3,000 3,441
</TABLE>
36
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Massachusetts Municipal Wholesale Electric Company,
Ser A, RB, Mandatory Redemption @ 100
8.750%, 07/01/98 (A) $ 5 $ 6
8.750%, 01/01/99 (A) 5 6
8.750%, 07/01/99 (A) 5 6
8.750%, 07/01/00 (A) 5 6
8.750%, 01/01/02 (A) 5 6
8.750%, 07/01/02 (A) 5 6
8.750%, 01/01/03 (A) 5 6
8.750%, 07/01/03 (A) 5 6
8.750%, 01/01/04 (A) 5 6
8.750%, 07/01/04 (A) 10 12
8.750%, 07/01/05 (A) 5 6
-------
5,940
-------
MICHIGAN -- 3.0%
Michigan State Housing Development Authority,
Ser 1983-B,
Zero Coupon Bond, RB
0.000%, 02/01/15 5,630 774
Michigan State Public Power,
Bell River Project, RB
5.700%, 01/01/03 2,000 2,100
-------
2,874
-------
MISSISSIPPI -- 1.7%
Mississippi State Capital Improvement, Ser A, GO
5.100%, 08/01/07 1,685 1,679
-------
NEW JERSEY -- 2.2%
New Jersey State Housing & Mortgage Finance Agency,
Section 8, RB
6.000%, 11/01/02 2,000 2,065
-------
NEW MEXICO -- 3.4%
Albuquerque Gross Receipts Tax Refunding, Ser A, RB,
Callable 07/01/96 @ 102
7.500%, 07/01/01 725 759
New Mexico State Housing Authority, Single Family
Mortgage, Callable
07/01/02 @ 102, RB
6.850%, 07/01/10 1,430 1,483
Santa Fe, Saint Vincent's Hospital Project, RB, FGIC
Insured
7.500%, 07/01/02 (C) 855 998
-------
3,240
-------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
NEW YORK -- 4.0%
New York State Dormatory Authority, Ser N, Callable
11/16/95 @100, RB
6.700%, 07/01/03 $ 200 $ 201
New York State Medical Care Facility Agency, Ser A,
RB 6.000%, 02/15/97 190 194
New York State Medical, RB,
FHA Insured
5.200%, 08/15/05 725 730
New York State Urban Development Correctional
Facilities, Ser G, Callable 01/01/00 @ 102, RB
7.100%, 01/01/03 2,500 2,727
-------
3,852
-------
OHIO -- 4.7%
Franklin County Convention Facility Authority, RB,
Pre-Refunded @ 102,
MBIA Insured
7.000%, 12/01/00 (C) 2,000 2,278
Ohio State Public Facilities Commission Higher
Education, Ser B, RB, Callable
06/01/97 @ 102
7.000%, 06/01/99 2,100 2,231
-------
4,509
-------
OKLAHOMA -- 0.7%
Central Oklahoma Transportation & Parking Authority,
RB, Escrowed To Maturity
6.000%, 07/01/03 155 166
Tulsa Industrial Development Authority, St. Johns
Medical Center, RB,
Escrowed To Maturity
6.875%, 01/01/02 500 548
-------
714
-------
PENNSYLVANIA -- 3.4%
Delaware County, Industrial Development Authority,
United Parcel Services Project, Ser 85, VRDN, RB
3.400%, 09/07/95 1,000 1,000
Easton Joint School Authority, Sinking Fund, RB,
Escrowed To Maturity
5.350%, 04/15/02 370 386
</TABLE>
37
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Philadelphia Children's Hospital, RB, Pre-Refunded
@ 102
6.500%, 02/15/02 (C) $1,150 $ 1,290
Westmoreland County Municipal Authority, GO, Escrowed
To Maturity
9.125%, 07/01/10 500 609
-------
3,285
-------
SOUTH CAROLINA -- 1.4%
South Carolina Public Service Authority, Electric
Improvement Revenue, Ser B, RB,
Callable 07/01/01 @ 102
6.700%, 07/01/02 1,220 1,359
-------
SOUTH DAKOTA -- 0.3%
South Dakota State Student Loan Assistance
Corporation,
Ser A, RB
7.000%, 08/01/98 250 259
-------
TEXAS -- 11.1%
Austin Independent School District, RB, Escrowed to
Maturity
9.000%, 07/01/99 645 750
Austin Utility Systems, RB, FGIC Insured
5.800%, 11/15/06 1,000 1,053
Austin Utility Systems, Ser 1992 B, RB, Callable
11/15/98 @ 102
7.250%, 11/15/03 1,175 1,288
7.750%, 11/15/08 600 666
Harris County, GO
10.000%, 10/01/00 1,850 2,309
Humble, GO
7.625%, 02/01/00 (B) 1,000 1,123
San Antonio, Electric & Gas Revenue, Callable
02/01/99 @ 101.5 RB
7.000%, 02/01/00 1,500 1,635
San Antonio, Water Revenue,
Zero Coupon Bond, RB, Pre-Refunded @ 49.8005
0.000%, 05/01/00 (C) 2,000 805
Texas Municipal Power Agency, RB, MBIA Insured
5.500%, 09/01/10 1,000 990
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Texas State Housing Finance Authority, Ser 1985-A,
Callable 01/01/96 @ 102, RB
8.900%, 09/01/98 $ 80 $ 82
-------
10,701
-------
UTAH -- 1.5%
Salt Lake City Airport, RB,
FGIC Insured
7.400%, 06/01/00 $1,320 $ 1,416
-------
VIRGINIA -- 1.2%
Virginia Beach, Ser C, GO,
Pre-Refunded @ 102
6.600%, 08/01/01 (C) 1,000 1,123
-------
WASHINGTON -- 4.4%
Grant County, Public Utility District #2, RB
5.625%, 01/01/07 2,470 2,529
King County Library Systems, Callable 12/01/04 @ 100,
GO
4.700%, 12/01/05 1,000 985
Washington State, Ser B, GO, Callable 08/01/00 @ 100
6.750%, 08/01/03 700 757
-------
4,271
-------
WASHINGTON, D.C. -- 2.8%
District of Columbia, Ser A, GO
5.125%, 06/01/99 1,000 968
District of Columbia, Ser A-3, GO
4.250%, 06/01/97 1,790 1,738
-------
2,706
-------
WISCONSIN -- 5.5%
Milwaukee, Ser BV, GO, Callable 06/01/99 @ 100
6.750%, 06/01/00 1,155 1,246
Wisconsin Municipal Insurance Commission, Ser 1987,
RB,
AMBAC Insured
8.700%, 04/01/07 200 216
Wisconsin State Clean Water Authority, Ser 1, RB
6.875%, 06/01/11 1,640 1,847
Wisconsin State Housing & Economic Development
Authority, RB
6.500%, 04/01/11 680 680
</TABLE>
38
<PAGE>
- --------------------------------------------------------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------
<S> <C> <C>
Wisconsin State Housing & Economic Development
Authority, Ser 1, RB,
Callable 07/01/02 @ 102,
FHA Insured
6.600%, 09/01/07 $1,300 $ 1,346
-------
5,335
-------
Total Municipal Bonds
(Cost $94,290,280) 96,041
-------
Total Investments -- 99.8%
(Cost $94,290,280) 96,041
-------
OTHER ASSETS AND LIABILITIES -- 0.2%
Other Assets and Liabilities, Net 182
-------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no
par value) based on 9,035,440 outstanding shares of
beneficial interest 95,686
Portfolio shares of Class D (unlimited authorization -- no
par value) based on 51,784 outstanding shares of
beneficial interest 574
Accumulated Net Realized Loss on Investments (2,178)
Net Unrealized Appreciation of Investments 1,751
Undistributed Net Investment Income 390
-------
Total Net Assets: -- 100.0% $96,223
=======
Net Asset Value, Offering Price and Redemption Price Per
Share -- Class A $ 10.59
Net Asset Value, Offering Price and Redemption Price Per
Share -- Class D $ 10.59
Maximum Offering Price Per Share -- Class D (10.59/96.5%) $ 10.97
=======
</TABLE>
AMBAC American Municipal Bond Assurance Company
COP Certificate of Participation
FGIC Financial Guaranty Insurance Corporation
FHA Federal Housing Agency
FSA Financial Security Assurance
GO General Obligation
MBIA Municipal Bond Insurance Association
RB Revenue Bond
Ser Series
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
(A) Mandatory Redemption -- the date reported on the Statement of Net Assets is
the mandatory redemption date.
(B) Security is held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(C) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS -- 98.5%
GUAM -- 1.2%
Guam Government Highway, Ser A, GO, CGIC Insured
5.100%, 05/01/97 $ 500 $ 508
Guam Power Authority, RB, AMBAC Insured
5.400%, 10/01/03 750 782
--------
1,290
--------
PENNSYLVANIA -- 96.4%
Allegheny County Airport Revenue, Pittsburgh
International Airport, Ser A, RB
5.300%, 01/01/03 (B) 1,000 1,021
Allegheny County Hospital Development Authority,
Children's Hospital of Pittsburgh, Ser 1991, RB,
MBIA Insured
6.600%, 07/01/01 1,000 1,083
Allegheny County Hospital Development Authority,
Magee Women's Hospital, Callable 10/01/02 @ 102, RB,
FGIC Insured
6.000%, 10/01/05 1,525 1,624
Allegheny County Hospital Development Authority,
Magee Women's Hospital, Ser 1993, RB, FGIC Insured
5.200%, 10/01/05 1,000 1,033
Allegheny County Hospital Development Authority,
Mercy Hospital of Pittsburgh, Callable 10/01/96 @
102, RB, BIGI Insured
6.875%, 10/01/99 1,000 1,043
Allegheny County Hospital Development Authority,
St. Margaret Memorial Hospital, Callable
09/11/04 @ 100, RB,
Escrowed to Maturity
6.750%, 07/01/10 110 119
Allegheny County Institutional District, Ser 18, GO,
MBIA Insured
7.000%, 04/01/02 1,000 1,098
</TABLE>
39
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Allegheny County Sanitary Authority, Ser 1992, RB,
FGIC Insured
5.200%, 12/01/00 $1,000 $ 1,029
Allegheny County, Ser C-38,
GO, AMBAC Insured
6.200%, 09/01/01 1,000 1,079
Allegheny Hospital Development Authority, Montefiore
Hospital, Callable 03/10/04 @ 100, RB,
Escrowed To Maturity
6.875%, 07/01/09 260 283
Allentown Hospital Authority, Sacred Heart Project,
Callable 03/21/04 @ 100,
RB, Escrowed to Maturity
8.000%, 03/01/09 70 81
Beaver County Hospital Authority, Medical Center
Project, RB, AMBAC Insured
6.100%, 07/01/01 1,000 1,069
Beaver County Housing Authority, First Mortgage
Guaranteed, Section 8, Callable 03/19/97 @ 100, RB,
MBIA Insured
7.875%, 07/01/99 435 432
Bensalem Township Water & Sewer Authority, Callable
07/13/05 @ 100, RB,
Escrowed to Maturity
6.750%, 12/01/14 75 81
Berks County Municipal Hospital Authority, Hospital
Revenue, Reading Hospital & Medical Center Project,
Ser 1993, RB, MBIA Insured
5.000%, 10/01/02 1,000 999
Berks County, Ser 1992, GO, FGIC Insured
5.150%, 11/15/01 750 767
Bucks County Industrial Development Authority,
Grandview Hospital, Ser 91, RB, Escrowed to
Maturity, AMBAC Insured
6.600%, 07/01/01 500 554
Bucks County Redevelopment Authority, Mortgage
Revenue, Warminster Heights, Section 8, Ser 1992-A,
RB, FHA Insured
5.750%, 08/01/97 100 101
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Bucks County Redevelopment Authority, Mortgage
Revenue, Warminster Heights,
Section 8-A, Ser 1992-A,
Callable 02/01/02 @ 100, RB, FHA Insured
6.250%, 08/01/02 $ 315 $ 324
Chartiers Valley Industrial Development Authority,
First Mortgage,
Colonial Building, Callable 12/01/97 @ 100, RB
5.625%, 12/01/15 960 961
Cumberland County Industrial Development Authority,
Crown America Project, RB
5.770%, 01/01/96 (A) (C) 635 639
Cumberland Valley School District, Ser A, GO
5.900%, 09/01/98 500 507
Dauphin County General Authority, Penncrest School
Project, RB, Mandatory
Tender 06/02/03 @ 100
6.600%, 06/02/26 915 982
Dauphin County General Authority, Phoenixville
Hospital, Hapsco Group Incorporated, Ser 1992-A,
Callable 07/01/02 @ 102, RB, FGIC Insured
5.900%, 07/01/05 845 895
Dauphin County General Authority, RB, Mandatory
Tender 06/01/04 @ 100
6.700%, 06/01/26 720 774
Delaware County Authority, Haverford College, Ser
1993, RB, MBIA Insured
3.500%, 11/15/96 145 144
Delaware County Industrial Development Authority,
Resource Recovery Project, RB
8.100%, 12/01/13 (A) 800 840
Delaware County, Callable 09/01/96 @ 100, GO
6.900%, 12/01/96 255 264
Delaware County, GO
6.900%, 09/01/96 (D) 245 252
</TABLE>
40
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Delaware River Port Authority, Callable 04/24/05 @
100, RB, Escrowed To Maturity
6.000%, 01/15/10 $ 200 $ 206
6.500%, 01/15/11 305 323
Erie County Hospital Authority, Hamot Medical Center,
RB, AMBAC Insured
6.700%, 02/15/02 500 549
Erie County Hospital Authority, Callable 04/14/05 @
100, RB, Escrowed to Maturity
6.750%, 07/01/11 70 75
Erie County, Ser 1991-A, GO, Escrowed to Maturity,
FGIC Insured
6.100%, 09/01/00 1,000 1,065
Fort Le Boeuf School District,
Ser A, GO, MBIA Insured
5.150%, 01/01/02 500 514
Greene County Industrial Development Authority,
Pollution Control Revenue, Monogahela Power-Hatfield
Ferry, Callable
02/19/99 @ 100, RB
6.300%, 02/01/02 1,000 1,004
Hampton Township, Callable 07/17/00 @ 100, GO
6.300%, 06/01/02 775 835
Harrisburg Authority, Lease Revenue, RB, CGIC
Insured, Pre-Refunded @ 101
6.250%, 06/01/01 (D) 1,000 1,065
Harrisburg Authority, Water Revenue, Ser 1992, RB,
FGIC Insured,
Escrowed To Maturity
6.500%, 07/15/00 1,000 1,094
Harrisburg Authority, Water Revenue, Ser B-1, RB,
FGIC Insured
5.100%, 07/15/02 1,000 1,001
Hopewell Township, Callable 11/01/03 @ 100, RB
5.800%, 11/01/08 815 775
Lackawanna River Basin Authority, Sewer RB, Escrowed
To Maturity
7.000%, 09/01/95 20 20
Lancaster Area Sewer Authority, Ser 1992, RB, MBIA
Insured
5.000%, 04/01/98 600 611
Lancaster Sewer Authority, RB
6.200%, 06/01/97 500 514
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Lehigh County General Purpose Authority, Saint Luke's
Hospital, Bethlehem Project, RB, AMBAC Insured
5.100%, 11/15/03 $1,000 $ 1,005
Luzerne County, GO,
FGIC Insured
6.800%, 09/15/02 500 550
Lycoming County Authority, Pennsylvania College of
Technology, Ser 1990, RB, AMBAC Insured
6.750%, 11/01/99 1,000 1,089
Montgomery County Higher Education & Health
Authority, Abington Memorial Hospital, Ser 1991-A,
RB,
AMBAC Insured
6.200%, 06/01/00 800 858
6.300%, 06/01/01 1,000 1,084
Montgomery County Industrial Development Authority,
Ecri Project,
Callable 06/16/05 @ 100, RB
6.850%, 06/01/13 2,165 2,151
Montgomery County Industrial Development Authority,
Star Dental Manufacturing, Callable 08/01/96 @ 100,
RB
7.000%, 08/01/98 150 151
Montgomery County Redevelopment Authority, Multi-
Family Housing, Gwynedd-Oxford Project, RB,
6.125%, 12/01/96 (C) 2,000 2,005
Norristown Area School District, Ser 1991, Bank
Qualified GO
6.650%, 09/01/02 100 111
North Allegheny School District, Ser 1990, GO,
AMBAC Insured
7.100%, 05/01/00 (D) 250 279
North Hills School District, Ser 1991, GO, MBIA
Insured
6.750%, 07/15/03 1,000 1,118
North Penn Water Authority, Ser 1992, RB, FGIC
Insured
5.650%, 11/01/04 1,000 1,041
Northampton County Higher Education Authority, Lehigh
University, Ser 1989, RB, MBIA Insured
6.750%, 11/15/99 1,000 1,091
</TABLE>
41
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Northumberland County Authority, Commonwealth
Lease Revenue, Ser 1991, RB, MBIA Insured
6.400%, 10/15/00 $1,000 $ 1,078
Pennsylvania Commonwealth, COP
6.200%, 06/01/96 500 503
Pennsylvania Commonwealth, Ser 1993-A, COP,
AMBAC Insured
5.100%, 07/01/04 1,000 1,011
Pennsylvania Higher Education Assistance Agency,
Student Loan, Ser 1985-A, RB,
FGIC Insured
6.800%, 12/01/00 2,675 2,853
Pennsylvania Higher Education, Drexel University,
Callable 11/07/01 @ 100, RB,
MBIA Insured
7.000%, 05/01/02 1,000 1,076
Pennsylvania Higher Education, Student Loan, Ser A,
Callable 10/01/01 @ 102, RB
7.050%, 10/01/16 (B) 1,500 1,581
Pennsylvania Higher Education, Student Loan, Ser C,
Callable 10/01/01 @ 102, RB
7.150%, 09/01/21 (B) 500 528
Pennsylvania Higher Educational Facilities Authority,
College & University Revenue, Carnegie RIDC Regional
Growth Fund, RB
8.400%, 11/01/97 100 103
Pennsylvania Higher Educational Facilities Authority,
College & University Revenue, Drexel University,
First Ser 1990, RB, MBIA Insured
7.125%, 05/01/03 750 817
Pennsylvania Higher Educational Facilities Authority,
College & University Revenue, Hahnemann University
Project, RB, MBIA Insured
6.600%, 07/01/96 500 511
6.400%, 07/01/01 570 620
6.600%, 07/01/03 535 587
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania Higher Educational Facilities Authority,
College & University Revenue, Messiah College, Ser
1990, RB,
MBIA Insured
6.700%, 10/01/99 $ 500 $ 501
Pennsylvania Higher Educational Facilities Authority,
Dickinson College, Ser 1992, RB
5.600%, 08/01/98 500 518
Pennsylvania Higher Educational Facilities Authority,
State System of Higher Education, Ser E, RB, MBIA
Insured
6.450%, 06/15/01 400 441
Pennsylvania Higher Educational Facilities Authority,
Susquehanna University, Ser 1990, RB, AMBAC Insured
6.500%, 03/01/97 500 516
6.600%, 03/01/98 500 526
Pennsylvania Housing Finance Agency, Callable
10/01/00 @ 102, RB
7.800%, 10/01/20 100 105
Pennsylvania Housing Finance Agency, Rental Housing,
RB
5.450%, 07/01/06 2,000 1,988
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%, 10/01/96 200 201
Pennsylvania Housing Finance Agency, Single Family
Mortgage, Ser N, RB
7.500%, 10/01/99 200 205
Pennsylvania Industrial Development Authority,
Economic Development, Ser 1991-A, RB
6.400%, 07/01/97 1,000 1,035
</TABLE>
42
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania Intergovernmental Cooperation Authority,
Special Tax Revenue, City of Philadelphia Funding
Program, Ser 1992, RB,
FGIC Insured
6.000%, 06/15/00 $1,000 $ 1,065
5.050%, 06/15/04 1,000 1,006
Pennsylvania State, Philadelphia College of Pharmacy,
Ser A, MBIA Insured
6.750%, 09/01/99 500 530
Pennsylvania State University, Second Ser 1992, RB
4.800%, 08/15/99 500 507
Pennsylvania State University, Ser 1989, RB,
Pre-Refunded @ 102
6.750%, 07/01/99 (D) 1,000 1,103
Pennsylvania State, 3rd Series, Callable 11/15/04 @
101.5, GO
6.400%, 11/15/06 2,000 2,207
Pennsylvania Turnpike Commission, Pennsylvania
Turnpike Revenue, Ser H, RB, FGIC Insured
6.600%, 12/01/99 1,000 1,090
Peters Township School District, Zero Coupon Bond,
Callable 11/15/02 @ 100, GO
0.000%, 11/15/07 100 44
Philadelphia Hospital & Higher Education Authority,
Presbyterian Medical Center, RB, Escrowed To
Maturity
6.000%, 12/01/02 1,325 1,383
6.100%, 12/01/03 410 430
Philadelphia Industrial Development Authority,
Convention Project, PGH Development, Ser 1989,
Callable 03/11/97 @ 100, RB, AMBAC Insured
7.000%, 07/01/99 1,150 1,226
Philadelphia Municipal Authority, Justice Lease
Revenue, Ser 1991-B, RB,
FGIC Insured
6.700%, 11/15/01 1,000 1,114
Philadelphia Municipal Authority, Municipal Services
Building Lease Rental,
Ser 1990, RB, CGIC Insured
6.900%, 03/15/99 1,000 1,078
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Philadelphia Regional Port Authority, Commonwealth
Lease Revenue, Ser 1993, RB, MBIA Insured
4.100%, 09/01/95 $ 500 $ 500
Philadelphia School District,
Ser 1991-B, Callable
03/14/03 @ 100, GO,
MBIA Insured
7.000%, 07/01/05 250 284
Philadelphia Water & Sewer Revenue, Ser 15, RB,
MBIA Insured
6.850%, 10/01/99 500 546
Philadelphia Water & Waste Water, RB,
MBIA Insured
4.600%, 08/01/98 1,000 1,010
Philadelphia, Airport Revenue, Callable 12/01/95 @
100, RB, MBIA Insured
5.900%, 06/15/96 135 136
Philadelphia, Airport Revenue, Ser A, RB, AMBAC
Insured
5.700%, 06/15/07 1,420 1,448
Philadelphia, Gas Works Revenue, 14th Ser, RB,
FSA Insured
6.250%, 07/01/08 1,000 1,051
Philadelphia, Hospital Revenue, Graduate Hospital
Project, Callable 10/03/04 @ 100, RB, Escrow To
Maturity
7.000%, 07/01/10 195 214
Philadelphia, Hospital Revenue, United Hospitals
Project, RB,
10.875%, 07/01/05 (D) 220 295
Philadelphia, Ser 1994-B, GO
5.100%, 11/15/00 1,000 1,023
Pittsburgh Parking Authority, Ser 1992-A, Callable
12/14/04 @ 100, RB,
FGIC Insured
5.750%, 12/01/05 500 523
Pittsburgh School District,
Ser 1993-A, GO,
FGIC Insured
4.850%, 09/01/03 500 489
Pittsburgh Stadium Authority, Lease Revenue, Callable
02/25/05 @ 100, RB,
Escrowed To Maturity
6.500%, 04/01/11 320 348
</TABLE>
43
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Pittsburgh Urban Redevelopment Authority, Home
Improvement Loans, Callable 08/14/03 @ 100, RB, FHA
Insured
7.125%, 08/01/04 $ 835 $ 863
Pittsburgh Water & Sewer Authority, Ser 1993-A, RB,
FGIC Insured
4.900%, 09/01/07 2,000 1,930
Pittsburgh, Ser B, GO,
FGIC Insured
7.000%, 03/01/01 775 818
Sayre Health Care Facilities Authority, Guthrie
Health Care, Ser A, RB,
AMBAC Insured
6.800%, 03/01/03 1,000 1,100
Scranton Lackawanna Health & Welfare Authority,
Community Medical Center Project, Ser 1989, RB,
FGIC Insured
6.900%, 07/01/98 500 534
7.000%, 07/01/99 250 273
Scranton Lackawanna Health & Welfare Authority, Moses
Taylor Hospital, Callable 02/12/04 @ 100, RB,
Escrowed To Maturity
6.625%, 07/01/09 110 119
Scranton Lackawanna Health & Welfare Authority,
Callable 03/14/97 @ 100, RB,
BIGI Insured
7.250%, 07/01/99 835 911
Seneca Valley School District,
Ser B, GO, MBIA Insured
6.250%, 01/01/01 500 524
South Middleton Township Municipal Authority,
Guaranteed Sewer Revenue, Ser 1992, RB, MBIA Insured
5.000%, 02/01/98 135 137
South Middleton Township Municipal Authority,
Guaranteed Water Revenue, Ser 1992, RB, MBIA Insured
5.000%, 02/01/98 155 157
South Side Area School District, Ser 1991, GO, AMBAC
Insured
6.550%, 04/15/98 (D) 260 276
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
State Public School Building Authority, Lease
Revenue, RB, Escrowed to Maturity
10.375%, 11/01/06 (A) $ 10 $ 10
State Public School Building Authority, Reading
School District Project, Ser B, RB, MBIA Insured
5.450%, 07/15/98 1,000 1,033
5.600%, 07/15/99 500 521
State Public School Building Authority, Tuscarora
School District, Refunding Project,
Ser 1992-B, RB
5.500%, 10/15/00 510 520
Swarthmore Borough Authority, Swarthmore College,
Ser 1990, RB
6.650%, 09/15/99 250 272
6.750%, 09/15/00 250 276
Twin Valley School District,
Ser 1992-C, GO, FGIC Insured
5.600%, 10/01/04 520 532
University Area Joint Authority, Sewer Revenue, Ser
1990, RB, MBIA Insured,
Pre-Refunded @ 101
7.000%, 09/01/00 (D) 750 839
Upper Allegheny Joint Sanitary Authority, Sewer
Revenue, RB, FGIC Insured
5.700%, 09/01/05 1,095 1,126
Washington County Authority, Municipal Facilities
Lease Revenue, Pooled Capital,
Ser C, Subseries C-1A, RB, AMBAC Insured
7.000%, 12/15/00 400 450
Washington County Hospital Authority, Shadyside
Hospital Project, Ser 1992, RB,
AMBAC Insured
5.875%, 12/15/04 1,000 1,058
Washington School District,
Ser 1993-A, GO, FGIC Insured
5.250%, 09/01/02 1,000 1,009
5.700%, 09/01/06 1,000 1,016
Westmoreland County Industrial Development Authority,
Hospital Revenue, Ser 1992-A, RB, AMBAC Insured
5.900%, 07/01/05 595 625
</TABLE>
44
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Westmoreland County Industrial Development Authority,
Hospital Revenue, Ser 1999-A, RB, AMBAC Insured
5.800%, 07/01/04 $ 565 $ 593
Westmoreland County, Henry Clay Frick Hospital, RB
7.000%, 12/01/05 460 461
Windber Area Authority, Hospital Revenue, RB,
FHA Insured
4.750%, 02/01/00 320 322
5.900%, 02/01/10 355 359
Wyoming Valley Sanitation Authority, Sewer Revenue,
Ser 1989, RB, BIGI Insured
6.800%, 11/15/98 495 534
York County Hospital Authority, Ser 1991, RB, AMBAC
Insured
6.400%, 07/01/98 500 534
--------
100,279
--------
PUERTO RICO -- 0.9%
Puerto Rico Commonwealth, Public Improvement, GO
7.125%, 07/01/02 905 962
--------
Total Municipal Bonds (Cost $98,672,283) 102,531
--------
Total Investments -- 98.5% (Cost $98,672,283) 102,531
--------
OTHER ASSETS AND LIABILITIES -- 1.5%
Other Assets and Liabilities, Net 1,563
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 9,763,163 outstanding shares of beneficial
interest 100,413
Accumulated Net Realized Loss on Investments (628)
Net Unrealized Appreciation of Investments 3,859
Undistributed Net Investment Income 450
--------
Total Net Assets: -- 100.0% $104,094
========
Net Asset Value, Offering Price and Redemption Price Per Share --
Class A $ 10.66
========
</TABLE>
AMBAC American Municipal Bond Assurance Company
BIGI Bond Investors Guaranty Insurance Corporation
CGIC Capital Guaranty Insurance Corporation
COP Certificate of Participation
FGIC Financial Guaranty Insurance Corporation
FHA Federal Housing Agency
FSA Financial Security Assurance
- -----------------------------
Face Market
Amount (000) Value (000)
- -----------------------------
GO General Obligation
MBIA Municipal Bond Insurance Association
RB Revenue Bond
Ser Series
(A) Security is held in conjunction with a letter of credit from a major
commercial bank or financial institution.
(B) Income on bond may be subject to alternative minimum tax.
(C) Put and Demand Feature -- the date reported on the Statement of Net Assets
is the lesser of the maturity date or put date.
(D) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
KANSAS TAX FREE INCOME PORTFOLIO
<TABLE>
<S> <C> <C>
MUNICIPAL BONDS -- 97.9%
GUAM -- 2.1%
Guam Government Highway Bonds, Ser A, GO, CGIC Insured
5.100%, 05/01/97 $ 250 $ 254
5.500%, 05/01/99 200 208
6.300%, 05/01/12 100 104
Guam Government, Ser A, GO
5.300%, 08/15/96 250 253
4.700%, 11/15/02 350 331
Guam Power Authority, Ser A, RB, AMBAC Insured
4.600%, 10/01/97 250 252
-------
1,402
-------
KANSAS -- 95.0%
Anderson County, USD #365 Garnett, Ser 1991, GO,
AMBAC Insured
6.400%, 09/01/05 250 269
6.500%, 09/01/06 250 270
Arkansas City, GO
3.800%, 12/01/99 285 270
Belleville, Electric & Gas,
Ser A, RB
5.000%, 12/01/98 150 152
5.500%, 12/01/02 175 182
5.700%, 12/01/04 150 158
Butler County, Bank Qualified GO, CGIC Insured
4.150%, 10/01/01 250 240
4.300%, 10/01/02 250 241
Chanute, Electric Light, Water &
Gas, RB, MBIA Insured
6.900%, 11/01/05 600 647
</TABLE>
45
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Cherokee County, USD #499, GO, AMBAC Insured
5.800%, 10/01/09 $ 200 $ 206
5.900%, 10/01/10 215 221
5.950%, 10/01/11 225 231
Clay County, Clay Center,
Ser 1992, Bank Qualified GO
5.300%, 04/01/00 250 258
5.400%, 04/01/01 250 257
Clay County, Ser 1994-B, GO
6.200%, 10/01/15 250 254
Coffeyville, COP
5.875%, 10/01/14 250 250
Coffeyville, Water & Sewer,
Ser 1993, RB, AMBAC Insured
4.600%, 10/01/04 465 456
4.700%, 10/01/05 490 480
Cowley County, USD #465 School Improvement Bonds,
Winfields, Ser 1991, GO
6.000%, 11/01/97 250 259
Decatur County, Ser 1992,
Bank Qualified GO
6.000%, 09/01/01 250 264
Dickinson County, Abilene School District, Ser 1992,
Bank Qualified GO
5.400%, 04/01/01 265 269
5.600%, 04/01/03 300 302
Dodge City, Pollution Control Revenue, Excel Project,
RB
6.625%, 05/01/05 700 760
Dodge, USD #433, GO,
CGIC Insured
5.000%, 03/01/14 250 228
Dodge, USD #443, Ford County, GO, CGIC Insured
4.700%, 03/01/07 180 170
4.800%, 03/01/08 360 339
Douglas County, USD #497,
Ser 1993-A, GO
4.500%, 09/01/02 250 242
Emporia Sewer System,
Ser 1990, RB, Pre-Refunded
@ 100.50
7.100%, 06/01/98 (B) 300 324
Emporia, Ser B, GO
5.150%, 09/01/00 155 160
5.250%, 09/01/01 165 173
6.000%, 09/01/06 175 184
Finney County, Garden City Project, Ser 1991, GO
5.700%, 10/01/98 500 512
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------
Face Market
Amount (000) Value (000)
- --------------------------------------------------
<S> <C> <C>
Finney County, USD #457,
GO
5.500%, 10/01/99 $ 185 $ 192
5.550%, 10/01/00 250 263
Ford County, Single
Family Mortgage
Revenue, Ser A, RB
7.900%, 08/01/10 380 400
Garden City, Ser B, GO,
MBIA Insured
4.900%, 11/01/99 250 255
5.450%, 11/01/04 250 260
Garden City, Water &
Sewer, RB
6.500%, 11/01/00 125 135
6.750%, 11/01/03 125 135
Gardner, Electric
Utility Revenue, Ser
1992, RB
7.000%, 11/01/09 500 531
Gray County, USD #102,
GO
6.000%, 09/01/04 100 105
6.200%, 09/01/06 125 132
6.800%, 09/01/15 250 261
Great Bend, Ser B, GO,
FGIC Insured
5.900%, 09/01/98 250 255
Great Bend, Ser B, GO,
FGIC Insured
6.300%, 09/01/96 (B) 250 256
Halstead Hospital
Revenue, Active Sinking
Fund, RB
6.750%, 10/01/06 270 304
Hays, Internal
Improvement,
Ser A, GO
5.200%, 09/01/01 105 109
5.300%, 09/01/02 110 113
5.500%, 09/01/04 120 124
Hays, Water and Sewer
Revenue, Ser 1992,
Bank Qualified RB,
AMBAC Insured
5.600%, 09/01/99 100 104
Hays, Water And Sewer
Revenue, Ser 1992,
Bank Qualified RB,
AMBAC Insured
5.800%, 09/01/00 100 106
6.200%, 09/01/03 100 106
6.400%, 09/01/05 180 190
Holton, Electrical
Systems Revenue, Ser
1992-A, RB
6.400%, 12/01/06 150 164
6.500%, 12/01/07 150 165
Hutchinson, Single
Family Mortgage
Revenue,
Ser 1992, RB
6.500%, 12/01/09 485 502
</TABLE>
46
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ----------------------------------------------------------------------------
<S> <C> <C>
Hutchinson, Water & Sewer Revenue, Ser 1993, RB,
AMBAC Insured
6.850%, 12/01/05 $ 150 $ 173
5.000%, 12/01/11 225 211
Jackson County, Holton School Boards USD #336, Ser
1992, Bank Qualified GO
6.200%, 10/01/07 205 225
6.300%, 10/01/08 125 138
Jefferson County, USD #340, GO, CGIC Insured
6.000%, 09/01/06 300 318
6.100%, 09/01/07 320 339
6.200%, 09/01/08 330 349
Johnson County, Blue Valley Recreation Commission,
Ser 1991, COP
6.000%, 10/01/97 250 256
Johnson County, Blue Valley,
Ser 1991-A, GO
6.500%, 10/01/01 (B) 300 331
Johnson County, GO
6.800%, 09/01/99 1,000 1,094
Johnson County, Internal Improvement Bonds,
Ser A, GO
5.150%, 09/01/00 250 258
5.600%, 09/01/03 200 212
Johnson County, USD #233 Olathe, Ser 1989-B
7.000%, 03/01/03 500 548
Johnson County, USD #233 Olathe, Ser 1989-B, GO
7.000%, 09/01/99 (B) 500 548
Johnson County, Water District #001, RB
4.700%, 12/01/01 290 290
5.125%, 12/01/08 250 244
Johnson County, Water District #001, Ser A, RB
6.800%, 06/01/99 250 270
6.900%, 12/01/00 250 276
6.100%, 12/01/16 250 252
Junction City, Ser DD, Bank Qualified GO,
AMBAC Insured
6.200%, 09/01/06 515 534
Junction City, Ser DD, GO, AMBAC Insured
7.250%, 11/01/98 255 255
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Junction City, Water Revenue, Ser A, RB
4.900%, 04/01/01 $ 205 $ 205
4.900%, 10/01/01 210 211
Kansas City, COP
6.800%, 01/15/96 100 101
Kansas City, GO
6.500%, 03/01/96 (A) 500 505
5.500%, 02/15/99 (A) 500 521
Kansas City, Ser B, MBIA Insured, GO
5.375%, 09/01/10 500 494
Kansas City, Sisters of Charity Health Hospital, RB
4.850%, 08/01/97 250 252
Kansas State Department of Transportation Highway,
RB
5.000%, 03/01/04 250 255
Kansas State Department of Transportation Highway,
Ser 1992, Pre-Refunded
@ 102, RB
6.125%, 03/01/02 (A) (B) 500 548
Kansas State Department of Transportation Highway,
Ser 1992, RB, Pre-Refunded
@ 102
6.500%, 03/01/02 (B) 750 838
Kansas State Development Finance Authority,
Department of Corrections El Dorado Project L, RB,
MBIA Insured
5.625%, 02/01/03 250 259
Kansas State Development Finance Authority, RB
4.450%, 05/01/01 355 357
Kansas State Development Finance Authority, RB,
AMBAC Insured
5.125%, 06/01/06 250 249
Kansas State Development Finance Authority, Ser A,
RB
4.500%, 03/01/01 225 222
Kansas State Public Wholesale Water Supply District
#4, Mandatory Sinking Fund, GO, AMBAC Insured
7.000%, 02/01/09 250 257
Kingman, Electric Utility & Distribution System, RB
5.500%, 09/01/08 250 247
</TABLE>
47
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -----------------------------------------------------------------------------
<S> <C> <C>
Kingman, Water and Sewer, Callable 09/01/03 @ 100,
RB
6.125%, 09/01/15 $ 250 $ 253
Lawrence, GO
5.100%, 09/01/01 220 226
Lawrence, Memorial Hospital RB
4.850%, 07/01/97 250 251
Lawrence, Ser 1991-L, GO
5.200%, 09/01/95 135 135
5.600%, 09/01/98 175 182
Leavenworth County, USD #449, Ser A, Bank Qualified
GO
6.300%, 09/01/09 150 153
6.400%, 09/01/10 160 163
6.500%, 09/01/12 125 127
6.500%, 09/01/13 100 102
Leavenworth, Ser 1991-A, Bank Qualified GO
5.400%, 09/01/95 135 135
5.700%, 09/01/97 160 163
Leavenworth, Ser B, GO
5.050%, 09/01/00 210 214
Leawood, Ser 1992-A, GO
5.000%, 09/01/00 300 309
5.200%, 09/01/01 250 258
6.000%, 09/01/08 135 138
Lyon County, Hospital Revenue, Ser 1994, RB
5.200%, 02/01/02 115 111
5.200%, 08/01/02 250 240
5.300%, 02/01/03 100 96
Lyon County, USD #253 Emponia, RB
6.250%, 10/01/99 (A) (B) 250 268
Manhattan, Ser 189, GO
5.850%, 11/01/02 250 265
6.300%, 11/01/11 100 103
6.300%, 11/01/12 105 108
McPherson, Electric Systems Revenue, RB
6.700%, 03/01/98 100 101
McPherson, Electric Utility, Callable 03/01/00 @
100, RB, AMBAC Insured
5.550%, 03/01/09 550 551
McPherson, Electric Utility,
Zero Coupon Bond, RB,
AMBAC Insured
0.000%, 03/01/10 520 197
McPherson, Refunding & Import, Ser 115, GO,
AMBAC Insured
5.000%, 11/01/06 500 496
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Meade, Industrial Development Revenue, Dekalb
Agresearch Project, RB
6.500%, 10/01/06 $1,000 $ 1,098
Miami County, USD# 368 Paola, Ser 1992, GO, AMBAC
Insured
6.500%, 12/01/05 500 538
Miami County, USD# 416, Louisburg, Ser 1992, GO,
AMBAC Insured
6.000%, 09/01/02 250 263
Nemaha County, USD #441, Ser 1992, GO, AMBAC Insured
5.400%, 03/01/02 250 256
5.750%, 03/01/07 250 255
Neosho County, USD #413, GO
5.650%, 09/01/01 260 274
Newton, Waste Water Treatment System, Ser 1992,
Bank Qualified, RB
5.750%, 03/01/99 110 114
6.000%, 03/01/00 115 120
6.200%, 03/01/01 120 126
6.400%, 03/01/02 130 139
Olathe and Labette County, GNMA Collateral Mortgage,
Senior Ser 1991 B, RB
7.150%, 02/01/15 70 73
Olathe, Multi-Family Housing, Deerfield Apartments,
Ser 1994-A, RB
5.500%, 06/01/04 (A) 475 479
Olathe, Ser 182, GO
5.750%, 09/01/96 250 254
Olathe, Sewer Improvement,
Ser 184
4.600%, 10/01/99 275 276
Osborne, Ser 1992, Bank Qualified GO
5.500%, 12/01/01 135 138
5.600%, 12/01/02 140 142
5.700%, 12/01/03 150 152
5.800%, 12/01/04 155 157
Ottawa, Waterworks & Electric Systems, Ser 1991, RB,
MBIA Insured
6.000%, 12/01/99 500 531
6.150%, 12/01/00 250 270
6.250%, 12/01/01 250 273
Pawnee County, GO,
CGIC Insured
5.100%, 09/01/04 255 258
Phillips County, USD #325, GO
5.200%, 09/01/03 100 103
5.600%, 09/01/07 155 159
</TABLE>
48
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Pittsburg, Water & Sewer Systems, Ser 1991-A, RB
6.400%, 09/01/99 (B) $ 105 $ 113
6.500%, 09/01/99 (B) 110 119
Pottawatomie County, USD #320 Wamego, Ser 1990, GO,
AMBAC Insured
6.600%, 10/01/02 500 546
Pratt, Electrical System, Ser 1992, RB, AMBAC Insured
6.600%, 11/01/07 250 279
6.000%, 11/01/12 250 254
Reno County, GO
6.250%, 08/01/00 685 719
Reno County, Single Family Mortgage Revenue, Ser B,
Callable 09/01/01 @ 103, RB
8.700%, 09/01/11 250 269
Riley County, Hospital Revenue, Ser A, RB
4.750%, 09/01/98 110 111
5.150%, 09/01/00 100 101
Riley County, Ser 1992,
Bank Qualified GO
5.000%, 11/01/98 335 341
Riley County, Ser A, GO
5.000%, 09/01/99 165 166
Riley County, Ser B, GO
6.100%, 09/01/06 110 118
6.200%, 09/01/07 110 118
Riley County, Ser B, GO, Callable 09/01/04 @ 100
6.300%, 09/01/08 110 119
6.400%, 09/01/09 110 118
Sabetha, Electric Revenue Sinking Fund
7.200%, 03/01/97 (B) 500 523
Salina, Internal Improvement Bonds, Ser P-240, GO
4.900%, 10/01/96 125 126
5.500%, 10/01/99 100 104
Salina, Internal Improvement Bonds, Ser R-240, GO
4.650%, 10/01/95 100 100
4.900%, 04/01/96 110 111
Salina, Water & Sewer RB, MBIA Insured
5.000%, 09/01/07 330 316
Salina, Water & Sewer, RB
6.600%, 10/01/98 250 263
6.700%, 10/01/99 250 263
6.750%, 10/01/00 250 262
6.850%, 10/01/02 250 262
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
Saline County, Sales Tax RB
3.500%, 06/01/96 $ 300 $ 299
3.700%, 12/01/96 100 100
Scott City, Water System, Ser A, Bank Qualified GO
5.250%, 09/01/04 130 130
5.400%, 09/01/05 140 140
5.600%, 09/01/06 140 140
5.700%, 09/01/07 150 151
5.800%, 09/01/08 145 146
Scott County, USD #466,
Ser 1993, GO
5.375%, 09/01/06 685 684
Sedgewick & Shawnee County, Single Family Housing
Revenue, RB
8.050%, 05/01/14 455 507
Sedgewick & Shawnee County, Single Family Revenue, RB
5.250%, 11/01/04 185 186
7.800%, 05/01/14 190 205
Sedgewick County, Ser B, GO
4.050%, 08/01/98 500 499
Sedgwick and Shawnee County, GNMA Collateral Mortgage
Revenue, Senior Ser 1991-A, RB
7.300%, 12/01/12 690 719
Sedgwick County, Airport Facilities Beech Aircraft,
Ser 1993, RB
5.625%, 03/01/99 1,000 1,033
Sedgwick County, GO
5.400%, 08/01/96 300 304
Sedgwick County, USD #262, Valley Center, Zero Coupon
Bond, GO, MBIA Insured
0.000%, 11/01/98 100 87
Seward County, Ser B, GO, AMBAC Insured
6.000%, 08/15/08 250 255
6.000%, 08/15/13 250 253
Seward County, Single Family Mortgage Revenue, Ser B,
RB
8.000%, 05/01/11 470 502
Seward County, USD #480,
Ser 1992, RB, MBIA Insured
5.000%, 12/01/00 500 506
Shawnee County, Ser 1992C, GO
5.600%, 09/01/04 500 516
Shawnee County, Sisters Charity Leavenworth, RB
4.700%, 12/01/04 230 225
5.000%, 12/01/10 360 331
</TABLE>
49
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Shawnee County, USD #345, GO
7.200%, 09/01/98 $ 250 $ 271
5.750%, 09/01/98 250 251
Shawnee County, USD #437 Auburn-Washburn, Ser 1992,
GO, FGIC Insured
6.250%, 03/01/03 700 754
Shawnee, Ser A, GO
4.400%, 12/01/05 500 473
Sumner County, Bridge Improvement Bonds, Ser 1992,
GO, AMBAC Insured
6.000%, 11/01/04 435 461
6.000%, 11/01/05 250 263
Thomas County, USD #315,
Ser 1993, GO, CGIC Insured
4.200%, 09/01/01 150 145
4.300%, 09/01/02 160 154
4.400%, 09/01/03 165 159
4.600%, 09/01/04 175 170
Topeka, Hospital Revenue, Storemont Vail Project,
Ser 1990B, RB
6.750%, 11/15/00 1,000 1,096
Topeka, Ser C, GO
5.500%, 08/15/05 250 255
Wellington, Electric & Water Revenue, Bank Qualified
RB, AMBAC Insured
7.050%, 05/01/06 $ 250 $ 289
6.250%, 05/01/12 250 258
Wichita, GO
6.750%, 06/01/96 350 358
Wichita, Hospital Facility St. Joseph Rehabilitation
Center, RB, Escrowed To Maturity-Sinking Fund
6.000%, 07/01/04 1,365 1,451
Wichita, RB, FGIC Insured
5.300%, 04/01/01 250 256
Wichita, Ser D, GO
3.800%, 03/01/98 250 246
Wichita, Single Family Mortgage Revenue, Ser B,
Callable 07/01/98 @ 100, RB
7.100%, 09/01/09 455 468
Wichita, Water and Sewer Improvement Revenue,
Ser B, RB
FGIC Insured
5.600%, 10/01/05 750 771
Wyandotte County, GO,
FGIC Insured
7.000%, 09/01/05 445 472
</TABLE>
The accompanying notes are an
integral part of the financial
statements.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Face Market
Amount (000) Value (000)
- ------------------------------------------------------------------------------
<S> <C> <C>
Wyandotte County, USD #203 Piper, GO
5.750%, 09/01/03 $ 140 $ 143
5.900%, 09/01/04 295 301
6.600%, 09/01/13 500 508
--------
62,542
--------
PUERTO RICO -- 0.8%
Puerto Rico, Public Buildings Authority, Ser I,
Callable 07/01/99 @ 100, GO
6.000%, 07/01/12 500 499
--------
Total Municipal Bonds
(Cost $62,389,129) 64,443
--------
CASH EQUIVALENTS -- 0.8%
Dreyfus Tax Exempt
3.500%, 554 554
--------
Total Cash Equivalents
(Cost $553,843) 554
--------
Total Investments -- 98.7%
(Cost $62,942,972) 64,997
--------
OTHER ASSETS AND LIABILITIES -- 1.3%
Other Assets and Liabilities, Net 837
--------
NET ASSETS:
Portfolio shares of Class A (unlimited authorization -- no par
value) based on 6,195,687 outstanding shares of beneficial
interest 63,628
Accumulated Net Realized Loss on Investments ( 135)
Net Unrealized Appreciation of Investments 2,054
Undistributed Net Investment Income 287
--------
Total Net Assets: -- 100.0% $ 65,834
========
Net Asset Value, Offering Price and Redemption Price
Per Share -- Class A $ 10.63
========
</TABLE>
AMBAC American Municipal Bond Assurance Company
CGIC Capital Guaranty Insurance Corporation
COP Certificate of Participation
FGIC Financial Guaranty Insurance Company
GNMA Government National Mortgage Association
GO General Obligation
MBIA Municipal Bond Investors Association
RB Revenue Bond
Ser Series
USD Unified School District
(A) Securities are held in conjunction with a letter of credit from a
commercial bank or financial institution.
(B) Pre-Refunded Security -- the maturity date shown is the pre-refunded date.
50
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
51
<PAGE>
STATEMENT OF OPERATIONS (000)
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- For the year ended August 31, 1995
<TABLE>
<CAPTION>
--------- ---------- ----------
BAINBRIDGE
CALIFORNIA TAX
TAX FREE TAX EXEMPT EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $12,920 $13,147 $6,446
------- ------- ------
EXPENSES:
Management Fees 1,198 816 592
Waiver of Management Fees (207) (330) (251)
Investment Advisory Fees 129 137 64
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 42 40 18
Professional Fees 40 35 19
Pricing Fees 5 6 3
Registration Fees 42 26 18
Printing Fees 34 27 15
Trustee Fees 13 14 6
Distribution Expenses(1) 194 1,807 --
Amortization of Deferred Organizational Costs -- 8 6
Insurance Expense 8 6 3
Other Expenses 2 1 1
------- ------- ------
Total Expenses 1,500 2,593 494
------- ------- ------
NET INVESTMENT INCOME 11,420 10,554 5,952
------- ------- ------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Gain (Loss) from Security
Transactions (5) -- 4
Net Change in Unrealized Appreciation of
Investment Securities -- -- --
------- ------- ------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $11,415 $10,554 $5,956
======= ======= ======
</TABLE>
/1/ Includes class specific distribution expenses.
/2/ The Massachusetts Intermediate-Term Municipal Portfolio closed on August
15, 1995.
The accompanying notes are an integral part of the financial statements.
52
<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/2/
- ------------- ------------ ------------- ------------ --------- -------------
<S> <C> <C> <C> <C> <C>
$34,235 $805 $5,842 $6,257 $3,549 $332
------- ---- ------ ------ ------ ----
3,115 75 413 385 94 24
(1,567) (33) (125) (253) (3) (17)
334 8 191 266 188 17
-- -- (60) (4) (188) --
103 2 33 17 10 6
98 2 10 11 6 1
15 -- 5 5 3 --
97 2 14 16 7 1
98 2 24 4 2 --
34 1 4 5 3 --
571 12 67 65 -- 4
2 -- 5 4 6 4
17 1 3 3 1 --
3 -- -- -- -- --
------- ---- ------ ------ ------ ----
2,920 72 584 524 129 40
------- ---- ------ ------ ------ ----
31,315 733 5,258 5,733 3,420 292
------- ---- ------ ------ ------ ----
(4) (1) (1,478) (311) (121) 148
-- -- 3,053 1,299 1,095 33
------- ---- ------ ------ ------ ----
$31,311 $732 $6,833 $6,721 $4,394 $473
======= ==== ====== ====== ====== ====
</TABLE>
53
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust--For the years ended August 31
<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 $ 11,420 $ 8,912 $ 10,554 $ 4,496 $ 5,952 $ 3,674 $ 31,315 $ 21,040
Net Realized Gain
(Loss) from Security
Transactions (5) (19) -- -- 4 -- (4) 1
Net Change in
Unrealized
Appreciation
(Depreciation) of
Investment Securities -- -- -- -- -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Net Increase in Net
Assets Resulting from
Operations 11,415 8,893 10,554 4,496 5,956 3,674 31,311 21,041
----------- ----------- --------- ----------- --------- --------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
Net Investment Income
Class A (11,398) (8,912) (1,158) (2,450) (5,950) (3,673) (30,581) (20,937)
Class B -- -- (170) (86) -- -- (724) (104)
Class C -- -- (9,226) (1,960) -- -- -- --
Class D (23) -- -- -- -- -- -- --
Net Capital Gains
Class A -- -- (1) -- -- -- -- --
Class B -- -- -- -- -- -- -- --
Class C -- -- (8) -- -- -- -- --
Class D -- -- -- -- -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Distributions (11,421) (8,912) (10,563) (4,496) (5,950) (3,673) (31,305) (21,041)
----------- ----------- --------- ----------- --------- --------- ----------- -----------
TRANSACTIONS:
Class A:
Shares Issued 1,502,741 1,668,938 193,641 570,692 256,460 185,338 5,130,777 5,667,715
Shares Issued in Lieu
of Cash Distributions 74 17 8 7 -- -- 1,645 1,033
Shares Redeemed (1,483,956) (1,725,612) (194,711) (1,078,968) (268,046) (184,584) (5,179,065) (5,596,273)
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class A Share
Transactions 18,859 (56,657) (1,062) (508,269) (11,586) 754 (46,643) 72,475
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Class B:
Shares Issued -- -- 41,150 29,525 -- -- 77,163 40,870
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- 69 --
Shares Redeemed -- -- (44,406) (26,269) -- -- (83,875) (22,184)
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class B Share
Transactions -- -- (3,256) 3,256 -- -- (6,643) 18,686
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Class C:
Shares Issued -- -- 675,735 447,323 -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- 6,682 -- -- -- -- --
Shares Redeemed -- -- (672,528) (129,201) -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class C Share
Transactions -- -- 9,889 318,122 -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Class D
Shares Issued 4,827 -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed (4,555) -- -- -- -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class D
Transactions 272 -- -- -- -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Increase (Decrease) in
Net Assets from Share
Transaction 19,131 (56,657) 5,571 (186,891) (11,586) 754 (53,286) 91,161
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Increase
(Decrease) in Net
Assets 19,125 (56,676) 5,562 (186,891) (11,580) 755 (53,280) 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 $ 377,424 $ 358,299 $ 358,956 $ 353,394 $ 149,233 $ 160,813 $ 803,961 $ 857,241
----------- ----------- --------- ----------- --------- --------- ----------- -----------
SHARES ISSUED AND
REDEEMED
Class A:
Shares Issued 1,502,741 1,668,938 193,641 570,692 256,460 185,338 5,130,777 5,667,715
Shares Issued in Lieu
of Cash Distributions 74 17 8 7 -- -- 1,645 1,033
Shares Redeemed (1,483,956) (1,725,612) (194,711) (1,078,968) (268,046) (184,584) (5,179,065) (5,596,273)
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class A
Transactions 18,859 (56,657) (1,062) (508,269) (11,586) 754 (46,643) 72,475
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Class B:
Shares Issued -- -- 41,150 29,525 -- -- 77,163 40,870
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- 69 --
Shares Redeemed -- -- (44,406) (26,269) -- -- (83,875) (22,184)
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class B
Transactions -- -- (3,256) 3,256 -- -- (6,643) 18,686
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Class C:
Shares Issued -- -- 675,735 447,323 -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- 6,682 -- -- -- -- --
Shares Redeemed -- -- (672,528) (129,201) -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class C Share
Transactions -- -- 9,889 318,122 -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Class D:
Shares Issued 4,827 -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed (4,555) -- -- -- -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Total Class D
Transactions 272 -- -- -- -- -- -- --
----------- ----------- --------- ----------- --------- --------- ----------- -----------
Increase (Decrease) in
Capital Shares 19,131 (56,657) 5,571 (186,891) (11,586) 754 (53,286) 91,161
=========== =========== ========= =========== ========= ========= =========== ===========
</TABLE>
/1/ The Pennsylvania Tax Free Portfolio commenced operations on January 21,
1994.
/2/ The Massachusetts Intermediate-Term Municipal Portfolio closed on August
15, 1995.
The accompanying notes are an integral part of the financial statements.
54
<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/2/
- ------------------- ------------------ ------------------ ---------------- -----------------
1995 1994 1995 1994 1995 1994 1995 1994 1995 1994
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 733 $ 217 $ 5,258 $ 6,359 $ 5,733 $ 7,875 $ 3,420 $ 3,215 $ 292 $ 438
(1) -- (1,478) (651) (311) (254) (121) 8 148 (146)
-- -- 3,053 (5,018) 1,299 (6,032) 1,095 (2,432) 33 (283)
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
732 217 6,833 690 6,721 1,589 4,394 791 473 9
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
(733) (217) (5,340) (6,267) (5,837) (7,949) (3,407) (3,199) (292) (438)
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- (41) (29) -- -- -- -- -- --
-- -- (15) (759) (4) (232) -- (96) -- (6)
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- (3) -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
(733) (217) (5,396) (7,058) (5,841) (8,181) (3,407) (3,295) (292) (444)
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
126,868 74,709 41,823 81,476 9,245 36,373 10,341 15,512 2,413 15,660
14 -- 1,102 1,387 153 130 -- 3 -- --
(119,535) (55,997) (76,186) (71,671) (31,265) (58,638) (7,840) (8,862) (11,536) (13,598)
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
7,347 18,712 (33,261) 11,192 (21,867) (22,135) 2,501 6,653 (9,123) 2,062
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- 26 1,658 -- -- -- -- -- --
-- -- 37 26 -- -- -- -- -- --
-- -- (630) (543) -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- (567) 1,141 -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
7,347 18,712 (33,828) 12,333 (21,867) (22,135) 2,501 6,653 (9,123) 2,062
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
7,346 18,712 (32,391) 5,965 (20,987) (28,727) 3,488 4,149 (8,942) 1,627
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
18,712 -- 128,614 122,649 125,081 153,808 62,346 58,197 8,942 7,315
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
$ 26,058 $ 18,712 $ 96,223 $128,614 $104,094 $125,081 $65,834 $62,346 $ 0 $ 8,942
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
126,868 74,709 4,110 7,664 889 3,360 994 1,454 239 1,505
14 -- 108 132 15 13 -- -- -- --
(119,535) (55,997) (7,494) (6,804) (3,027) (5,548) (754) (834) (1,123) (1,323)
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
7,347 18,712 (3,276) 992 (2,123) (2,175) 240 620 (884) 182
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- -- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- 2 156 -- -- -- -- -- --
-- -- 5 2 -- -- -- -- -- --
-- -- (61) (52) -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
-- -- (54) 106 -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- ------- ------- ------- --------
7,347 18,712 (3,330) 1,098 (2,123) (2,175) 240 620 (884) 182
======== ======== ======== ======== ======== ======== ======= ======= ======= ========
</TABLE>
55
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust
For a Share Outstanding Throughout the 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 YEARS ENDED AUGUST 31,:
1995 $1.00 $0.034 $(0.034) -- $(0.034) -- $1.00 3.48% $ 377,152 0.45%
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 D
FOR THE YEAR ENDED AUGUST 31,:
1995(2) $1.00 $0.026 $(0.026) -- $(0.026) -- $1.00 2.68%+ $ 272 0.80%*
<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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.51% 3.43% 3.37% --
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 D
FOR THE YEAR ENDED AUGUST 31,:
1995(2) 0.86%* 3.13%* 3.07%* --
</TABLE>
<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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- ---------------------
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 $1.00 $0.033 $(0.033) -- $(0.033) -- $1.00 3.49% $ 30,921 0.28%
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 YEARS ENDED AUGUST 31,:
1995(4) $1.00 $0.027 $(0.027) -- $(0.027) -- $1.00 2.65%+ 0 0.58%*
1994(5) 1.00 0.013 (0.013) -- (0.013) -- 1.00 2.07%* 3,257 0.51%*
CLASS C
FOR THE YEARS ENDED AUGUST 31,:
1995 $1.00 $0.029 $(0.029) -- $(0.029) -- $1.00 2.97% $ 328,035 0.78%
1994(6) 1.00 0.006 (0.006) -- (0.006) -- 1.00 2.14%* 318,122 0.67%*
<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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.42% 3.43% 3.29% --
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 YEARS ENDED AUGUST 31,:
1995(4) 0.69%* 3.16%* 3.05%* --
1994(5) 0.81%* 2.05%* 1.75%* --
CLASS C
FOR THE YEARS ENDED AUGUST 31,:
1995 0.93% 2.93% 2.78% --
1994(6) 0.87%* 2.06%* 1.86%* --
</TABLE>
<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
- ---------------------------------------------------------------------------------------------------------------------------
- ----------------------
BAINBRIDGE TAX EXEMPT PORTFOLIO
- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 $1.00 $0.036 $(0.036) -- $(0.036) -- $1.00 3.69% $ 149,233 0.30%
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.52% 160,813 0.30%
1993(7) 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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.46% 3.62% 3.46% --
1994 0.47% 2.49% 2.32% --
1993(7) 0.48%* 2.39%* 2.21%* --
</TABLE>
56
<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 YEARS ENDED AUGUST 31,:
1995 $ 1.00 $0.036 $(0.036) -- $(0.036) -- $ 1.00 3.70% $788,877
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 YEARS ENDED AUGUST 31,:
1995 $ 1.00 $0.033 $(0.033) -- $(0.033) -- $ 1.00 3.39% 15,084
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(8) 1.00 0.038 (0.038) -- (0.038) -- 1.00 3.89%+ 1,515
<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
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.33% 0.52% 3.64% 3.45% --
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 YEARS ENDED AUGUST 31,:
1995 0.63% 0.82% 3.32% 3.13% --
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(8) 0.63%* 0.84%* 4.34%* 4.13%* --
</TABLE>
<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)
- -----------------------------------------------------------------------------------------------------------------------
- ---------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 $ 1.00 $0.035 $(0.035) -- $(0.035) -- $ 1.00 3.60% $ 26,058
1994(9) 1.00 0.014 (0.014) -- (0.014) -- 1.00 2.37%* 18,712
<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
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.35% 0.51% 3.54% 3.38% --
1994(9) 0.35%* 0.65%* 2.37%* 2.07%* --
</TABLE>
<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)
- -----------------------------------------------------------------------------------------------------------------------
- --------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- --------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 $10.36 $ 0.52 $ (0.52) -- $ (0.52) $0.23 $10.59 7.53% $ 95,675
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(10) 10.00 0.21 (0.16) (0.002) (0.16) (0.04) 10.01 1.72%+ 9,106
CLASS D
FOR THE YEARS ENDED AUGUST 31,:
1995 $10.36 $ 0.48 $ (0.48) -- $ (0.48) $0.23 $10.59 7.11% $ 548
1994(11),(**) 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
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.55% 0.72% 4.96% 4.79% 36.05%
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(10) 0.56%* 1.36%* 5.80%* 5.00%* 352.00%
CLASS D
FOR THE YEARS ENDED AUGUST 31,:
1995 0.95% 1.12% 4.57% 4.40% 36.05%
1994(11),(**) 0.93%* 1.07%* 4.34%* 4.20%* 58.39%
</TABLE>
57
<PAGE>
FINANCIAL HIGHLIGHTS (Continued)
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust
For a Share Outstanding Throughout the 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 YEARS ENDED AUGUST 31,:
1995 $10.52 $0.55 $(0.55) -- $(0.55) $0.14 $10.66 6.81% $104,094 0.48%
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(12) 10.00 0.28 (0.23) (0.001) (0.23) (0.07) 9.98 2.11%+ 53,042 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
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.72% 5.21% 4.97% 22.62%
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(12) 0.86%* 6.05%* 5.79%* 10.00%
</TABLE>
<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
- -----------------------------------------------------------------------------------------------------------------------------
KANSAS TAX FREE INCOME PORTFOLIO
- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 $10.47 $0.57 $(0.57) -- $(0.57) $0.16 $10.63 7.23% $ 65,834 0.21%
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(13) 10.00 0.42 (0.37) -- (0.37) 0.08 10.13 5.12%+ 29,242 0.31%*
<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
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995 0.51% 5.47% 5.17% 17.60%
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(13) 0.61%* 5.85%* 5.55%* 21.82%
</TABLE>
<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
- -----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------
MASSACHUSETTS INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995(14) $10.11 $0.42 $(0.42) -- $(0.42) $0.17 $10.28 5.83%+ 0 0.60%*
1994 10.41 0.42 (0.42) $ (0.01) (0.43) (0.29) 10.11 1.28% 8,942 0.60%
1993(15) 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
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
FOR THE YEARS ENDED AUGUST 31,:
1995(14) 0.84%* 4.34%* 4.10%* 21.40%
1994 1.03% 4.13% 3.70% 76.69%
1993(15) 1.07%* 4.33%* 4.75%* 13.63%
</TABLE>
* Annualized.
** Total return does not reflect the sales charge on the Class D.
+ 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 D 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 closed on July 12, 1995.
5 The California Tax Exempt Portfolio--Class B commenced operations on January
5, 1994.
6 The California Tax Exempt Portfolio--Class C commenced operations on May 11,
1994.
7 The Bainbridge Tax Exempt Portfolio--Class A commenced operations on
November 9, 1992.
8 The Institutional Tax Free Portfolio--Class B commenced operations on
October 15, 1990.
9 The Pennsylvania Tax Free Portfolio--Class A commenced operations on January
21, 1994.
10 The Intermediate-Term Municipal Portfolio--Class A commenced operations on
September 5, 1989.
11 The Intermediate-Term Municipal Portfolio--Class D commenced operations on
September 28, 1993.
12 The Pennsylvania Municipal Portfolio--Class A commenced operations on August
14, 1989.
13 The Kansas Tax Free Income Portfolio--Class A commenced operations on
December 10, 1990.
14 The Massachusetts Intermediate-Term Municipal Portfolio--Class A closed on
August 15, 1995. The NAV shown is as of the last day prior to liquidation.
15 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.
58
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
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 August 31, 1995.
The Trust is registered to offer four classes of shares: Class A, Class B,
Class C and Class D. The assets of each portfolio are segregated and a share-
holder's interest is limited to the portfolio in which shares are held.
On August 15, 1995, the Massachusetts Intermediate-Term Municipal Portfolio
closed and all of the outstanding shares of the Portfolio were redeemed. SEI
Financial Management Corporation voluntarily agreed to bear the costs associ-
ated with the liquidation of the Portfolio which approximated $8,000 and in-
cluded the amount of unamortized organizational expenses.
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 Class D
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
59
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
the following month for all other Portfolios. Any net realized capital gain on
sales of securities after capital loss carryovers is distributed to the share-
holders of the Portfolios at least annually. Effective in 1994, generally ac-
cepted accounting principles require that differences between undistributed net
investment income or accumulated net realized capital gains for financial re-
porting and tax purposes, if permanent, be reclassified to/from paid in capi-
tal. Accordingly, the following permanent differences, attributable to undis-
tributed net investment income and accumulated net realized capital losses,
have been reclassified to paid in capital:
<TABLE>
<CAPTION>
From From Net
Capital Investment
Losses Income
---------- ----------
<S> <C> <C>
Tax Free Portfolio $1,318,967 $1,078,360
Institutional Tax Free Portfolio $ 72,478 --
</TABLE>
3. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES
The Trust and SEI Financial Management Corporation (the "Manager") are parties
to a Management Agreement dated May 23, 1986 under which the manager provides
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 Portfo-
lios, .23% of the average daily net asset value of the California Tax Exempt
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 and a Trustee of the Trust is a partner.
SEI Financial Services Company ("SFS") acts as the distributor of the shares
of the Trust under distribution plans which provide for the Trust to reimburse
SFS for certain distribution-related expenses incurred by SFS. With the excep-
tion of the Kansas Tax Free Income Portfolio, such expenses for the Class A
shares of the Trust may not exceed a budget approved and monitored by the Board
of Trustees.
In addition to providing for the reimbursement payments described above, the
Class B, C and D distribution plans provide for additional payments to the Dis-
tributor. These additional payments may be used to compensate financial insti-
tutions that provide distribution-related services to their customers. Distri-
bution-related expenses for the Class B, Class C and Class D shares of the
Money Market Portfolios may not exceed .60%, .80% and .55%, respectively. Dis-
tribution-related expenses for the Class B, Class C and Class D shares of the
Fixed Income Portfolios may not exceed .60%, .80%, and .60%, respectively.
Certain officers of the Trust are also officers and/or Directors of the Man-
ager. The Trust pays each unaffiliated Trustee an annual fee for attendance at
quarterly, interim and committee meetings. Compensation of officers and affili-
ated 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 Exempt,
the Institutional Tax Free, the Pennsylvania Tax Free and the Intermediate-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%
60
<PAGE>
- --------------------------------------------------------------------------------
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 Intermediate-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 ex-
cess 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.
Prior to July 3, 1995, Bessemer Trust Company, N.A. ("Bessemer") served as
the Investment Adviser on behalf of the Pennsylvania Municipal Portfolio under
an Investment Advisory Agreement dated June 30, 1989. For its services, Besse-
mer received a monthly fee equal to an annual rate of .25% of the average daily
net assets of the Portfolio. Commencing July 3, 1995, Morgan Grenfell Capital
Management Incorporated ("MGCM") was appointed as the Investment Advisor of the
Pennsylvania Municipal Portfolio. For its services, MGCM receives a monthly fee
equal to an annual rate of .20% of the average daily net assets of the Portfo-
lio.
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") served as the Investment Adviser on be-
half of the Massachusetts Intermediate-Term Municipal Portfolio. For its serv-
ices State Street received 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 August 31, 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................. $35,712 $23,982 $13,669 $ 1,275
Sales..................... 66,267 46,027 10,711 10,064
</TABLE>
Subsequent to October 31, 1994, the Portfolios recognized net capital losses
for tax purposes that have been deferred and can be used to offset future capi-
tal gains at August 31, 1996. The Portfolios also had capital losses
carryforward at August 31, 1995, as follows:
<TABLE>
<CAPTION>
Capital Post
Loss October 31,
Carryover 1994
August 31, Expires Expires Deferred Net Capital
Portfolio 1995 2002 2003 Losses Losses
- --------- ---------- ------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Tax Free Portfolio.......... $30,967 $30,874 $93 $5,081 $36,048
Intermediate-Term Municipal
Portfolio.................. 927,882 -- 927,882 1,250,322 2,178,204
Pennsylvania Municipal
Portfolio.................. 330,828 -- 330,828 297,060 627,888
Kansas Tax Free Income
Portfolio.................. 18,302 -- 18,302 116,848 135,150
</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
61
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- -----------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
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 August 31, 1995, for each Portfolio are as follows:
<TABLE>
<CAPTION>
Intermediate- Kansas
Term Pennsylvania Tax Free
Municipal Municipal Income
(000) (000) (000)
------------- ------------ --------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation $2,120 $3,935 $2,276
Aggregate gross unrealized depreciation 369 76 222
------ ------ ------
Net unrealized appreciation $1,751 $3,859 $2,054
====== ====== ======
</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.
The Trust invests in securities which include revenue bonds, tax exempt com-
mercial paper, tax and revenue anticipation notes, and general obligation
bonds. At August 31, 1995, the percentage of portfolio investments by each rev-
enue 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 5.50% 4.20% 9.00%
Health Care Facilities 6.60% 15.30% 14.00%
Housing Facilities 18.40% 22.30% 23.40%
Industrial Development 19.1% 7.30% 17.80%
Pollution Control 1.8% 4.10% 1.80%
Public Facility 4.00% 4.20% 5.10%
Transportation 3.90% 6.00% 0.00%
Utility Revenue 3.60% 7.10% 2.60%
General Obligation 2.00% 0.00% 1.40%
Tax Exempt Commercial Paper 3.20% 2.10% 0.70%
</TABLE>
<TABLE>
<CAPTION>
California Bainbridge
Tax Free Tax Exempt Tax Exempt
Portfolio Portfolio Portfolio
------------- ------------ -------------
<S> <C> <C> <C>
Anticipation Notes:
Bond 4.90% 1.30% 4.40%
Revenue 0.00% 3.40% 0.00%
Tax 2.20% 0.00% 3.30%
Tax & Revenue 7.20% 10.20% 5.60%
Other 17.60% 12.50% 10.90%
------ ------ ------
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 4.80% 11.30% 5.20%
Health Care Facilities 8.20% 19.30% 3.90%
Housing Facilities 17.50% 3.70% 9.90%
Industrial Development 17.00% 19.50% 3.70%
Pollution Control 5.50% 3.70% 1.20%
Public Facility 4.20% 0.40% 4.70%
Transportation 1.20% 1.80% 8.80%
Utility Revenue 5.00% 18.60% 29.80%
General Obligation 0.90% 1.90% 31.30%
Tax Exempt Commercial Paper 4.20% 3.30% 0.00%
Anticipation Notes:
Bond 4.20% 0.00% 0.00%
Revenue 0.20% 0.00% 0.00%
Tax 4.60% 0.00% 0.00%
Tax & Revenue 6.80% 7.40% 0.00%
Other 15.70% 9.10% 1.50%
------ ------ ------
Total 100.00% 100.00% 100.00%
</TABLE>
<TABLE>
<CAPTION>
Kansas
Pennsylvania Tax Free
Municipal Income
Portfolio Portfolio
------------ ---------
<S> <C> <C>
Revenue Bonds:
Education Revenue 19.60% 1.20%
Health Care
Facilities 19.30% 6.40%
Housing Facilities 6.40% 6.60%
Industrial
Development 10.00% 2.90%
Pollution Control 0.00% 2.50%
Public Facility 3.00% 1.60%
Transportation 4.60% 4.10%
Utility Revenue 13.80% 19.30%
General Obligation 19.20% 52.10%
Tax Exempt
Commercial Paper 0.00% 0.00%
Anticipation Notes:
Bond 0.00% 0.00%
Revenue 0.00% 0.00%
Tax 0.00% 0.00%
Tax & Revenue 0.00% 0.00%
Other 4.10% 3.30%
------ ------
Total 100.00% 100.00%
</TABLE>
62
<PAGE>
- --------------------------------------------------------------------------------
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 August 31, 1995, the percentage of the Portfolios' investments that were in-
sured 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 1.01% 71.40%
California Tax Exempt 16.15% 68.50%
Bainbridge Tax Exempt 2.51% 65.33%
Institutional Tax Free 2.54% 64.07%
Pennsylvania Tax Free 21.51% 56.86%
Intermediate-Term Municipal 32.20% 12.58%
Pennsylvania Municipal 74.96% 7.38%
Kansas Tax Free Income 33.26% 2.80%
</TABLE>
63
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND TRUSTEES OF SEI TAX EXEMPT TRUST:
We have audited the accompanying statements of net assets of the Tax Free, Cal-
ifornia Tax Exempt, Bainbridge Tax Exempt, Institutional Tax Free, Pennsylvania
Tax Free, Intermediate-Term Municipal, Pennsylvania Municipal and Kansas Tax
Free Income Portfolios of SEI Tax Exempt Trust as of August 31, 1995, and the
related statements of operations, statements of changes in net assets and fi-
nancial highlights for the periods presented. We have also audited the state-
ment of operations of the Massachusetts Intermediate-Term Municipal Portfolio
of SEI Tax Exempt Trust for the period ended August 15, 1995, and the related
statements of changes in net assets and financial highlights for the periods
presented. These financial statements and financial highlights are the respon-
sibility of the Company's management. Our responsibility is to express an opin-
ion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial high-
lights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of Au-
gust 31, 1995, by correspondence with the custodians and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement pre-
sentation. We believe that our audits provide a reasonable basis for our opin-
ion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Tax Free, California Tax Exempt, Bainbridge Tax Exempt, Institutional Tax Free,
Pennsylvania Tax Free, Intermediate-Term Municipal, Pennsylvania Municipal and
Kansas Tax Free Income Portfolios of SEI Tax Exempt Trust as of August 31,
1995, the results of their operations, changes in their net assets, and finan-
cial highlights for the periods presented, and the results of operations of the
Massachusetts Intermediate-Term Municipal Portfolio of the SEI Tax Exempt Trust
for the period ended August 15, 1995, and the changes in its net assets and fi-
nancial highlights for the periods presented, in conformity with generally ac-
cepted accounting principles.
Philadelphia, PA
October 6, 1995
64
<PAGE>
NOTICE TO SHAREHOLDERS
- -----------------------------------------------------------------
SEI Tax Exempt Trust -- August 31, 1995
For shareholders that do not have a August 31, 1995 tax year end, this notice
is for informational purposes only. For shareholders with a August 31, 1995 tax
year end, please consult your tax advisor as to the pertinence of this notice.
For the fiscal year ended August 31, 1995, each fund is designating the fol-
lowing items with regard to distributions paid during the year.
<TABLE>
<CAPTION>
(A) (B) (C)
LONG TERM ORDINARY (A+B)
CAPITAL GAINS INCOME TOTAL
DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS
FUND (TAX BASIS) (TAX BASIS) (TAX BASIS)
---- ------------- ------------- -------------
<S> <C> <C> <C>
Tax Free Portfolio 0% 100% 100%
California Tax Exempt Portfolio 0% 100% 100%
Bainbridge Tax Exempt Portfolio 0% 100% 100%
Institutional Tax Free Portfolio 0% 100% 100%
Pennsylvania Tax Free Portfolio 0% 100% 100%
Intermediate-Term Municipal
Portfolio 0% 100% 100%
Pennsylvania Municipal Portfolio 0% 100% 100%
Kansas Tax Free Income Portfolio 0% 100% 100%
Massachusetts Intermediate-Term
Municipal Portfolio 0% 100% 100%
<CAPTION>
(D) (E) (F)
QUALIFYING TAX EXEMPT FOREIGN
FUND DIVIDENDS(1) INTEREST TAX CREDIT
---- ------------- ------------- -------------
<S> <C> <C> <C>
Tax Free Portfolio 0% 100% 0%
California Tax Exempt Portfolio 0% 100% 0%
Bainbridge Tax Exempt Portfolio 0% 100% 0%
Institutional Tax Free Portfolio 0% 100% 0%
Pennsylvania Tax Free Portfolio 0% 100% 0%
Intermediate-Term Municipal
Portfolio 0% 100% 0%
Pennsylvania Municipal Portfolio 0% 100% 0%
Kansas Tax Free Income Portfolio 0% 100% 0%
Massachusetts Intermediate-Term
Municipal Portfolio 0% 100% 0%
</TABLE>
(1) Qualifying dividends represent dividends which qualify for the corporate
dividends received deduction.
* Items (A) and (B) are based on a percentage of each fund's total distribu-
tions.
** Items (D) and (E) are based on a percentage of ordinary income distributions
of each fund.
65
<PAGE>
- --------------------------
SEI TAX EXEMPT TRUST
- --------------------------
ANNUAL REPORT
- --------------------------
August 31, 1995
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
INTRUST Bank, NA:
Kansas Tax Free Income Portfolio
Morgan Grenfell Capital Management Incorporated
Pennsylvania Municipal 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
Pennyslvania 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-024-06
