==============================================================================
SEI TAX EXEMPT TRUST
==============================================================================
SEMI-ANNUAL REPORT
==============================================================================
FEBRUARY 29, 1996
<PAGE>
TABLE OF CONTENTS
==============================================================================
STATEMENT OF NET ASSETS.............................................. 1
STATEMENT OF OPERATIONS.............................................. 40
STATEMENT OF CHANGES IN NET ASSETS................................... 42
FINANCIAL HIGHLIGHTS................................................. 44
NOTES TO FINANCIAL STATEMENTS........................................ 47
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
TAX FREE PORTFOLIO
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS -- 107.8%
ARIZONA -- 2.2%
Chandler Industrial Development
Authority, Parsons Municipal
Series Project, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 $3,900 $ 3,900
Tucson Industrial Development
Authority, Tucson Center
Parking Garage, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 3,700 3,700
--------
7,600
--------
CALIFORNIA -- 2.9%
California Financial Authority,
Community College, Ser A, TRAN
4.750%, 07/10/96 2,000 2,005
California State Pollution Control
Revenue, San Diego Gas &
Electric, RB (A) (B)
4.000%, 09/01/96 1,000 1,000
Los Angeles, USD, TRAN
4.500%, 07/03/96 2,500 2,507
San Diego Community College,
TRAN
4.500%, 07/05/96 3,500 3,505
Western Placer, USD, TRAN
4.700%, 09/05/96 1,000 1,002
--------
10,019
--------
COLORADO -- 2.6%
Colorado Housing Finance
Authority, Multi-Family
Housing, Grants Plaza Project
1991A, VRDN, RB (A) (B) (C)
3.275%, 03/07/96 1,200 1,200
Colorado Housing Finance
Authority, Multi-Family
Housing, Cambray Park,
VRDN, RB (A) (B) (C)
3.350%, 03/07/96 2,900 2,900
Colorado Housing Finance
Authority, Multi Family
Housing, Woodstream Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/96 2,500 2,500
Fraser Industrial Development
Authority, Safeway Project,
RB, (A) (B) (C)
3.750%, 06/01/96 1,785 1,785
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Jefferson County Industrial
Development Revenue,
Southwest Medpro Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/96 $ 550 $ 550
--------
8,935
--------
DISTRICT OF COLUMBIA -- 1.4%
District of Columbia, Ser B-1,
VRDN, RB (A) (B) (C)
3.550%, 03/01/96 4,800 4,800
--------
FLORIDA -- 6.9%
Boca Raton Industrial
Development Authority,
Parking Garage, Ser 1984-A,
VRDN, RB (A) (B) (C)
3.625%, 03/07/96 3,125 3,125
Florida Housing Finance Agency,
VRDN, RB (A) (B) (C)
3.550%, 03/07/96 2,300 2,300
Florida Housing Finance
Authority, Sarasota Beneva
Place, Ser C, VRDN,
RB (A) (B) (C)
3.275%, 03/07/96 4,955 4,955
Lee Industrial Development
Authority, Christian Mission-
Shell Point Village, VRDN,
RB (A) (B) (C)
3.275%, 03/07/96 12,400 12,400
Pasco County Housing Facility
Authority, Multi-Family
Housing, Carlton Arms/
Magnolia Valley, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 1,000 1,000
--------
23,780
--------
GEORGIA -- 3.8%
Clayton County, Multi-Family
Housing Authority,
Summercourt Project, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 1,475 1,475
Cobb County, Housing Finance
Authority, Summer Oak Project,
Ser 1985-G, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 6,400 6,400
1
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Dekalb County, Development
Authority Revenue, Dart
Container Project, VRDN,
RB (A) (B) (C)
3.950%, 03/07/96 $1,000 $ 1,000
Newton, Industrial Development
Revenue, H.B. Fuller Project,
Ser 1984, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 3,100 3,100
Rome City, Ser 1996, TAN, GO
3.270%, 12/31/96 1,150 1,150
--------
13,125
--------
HAWAII -- 1.6%
Hawaii State, GO
3.600%, 07/01/96 5,000 5,004
Honolulu County & City,
Ser A, GO
9.000%, 03/01/96 550 550
--------
5,554
--------
ILLINOIS -- 7.9%
Chicago School Finance Authority,
Ser A, GO, FGIC Insured
3.800%, 06/01/96 500 500
Chicago, Multi-Family Housing
Authority, Waveland Project B,
VRDN, RB (A) (B)(C)
3.350%, 03/07/96 2,350 2,350
Chicago, Multi-Family Housing
Authority, Waveland Project F,
VRDN, RB (A) (B)(C)
3.350%, 03/07/96 2,600 2,600
East Peoria, Multi-Family Housing
Revenue, Radnor East Project,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 1,800 1,800
Hoffman Estates, Park District, GO
4.000%, 12/01/96 1,815 1,816
Illinois State Development Financial
Authority, Dart Container
Project, VRDN, RB (A) (B) (C)
3.383%, 03/07/96 1,300 1,300
Illinois State Development Financial
Authority, Catholic Charities,
VRDN, RB (A) (B) (C)
3.350%, 03/07/96 7,500 7,500
Peoria Economic Development,
North Point Shopping Center
Project, VRDN, RB (A) (B) (C)
3.750%, 06/01/96 2,450 2,450
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Skokie, Industrial Development
Authority, Fashion Square
Project, VRDN, RB (A) (B) (C)
3.750%, 03/07/96 $2,800 $ 2,800
Springfield, Community
Improvement Revenue,
Kent Family Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,100 1,100
St. Clair County, Industrial
Building Authority, Winchester
Apartments Project, Ser 94,
VRDN, RB (A) (B) (C)
3.650%, 03/07/96 3,000 3,000
--------
27,216
--------
INDIANA -- 9.9%
Bartholomew Consolidated
Schools, TAW
4.000%, 12/31/96 1,738 1,742
East Chicago, School City TAW
4.000%, 12/31/96 3,000 3,005
Gary Environmental Improvement,
US Steel, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 9,800 9,800
Indiana Health Facilities Finance
Authority, Lutherwood Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/96 900 900
Indiana State Housing Finance
Authority, Mortgage Revenue,
RB, Callable 03/01/96
@ 100 (A) (B)
3.900%, 07/01/96 3,000 3,000
Indianapolis, Local Improvement
Board, Ser F, Bank Notes
4.500%, 07/11/96 2,250 2,256
Lake County, Ser 95, GO
5.000%, 01/15/97 1,750 1,772
Merriville Community School
Corporation, TAW
4.000%, 06/28/96 2,650 2,652
Michigan City, TAW
3.850%, 06/28/96 1,100 1,100
3.900%, 12/31/96 1,100 1,101
Portage Township Schools, TAW
4.150%, 12/31/96 1,350 1,354
South Bend Community School, GO
3.850%, 01/15/97 570 570
2
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Valpariso Community School
District, TAW
4.100%, 12/31/96 $3,500 $ 3,511
Whitko Community School, TAW
4.000%, 12/31/96 1,490 1,493
--------
34,256
--------
KANSAS -- 1.9%
Kansas City, Industrial
Development Revenue,
Moderate Income Housing
Project, RB (B)
4.250%, 06/01/96 970 970
Leawood, BAN
4.000%, 03/15/96 3,500 3,500
Salina, Central Mall Dillard,
Ser 84, VRDN, RB (A) (B) (C)
3.625%, 03/07/96 495 495
Topeka Multi-Family Housing
Revenue, Retirement Center,
Ser 85, VRDN, RB (A) (B)
3.250%, 03/07/96 1,470 1,470
--------
6,435
--------
KENTUCKY -- 0.9%
Perry County Health Facilities
System, Appalachian Regional
Hospital, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 3,000 3,000
--------
MARYLAND -- 2.3%
Montgomery County, TECP (C)
3.500%, 03/07/96 3,000 3,000
Montgomery County, Multi-
Family Housing Opportunities,
Community Housing, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 5,000 5,000
--------
8,000
--------
MICHIGAN -- 3.2%
Detroit City School District,
State School Aid Notes, GO
4.500%, 05/01/96 5,000 5,005
Michigan State Strategic Fund,
Peachwood Center, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 2,365 2,365
Wayne County, Downriver System
Sewer Disposal, Ser B, TECP (C)
3.550%, 06/05/96 3,590 3,590
--------
10,960
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MINNESOTA -- 8.8%
Bloomington Commercial
Development, Revenue Park
Project, VRDN RB (A) (B) (C)
3.540%, 03/07/96 $3,150 $ 3,150
Golden Valley Industrial
Development Revenue, Graco
Project, VRDN, RB (A) (B) (C)
3.500%, 03/07/96 1,620 1,620
Minneapolis Commercial
Development Revenue, Thresher
Square Partnership II, VRDN,
RB (A) (B) (C)
3.390%, 03/07/96 4,335 4,335
Minneapolis, Ser A, VRDN,
GO (A) (B) (C)
3.300%, 03/07/96 2,535 2,535
Minneapolis, Ser B, VRDN,
GO (A) (B) (C)
3.300%, 03/07/96 13,000 13,000
Minnesota Housing Finance
Agency, Single Family Mortgage,
Ser M, RB (A) (B) (C)
3.500%, 12/12/96 2,000 2,000
Saint Paul, Water Revenue,
Ser 1994-D VRDN,
RB (A) (B) (C)
3.340%, 03/07/96 3,880 3,880
--------
30,520
--------
MISSOURI -- 2.0%
Kansas City Industrial
Development Authority, Baptist
Health System, Ser A, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 5,975 5,975
Missouri State Environment
Improvement and Energy
Pollution Control, Union
Electric Project, RB (A) (B) (C)
4.000%, 06/01/96 1,000 1,000
--------
6,975
--------
NEW HAMPSHIRE -- 0.7%
New Hampshire Higher
Education & Health Facilities
Authority, Dartmouth College,
Ser 1995, RB (A) (B)
4.100%, 06/01/96 2,500 2,500
--------
3
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
NEW JERSEY -- 0.4%
New Jersey Economic
Development Authority,
Cincinnati Gear Company,
RB (A) (B)
3.750%, 10/01/96 $1,405 $ 1,405
--------
NEW MEXICO -- 0.9%
Albuquerque Industrial
Development Revenue, Plastech
Project, Ser 94-B, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 2,305 2,305
Albuquerque Joint Water &
Sewer System, RB,
Escrowed to Maturity,
8.700%, 07/01/96 935 951
--------
3,256
--------
NEW YORK -- 5.2%
Campbell-Savona Community
School District, BAN
4.000%, 06/28/96 2,000 2,002
Mount Vernon, TAN
4.625%, 06/28/96 2,500 2,509
Nassau County, Ser A, TAN
4.500%, 03/15/96 1,500 1,500
4.500%, 04/15/96 2,000 2,001
Nassau County, Ser F, BAN
4.500%, 03/15/96 1,500 1,500
New York City Housing
Development Authority, Upper
Fifth Avenue Project, Ser A,
RB (A) (B) (C)
3.000%, 03/07/96 1,000 1,000
New York City, Ser B, RAN (C)
4.750%, 06/28/96 2,000 2,005
New York State Local Government
Assistance, Ser G, VRDN,
RB (A) (B) (C)
2.900%, 03/07/96 1,000 1,000
New York State Pollution Control,
Energy & Research Development
Authority, New York State
Electric & Gas, RB (A) (B)
4.650%, 03/15/96 2,000 2,000
Ontario County Industrial
Development Authority, Seneca
Foods, RB (A) (B) (C)
3.400%, 03/01/97 2,185 2,185
--------
17,702
--------
NORTH CAROLINA -- 0.6%
Buford Industrial Facility,
Pollution Control Revenue,
TexasGulf Corporation, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 2,000 2,000
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
NORTH DAKOTA -- 0.6%
Fargo, Commercial Development
Revenue, Cass Oil Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/96 $2,200 $ 2,200
--------
OHIO -- 5.5%
Brecksville-Broadview Heights
School District, Ohio School
Improvement, Ser 96, BAN
3.900%, 01/17/97 1,000 1,003
Cincinnati & Hamilton County
Port Authority, CEI Realty
Project, VRDN, GO (A)(B)(C)
3.900%, 03/01/96 105 105
Cleveland Waterworks Revenue,
First Mortgage Improvement,
Ser E, VRDN, RB, MBIA
Insured (A) (B)
7.625%, 03/07/96 485 512
Mercer County, Celina County
School District, BAN
4.850%, 05/16/96 1,250 1,252
Montgomery County Economic
Development Revenue, Wayne
Town Center, VRDN, RB (A) (B)
4.500%, 10/01/96 1,045 1,045
North Olmstead, General Purpose
Improvement, Ser 1995, BAN
4.670%, 06/20/96 2,500 2,503
Ohio State, Court Street Center,
Ser 1983, VRDN, RB (A) (B) (C)
3.250%, 03/07/96 1,000 1,000
Sharonville Industrial
Development Revenue, Edge
Comb Metals Project, VRDN,
RB (A) (B) (C)
3.150%, 03/07/96 4,610 4,610
Summit County, Industrial
Development Authority, SGS
Tool II Project, RB (A) (B) (C)
3.800%, 05/01/96 190 190
Summit County, Ser 1995-A, BAN
5.000%, 03/07/96 5,000 5,000
Toledo, Industrial Development
Revenue, Countymark Coop
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 900 900
Twinsburg County, School
District, BAN
4.500%, 06/06/96 1,000 1,002
--------
19,122
--------
4
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
OKLAHOMA -- 5.8%
Bartlesville Development
Authority, Heritage Villa
Nursing Center, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 $1,400 $ 1,400
Oklahoma City Industrial
Development Authority, Baptist
General Convention Refunding,
Ser 89, RB (A) (B) (C)
4.000%, 03/01/96 3,835 3,835
Tulsa Industrial Development
Authority, Laureate Psychiatric
Project, RB (A) (B)
3.650%, 06/15/96 5,000 5,000
Tulsa Industrial Development
Authority, St. John Medical
Center Project, VRDN,
RB (A) (B)
3.375%, 03/07/96 3,180 3,180
Tulsa Industrial Development
Authority, University of Tulsa
Project, VRDN, RB
(A) (B) (C) Ser 1985-A
4.000%, 03/07/96 1,100 1,100
Tulsa Parking Authority,
Refunding First Mortgage
Williams Project 84, Ser A,
VRDN, RB (A) (B) (C)
3.750%, 05/15/96 5,540 5,540
--------
20,055
--------
OREGON -- 1.6%
Klamath, Electric Revenue, Ser C,
VRDN, RB (A) (B)
4.400%, 05/01/96 3,000 3,000
Port of Porland, Public Grain
Elevator, Columbia Grain,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 2,565 2,565
--------
5,565
--------
PENNSYLVANIA -- 8.5%
Allegheny County Education
Building Authority, University
of Pittsburgh Project, Ser 85 B,
VRDN, RB (A) (B) (C)
3.050%, 03/07/96 1,900 1,900
Allegheny County Hospital
Development Authority,
Childrens Hospital, Ser B,
VRDN, RB, MBIA Insured (A) (B)
3.100%, 03/07/96 1,800 1,800
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Allegheny County Hospital
Development Authority,
Hospital Revenue, VRDN,
RB (A) (B) (C)
3.250%, 03/07/96 $ 700 $ 700
Berks County Industrial
Development Authority, Rilsaw
Industrial Project, Elf Aquitaine,
VRDN, RB (A) (B) (C)
3.375%, 03/07/96 400 400
Bucks County Industrial
Development Authority,
Edgcomb Metals Project,
VRDN, RB (A) (B) (C)
3.150%, 03/07/96 900 900
Clarion County Industrial
Development Authority,
Specialized Development
Meritcare, MTC Project, Ser A,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,000 1,000
Delaware County Industrial
Development Authority, British
Petroleum Project, Ser 1995,
VRDN, RB (A) (B)
3.450%, 03/01/96 700 700
Delaware County Industrial
Development Authority, United
Parcel Services, Ser 85, VRDN,
RB (A) (B)
3.450%, 03/01/96 2,500 2,500
Delaware Valley Regional
Government Finance, VRDN,
RB (A) (B) (C)
3.200%, 03/07/96 2,100 2,100
Langhorne Hospital Revenue
Authority, Franciscan Health
Systems Project, Ser C, VRDN,
RB (A) (B) (C)
3.450%, 03/01/96 1,820 1,820
Montgomery County Higher
Education & Health Authority,
Hospital Revenue, VRDN, RB,
AMBAC Insured (A) (B)
3.050%, 03/07/96 2,300 2,300
Moon Township Industrial
Development Revenue,
Executive Office Project,
Ser 1991-A, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 800 800
North Umberland County,
Industrial Development
Authority, Atlas Development,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,025 1,025
5
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED))
TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Pennsylvania Hospital & Higher
Education Facility Authority,
Thomas Jefferson University
Project, Ser C, RB (A) (B) (C)
3.250%, 08/26/96 $1,000 $ 1,000
Philadelphia Industrial
Development Authority,
Multi-Family Housing, Harbor
View Towers Project, VRDN,
RB (A) (B) (C)
3.650%, 03/07/96 280 280
Philadelphia School District,
Ser 1995, TRAN
4.500%, 06/28/96 7,000 7,012
Philadelphia, Ser A, TRAN
4.500%, 06/27/96 2,000 2,003
Sayre Health Care Facilities
Authority, Pennsylvania Capital
Finance Project, Ser F, VRDN,
RB, AMBAC Insured (A) (B)
3.200%, 03/07/96 1,300 1,300
--------
29,540
--------
RHODE ISLAND -- 0.4%
Rhode Island Housing &
Mortgage Finance Corporation,
Homeownership Opportunity,
Ser 18-A, RB, FGIC Insured (A) (B)
3.850%, 06/27/96 1,500 1,500
--------
SOUTH CAROLINA -- 1.4%
Florence County Industrial
Development Revenue,
La-Z-Boy Chair Project,
VRDN, RB (A) (B)
3.506%, 03/07/96 5,000 5,000
--------
TENNESSE -- 0.2%
Williamson County, Capital
Outlay Notes, GO
5.250%, 05/01/96 645 647
--------
TEXAS -- 5.8%
Bexar County Health Facilities
Development Authority, Army
Retirement, San Antonio Project,
VRDN, RB (A) (B) (C)
3.150%, 03/07/96 8,800 8,800
Brazo River, Hoffman-Laroche
Project, Ser 85, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 1,000 1,000
Dallas Waterworks and Sewer
Systems, RB, Pre-Refunded
@ 100 (D)
6.000%, 04/01/96 1,135 1,137
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Harris County, Multi-Family
Housing, Arbor II Project,
VRDN, RB (A) (B)
3.950%, 10/01/96 $1,000 $ 1,000
Harris County, Multi-Family
Housing, Glenhollow Project,
VRDN, RB (A) (B) (C)
3.525%, 03/07/96 2,300 2,300
Houston Health Facilities
Development Authority,
Corporate Revenue, Memorial
Northwest Pavillion, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 845 845
Texas State, Ser A, TRAN
4.750%, 08/30/96 1,000 1,004
Trinity River, Industrial
Development Authority, Regional
Wastewater Systems, RB, FGIC
Insured, Pre-Refunded @ 100 (D)
7.700%, 08/01/96 1,000 1,017
Trinity River, Industrial
Development Authority,
Trinity River Project, VRDN,
RB (A) (B) (C)
3.275%, 03/07/96 2,900 2,900
--------
20,003
--------
UTAH -- 3.9%
Castle Dale Industrial
Development Revenue, Safeway
Project, VRDN, RB (A) (B) (C)
3.450%, 08/01/96 1,475 1,475
Nephi Industrial Development,
Safeway Project, RB (A) (B) (C)
3.850%, 03/01/96 1,405 1,405
Salt Lake County, GO
8.500%, 06/15/96 700 710
Salt Lake City Industrial
Development Authority,
Devereaux Partners Project,
VRDN, RB (A) (B) (C)
3.300%, 03/07/96 5,000 5,000
Springville Industrial
Development Revenue, Scherer
Hard Capsule, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 4,000 4,000
Tremonton City Industrial
Development Revenue, Safeway
Project, RB (A) (B) (C)
3.750%, 06/01/96 1,075 1,075
--------
13,665
--------
6
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
VERMONT -- 1.7%
Vermont State Student Assistance
Student Loan Bonds, Ser 1985,
VRDN, RB (A) (B) (C)
3.450%, 03/07/96 $5,825 $ 5,825
--------
VIRGINIA -- 1.4%
Fairfax County, Multi-Family
Housing Revenue, Chase
Commons Project, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 5,000 5,000
--------
WASHINGTON -- 0.2%
Washington State, Ser 86-D, GO,
Pre-Refunded @ 100 (D)
7.800%, 09/01/96 800 815
--------
WEST VIRGINIA -- 0.5%
Keyser Industrial Development
Revenue, Keyser Project, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 1,200 1,200
West Virginia State Hospital
Finance Authority, St. Joseph's
Hospital Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 500 500
--------
1,700
--------
WISCONSIN -- 3.8%
Cudahy School District, TRAN
4.020%, 06/28/96 2,500 2,500
LaCrosse Industrial Development
Revenue, LaCrosse Properties,
VRDN, RB (A) (B) (C)
3.350%, 03/07/96 5,160 5,160
Mount Horeb Area School
District, BAN
3.500%, 11/01/96 1,750 1,750
Village of Menomonee, Industrial
Development Revenue,
Maysteel Corporation VRDN,
RB (A) (B) (C)
3.424%, 03/07/96 1,900 1,900
Watertown, USD, TRAN
3.975%, 10/25/96 2,000 2,000
--------
13,310
--------
WYOMING -- 0.4%
Converse County, Pollution
Control Revenue, Pacificorp
Project, VRDN, RB (A) (B) (C)
3.550%, 03/07/96 1,290 1,290
--------
Total Municipal Bonds
(Cost $373,274,660) 373,275
--------
- -------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------
Total Investments -- 107.8%
(Cost $373,274,660) $373,275
--------
OTHER ASSETS AND LIABILITIES -- (7.8%)
Cash (24,991)
Other Assets and Liabilities (1,985)
--------
Other Assets and Liabilities, Net (26,976)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
346,461,638 outstanding shares of
beneficial interest 346,317
Portfolio shares of Class D (unlimited
authorization -- no par value) based on
201 outstanding shares of
beneficial interest --
Accumulated Net Realized Loss on
Investments (18)
--------
Total Net Assets--100.0% $346,299
========
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
========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
BAN BOND ANTICIPATION NOTE
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
RAN REVENUE ANTICIPATION NOTE
RB REVENUE BOND
Ser SERIES
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
TECP TAX EXEMPT COMMERCIAL PAPER
TRAN TAX & REVENUE ANTICIPATION NOTE
USD UNIFIED SCHOOL DISTRICT
VRDN VARIABLE RATE DEMAND NOTE
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(A) FLOATING RATE SECURITY--THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
THE RATE IN EFFECT ON FEBRUARY 29, 1996.
(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 BANK OR FINANCIAL INSTITUTION.
(D) PRE-REFUNDED SECURITY--THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
7
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
CALIFORNIA TAX EXEMPT PORTFOLIO
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS -- 101.9%
CALIFORNIA -- 101.9%
Alta Loma School District, TRAN
4.500%, 08/30/96 $5,000 $ 5,009
Apple Valley USD, TRAN
4.500%, 08/30/96 1,000 1,003
Butte County Office of Education,
TRAN
4.750%, 09/12/96 5,000 5,015
California Community College
Financial Authority, TRAN
4.750%, 07/10/96 8,000 8,020
California Health Facilities
Finance Authority, Catholic
Health Care, Ser B, VRDN, RB,
MBIA Insured (A) (B)
3.000%, 03/07/96 2,000 2,000
California Health Facilities
Finance Authority, Catholic
Health Care, Ser C, VRDN, RB,
MBIA Insured (A) (B)
3.000%, 03/07/96 1,600 1,600
California Health Facilities Finance
Authority, Kaiser Permanente,
Ser 93A, VRDN, RB (A) (B)
2.900%, 03/07/96 1,200 1,200
California Health Facilities Finance
Authority, Saint Joseph Health
System, Ser B, VRDN, RB (A) (B)
3.100%, 03/01/96 1,075 1,075
California Health Facilities Finance
Authority, Santa Barbara Cottage,
Ser B, VRDN, RB (A) (B) (C)
2.750%, 03/07/96 2,900 2,900
California Health Facilities
Finance Authority, Sutter Health,
Ser B, VRDN, RB (A) (B)
3.300%, 03/01/96 7,300 7,300
California Health Facilities Finance
Authority, Memorial Health
Services, VRDN, RB (A) (B)
2.900%, 03/07/96 2,300 2,300
California Health Facilities
Finance Authority, Catholic
HealthCare, Ser C, VRDN, RB,
MBIA Insured (A) (B)
3.000%, 03/07/96 3,300 3,300
California Health Facilities,
Catholic Health Care West,
Ser D, VRDN, RB, MBIA Insured
(A) (B)
3.000%, 03/07/96 5,000 5,000
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
California Pollution Control Finance
Authority, Solid Waste Disposal,
North County Recycling Center,
VRDN, RB (A) (B) (C)
3.000%, 03/07/96 $4,000 $ 4,000
California Pollution Control
Revenue, San Diego Gas &
Electric, RB, Mandatory Put
09/01/96 @ 100 (A) (B)
4.000%, 05/01/08 3,750 3,753
California Pollution Control Revenue,
Southern California Ed, TECP (C)
3.000%, 06/12/96 1,000 1,000
California Pollution Control,
Chevron USA Project B, RB (A) (B)
4.250%, 06/15/96 1,360 1,362
California Pollution Control
Finance Authority, Chevron
USA Project, RB, Callable
05/15/96 @ 100.00 (A) (B)
4.500%, 05/15/02 5,500 5,512
California State Pollution Control
Finance Authority, San Diego
Gas & Electric, RB,
FGIC Insured (A) (B)
3.950%, 08/01/96 6,300 6,300
California State Housing Finance
Authority, Multi-Family Housing
Revenue, Oakbrook Ridge
Apartments, VRDN, RB (A) (B)
3.050%, 03/07/96 4,830 4,830
California State Statewide
Community Development
Authority, Apartment
Development Revenue, Ser
1995 A, VRDN, RB (A) (B)
3.000%, 03/07/96 5,000 5,000
City of Los Angeles Waste Water
System, TECP (C)
3.600%, 03/12/96 3,700 3,700
Contra Costa County Multi-Family
Mortgage Revenue, VRDN,
RB (A) (B)
3.650%, 03/07/96 3,500 3,500
Contra Costa County Public Facilities,
COP, Pre-Refunded @ 102 (D)
8.200%, 07/01/96 2,500 2,588
Contra Costa County, Multi-
Family Housing, Delta Square
Project, Ser A, VRDN, RB
(A) (B) (C)
3.150%, 03/07/96 3,400 3,400
Contra Costa County, TRAN
4.500%, 07/03/96 1,000 1,003
8
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Contra Costa Transportation
Authority, Sales Tax, VRDN,
RB, FGIC Insured (A) (B)
3.100%, 03/07/96 $7,700 $ 7,700
Corona Redevelopment Agency,
Crown Point Project, Ser , RB,
Optional Put 05/01/96
@ 100 (A) (B) (C)
4.750%, 05/01/96 7,815 7,815
Dry Creek, Joint Elementry School
District #1, Special Tax,
CGIC Insured
4.200%, 09/01/96 365 366
East Bay, Utility District Water
System Revenue Refunding
Project, RB, Pre-Refunded
@ 102.50 (D)
6.750%, 03/21/96 1,790 1,835
Escondido Multi-Family Housing
Project, VRDN, RB (A) (B) (C)
3.150%, 03/07/96 7,250 7,250
Fairfield County, TRAN
4.500%, 06/27/96 1,000 1,002
Folsom Cordova, USD, TRAN
4.750%, 10/18/96 6,500 6,532
Fontana, GAF Tax Exempt Bond
Grantor Trust, Ser GA-7,
VRDN, (A) (B) (C)
3.750%, 03/07/96 6,325 6,325
Hermosa Beach, Parking Authority,
VRDN, COP (A) (B) (C)
2.900%, 03/07/96 6,400 6,400
Independent Cities Lease Finance
Authority, Revenue Pooled
Project, VRDN, RB (A) (B) (C)
2.900%, 03/07/96 5,605 5,605
Irwindale Industrial Development
Revenue, Toys "R" Us Project,
VRDN, RB (A) (B) (C)
3.375%, 03/07/96 500 500
Kern County, Panama-Buena Vista
Union School District, VRDN,
RB (A) (B)(C)
3.450%, 03/07/96 9,000 9,000
Kern County, Public Facilities
Project, Ser D, VRDN, RB
(A) (B) (C)
2.950%, 03/07/96 2,600 2,600
Livermore Housing Authority,
Multi-Family Housing,
Refunding-Housing-Richards
Manor A, VRDN, RB (A) (B) (C)
3.250%, 03/07/96 2,000 2,000
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Los Angeles County, Community
Redevelopment Agency,
Willowbrook Project, VRDN,
RB (A) (B)(C)
3.200%, 03/07/96 $ 1,600 $ 1,600
Los Angeles County, Housing
Authority, Malibu Meadows
Project II, Ser B, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 2,700 2,700
Los Angeles County, Metropolitan
Transportation Authority,
Ser 1995-A, RAN (C)
5.000%, 04/25/96 12,000 12,013
Los Angeles County, Multi-Family
Housing Malibu Meadows
Project A, VRDN, RB (A) (B) (C)
3.300%, 03/07/96 5,200 5,200
Los Angeles County, Transportation
Commission Sales Tax Revenue,
RB, Pre-Refunded @ 102 (D)
7.600%, 07/01/96 3,300 3,410
Los Angeles Department of Water &
Power, Electric Plant Revenue, RB
9.000%, 01/15/97 500 525
Los Angeles Redevelopment
Agency, Baldwin Hills Public
Park, VRDN, RB (A) (B) (C)
3.200%, 03/07/96 600 600
Los Angeles, Equipment
Acquisition Program, COP,
AMBAC Insured
4.300%, 03/01/96 375 375
Los Angeles, Housing Authority
Multi-Family, Housing Revenue
Var Sand Canyon Ranch Project
1985, Ser F, VRDN, RB (A) (B) (C)
3.250%, 03/07/96 1,800 1,800
Los Angeles, USD, TRAN
4.500%, 07/03/96 10,000 10,026
Modesto, High School & City
School District, VRDN,
COP (A) (B) (C)
3.150%, 03/07/96 3,000 3,000
Monterey County, Finance
Authority Revenue, Reclamation
and Distribution Program,
Ser A-95, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 5,000 5,000
Monterey, Regional Waste
Management Authority, VRDN,
RB (A) (B) (C)
3.450%, 03/07/96 3,500 3,500
9
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Moulton Niguel, Water District,
Improvement District # 6, Ser 1,
RB, Pre-Refunded @ 102 (D)
7.875%, 02/01/97 $ 2,500 $ 2,646
Northern California Power
Agency Public Power Hydro
Electric Project #1, Ser A, RB,
Pre-Refunded @ 102 (D)
8.000%, 07/01/96 7,780 8,049
Oakland, Revenue Assessment
Bay Area Government, VRDN,
RB (A) (B) (C)
3.250%, 03/07/96 2,275 2,275
Oxnard Redevelopment Agency,
Channel Islands Business,
VRDN, RB (A) (B) (C)
3.525%, 03/07/96 4,685 4,685
Palm Springs, Community
Redevelopment Agency,
Headquarters Hotel-1, VRDN,
COP (A) (B) (C)
3.050%, 03/07/96 2,070 2,070
Palm Springs, Community
Redevelopment Agency,
Headquarters Hotel-4, VRDN,
COP (A) (B) (C)
3.050%, 03/07/96 1,800 1,800
Palm Springs, Community
Redevelopment Agency,
Headquarters Hotel-6, VRDN,
COP (A) (B) (C)
3.050%, 03/07/96 900 900
Palm Springs, Community
Redevelopment Agency,
Headquarters Hotel-7, VRDN,
COP (A) (B) (C)
3.050%, 03/07/96 1,000 1,000
Pomona Public Finance Authority,
Southwest Pomona, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 2,200 2,200
Redlands Redevelopment Agency,
Parking Lease, VRDN, RB (A) (B) (C)
3.490%, 03/07/96 4,735 4,735
Redlands Redevelopment
Refunding Project, Ser A,
VRDN, RB (A) (B) (C)
3.490%, 03/07/96 11,200 11,200
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Riverside County, Industrial
Development Advanced Business
Forms Project, VRDN, RB (A) (B) (C)
3.500%, 03/07/96 $2,000 $ 2,000
Riverside, Transportation
Commission, TECP (C)
3.250%, 03/12/96 2,000 2,000
Roseville, Joint Union High School
District, VRDN, COP (A) (B) (C)
3.150%, 03/07/96 3,740 3,740
Sacramento County, TRAN
4.750%, 10/04/96 1,500 1,507
San Bernadino County, Glen
Helen Blockbuster, Ser E,
VRDN, RB (A) (B) (C)
3.300%, 03/07/96 4,430 4,430
San Bernadino County, Industrial
Development Authority,
Sandpiper Investments Project,
VRDN, RB (A) (B) (C)
3.750%, 03/07/96 3,500 3,500
San Bernadino County, Multi-
Family Housing Revenue, Alta
Loma Heritage Project, Ser A,
VRDN, RB (A) (B) (C)
2.900%, 03/07/96 2,264 2,264
San Bernadino County, Multi-Family
Housing Revenue, Gold West
Apartments, Ser A, VRDN,
RB (A) (B) (C)
2.900%, 03/07/96 500 500
San Bernadino County,
Transportation Authority, Sales
Tax, VRDN, RB (A) (B) (C)
2.800%, 03/07/96 3,400 3,400
San Bernadino, Industrial
Development Revenue, Gate
City Beverage District, VRDN,
RB (A) (B) (C)
3.550%, 03/07/96 540 540
San Diego , Regional
Transportation Commission,
Sales Tax Revenue, Second
Series, Ser A, RB, FGIC Insured
4.750%, 04/01/96 5,000 5,003
San Diego, Community College,
TRAN
4.500%, 07/05/96 1,500 1,503
10
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
San Diego, Multi-Family Housing
Revenue, LA Cima Apartments
Project, Ser K, VRDN, RB (A) (B) (C)
3.000%, 03/07/96 $ 1,650 $ 1,650
San Dimas, Multi-Family Housing
Revenue, Ser 1988-A, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 5,670 5,670
San Dimas, Redevelopment
Agency, San Dimas Station I
Project, VRDN, COP (A) (B) (C)
3.450%, 03/07/96 2,800 2,800
San Francisco, City and County
Finance Authority, Yerba Buena
Garden Project, VRDN,
RB (A) (B) (C)
3.250%, 03/07/96 3,100 3,100
San Francisco, City & County
Redevelopment Agency, Multi-
Family Housing Revenue,
Fillmore Center Project,
Ser 92B-1, VRDN, RB (A) (B) (C)
3.100%, 03/07/96 1,800 1,800
San Francisco, City & County, TRAN
4.750%, 09/19/96 1,000 1,006
San Jose, Finance Authority Revenue,
Hayes Mansion Improvement
Project B, VRDN, RB (A) (B) (C)
3.550%, 03/07/96 1,545 1,545
San Luis Obispo County, Board of
Education, TRAN
4.500%, 06/28/96 12,035 12,056
San Marcos Industrial Development
Authority, Amistar Project,
VRDN, RB (A) (B) (C)
3.750%, 03/07/96 4,500 4,500
San Mateo, School Insurance
Group, RAN
4.750%, 07/05/96 600 602
Santa Ana Housing Authority,
Harbor Points Apartments
Ser 1995 A, VRDN, RB (A) (B) (C)
3.000%, 03/07/96 2,650 2,650
Santa Clara, Electric Revenue,
Ser A, VRDN, RB (A) (B) (C)
2.900%, 03/07/96 930 930
Santa Rosa, Wastewater Revenue,
Refunding Subregional
Wastewater Project A, RB,
FGIC Insured
4.000%, 09/01/96 890 894
Simi Valley, Multi-Family Housing,
Lincoln Wood Ranch, VRDN,
RB (A) (B) (C)
3.200%, 03/07/96 5,000 5,000
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Simi Valley, Public Finance
Authority, Lease Revenue,
VRDN, RB (A) (B) (C)
4.000%, 03/07/96 $16,620 $ 16,620
Simi Valley, West End Community
Development Project, RB,
Pre-Refunded @ 102 (D)
7.550%, 09/01/96 500 520
Solano County, TRAN
4.500%, 11/01/96 5,000 5,021
Southern California Public Power
Authority, Palo Verde Project,
Ser A, RB, Pre-Refunded @ 103 (D)
8.125%, 07/01/96 2,325 2,429
Southern California Public Power
Authority, Southern
Transmission Project, RB,
Pre-Refunded @ 103 (D)
7.875%, 07/01/96 3,300 3,445
Stanislaus County, COP,
Pre-Refunded @ 101 (D)
7.550%, 04/01/96 9,000 9,120
Turlock Industrial Development
Authority, Irrigation District,
Ser A, VRDN, RB (A) (B) (C)
3.100%, 03/07/96 6,200 6,200
University of California, Ser 1996
A, COP, MBIA Insured
3.950%, 06/01/96 1,900 1,900
University of California, Various
Capital Projects, Ser B, COP,
MBIA Insured
3.950%, 09/01/96 1,000 1,000
Upland, Community
Redevelopment Agency,
Multi-Family Housing Revenue,
Northwoods Project, Ser B,
VRDN, RB (A) (B) (C)
3.700%, 03/07/96 2,300 2,300
Vacaville Multi-Family Housing,
Quail Run Apartments,
Ser 1988-A, VRDN, RB (A) (B)
3.050%, 03/07/96 7,200 7,200
Visalia Convention Center, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 100 100
Visalia, Convention Center, VRDN,
COP (A) (B) (C)
3.350%, 03/07/96 8,375 8,375
--------
386,729
--------
Total Municipal Bonds
(Cost $386,728,913) 386,729
--------
Total Investments -- 101.9%
(Cost $386,728,913) 386,729
--------
11
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONCLUDED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (1.9%)
Other Assets and Liabilities, Net $ (7,184)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
47,961,109 outstanding shares of
beneficial interest 47,961
Portfolio shares of Class C (unlimited
authorization -- no par value) based on
331,577,957 outstanding shares of
beneficial interest 331,578
Accumulated Net Realized Gain on
Investments 6
--------
Total Net Assets--100.0% $379,545
=========
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
=========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
CGIC CAPITAL GUARANTY INSURANCE CORPORATION
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
RAN REVENUE ANTICIPATION NOTE
RB REVENUE BOND
SER SERIES
TECP TAX EXEMPT COMMERCIAL PAPER
TRAN TAX & REVENUE ANTICIPATION NOTE
USD UNIFIED SCHOOL DISTRICT
VRDN VARIABLE RATE DEMAND NOTE
(A) FLOATING RATE SECURITY--THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 1996.
(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 BANK OR FINANCIAL INSTTIUTION.
(D) PRE-REFUNDED SECURITY--THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
INSTITUTIONAL TAX FREE
PORTFOLIO
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS -- 103.5%
ALABAMA -- 1.1%
Birmingham Historical Reservation
Authority, Tutwiler Hotel Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/96 $ 5,820 $ 5,820
Montgomery BMC Special Care
Facilities Finance Authority,
Baptist Medical Center, Ser A,
VRDN, RB (A) (B) (C)
3.300%, 03/07/96 2,000 2,000
Mobile Industrial Development,
IB Chemical Company, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 1,350 1,350
--------
9,170
--------
ALASKA -- 0.6%
Alaska Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.750%, 06/03/96 4,580 4,580
--------
ARIZONA -- 0.3%
Maricopa County Industrial
Development Authority,
McLane Company Project,
VRDN, RB (A) (B) (C)
3.650%, 03/07/96 870 870
Pinal County Industrial Development
Authority, Evergreen Project,
VRDN, RB (A) (B) (C)
3.650%, 03/07/96 600 600
Tucson Industrial Development
Authority, Tucson Center Parking
Garage, VRDN, RB (A) (B) (C)
3.375%, 03/07/96 1,000 1,000
--------
2,470
--------
ARKANSAS -- 0.1%
North Little Rock Electric, Murray
Lock & Dam Hydro Project, RB,
MBIA Insured, Pre-Refunded
@ 102 (D)
7.400%, 07/01/96 1,000 1,018
--------
CALIFORNIA -- 5.4%
Apple Valley, USD, TRAN
4.500%, 08/30/96 2,000 2,004
California Community College,
Financial Authority, Ser 1995-A,
TRAN
4.750%, 07/10/96 5,000 5,012
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
12
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
California State Pollution Control
Finance Authority, San Diego
Gas & Electric Project, RB (A) (B)
4.000%, 09/01/96 $ 3,000 $ 3,000
Los Angeles, USD, TRAN
4.500%, 07/03/96 4,500 4,512
Placer Union High School District,
TRAN
4.700%, 09/05/96 3,000 3,008
Redlands Redevelopment Agency,
Parking Lease, VRDN, RB
(A) (B) (C)
3.490%, 03/07/96 1,950 1,950
Redlands Redevelopment
Refunding Project, Ser A,
VRDN, RB (A) (B) (C)
3.490%, 03/07/96 8,940 8,940
Rocklin, USD, TRAN
4.700%, 09/05/96 2,000 2,005
San Bernardino Community
College District, TRAN
4.500%, 08/30/96 6,250 6,262
San Diego Community College,
TRAN
4.500%, 07/05/96 7,000 7,011
--------
43,704
--------
COLORADO -- 1.2%
Denver City & County, Multi-Family
Housing, Ogden Residence Project,
VRDN, RB (A) (B) (C)
3.500%, 03/01/96 2,200 2,200
El Paso, Multi-Family Housing,
Boarglen Apartments Project,
VRDN, RB (A) (B) (C)
3.200%, 03/01/96 1,900 1,900
Englewood, Industrial Development,
Safeway Incorporated Project,
VRDN, RB (A) (B) (C)
3.750%, 03/07/96 3,360 3,360
Idaho Springs, Industrial
Development, Safeway
Incorporated Project, VRDN,
RB (A) (B) (C)
3.750%, 06/01/96 2,355 2,355
--------
9,815
--------
DELAWARE -- 0.1%
Delaware Economic Development
Authority, Commercial
Development Authority,
Congoleum Project, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 1,000 1,000
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
DISTRICT OF COLUMBIA -- 2.0%
District of Columbia,
Ser B-2, VRDN, RB (A) (B) (C)
3.550%, 03/07/96 $ 500 $ 500
District of Columbia,
Ser B-1, VRDN, RB (A) (B) (C)
3.550%, 03/01/96 7,200 7,200
District of Columbia,
Ser B-3, VRDN, RB (A) (B) (C)
3.550%, 03/01/96 8,100 8,100
--------
15,800
--------
FLORIDA -- 4.5%
Boca Raton, Industrial
Development, Parking Garage,
Ser 1984-A, VRDN, RB (A) (B) (C)
3.625%, 03/07/96 7,950 7,950
Brevard County Housing Finance
Authority, Park Village & Malobar
Lakes Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 1,500 1,500
Broward County Multi-Family
Housing, Parkview Partnership,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 1,100 1,100
Florida Housing Finance Agency,
Multi-Family Housing, Lakeside
South Association, VRDN, RB
(A) (B) (C)
3.275%, 03/07/96 2,600 2,600
Florida Housing Finance
Authority, Multi-Family
Housing, Kings County Project,
Ser D, VRDN, RB (A) (B) (C)
3.275%, 03/07/96 1,000 1,000
Florida Housing Finance
Authority, Sarasota Beneva
Place Association, Ser C,
VRDN, RB (A) (B) (C)
3.275%, 03/07/96 2,160 2,160
Florida Housing Finance
Authority, Ser 1984, VRDN,
RB (A) (B) (C)
3.550%, 03/07/96 1,900 1,900
Jacksonville Hospital Finance
Authority, University Medical
Center, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 1,800 1,800
Jacksonville Industrial
Development, University of
Florida Health Science Center,
Ser 1989, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,000 1,000
13
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Monroe County, TAN
4.000%, 06/05/96 $ 1,750 $ 1,750
Orange County, Adventist Health
System, VRDN, RB (A) (B) (C)
3.150%, 03/07/96 7,000 7,000
Orange County, Industrial
Development Authority, Orlando
International Drive Partnership
Project, VRDN, RB (A) (B) (C)
3.500%, 03/07/96 1,700 1,700
Orange County, Industrial
Development Authority, University
of Central Florida Foundation,
Ser A, VRDN, RB (A) (B) (C)
3.300%, 03/07/96 3,000 3,000
Pasco City Housing Finance
Authority, Multi-Family Housing,
Carlton Arms of Magnolin Valley,
Ser 85, VRDN, RB (A) (B) (C)
3.375%, 03/07/96 2,000 2,000
--------
36,460
--------
GEORGIA -- 8.4%
Athens Multi-Family Housing,
Georgian Apartments, VRDN,
RB (A) (B) (C)
3.525%, 03/07/96 1,400 1,400
Clayton County Multi-Family
Housing Authority, Summercourt
Project Tara Association, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 10,050 10,050
Cobb County, Multi-Family Housing,
Tibairen Associates Project,
Ser 1985-D, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 8,600 8,600
DeKalb County, Industrial
Development, Weyerhaeuser
County Project, VRDN, RB (A) (B)
3.341%, 03/07/96 3,500 3,500
DeKalb County, Multi-Family
Housing, Terrace Club Project,
Ser 1993-B, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 4,430 4,430
DeKalb County, Multi-Family
Housing, Wood Terrace
Apartments Project, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 15,935 15,935
Downtown Athens Housing
Development Authority, Georgian
Apartments Association,
VRDN, RB (A) (B) (C)
3.650%, 03/07/96 1,000 1,000
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Evans County, Industrial
Development Authority,
Sherman Utilities Structures,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 $ 400 $ 400
Federal Paper Board Company,
Tax-Exempt Bond Grantor
Trust, VRDN, RB (A) (B) (C)
4.000%, 03/01/96 7,200 7,200
Fulton County Development
Authority, Georgia Tech Athletic
Association Incorporated,
VRDN, RB (A) (B) (C)
3.300%, 03/07/96 3,000 3,000
Fulton County, Industrial
Development, Palisades West
Limited Project, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 2,235 2,235
Gordon Industrial Development
Authority, Federal Paper Board
Incorporated Project, Ser 1992,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 2,000 2,000
Jefferson & Twiggs County,
Pollution Control, Nord Kaolin
Project, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 1,310 1,310
Marietta Housing Finance Authority,
Multi-Family Housing, Franklin
Walk Apartments Project, VRDN,
RB (A) (B) (C)
3.275%, 03/07/96 2,600 2,600
Richmond County, Industrial
Development Authority, Federal
Paper Board Company Project,
Ser 1992, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,000 1,000
Rome, Ser 1996, TAN, GO
3.270%, 12/31/96 3,000 3,000
--------
67,660
--------
ILLINOIS -- 7.9%
Chicago, Equipment Tender,
Ser D, TECP (C)
4.000%, 03/14/96 2,500 2,500
Chicago, Multi-Family Housing,
Waveland Association Project,
Ser A, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 10,000 10,000
Chicago, Multi-Family Housing,
Waveland Association Project,
Ser B, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 5,000 5,000
14
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Chicago, Tender Notes, Ser C,
TECP (C)
3.800%, 05/28/96 $10,000 $ 10,000
Illinois State Development Finance
Authority, Roosevelt University
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 9,000 9,000
Illinois State Financial
Development Authority,
Diamond Star Motors Project,
VRDN, RB (A) (B) (C)
3.550%, 03/07/96 2,200 2,200
Illinois State Health Facilities
Authority, Bensonville Home
Security Project, Ser A, VRDN,
RB (A) (B) (C)
3.200%, 03/07/96 1,175 1,175
Illinois State Industrial
Development, Miyano
Machinery, VRDN, RB (A) (B) (C)
3.750%, 03/07/96 4,250 4,250
Kave, Cook, & Dupage Counties
School District, Ser #46, GO,
FGIC Insured
6.300%, 01/01/97 1,000 1,024
Northwest Mutual Life Tax
Exempt Mortgage Trust,
Illinois, RB (A) (B) (C)
4.500%, 08/15/96 544 544
Orland Hills Mortgage Authority,
Multi-Family Housing,
Ser 1988-A, VRDN, RB (A) (B) (C)
3.350%, 03/07/96 2,000 2,000
Paxton, Industrial Development
Authority, Merck & Aircoil,
VRDN, RB (A) (B)
3.650%, 03/07/96 900 900
Saint Clair, Industrial Building,
Winchester Apartments Project,
Ser 1994, VRDN, RB (A) (B)
3.650%, 03/07/96 8,000 8,000
Springfield Multi-Family Housing,
Oak Center Limited Project,
VRDN, RB (A) (B)
3.550%, 03/07/96 4,900 4,900
Village of Streamwood, Industrial
Development, Olde Church
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,735 1,735
--------
63,228
--------
INDIANA -- 7.6%
Bartholomew, Consolidated
Schools, TAW
4.000%, 06/28/96 8,156 8,165
4.000%, 12/31/96 6,417 6,430
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
East Chicago, School City, TAW
4.000%, 12/31/96 $ 7,500 $ 7,513
Fort Wayne, Educational
Development Authority,
Georgetown PL Venture,
VRDN, RB (A) (B) (C)
3.200%, 03/07/96 3,620 3,620
Fort Wayne, Economic Development,
Avery International Project,
Ser 1983, VRDN, RB (A)
3.375%, 03/07/96 4,750 4,750
GAF Tax Exempt Bond Grantor
Trust, Indiana, Ser A, VRDN,
RB (A) (B) (C)
4.200%, 03/01/96 2,520 2,520
Gary, Environmental Improvement,
United States Steel Corporation,
VRDN, RB (A) (B) (C)
3.400%, 03/15/96 3,000 3,000
Indiana State Housing Finance
Authority Mortgage, RB (A) (B)
3.900%, 07/01/96 4,000 4,000
Indianapolis, Education Development,
Children's Museum Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 1,500 1,500
Kokomo Center Township, TAW
4.250%, 12/31/96 4,963 4,979
Merrillville, Community School
Corporation, TAW
4.000%, 06/28/96 1,000 1,001
4.000%, 12/31/96 3,650 3,654
Michigan City, Economic
Development, Marley Company
Project, Ser 1984, VRDN,
RB (A) (B) (C)
3.375%, 03/07/96 2,750 2,750
Michigan City, TAW
3.850%, 06/28/96 3,000 3,001
3.900%, 12/31/96 3,000 3,001
Northwest Mutual Life Tax
Exempt Mortgage Trust,
Indiana, RB (A) (B) (C)
4.500%, 08/15/96 62 62
South Bend, Community
School, GO
3.850%, 01/15/97 1,500 1,500
--------
61,446
--------
KANSAS -- 1.2%
Kansas City, Industrial
Development, Moderate
Income Housing Incorporated
Project, RB Mandatory Put
06/01/96 @ 100 (A) (B)
4.250%, 06/01/96 2,630 2,630
15
<PAGE>
STATEMENT OF NET ASSETS
=============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Leawood, BAN
4.000%, 03/15/96 $ 5,500 $ 5,500
Wichita, Pollution Control, CIC
Industries Incorporated, VRDN,
RB (A) (B) (C)
3.625%, 03/07/96 1,590 1,590
--------
9,720
--------
KENTUCKY -- 1.2%
Covington, Industrial Building,
Atkins & Pearce Incorporated,
Ser 1995, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 2,465 2,465
Lexington-Fayette Urban County,
Government Residential Facilities,
Richmond Place Project, RB (A) (B)
4.500%, 04/01/96 1,665 1,665
Newport City, Multi-Family Housing,
Hannaford Project, RB, Mandatory
Put 06/01/96 @ 100 (A) (B)
3.850%, 06/01/96 1,785 1,785
Pendleton County, Self-Insurance,
Kentucky Association Center,
Ser 1987, RB (A) (B) (C)
4.000%, 07/01/96 1,700 1,700
Perry County, Kentucky
Appalachian Regional Hospital,
VRDN, RB (A) (B) (C)
3.450%, 03/07/96 2,000 2,000
--------
9,615
--------
LOUISIANA -- 1.3%
Calcasieu Parish, Sales Tax District,
Ser #4-A, VRDN, RB (A) (B) (C)
3.150%, 03/07/96 2,000 2,000
3.150%, 03/07/96 2,295 2,295
3.150%, 03/07/96 3,770 3,770
New Orleans, Industrial
Development, Spectrum CTL
Technology Project, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 2,800 2,800
--------
10,865
--------
MAINE -- 0.2%
Portland, Industrial Development,
W.W. Grainger, Ser 1985, VRDN,
RB (A) (B)
3.550%, 03/07/96 1,315 1,315
--------
MARYLAND -- 2.5%
Annapolis, Forest Gemini
Facilities, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 2,500 2,500
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Hyattsville, Industrial
Development, Safeway
Incorporated Project, RB,
Mandatory Put 06/03/96
@ 100 (A) (B) (C)
3.750%, 06/03/96 $ 2,590 $ 2,590
Montgomery County, Multi-Family
Housing Opportunities, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 13,000 13,000
Prince George County, Housing
Authority, Laurel Oxford Project,
VRDN, RB (A) (B) (C)
3.275%, 03/07/96 1,900 1,900
--------
19,990
--------
MASSACHUSETTS -- 0.6%
Massachusetts Housing Finance
Agency, Single Family Housing,
Ser 1935, RB, FGIC Insured,
Mandatory Put 06/01/96
@ 100 (A) (B)
4.100%, 06/01/96 5,000 5,000
--------
MICHIGAN -- 2.3%
Birmingham, Economic
Development Corporation,
Brown Street Project, Ser 1983,
VRDN, RB (A) (B) (C)
3.625%, 03/07/96 1,195 1,195
Detroit, Downtown Development
Authority, Millender Center
Program Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 1,000 1,000
McDonalds Tax-Exempt Mortgage
Trust #1, Michigan, RB, Mandatory
02/15/97 @100 (A) (B) (C)
4.250%, 02/15/97 533 533
Michigan State Job Development
Authority, VRDN, RB (A) (B) (C)
3.400%, 03/01/96 1,300 1,300
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Michigan, RB,
Optional Put 08/15/96
@ 100 (A) (B) (C)
4.500%, 08/15/96 152 152
Wayne County, School District of
Detroit, SAN
4.500%, 05/01/96 13,000 13,014
Michigan State Strategic Fund
Limited Obligation, Freezer
Services of Michigan, Ser 1993,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 870 870
--------
18,064
--------
16
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MINNESOTA -- 7.6%
Bloomington, Commercial
Development, ATS II Project,
VRDN, RB (A) (B) (C)
3.795%, 03/07/96 $ 4,315 $ 4,315
Bloomington, Multi-Family
Housing, Hampshire Apartments
Project, VRDN, RB (A) (B)
3.390%, 03/07/96 15,000 15,000
Brooklyn, Center Development
Project, Brookdale Office Park,
Ser 1984, VRDN, RB (A) (B) (C)
3.390%, 03/07/96 2,860 2,860
Saint Paul, Housing &
Redevelopment Authority, Multi-
Family Housing, Kendrick Housing
Project, VRDN, RB (A) (B) (C)
4.950%, 03/07/96 3,360 3,360
Minneapolis, Various Purpose,
Ser 1995-B, VRDN, GO (A) (B) (C)
3.280%, 03/07/96 2,050 2,050
Minneapolis, Ser A, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 17,700 17,700
Minneapolis, Ser B, VRDN,
RB (A) (B) (C)
3.300%, 03/07/96 3,000 3,000
Minnesota State Housing Facilities
Authority, Single Family Mortgage,
Ser 1994, RB Mandatory Put
12/12/96 @ 100, Optional Call
03/14/96 @ 100 (A) (B) (C)
3.500%, 12/12/96 2,770 2,770
Plymouth, Industrial Development,
Banner Engineering, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 1,800 1,800
Plymouth, Woodland Village
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,630 1,630
Saint Paul, Housing &
Redevelopment Authority,
Lutheran Social Service Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 870 870
Saint Paul, Water Revenue,
Ser 1994-D, VRDN, RB (A) (B) (C)
3.340%, 03/07/96 5,820 5,820
--------
61,175
--------
MISSISSIPPI -- 0.3%
Desoto County, Industrial
Development, American Soap
Company Project, VRDN,
RB (A) (B) (C)
4.867%, 03/07/96 2,400 2,400
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MISSOURI -- 3.0%
Howell County, Industrial
Development Authority,
Safeway Incorporated Project,
Ser 1992, RB, Mandatory Put
08/01/96 @ 100 (A) (B) (C)
3.450%, 08/01/96 $ 4,015 $ 4,015
Kansas City, Industrial
Development Authority, Willow
Creek III Apartments Project,
VRDN, RB (A) (B)
3.300%, 03/07/96 6,595 6,595
Macon City, Industrial Development
Authority, Health Care Realty
Macon, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 1,640 1,640
Missouri State Economic
Improvement & Energy Authority,
Pollution Control, Union Electric
Project, RB, Mandatory Put
06/01/96 @ 100 (A) (B) (C)
4.000%, 06/01/96 3,500 3,500
Saint Louis County, Industrial
Development Authority,
Riverport Associates Project,
VRDN, RB (A) (B) (C)
3.550%, 03/07/96 2,900 2,900
Saint Louis County, Industrial
Development Authority, Schnuck
Markets Kirkwood Incorporated,
VRDN, RB (A) (B) (C)
3.375%, 03/07/96 3,350 3,350
West Plains, Industrial Development
Authority, West Plains Manor
Project, VRDN, RB (A) (B) (C)
3.650%, 03/07/96 2,200 2,200
--------
24,200
--------
MONTANA -- 0.4%
Great Falls, Industrial Development,
Safeway Incorporated Project, RB,
Mandatory Put 06/01/96
@ 100 (A) (B) (C)
3.750%, 06/01/96 2,315 2,315
Montana State Board of
Investments, GO, Putable
03/01/96 @ 100 (A) (B)
4.900%, 03/01/96 1,000 1,000
--------
3,315
--------
17
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
NEBRASKA -- 0.0%
Northwest Mutual Life Tax
Exempt Mortgage Trust,
Nebraska, RB, Optional Put
08/15/96 @ 100 (A) (B) (C)
4.500%, 08/15/96 $ 49 $ 49
--------
NEVADA -- 1.4%
Henderson, Public Improvement
Trust, Multi-Family Housing,
Pueblo Verde I+II Apartment
Project, Ser 1995a/95b #1071,
VRDN, RB (A) (B) (C)
3.250%, 03/07/96 11,500 11,500
--------
NEW HAMPSHIRE -- 0.4%
New Hampshire State Educational
& Health Facilities Authority,
Dartmouth Education Loan
Corporation, Ser 1995, RB (A) (B)
4.100%, 06/01/96 1,015 1,015
New Hampshire State Housing
Finance Authority, Hampshire
Estates MHJ Project, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 2,000 2,000
--------
3,015
--------
NEW JERSEY -- 0.0%
Northwest Mutual Life Tax
Exempt Mortgage Trust, New
Jersey, RB, Optional Put
08/15/96 @ 100 (A) (B) (C)
4.500%, 08/15/96 273 273
--------
NEW MEXICO -- 0.7%
Albuquerque, GO, Pre-Refunded
07/01/96 @ 100 (D)
6.625%, 07/01/96 850 859
Albuquerque, Metropolitan
Redevelopment, Springer Square
Project, VRDN, RB (A) (B) (C)
3.650%, 03/07/96 3,000 3,000
Dona Ana County, Industrial
Development Authority,
Foamex Products Incorporated,
VRDN, RB (A) (B) (C)
3.300%, 03/07/96 1,900 1,900
--------
5,759
--------
NEW YORK -- 5.0%
Campbell-Savona, Central School
District, BAN
4.000%, 06/28/96 6,000 6,005
Mount Vernon, School District TAN
4.625%, 06/28/96 6,000 6,021
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Nassau County, Ser 1995-A, TAN
4.500%, 03/15/96 $ 4,000 $ 4,001
Nassau County, Ser A, TAN
4.500%, 04/15/96 4,000 4,003
Nassau County, Ser F, BAN
4.500%, 03/15/96 2,750 2,751
New York State Job Development
Authority, VRDN, RB (A) (B) (C)
3.650%, 03/07/96 1,825 1,825
New York State, Ser B, RAN (C)
4.750%, 06/28/96 6,000 6,014
Ontario County, Industrial
Development Authority, Seneca
Foods Project, Ser 1992, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 3,000 3,000
West Islip, Unified Free School
District, TAN
4.750%, 06/27/96 2,000 2,005
Wayne County, Industrial
Development Authority, Seneca
Foods Project, Ser 1992, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 5,060 5,060
--------
40,685
--------
NORTH DAKOTA -- 0.2%
Fargo, Kelly Inn Fargo Project,
Ser 1993, VRDN, RB (A) (B) (C)
3.500%, 03/07/96 1,225 1,225
--------
OHIO -- 4.5%
Brecksville-Broadview Heights, City
School District, School Improvement
Notes, Ser 1996, BAN
3.900%, 01/17/97 2,500 2,507
Franklin County, Industrial
Development, Leveque &
Association Project, RB, Mandatory
Put 06/01/96 @ 100 (A) (B) (C)
3.750%, 06/01/96 1,445 1,445
Marion County, Hospital Revenue,
Pooled Lease Progam, Ser 1991,
VRDN, RB (A) (B) (C)
3.350%, 03/07/96 2,650 2,650
McDonalds Tax-Exempt Mortgage
Trust #1, RB, Mandatory Put
02/15/97 @ 100 (A) (B) (C)
4.250%, 02/15/97 2,488 2,489
Mercer County, Celina County
School District, BAN
4.850%, 05/16/96 2,750 2,753
Mongomery County Economic
Development Authority, ND
Motels Project, RB, Mandatory
Put 06/15/96 @ 100 (A) (B) (C)
3.800%, 06/15/96 1,650 1,650
18
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
North Olmstead, Various Purpose
Improvement Notes,
Ser 1995, BAN
4.670%, 06/20/96 $ 7,000 $ 7,009
Ohio Higher Education Facility
Commission, Ashland University
Project, Ser 1995, VRDN,
RB (A) (B) (C)
3.450%, 03/07/96 4,030 4,030
Scioto County, Health Care Facilities,
Hillview Retirement Project, RB,
Mandatory Put 06/01/96 @ 100
(A) (B) (C)
3.750%, 06/01/96 1,930 1,930
Stark County, Canton Christian
Home Project, Ser 1990, RB,
Optional Put 03/01/96
@ 100 (A) (B) (C)
3.850%, 03/01/96 1,380 1,380
Stark County, HealthCare Facilities,
Canton Christian Home Project,
RB, Mandatory Put 03/15/96
@ 100 (A) (B) (C)
3.800%, 03/15/96 1,615 1,615
Summit County, BAN
4.250%, 06/05/96 2,800 2,802
Twinsburg County, School
District, BAN
4.500%, 06/06/96 4,000 4,007
--------
36,267
--------
OKLAHOMA -- 3.7%
Oklahoma City, Industrial
Development Authority, Baptist
General Convention, Ser 1989,
RB, Mandatory Put 03/01/96
@ 100 (A) (B) (C)
4.000%, 03/01/96 5,000 5,000
Oklahoma City, Oklahoma
University, Ser 1955, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 8,500 8,500
Oklahoma Mid-West Tax-Exempt
Mortgage Bond Trust, VRDN,
RB (A) (B)
3.700%, 03/07/96 268 268
Tulsa County, Industrial
Development Authority, Laureate
Psychiatric Project, RB, Mandatory
Put 06/15/96 @ 100 (A) (B)
3.650%, 06/15/96 10,700 10,700
Tulsa, Industrial Development
Authority, Saint John Medical
Center Project, VRDN, RB (A) (B)
3.375%, 03/07/96 1,145 1,145
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Tulsa, Public Facilities Authority,
Capital Improvement, Ser
1987-B, VRDN, RB (A) (B) (C)
3.500%, 05/15/96 $ 4,075 $ 4,075
--------
29,688
--------
OREGON -- 1.6%
Klamath, Electric Revenue, Ser C,
VRDN, RB (A) (B)
4.400%, 05/01/96 8,000 8,002
Port of Portland, Public Grain
Elevator Columbia, VRDN,
RB (A) (B) (C)
3.500%, 03/07/96 4,945 4,945
--------
12,947
--------
PENNSYLVANIA -- 5.4%
Allegheny County, Hospital
Development Authority,
Harmarville Rehabilitation
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 900 900
Bucks County, Edge Comb Metals
Company Project, VRDN,
RB (A) (B) (C)
3.150%, 03/07/96 1,200 1,200
Chester County, Industrial
Development Authority, The
Woods Project, VRDN, RB
(A) (B) (C)
3.400%, 03/07/96 1,200 1,200
Cumberland County Municipal
Authority, United Methodist
Home Project, RB, Optional Put
07/01/96 @ 100 (A) (B) (C)
3.950%, 07/01/96 4,235 4,235
Delaware County, Industrial
Development Authority, United
Parcel Services Project, Ser 1985,
VRDN, RB (A) (B)
3.450%, 03/01/96 800 800
Delaware County, Industrial
Development Authority, British
Petroleum Project, Ser 1995,
VRDN, RB (A) (B)
3.450%, 03/01/96 1,700 1,700
Delaware Valley, Regional
Government Finance, Ser A,
VRDN, RB (A) (B) (C)
3.200%, 03/07/96 1,000 1,000
Delaware Valley, Regional Finance
Authority, Local Government,
Ser B, VRDN, RB (A) (B) (C)
3.200%, 03/07/96 1,300 1,300
19
<PAGE>
STATEMENT OF NET ASSETS
===============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Delaware Valley, Regional Finance
Authority, Local Government,
Ser C, VRDN, RB (A) (B) (C)
3.200%, 03/07/96 $ 1,000 $ 1,000
Delaware Valley, Regional
Government Finance, Ser A,
VRDN, RB (A) (B) (C)
3.200%, 03/07/96 5,100 5,100
Erie County, Senior Living Services
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,930 1,930
McCandless, Industrial
Development Authority,
Bradford Foundation Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 1,730 1,730
McDonalds Tax-Exempt Mortgage
Trust, Pennsylvania #1, RB,
Mandatory Put 02/15/97
@ 100 (A) (B) (C)
4.250%, 02/15/97 533 533
Montgomery County, Ikea Property
Project, VRDN, RB (A) (B)
3.400%, 03/07/96 3,300 3,300
Northwest Mutual Life Tax-
Exempt Mortgage Trust,
Pennsylvania, RB, Optional
Put 08/15/96 @ 100 (A) (B) (C)
4.500%, 08/15/96 111 111
Pennsylvania Higher Education
Facility, Thomas Jefferson
University Project, RB, Mandatory
Put 8/26/96 @ 100 (A) (B) (C)
3.250%, 08/26/96 3,500 3,500
Philadelphia, School District,
Ser 1995, TRAN
4.500%, 06/28/96 8,000 8,014
Pennsylvania State Infrastructure
Investment Authority, Penvest
Loan Pool Program, Ser 1994,
VRDN, RB (A) (B) (C)
3.250%, 03/07/96 2,850 2,850
Sayre, Health Care Facility
Authority, Pennsylvania Capital
Financing Project, Ser D, VRDN,
RB, AMBAC Insured (A) (B)
3.200%, 03/07/96 400 400
Schuylkill County, Industrial
Development Authority,
Westwood Energy Project,
VRDN, RB (A) (B) (C)
3.700%, 03/01/96 1,400 1,400
Warren County, Warren General
Hospital Project, Ser 1994-B,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 400 400
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
York County, Industrial Development,
New Edgecomb Corporation
Project, VRDN, RB (A) (B) (C)
3.150%, 03/07/96 $ 1,300 $ 1,300
--------
43,903
--------
RHODE ISLAND -- 1.9%
Cranston, BAN (C)
4.000%, 06/17/96 4,719 4,722
Cranston, Sewer Revenue
Anticipation, GO
4.750%, 07/05/96 4,500 4,510
Rhode Island, Housing and
Mortgage Homeownership
Opportunity, Ser 18-A, RB,
FGIC Insured, Mandatory Put
06/27/96 @ 100 (A) (B)
3.850%, 06/27/96 2,500 2,500
Rhode Island, Industrial Facilities,
Corpelectric Facilities Revenue,
Blackstone Valley Electric
Project, VRDN, RB (A) (B) (C)
3.300%, 03/07/96 1,000 1,000
Rhode Island, TAN (C)
4.500%, 06/28/96 2,200 2,204
--------
14,936
--------
SOUTH CAROLINA -- 4.3%
Charleston Center, Tax-Exempt Bond
Grantor Trust #1, RB, Mandatory
Put 08/01/96 @ 100 (A) (B) (C)
3.450%, 08/01/96 7,262 7,263
Charleston Center, Tax-Exempt
Mortgage Bond Grantor Trust
#2, RB, Mandatory Put
05/01/96 @ 100 (A) (B) (C)
3.850%, 05/01/96 4,000 4,000
Charleston Center, Tax-Exempt
Mortgage Bond Grantor Trust
#4, RB, Mandatory Put
06/01/96 @ 100 (A) (B) (C)
3.800%, 06/01/96 7,267 7,268
Charleston Center, Tax-Exempt
Mortgage Bond Grantor Trust #5,
VRDN, RB (A) (B) (C)
3.950%, 03/01/96 4,035 4,035
Spartanburg County, BAN
4.150%, 07/01/96 5,690 5,695
4.250%, 05/30/96 2,250 2,252
Sumter County, School District,
Ser #17, TAN
4.250%, 03/15/96 4,000 4,000
--------
34,513
--------
20
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
SOUTH DAKOTA -- 0.2%
Watertown, Industrial
Development Authority,
Ramkota Project, Ser 1993,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 $ 1,345 $ 1,345
--------
TENNESSE -- 1.0%
GAF Tax-Exempt Bond Grantor
Trust, Ser A, VRDN, RB (A) (B) (C)
4.200%, 03/01/96 4,480 4,480
Nashville, Metropolitan Government,
Toys "R" Us Project, Ser 1984,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 1,030 1,030
Shelby County, Health Education
Housing, Rhodes College,
VRDN, RB (A) (B) (C)
3.800%, 03/07/96 2,600 2,600
--------
8,110
--------
TEXAS -- 4.2%
Arlington, Industrial Development,
Dallas-Fort Worth Newspaper,
Ser 1985, VRDN, RB (A) (B) (C)
3.650%, 03/07/96 6,200 6,200
Bexar County, Army Retirement-
San Antonio Project, VRDN,
RB (A) (B) (C)
3.150%, 03/07/96 2,000 2,000
Brazo River, Hoffman-Laroche
Project, Ser 1985, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 1,000 1,000
Corpus Christi, Industrial
Development Committee,
Tex-Air Project, RB, Mandatory
Put 08/01/96 @ 100 (A) (B) (C)
3.850%, 08/01/96 4,915 4,915
Harris County, Multi-Family
Housing, Greenhouse Project,
VRDN, RB (A) (B) (C)
3.525%, 03/07/96 2,400 2,400
Harris County, Housing Finance
Authority, Multi-Family
Housing, Arbor II Project,
VRDN, RB (A) (B)
3.950%, 10/01/96 2,070 2,070
Harris County, Multi-Family
Housing, Glenhollow Project,
VRDN, RB (A) (B) (C)
3.525%, 03/07/96 1,900 1,900
Matagorda County, Hospital
District, RB, Mandatory Put
08/01/96 @ 100 (A) (B) (C)
3.450%, 08/01/96 4,900 4,900
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Nacogdocles, Health Finance
Development Committee, South
Central Health Services Project,
VRDN, RB (A) (B) (C)
3.650%, 03/01/96 $ 3,000 $ 3,000
North Carolina National Bank
Tax-Exempt Trust, Texas, Ser
1990-B, VRDN, RB (A) (B) (C)
4.125%, 03/07/96 4,365 4,365
Trinity River, Industrial Development
Authority, Trinity River Project,
VRDN, RB (A) (B) (C)
3.275%, 03/07/96 1,000 1,000
--------
33,750
--------
UTAH -- 1.1%
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Utah, RB, Optional
Put 08/15/96 @ 100 (A) (B) (C)
4.500%, 08/15/96 127 128
Salt Lake City, Industrial
Development Authority, Deveraux
Partners, VRDN, RB (A) (B) (C)
3.300%, 03/07/96 2,500 2,500
Salt Lake City, Industrial
Development Authority, Park View
Plaza Project, VRDN, RB (A) (B) (C)
3.500%, 03/07/96 6,025 6,025
--------
8,653
--------
VIRGINIA -- 0.8%
Hampton, Redevelopment &
Housing Authority, Chase
Hampton Village, Ser 1984,
VRDN, RB (A) (B) (C)
3.375%, 03/07/96 2,810 2,810
Northwest Mutual Life
Tax-Exempt Mortgage Trust,
Virginia, RB, Optional Put
08/15/96 @ 100 (A) (B) (C)
4.500%, 08/15/96 86 87
Norfolk, Industrial Development
Toys "R" Us, Ser 84, VRDN,
RB, (A) (B) (C)
3.375%, 03/07/96 1,425 1,425
Stafford County, Industrial
Development Authority, Safeway
Incorporated Project, RB, Mandatory
Put 06/03/96 @ 100 (A) (B) (C)
3.750%, 06/03/96 2,335 2,335
--------
6,657
--------
WASHINGTON -- 0.9%
Kent, Economic Development,
Northwest Aluminum Products,
VRDN, RB (A) (B) (C)
3.650%, 03/07/96 1,600 1,600
21
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONCLUDED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Redmond Public Corporation,
Industrial Development,
Integrated Circuit Project,
Ser 1988, VRDN, RB (A) (B) (C)
3.700%, 03/07/96 $ 850 $ 850
Seattle Municipal Light & Power, RB
3.850%, 05/01/96 1,000 1,000
Washington State Housing Finance
Commission, Multi-Family Housing,
Pacific First Federal Savings Bank
Project, VRDN, RB (A) (B) (C)
3.300%, 03/07/96 1,450 1,450
Washington State Housing Finance
Community, Pioneer Human
Services Project, Ser 1991, VRDN,
RB (A) (B) (C)
3.400%, 03/07/96 1,930 1,930
--------
6,830
--------
WEST VIRGINIA -- 1.9%
Charleston, Building Community
Parking Facility, Charleston
Town Center, VRDN, RB (A) (B) (C)
3.500%, 03/07/96 11,920 11,920
Parkersburg, Industrial
Development, B-H Associates
Project, VRDN, RB (A) (B) (C)
3.525%, 03/07/96 3,500 3,500
--------
15,420
--------
WISCONSIN -- 3.6%
Eau Claire Area School District,
TRAN
4.015%, 09/23/96 11,000 11,001
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Wisconsin, RB,
Optional Put 08/15/96
@ 100 (A) (B) (C)
4.500%, 08/15/96 132 132
Hartford, Industrial Development,
IC Products Company Project,
VRDN, RB (A) (B) (C)
3.500%, 03/07/96 5,000 5,000
Village of Menomonee, Industrial
Development, Maysted
Corporation, VRDN, RB (A) (B) (C)
3.424%, 03/07/96 3,000 3,000
Wausau, Industrial Development,
Venture Partnership, VRDN,
RB (A) (B) (C)
3.350%, 03/07/96 10,000 10,000
--------
29,133
--------
WYOMING -- 0.9%
Campbell County, School
District #1 Gillette, TAW
4.500%, 06/28/96 2,225 2,229
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Cheyenne County, Industrial
Development, Holiday Inn
Project, RB, Mandatory Put
04/01/96 @ 100 (A) (B) (C)
4.100%, 04/01/96 $ 1,265 $ 1,265
Evanston, Industrial Development,
Safeway Incorporated Project, RB,
Mandatory Put 06/03/96
@ 100 (A) (B) (C)
3.750%, 06/03/96 3,700 3,700
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Wyoming, RB,
Optional Put 08/15/96
@ 100 (A) (B) (C)
4.500%, 08/15/96 96 96
--------
7,290
--------
Total Municipal Bonds
(Cost $833,957,865) 833,958
--------
Total Investments -- 103.5%
(Cost $833,957,865) 833,958
--------
OTHER ASSETS AND LIABILITIES -- (3.5%)
Other Assets and Liabilities, Net (28,158)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
778,258,345 outstanding shares of
beneficial interest 778,089
Portfolio shares of Class B (unlimited
authorization -- no par value) based on
22,285,603 outstanding shares of
beneficial interest 22,286
Portfolio shares of Class C (unlimited
authorization -- no par value) based on
5,405,908 outstanding shares of
beneficial interest 5,406
Accumulated Net Realized Gain on
Investments 18
Net Undistributed Investment
Income 1
--------
Total Net Assets--100.0% $805,800
========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class A $ 1.00
========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class B $ 1.00
========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class C $ 1.00
========
22
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
RAN REVENUE ANTICIPATION NOTE
RB REVENUE BOND
SAN SCHOOL ANTICIPATION NOTE
SER SERIES
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
TECP TAX EXEMPT COMMERCIAL PAPER
TRAN TAX & REVENUE ANTICIPATION NOTE
USD UNIFIED SCHOOL DISTRICT
VRDN VARIABLE RATE DEMAND NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET
ASSETS IS THE RATE IN EFFECT ON FEBRUARY 29, 1996.
(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.
PENNSYLVANIA TAX FREE PORTFOLIO
MUNICIPAL BONDS -- 103.0%
PENNSYLVANIA -- 103.0%
Allegheny County Port Authority,
Grant Anticipation Notes (C)
3.875%, 06/28/96 $1,300 $ 1,300
Beaver County Industrial
Development Authority, Duquesne
Light & Power TECP (C)
3.450%, 03/07/96 500 500
Berks County Industrial
Development Authority, Rilsaw
Industrial Project, Elf Aquitaine,
VRDN, RB (A) (B) (C)
3.375%, 03/07/96 1,200 1,200
Bucks County Industrial
Development Authority,
Edgecomb Metals Project,
VRDN, RB (A) (B) (C)
3.150%, 03/07/96 700 700
Bucks County Industrial
Development Authority,
USX Project, VRDN, RB
(A) (B)(C)
3.700%, 05/01/96 1,000 1,000
Butler County Industrial
Development Authority, Pennzoil
Project VRDN, RB (A) (B) (C)
3.950%, 03/07/96 600 600
Chester County Hospital Authority,
Paoli Memorial Hospital Project,
RB, Pre-Refunded @ 102 (D)
7.625%, 10/01/96 400 418
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Dauphin County, City of Harrisburg
GO, AMBAC Insured
3.700%, 04/15/96 $ 640 $ 640
Delaware County Industrial
Development Authority, British
Petroleum Project, Ser 1995,
VRDN, RB (A) (B)
3.450%, 03/01/96 1,000 1,000
Delaware County Industrial
Development Authority, United
Parcel Services Project, Ser 85,
VRDN, RB (A) (B)
3.450%, 03/01/96 1,000 1,000
Delaware Valley Regional Finance
Authority, Local Government
Revenue, Ser B, VRDN, RB (A) (B) (C)
3.200%, 03/07/96 100 100
Delaware Valley Regional Finance
Authority, Local Government
Revenue, Ser D, VRDN, RB (A) (B) (C)
3.200%, 03/07/96 1,000 1,000
East Penn School District Authority,
Ser A, GO, FGIC Insured
3.500%, 09/01/96 255 255
Lancaster Higher Education
Authority, Franklin and
Marshall Project, Ser 1995,
VRDN, RB (A) (B)
3.450%, 03/07/96 600 600
Lancaster, Ser A, GO, FGIC Insured
3.400%, 10/01/96 300 300
Lebanon County Industrial
Development Authority,
Aluminum Company of America
Project, Ser 1992, VRDN, RB (A) (B)
3.300%, 03/07/96 1,000 1,000
Lebanon County Industrial
Development Authority,
Aluminum Company of America
Project, Ser 1992, VRDN, RB (A) (B)
3.300%, 03/07/96 1,020 1,020
Montgomery County Higher
Education & Health Authority,
Holy Redeemer Hospital,
RB, AMBAC Insured, (A) (B)
3.050%, 03/07/96 1,200 1,200
Montgomery County Hospital
Authority, Abington Memorial
Hospital, RB Pre-Refunded
@ 103 (D)
8.000%, 06/01/96 1,100 1,144
Montgomery County Industrial
Development Authority, Ikea
Property Project, VRDN, RB (A) (B)
3.400%, 03/07/96 500 500
Montgomery County Industrial
Development Authority, PECO
Energy Project, Ser A, TECP (C)
3.350%, 04/04/96 300 300
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
23
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
PENNSYLVANIA TAX FREE PORTFOLIO--CONCLUDED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Montgomery County Industrial
Development Authority, Valley
Square Project, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 $ 755 $ 755
Neshaminy Penn School District,
GO, FGIC Insured
5.600%, 06/01/96 500 502
North Umberland County,
Industrial Development Authority,
Atlas Development Association,
VRDN, RB (A) (B) (C)
3.400%, 03/07/96 100 100
Pennsylvania Intergovernment
Cooperation Authority, City of
Philadelphia Special Tax
Revenue Funding Project, RB,
FGIC Insured
3.750%, 06/15/96 400 400
5.200%, 06/15/96 750 753
Pennsylvania State Higher
Education Facility Authority,
Thomas Jefferson University,
Ser B, RB (A) (B) (C)
3.300%, 08/26/96 1,000 1,000
Pennsylvania State Higher
Educational Facilities Authority,
Temple University Project,
VRDN, RB (A) (B) (C)
3.400%, 03/01/96 800 800
Philadelphia Gas Works, Tenth Ser,
RB, Pre-Refunded @ 102 (D)
7.200%, 07/01/96 700 723
Philadelphia Industrial
Development Authority, Multi-
Family Housing, Harbor View
Towers Project, VRDN, RB
(A) (B) (C)
3.650%, 03/07/96 965 965
Philadelphia Redevelopment
Authority, Pennsylvania School
For Deaf, VRDN, RB (A) (B) (C)
3.450%, 03/07/96 1,095 1,095
Philadelphia School District, TRAN
4.500%, 06/28/96 1,000 1,002
Pleasant Valley School District, GO,
AMBAC Insured, Pre-Refunded
@ 100 (D)
6.550%, 03/15/96 400 400
Schuylkill County Industrial
Development Authority,
Gilberton Power Project, VRDN,
RB (A) (B) (C)
3.200%, 03/01/96 1,200 1,200
Schuylkill County Industrial
Development Authority,
Westwood Energy Project, VRDN,
RB (A) (B) (C)
3.700%, 03/07/96 300 300
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Seneca Valley School District,
Ser B, GO, MBIA Insured
5.600%, 07/01/96 $ 200 $ 201
Shaler Township, TRAN
3.810%, 12/31/96 800 801
Warren County Hospital Authority,
Warren General Hospital Project,
Ser 1994 B, VRDN, RB (A) (B) (C)
3.400%, 03/07/96 500 500
West Perry School District, Ser A,
GO, FGIC Insured, Pre-Refunded
@ 100 (D)
6.350%, 04/01/96 150 150
Williamsport Area School District,
Ser A, GO, MBIA Insured, Pre-
Refunded @ 100 (D)
6.900%, 03/01/96 200 200
--------
27,624
--------
Total Municipal Bonds
(Cost $27,623,885) 27,624
--------
Total Investments -- 103.0%
(Cost $27,623,885) 27,624
--------
OTHER ASSETS AND LIABILITIES -- (3.0%)
Other Assets and Liabilities, Net (810)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
26,829,249 outstanding shares of
beneficial interest 26,829
Accumulated Net Realized Loss on
Investments (14)
Overdistributed Net Investment Income (1)
--------
Total Net Assets--100.0% $26,814
========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class A $ 1.00
========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
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 FEBRUARY 29, 1996.
(B) PUT & DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE LESSER OF THE MATURITY DATE OR THE PUT DATE.
(C) SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT FROM
A MAJOR COMMERCIAL BANK OR FINANCIAL INSTITUTION.
(D) PRE-REFUNDED SECURITY--THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
24
<PAGE>
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS -- 102.1%
ALASKA -- 4.2%
Anchorage Electric Utility, RB,
MBIA Insured
8.000%, 12/01/06 $1,775 $ 2,234
8.000%, 12/01/07 1,310 1,659
--------
3,893
--------
ARIZONA -- 0.9%
Tempe, GO
8.000%, 07/01/01 735 863
--------
ARKANSAS -- 0.6%
Little Rock Capital Improvement
Refunding Bonds, Ser 1995-A,
RB, Average Life 03/01/97,
Callable 02/01/00 @ 100
5.950%, 02/01/12 550 562
--------
CALIFORNIA -- 13.7%
Anaheim Public Finance
Authority, Electric Utility
Project, RB, MBIA Insured
5.400%, 10/01/08 2,000 2,032
California Health Facilities Finance
Authority, Sisters of Providence, RB
5.500%, 10/01/05 1,000 1,029
California Housing Finance Agency,
RB, MBIA Insured
5.300%, 08/01/14 500 492
Elk Grove, Unified School District,
GO, AMBAC Insured
6.500%, 12/01/07 1,000 1,145
Los Angeles Department of Water
& Power, RB
9.000%, 10/15/02 2,000 2,523
Oakland Health Facilities Authority,
Childrens Hospital Project, RB
5.000%, 07/01/01 1,175 1,184
Orange County Transportation
Authority, Sales Tax Revenue,
First Ser-Measure M, RB
5.400%, 02/15/00 1,000 1,029
Riverside, Electric, RB, Callable
10/01/01 @ 102
6.600%, 10/01/05 1,000 1,098
University of California, Board of
Regents, RB
6.500%, 09/01/02 1,995 2,177
--------
12,709
--------
COLORADO -- 2.1%
Colorado Student Loan, RB (E)
6.100%, 09/01/02 1,845 1,933
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
CONNECTICUT -- 0.6%
Connecticut State, Industrial
Development Authority,
Pollution Control Revenue,
Frito-Lay/Pepsi Project, RB
6.375%, 07/01/04 $ 560 $ 572
--------
DISTRICT OF COLUMBIA -- 2.9%
District of Columbia, Ser A-3, GO
4.250%, 06/01/97 1,790 1,759
District of Columbia, Ser A, GO
5.125%, 06/01/99 1,000 978
--------
2,737
--------
FLORIDA -- 6.7%
Florida State Finance Department,
Environmental-Preservation
Department, RB, AMBAC
Insured, Callable 07/01/05 @ 101
5.500%, 07/01/07 1,000 1,040
Hillsborough County Utility
Authority, RB, Escrowed to
Maturity, MBIA Insured (D)
9.750%, 12/01/03 1,425 1,842
Orlando & Orange County
Expressway Authority, Florida
Expressway Revenue, Linked
Security, FGIC Insured
5.097%, 07/01/04 2,200 2,252
Volusia County, Master Lease
Program, COP, FSA Insured,
Callable 08/01/01 @ 102
6.625%, 08/01/06 1,000 1,133
--------
6,267
--------
GEORGIA -- 1.3%
Gwinette County, GO, Callable
02/01/01 @ 102
9.500%, 02/01/02 1,000 1,239
--------
IDAHO -- 0.1%
Power County, Pollution Control
Revenue, FMC Corporation
Project, VRDN, RB (A) (E)
3.450%, 03/07/96 100 100
--------
ILLINOIS -- 14.0%
Cook County, RB, MBIA Insured
7.250%, 11/01/07 2,000 2,370
Illinois Development Finance
Authority, Prog Community
High School, RB, MBIA Insured
0.000%, 12/01/05 1,500 913
Illinois State, GO, Callable
08/01/99 @ 102
6.375%, 08/01/00 1,000 1,083
25
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Illinois State Health Facility
Authority, RB, MBIA Insured
7.900%, 08/15/03 $ 600 $ 621
Illinois Hospital Facilities,
Metropolitan Pier & State
Exposition Authority, McCormick
Plaza Convention, RB
6.250%, 07/01/17 450 443
Kane & DeKalb County, USD #301,
RB, AMBAC Insured
6.300%, 12/01/04 2,640 2,960
McClean County Public Building
Commission, Lease Receipts,
Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,477
Schaumburg, Park District, GO,
Ser B, FGIC Insured
6.375%, 12/01/03 1,025 1,139
Springfield Electric Revenue, RB,
Callable 03/01/98 @ 100
7.750%, 03/01/06 2,000 2,040
--------
13,046
--------
INDIANA -- 0.1%
Rockport Pollution Control
Revenue, AEP Generating
Company, Project B, VRDN, RB,
AMBAC Insured (A)
3.450%, 03/07/96 100 100
--------
KENTUCKY -- 2.5%
Kentucky State Turnpike Authority,
TRAN, AMBAC Insured
5.500%, 07/01/06 1,200 1,254
Kentucky State Turnpike Authority, Ser A,
RB, Callable 07/01/96 @ 102,
8.500%, 07/01/04 1,055 1,091
--------
2,345
--------
LOUISIANA -- 1.7%
Louisiana State Ser A, GO,
Callable 08/01/97 @ 102
7.000%, 08/01/02 1,500 1,579
--------
MASSACHUSETTS -- 10.3%
Commonwealth of Massachusetts,
Ser E, VRDN, RB (A)
3.350%, 03/07/96 1,400 1,400
Lowell, GO, FSA Insured, Callable
02/15/01 @ 103
8.300%, 02/15/05 1,855 2,175
Massachusetts Bay Transportation
Authority, General Transportation
System, GO
7.000%, 03/01/07 3,000 3,521
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Massachusetts Municipal Wholesale
Electric Company, Ser A, RB,
Mandatory Redemption @ 100 (B)
8.750%, 07/01/98 $ 5 $ 6
8.750%, 01/01/99 5 6
8.750%, 07/01/99 5 6
8.750%, 07/01/00 5 6
8.750%, 01/01/02 5 6
8.750%, 07/01/02 5 6
8.750%, 01/01/03 5 6
8.750%, 07/01/03 5 5
8.750%, 01/01/04 5 6
8.750%, 07/01/04 10 12
8.750%, 07/01/05 5 6
Massachusetts State Health &
Education Facilities Authority, RB
5.500%, 07/01/01 1,325 1,323
Massachusetts State Housing Finance
Agency, Single Family, Ser 1, RB,
Callable 06/06/96 @ 102,
9.375%, 06/01/12 105 108
Massachusetts State Water
Resource Authority, Ser B, RB
5.250%, 03/01/13 1,000 961
--------
9,559
--------
MISSISSIPPI -- 1.8%
Mississippi State Capital
Improvement, Ser A, GO,
Callable 08/01/03 @ 100
5.100%, 08/01/07 1,685 1,710
--------
NEW JERSEY -- 2.3%
New Jersey State Housing &
Mortgage Finance Agency,
Section 8, RB
6.000%, 11/01/02 2,000 2,093
--------
NEW MEXICO -- 2.6%
New Mexico Mortgage Finance
Authority, Single Family
Mortgage, RB, Callable
07/01/02 @ 102 (E)
6.850%, 07/01/10 1,350 1,419
Santa Fe, Saint Vincent's Hospital
Project, RB, FGIC Insured,
Pre-Refunded @ 100 (C)
7.500%, 07/01/02 855 997
--------
2,416
--------
NEW YORK -- 5.9%
New York State Energy Research
and Development Authority,
Electric & Gas, VRDN, RB (A)
3.200%, 03/07/96 200 200
26
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
New York State Dormitory Authority,
Rosewell Park, RB
5.500%, 07/01/03 $ 1,000 $ 1,012
New York State Medical Care
Facility Finance Agency, Ser A,
RB, FHA Insured
6.000%, 02/15/97 45 46
New York State Medical Care
Facility Finance Agency, Ser C,
RB, FHA Insured
5.200%, 08/15/05 670 686
New York State Medical Care
Facility Finance Agency, Adult
Day Care, RB
5.350%, 11/15/05 825 836
New York State Urban
Development Authority,
Correctional Facilities, Ser G, RB,
Callable 01/01/00 @ 102
7.100%, 01/01/03 2,500 2,716
--------
5,496
--------
OKLAHOMA -- 3.4%
Central Oklahoma Transportation
& Parking Authority, RB (D)
6.000%, 07/01/03 190 199
McAlester Public Works Authority,
RB, FSA Insured
8.100%, 12/01/08 875 1,090
Oklahoma State Industrial
Development Authority, Integris
Health, RB, AMBAC Insured
5.250%, 08/15/06 1,255 1,277
Tulsa Industrial Development
Authority, St Johns Medical
Center, RB (D)
6.875%, 01/01/02 500 553
--------
3,119
--------
PENNSYLVANIA -- 1.2%
Easton Joint School Authority, RB (D)
5.350%, 04/15/02 330 349
Langhorne Hospital Authority,
St. Mary's Hospital, VRDN, RB (A)
3.450%, 03/07/96 100 100
Westmoreland County Municipal
Authority, Special Obligation (D)
9.125%, 07/01/10 500 622
--------
1,071
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
SOUTH CAROLINA -- 2.6%
South Carolina Public Service
Authority, Electric Improvement
Revenue, Ser B, RB, Callable
07/01/01 @ 102
6.700%, 07/01/02 $ 1,220 $ 1,366
Spartanburg County, School
District #5, COP, MBIA Insured
5.400%, 07/01/08 1,000 1,005
--------
2,371
--------
SOUTH DAKOTA -- 0.3%
South Dakota Student Loan
Assistance Corporation, Ser A, RB
7.000%, 08/01/98 250 259
--------
TEXAS -- 10.6%
Austin Independent School District,
RB (D)
9.000%, 07/01/99 645 743
Austin Utility Systems, Ser 1992-B,
RB, Callable 11/15/98 @ 102
7.250%, 11/15/03 1,175 1,276
7.750%, 11/15/08 600 659
Fort Worth Water & Sewer
Authority, RB
5.250%, 02/15/06 1,360 1,401
Grapevine Texas (A) (E)
3.500%, 03/07/96 200 200
Harris County, GO (C)
10.000%, 10/01/00 1,850 2,280
Lone Star Airport Improvement
Authority, VRDN, RB (A)
3.500%, 03/07/96 100 100
Plano, GO
5.625%, 09/01/06 1,020 1,100
San Benito, GO, PSFG Insured
5.000%, 08/01/06 1,020 1,040
Texas Municipal Power Agency,
RB, MBIA Insured
5.500%, 09/01/10 1,000 1,033
--------
9,832
--------
UTAH -- 1.5%
Salt Lake City Airport, RB, FGIC
Insured 7.400%, 06/01/00 1,320 1,414
--------
VIRGINIA -- 0.8%
Virginia Housing,
Multi-Family RB,
5.250%, 05/01/03 685 701
--------
27
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
WASHINGTON -- 3.9%
Grant County, Public Utility
District #2, RB
5.625%, 01/01/07 $ 2,470 $ 2,584
Pierce School District #3, Puyallup,
GO, FGIC Insured
5.000%, 12/01/05 1,000 1,023
--------
3,607
--------
WISCONSIN -- 3.5%
Wisconsin Housing & Economic
Development Authority, Home
Ownership, Ser 1, RB, FHA
Insured, Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,363
Wisconsin State, Clean Water
Revenue, Ser 1, RB
6.875%, 06/01/11 1,640 1,904
--------
3,267
--------
Total Municipal Bonds
(Cost $92,817,484) 94,860
--------
Total Investments -- 102.1%
(Cost $92,817,484) 94,860
--------
OTHER ASSETS AND LIABILITIES -- (2.1%)
Other Assets and Liabilities, Net (1,975)
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
8,638,027 outstanding shares of
beneficial interest 91,451
Portfolio shares of Class D (unlimited
authorization -- no par value) based on
32,434 outstanding shares of
beneficial interest 366
Accumulated Net Realized Loss on
Investments (1,308)
Net Unrealized Appreciation of Investments 2,043
Net Undistributed Investment Income 333
--------
Total Net Assets--100.0% $92,885
=========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class A $ 10.71
=========
Net Asset Value and Redemption
Price Per Share-- Class D $ 10.71
=========
Maximum Offering Price Per Share --
Class D ($10.71/96.5%) $ 11.10
=========
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AUTHORITY
FSA FINANCIAL SECURITY ASSURANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
PSFG PERMANENT SCHOOL FUND GUARANTY
RB REVENUE BOND
SER SERIES
TRAN TAX & REVENUE ANTICIPATION NOTE
USD UNIFIED SCHOOL DISTRICT
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET
ASSETS IS THE RATE IN EFFECT ON FEBRUARY 29, 1996.
(B) MANDATORY REDEMPTION -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE MANDATORY REDEMPTION DATE.
(C) PRE-REFUNDED SECURITY -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE PRE-REFUNDED DATE.
(D) SECURITY IS ESCROWED TO MATURITY.
(E) SECURITY IS HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
PENNSYLVANIA MUNICIPAL PORTFOLIO
MUNICIPAL BONDS -- 98.6%
PENNSYLVANIA -- 98.6%
Allegheny County Hospital
Development Authority,
Allegheny General, RB (C)
7.250%, 07/01/03 $ 85 $ 92
Allegheny County Hospital
Development Authority,
Children's Hospital of
Pittsburgh, Ser 1991, RB,
MBIA Insured
6.600%, 07/01/01 1,000 1,080
Allegheny County Hospital
Development Authority, Magee
Women's Hospital, RB, FGIC
Insured, Callable 10/01/02 @ 102
6.000%, 10/01/05 1,525 1,632
Allegheny County Hospital
Development Authority, Magee
Women's Hospital, RB, Ser 1993,
RB, FGIC Insured
5.200%, 10/01/05 1,000 1,021
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Allegheny County Hospital
Development Authority, Mercy
Hospital of Pittsburgh, RB,
BIGI Insured
6.875%, 10/01/99 $1,000 $ 1,034
Allegheny County Hospital
Development Authority,
St. Margaret Memorial
Hospital, RB (C)
6.750%, 07/01/10 360 401
Allegheny County Institutional
District, Ser 18, GO, MBIA Insured
7.000%, 04/01/02 1,000 1,099
Allegheny County International
Airport Revenue, Ser A, RB,
Subject to AMT, MBIA Insured
5.300%, 01/01/03 1,000 1,028
Allegheny Hospital Development
Authority, Montefiore Hospital,
RB (C)
6.875%, 07/01/09 330 369
Allentown Hospital Authority,
Sacred Heart Project, RB (C)
8.000%, 03/01/09 105 124
Baldwin Whitehall School
Building Revenue, RB (C)
6.625%, 11/15/02 130 140
Beaver County Hospital Authority,
Medical Center Project, Ser 1992,
RB, AMBAC Insured
6.100%, 07/01/01 1,000 1,075
Beaver County Housing
Authority, First Mortgage
Guaranteed, Section 8, RB,
MBIA Insured, Callable
03/19/97 @ 100
7.875%, 07/01/99 435 434
Bensalem Township Water &
Sewer Authority, RB (C)
6.750%, 12/01/14 75 84
Berks County, Second Ser 1992,
GO, FGIC Insured
5.150%, 11/15/01 750 779
Blair County Hospital Authority,
RB (C)
6.900%, 07/01/08 450 497
Bucks County Industrial
Development Authority,
Grandview Hospital, Ser 91,
RB, AMBAC Insured
6.600%, 07/01/01 500 553
Bucks County Redevelopment
Authority, Mortgage Revenue,
Warminster Heights, Section 8,
Ser 1992-A, RB, FHA Insured
5.750%, 08/01/97 75 76
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Bucks County Redevelopment
Authority, Mortgage Revenue,
Warminster Heights, Section 8,
Ser 1992-A, RB, FHA Insured,
Callable 06/01/00 @ 100
6.250%, 08/01/02 $ 315 $ 328
Butler Area Sewer Authority, RB,
Pre-Refunded @ 100 (A)
7.250%, 01/01/04 55 61
Chartiers Valley Industrial
Development Authority,
Colonial Building, RB,
Mandatory Put 12/01/97
@ 100 (B)
5.625%, 12/01/15 940 942
Chester County Hospital Authority,
Paoli Memorial Hospital, RB (C)
5.500%, 02/01/03 50 51
City of Aliquippa, Beaver County,
RB, Asset Guaranty Insured
8.250%, 09/15/01 1,220 1,325
Dauphin County General Authority,
GO, Mandatory Put 06/01/04 @ 100,
6.700%, 06/01/26 720 787
Dauphin County General
Authority, Phoenixville Hospital,
Hapsco Group Incorporated,
Ser 1992-A, RB, FGIC Insured
5.900%, 07/01/05 845 906
Dauphin County General School
Authority, Penncrest School Project,
RB, Mandatory Put 06/02/03 @ 100,
6.600%, 06/02/26 915 1,000
Delaware County Authority,
Villanova University, RB (C)
9.625%, 08/01/02 180 210
Delaware County Hospital
Authority, Chester Crozer, RB (C)
7.250%, 12/15/10 55 62
Delaware County Industrial
Development Authority,
Resource-Recovery Project, RB (B)
8.100%, 12/01/13 325 339
Delaware River Port Authority, PA
& NJ River Bridges Revenue, RB (C)
6.500%, 01/15/11 1,055 1,149
Delaware River Port Authority, RB (C)
6.000%, 01/15/10 460 485
East Marlboro Township Sewer
Authority, Guaranteed Sewer
Revenue, RB
5.200%, 12/01/01 55 55
5.300%, 12/01/02 200 202
5.900%, 12/01/09 200 200
Erie County Hospital Authority,
Hamot Health Systems, RB,
AMBAC Insured
6.700%, 02/15/02 500 549
29
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Erie County Hospital Authority,
GO (C)
6.750%, 07/01/11 $ 260 $ 294
Fort Le Boeuf School District, Ser
1993-A, GO, MBIA Insured
5.150%, 01/01/02 500 521
Fox Chapel Sanitation Sewer
Authority, RB (C)
5.900%, 05/01/05 285 285
Greene County Industrial
Development Authority, Pollution
Control Revenue, Monogahela
Power-Hatfield Ferry, Ser A, RB
6.300%, 02/01/02 865 870
Guam Power Authority,
AMBAC Insured
5.400%, 10/01/03 750 791
Hampton Township, GO
6.300%, 06/01/02 775 844
Harrisburg Authority, Lease
Revenue, RB, Cross Over
Refunded @ 101, CGIC Insured (A)
6.250%, 06/01/01 1,000 1,088
Hopewell Township, Guaranteed
Sewer Revenue GO, Callable
11/01/03 @ 100
5.800%, 11/01/08 815 793
Jersey Shore Area School District,
GO, MBIA Insured (C)
9.375%, 03/01/03 75 89
Lehigh County Community College,
School Lease, RB
5.750%, 01/15/02 1,285 1,289
Lehigh County General Purpose
Authority, Saint Luke's Hospital
of Bethlehem, RB, AMBAC Insured
5.100%, 11/15/03 1,000 1,023
Luzerne County, Ser 1991, GO,
FGIC Insured
6.800%, 09/15/02 500 555
Lycoming County Authority,
Hospital Revenue, Williamsport
Hospital, RB, Connie Lee Insured
5.250%, 11/15/06 1,300 1,310
Lycoming County Hospital
Authority, RB (C)
5.750%, 07/01/02 90 92
Montgomery County Higher
Education & Health Authority,
Abington Memorial Hospital,
Ser 1991-A, RB, AMBAC Insured
6.200%, 06/01/00 800 855
6.300%, 06/01/01 1,000 1,083
Montgomery County Industrial
Development Authority, Ecri
Project, RB
6.850%, 06/01/13 2,165 2,189
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Montgomery County Industrial
Development Authority, Star
Dental Manufacturing, RB,
Callable 08/10/96 @ 100
7.000%, 08/01/98 $ 150 $ 151
Montgomery County
Redevelopment Authority,
Multi-Family Housing,
Gwynedd-Oxford Project, RB,
CG Life Guaranteed,
Mandatory Put 12/01/96 @ 100
6.125%, 08/01/07 800 802
Montgomery County, GO (C)
9.000%, 08/15/04 80 93
Mount Lebanon Hospital
Authority, RB (C)
7.000%, 07/01/06 55 59
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,
Pre-Refunded @ 100 (A)
7.100%, 05/01/00 250 277
North Hills School District, Ser 1991,
GO, MBIA Insured
6.750%, 07/15/03 1,000 1,114
North Penn Water Authority, Ser
1992, RB, FGIC Insured
5.650%, 11/01/04 1,000 1,048
Northampton County Industrial
Development Authority,
Moravian Hall Square Project,
Ser A, RB, Asset Guaranty Insured
5.000%, 07/01/05 50 49
5.000%, 07/01/05 525 516
5.000%, 07/01/06 560 545
5.250%, 07/01/08 595 581
5.350%, 07/01/10 1,370 1,320
Northampton County Industrial
Development Authority, Moravian
Hall Square Project, Ser B, RB
5.350%, 07/01/10 100 96
Northeast Hospital Authority, RB (C)
6.375%, 09/01/07 60 64
North Umberland County Authority,
Commonwealth Lease Revenue, Ser
1991, RB, MBIA Insured
6.400%, 10/15/00 1,000 1,090
Pennsylvania Commonwealth,
Ser 1993-A, COP, AMBAC
Insured, Callable 07/01/03 @ 102
5.100%, 07/01/04 1,000 1,015
Pennsylvania Higher Education
Authority, Ser 1995, RB, Asset
Guaranty Insured
5.150%, 09/15/06 345 342
4.750%, 09/15/02 270 268
4.850%, 09/15/03 250 248
4.950%, 09/15/04 515 511
30
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Pennsylvania Higher Education
Facilities Authority, College &
University, Drexel University,
First Ser 1990, RB, MBIA Insured
7.125%, 05/01/03 $ 750 $ 814
Pennsylvania Higher Education
Facilities Authority,
Commonwealth of Pennsylvania,
RB, Ser E, MBIA Insured
6.450%, 06/15/01 400 439
Pennsylvania Higher Education
Facilities Authority, Hahnemann
University Project, RB,
MBIA Insured
6.400%, 07/01/01 570 619
Pennsylvania Higher Education
Facilities Authority, Hahnemann
University Project, RB, MBIA
Insured, Callable 07/01/01 @ 102
6.600%, 07/01/03 535 590
Pennsylvania Higher Education
Facility Authority, Drexel
University, RB, MBIA Insured
7.000%, 05/01/02 1,000 1,074
Pennsylvania Higher Educational
Facilities Authority, Philadelphia
College of Pharmacy, Ser A, RB,
MBIA Insured
6.750%, 09/01/99 500 539
Pennsylvania Housing Finance
Agency, RB, Subject to AMT,
Callable 10/01/00 @ 102
7.800%, 10/01/20 100 106
Pennsylvania Housing Finance
Agency, Rental Housing, Ser
1991, RB, Callable 07/01/03 @ 102
5.450%, 07/01/06 2,000 2,030
Pennsylvania Housing Finance
Agency, Single Family Mortgage,
Ser 1992-33, RB
5.700%, 04/01/98 330 333
Pennsylvania Intergovernmental
Cooperation Authority, Special
Tax Revenue, City of Philadelphia
Funding Program, Ser 1992, RB,
FGIC Insured, Callable
06/15/03 @ 100
5.050%, 06/15/04 1,000 1,016
Pennsylvania Public School
Building Authority, RB
10.375%, 11/01/06 10 10
Pennsylvania State Higher
Education Facilities, Drexel
University, RB,
6.375%, 05/01/17 1,450 1,475
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Pennsylvania State Higher Education,
College & University, RB (C)
9.375%, 07/01/10 $ 100 $ 127
Pennsylvania State Higher Education,
Student Loan, Ser A, RB, Subject to
AMT, AMBAC Insured
7.050%, 10/01/16 3,500 3,767
Pennsylvania State Higher Education,
Student Loan, Ser C, RB, Subject to
AMT, AMBAC Insured
7.150%, 09/01/21 500 538
Pennsylvania State Housing
Finance Authority, Single Family
Mortgage, RB, Ser N, Callable
10/01/97 @ 102
7.500%, 10/01/99 200 205
Pennsylvania State, Third Series,
GO, FGIC Insured, Callable
11/15/04 @ 101.5
6.400%, 11/15/06 2,000 2,243
Peters Township School District,
GO, MBIA Insured, Callable 1
1/15/02 @ 100
0.000%, 11/15/07 100 48
Philadelphia Airport Revenue, RB, Ser A,
Subject to AMT, AMBAC Insured,
5.700%, 06/15/07 1,420 1,468
Philadelphia Gas Works Revenue,
Fourteenth Series, RB, FSA
Insured, Callable 07/01/03 @ 102
6.250%, 07/01/08 1,000 1,091
Philadelphia Hospital & Higher
Education Facilities, Philadelphia
MR Project, RB
5.500%, 08/01/01 1,175 1,175
Philadelphia Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.000%, 12/01/02 1,325 1,436
6.100%, 12/01/03 410 448
Philadelphia Hospital, Graduate
Hospital Project, RB (C)
7.000%, 07/01/10 255 287
Philadelphia Industrial
Development Authority,
Convention Project, PGH
Development Corporation, RB,
Ser 1989, AMBAC Insured
7.000%, 07/01/99 1,150 1,229
Philadelphia Industrial
Development Authority, National
Board of Medical, RB, Callable
05/01/02 @ 102
6.750%, 05/01/12 950 1,026
31
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Philadelphia Municipal Authority,
Justice Lease Revenue, Ser B,
RB, FGIC Insured
6.700%, 11/15/01 $ 1,000 $ 1,110
Philadelphia Municipal Authority,
Services Building Lease Rental
Revenue, RB, Ser 1990,
CGIC Insured
6.900%, 03/15/99 1,000 1,071
Philadelphia Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB, Subject to AMT
5.100%, 12/01/01 110 110
5.250%, 06/01/02 200 200
5.250%, 12/01/02 220 219
5.400%, 06/01/03 160 159
5.550%, 06/01/04 65 65
5.650%, 12/01/05 70 70
6.100%, 12/01/10 1,000 996
5.100%, 06/01/01 140 140
Philadelphia Redevelopment
Authority, West Philadelphia
Project, RB, FNMA Collateral
6.750%, 05/15/04 270 284
Philadelphia Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB
5.400%, 12/01/03 185 184
Philadelphia School District, Ser
1991B, GO, MBIA Insured
7.000%, 07/01/05 250 283
Philadelphia United Hospitals
Project, RB, Pre-Refunded
07/01/05 @ 100 (A)
10.875%, 07/01/08 505 687
Philadelphia Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,485 6,294
Pittsburgh Parking Authority, Ser
1992-A, RB, FGIC Insured,
Callable 12/01/02 @ 102
5.750%, 12/01/05 500 529
Pittsburgh Pennsylvania , GO,
FGIC Insured
7.000%, 03/01/01 775 811
Pittsburgh Stadium Authority,
Lease Revenue, RB (C)
6.500%, 04/01/11 625 700
Pittsburgh Urban Redevelopment
Authority, Home Improvement
Loans, RB, Callable 08/01/97 @ 102
7.125%, 08/01/04 835 864
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Pittsburgh Urban Redevelopment
Authority, Mortgage Revenue,
Ser A, RB, Subject to AMT
5.000%, 10/01/02 $ 70 $ 69
5.100%, 10/01/03 70 69
5.750%, 10/01/10 55 55
Pittsburgh Urban Redevelopment
Authority, Ser A, RB, Subject to AMT
5.300%, 04/01/05 75 74
5.400%, 04/01/06 80 79
5.400%, 10/01/06 80 79
5.500%, 04/01/07 85 84
5.500%, 10/01/07 85 84
5.600%, 04/01/08 90 89
5.700%, 04/01/09 90 89
5.700%, 10/01/09 95 94
Pittsburgh Urban Redevelopment
Authority, Ser B, RB
5.700%, 10/01/11 110 108
Pittsburgh Urban Redevelopment
Authority, Ser B, RB, Callable
04/01/03 @ 100
6.700%, 04/01/10 45 46
Pittsburgh Urban Redevelopment
Center, Triangle Tax Increment,
Ser A, RB (B)
5.125%, 06/01/00 1,175 1,176
5.750%, 12/01/06 1,980 1,973
Pittsburgh Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,185 1,181
Pottsville Hospital Authority,
Pottsville Hospital & Warner
Clinic, RB (B)
6.400%, 07/01/03 930 938
Sayre Health Facilities Authority,
Guthrie Health Care, RB, Ser
1991-A, RB, AMBAC Insured
6.800%, 03/01/03 1,000 1,104
Scranton Lackawanna Health &
Welfare Authority, Community
Medical Center, RB, FGIC Insured
6.900%, 07/01/98 500 532
7.000%, 07/01/99 250 271
Scranton Lackawanna Health &
Welfare Authority, Moses Taylor
Hospital, RB (C)
6.625%, 07/01/09 375 417
Scranton Lackawanna Health &
Welfare Authority, RB, BIGI
Insured
7.250%, 07/01/99 835 904
Seneca Valley School District,
Ser B, GO, MBIA Insured
6.250%, 01/01/01 500 529
32
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
South Side Area School District, Ser
1991, GO, AMBAC Insured, Pre-
Refunded 04/15/98 @ 100 (A)
6.550%, 04/15/01 $ 260 $ 274
Twin Valley School District,
Ser 1992-C, GO, FGIC Insured
5.600%, 10/01/04 520 535
University Area Joint Authority,
Sewer Revenue, Ser 1990, RB,
MBIA Insured, Pre-Refunded
09/01/00 @ 100 (A)
7.000%, 09/01/03 750 834
Washington County Authority,
Municipal Facilities Lease Revenue,
Pooled Capital, Ser C, Subseries
C-1A, RB, AMBAC Insured
7.000%, 12/15/00 400 447
Washington County Hospital Authority,
Shadyside Hospital Project, Ser 1992,
RB, AMBAC Insured
5.875%, 12/15/04 1,000 1,070
Washington School District,
Ser 1993-A, GO, FGIC Insured
5.250%, 09/01/02 1,000 1,015
Westmoreland County Industrial
Development Authority,
Hospital Revenue, Ser 1992-A,
RB, AMBAC Insured
5.900%, 07/01/05 595 628
Westmoreland County Industrial
Development Authority,
Hospital Revenue, Ser 1999-A,
AMBAC Insured
5.800%, 07/01/04 565 596
Westmoreland County Industrial
Development Authority, Henry
Clay Frick Hospital, RB
7.000%, 12/01/05 785 787
Windber Area Authority, Hospital
Revenue, RB, FHA Insured
4.750%, 02/01/00 320 323
5.900%, 02/01/10 355 367
Wyoming County Hospital
Authority, RB (C)
7.400%, 01/01/05 45 49
Wyoming County Hospital
Authority, Tyler Memorial, RB (C)
7.400%, 01/01/05 20 22
York County Hospital Authority,
Lutheran Social Services, RB
5.600%, 04/01/05 500 494
5.800%, 04/01/06 500 494
5.400%, 04/01/04 500 495
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
York County Hospital Authority,
Lutheran Social Services, RB,
Callable 4/1/06 @ 100
6.250%, 04/01/11 $ 1,000 $ 985
--------
102,808
--------
Total Municipal Bonds
(Cost $99,841,638) 102,808
--------
CASH EQUIVALENT -- 0.0%
Vanguard Pennsylvania Tax
Free Money Market (D) 67 67
--------
Total Cash Equivalent
(Cost $66,644) 67
--------
Total Investments -- 98.6%
(Cost $99,908,282) 102,875
--------
OTHER ASSETS AND LIABILITIES -- 1.4%
Other Assets and Liabilities, Net 1,415
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
9,714,916 outstanding shares of
beneficial interest 99,906
Accumulated Net Realized Gain on
Investments 999
Net Unrealized Appreciation of Investments 2,967
Net Undistributed Investment Income 418
--------
Total Net Assets--100.0% $104,290
========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class A $ 10.73
========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
AMT ALTERNATIVE MINIMUM TAX
BIGI BOND INVESTORS GUARANTY INSURANCE CORPORATION
CGIC CAPITAL GUARANTY INSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AUTHORITY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSURANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
RB REVENUE BOND
SER SERIES
(A) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN ON THE STATEMENT OF NET
ASSETS IS THE PRE-REFUNDED DATE.
(B) SECURITY IS HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
(C) SECURITY IS ESCROWED TO MATURITY.
(D) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET
ASSETS IS THE RATE IN EFFECT ON FEBRUARY 29, 1996.
33
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS -- 97.1%
KANSAS -- 95.1%
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%, 12/01/99 285 274
Belleville Electric & Gas, Ser A, RB
5.000%, 12/01/98 150 153
5.500%, 12/01/02 175 185
5.700%, 12/01/04 150 160
Butler County, Bank Qualified GO,
CGIC Insured
4.150%, 10/01/01 250 246
4.300%, 10/01/02 250 246
Chanute Electric Light Water & Gas,
RB, MBIA Insured
6.900%, 11/01/05 600 645
Cherokee County, USD #499, GO,
AMBAC Insured
5.800%, 10/01/09 200 209
5.900%, 10/01/10 215 225
5.950%, 10/01/11 225 236
Clay County, Clay Center,
Ser 1992, Bank Qualified GO
5.300%, 04/01/00 250 258
5.400%, 04/01/01 250 258
Clay County, Ser 1994-B, GO
6.200%, 10/01/15 250 258
Coffeyville Water and Sewer,
Ser 1993, RB, AMBAC Insured
4.600%, 10/01/04 465 463
4.700%, 10/01/05 490 487
Coffeyville, COP
5.875%, 10/01/14 250 257
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%, 04/01/01 265 270
5.600%, 04/01/03 300 304
Dodge City, Pollution Control
Revenue, Excel Project, RB
6.625%, 05/01/05 700 771
Dodge, USD #443, Ford County,
GO, CGIC Insured
5.000%, 03/01/14 250 238
4.700%, 03/01/07 180 175
4.800%, 03/01/08 360 350
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Douglas County, USD #497, Ser
1993-A, GO
4.500%, 09/01/02 $ 250 $ 251
Emporia Sewer System, Ser 1990,
RB, Pre-Refunded @ 100.50 (A)
7.100%, 06/01/98 300 322
Emporia, Ser B, GO
5.150%, 09/01/00 155 161
5.250%, 09/01/01 165 174
6.000%, 09/01/06 175 187
Finney County, Garden City
Project, Ser 1991, GO
5.700%, 10/01/98 500 510
Finney County, USD #457, GO
5.500%, 10/01/99 185 193
5.550%, 10/01/00 250 263
Ford County, Single Family
Mortgage Ser A, RB
7.900%, 08/01/10 355 376
Garden City, Ser B, GO, MBIA
Insured
4.900%, 11/01/99 250 258
5.450%, 11/01/04 250 266
Garden City, Water & Sewer, RB
6.500%, 11/01/00 125 137
6.750%, 11/01/03 125 137
Gardner Electric Utility, Ser 1992, RB
7.000%, 11/01/09 500 536
Gove County, GO, AMBAC Insured,
Callable 10/01/01 @ 101,
5.150%, 04/01/12 560 542
Gray County,USD #102, GO
6.000%, 09/01/04 100 107
6.200%, 09/01/06 125 135
6.800%, 09/01/15 250 267
Great Bend, Ser B, GO, FGIC
Insured
5.900%, 09/01/98 250 253
Great Bend, Ser B, GO,
Pre-Refunded @ 100 (A)
6.300%, 09/01/02 250 254
Halstead Hospital, Active Sinking
Fund, RB
6.750%, 10/01/06 255 286
Hays, Internal Improvement, Ser A, GO
5.200%, 09/01/01 105 110
5.300%, 09/01/02 110 115
5.500%, 09/01/04 120 125
Hays, Water & Sewer, Ser 1992,
Bank Qualified RB, AMBAC
Insured
5.600%, 09/01/99 100 104
5.800%, 09/01/00 100 106
6.200%, 09/01/03 100 106
6.400%, 09/01/05 180 191
34
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Holton, Electrical Systems, Ser
1992-A, RB
6.400%, 12/01/06 $ 150 $ 165
6.500%, 12/01/07 150 165
Hutchinson, Ser A, RB
5.450%, 10/01/14 125 125
5.500%, 10/01/15 135 135
Hutchinson, Single Family
Mortgage, Ser 1992, RB
6.500%, 12/01/09 310 326
Hutchinson, Water & Sewer, Ser
1993, RB, AMBAC Insured
6.850%, 12/01/05 150 174
5.000%, 12/01/11 225 219
Jackson County, Holton School
Boards USD #336, Ser 1992,
Bank Qualified GO
6.200%, 10/01/07 205 226
6.300%, 10/01/08 125 138
Jefferson County, USD #340, GO,
CGIC Insured
6.000%, 09/01/06 300 325
6.100%, 09/01/07 320 346
6.200%, 09/01/08 330 357
Johnson County, Blue Valley
Recreation Commission, COP,
Ser 1991, GO
6.000%, 10/01/97 250 256
Johnson County, GO
6.800%, 09/01/99 1,000 1,093
Johnson County, Internal
Improvement, Ser A, GO
5.600%, 09/01/03 200 215
Johnson County, USD #229 Blue Valley,
Ser A, GO, Pre-Refunded @ 100 (A)
6.500%, 10/01/12 300 331
Johnson County, USD #233 Olathe, Ser
1989-B, GO, Pre-Refunded @ 100 (A)
7.000%, 09/01/99 500 547
7.000%, 09/01/99 500 547
Johnson County, USD #233,
AMBAC Insured
5.950%, 09/01/05 500 536
Johnson County, Water District
#001, RB
5.125%, 12/01/08 250 252
Johnson County, Water District
#001, Ser 1990-A, RB
6.800%, 06/01/99 250 270
6.900%, 12/01/00 250 278
6.100%, 12/01/16 250 260
Junction City, Industrial Development,
F.W. Woolworth, RB
7.250%, 11/01/98 190 191
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Junction City, Ser 00, Bank
Qualified GO, AMBAC Insured
6.200%, 09/01/06 $ 515 $ 543
Junction City, Water, Ser A, RB
4.900%, 04/01/01 205 209
4.900%, 10/01/01 210 215
Kansas City, Community College
Std., GO, MBIA Insured
6.000%, 05/15/10 205 214
6.125%, 05/15/11 215 225
6.125%, 05/15/12 230 243
Kansas City, Improvement Project,
Ser B, MBIA Insured
5.375%, 09/01/10 1,500 1,532
Kansas City, Sisters of Charity
Health Hospital, RB
4.850%, 08/01/97 250 252
Kansas City, Special Obligation (B)
5.500%, 02/15/99 500 523
Kansas State Department of
Transportation Highway, RB
5.000%, 03/01/04 250 258
Kansas State Department of
Transportation Highway, Ser 1992,
RB, Pre-Refunded @ 102 (A)
6.500%, 03/01/02 750 839
6.125%, 03/01/03 500 550
Kansas State Development Finance
Authority, Department of
Corrections El Dorado Project L,
RB, MBIA Insured
5.625%, 02/01/03 250 261
Kansas State Development Finance
Authority, Kansas Board Regents
Wichita, RB, AMBAC Insured
5.125%, 06/01/06 250 255
Kansas State Development Finance
Authority, Water Pollution Control, GO
4.450%, 05/01/01 355 363
Kansas State Family Housing, RB
5.900%, 12/01/16 660 658
Kansas State Public Wholesale
Water Supply District #4,
Mandatory Sinking Fund, GO,
AMBAC Insured
7.000%, 02/01/09 250 254
Kansas State, City of Hayes Water
& Sewer System, RB
5.200%, 09/01/11 260 257
Kingman, Electric Utility &
Distribution System, RB
5.500%, 09/01/08 250 251
35
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Kingman, Water & Sewer, Utility
& Distribution System, RB
6.125%, 09/01/15 $ 250 $ 261
Lawrence Hospital, RB
4.850%, 07/01/97 250 252
Lawrence, GO
5.100%, 09/01/01 220 227
Lawrence, Ser 1991-L, GO
5.600%, 09/01/98 175 183
Leavenworth County, USD #449,
Ser A, Bank Qualified GO
6.300%, 09/01/09 150 156
6.400%, 09/01/10 160 167
6.500%, 09/01/12 125 130
6.500%, 09/01/13 100 104
Leavenworth, Ser B, GO
5.050%, 09/01/00 210 216
Leavenworth, Ser 1991-A, Bank
Qualified GO
5.700%, 09/01/97 160 162
Leawood, Ser 1992-A, GO
5.000%, 09/01/00 300 311
5.200%, 09/01/01 250 260
6.000%, 09/01/08 135 139
Leawood, Unlimited Tax, Ser B, GO
5.000%, 09/01/10 400 394
Lindsborg Electric & Waterworks
System, Callable 10/01/05 @ 100
5.300%, 10/01/07 105 108
5.600%, 10/01/09 120 123
Lindsborg Electric & Waterworks
System, RB
5.000%, 10/01/05 100 103
Lyon County, Hospital Revenue,
Ser 1994, RB
5.200%, 02/01/02 115 112
5.200%, 08/01/02 250 244
5.300%, 02/01/03 100 97
Lyon County, USD #253 Emponia, RB
6.250%, 10/01/08 250 267
Manhattan, Unlimited Tax, Ser 189, GO
5.850%, 11/01/02 250 268
6.300%, 11/01/11 100 104
6.300%, 11/01/12 105 111
Marion County, USD #411, RB
5.300%, 04/01/13 660 648
McPherson, Electric Utility-Capital
Appreciation, RB, AMBAC Insured
0.000%, 03/01/10 520 205
McPherson, Electric Utility, RB,
AMBAC Insured
5.550%, 03/01/09 550 556
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
McPherson, Refunding &
Improvement, Ser 116, GO
5.000%, 11/01/06 $ 500 $ 504
Meade Industrial Development,
Dekalb Agresearch Project, RB
6.500%, 10/01/06 1,000 1,137
Miami County, USD #368 Paola,
Ser 1992, GO, AMBAC Insured
6.500%, 12/01/05 500 545
Miami County, USD #416
Louisburg, Ser 1992, GO,
AMBAC Insured
6.000%, 09/01/02 250 266
Nemaha County, USD #441, Ser
1992, GO, AMBAC Insured
5.400%, 03/01/02 250 259
5.750%, 03/01/07 250 258
Neosho County, USD #413, GO
5.650%, 09/01/01 260 276
Newton, Waste Water Treatment
System, Ser 1992, Bank Qualified RB
5.750%, 03/01/99 110 115
6.000%, 03/01/00 115 121
6.200%, 03/01/01 120 128
6.400%, 03/01/02 130 141
Olathe & Labette County, GNMA
Collateral Mortgage, Senior Ser
1991-B, RB
7.150%, 02/01/15 65 69
Olathe, Multi-Family Housing,
Deerfield Apartments, Ser
1994-A, RB
5.500%, 06/01/04 455 467
Olathe, Sewer Improvement, Ser
184, GO
4.600%, 10/01/99 275 280
Osborne, Ser 1992, Bank Qualified GO
5.500%, 12/01/01 135 138
5.600%, 12/01/02 140 142
5.700%, 12/01/03 150 153
5.800%, 12/01/04 155 158
Ottawa, Waterworks & Electric
Systems, Ser 1991, RB,
MBIA Insured
6.150%, 12/01/00 250 270
6.250%, 12/01/01 250 274
Pawnee County, GO, CGIC Insured
5.100%, 09/01/04 255 264
Phillip County, USD #325, GO
5.200%, 09/01/03 100 105
5.600%, 09/01/07 155 162
Pittsburg, Water & Sewer Systems,
Ser 1991-A, RB
6.400%, 09/01/03 105 113
6.500%, 09/01/04 110 119
36
<PAGE>
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Pottawatomie County, USD #320
Wamego, Ser 1990, GO,
AMBAC Insured
6.600%, 10/01/02 $ 500 $ 552
Pratt, Electrical System, Ser 1992,
RB, AMBAC Insured
6.600%, 11/01/07 250 286
6.000%, 11/01/12 250 257
Reno County, GO
6.250%, 08/01/00 685 718
Reno County, Single Family
Mortgage, Ser B, RB, Callable
09/01/01 @ 103
8.700%, 09/01/11 230 248
Riley County Hospital, Ser A, RB
4.750%, 09/01/98 110 111
5.000%, 09/01/99 165 167
5.150%, 09/01/00 100 102
Riley County, Ser 1992, Bank
Qualified GO
5.000%, 11/01/98 335 342
Riley County, Ser B, GO
6.100%, 09/01/06 110 120
6.200%, 09/01/07 110 121
6.300%, 09/01/08 110 121
6.400%, 09/01/09 110 121
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
4.900%, 04/01/96 110 110
Salina, Water & Sewer, RB
6.700%, 10/01/99 250 261
6.750%, 10/01/00 250 261
6.850%, 10/01/02 250 260
Salina, Water & Sewer, RB,
MBIA Insured
5.000%, 09/01/07 330 326
Salina County, Sales Tax, RB
3.700%, 12/01/96 100 100
Scott City, Water System, Ser A,
Bank Qualified GO
5.250%, 09/01/04 130 132
5.400%, 09/01/05 140 142
5.600%, 09/01/06 140 142
5.700%, 09/01/07 150 154
5.800%, 09/01/08 145 149
Scott County, USD #466, Ser 1993, GO
5.375%, 09/01/06 685 694
Sedgwick County, Ser B, GO
4.050%, 08/01/98 250 251
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Sedgwick & Shawnee County,
GNMA Collateral Mortgage,
Senior Ser 1991-A, RB
7.300%, 12/01/12 $ 650 $ 689
Sedgwick & Shawnee County,
Single Family Mortgage, RB
5.250%, 11/01/04 175 180
Sedgwick & Shawnee County,
Single Family Mortgage, RB,
Callable 11/01/04 @ 103
7.800%, 05/01/14 185 201
Sedgwick County, Airport Facilities,
Beech Aircraft, Ser 1993, RB
5.625%, 03/01/99 1,000 1,039
Sedgwick County, USD #262,
Valley Center, GO
0.000%, 11/01/98 100 89
Sedgwick & Shawnee County,
Single Family Housing, RB
8.050%, 05/01/14 445 501
Seward County, Ser B, GO,
AMBAC Insured
6.000%, 08/15/08 250 258
6.000%, 08/15/13 250 257
Seward County, Single Family
Mortgage, Ser B, RB
8.000%, 05/01/11 415 445
Seward County, USD# 480, RB,
Ser 1992, MBIA Insured
5.000%, 12/01/00 500 510
Shawnee County, Health Care
Facilities, RB, Callable
08/15/05 @ 100
5.150%, 08/15/10 500 489
Shawnee County, Ser 1992-C, GO
5.600%, 09/01/04 500 527
Shawnee County, Sisters Charity
Leavenworth, RB
4.700%, 12/01/04 230 226
5.000%, 12/01/10 360 337
Shawnee County, USD #345
Seaman, GO
7.200%, 09/01/98 250 269
5.750%, 09/01/11 250 258
Shawnee County, USD #437
Auburn-Washburn, Ser 1992, GO,
FGIC Insured
6.250%, 03/01/03 700 765
Sumner County, Bridge
Improvement Bonds, Ser 1992, GO,
AMBAC Insured
6.000%, 11/01/04 435 467
6.000%, 11/01/05 250 268
37
<PAGE>
STATEMENT OF NET ASSETS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
KANSAS TAX FREE INCOME PORTFOLIO--CONCLUDED
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Thomas County, USD #315, Ser
1993, GO
4.200%, 09/01/01 $ 150 $ 148
4.300%, 09/01/02 160 158
4.400%, 09/01/03 165 163
4.600%, 09/01/04 175 174
Topeka Hospital, Storemont Vail
Project, Ser 1990-B, RB
6.750%, 11/15/00 1,000 1,096
Topeka, Ser C, GO
5.500%, 08/15/05 250 258
Wellington Electric & Water, Bank
Qualified RB, AMBAC Insured
7.050%, 05/01/06 250 294
6.250%, 05/01/12 250 262
Wichita, GO
6.750%, 06/01/96 350 353
Wichita, Hospital Facility, St. Joseph
Rehabliltation Center, RB(B)
6.000%, 07/01/04 1,365 1,478
Wichita, Single Family Mortgage, Ser
B, RB, Callable 07/01/98 @ 100
7.100%, 09/01/09 415 435
Wichita, Water & Sewer Improvement,
Ser B, RB, FGIC Insured
5.600%, 10/01/05 750 778
Winfield, Sales Tax, RB, Callable
09/01/03 @ 100
5.100%, 09/01/06 100 101
5.250%, 09/01/07 100 101
5.400%, 09/01/08 100 101
Wyandotte County, GO
7.000%, 09/01/05 415 441
Wyandotte County, USD #203
Piper, GO
5.750%, 09/01/03 140 145
5.900%, 09/01/04 295 305
6.600%, 09/01/13 500 515
--------
63,512
--------
GUAM -- 1.2%
Guam Government Highway
Bonds, Ser A, GO, CGIC Insured
5.100%, 05/01/97 250 253
5.500%, 05/01/99 200 208
6.300%, 05/01/12 100 106
Guam Government, Ser A, GO
5.900%, 09/01/05 250 251
--------
818
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
PUERTO RICO -- 0.8%
Puerto Rico Public Buildings, Series I,
RB, Callable 07/01/99 @ 100
6.000%, 07/01/12 $ 500 $ 503
--------
Total Municipal Bonds
(Cost $62,262,081) 64,833
--------
CASH EQUIVALENT -- 1.7%
Dreyfus Tax Exempt (C) 1,149 1,149
--------
Total Cash Equivalent
(Cost $1,149,471) 1,149
--------
Total Investments -- 98.8%
(Cost $63,411,552) 65,982
--------
OTHER ASSETS AND LIABILITIES -- 1.2%
Other Assets and Liabilities, Net 808
--------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization -- no par value) based on
6,227,214 outstanding shares of
beneficial interest 63,969
Accumulated Net Realized Loss on
Investments (27)
Net Unrealized Appreciation of Investments 2,570
Net Undistributed Investment Income 278
--------
Total Net Assets--100.0% $ 66,790
=========
Net Asset Value, Offering Price and
Redemption Price Per Share-- Class A $ 10.73
=========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
CGIC CAPITAL GUARANTY INSURANCE COMPANY
COP CERIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
GNMA GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
RB REVENUE BOND
SER SERIES
USD UNIFIED SCHOOL DISTRICT
(A) PRE-REFUNDED SECURITY -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE PRE-REFUNDED DATE.
(B) SECURITY IS ESCROWED TO MATURITY.
(C) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 1996.
38
<PAGE>
[This page intentionally left blank]
39
<PAGE>
STATEMENT OF OPERATIONS (000)
==============================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
---------- ---------- ------------ -------------
CALIFORNIA BAINBRIDGE
TAX TAX INSTITUTIONAL
TAX FREE EXEMPT EXEMPT TAX FREE
PORTFOLIO PORTFOLIO PORTFOLIO(2) PORTFOLIO
---------- ---------- ------------ -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $6,820 $7,216 $1,593 $15,820
------ ------ ------ -------
EXPENSES:
Management Fees 634 442 148 1,451
Waiver of Management Fees (127) (200) (82) (714)
Investment Advisory Fees 69 75 16 158
Waiver of Investment Advisory Fees -- -- -- --
Custodian/Wire Agent Fees 25 27 9 51
Professional Fees 21 26 2 41
Pricing Fees 3 3 1 6
Registration Fees 17 16 12 38
Trustee Fees 5 6 1 11
Distribution Fees (1) 118 972 -- 306
Printing Fees 24 15 1 14
Amortization of Deferred Organizational Costs -- -- 14 --
Insurance Fees 4 3 2 8
Other Expenses -- -- -- --
------ ------ ------ -------
Total Expenses 793 1,385 124 1,370
------ ------ ------ -------
NET INVESTMENT INCOME 6,027 5,831 1,469 14,450
------ ------ ------ -------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Gain (Loss) on Investments 18 6 27 21
Net Change in Unrealized Appreciation
(Depreciation) of Investments -- -- -- --
------ ------ ------ -------
Net Realized and Unrealized Gain (Loss)
on Investments 18 6 27 21
------ ------ ------ -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $6,045 $5,837 $1,496 $14,471
====== ====== ====== =======
<FN>
1 INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
2 THE BAINBRIDGE TAX EXEMPT PORTFOLIO CLOSED ON DECEMBER 15, 1995
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
40
<PAGE>
<TABLE>
<CAPTION>
------------ ------------- ------------ ---------
INTERMEDIATE- KANSAS
PENNSYLVANIA TERM PENNSYLVANIA TAX FREE
TAX FREE MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- ------------ ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $ 525 $2,477 $2,911 $1,810
----- ------ ------ ------
EXPENSES:
Management Fees 49 185 182 50
Waiver of Management Fees (24) (41) (92) (2)
Investment Advisory Fees 5 85 130 99
Waiver of Investment Advisory Fees -- (14) (35) (99)
Custodian/Wire Agent Fees 2 8 8 5
Professional Fees 2 6 7 5
Pricing Fees -- 1 1 1
Registration Fees 1 5 5 3
Trustee Fees 1 1 2 1
Distribution Fees (1) 9 32 34 --
Printing Fees 2 -- 7 3
Amortization of Deferred Organizational Costs -- -- -- 2
Insurance Fees 1 1 1 1
Other Expenses -- -- -- --
----- ------ ------ ------
Total Expenses 48 269 250 69
----- ------ ------ ------
NET INVESTMENT INCOME 477 2,208 2,661 1,741
----- ------ ------ ------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Gain (Loss) on Investments (14) 870 1,627 108
Net Change in Unrealized Appreciation
(Depreciation) of Investments -- 292 (892) 516
----- ------ ------ ------
Net Realized and Unrealized Gain (Loss)
on Investments (14) 1,162 735 624
----- ------ ------ ------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 463 $3,370 $3,396 $2,365
===== ====== ====== ======
</TABLE>
41
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
==============================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 1996
(UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1995
<TABLE>
<CAPTION>
---------------------- --------------------- ------------------ -----------------------
BAINBRIDGE INSTITUTIONAL
TAX CALIFORNIA TAX TAX
FREE TAX EXEMPT EXEMPT FREE
PORTFOLIO PORTFOLIO PORTFOLIO1 PORTFOLIO
---------------------- --------------------- ------------------ -----------------------
1996 1995 1996 1995 1996 1995 1996 1995
-------- --------- --------- --------- ------- ------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITIES:
Net Investment Income $ 6,027 $ 11,420 $ 5,831 $ 10,554 $ 1,469 $ 5,952 $ 14,450 $ 31,315
Net Realized Gain (Loss)
from Security Transactions 18 (5) 6 -- 27 4 21 (4)
Net Change in Unrealized
Appreciation (Depreciation)
of Investment Securities -- -- -- -- -- -- -- --
-------- --------- --------- --------- ------- ------- --------- ---------
Net Increase in Net Assets
Resulting from Operations 6,045 11,415 5,837 10,554 1,496 5,956 14,471 31,311
-------- --------- --------- --------- ------- ------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (6,023) (11,398) (756) (1,158) (1,471) (5,950) (14,066) (30,581)
Class B -- -- -- (170) -- -- (323) (724)
Class C -- -- (5,075) (9,226) -- -- (70) --
Class D (4) (23) -- -- -- -- -- --
Net Capital Gains
Class A -- -- -- (1) (31) -- -- --
Class B -- -- -- -- -- -- -- --
Class C -- -- -- (8) -- -- -- --
Class D -- -- -- -- -- -- -- --
-------- --------- --------- --------- ------- ------- --------- ---------
Total Distributions (6,027) (11,421) (5,831) (10,563) (1,502) (5,950) (14,459) (31,305)
-------- --------- --------- --------- ------- ------- --------- ---------
TRANSACTIONS:
Class A:
Shares Issued 693,646 1,502,741 105,519 193,641 29,983 256,460 2,431,336 5,130,777
Shares Issued in Lieu
of Cash Distributions 129 74 38 8 -- -- 531 1,645
Shares Redeemed (724,646) (1,483,956) (88,541) (194,711) (179,210) (268,046) (2,442,650) (5,179,065)
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class A Share
Transactions (30,871) 18,859 17,016 (1,062) (149,227) (11,586) (10,783) (46,643)
-------- --------- --------- --------- ------- ------- --------- ---------
Class B:
Shares Issued -- -- -- 41,150 -- -- 41,391 77,163
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- 23 69
Shares Redeemed -- -- -- (44,406) -- -- (34,210) (83,875)
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class B Share
Transactions -- -- -- (3,256) -- -- 7,204 (6,643)
-------- --------- --------- --------- ------- ------- --------- ---------
Class C:
Shares Issued -- -- 356,153 675,735 -- -- 20,040 --
Shares Issued in Lieu
of Cash Distributions -- -- 4,248 6,682 -- -- -- --
Shares Redeemed -- -- (356,834) (672,528) -- -- (14,634) --
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class C Share
Transactions -- -- 3,567 9,889 -- -- 5,406 --
-------- --------- --------- --------- ------- ------- --------- ---------
Class D:
Shares Issued 1,602 4,827 -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed (1,874) (4,555) -- -- -- -- -- --
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class D Share
Transactions (272) 272 -- -- -- -- -- --
-------- --------- --------- --------- ------- ------- --------- ---------
Increase (Decrease) in
Net Assets from Share
Transactions (31,143) 19,131 20,583 5,571 (149,227) (11,586) 1,827 (53,286)
-------- --------- --------- --------- ------- ------- --------- ---------
Total Increase (Decrease)
in Net Assets (31,125) 19,125 20,589 5,562 (149,233) (11,580) 1,839 (53,280)
-------- --------- --------- --------- ------- ------- --------- ---------
NET ASSETS:
Beginning of period 377,424 358,299 358,956 353,394 149,233 160,813 803,961 857,241
-------- --------- --------- --------- ------- ------- --------- ---------
End of period $346,299 $ 377,424 $ 379,545 $ 358,956 $ 0 $149,233 $ 805,800 $ 803,961
-------- --------- --------- --------- ------- ------- --------- ---------
SHARES ISSUED AND REDEEMED
Class A:
Shares Issued 693,646 1,502,741 105,519 193,641 29,983 256,460 2,431,336 5,130,777
Shares Issued in Lieu
of Cash Distributions 129 74 38 8 -- -- 531 1,645
Shares Redeemed (724,646) (1,483,956) (88,541) (194,711) (179,210) (268,046) (2,442,650) (5,179,065)
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class A Transactions (30,871) 18,859 17,016 (1,062) (149,227) (11,586) (10,783) (46,643)
-------- --------- --------- --------- ------- ------- --------- ---------
Class B:
Shares Issued -- -- -- 41,150 -- -- 41,391 77,163
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- 23 69
Shares Redeemed -- -- -- (44,406) -- -- (34,210) (83,875)
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class B
Transactions -- -- -- (3,256) -- -- 7,204 (6,643)
-------- --------- --------- --------- ------- ------- --------- ---------
Class C:
Shares Issued -- -- 356,153 675,735 -- -- 20,040 --
Shares Issued in Lieu
of Cash Distributions -- -- 4,248 6,682 -- -- -- --
Shares Redeemed -- -- (356,834) (672,528) -- -- (14,634) --
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class C
Transactions -- -- 3,567 9,889 -- -- 5,406 --
-------- --------- --------- --------- ------- ------- --------- ---------
Class D:
Shares Issued 1,602 4,827 -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed (1,874) (4,555) -- -- -- -- -- --
-------- --------- --------- --------- ------- ------- --------- ---------
Total Class D
Transactions (272) 272 -- -- -- -- -- --
-------- --------- --------- --------- ------- ------- --------- ---------
Increase (Decrease)
in Capital Shares (31,143) 19,131 20,583 5,571 (149,227) (11,586) 1,827 (53,286)
======== ========= ========= ========= ======== ======= ========= =========
<FN>
1 THE BAINBRIDGE TAX EXEMPT PORTFOLIO CLOSED ON DECEMBER 15, 1995
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42
<PAGE>
<TABLE>
<CAPTION>
-------------------- ---------------------- -------------------- -------------------
PENNSYLVANIA INTERMEDIATE- KANSAS
TAX TERM PENNSYLVANIA TAX FREE
FREE MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- ---------------------- -------------------- -------------------
1996 1995 1996 1995 1996 1995 1996 1995
---------- --------- --------- --------- --------- --------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITIES:
Net Investment Income $ 477 $ 733 $ 2,208 $ 5,258 $ 2,661 $ 5,733 $ 1,741 $ 3,420
Net Realized Gain (Loss)
from Security Transactions (14) (1) 870 (1,478) 1,627 (311) 108 (121)
Net Change in Unrealized
Appreciation (Depreciation)
of Investment Securities -- -- 292 3,053 (892) 1,299 516 1,095
---------- --------- --------- --------- --------- --------- --------- ------
Net Increase in Net Assets
Resulting from Operations 463 732 3,370 6,833 3,396 6,721 2,365 4,394
---------- --------- --------- --------- --------- --------- --------- ------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (477) (733) (2,253) (5,340) (2,693) (5,837) (1,750) (3,407)
Class B -- -- -- -- -- -- -- --
Class C -- -- -- -- -- -- -- --
Class D -- -- (12) (41) -- -- -- --
Net Capital Gains
Class A -- -- -- (15) -- (4) -- --
Class B -- -- -- -- -- -- -- --
Class C -- -- -- -- -- --
Class D -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Distributions (477) (733) (2,265) (5,396) (2,693) (5,841) (1,750) (3,407)
---------- --------- --------- --------- --------- --------- --------- ------
TRANSACTIONS:
Class A:
Shares Issued 89,011 126,868 10,934 41,823 6,635 9,245 7,838 10,341
Shares Issued in Lieu
of Cash Distributions 50 14 479 1,102 74 153 -- --
Shares Redeemed (88,291) (119,535) (15,648) (76,186) (7,216) (31,265) (7,497) (7,840)
---------- --------- --------- --------- --------- --------- --------- ------
Total Class A Share
Transactions 770 7,347 (4,235) (33,261) (507) (21,867) 341 2,501
---------- --------- --------- --------- --------- --------- --------- ------
Class B:
Shares Issued -- -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Class B Share
Transactions -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Class C:
Shares Issued -- -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Class C Share
Transactions -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Class D:
Shares Issued -- -- -- 26 -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- 9 37 -- -- -- --
Shares Redeemed -- -- (217) (630) -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Class D Share
Transactions -- -- (208) (567) -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Increase (Decrease) in
Net Assets from Share
Transactions 770 7,347 (4,443) (33,828) (507) (21,867) 341 2,501
---------- --------- --------- --------- --------- --------- --------- ------
Total Increase (Decrease)
in Net Assets 756 7,346 (3,338) (32,391) 196 (20,987) 956 3,488
---------- --------- --------- --------- --------- --------- --------- ------
NET ASSETS:
Beginning of period 26,058 18,712 96,223 128,614 104,094 125,081 65,834 62,346
---------- --------- --------- --------- --------- --------- --------- ------
End of period $ 26,814 $ 26,058 $ 92,885 $ 96,223 $ 104,290 $ 104,094 $ 66,790 $ 65,834
---------- --------- --------- --------- --------- --------- --------- ------
SHARES ISSUED AND REDEEMED
Class A:
Shares Issued 89,011 126,868 1,023 4,110 618 889 732 994
Shares Issued in Lieu
of Cash Distributions 50 14 45 108 7 15 -- --
Shares Redeemed (88,291) (119,535) (1,465) (7,494) (673) (3,027) (701) (754)
---------- --------- --------- --------- --------- --------- --------- ------
Total Class A Transactions 770 (7,347) (397) (3,276) (48) (2,123) 31 240
---------- --------- --------- --------- --------- --------- --------- ------
Class B:
Shares Issued -- -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Class B
Transactions -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Class C:
Shares Issued -- -- -- -- -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Class C
Transactions -- -- -- -- -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Class D:
Shares Issued -- -- -- 2 -- -- -- --
Shares Issued in Lieu
of Cash Distributions -- -- 1 5 -- -- -- --
Shares Redeemed -- -- (21) (61) -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Total Class D
Transactions -- -- (20) (54) -- -- -- --
---------- --------- --------- --------- --------- --------- --------- ------
Increase (Decrease)
in Capital Shares 770 7,347 (417) (3,330) (48) (2,123) 31 240
========== ========= ========= ========= ========= ========= ========= ======
</TABLE>
43
<PAGE>
FINANCIAL HIGHLIGHTS
==============================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD OR YEAR
<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)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------
TAX FREE PORTFOLIO
- ------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 $1.00 $0.017 $(0.017) -- $(0.017) -- $1.00 3.44%* $ 346,299
FOR THE YEARS ENDED AUGUST 31,:
1995 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.48% 377,152
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.20% 358,299
1993 1.00 0.022 (0.023) -- (0.023) -- 1.00 2.29% 414,975
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32% 293,982
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.81% 343,300
1990 (1) 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.20%(DAGGER) 356,814
FOR THE YEARS ENDED JANUARY 31,:
1990 1.00 0.059 (0.059) -- (0.059) -- 1.00 5.97% 464,389
1989 1.00 0.049 (0.049) -- (0.049) -- 1.00 4.98% 790,629
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.34% 938,484
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.31% 1,143,083
1986 1.00 0.051 (0.051) -- (0.051) -- 1.00 5.21% 503,891
1985 1.00 0.058 (0.058) -- (0.058) -- 1.00 5.86% 263,325
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 1.00 0.015 (0.015) -- (0.015) -- 1.00 3.08%* --
FOR THE YEAR ENDED AUGUST 31,:
1995(2) 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.68%(DAGGER) 272
- -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 1.00 0.017 (0.017) -- (0.017) -- 1.00 3.50%* 47,975
FOR THE YEARS ENDED AUGUST 31,:
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.49% 30,921
1994 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.32% 32,015
1993 1.00 0.024 (0.024) -- (0.024) -- 1.00 2.41% 540,285
1992 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44% 445,936
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.92% 376,653
1990 (3) 1.00 0.016 (0.016) -- (0.016) -- 1.00 1.81%(DAGGER) 275,095
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 1.00 0.015 (0.015) -- (0.015) -- 1.00 2.98%* 331,570
FOR THE YEARS ENDED AUGUST 31,:
1995 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.97% 328,035
1994(4) 1.00 0.006 (0.006) -- (0.006) -- 1.00 2.14%* 318,122
- -------------------------------
BAINBRIDGE TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996(5) 1.00 0.001 (0.001) -- (0.001) -- 1.00 3.64% --
FOR THE YEARS ENDED AUGUST 31,:
1995 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.69% 149,233
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.52% 160,813
1993(6) 1.00 0.019 (0.019) -- (0.019) -- 1.00 1.95%(DAGGER) 160,058
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
RATIO OF NET ASSETS INVESTMENT NET ASSETS
EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
TO AVERAGE FEE AVERAGE FEE TURNOVER
NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ------------------
TAX FREE PORTFOLIO
- ------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.45%* 0.52%* 3.43%* 3.36%* --
FOR THE YEARS ENDED AUGUST 31,:
1995 0.45% 0.51% 3.43% 3.37% --
1994 0.45% 0.53% 2.17% 2.09% --
1993 0.45% 0.53% 2.24% 2.16% --
1992 0.45% 0.55% 3.30% 3.20% --
1991 0.37% 0.55% 4.70% 4.52% --
1990 (1) 0.45% 0.56% 5.46% 5.35% --
FOR THE YEARS ENDED JANUARY 31,:
1990 0.54% 0.59% 5.90% 5.85% --
1989 0.46% 0.58% 4.90% 4.78% --
1988 0.53% 0.54% 4.20% 4.19% --
1987 0.56% 0.56% 4.10% 4.10% --
1986 0.57% 0.57% 5.10% 5.10% --
1985 0.58% 0.60% 5.80% 5.78% --
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.80%* 0.87%* 3.15%* 3.08%* --
FOR THE YEAR ENDED AUGUST 31,:
1995(2) 0.80%* 0.86%* 3.13%* 3.07%* --
- -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.28%* 0.39%* 3.47%* 3.36%* --
FOR THE YEARS ENDED AUGUST 31,:
1995 0.28% 0.42% 3.43% 3.29% --
1994 0.27% 0.38% 2.28% 2.17% --
1993 0.28% 0.37% 2.37% 2.28% --
1992 0.28% 0.38% 3.34% 3.24% --
1991 0.28% 0.40% 4.74% 4.62% --
1990 (3) 0.28% 0.51% 5.27% 5.04% --
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.78%* 0.89%* 2.98%* 2.87%* --
FOR THE YEARS ENDED AUGUST 31,:
1995 0.78%* 0.93%* 2.93%* 2.78%* --
1994(4) 0.67%* 0.87%* 2.06%* 1.86%* --
- -------------------------------
BAINBRIDGE TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996(5) 0.30%* 0.47%* 3.32%* 3.15%* --
FOR THE YEARS ENDED AUGUST 31,:
1995 0.30% 0.46% 3.62% 3.46% --
1994 0.30% 0.47% 2.49% 2.32% --
1993(6) 0.30%* 0.48%* 2.39%* 2.21%* --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44
<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)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 $ 1.00 $0.018 $(0.018) -- $(0.018) -- $1.00 3.62%* $778,106
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%(DAGGER) 226,658
FOR THE YEARS ENDED JANUARY 31,:
1990 1.00 0.059 (0.059) -- (0.059) -- 1.00 6.11% 177,342
1989 1.00 0.048 (0.048) -- (0.048) -- 1.00 5.05% 99,774
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.28% 223,653
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.23% 255,147
1986 1.00 0.050 (0.050) -- (0.050) -- 1.00 5.11% 198,761
1985 1.00 0.056 (0.056) -- (0.056) -- 1.00 5.71% 162,676
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 1.00 0.016 (0.016) -- (0.016) -- 1.00 3.32%* 22,288
OR 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(7) 1.00 0.038 (0.038) -- (0.038) -- 1.00 3.89%(DAGGER) 1,515
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996(8) 1.00 0.015 (0.015) -- (0.015) -- 1.00 3.12%* 5,406
- -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 1.00 0.018 (0.018) -- (0.018) -- 1.00 3.52%* 26,814
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
- -------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- -------------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 10.59 0.25 (0.25) -- (0.25) 0.12 10.71 7.14%* 92,538
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%(DAGGER) 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%(DAGGER) 9,106
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 10.59 0.23 (0.23) -- (0.23) 0.12 10.71 6.76%* 347
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
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
RATIO OF NET ASSETS INVESTMENT NET ASSETS
EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
TO AVERAGE FEE AVERAGE FEE TURNOVER
NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.33%* 0.51%* 3.60%* 3.42%* --
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 SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.63%* 0.81%* 3.29%* 3.11%* --
OR 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(7) 0.63%* 0.84%* 4.34%* 4.13%* --
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996(8) 0.83%* 1.01%* 3.12%* 2.94%* --
- -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.35%* 0.52%* 3.53%* 3.36%* --
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%* --
- -------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- -------------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.56%* 0.68%* 4.68%* 4.56%* 27.36%
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 SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.96%* 1.08%* 4.28%* 4.16%* 27.36%
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>
45
<PAGE>
FINANCIAL HIGHLIGHTS (concluded)
===============================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD OR YEAR
<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)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 $10.66 $0.28 $(0.28) -- $(0.28) $ 0.07 $10.73 6.58%* $104,290
FOR THE YEARS ENDED AUGUST 31,:
1995 10.52 0.55 (0.55) -- (0.55) 0.14 10.66 6.81% 104,094
1994 10.94 0.53 (0.53) (0.53) (0.42) 10.52 1.14% 125,081
1993 10.59 0.55 (0.55) $(0.01) (0.56) 0.36 10.94 8.91% 153,808
1992 10.29 0.57 (0.57) (0.01) (0.58) 0.31 10.59 8.89% 114,461
1991 9.95 0.60 (0.60) (0.003) (0.60) 0.34 10.29 9.80% 83,054
1990(1) 9.98 0.34 (0.34) -- (0.34) (0.03) 9.95 3.12%(DAGGER) 64,531
FOR THE YEARS ENDED JANUARY 31,:
1990(12) 10.00 0.28 (0.23) (0.001) (0.23) (0.07) 9.98 2.11%(DAGGER) 53,042
- --------------------------------
KANSAS TAX FREE INCOME PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 10.63 0.28 (0.28) -- (0.28) 0.10 10.73 7.30%* 66,790
FOR THE YEARS ENDED AUGUST 31,:
1995 10.47 0.57 (0.57) -- (0.57) 0.16 10.63 7.23% 65,834
1994 10.91 0.57 (0.57) $(0.02) (0.59) (0.42) 10.47 1.41% 62,346
1993 10.50 0.58 (0.58) (0.05) (0.63) 0.46 10.91 10.38% 58,197
1992 10.13 0.60 (0.59) (0.01) (0.60) 0.37 10.50 9.78% 45,609
1991(13) 10.00 0.42 (0.37) -- (0.37) 0.08 10.13 5.12%(DAGGER) 29,242
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
RATIO OF NET ASSETS INVESTMENT NET ASSETS
EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
TO AVERAGE FEE AVERAGE FEE TURNOVER
NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.48%* 0.73%* 5.13%* 4.88%* 37.00%
FOR THE YEARS ENDED AUGUST 31,:
1995 0.48% 0.72% 5.21% 4.97% 22.62%
1994 0.47% 0.71% 4.90% 4.66% 25.13%
1993 0.48% 0.70% 5.15% 4.93% 15.26%
1992 0.48% 0.72% 5.52% 5.28% 10.54%
1991 0.50% 0.73% 5.98% 5.75% 19.17%
1990(1) 0.60%* 0.80%* 5.88%* 5.68%* 20.35%
FOR THE YEARS ENDED JANUARY 31,:
1990(12) 0.60% 0.86%* 6.05%* 5.79%* 10.00%
- --------------------------------
KANSAS TAX FREE INCOME PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, (UNAUDITED):
1996 0.21%* 0.52%* 5.28%* 4.97%* 9.90%
FOR THE YEARS ENDED AUGUST 31,:
1995 0.21% 0.51% 5.47% 5.17% 17.60%
1994 0.21% 0.54% 5.36% 5.03% 10.57%
1993 0.21% 0.51% 5.56% 5.26% 23.04%
1992 0.22% 0.52% 5.87% 5.57% 12.69%
1991(13) 0.31%* 0.61% 5.85%* 5.55%* 21.82%
<FN>
* ANNUALIZED.
** TOTAL RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D.
(DAGGER) 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 C COMMENCED OPERATIONS ON MAY 11, 1994.
5 THE BAINBRIDGE TAX EXEMPT PORTFOLIO--CLASS A CLOSED ON DECEMBER 15, 1995.
6 THE BAINBRIDGE TAX EXEMPT PORTFOLIO--CLASS A COMMENCED OPERATIONS ON NOVEMBER 9, 1992.
7 THE INSTITUTIONAL TAX FREE PORTFOLIO--CLASS B COMMENCED OPERATIONS ON OCTOBER 15, 1990.
8 THE INSTITUTIONAL TAX FREE PORTFOLIO--CLASS C COMMENCED OPERATIONS ON SEPTEMBER 11, 1995.
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.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
46
<PAGE>
NOTES TO FINANCIAL STATEMENTS
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
1. ORGANIZATION
SEI Tax Exempt Trust (the "Trust"), was organized as a Massachusetts business
trust under a Declaration of Trust dated March 15, 1982.
The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company with ten portfolios: the
Tax Free Portfolio, the California 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 California
Intermediate-Term Municipal Portfolio and the New York Intermediate-Term
Municipal Portfolio (collectively "the Fixed Income Portfolios"). The California
Intermediate-Term Municipal Portfolio and the New York Intermediate-Term
Municipal Portfolio had not commenced operations as of February 29, 1996. The
Trust is registered to offer four classes of shares: Class A, Class B, Class C
and Class D. The Portfolios' prospectus provides a description of each
Portfolio's investment objectives, policies and strategies. The assets of each
portfolio are segregated and a shareholder's interest is limited to the
portfolio in which shares are held.
On December 15, 1995, the Bainbridge Tax Exempt Portfolio closed and all of
the outstanding shares of the Portfolio were redeemed. SEI Financial Management
Corporation voluntarily agreed to bear the costs associated with the liquidation
of the Portfolio which approximated $13,000 and included the amount of
unamortized organizational expenses.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of 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
valuation method, purchase discounts and premiums on securities are accreted and
amortized ratably to maturity.
The market value for each security for each Fixed Income Portfolio is
obtained 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 qualify as a regulated investment company and to
distribute all of its taxable income. Accordingly, no provision for Federal
income taxes is required in the accompanying 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 relative net asset value each day.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted 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
securities are those of the specific securities sold. Interest income is
recognized 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
following month for the Tax Free, the California Tax Exempt, the Bainbridge Tax
Exempt, the Institutional Tax Free and the Pennsylvania Tax-Free
47
<PAGE>
Portfolios. Distributions from net investment income are declared each month and
paid on the tenth day of the following month for all other Portfolios. Any net
realized capital gain on sales of securities after capital loss carryovers is
distributed to the shareholders of the Portfolios at least annually. Effective
in 1994, generally accepted accounting principles require that differences
between undistributed net investment income or accumulated net realized capital
gains for financial reporting and tax purposes, if permanent, be reclassified
to/from paid in capital. Accordingly, the following permanent differences,
attributable to undistributed net investment income and accumulated net realized
capital losses, have been reclassified to paid in capital.
FROM NET
FROM CAPITAL INVESTMENT
LOSSES INCOME
------------- ------------
Tax Free Portfolio $1,318,967 $1,078,360
Institutional Tax Free Portfolio 72,478 --
3. 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 assets of the Tax Free,
Institutional Tax Free and Pennsylvania Tax Free Portfolios, .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 .15%
of the average daily net asset value of the Kansas Tax Free Income Portfolio.
However, the Manager has voluntarily agreed to waive a portion of its fee so
that total expenses of each Portfolio will not exceed certain annual expense
limitations.
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 exception 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
Distributor. These additional payments may be used to compensate financial
institutions that provide distribution-related services to their customers.
Distribution-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.
Distribution-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
Manager. The Trust pays each unaffiliated Trustee an annual fee for attendance
at quarterly, interim and committee meetings. Compensation of officers and
affiliated Trustees is paid by the Manager.
4. INVESTMENT ADVISORY
Weiss, Peck, and Greer Advisers, Inc. ("WPGA") act as the Investment Adviser on
behalf of the Tax Free, the California Tax Exempt, the Institutional Tax Free
and the Pennsylvania Tax Free Portfolios. For its services, WPGA receives a
monthly fee equal to an annual rate of .05% of the combined daily net assets up
to $500 million, .04% on the next $500 million and .03% of such assets in excess
of $1 billion of the Tax Free, California Tax Exempt, the Bainbridge Tax Exempt,
the Institutional Tax Free and the Pennsylvania Tax Free Portfolios. Prior to
January 1, 1996, WPGA served as the Investment Adviser on behalf of the
Intermediate-Term Municipal Portfolio.
48
<PAGE>
For the Intermediate-Term Municipal Portfolio, WPGA received a monthly fee equal
to an annual rate of .18% of the daily net assets up to $150 million and .16% of
such assets in excess of $150 million. WPGA had 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. Commencing
January 1, 1996, Standish, Ayer & Wood ("SAW") was appointed as the Investment
Adviser of the Intermediate-Term Municipal Portfolio. For its services, SAW
receives a monthly fee equal to an annual rate of .18% of the daily net assets
up to $125 million and .15% of such assets in excess of $125 million.
Morgan Grenfell Capital Management Incorporated ("MGCM") acts as the
Investment Adviser 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 Portfolio.
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 is entitled to receive
a monthly fee equal to an annual rate of .30% of the average daily net assets of
the Portfolio. 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.
5. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments for the period ended February 29, 1996, were
as follows:
INTERMEDIATE- KANSAS
TERM PENNSYLVANIA TAX FREE
MUNICIPAL MUNICIPAL INCOME
(000) (000) (000)
------------- ------------ --------
Purchases $24,189 $37,751 $6,391
Sales 26,781 37,608 6,619
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
capital gains at August 31, 1996. The Portfolios also had capital losses
carryforward at August 31, 1995, as follows:
CAPITAL POST
LOSS OCTOBER 31,
CARRYOVER 1994
AUGUST 31, EXPIRES EXPIRES DEFERRED NET CAPITAL
PORTFOLIO 1995 2002 2003 LOSSES LOSSES
- -------- ---------- ------- ------- -------- -----------
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
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
securities 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
49
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
==============================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 1996 (UNAUDITED)
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
appreciation at February, 29, 1996, for each Portfolio are as follows:
INTERMEDIATE- KANSAS
TERM PENNSYLVANIA TAX FREE
MUNICIPAL MUNICIPAL INCOME
(000) (000) (000)
------------- ------------ --------
Aggregate gross unrealized
appreciation $2,270 $3,239 $2,700
Aggregate gross unrealized
depreciation (227) (272) (130)
------ ------ ------
Net unrealized appreciation $2,043 $2,967 $2,570
====== ====== ======
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
commercial paper, tax and revenue anticipation notes, and general obligation
bonds. At February 29, 1996, the percentage of portfolio investments by each
revenue source were as follows.
CALIFORNIA
TAX FREE TAX EXEMPT
PORTFOLIO PORTFOLIO
--------- ----------
Revenue Bonds:
Education Revenue 5.5% 5.4%
Health Care Facilities 9.6% 6.9%
Housing Facilities 15.3% 18.6%
Industrial Development 21.8% 7.7%
Pollution Control 1.9% 4.0%
Public Facility 3.6% 10.2%
Transportation 2.3% 5.6%
Utility Revenue 3.1% 8.9%
General Obligation 6.4% 2.7%
Tax Exempt Commercial Paper -- --
CALIFORNIA
TAX FREE TAX EXEMPT
PORTFOLIO PORTFOLIO
--------- ----------
Anticipation Notes:
Bond 5.8% --
Revenue 1.8% 3.3%
Tax 5.5% --
Tax & Revenue 5.5% 12.3%
Other 11.9% 14.4%
------ ------
Total 100.00% 100.00%
INTERMEDIATE-
INSTITUTIONAL PENNSYLVANIA TERM
TAX FREE TAX EXEMPT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------ -------------
Revenue Bonds:
Education Revenue 4.7% 17.0% 9.3%
Health Care Facilities 5.5% 7.5% 8.2%
Housing Facilities 19.6% 3.5% 9.4%
Industrial Development 18.3% 22.6% 2.0%
Pollution Control 0.6% 9.5% 1.5%
Public Facility 4.4% 0.4% 1.2%
Transportation 0.4% -- 10.5%
Utility Revenue 3.1% 7.0% 26.0%
General Obligation 2.8% 6.6% 29.6%
Tax Exempt Commercial Paper 1.5% 2.9% --
Anticipation Notes:
Bond 5.5% -- --
Revenue 3.6% -- --
Tax 8.4% -- --
Tax & Revenue 5.9% 6.5% --
Other 15.7% 16.5% 2.3%
------ ------ ------
Total 100.00% 100.00% 100.00%
KANSAS
PENNSYLVANIA TAX FREE
MUNICIPAL INCOME
PORTFOLIO PORTFOLIO
------------ ---------
Revenue Bonds:
Education Revenue 16.2% 2.2%
Health Care Facilities 24.0% 7.1%
Housing Facilities 8.4% 7.0%
Industrial Development 16.2% 2.8%
Pollution Control -- 2.5%
Public Facility 3.3% 1.6%
Transportation 4.0% 4.1%
Utility Revenue 11.4% 15.9%
General Obligation 13.2% 51.6%
Tax Exempt Commercial Paper -- --
Anticipation Notes:
Bond -- --
Revenue -- --
Tax -- --
Tax & Revenue -- --
Other 3.3% 5.2%
--------- ------
Total 100.00% 100.00%
50
<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.
Although 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.
Also, some of the securities have credit enhancements (letters of credit or
guarantees issued by third party domestic or foreign banks or other
institutions). At February 29, 1996, the percentage of the Portfolios'
investments that were insured and the percentage of the Portfolios' investments
that had credit enhancements were as follows:
CREDIT
INSURED ENHANCEMENTS
------- ------------
Tax Free 2.4% 65.7%
California Tax Exempt 9.1% 66.3%
Institutional Tax Free 1.2% 73.0%
Pennsylvania Tax Free 18.2% 63.4%
Intermediate-Term Municipal 32.6% 18.7%
Pennsylvania Municipal 47.2% 24.1%
Kansas Tax Free Income 37.3% 0.0%
8. SHAREHOLDER VOTING RESULTS
At a special meeting of shareholders held on September 28, 1995, shareholders of
the Pennsylvania Municipal Portfolio (the "Portfolio") of SEI Tax Exempt Trust
(the "Trust") voted to approve the selection of Morgan Grenfell Capital
Management Incorporated ("Morgan Grenfell") as investment adviser to the
Portfolio and the investment advisory agreement between the Trust and Morgan
Grenfell. The proposal and the results of the shareholder meeting are set forth
below.
I. Proposal to approve Morgan Grenfell as investment adviser of the Portfolio
and to approve the new investment advisory agreement relating to the Portfolio
between the Trust and Morgan Grenfell.
Shares Voted
-----------------------
For 8,955,686
Against 71
Abstain 29,339
There were no broker non-votes submitted and no other proposals voted on at
such meeting.
51
<PAGE>
NOTES
<PAGE>
=================================
SEI TAX EXEMPT TRUST
=================================
SEMI-ANNUAL REPORT
=================================
FEBRUARY 29, 1996 (UNAUDITED)
Robert A. Nesher
CHAIRMAN
TRUSTEES
Richard F. Blanchard
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
OFFICERS
David G. Lee
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Joseph Lydon
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, CHIEF FINANCIAL OFFICER
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 Standish, Ayer & Wood, Inc.:
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
Weiss, Peck & Greer L.L.C.:
TAX FREE PORTFOLIO
CALIFORNIA TAX EXEMPT PORTFOLIO
BAINBRIDGE TAX EXEMPT PORTFOLIO
INSTITUTIONAL TAX EXEMPT PORTFOLIO
PENNSYLVANIA TAX EXEMPT PORTFOLIO
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Financial Management Corporation
DISTRIBUTOR
SEI Financial Services Company
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
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(BULLET)800(BULLET)DIAL(BULLET)SEI/1(BULLET)800(BULLET)342(BULLET)5734
<PAGE>
SEI-F-090-03
