Semi-Annual Report as of
February 28, 1997
SEI TAX EXEMPT
TRUST
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Tax Free Portfolio
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California Tax Exempt Portfolio
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Institutional Tax Free Portfolio
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Pennsylvania Tax Free Portfolio
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Intermediate-Term Municipal Portfolio
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Pennsylvania Municipal Portfolio
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Kansas Tax Free Income Portfolio
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[SEI INVESTMENTS LOGO]
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TABLE OF CONTENTS
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STATEMENT OF NET ASSETS.............................................. 1
STATEMENT OF OPERATIONS.............................................. 46
STATEMENT OF CHANGES IN NET ASSETS................................... 48
FINANCIAL HIGHLIGHTS................................................. 50
NOTES TO FINANCIAL STATEMENTS........................................ 53
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STATEMENT OF NET ASSETS
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SEI Tax Exempt Trust -- February 28, 1997 (unaudited)
TAX FREE PORTFOLIO
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FACE
AMOUNT (000) VALUE (000)
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MUNICIPAL BONDS -- 102.5%
ALABAMA -- 0.5%
Tuscaloosa Industrial Development
Board, Industrial Development
Revenue, Field Container
Corporation, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 $ 1,950 $ 1,950
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ARIZONA -- 1.7%
Chandler Industrial Development
Authority, Parsons Municipal
Series Project, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 3,900 3,900
Tuscon Industrial Development
Authority, Tuscon City Center
Parking Garage, VRDN,
RB (A) (B) (C)
3.375%, 03/07/97 2,925 2,925
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6,825
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ARKANSAS -- 1.0%
Little Rock Southwest Hospital,
Ser 88, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,985 3,985
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CALIFORNIA -- 3.3%
California Health Facilities Finance
Authority, Memorial Health
Services, VRDN, RB (A) (B)
3.200%, 03/07/97 4,800 4,800
California School Cash Reserve
Program Authority, Pool,
Ser A, RAN
4.750%, 07/02/97 5,000 5,015
California State, Ser 96-97, RAN
4.500%, 06/30/97 2,500 2,504
California Statewide Health
Services, VRDN, RB (A) (B)
3.200%, 03/07/97 1,200 1,200
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13,519
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COLORADO -- 3.5%
Colorado Housing Finance
Authority, Multi-Family
Housing, Cambray Park,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,900 2,900
Colorado Housing Finance
Authority, Multi-Family
Housing, Grants Plaza Project
91-A, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 1,500 1,500
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FACE
AMOUNT (000) VALUE (000)
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Colorado Housing Finance
Authority, Multi-Family
Housing, Woodstream Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 $ 2,500 $ 2,500
Denver City & County, Multi-
Family Housing, Ogden
Residence Project, Ser 85-B,
VRDN, RB (A) (B) (C)
3.500%, 03/01/97 2,890 2,890
Fraser Industrial Development
Revenue, Safeway Project,
VRDN, RB (A) (B) (C)
3.650%, 06/01/97 1,600 1,600
Jefferson County Industrial
Development Revenue,
Southwest Medpro Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 550 550
Larimer County School
District, TAN
4.000%, 06/30/97 1,200 1,200
Regents of University of Colorado,
Refunding Telcom and Cogen
Projects, COP
4.500%, 12/01/97 1,260 1,265
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14,405
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DISTRICT OF COLUMBIA -- 1.7%
District of Columbia, Washington,
Ser B-1, VRDN, RB (A) (B) (C)
3.500%, 03/01/97 2,400 2,400
District of Columbia, Washington,
Ser B-3, VRDN, RB (A) (B) (C)
3.500%, 03/01/97 4,500 4,500
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6,900
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FLORIDA -- 2.8%
Boca Raton Industrial Development
Authority, Parking Garage,
Ser 84-A, VRDN, RB (A) (B) (C)
3.625%, 03/07/97 3,125 3,125
Dade County, Aviation Revenue
Refunding, Ser X, RB
4.600%, 10/01/97 450 452
Florida Housing Finance Agency,
VRDN, RB (A) (B) (C)
3.750%, 03/07/97 2,300 2,300
Halifax Hospital Medical Center,
Ser 96, TAN (C)
3.800%, 04/15/97 3,000 3,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
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FACE
AMOUNT (000) VALUE (000)
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Highlands County, Health Facilities
Authority Revenue, Adventist/
Sunbelt Ser A, RB (A) (B) (C)
3.300%, 03/07/97 $ 1,500 $ 1,500
Pasco County Housing Facility
Authority, Multi-Family Housing,
Carlton Arms/Magnolia Valley,
VRDN, RB (A) (B) (C)
3.375%, 03/07/97 1,000 1,000
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11,377
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GEORGIA -- 4.1%
Clayton County, Multi-Family
Housing Revenue, Rivers
Edge Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 5,545 5,545
DeKalb County, Development
Authority Revenue, Dart
Container Project, VRDN,
RB (A) (B) (C)
3.700%, 03/07/97 1,000 1,000
DeKalb County, Multi-Family
Housing, Wood Terrace
Apartments Project,
VRDN, RB (A) (B)
3.350%, 03/07/97 700 700
Fulton County Development
Authority, Robert W. Woodruff
Arts Center, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,500 3,500
Gordon Industrial Development
Authority, Federal Paper Board
Company Project, Ser 92,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,000 2,000
Newton, Industrial Development
Revenue, H.B. Fuller Project,
Ser 84, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,100 3,100
Richmond County Industrial
Development Authority, Federal
Paper Board Company Project,
Ser 92, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 1,000 1,000
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16,845
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ILLINOIS -- 7.6%
Chicago, O'Hare International
Airport, American Airlines,
Ser D, RB (A) (B) (C)
3.450%, 03/01/97 1,000 1,000
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FACE
AMOUNT (000) VALUE (000)
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Chicago, Tender Notes, Ser C,
GO (A) (B) (C)
3.600%, 08/01/97 $ 1,000 $ 1,000
East Peoria, Multi-Family Housing
Revenue, Radnor East Project,
VRDN, RB (A) (B) (C)
3.500%, 03/07/97 1,720 1,720
Illinois Development Financing
Authority, Dart Container
Project, VRDN, RB (A) (B) (C)
3.424%, 03/07/97 1,300 1,300
Illinois Development Financing
Authority, Diamond Star Motors
Project, VRDN, RB (A) (B) (C)
3.550%, 03/01/97 1,900 1,900
Illinois Development Financing
Authority, Pollution Control
Refunding, Uno-Ven Project,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 1,800 1,800
Illinois Development Financing
Authority, Presbyterian Home
Lake, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,000 2,000
Illinois Educational Facilities
Authority Revenue, Illinois
College of Optometry Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 3,000 3,000
Illinois Health Facilities Authority
Revenue, Advocate Healthcare
Network Ser B, VRDN, RB (A) (B)
3.450%, 03/07/97 6,000 6,000
Kane County School District #131,
Aurora East Side, TAW
4.250%, 09/29/97 2,250 2,256
Peoria Economic Development,
North Point Shopping Center
Project, VRDN, RB (A) (B) (C)
3.700%, 06/01/97 2,335 2,335
Skokie Industrial Development
Authority, Fashion Square Project,
VRDN, RB (A) (B) (C)
3.625%, 03/07/97 2,800 2,800
Springfield Community
Improvement Revenue, Kent
Family Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 850 850
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
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FACE
AMOUNT (000) VALUE (000)
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St. Clair County Industrial
Building Authority, Winchester
Apartments Project, Ser 94,
VRDN, RB (A) (B)
3.800%, 03/07/97 $ 3,000 $ 3,000
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30,961
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INDIANA -- 6.8%
Fort Wayne, Economic
Development Authority,
Georgetown PL Venture,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 2,100 2,100
Gary Environmental Improvement,
US Steel, VRDN, RB (A) (B) (C)
3.550%, 03/07/97 9,800 9,800
Indiana Development Finance
Authority, Industrial
Development Revenue,
Goodwill Industries Center
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,400 1,400
Indiana Health Facilities Finance
Authority, Lutherwood Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 1,000 1,000
Residential Apartments, 1 Portfolio
Cert. Trust, Ser 1996A (A) (B) (C)
3.500%, 03/07/97 3,850 3,850
Merrillville Community
School, TAW
4.000%, 06/30/97 3,500 3,503
4.000%, 12/31/97 3,500 3,504
Muncie, TAW
4.000%, 12/31/97 1,100 1,102
Plymouth Community School, TAW
4.000%, 12/30/97 653 655
Portage, Economic Development
Revenue, VRDN, RB (A) (B) (C)
3.500%, 03/07/97 740 740
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27,654
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IOWA -- 0.4%
Des Moines Private College Revenue,
Drake University Project, Ser B (D)
6.800%, 12/01/97 1,655 1,723
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FACE
AMOUNT (000) VALUE (000)
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KANSAS -- 0.2%
Salina, Central Mall Dillard,
Ser 84, VRDN, RB (A) (B) (C)
3.500%, 03/07/97 $ 495 $ 495
Shawnee County, Ser 96-1, BAN
4.800%, 03/01/97 280 280
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775
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KENTUCKY -- 0.3%
Local Correctional Facilities
Construction Authority
Revenue, RB (D)
7.400%, 11/01/97 1,000 1,044
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LOUISIANA -- 0.4%
Ascension Parish, Pollution
Control Revenue, BASF
Wyandotte Corporation,
VRDN, RB (A) (B) (C)
3.500%, 03/01/97 1,600 1,600
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MAINE -- 1.6%
Baileyville Pollution Control
Revenue, Georgia Pacific,
Ser 88, VRDN, RB (A) (B) (C)
3.375%, 03/07/97 4,600 4,600
Maine State, TAN, GO
4.500%, 06/27/97 2,000 2,004
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6,604
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MARYLAND -- 3.1%
Howard County Multi-Family
Housing, Sherwood Crossing
Limited, Ser A, VRDN, RB (A) (B)
3.750%, 06/01/97 1,500 1,500
Maryland Health & Higher
Education Facilities Authority,
Kennedy Krieger, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 400 400
Maryland Industrial Development
Finance Authority, Liberty
Medical Center Project, RB (A)
3.300%, 03/07/97 5,200 5,200
Montgomery County, Multi-Family
Housing Opportunities,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 5,000 5,000
Prince Georges County Housing
Authority, VRDN, RB (A) (B) (C)
3.425%, 03/07/97 625 625
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12,725
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3
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STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
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FACE
AMOUNT (000) VALUE (000)
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MICHIGAN -- 0.2%
Michigan Job Development
Authority, Gordon Food
Service Project, RB (A) (B)(C)
3.300%, 03/07/97 $ 210 $ 210
Sterling Heights Economic
Development, Sterling Shopping
Center, VRDN, RB (A) (B) (C)
3.250%, 03/07/97 475 475
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685
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MINNESOTA -- 1.3%
Golden Valley Industrial
Development Revenue,
Graco Project, VRDN,
RB (A) (B) (C)
3.500%, 03/07/97 1,120 1,120
Minneapolis, VRDN,
GO (A) (B) (C)
3.320%, 03/07/97 3,400 3,400
Minnesota School Districts,
Tax & Aid Anticipation
Borrowing Program, Ser 96-B, COP
4.500%, 09/09/97 900 903
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5,423
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MISSOURI -- 1.2%
Joplin Industrial Development
Authority, Leggett and Platt
Project 1, Ser 92-A, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,865 1,865
Kansas City Industrial
Development Authority,
Baptist Health System, Ser A,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,075 3,075
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4,940
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NEVADA -- 1.0%
Henderson Public Improvement
Trust, Multi-Family Housing,
Pueblo Verde I & II-B Apartment
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 4,185 4,185
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NEW HAMPSHIRE -- 0.3%
New Hampshire Higher Education
& Health Facility Authority,
Dartmouth College, RB (A) (B)
3.800%, 06/01/97 1,080 1,080
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FACE
AMOUNT (000) VALUE (000)
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NEW JERSEY -- 0.9%
New Jersey Economic
Development Authority,
Cincinnati Gear Company,
RB (A) (B) (C)
4.100%, 04/01/97 $ 975 $ 975
New Jersey State, GO (D)
7.200%, 04/15/97 2,585 2,622
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3,597
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NEW MEXICO -- 1.5%
Albuquerque Industrial
Development Revenue,
Plastech Project, Ser 94-B,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,155 2,155
Farmington, Pollution Control
Revenue, Public Service -
San Juan, Ser C, VRDN,
RB (A) (B) (C)
3.300%, 03/07/97 4,000 4,000
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6,155
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NEW YORK -- 2.7%
Nassau County, Ser A, RAN
4.000%, 03/05/97 2,500 2,500
North Hempstead, BAN
4.250%, 05/29/97 2,000 2,002
4.000%, 01/29/98 3,000 3,001
4.125%, 02/26/98 1,325 1,329
Ontario County Industrial
Development Authority, Seneca
Foods, RB (A) (B) (C)
3.650%, 03/07/97 2,185 2,185
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11,017
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NORTH CAROLINA -- 2.5%
Medical Care Retirement
Community Revenue, Adult
Communities Total Services,
RB (A) (B) (C)
3.350%, 03/07/97 10,000 10,000
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NORTH DAKOTA -- 0.5%
Fargo Commercial Development
Revenue, Cass Oil Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,200 2,200
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OHIO -- 1.8%
Cincinnati & Hamilton County
Port Authority, CEI Realty Project,
VRDN, GO (A) (B) (C)
3.600%, 03/01/97 100 100
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
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FACE
AMOUNT (000) VALUE (000)
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Highland County, Industrial
Development Revenue,
Lancaster Colony Corporation,
VRDN, RB (A) (B) (C)
3.750%, 03/01/97 $ 900 $ 900
Lima Hospital Revenue, Refunding
and Improvement, Lima Memorial
Hospital, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 2,000 2,000
Montgomery County Economic
Development Revenue, Wayne
Town Center, VRDN,
RB (A) (B) (C)
3.850%, 04/01/97 1,025 1,025
Summit County Industrial
Development Authority,
Arlington Plaza Project,
VRDN, RB (A) (B) (C)
3.700%, 03/01/97 2,235 2,235
Toledo Industrial Development
Revenue, Countymark Cooperative
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 900 900
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7,160
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OKLAHOMA -- 3.6%
Bartlesville Development Authority,
Heritage Villa Nursing Center,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 3,000 3,000
Oklahoma City Industrial
Development Authority, Baptist
General Convention Refunding,
Ser 89, RB (A) (B) (C)
3.750%, 03/01/97 2,500 2,500
Tulsa County Industrial
Development Authority,
Healthcare Revenue, VRDN,
RB (A) (B)
3.650%, 06/15/97 3,500 3,500
Tulsa Parking Authority, Refunding
First Mortgage Williams Project 84,
Ser A, VRDN, RB (A) (B) (C)
3.700%, 05/15/97 2,310 2,310
Water Reserve Board, State Loan
Program Revenue, RB (A) (B)
3.700%, 03/03/97 3,500 3,500
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14,810
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OREGON -- 0.6%
Port of Portland, Public Grain
Elevator, Columbia Grain Project,
VRDN, RB (A) (B) (C)
3.500%, 03/07/97 2,565 2,565
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FACE
AMOUNT (000) VALUE (000)
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PENNSYLVANIA -- 22.2%
Allegheny County Hospital
Development Authority, Ser 88-D,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 $ 600 $ 600
Berks County Industrial
Development Authority, Rilsaw
Industrial Project, Elf Aquitaine,
VRDN, RB (A) (B) (C)
3.375%, 03/07/97 1,400 1,400
Bucks County Industrial
Development Authority,
Edgcomb Metals Project,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 1,000 1,000
Clarion County Industrial
Development Authority,
Specialized Development
Meritcare, MTC Project, Ser A,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,000 1,000
Cumberland County Municipal
Authority, United Methodist
Homes Aging Project, VRDN,
RB (A) (B) (C)
3.680%, 03/01/97 2,000 2,000
Delaware County Airport Facility,
Airport Facility Revenue,
UPS Project, Ser 85, VRDN,
RB (A) (B)
3.400%, 03/01/97 900 900
Delaware County Industrial
Development Authority, British
Petroleum Project, Ser 95,
VRDN, RB (A) (B)
3.450%, 03/01/97 2,400 2,400
Delaware County Industrial
Development Authority, Resource
Recovery Project, Ser G,
VRDN, RB (A) (B)
3.625%, 12/01/97 1,500 1,500
Delaware Valley Regional Finance
Authority, Local Government
Revenue, Ser B, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 3,100 3,100
Delaware Valley Regional Finance
Authority, Local Government
Revenue, Ser C, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 2,700 2,700
5
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Emmaus General Authority, Local
Government, Ser B, VRDN,
RB (A) (B)
3.350%, 03/07/97 $ 1,000 $ 1,000
Emmaus General Authority,
VRDN, RB (A) (B)
3.350%, 03/07/97 5,500 5,500
Erie County Hospital Authority
Revenue, Union City Memorial
Hospital, RB (A) (B)(C)
3.350%, 03/07/97 1,000 1,000
Jeanette Hospital Revenue Authority,
Jeanette Memorial Hospital,
RB (A) (B) (C)
3.350%, 03/07/97 1,000 1,000
Langhorne Hospital Revenue
Authority, Franciscan Health
Systems Project, Ser C, VRDN,
RB (A) (B) (C)
3.400%, 03/01/97 2,100 2,100
Montgomery County Higher
Education & Health Authority,
Higher Education & Health Loan,
Ser 96-A, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 14,400 14,400
Montour County Health System
Authority, Geisinger Authority,
Ser 92 B, RB (A) (B)(C)
3.450%, 03/01/97 3,700 3,700
Moon Township Industrial
Development Revenue, Executive
Office Project, Ser 91-A,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 800 800
North Umberland County
Industrial Development
Authority, Atlas Development,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,800 1,800
Northeastern Hospital & Education
Authority, Allhealth Pooled
Financing Program, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 3,500 3,500
Pennsylvania Higher Education
Facility Authority,
Thomas Jefferson University,
Ser B, VRDN, RB (A) (B) (C)
3.500%, 08/26/97 1,000 1,000
Pennsylvania Higher Education
Facility Authority,
Thomas Jefferson University,
Ser C, VRDN, RB (A) (B) (C)
3.500%, 08/26/97 1,500 1,500
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania Higher Education
Facility Authority,
Allegheny College Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 $ 3,000 $ 3,000
Philadelphia Industrial
Development Authority,
War-Institute Cancer Research,
Ser A, VRDN, RB (A) (B)
3.450%, 03/01/97 1,000 1,000
Philadelphia Industrial Development
Authority, Multi-Family Housing,
Harbor View Towers Project,
VRDN, RB (A) (B) (C)
3.500%, 03/07/97 280 280
Philadelphia Redevelopment
Authority, Pennsylvania
School for the Deaf,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,000 2,000
Philadelphia School District, TRAN
4.500%, 06/30/97 1,500 1,503
Philadelphia, Ser A, TRAN
4.500%, 06/30/97 3,025 3,030
Quakertown, General Authority
Revenue, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,700 3,700
Sayre Health Care Facilities
Authority, Capital Financing
Project, Ser B, VRDN, RB,
AMBAC Insured (A) (B)
3.300%, 03/07/97 700 700
Sayre Health Care Facilities
Authority, Capital Financing
Project, Ser K, VRDN, RB,
AMBAC Insured (A) (B)
3.300%, 03/07/97 1,000 1,000
Schuylkill County Industrial
Development Authority,
Northeastern Power Project,
VRDN, RB (A) (B) (C)
3.500%, 03/01/97 1,300 1,300
Schuylkill County Industrial
Development Authority,
Westwood Energy Project,
VRDN, RB (A) (B) (C)
3.550%, 03/01/97 8,400 8,400
Scranton-Lackawana Health &
Welfare Authority, University
of Scranton Project,
RB (A) (B) (C)
3.800%, 05/01/97 575 575
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
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- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Shenango Valley Osteopathic
Hospital Authority, Shenango
Valley Medical Center
Project, RB (D)
7.875%, 04/01/97 $ 1,755 $1,796
Temple University, University
Funding Project, Ser 96, RB
4.625%, 05/20/97 500 501
York County Industrial Development
Authority, New Edgecomb
Corporation Project, VRDN,
RB (A) (B) (C)
3.300%, 03/07/97 2,000 2,000
York General Authority, Pooled
Financing Revenue, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 5,800 5,800
------
90,485
------
SOUTH CAROLINA -- 1.2%
Florence County Industrial
Development Revenue, La-Z-Boy
Chair Project, VRDN, RB (A) (B)
3.424%, 03/07/97 5,000 5,000
------
TENNESSEE -- 1.1%
Greenville Industrial Development
Revenue, Pet Inc. Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 3,000 3,000
Hawkins County Industrial
Development Revenue, Leggett
and Platt Project B,
Ser 88, RB (A) (B)(C)
3.350%, 03/07/97 1,350 1,350
------
4,350
------
TEXAS -- 6.7%
Austin Limited Tax, Public
Improvement, GO
7.000%, 09/01/97 905 920
Brazo River, Hoffman-Laroche
Project, Ser 85, VRDN,
RB (A) (B) (C)
3.425%, 03/07/97 1,000 1,000
Guadalupe-Blanco River Authority,
Pollution Control Revenue,
Central Power & Light Project,
VRDN, RB (A) (B) (C)
3.500%, 03/01/97 500 500
Harris County, Multi-Family
Housing, Glenhollow Project,
VRDN, RB (A) (B) (C)
3.675%, 03/07/97 2,300 2,300
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Harris County Health Facilities
Authority, Memorial Hospital
System, Ser B, TECP (B)(C)
3.400%, 03/04/97 $ 4,000 $ 4,000
Houston Health Facilities
Development Authority,
Corporate Revenue, Memorial
Northwest Pavillion,
VRDN, RB (A) (B) (C)
3.550%, 03/07/97 845 845
Richardson, Independent School
District, Ser A, GO (A) (B)
3.620%, 09/04/97 11,000 11,001
Public Finance, GO, TECP
3.450%, 05/28/97 4,000 4,000
Trinity River Industrial Development
Authority, Trinity River Project,
VRDN, RB (A) (B) (C)
3.425%, 03/07/97 2,900 2,900
------
27,466
------
UTAH -- 3.0%
Castle Dale Industrial Development
Revenue, Safeway Project,
VRDN, RB (A) (B) (C)
3.850%, 08/01/97 1,400 1,400
Nephi Industrial Development
Authority, Safeway Project,
VRDN, RB (A) (B) (C)
3.750%, 03/01/97 1,260 1,260
Salt Lake City Industrial
Development Authority,
Devereaux Partners Project,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 5,000 5,000
Salt Lake City Industrial
Development Authority, Park
View Plaza Project,
VRDN, RB (A) (B) (C)
3.390%, 03/07/97 3,575 3,575
Tremonton City Industrial
Development Revenue,
Safeway Project, VRDN,
RB (A) (B) (C)
3.650%, 06/01/97 960 960
------
12,195
------
VERMONT -- 1.3%
Student Assistance Student Loan
Bonds, Ser 85, VRDN,
RB (A) (B) (C)
3.650%, 03/07/97 5,425 5,425
------
7
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
TAX FREE PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
VIRGINIA -- 1.2%
Harrison, County Multi Family
Housing, Rolling Brook Village
Apartment, RB (A) (B)
3.700%, 02/01/98 $ 2,000 $ 2,000
Strafford County Industrial
Development Authority, Safeway
Project, VRDN, RB (A) (B) (C)
3.650%, 06/01/97 2,095 2,095
Housing Development Authority,
AHC Services Corporation,
Ser A, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 575 575
------
4,670
------
WASHINGTON -- 0.4%
Housing Finance Commission,
Multi-Family Housing, Pacific
First Federal Savings Bank Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,450 1,450
Housing Finance Community,
Nonprofit Housing YMCA,
Snobonish County Project,
VRDN, RB (A) (B) (C)
3.450%, 03/01/97 315 315
------
1,765
------
WEST VIRGINIA -- 0.5%
Keyser Industrial Development
Revenue, Keyser Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 2,050 2,050
------
WISCONSIN -- 7.8%
Beaver Dam, USD, TRAN
4.140%, 08/27/97 1,000 1,000
Burlington Area School
District, TRAN
4.220%, 08/29/97 1,000 1,001
Cambridge Joint School
District, BAN
4.700%, 06/20/97 2,500 2,508
Cudahy School District, BAN
3.900%, 06/04/97 800 800
Eau Claire Area School
District, TRAN
3.920%, 09/29/97 3,150 3,151
Green Bay Area Public
School District, BAN
3.840%, 02/02/98 3,000 3,001
Janesville School District, TRAN
3.910%, 09/25/97 1,500 1,500
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kenosha USD, TRAN
4.250%, 09/26/97 $ 3,000 $ 3,006
Kettle-Moraine School
District, TRAN
4.010%, 08/22/97 1,150 1,150
Kewaunee School District, BAN
4.130%, 06/23/97 2,000 2,000
LaCrosse Industrial Development
Revenue, LaCrosse Properties,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 5,150 5,150
Lakeland Union High District, BAN
4.280%, 06/27/97 2,000 2,001
Mequon & Thiensville School
District, TRAN
4.250%, 09/10/97 750 750
Oregon County School
District, TRAN
4.240%, 09/17/97 1,000 1,001
South Milwaukee School
District, TRAN
4.000%, 06/30/97 400 401
Tomah Area School District, TRAN
4.190%, 09/17/97 1,500 1,500
Village of Menomonee Industrial
Development Revenue,
Maysteel Corporation,
VRDN, RB (A) (B) (C)
3.465%, 03/07/97 1,900 1,900
--------
31,820
--------
Total Municipal Bonds
(Cost $417,935) 417,935
--------
Total Investments -- 102.5%
(Cost $417,935) 417,935
--------
Other Assets and Liabilities, Net -- (2.5%) (10,235)
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 407,857,625
outstanding shares of beneficial interest 407,713
Portfolio Shares of Class D
(unlimited authorization -- no
par value) based on 1,286 outstanding
shares of beneficial interest 1
Undistributed net investment income 4
Accumulated net realized loss
on investments (18)
--------
Total Net Assets--100.0% $407,700
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
8
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Net Asset Value, Offering and
Redemption Price Per Share -- Class A $1.00
==========
Net Asset Value and Redemption
Price Per Share -- Class D $1.00
==========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE CORPORATION
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
GO GENERAL OBLIGATION
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
(A) FLOATING RATE SECURITY--THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS IS
THE RATE IN EFFECT ON FEBRUARY 28, 1997.
(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.
CALIFORNIA TAX EXEMPT PORTFOLIO
MUNICIPAL BONDS -- 100.8%
CALIFORNIA -- 100.8%
Alameda County, Contra-Costa
Schools Project, Ser B, (A) (B) (C)
3.150%, 03/07/97 $ 5,000 $ 5,000
Alameda County, Transportation
Authority, Sales Tax Revenue,
AMBAC Insured
3.750%, 11/01/97 15,120 15,140
Association of Bay Area
Governments, Lucille Salter
Packard Project, VRDN, RB,
AMBAC Insured, (A) (B) (C)
3.200%, 03/07/97 1,100 1,100
City of Corona, Multi-Family
Housing, County Hills
Apartment Project, Ser 95-B,
VRDN, RB (A) (B) (C)
3.150%, 03/07/97 1,355 1,355
- --------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- --------------------------------------------------------------------------------
City of Encina, Financing Joint
Powers Authority Wastewater
Revenue, Ser A, RB,
AMBAC Insured
4.000%, 08/01/97 $ 380 $ 381
California Statewide Community
Development Authority,
St. Joseph Health System,
VRDN, COP, (A) (B)
3.200%, 03/07/97 7,300 7,300
California Statewide Community
Development Authority,
North California Retirement,
VRDN, RB, (A) (B) (C)
3.350%, 03/03/97 5,000 5,000
California Economic Development
Financing Authority, KQED Inc.
Project, VRDN, RB, (A) (B) (C)
3.200%, 03/07/97 8,900 8,900
California Education Facility
Authority, Point Nazarene
College, VRDN, RB (A) (B)
3.250%, 03/07/97 14,000 14,000
California Education Facility
Authority, Stanford University,
VRDN, RB (A) (B)
3.100%, 03/07/97 3,200 3,200
California State Health Facilities
Finance Authority, Catholic
Health Care, Ser B, VRDN,
RB, MBIA Insured, (A) (B)
3.150%, 03/07/97 2,000 2,000
California State Health Facilities
Finance Authority, Catholic
Health Care, Ser A, VRDN,
RB, MBIA Insured, (A) (B)
3.150%, 03/07/97 3,100 3,100
California State Health Facilities
Finance Authority, Catholic
Health Care, Ser C, VRDN,
RB, MBIA Insured, (A) (B)
3.150%, 03/07/97 1,600 1,600
California State Health Facilities
Finance Authority, Kaiser
Permanente, Ser 93-A,
VRDN, RB (A) (B)
3.200%, 03/07/97 4,200 4,200
California State Health Facilities
Finance Authority, Kaiser
Permanente, Ser 93-B,
VRDN, RB (A) (B)
3.200%, 03/07/97 2,000 2,000
9
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State Health Facilities
Finance Authority, Memorial
Health Services, VRDN,
RB (A) (B)
3.200%, 03/07/97 $ 5,300 $ 5,300
California Housing Finance
Authority, Multi-Family
Housing Revenue,
Oakbrook Ridge Apartments,
VRDN, RB (A) (B)
3.200%, 03/07/97 4,830 4,830
California School Cash Reserve
Program Authority, Pool
Ser A, RAN, GO
4.750%, 07/02/97 15,000 15,047
California State RAN, Ser 96-97
4.500%, 06/30/97 3,500 3,506
California State RAN, Ser C-2,
(A) (B)(C)
3.300%, 03/07/97 8,300 8,300
California Statewide Community
Development Authority, Kaiser
Permanante Hospital Project,
COP (A) (B)
3.200%, 03/07/97 1,000 1,000
California Statewide Community
Development Authority,
Memorial Health Services,
COP, (A) (B)
3.200%, 03/07/97 13,600 13,600
Contra Costa County, Multi-Family
Housing, Delta Square Project,
Ser A, VRDN, RB (A) (B) (C)
3.300%, 03/07/97 3,400 3,400
Contra Costa County, Multi-Family
Mortgage Revenue, VRDN,
RB (A) (B) (C)
3.800%, 03/07/97 3,500 3,500
Contra Costa County, TRAN
4.500%, 06/30/97 5,000 5,011
Corona Redevelopment Agency,
Crown Point Project, Ser 85,
RB (A) (B) (C)
4.000%, 05/01/97 7,660 7,660
Eden Township, Hospital District
Insured Health Facilities, RB
Pre-Refunded @ 100 (A)
10.250%, 12/01/97 2,740 2,874
Escondido, Multi-Family Housing
Project, Heritage House Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 7,150 7,150
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fairfield County, TRAN
4.750%, 06/30/97 $ 2,275 $ 2,280
Fairfield, Suisun School
District, TRAN
4.250%, 10/09/97 2,800 2,807
Gaf Tax Exempt Bond
Grantor Trust, Ser GA-7,
VRDN, (A) (B) (C)
3.650%, 03/07/97 6,325 6,325
Independent Cities, Lease Finance
Authority, Revenue Pooled
Project, VRDN, RB (A) (B) (C)
3.250%, 03/07/97 1,950 1,950
Irvine, Public Facilities &
Infrastructure, RB (A) (B)(C)
3.150%, 03/07/97 5,400 5,400
Irwindale Industrial Development
Revenue, Toys "R" Us Project,
VRDN, RB (A) (B) (C)
3.375%, 03/07/97 500 500
Kern County, Panama-Buena Vista
Union School District,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 9,000 9,000
Kern County, Public Facilities
Project, Ser D, VRDN,
RB (A) (B) (C)
3.150%, 03/07/97 2,500 2,500
Kern County, TRAN
4.500%, 10/02/97 5,750 5,780
Lancaster Redevelopment Agency,
Multi-Family Housing,
20 St. Apts Project,
Ser C, RB (A) (B)(C)
3.200%, 03/07/97 3,250 3,250
Livermore Housing Authority,
Multi-Family Housing,
Refunding-Housing-Richards
Manor A, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 7,270 7,270
Livermore, TRAN
4.250%, 10/30/97 4,150 4,164
Long Beach Housing Authority,
Channel Point Apartments,
Ser A , VRDN, RB (A) (B) (C)
3.300%, 03/07/97 2,500 2,500
Los Angeles County, Community
Redevelopment Agency,
Willowbrook Project, VRDN,
RB (A) (B) (C)
3.250%, 03/07/97 1,600 1,600
Los Angeles County, Metropolitan
Transportation Authority
3.450%, 05/12/97 (C) 4,000 4,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
10
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles County, Metropolitan
Transportation Authority, Sales Tax
Revenue, Ser A, MBIA, (A) (B)(C)
3.200%, 03/07/97 $ 9,900 $ 9,900
Los Angeles County, Pension
Obligation, Ser B, VRDN, GO,
AMBAC Insured, (A) (B)
3.200%, 03/07/97 1,000 1,000
Los Angeles County, Pension
Obligation, Ser C, VRDN, GO,
AMBAC Insured, (A)(B) (C)
3.200%, 03/07/97 5,000 5,000
Los Angeles County, Transit
Commercial Paper, TECP, (C)
3.500%, 04/29/97 5,000 5,000
Los Angeles Department of Airports,
Airport Revenue, Ser A, RB,
7.100%, 05/01/97 200 205
Los Angeles Department of Airports,
Airport Revenue, Ser B, RB
7.300%, 05/01/97 1,500 1,538
Los Angeles, USD, Ser A, TRAN
4.500%, 06/30/97 5,350 5,362
Lucia Mar, USD Ser 87, Facilities
Financing Project, RB
8.300%, 05/01/97 500 514
Modesto, High School & City
School District, VRDN,
COP (A) (B) (C)
3.150%, 03/07/97 2,880 2,880
Monterey County, Finance
Authority Revenue, Reclamation
& Distribution Program, Ser 95-A,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 5,000 5,000
Monterey Regional Waste
Management Authority,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 3,500 3,500
New Haven, USD, RB, TRAN
4.500%, 07/01/97 3,625 3,630
Oakland, Revenue Assessment
Bay Area Government, VRDN,
RB (A) (B) (C)
3.250%, 03/07/97 2,175 2,175
Ontario, TRAN
4.500%, 06/30/97 6,495 6,505
Orange County, Apartment
Development Revenue, Radnor/
Aragon Corporation Project-D,
RB, (A) (B) (C)
3.425%, 03/07/97 3,400 3,400
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Orange County, California
Improvement Board, Assessment
District, Ser 88-1 (A)
3.400%, 03/01/97 $ 5,000 $ 5,000
Oxnard Redevelopment Agency,
Channel Islands Business,
VRDN, RB (A) (B) (C)
3.675%, 03/07/97 4,685 4,685
Palm Springs Community
Redevelopment Agency,
Headquarters Hotel-1, VRDN,
COP (A) (B) (C)
3.300%, 03/07/97 2,070 2,070
Palm Springs Community
Redevelopment Agency,
Headquarters Hotel-4, VRDN,
COP(A) (B) (C)
3.300%, 03/07/97 2,800 2,800
Palm Springs Community
Redevelopment Agency,
Headquarters Hotel-6, VRDN, COP
(A) (B) (C)
3.300%, 03/07/97 900 900
Pasadena Historical Rehabilitation,
Dodsworth Building Project,
VRDN, RB (A) (B) (C)
3.250%, 03/07/97 3,900 3,900
Placer County, Loomis Union
Elementary School District, TRAN
4.450%, 09/04/97 1,170 1,173
Placer County, Placer County
Office of Education, TRAN
4.450%, 09/04/97 475 476
Placer County, Roseville City
School District, TRAN
4.450%, 09/04/97 1,350 1,354
Placer County, Roseville Joint
Union High School District, TRAN
4.450%, 09/04/97 850 852
Placer County, TRAN
4.450%, 09/04/97 1,660 1,664
Pollution Control Finance
Authority, Chevron USA Project,
RB (A) (B)
3.700%, 05/15/97 3,200 3,200
Pomona Public Finance Authority,
Southwest Pomona, VRDN,
RB (A) (B) (C)
3.300%, 03/07/97 2,100 2,100
Redlands Redevelopment Agency,
Parking Lease, VRDN,
RB (A) (B) (C)
3.530%, 03/07/97 4,610 4,610
11
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Redlands Redevelopment
Refunding Project, Ser A,
VRDN, RB (A) (B) (C)
3.530%, 03/07/97 $ 11,120 $ 11,120
Riverside County, Industrial
Development Advanced
Business Forms Project,
VRDN, RB (A) (B) (C)
3.400%, 03/30/97 1,900 1,900
Riverside County, Ser B,
TRAN (C)
3.250%, 03/07/97 3,000 3,000
Roseville, Joint Union High School
District, VRDN, COP (A) (B) (C)
3.150%, 03/07/97 3,485 3,485
Sacramento, Multi-Family Housing
Revenue, Ashford Park
Apartments, RB (A)
3.350%, 03/07/97 4,000 4,000
Salinas, Union High School
District, TRAN
4.500%, 10/02/97 2,275 2,282
San Bernardino County, County
Center Refunding Project,
VRDN, RB (A) (B) (C)
3.250%, 03/07/97 6,200 6,200
San Bernardino County, Glen Helen
Blockbuster, Ser E, VRDN,
RB (A) (B) (C)
3.320%, 03/07/97 4,340 4,340
San Bernardino County, Industrial
Development Authority,
Sandpiper Investments Project,
VRDN, RB (A) (B) (C)
3.700%, 03/07/97 3,300 3,300
San Bernardino County Industrial
Development Authority, Gate City
Beverage Project, VRDN,
RB (A) (B) (C)
3.800%, 03/07/97 515 515
San Bernardino County, Multi-Family
Housing Revenue, Alta Loma
Heritage Project, Ser A, VRDN,
RB (A) (B) (C)
3.200%, 03/07/97 2,264 2,264
San Bernardino County, Multi-Family
Housing Revenue, Gold West
Apartments, Ser A, VRDN,
RB (A) (B) (C)
3.200%, 03/07/97 500 500
San Bernardino County, Multi-Family
Revenue, VRDN, RB, (A) (B) (C)
3.400%, 03/07/97 3,700 3,700
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
San Diego County, Multi-Family
Housing Revenue, LA Cima
Apartments Project, Ser K,
VRDN, RB (A) (B) (C)
3.200%, 03/07/97 $ 1,550 $ 1,550
San Diego County, Water Authority,
Water Revenue Center,
Ser A, COP, (D)
7.300%, 05/01/97 1,900 1,949
San Diego County, Water Authority
Revenue Center, Ser A, RB, (D)
7.000%, 05/01/97 225 231
San Diego, USD, TRAN
4.750%, 10/01/97 5,500 5,536
San Dimas, Diversified Shopping
Center Program, (A) (B)(C)
3.200%, 03/07/97 4,700 4,700
San Francisco, City & County
Redevelopment Agency, Bayside
Village Project, Ser A, (A) (B) (C)
3.400%, 03/07/97 4,300 4,300
San Francisco, Housing
Redevelopment- Fillmore
Center, (A) (B)(C)
3.300%, 03/07/97 2,750 2,750
San Francisco, Multi-Family
Housing, Winterland Project,
(A) (B)(C)
3.200%, 03/07/97 4,300 4,300
San Joaquin County, TRAN
4.500%, 01/15/98 525 529
San Jose Finance Authority,
Hayes Mansion Improvement
Project B, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,545 1,545
San Jose Redevelopment Agency,
Merged Area Redevelopment
Project, Ser A, RB (A) (B)(C)
3.150%, 03/07/97 11,100 11,100
San Jose, USD, Santa Clara
County, TRAN
4.500%, 08/05/97 3,000 3,007
San Marcos Industrial Development
Authority, Amistar Project,
VRDN, RB (A) (B) (C)
3.700%, 03/07/97 4,500 4,500
Santa Ana Housing Authority,
Harbor Points Apartments,
Ser 95-A, VRDN, RB (A) (B) (C)
3.200%, 03/07/97 2,650 2,650
Santa Clara, Electric Revenue,
Ser A, VRDN, RB (A) (B) (C)
3.250%, 03/07/97 860 860
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
12
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Simi Valley Multi-Family Housing,
Lincoln Wood Ranch, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 $ 7,300 $ 7,300
Simi Valley Public Finance
Authority, Lease Revenue,
VRDN, RB (A) (B) (C)
3.150%, 03/07/97 5,900 5,900
Sonoma Valley, USD, TRAN
4.500%, 07/03/97 3,000 3,006
South California Public Power
Authority, Transmission Project,
Ser 91, RB, AMBAC
Insured, (A) (B) (C)
3.200%, 03/07/97 6,800 6,800
Turlock, California Industrial
Development Authority Irrigation
District, COP, Ser A, (A) (B) (C)
3.150%, 03/07/97 5,065 5,065
Union City, Multi-Family Housing,
Skylark Apartments, (A) (B)(C)
3.500%, 03/07/97 1,300 1,300
University of California, COP
5.000%, 09/01/97 1,200 1,209
Upland Community Redevelopment
Agency, Multi-Family Housing
Revenue, Northwoods Project,
Ser B, VRDN, RB (A) (B) (C)
3.800%, 03/07/97 2,300 2,300
Vacaville, Multi-Family Housing,
Quail Run Apartments, Ser 88-A,
VRDN, RB (A) (B)
3.200%, 03/07/97 10,000 10,000
Visalia, Public Finance Authority,
Lease Revenue Golf Course
Improvement Project, RB (A) (B)
3.200%, 03/07/97 1,000 1,000
Yuba County, TRAN
4.500%, 10/31/97 2,155 2,166
--------
447,332
--------
Total Municipal Bonds
(Cost $447,332) 447,332
--------
Total Investments -- 100.8%
(Cost $447,332) 447,332
--------
Other Assets and Liabilities, Net -- (0.8%) (3,637)
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --- no
par value) based on 51,323,063
outstanding shares of beneficial interest 51,323
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Portfolio Shares of Class G
(unlimited authorization -- no
par value) based on 392,387,583
outstanding shares of beneficial interest $392,387
Overdistributed net investment income (10)
Accumulated net realized loss
on investments (5)
--------
Total Net Assets--100.0% $443,695
========
Net Asset Value, Offering and
Redemption Price Per Share-- Class A $1.00
========
Net Asset Value and Redemption
Price Per Share-- Class G $1.00
========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
COP CERTIFICATE OF PARTICIPATION
GO GENERAL OBLIGATION
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 28, 1997.
(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.
INSTITUTIONAL TAX
FREE PORTFOLIO
MUNICIPAL BONDS -- 102.9%
ALABAMA -- 1.0%
Birmingham Medical Clinic
Revenue, St. Martins in the
Pines Project, Ser 89, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 $3,095 $3,095
Mobile Industrial Development,
IB Chemical Company,
VRDN, RB (A) (B) (C)
3.500%, 03/07/97 1,350 1,350
13
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery BMC Special Care
Facilities Finance Authority,
Baptist Medical Center, Ser A,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 $ 5,000 $ 5,000
Russelville Industrial Development
Revenue, Clark Pulley Project,
Ser 94, VRDN, RB (A) (B) (C)
3.450%, 03/07/97 1,675 1,675
--------
11,120
--------
ALASKA -- 0.4%
Alaska Industrial Development
Authority, Safeway Project,
VRDN, RB (A) (B) (C)
3.650%, 06/01/97 4,370 4,370
--------
ARIZONA -- 0.5%
Maricopa County Industrial
Development Authority, McLane
Company Project,
VRDN, RB (A) (B) (C)
3.800%, 03/07/97 770 770
Tuscon Industrial Development
Authority, Tuscon City Center
Parking, VRDN, RB (A) (B) (C)
3.375%, 03/07/97 4,100 4,100
--------
4,870
--------
ARKANSAS -- 0.3%
Pine Bluff Industrial Development
Revenue, Camden Wire Project,
VRDN, RB, (A) (B) (C)
3.400%, 03/07/97 3,700 3,700
--------
CALIFORNIA -- 3.4%
California School Cash Reserve
Pool, Ser A, TRAN,
4.750%, 07/02/97 12,700 12,737
California State RAN, Ser 96-97
4.500%, 06/30/97 6,000 6,010
Redlands Redevelopment Agency,
Parking Lease, VRDN,
RB (A) (B) (C)
3.530%, 03/07/97 1,900 1,900
Redlands Redevelopment Refunding
Project, Ser A, VRDN,
RB (A) (B) (C)
3.530%, 03/07/97 8,880 8,880
San Bernardino County, Multi-Family
Housing Revenue, Alta Park
Apartments, Ser A, VRDN,
RB (A) (B) (C)
3.500%, 03/07/97 6,045 6,045
--------
35,572
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
COLORADO -- 3.4%
City of Idaho Springs, Safeway
Project, Ser 93, VRDN,
RB (A) (B) (C)
3.650%, 06/01/97 $ 2,230 $ 2,230
Colorado Housing Finance
Authority, Multi-Family Housing,
Grants Plaza Project 91-A,
VRDN, RB (A) (B) (C)
3.425%, 03/07/97 1,425 1,425
Colorado State Health Facilities
Authority, Rocky Mountain
Project, VRDN, RB, (A) (B) (C)
3.400%, 03/07/97 1,940 1,940
Denver City & County Multi-Family
Housing, Ogden Residence Project,
Ser 85-B, VRDN, RB (A) (B) (C)
3.500%, 03/03/97 8,585 8,585
Denver City & County Multi-Family
Housing Revenue, Seasons
Apartments Project, VRDN,
RB (A) (B) (C)
3.470%, 03/07/97 5,000 5,000
Denver City & County Revenue,
Helen Bonfils Theatre, VRDN,
RB (A) (B) (C)
3.470%, 03/07/97 1,600 1,600
El Paso USA Hockey, Ser 96,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 3,400 3,400
Englewood Industrial Development
Revenue, Safeway Incorporated
Project, VRDN, RB (A) (B) (C)
3.650%, 06/01/97 3,050 3,050
Larimer County, School
District, TAN
4.000%, 06/30/97 3,000 3,001
Platte River, Power Authority,
Electric Revenue Ser S-1, RB
3.400%, 04/01/97 2,000 2,000
Regents of University of Colorado,
Refunding, Telcom &
Cogen Projects, COP
4.500%, 12/01/97 3,400 3,412
--------
35,643
--------
DELAWARE -- 0.1%
Delaware Economic Development
Authority, Commercial Development,
Congoleum Project, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 1,000 1,000
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
14
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
DISTRICT OF COLUMBIA -- 1.1%
District of Columbia, Washington,
Ser B-1, VRDN, RB (A) (B) (C)
3.500%, 03/03/97 $ 1,000 $ 1,000
District of Columbia, Washington,
Ser B-2, VRDN, RB (A) (B) (C)
3.500%, 03/03/97 1,600 1,600
District of Columbia, Washington,
Ser B-3, VRDN, RB (A) (B) (C)
3.500%, 03/03/97 9,500 9,500
--------
12,100
--------
FLORIDA -- 2.9%
Boca Raton Industrial Development
Revenue, Parking Garage Project,
Ser 84-A, VRDN, RB (A) (B) (C)
3.625%, 03/07/97 7,950 7,950
Broward County Multi-Family
Housing, Parkview Partnership,
VRDN, RB (A) (B) (C)
3.500%, 03/07/97 4,125 4,125
Florida Housing Finance Agency,
Multi-Family Housing, Lakeside
South Association, VRDN,
RB (A) (B) (C)
3.425%, 03/07/97 500 500
Florida Housing Finance Authority,
Multi-Family Housing, Kings
Colony Project, Ser D, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,000 1,000
Florida Housing Finance Authority,
Sarasota Beneva Place Association,
Ser C, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,645 3,645
Halifax Hospital Medical Center,
Ser 96, TAN (C)
3.800%, 04/15/97 6,000 6,000
Highlands County Health Facilities
Authority Revenue, Adventist/
Sunbelt Ser A, VRDN,
RB (A) (B) (C)
3.300%, 03/07/97 2,500 2,500
Jacksonville Industrial Development,
University of Florida Health
Science Center, Ser 89, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 1,000 1,000
Lake Bernadette Community
Development, Special
Assessment Revenue, Ser B,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 1,565 1,565
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pasco City Housing Finance
Authority, Multi-Family Housing,
Carlton Arms of Magnolio Valley,
Ser 85, VRDN, RB (A) (B) (C)
3.375%, 03/07/97 $ 2,000 $ 2,000
--------
30,285
--------
GEORGIA -- 6.0%
Albany-Dougherty County,
Hospital Authority Revenue,
Phoebe Putney Memorial Hospital,
Ser 96, AMBAC Insured,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 12,960 12,960
Athens Multi-Family Housing,
Georgian Apartments, VRDN,
RB (A) (B) (C)
3.675%, 03/07/97 1,400 1,400
Cobb County Multi-Family Housing,
Tibairen Associates Project,
Ser 85-D, VRDN, RB (A) (B) (C)
3.500%, 03/07/97 8,600 8,600
DeKalb County Industrial
Development Revenue,
Weyerhaeuser County Project,
VRDN, RB (A) (B)
3.383%, 03/07/97 3,500 3,500
DeKalb County Multi-Family
Housing Revenue, Camden
Brook Project, VRDN, RB (A) (B)
3.300%, 03/07/97 500 500
DeKalb County Multi-Family
Housing Revenue, Terrace
Club Project, Ser 93-B,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 4,430 4,430
DeKalb County Multi-Family
Housing Revenue, Wood
Terrace Apartments Project,
VRDN, RB (A) (B)
3.350%, 03/07/97 6,535 6,535
Downtown Athens Housing
Development Authority,
Georgian Apartments Association,
VRDN, RB (A) (B) (C)
3.800%, 03/07/97 1,000 1,000
Federal Paper Board, Tax Exempt
Bond Grantor Trust,
VRDN, RB (A) (B) (C)
3.900%, 03/07/97 7,200 7,200
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fulton County Arthritis
Foundation Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 $ 2,000 $ 2,000
Jefferson & Twiggs County
Pollution Control, Nord Kaolin
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,220 1,220
Marietta Housing Finance Authority,
Multi-Family Housing, Franklin
Walk Apartments Project,
VRDN, RB (A) (B) (C)
3.425%, 03/07/97 5,240 5,240
Roswell Multi-Family Housing
Revenue, Belcourt Limited
Project, VRDN, RB (A) (B) (C)
3.550%, 03/07/97 9,000 9,000
--------
63,585
--------
ILLINOIS -- 7.3%
Chicago Tender Notes, Ser C, (C)
3.600%, 08/01/97 2,500 2,500
Illinois Development Finance
Authority, Pollution Control
Revenue, Commonwealth Edison
Project, Ser A, VRDN, RB,
AMBAC Insured, (A) (B) (C)
3.300%, 03/07/97 9,300 9,300
Illinois Development Finance
Authority, Revenue Presbyterian
Home Lake - A, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 7,500 7,500
Illinois State Educational Facilities
Authority Revenue Illinois
College of Optometry Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 5,300 5,300
Illinois State Health Facilities
Authority Revenue, Advocate
Healthcare Network Ser B,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 32,000 32,000
Illinois State Industrial
Development, Miyano
Machinery, VRDN,
RB (A) (B) (C)
3.750%, 03/07/97 4,250 4,250
Hazel Crest Hospital Facilities
Refunding & Improvement,
South Suburban Project, RB (D)
9.125%, 07/01/97 300 311
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Northwest Mutual Life Tax Exempt
Mortgage Trust, Illinois, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 $ 376 $ 376
Orland Hills Mortgage Authority,
Multi-Family Housing, Ser 88-A,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,400 1,400
Paxton Industrial Development
Authority, Merck & Aircoil,
VRDN, RB (A) (B)
3.800%, 03/07/97 900 900
Saint Clair Industrial Building
Authority, Winchester
Apartments Project, Ser 94,
VRDN, RB (A) (B)
3.800%, 03/07/97 8,000 8,000
Springfield Multi-Family Housing,
Oak Terrace Limited Project,
VRDN, RB (A) (B)
3.550%, 03/07/97 4,900 4,900
--------
76,737
--------
INDIANA -- 5.1%
Fort Wayne, Educational
Development Authority,
Georgetown PL Venture,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,560 1,560
Fort Wayne, Avery International
Ser 83, VRDN, RB (A) (B) (C)
3.375%, 03/07/97 4,750 4,750
GAF Tax Exempt Bond Grantor Trust,
Indiana, Ser A, VRDN,
RB (A) (B) (C)
4.100%, 03/07/97 2,520 2,520
Gary Indiana, Environmental
Improvement, United States
Steel Corporation, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 3,000 3,000
Goshen Community School, TAW
4.000%, 12/31/97 3,857 3,861
Highland School Town, TAN
4.100%, 06/30/97 3,200 3,205
Huntington County Community
School, TAW
4.000%, 12/31/97 5,000 5,006
Indiana Residential Apartments,
1 Portfolio Certificate Trust 1996
Ser A, VRDN, RB (A) (B) (C)
3.500%, 03/07/97 10,000 10,000
Lafayette School, TAW
4.000%, 12/30/97 2,400 2,406
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
16
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Michigan City Economic
Development, Marley Company
Project, Ser 84, VRDN,
RB (A) (B) (C)
3.375%, 03/07/97 $ 2,750 $ 2,750
Muncie, Community Schools
Temporary Loan Warrants
4.000%, 12/31/97 6,000 6,007
Muncie, TAW
4.000%, 12/31/97 3,900 3,906
Northwest Mutual Life Tax Exempt
Mortgage Trust, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 42 43
Plymouth Community
School, TAW
4.000%, 12/30/97 2,000 2,003
Richmond Community
Schools, TAW
4.100%, 12/31/97 3,000 3,005
--------
54,022
--------
IOWA -- 0.5%
Des Moines, Private College
Revenue, Drake University
Project, RBSer B (D)
6.800%, 12/01/97 4,820 5,012
--------
KANSAS -- 1.0%
City of Manhattan Kansas Temporary
Notes, Ser 23, GO
4.000%, 12/15/97 3,081 3,084
Merriam Municipal Temporary
Notes, Ser A, GO
4.150%, 06/01/97 2,100 2,100
Merriam Municipal Temporary
Notes, Ser B, GO
4.150%, 06/01/97 2,640 2,641
Shawnee County, Ser 96-1, BAN
4.800%, 03/01/97 415 415
Topeka Multi-Family Housing
Revenue, Ser 85, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 870 870
Wichita Pollution Control, CIC
Industries Incorporated,
VRDN, RB (A) (B) (C)
3.625%, 03/07/97 1,590 1,590
--------
10,700
--------
KENTUCKY -- 0.5%
Covington Industrial Building
Revenue, Atkins & Pearce
Incorporated, Ser 95, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,770 1,770
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Georgetown Educational Institution
Improvement, Georgetown College
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 $ 2,000 $ 2,000
Newport City, Multi-Family
Housing Revenue, RB (A)(B)
3.750%, 06/01/97 1,750 1,750
--------
5,520
--------
LOUISIANA -- 1.8%
Calcasieu Parish Sales Tax
District, Ser 4A, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 3,770 3,770
Delhi, Industrial Development
Revenue, Tifton Aluminum
Project, VRDN, RB (A) (B)
3.350%, 03/07/97 5,300 5,300
Louisiana State GO, Ser A (D)
7.000%, 08/01/97 1,000 1,033
Louisiana State GO, Ser A,
MBIA Insured (D)
7.000%, 08/01/97 4,000 4,134
Louisiana Water Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 3,000 3,000
New Orleans Industrial
Development Bond, Spectrum
Control Technology Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 2,000 2,000
--------
19,237
--------
MAINE -- 0.1%
Portland Industrial Development
Revenue, W.W. Grainger Project,
Ser 85, VRDN, RB (A) (B) (C)
3.500%, 03/07/97 1,315 1,315
--------
MARYLAND -- 3.4%
Annapolis Forest Gemini Facilities,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,450 2,450
Baltimore Industrial Development
Refunding Revenue, Field
Container Corporation, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,600 1,600
Howard County Multi-Family
Housing Authority, Sherwood
Crossing Limited Project, Ser A,
VRDN, RB (A) (B)
3.750%, 06/01/97 2,500 2,500
17
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Hyattsville, Industrial Development,
Safeway Incorporated Project,
VRDN, RB (A) (B) (C)
3.650%, 06/01/97 $ 2,465 $ 2,465
Maryland State Health & Higher
Education Facilities Authority,
Greater Baltimore Medical,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 1,000 1,000
Maryland State Health & Higher
Education Facilities Authority,
North Arundel Project, Ser B,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 2,000 2,000
Maryland State Health & Higher
Education Facilities, Pooled
Loan Project, Ser D,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 9,755 9,755
Montgomery County Multi-Family
Housing Opportunities,
VRDN, RB (A) (B)
3.450%, 03/07/97 13,000 13,000
Prince George County Housing
Authority, Laurel Oxford Project,
VRDN, RB (A) (B) (C)
3.425%, 03/07/97 925 925
--------
35,695
--------
MICHIGAN -- 0.8%
Benton Harbor School District,
Student Aid Anticipation Notes
4.000%, 03/31/97 2,600 2,600
Birmingham Economic Development
Corporation, Brown Street Project,
Ser 83, VRDN, RB (A) (B) (C)
3.625%, 03/07/97 1,180 1,180
Detroit Downtown Development
Authority, Millender Center
Program Project, VRDN,
RB (A) (B) (C)
3.500%, 03/07/97 1,000 1,000
McDonald Tax-Exempt Mortgage
Trust #1, VRDN, RB (A) (B) (C)
4.500%, 03/01/97 467 467
Michigan State Job Development
Authority, Pollution Control
Revenue, Ser 85, Mazda Motor
Manufacturing Corporation #384,
VRDN, RB (A) (B) (C)
3.550%, 03/07/97 1,650 1,650
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Michigan State Job Development
Authority, VRDN, RB (A) (B) (C)
3.650%, 03/07/97 $ 1,300 $ 1,300
Michigan State Strategic Fund
Limited Obligation, Freezer
Services of Michigan, Ser 93,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 445 445
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Michigan,
VRDN, RB (A) (B) (C)
4.500%, 08/15/97 105 105
--------
8,747
--------
MINNESOTA -- 6.1%
Bloomington Commercial
Development, ATS II Project,
VRDN, RB (A) (B) (C)
3.795%, 03/07/97 4,125 4,125
Bloomington Multi-Family Housing,
Revenue Refunding, Hampshire
Apartments Project, VRDN,
RB (A) (B)
3.450%, 03/07/97 15,000 15,000
Brooklyn Center Development
Project, Brookdale Office Park,
Ser 84, VRDN, RB (A) (B) (C)
3.430%, 03/07/97 2,860 2,860
Minneapolis, Ser A, VRDN,
RB (A) (B) (C)
3.320%, 03/07/97 14,300 14,300
Minneapolis, Various Purpose,
Ser 95-B, VRDN, GO (A) (B) (C)
3.320%, 03/07/97 2,325 2,325
Minneapolis, VRDN, GO (A) (B) (C)
3.320%, 03/07/97 15,375 15,375
Minnesota School District Credit
Enhancement, Tax & Aid
Anticipation Borrowing
Program, Ser 96-B, COP
4.500%, 09/09/97 1,700 1,706
New Brighton Commercial
Development Revenue,
Business Center, VRDN,
RB (A) (B)
3.580%, 03/07/97 2,745 2,745
New Brighton Commercial
Development Revenue,
Venture I Project, Ser A,
VRDN, RB (A) (B)
3.580%, 03/07/97 1,700 1,700
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Plymouth Industrial Development
Revenue, Banner Engineering
Project, VRDN, RB (A) (B) (C)
3.450%, 03/07/97 $ 1,800 $ 1,800
Plymouth Refunding Revenue,
Woodland Village Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 1,580 1,580
Saint Paul Housing &
Redevelopment Authority,
Lutheran Social Service Project,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 790 790
--------
64,306
--------
MISSISSIPPI -- 0.1%
Desoto County Industrial
Development Revenue,
American Soap Company
Project, VRDN, RB (A) (B) (C)
4.867%, 03/07/97 900 900
--------
MISSOURI -- 3.5%
Carthage, Industrial Development
Authority, Industrial Development
Revenue, Leggett & Platt, Ser A,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 2,000 2,000
Howell County Industrial
Development Authority, Safeway
Incorporated Project,
VRDN, RB (A) (B) (C)
3.650%, 08/01/97 3,800 3,800
Jasper County Industrial
Development Authority, Legett
& Platt Project, Ser 84,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 2,300 2,300
Kansas City Industrial Development
Authority, Baptist Health System,
Ser A, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 4,925 4,925
Macon City Industrial Development
Authority, Health Care Realty
Macon Project, VRDN, RB (A) (B) (C)
3.500%, 03/07/97 1,640 1,640
Missouri State Health & Educational
Facilities, Health Facilities Revenue,
Deaconess Long Term Care, Ser A,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 10,000 10,000
Saint Louis County Industrial
Development Authority,
Riverport Associates Project,
VRDN, RB (A) (B) (C)
3.550%, 03/07/97 2,900 2,900
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Saint Louis County Industrial
Development Authority, Schnuck
Markets Kirkwood Incorporated,
VRDN, RB (A) (B) (C)
3.375%, 03/07/97 $ 3,350 $ 3,350
Saint Louis Grantor Trust #1,
Ser 96-A, COP, VRDN (A) (B) (C)
3.550%, 03/07/97 4,000 4,000
West Plains Industrial Development
Authority, West Plains Manor
Project, VRDN, RB (A) (B) (C)
3.600%, 03/07/97 2,200 2,200
--------
37,115
--------
MONTANA -- 0.3%
Great Falls Industrial Development
Revenue, Safeway Project,
VRDN, RB (A) (B) (C)
3.650%, 06/01/97 2,210 2,210
Montana State Board of Investments,
Municipal Finance Consolidation
Act, Intercap Revolving Project,
Ser 94, VRDN, GO (A) (B)
3.350%, 03/07/97 1,000 1,000
--------
3,210
--------
NEBRASKA -- 0.0%
Northwest Mutual Life Tax Exempt
Mortgage Trust, Nebraska, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 33 34
--------
NEVADA -- 1.4%
Henderson Public Improvement
Trust, Multi-Family Housing,
Pueblo Verde I+II Apartment
Project, Ser 95-A/95-B #1071,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 3,350 3,350
Henderson Public Improvement
Trust, Multi-Family Housing,
Pueblo Verde, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 11,165 11,165
--------
14,515
--------
NEW HAMPSHIRE -- 0.3%
New Hampshire Education & Health
Facilities Authority, Dartmouth
Education Loan Project, VRDN,
RB (A) (B)
3.800%, 06/01/97 1,015 1,015
3.750%, 06/01/97 2,500 2,500
--------
3,515
--------
19
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW JERSEY -- 0.4%
New Jersey State, GO (D)
7.200%, 04/15/97 $ 3,500 $ 3,550
Northwest Mutual Life Tax Exempt
Mortgage Trust, New Jersey,
VRDN, RB (A) (B) (C)
4.500%, 08/15/97 188 189
--------
3,739
--------
NEW MEXICO -- 0.7%
Albuquerque Metropolitan
Redevelopment, Springer
Square Project, VRDN,
RB (A) (B) (C)
3.800%, 03/07/97 3,000 3,000
Farmington Public Service -
San Juan, Ser C, VRDN,
RB (A) (B) (C)
3.300%, 03/07/97 4,000 4,000
--------
7,000
--------
NEW YORK -- 3.6%
Monroe County, Industrial
Development Authority,
Rochester District Project,
VRDN, RB (A) (B) (C)
3.550%, 03/07/97 1,750 1,750
Nassau County, Ser A, RAN
4.000%, 03/05/97 9,500 9,501
New York State Job Development
Authority, VRDN, RB (A) (B) (C)
3.700%, 03/07/97 1,610 1,610
North Hempstead, BAN, Ser A
4.000%, 01/29/98 9,517 9,521
North Hempstead, BAN
4.250%, 05/29/97 5,000 5,004
Ontario County Industrial
Development Authority, Seneca
Foods Project, Ser 92,
VRDN, RB (A) (B) (C)
3.650%, 03/07/97 3,000 3,000
Waterloo, Central School
District, RAN
4.250%, 09/30/97 2,500 2,506
Wayne County Industrial
Development Authority, Seneca
Foods Project, Ser 92,
VRDN, RB (A) (B) (C)
3.650%, 03/07/97 5,060 5,060
--------
37,952
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NORTH CAROLINA -- 2.2%
Medical Care Community,
Hospital Revenue, Pooled
Finance Project, Ser A, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 $ 19,400 $ 19,400
Winston Salem, VRDN,
COP (A) (B) (C)
3.300%, 03/07/97 4,300 4,300
--------
23,700
--------
NORTH DAKOTA -- 0.1%
Fargo Kelly Inn, Fargo Project,
Ser 93, VRDN, RB (A) (B) (C)
3.450%, 03/07/97 1,190 1,190
--------
OHIO -- 1.7%
Franklin County, Industrial
Development Revenue, Leveque
& Associates Project, RB (A)(B)(C)
3.650%, 06/01/97 1,410 1,410
Highland County, Industrial
Development Revenue, Lancaster
Colony Corporation,
VRDN, RB (A) (B) (C)
3.750%, 03/07/97 1,900 1,900
Loraine County Leving & Hospital
Facilities, United Methodist
Village Project, Ser 96B,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 2,200 2,200
Marion County, Hospital Revenue,
Pooled Lease Progam, Ser 91,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 1,350 1,350
McDonald Tax-Exempt Mortgage
Trust #1, VRDN (A) (B) (C)
4.500%, 03/07/97 2,180 2,180
Montgomery County Educational
Development Authority Revenue,
Refunding ND Motels, VRDN,
RB (A) (B) (C)
3.800%, 06/15/97 1,475 1,475
Ohio Higher Education Facility
Commission, Ashland University
Project, Ser 95, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 2,235 2,235
Scioto County Health Care Facilities,
Hill View Retirement,
VRDN, RB (A) (B) (C)
3.650%, 06/01/97 1,875 1,875
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
20
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Stark County Health Care Facilities,
Canton Christian Home Project,
Ser 90, VRDN, RB (A) (B) (C)
3.750%, 03/07/97 $ 1,340 $ 1,340
Stark County Healthcare Facility,
Christian Home, VRDN,
RB (A) (B) (C)
3.750%, 03/15/97 1,580 1,580
--------
17,545
--------
OKLAHOMA -- 3.7%
Oklahoma City Industrial
Development Authority,
Baptist General Convention
Refunding, Ser 89, VRDN,
RB (A) (B) (C)
3.750%, 03/07/97 6,225 6,225
Oklahoma City, Oklahoma
University, Ser 65, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 7,900 7,900
Oklahoma Mid-West Tax-Exempt
Mortgage Bond Trust, VRDN,
RB (A) (B) (C)
3.600%, 03/07/97 258 258
Oklahoma State Water Reserve Board,
State Loan Program Revenue,
VRDN, RB (A) (B)
3.700%, 03/03/97 10,000 10,000
Tulsa County Industrial
Development Authority,
Healthcare Revenue, Laureate
Psychiatric Project, VRDN,
RB (A) (B)
3.650%, 06/15/97 8,500 8,500
Tulsa Parking Authority, Refunding
First Mortgage Williams Project 84,
Ser A, VRDN, RB (A) (B) (C)
3.700%, 05/15/97 3,000 3,000
Tulsa Public Facilities Authority,
Capital Improvement Project,
Ser 87-B, VRDN, RB (A) (B) (C)
3.650%, 05/15/97 2,910 2,910
--------
38,793
--------
OREGON -- 0.6%
Lane County Industrial
Development Revenue,
Weyerhaeuser Project,
VRDN, RB (A) (B)
3.383%, 03/07/97 1,000 1,000
- --------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- --------------------------------------------------------------------------------
Port of Portland, Public Grain
Elevator Columbia, VRDN,
RB (A) (B) (C)
3.500%, 03/07/97 $ 4,945 $ 4,945
--------
5,945
--------
PENNSYLVANIA -- 16.8%
Chester County Industrial
Development Authority, The
Woods Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,200 1,200
Cumberland County Municipal
Authority, United Methodist
Homes Aging Project, VRDN,
RB (A) (B) (C)
3.680%, 06/01/97 3,735 3,735
Delaware County Airport Facility,
Airport Facility Revenue,
UPS Project, Ser 85, VRDN,
RB (A) (B)
3.400%, 03/03/97 1,000 1,000
Delaware County Industrial
Development Authority, British
Petroleum Project, Ser 95,
VRDN, RB (A) (B)
3.450%, 03/03/97 3,400 3,400
Delaware County Industrial
Development Authority, Resource
Recovery Project, Ser G,
VRDN, RB (A) (B)
3.625%, 12/01/97 3,500 3,500
Delaware County Industrial
Development Authority, Scott
Paper Project, Ser A, VRDN,
RB (A) (B)
3.300%, 03/07/97 1,000 1,000
Delaware Valley, Regional Finance
Authority, Local Government
Revenue, Ser A, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 21,975 21,975
Delaware Valley, Regional Finance
Authority, Local Government
Revenue, Ser C, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 1,700 1,700
Delaware Valley, Regional Finance
Authority, Local Government
Revenue, Ser D, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 16,000 16,000
21
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Emmaus General Authority Revenue,
Local Government Revenue,
Ser D-5, VRDN, RB (A) (B)
3.350%, 03/07/97 $ 4,400 $ 4,400
Emmaus General Authority, Local
Government Revenue, Ser B-6,
FGIC Insured, VRDN, RB (A) (B)
3.350%, 03/07/97 7,000 7,000
Emmaus General Authority, Local
Government Revenue, Ser G-7,
VRDN, RB (A) (B) (C)
3.400%, 03/07/97 200 200
Emmaus General Authority, Local
Government Revenue, Ser H-5,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 600 600
Emmaus General Authority,
Revenue Credit Enhancement,
Ser H-7, RB (A) (B) (C)
3.350%, 03/07/97 500 500
Emmaus General Authority, VRDN,
RB, FSA Insured, (A) (B)
3.400%, 03/07/97 2,000 2,000
Erie County, Senior Living Services
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,930 1,930
Langhorne Hospital Revenue
Authority, Franciscan Health
Systems Project, Ser C, VRDN,
RB (A) (B) (C)
3.400%, 03/03/97 120 120
McCandless Industrial Development
Authority, Bradford Foundation
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,730 1,730
McDonald Tax-Exempt Mortgage
Trust #1, VRDN, (A) (B) (C)
4.500%, 03/07/97 467 467
Montgomery County Higher
Education & Health Authority,
Hospital Revenue, Holy Redeemer
Hospital, VRDN, RB, AMBAC
Insured (A) (B) (C)
3.250%, 03/07/97 2,200 2,200
Montgomery County Higher
Education & Health Authority,
Hospital Revenue, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 24,500 24,500
Montgomery County, Industrial
Development Authority, Ikea
Property Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 4,800 4,800
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery County, Industrial
Development Authority,
Plymouth Woods Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 $ 4,500 $ 4,500
Moon Township Industrial
Development Authority,
Industrial Development Revenue,
Executive Office Association
Project, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,500 1,500
Northeastern Hospital & Education
Authority, Allhealth Pooled
Finance Program, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 5,000 5,000
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Pennsylvania,
VRDN, RB, (A) (B) (C)
4.500%, 08/15/97 76 77
Pennsylvania State Higher Education
Facilities Authority,
Thomas Jefferson University,
Ser B, VRDN, RB (A) (B) (C)
3.700%, 08/26/97 1,000 1,000
Pennsylvania State Higher Education
Facilities Authority,
Thomas Jefferson University,
Ser C, VRDN, RB (A) (B) (C)
3.700%, 08/26/97 3,000 3,000
Pennsylvania State Higher Education
Facility, Allegheny College Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,900 1,900
Pennsylvania State Higher Education
Facility, Carnegie Mellon
University Project, Ser C,
VRDN, RB (A) (B) (C)
3.450%, 03/03/97 500 500
Pennsylvania Intergovernmental
Authority, Special Tax Revenue,
Philadelphia Funding Program,
FGIC Insured
5.000%, 06/15/97 2,700 2,710
Philadelphia Redevelopment
Authority, Pennsylvania School
for the Deaf, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 1,095 1,095
Philadelphia School
District, TRAN
4.500%, 06/30/97 3,000 3,006
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
22
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia, Authority for
Industrial Development
Revenue, City Line Holiday
Inn Project, Ser 96, VRDN,
RB (A) (B)
3.400%, 03/07/97 $ 2,500 $ 2,500
Philadelphia, Ser A, TRAN
4.500%, 06/30/97 6,000 6,011
Quakertown, General Authority,
VRDN (A) (B) (C)
3.350%, 03/07/97 5,000 5,000
Schuylkill County, Industrial
Development Authority,
Westwood Energy Project,
VRDN, RB (A) (B) (C)
3.550%, 03/03/97 3,600 3,600
Schuylkill County, Industrial
Development Authority,
Gilberton Power Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 8,200 8,200
Shenango Valley Osteopathic
Hospital Authority, Shenango
Valley Medical Center Project (D)
7.875%, 04/01/97 3,900 3,991
Temple University of the
Commonwealth, University
Funding Project, Ser 96, RB
4.625%, 05/20/97 1,000 1,002
Warren County, Warren General
Hospital Project, Ser 94-B,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 2,800 2,800
York County Industrial
Development, New Edgecomb
Corporation Project, VRDN,
RB (A) (B) (C)
3.300%, 03/07/97 2,665 2,665
York General Authority Pooled
Revenue, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 14,000 14,000
--------
178,014
--------
SOUTH CAROLINA -- 2.1%
Charleston Center Tax-Exempt
Bond Grantor Trust #1, VRDN,
RB (A) (B) (C)
3.700%, 08/01/97 7,262 7,263
Charleston Center Tax-Exempt
Bond Grantor Trust #2, VRDN,
RB (A) (B) (C)
3.700%, 05/01/97 4,000 4,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Charleston Center Tax-Exempt Bond
Grantor Trust #4, VRDN,
RB (A) (B) (C)
3.700%, 06/01/97 $ 7,268 $ 7,268
Charleston Center Tax-Exempt
Bond Grantor Trust #5, VRDN,
RB (A) (B) (C)
3.800%, 03/07/97 4,035 4,035
-------
22,566
-------
SOUTH DAKOTA -- 0.1%
Watertown Industrial Development
Authority, Ramkota Project, Ser 93,
VRDN, RB (A) (B) (C)
3.450%, 03/07/97 1,315 1,315
--------
TENNESSEE -- 1.1%
GAF Tax-Exempt Bond Grantor
Trust, Ser A, VRDN, RB (A) (B) (C)
4.100%, 03/07/97 4,480 4,480
Metro Government Nashville &
Davidson County, Industrial
Development Bond, Revenue
Refunding, Multi-Family
Housing, Hickory Trace
Apartments, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 3,200 3,200
Nashville Metropolitan Government,
Toys "R" Us Project, Ser 84,
VRDN, RB (A) (B) (C)
3.500%, 03/07/97 1,030 1,030
Shelby County Health Education
Housing, Metropolitan Government
Industrial Development, Rhodes
College, VRDN, RB (A) (B) (C)
3.550%, 03/07/97 3,000 3,000
--------
11,710
--------
TEXAS -- 5.4%
Arlington Industrial Development
Revenue, Dallas-Fort Worth
Newspaper, Ser 85, VRDN,
RB (A) (B) (C)
3.800%, 03/07/97 6,200 6,200
Brazo River, Hoffman-Laroche
Project, Ser 85, VRDN,
RB (A) (B) (C)
3.425%, 03/07/97 1,000 1,000
Corpus Christi Industrial
Development Committee,
Texas-Air Project, VRDN,
RB (A) (B) (C)
3.850%, 08/01/97 4,800 4,800
23
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Harris County Multi-Family
Housing, Glenhollow Project,
VRDN, RB (A) (B) (C)
3.675%, 03/07/97 $ 1,900 $ 1,900
Harris County Multi-Family
Housing, Greenhouse Project,
VRDN, RB (A) (B) (C)
3.675%, 03/07/97 2,400 2,400
Harris County Health Facilities,
Buckner Retirement Services
Project, VRDN, RB (A) (B) (C)
3.300%, 03/07/97 4,500 4,500
Harris County, Health Facilities
Development Project, Ser B,
Memorial Hospital System, TECP
3.400%, 03/04/97 4,400 4,400
Houston, GO (D)
6.000%, 03/01/97 1,000 1,024
Nacogdoches Health Finance
Development Committee,
South Central Health Services
Project, VRDN, RB (A) (B) (C)
3.700%, 03/07/97 2,700 2,700
North Carolina National Bank
Tax-Exempt Trust, Texas, Ser 90-B,
VRDN, RB (A) (B) (C)
4.125%, 03/07/97 3,265 3,265
Richardson Independent School
District, Ser A, GO
3.620%, 09/04/97 12,000 12,001
Texas Public Finance, GO, TECP
3.450%, 05/28/97 11,000 11,000
Trinity River Industrial
Development Authority, Trinity
River Project, VRDN,
RB (A) (B) (C)
3.425%, 03/07/97 2,000 2,000
--------
57,190
--------
UTAH -- 0.5%
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Utah, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 88 88
Salt Lake City Industrial Development
Authority, Deveraux Partners
Project, VRDN, RB (A) (B) (C)
3.450%, 03/07/97 2,500 2,500
Salt Lake City Industrial Development
Authority, Park View Plaza
Project, VRDN, RB (A) (B) (C)
3.390%, 03/07/97 1,275 1,275
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
West Valley, Industrial Development
Authority, Johnson Matthey
Project, VRDN, RB (A) (B) (C)
3.550%, 03/03/97 $ 1,000 $ 1,000
--------
4,863
--------
VIRGINIA -- 1.3%
Harrison Multi-Family Housing,
Rolling Brook Village Apartment,
VRDN, RB (A) (B)
3.700%, 02/01/98 7,000 7,000
Norfolk Industrial Development
Authority Toys "R" Us Project,
Ser 84, VRDN, RB (A) (B) (C)
3.375%, 03/07/97 1,425 1,425
Northwest Mutual Life Tax-Exempt
Mortgage Trust, Virginia, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 59 60
Virginia State Housing Development
Authority, AHC Services Corporation,
Ser A, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 5,800 5,800
--------
14,285
--------
WASHINGTON -- 0.9%
Kent Economic Development
Revenue, Northwest Aluminum
Products, VRDN, RB (A) (B) (C)
3.700%, 03/07/97 1,500 1,500
Redmond Public Corporation
Industrial Development Revenue,
Integrated Circuit Project,
Ser 88, VRDN, RB (A) (B) (C)
3.720%, 03/07/97 620 620
Student Loan Finance Association
Project, Second Series, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 1,605 1,605
Washington State Housing Finance
Commission, YMCA Greater
Seattle Project, VRDN, RB (A) (B) (C)
3.450%, 03/03/97 2,200 2,200
Washington State Housing Finance
Community, Nonprofit Housing
YMCA, Snobonish County Project,
VRDN, RB (A) (B) (C)
3.450%, 03/03/97 1,700 1,700
Washington State Housing Finance
Community, Pioneer Human
Services Project, Ser 91,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 1,855 1,855
--------
9,480
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
24
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WEST VIRGINIA -- 1.5%
Charleston Building Common
Parking Facility Revenue,
Charlestown Town Center,
Ser A (A) (B) (C)
3.430%, 03/07/97 $ 9,100 $ 9,100
Parkersburg Industrial Development
Revenue, B-H Associates Project,
VRDN, RB (A) (B) (C)
3.675%, 03/07/97 3,500 3,500
West Virginia Hospital Finance
Authority, Hospital Revenue,
VHA Mid-Atlantic/Cap, Ser C,
AMBAC Insured, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 3,500 3,500
-------
16,100
-------
WISCONSIN -- 8.4%
Ashland School District, TRAN
4.500%, 08/29/97 3,500 3,506
Beaver Dam, USD, TRAN
4.140%, 08/27/97 3,000 3,001
Beloit School District, TRAN
3.840%, 10/30/97 1,200 1,200
Burlington Area School
District, TRAN
4.220%, 08/29/97 3,000 3,002
Cambridge Joint School
District, BAN
4.700%, 06/20/97 6,000 6,019
Cudahy School District, BAN
3.900%, 06/04/97 2,655 2,656
Eau Claire Area School
District, TRAN
3.920%, 09/29/97 5,000 5,001
Green Bay Area Public School
District Anticipation Note, Fed
Tax Exempt - State Taxable
3.840%, 02/02/98 7,000 7,002
Hartford Industrial Development
Revenue, IC Products Company
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 5,000 5,000
Janesville School District, TRAN
3.910%, 09/25/97 3,000 3,000
Kenosha School District, TRAN
4.250%, 09/26/97 8,100 8,116
Kettle-Moraine School
District, TRAN
4.010%, 08/22/97 3,200 3,200
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kewaunee, Wisconsin School
District, BAN
4.130%, 06/23/97 $ 6,000 $ 6,001
Lakeland Union High District, BAN
4.280%, 06/27/97 5,500 5,501
Menasha Joint School
District, TRAN
4.500%, 10/06/97 2,400 2,408
Mequon & Thiensville School
District, TRAN
4.250%, 09/10/97 2,250 2,251
Northwest Mutual Life Tax-Exempt
Mortgage Trust, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 91 92
Oregon County School
District, TRAN
4.240%, 09/17/97 2,300 2,301
Platteville School District, BAN
4.140%, 06/04/97 7,000 7,007
Village of Menomonee Industrial
Development Revenue, Maysteel
Corporation, VRDN, RB (A) (B) (C)
3.465%, 03/07/97 3,000 3,000
Wausau Industrial Development
Revenue, Venture Partnership
Project, VRDN, RB (A) (B) (C)
3.400%, 03/07/97 10,000 10,000
----------
89,264
----------
WYOMING -- 0.5%
Cheyenne County, Revenue
Refunding, Holiday Inn Project,
VRDN, RB (A) (B) (C)
3.900%, 04/01/97 1,300 1,300
Evanston Industrial Development
Revenue, Safeway Project,
VRDN, RB (A) (B) (C)
3.650%, 06/01/97 3,700 3,700
Northwest Mutual Life Tax-Exempt
Mortgage Trust, VRDN,
RB (A) (B) (C)
4.500%, 08/15/97 66 67
----------
5,067
----------
TOTAL MUNICIPAL BONDS
(Cost $1,088,543) 1,088,543
----------
TOTAL INVESTMENTS -- 102.9%
(Cost $1,088,543) 1,088,543
----------
25
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONCLUDED
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET-- (2.9%) $ (31,186)
-----------
NET ASSETS
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 1,034,131,853
outstanding shares of beneficial interest 1,033,963
Portfolio Shares of Class B
(unlimited authorization -- no
par value) based on 19,204,727
outstanding shares of beneficial interest 19,205
Portfolio Shares of Class C
(unlimited authorization -- no
par value) based on 4,188,195
outstanding shares of beneficial interest 4,188
Undistributed net investment income 7
Accumulated net realized loss
on investments (6)
----------
Total Net Assets--100.0% $1,057,357
==========
Net Asset Value, Offering and
Redemption Price Per Share-- Class A $1.00
==========
Net Asset Value and Redemption
Price Per Share-- Class B $1.00
==========
Net Asset Value and Redemption
Price Per Share-- Class C $1.00
==========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSURANCE
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
VHA VETERANS HOSPITAL ASSOCIATION
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 28, 1997.
(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
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 100.1%
PENNSYLVANIA -- 100.1%
Athens Area School District, TRAN
4.100%, 06/30/97 $ 800 $ 800
Beaver County Industrial
Development Revenue,
Duquesne Light & Power,
TECP (C)
3.400%, 04/21/97 1,000 1,000
Bradford County Industrial
Development Authority,
Guthrie Project, VRDN,
RB (A) (B) (C)
3.550%, 03/07/97 300 300
Butler County Industrial
Development Authority,
Pennzoil Project, VRDN,
RB (A) (B) (C)
3.700%, 03/07/97 600 600
Chartiers Valley Industrial &
Commercial Development
Authority, Commercial
Development Revenue, Parkay
Center West Project A,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,165 1,165
Chester County Health & Education
Facilities Authority, Barclay
Friends Project, Ser A,
VRDN, RB (A) (B) (C)
3.300%, 03/07/97 1,050 1,050
Cumberland Valley School
District, Ser A, GO
6.150%, 09/01/97 95 96
Cumberland Valley School
District, Ser B, GO
5.750%, 09/01/97 385 388
Delaware County Airport Facility,
Airport Facility Revenue, Ser 85,
VRDN, RB (A) (B)
3.400%, 03/01/97 1,100 1,100
Delaware County Industrial
Development Authority, British
Petroleum Project, Ser 95,
VRDN, RB (A) (B)
3.450%, 03/01/97 1,000 1,000
Delaware Valley Regional Finance
Authority, Local Government
Revenue, Ser B, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 1,000 1,000
Delaware Valley Regional Finance
Authority, Local Government
Revenue, Ser D, VRDN,
RB (A) (B) (C)
3.400%, 03/07/97 100 100
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
26
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Johnsonburg Area School District,
Elk County, GO, FSA Insured
4.000%, 04/01/97 $ 135 $ 135
Lancaster Higher Education
Authority, Franklin & Marshall
Project, Ser 95, VRDN, RB (A) (B)
3.450%, 03/07/97 775 775
Langhorne Hospital Revenue
Authority, Franciscan Health
Systems Project, Ser C, VRDN,
RB (A) (B) (C)
3.400%, 03/01/97 400 400
Lebanon County Industrial
Development Authority,
Aluminum Company of America
Project, Ser 92, VRDN, RB (A) (B)
3.350%, 03/07/97 2,020 2,020
Lehigh County Water Authority,
VRDN, RB, FGIC Insured (A) (B)
3.250%, 03/07/97 735 735
Montgomery County Higher
Education & Health Facility
Authority, Higher Education
& Loan, Ser 96-A, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,700 1,700
Montgomery County Industrial
Development Authority, Pollution
Control Revenue, TECP (C)
3.400%, 04/01/97 360 360
3.400%, 05/08/97 1,000 1,000
Montgomery County Industrial
Development Authority, Valley
Square Project, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 755 755
Norristown, TRAN
3.900%, 12/31/97 1,250 1,250
North Umberland County Industrial
Development Authority, Atlas
Development Association,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 95 95
Northeastern Hospital & Education
Authority, Allhealth Pooled
Financing Program, VRDN,
RB (A) (B) (C)
3.350%, 03/07/97 1,850 1,850
Philadelphia Industrial
Development Authority,
Multi-Family Housing, Harbor
View Towers Project, VRDN,
RB (A) (B) (C)
3.500%, 03/07/97 1,065 1,065
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania State Higher Education
Facilities, Thomas Jefferson
University, Ser B, RB (A) (B) (C)
3.500%, 08/27/97 $ 1,250 $ 1,250
Pennsylvania Intergovernmental
Authority, Special Tax Revenue,
Philadelphia Funding Program,
RB, FGIC Insured
5.000%, 06/15/97 300 301
Philadelphia Redevelopment
Authority, Rivers Edge Project,
VRDN, RB (A) (B) (C)
3.600%, 03/07/97 500 500
Philadelphia School District,
Refunding Project, Ser B,
AMBAC Insured
4.300%, 07/01/97 100 100
Philadelphia School District, TRAN
4.500%, 06/30/97 1,250 1,252
Philadelphia, Authority for
Industrial Development Revenue,
City Line Holiday Inn Project
Series 96 (A) (B)
3.400%, 03/07/97 1,500 1,500
Philadelphia, TRAN
4.500%, 06/30/97 1,000 1,002
Sayre Health Facilities Authority
Revenue, VHR Pennsylvania
Capital Financing Project, Ser D,
VRDN, RB, AMBAC
Insured (A) (B)
3.300%, 03/07/97 200 200
Schuylkill County, Industrial
Development Authority,
Northeastern Power Project,
VRDN, RB (A) (B) (C)
3.500%, 03/01/97 500 500
Schuylkill County, Industrial
Development Authority,
Westwood Energy Project,
VRDN, RB (A) (B) (C)
3.550%, 03/01/97 200 200
Scranton-Lackawana Health &
Welfare Authority, University
of Scranton Project, RB (A) (B) (C)
3.800%, 05/01/97 685 685
Shaler Township, TRAN
3.950%, 12/31/97 800 801
Southern Tioga School District,
Ser A, GO, FSA Insured
3.650%, 08/15/97 250 250
27
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
PENNSYLVANIA TAX FREE PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State Higher Education Facility,
Allegheny College Project,
VRDN, RB (A) (B) (C)
3.350%, 03/07/97 $ 100 $ 100
State Revenue, Second Ser A,
GO, MBIA Insured
6.000%, 11/01/97 1,000 1,015
Temple University, University
Funding, Ser 96, RB
4.625%, 05/20/97 1,000 1,002
West York School District
Authority, TRAN
4.375%, 06/30/97 534 535
York General Authority, Pooled
Revenue, VRDN, RB (A) (B) (C)
3.350%, 03/07/97 1,000 1,000
--------
32,932
--------
Total Municipal Bonds
(Cost $32,932) 32,932
--------
Total Investments -- 100.1%
(Cost $32,932) 32,932
--------
Other Assets and Liabilities, Net -- (0.1%) (17)
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 32,928,964
outstanding shares of beneficial interest 32,929
Accumulated net realized loss
on investments (14)
--------
Total Net Assets--100.0% $ 32,915
========
Net Asset Value, Offering and
Redemption Price Per Share-- Class A $1.00
========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSURANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTOR 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 28, 1997.
(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.
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 104.3%
ALABAMA -- 0.9%
State Private Colleges & Tuskegee
University Project, RB,
Asset Guaranty
5.700%, 09/01/10 $ 825 $ 826
5.700%, 09/01/11 870 871
-------
1,697
-------
ALASKA -- 2.0%
Anchorage Electric Utility, RB,
MBIA Insured
8.000%, 12/01/06 1,775 2,177
8.000%, 12/01/07 1,310 1,618
-------
3,795
-------
ARIZONA -- 1.0%
Tempe, GO
8.000%, 07/01/01 735 840
Yuma County, Arizona Jail Revenue,
RB AMBAC Insured
6.000%, 07/01/03 1,025 1,106
-------
1,946
-------
ARKANSAS -- 0.1%
Little Rock Capital Improvement
Refunding Bonds, Ser 95-A, RB,
Callable 02/01/00 @ 100
5.950%, 02/01/12 140 141
-------
CALIFORNIA -- 19.8%
Anaheim Public Finance Authority,
Electric Utility Project, RB,
MBIA Insured, Callable
04/01/03 @ 102
5.400%, 10/01/08 2,000 2,037
Anaheim Public Improvements,
Ser C, RB
6.000%, 09/01/13 2,325 2,485
California Health Facilities Finance
Authority, Sisters of Providence, RB
5.500%, 10/01/05 1,100 1,133
California Health Facilities Finance
Authority, Summit Medical Center,
Ser A, RB, FSA Insured
5.250%, 05/01/04 1,500 1,543
California Housing Finance
Agency, RB, MBIA Insured
5.300%, 08/01/14 475 476
California Housing Finance Agency,
RB, MBIA Insured,
Callable 08/01/04 @ 102
7.250%, 08/01/17 1,250 1,337
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State Educational
Facilities, USC, Ser A, RB
5.600%, 10/01/05 $ 1,140 $ 1,181
California State, GO,
Callable 06/01/06 @ 101
5.250%, 06/01/12 2,645 2,602
California Statewide Communities
Development Authority,
San Gabriel Valley-A, COP
6.000%, 09/01/06 1,000 1,054
Contra Costa, Merrithew Memorial
Hospital, COP
5.250%, 11/01/05 2,000 2,052
Education Facility Authority,
University of San Francisco,
RB, MBIA Insured
6.000%, 10/01/08 1,000 1,090
Elk Grove, Unified School District,
GO, AMBAC Insured
6.500%, 12/01/07 1,000 1,135
Irvine Special Assessment, District
89-10, VRDN, GO (A) (B) (E)
3.350%, 09/02/15 100 100
Los Angeles Airport, American
Airlines, Ser E, VRDN (A)
3.500%, 12/01/24 900 900
Los Angeles County Public
Leasing, RB
5.125%, 09/01/08 1,380 1,382
Los Angeles Department of Water
& Power, RB
9.000%, 10/15/02 2,000 2,440
Los Angeles, Unified School District,
COP, FSA Insured
5.100%, 10/01/06 1,050 1,064
Modesto Irrigation, RB,
MBIA Insured
5.150%, 10/01/04 1,000 1,037
Mojave Water Agency, GO,
FGIC Insured, Callable
09/01/06 @ 102
5.600%, 09/01/12 1,000 1,015
Oakland Health Facilities Authority,
Childrens Hospital Project, RB
5.000%, 07/01/01 1,175 1,197
Orange County Transportation
Authority, Sales Tax Revenue,
First Ser-Measure M, RB
5.400%, 02/15/00 1,000 1,026
Orange County, COP, MBIA
Insured, Callable 7/1/06 @ 102
5.800%, 07/01/16 1,000 1,010
Pomona, Unified School District,
Ser A, GO, MBIA Insured
5.600%, 08/01/07 1,040 1,093
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Public Works, California State
University Project, Ser A, RB
5.500%, 10/01/07 $ 2,000 $ 2,052
Rancho Mirage, Eisenhower Med
Center, COP, MBIA Insured,
Callable 7/1/07 @ 102
5.125%, 07/01/09 2,150 2,123
Stanislaus, Ogden Martin Systems
Project, RB, Callable
01/01/00 @ 102
7.625%, 01/01/10 1,000 1,070
University of California, Board
of Regents, RB
6.500%, 09/01/02 1,995 2,167
--------
37,801
--------
COLORADO -- 2.4%
Colorado Health Facilities
Authority, RB
6.250%, 02/01/04 1,500 1,560
Colorado Student Loan, RB (E)
6.100%, 09/01/02 1,835 1,913
Highlands Ranch, Met Dist 1, GO
5.500%, 09/01/06 1,000 1,050
--------
4,523
--------
CONNECTICUT -- 0.9%
Connecticut State Industrial
Development Authority,
Pollution Control Revenue,
Frito-Lay/Pepsi Project, RB
6.375%, 07/01/04 560 571
Mashantucket, Western Pequot
Tribe, RB
6.250%, 09/01/03 1,000 1,054
--------
1,625
--------
DELAWARE -- 0.2%
Wilmington Hospital, VRDN,
RB (A) (E)
3.500%, 07/01/11 400 400
--------
DISTRICT OF COLUMBIA -- 1.4%
District of Columbia Hospital
Revenue, Washington Hospital
Center, RB, MBIA Insured,
Callable 08/05/02 @ 102
7.000%, 08/15/05 1,500 1,669
District of Columbia, Ser A, GO
5.125%, 06/01/99 1,000 1,001
-------
2,670
--------
29
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
FLORIDA -- 2.7%
Florida Housing Finance
Authority, Capital Appreciation,
Single Family Mortgage,
Zero Coupon Bond, RB
0.000%, 07/15/16 $ 2,000 $ 227
Fort Meyers, RB, AMBAC Insured
5.100%, 12/01/01 1,010 1,040
Hillsborough County Utility
Authority, RB, MBIA Insured (D)
9.750%, 12/01/03 1,425 1,724
Orlando & Orange County
Expressway Authority, Florida
Expressway Revenue, Linked
Security, RB, FGIC Insured
5.097%, 07/01/04 2,200 2,241
--------
5,232
--------
GEORGIA -- 1.8%
College Park, Industrial Development
Authority, RB, FSA Insured
5.100%, 09/01/03 1,050 1,068
5.200%, 09/01/04 1,105 1,126
Gwinette County, GO
9.500%, 02/01/02 1,000 1,197
--------
3,391
--------
IDAHO -- 0.1%
Power County, Pollution Control
Revenue, FMC Corporation Project,
VRDN, RB (A) (E)
3.500%, 12/01/10 100 100
--------
Illinois -- 5.2%
Cook County, GO, MBIA Insured
7.250%, 11/01/07 2,000 2,375
Illinois Hospital Facilities, Metropolitan
Pier & State Exposition Authority,
McCormick Plaza Convention, RB
6.250%, 07/01/17 450 453
Illinois Housing Development
Authority, RB,
Callable 2/1/06 @ 102
5.650%, 02/01/16 1,170 1,179
Illinois State GO,
Callable 08/01/99 @ 102
6.375%, 08/01/00 1,000 1,059
Illinois State Health Facility
Authority, RB, MBIA Insured
7.900%, 08/15/03 561 576
Kane & DeKalb County, Unified
School District #301, GO,
AMBAC Insured
6.300%, 12/01/04 2,640 2,907
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
McClean County Public Building
Commission, Lease Receipts,
Law & Justice Center, GO
7.300%, 11/01/02 $ 1,280 $ 1,448
--------
9,997
--------
INDIANA -- 0.9%
Indiana State Health Facilities, RB
7.100%, 09/01/03 1,555 1,695
Rockport Pollution Control
Revenue, AEP Generating
Company, Project B, VRDN,
RB, AMBAC Insured (A)
3.500%, 07/01/25 100 100
--------
1,795
--------
IOWA -- 0.5%
Eddyville, Pollution Control, RB
5.400%, 10/01/06 1,000 1,034
--------
KENTUCKY -- 0.9%
Kentucky State Turnpike
Authority, Ser A, RB
8.500%, 07/01/04 410 420
Kentucky State Turnpike Authority,
TRAN, AMBAC Insured
5.500%, 07/01/06 1,200 1,261
--------
1,681
--------
LOUISIANA -- 1.0%
Louisiana State Housing Finance
Agency, RB, MBIA Insured
5.125%, 12/01/10 445 446
Louisiana State GO, Ser A, Callable
08/01/97 @ 102
7.000%, 08/01/02 1,500 1,551
--------
1,997
--------
MASSACHUSETTS -- 16.1%
Commonwealth of Massachusetts,
Ser E, VRDN, RB (A) (E)
3.400%, 12/01/97 980 980
Commonwealth of Massachusetts,
VRDN, RB (A) (B) (E) Ser B
3.400%, 12/01/97 10,700 10,700
Holyoke, GO
5.500%, 06/15/03 1,640 1,710
Lowell, GO, FSA Insured,
Callable 02/15/01 @ 103
8.300%, 02/15/05 1,855 2,129
Massachusetts State Health &
Education Facilities Authority, RB
5.500%, 07/01/01 1,325 1,327
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
30
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts Bay Transportation
Authority, General Transportation
System, GO
7.000%, 03/01/07 $ 3,000 $ 3,465
Massachusetts Bay Transportation
Authority, RB,
Callable 03/01/06 @ 101
5.625%, 03/01/26 2,000 1,955
Massachusetts State Single Family
Housing, Ser 14, RB,
Callable 06/01/00 @ 102
7.600%, 12/01/14 980 1,049
Massachusetts State, GO, Ser B
6.250%, 07/01/02 1,155 1,243
Massachusetts State Industrial
Financing Authority, RB
Mandatory Put 05/1/02 @ 100
5.000%, 05/01/26 1,000 1,000
Massachusetts State, Lowell General
Hospital, Ser B, RB, FSA Insured,
Callable 06/01/07 @ 102
5.250%, 06/01/11 1,585 1,565
Massachusetts State Water Resource
Authority, Ser B, RB
5.250%, 03/01/13 1,000 968
Municipal Wholesale Electric
Company, Ser A, RB, Mandatory
Redemption @ 100 (B)
8.750%, 07/01/18 60 69
New England Education Loan
Marketing, RB
5.800%, 03/01/02 1,475 1,536
Springfield GO, AMBAC Insured
6.375%, 08/01/04 1,000 1,105
--------
30,801
--------
MICHIGAN -- 3.0%
Battle Creek Development Authority,
RB Callable 05/1/04 @ 102
7.300%, 05/01/10 1,195 1,337
Building Authority, Ser I, RB
AMBAC Insured
5.500%, 10/01/05 1,500 1,569
Greater Detroit Resource Recovery,
RB, AMBAC Insured
5.500%, 12/13/03 1,525 1,603
Kent Hospital Financing Authority,
Blodgett Memorial Medical Center,
Ser A, RB Callable 07/01/99 @ 102
7.000%, 07/01/01 1,000 1,065
Michigan Housing Development
Authority, Zero Coupon, RB
Callable 04/01/99 @ 14.71
0.000%, 04/01/15 1,300 171
--------
5,745
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MINNESOTA -- 0.9%
Maplewood, Health Care Facilities,
RB Callable 11/15/01 @ 100
5.700%, 11/15/02 $ 1,740 $ 1,748
--------
MISSISSIPPI -- 0.9%
Mississippi State Capital
Improvement, Ser A,
GO, Callable 08/01/03 @ 100
5.100%, 08/01/07 1,685 1,704
--------
NEW JERSEY -- 0.5%
Camden County, Cooper Health
Project, RB
5.500%, 02/15/02 1,000 1,006
--------
NEW MEXICO -- 1.2%
Mortgage Finance Authority,
Single Family Mortgage, RB,
Callable 07/01/02 @ 102 (E)
6.850%, 07/01/10 1,290 1,355
Santa Fe, Saint Vincent's Hospital
Project, RB, FGIC Insured,
Pre-Refunded @ 100 (C)
7.500%, 07/01/05 785 895
--------
2,250
--------
NEW YORK -- 9.0%
City of New York, Sales Tax, RB
6.000%, 07/01/07 1,500 1,626
City of New York, Ser H, RB
6.250%, 07/01/07 2,300 2,538
Energy Research & Development
Authority, Electric & Gas,
VRDN, RB (A)
3.350%, 06/01/29 2,080 2,080
NY State Dormitory Authority,
RB AMBAC Insured
6.000%, 08/15/05 2,000 2,158
NY State Dormitory Authority,
RB, Callable 05/15/03 @ 102,
6.000%, 05/15/22 1,200 1,206
NY State Dormitory Authority,
Rosewell Park, RB
5.500%, 07/01/03 1,000 1,021
NY State Medical Care Facility
Finance Agency,
Adult Day Care, RB
5.350%, 11/15/05 825 848
NY State Medical Care Facility
Finance Agency, Ser C, RB,
FHA Insured
5.200%, 08/15/05 560 578
NY State Medical Care Facility
Finance Agency, St Lukes, RB,
Callable 08/15/03 @ 102
FHA Insured
5.600%, 08/15/13 1,015 1,018
31
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NY State Urban Development, GO
6.250%, 01/01/09 $ 1,325 $ 1,409
NY State Urban Development
Authority, Correctional Facilities,
Ser G, RB, Callable 01/01/00 @ 102
7.100%, 01/01/03 2,500 2,678
--------
17,160
--------
NORTH CAROLINA -- 0.5%
Eastern Municipal Power Agency,
RB, MBIA Insured
5.500%, 01/01/04 1,000 1,036
--------
OHIO -- 3.7%
Dayton, Special Facilities, Air
Freight, RB
6.050%, 10/01/09 1,000 1,024
Franklin County Health System,
VRDN (A)
3.400%, 07/01/15 1,200 1,200
Ohio State Building Authority,
Correctional Facilities, Ser A, RB
5.000%, 10/01/03 2,000 2,050
Ohio State Building Authority, State
Facilities, RB
5.500%, 10/01/07 1,700 1,770
Strongsville City School District,
GO, MBIA Insured
5.300%, 12/01/10 1,050 1,064
--------
7,108
--------
OKLAHOMA -- 2.1%
Central Oklahoma Transportation
& Parking Authority, RB (D)
6.000%, 07/01/03 170 177
Industrial Development Authority,
Integris Health, RB, AMBAC
Insured
5.250%, 08/15/06 1,255 1,280
McAlester Public Works Authority,
RB, FSA Insured
8.100%, 12/01/08 875 1,092
Tulsa Industrial Development
Authority, St. Johns Medical
Center, RB (D)
6.875%, 01/01/02 460 489
Tulsa Port Industrial
Development Authority, RB
5.350%, 09/01/06 1,000 1,024
--------
4,062
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
PENNSYLVANIA -- 1.5%
Easton Joint School Authority, RB (D)
5.350%, 04/15/02 $ 250 $ 256
State Health Services Allegheny/
Delaware Valley, RB,
MBIA Insured
5.500%, 11/15/08 2,000 2,075
Westmoreland County Municipal
Authority, Special Obligation (D)
9.125%, 07/01/10 470 561
--------
2,892
--------
SOUTH CAROLINA -- 1.2%
Public Service Authority, Electric
Improvement Revenue, Ser B, RB,
Callable 07/01/01 @ 102
6.700%, 07/01/02 1,220 1,334
Spartanburg County, School
District #5, COP, MBIA Insured
5.400%, 07/01/08 1,000 1,005
--------
2,339
--------
SOUTH DAKOTA -- 1.2%
South Dakota State Health &
Educational Facilities Authority,
RB, MBIA Insured,
Callable 07/01/06 @ 102
6.000%, 07/01/08 1,025 1,107
South Dakota State Housing
Authority, Ser A, RB
5.500%, 05/01/10 1,000 1,005
South Dakota State Student Loan
Assistance Corporation, Ser A, RB
7.000%, 08/01/98 180 188
--------
2,300
--------
TEXAS -- 10.4%
Austin Independent School
District, RB (D)
9.000%, 07/01/99 645 714
Austin Utility Systems, Ser 92-B,
RB, Callable 11/15/98 @ 102
7.250%, 11/15/03 1,175 1,247
7.750%, 11/15/08 600 649
Cedar Hill Independent
School District, RB
6.450%, 08/15/03 2,225 2,456
Department of Housing Affairs,
Single Family, RB
Callable 09/01/06 @ 102
5.550%, 09/01/11 2,000 2,033
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
32
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fort Worth Water & Sewer
Authority, RB
5.250%, 02/15/06 $ 1,360 $ 1,396
Harris County, GO
10.000%, 10/01/00 1,850 2,185
7.000%, 10/01/01 2,000 2,210
Harris County, Health Facilities
Development, RB
6.000%, 06/01/09 1,825 1,946
Houston Housing Financing
Corp, Ser A, RB, Callable
12/01/06 @ 102
8.000%, 06/01/14 1,000 1,074
Lone Star Airport Improvement
Authority, VRDN (A)
3.500%, 12/01/14 1,400 1,400
Plano, GO
5.625%, 09/01/06 1,020 1,085
Texas Municipal Power Agency, RB,
MBIA Insured
5.500%, 09/01/10 1,000 1,025
Texas State Department of Housing
& Community, Zero Coupon Bond,
Capital Appreciation, RB
0.000%, 03/01/15 1,280 382
--------
19,802
--------
UTAH -- 1.2%
Salt Lake City Airport, RB,
FGIC Insured
7.400%, 06/01/00 1,100 1,163
Utah State Single Family Housing,
Issue B, RB, FHA Insured
Callable 07/01/03 @ 102
5.125%, 07/01/24 1,050 1,050
--------
2,213
--------
VIRGINIA -- 1.8%
Hampton, Sentara Health System,
Ser A, RB
5.375%, 11/01/10 1,000 993
Housing Development Authority,
RB Callable 01/01/02 @ 102
7.100%, 01/01/22 1,250 1,303
Virginia State Housing Development
Authority, Zero Coupon, RB
Callable 05/01/97 @ 17.158
0.000%, 11/01/17 2,200 382
Virginia State Housing,
Multi-Family Housing, RB
5.250%, 05/01/03 685 700
--------
3,378
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WASHINGTON -- 2.8%
Clark County, Public Utility
District # 001, RB, FGIC Insured
6.000%, 01/01/04 $ 2,525 $ 2,708
Grant County, Public Utility
District #2, RB
5.625%, 01/01/07 2,470 2,560
--------
5,268
--------
WEST VIRGINIA -- 1.1%
State Building Community
Lottery, Ser A, RB MBIA Insured
5.500%, 07/01/05 2,100 2,192
--------
WISCONSIN -- 2.9%
Wisconsin State 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 Public Power,
RB, Pre-Refunded @ 102,
AMBAC Insured (C)
6.875%, 07/01/21 2,000 2,225
Wisconsin State, Clean
Water Revenue, Ser 1, RB
6.875%, 06/01/11 1,640 1,882
--------
5,470
--------
WYOMING -- 0.5%
Wyoming Student Loan
Corporation, RB
6.250%, 12/01/99 1,000 1,035
--------
Total Municipal Bonds
(Cost $196,500) 199,334
--------
Total Investments -- 104.3%
(Cost $196,500) 199,334
--------
Other Assets and Liabilities, Net-- (4.3%) (8,274)
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 17,890,808
outstanding shares of beneficial interest 189,219
Overdistributed net investment income (4)
Accumulated net realized loss
on investments (989)
Net unrealized appreciation
on investments 2,834
--------
Total Net Assets--100.0% $191,060
========
33
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Net Asset Value, Offering and
Redemption Price Per Share-- Class A $10.68
======
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AGENCY
FSA FINANCIAL SECURITY ASSURANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INVESTORS ASSURANCE
RB REVENUE BOND
SER SERIES
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 28, 1997.
(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 -- 95.7%
PENNSYLVANIA -- 95.7%
Allegheny County Hospital
Development Authority,
Allegheny General Hospital, RB (C)
7.250%, 07/01/03 $ 270 $ 292
6.750%, 05/01/04 10 11
Allegheny County Hospital
Development Authority, Allegheny
Valley Hospital, RB
7.750%, 08/01/20 80 84
Allegheny County Hospital
Development Authority,
Harmarville Rehabilitation
Center, RB (C)
6.000%, 10/01/08 50 52
Allegheny County Hospital
Development Authority,
Montefiore Hospital, RB (C)
6.875%, 07/01/09 550 601
Allegheny County Hospital
Development Authority,
St. Margaret Memorial
Hospital, RB (C)
6.750%, 07/01/10 520 567
Allegheny County Industrial
Development Authority, Mandatory
Put 12/01/00 @ 100 RB (B) (D)
5.250%, 12/01/00 25 25
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Allegheny County Industrial
Development Authority,
RB, AMT (B)
6.000%, 10/01/04 $ 150 $ 150
Allegheny County Redevelopment
Authority, Home Improvement, RB
6.700%, 08/01/99 485 499
Allegheny County Sanitation
Authority, RB (C)
6.800%, 07/01/03 45 49
Allentown Hospital Authority,
Sacred Heart Project, RB (C)
8.000%, 03/01/09 140 162
Allentown Hospital Authority,
Sacred Heart Project, Ser A, RB
6.500%, 11/15/08 1,200 1,239
Altoona Area School District
Authority, Ser 78, RB (A)
Pre-Refunded @ 100
6.500%, 07/01/06 185 199
Altoona School District, RB (C)
6.250%, 01/01/03 10 10
Baldwin Whitehall School Building
Revenue, RB (C)
6.625%, 11/15/02 80 80
Bensalem Township Water & Sewer
Authority, RB (C)
6.750%, 12/01/14 100 116
Blair County Hospital
Authority, RB (C)
6.900%, 07/01/08 1,040 1,147
Blairsville- Saltsburg School
District, RB, AMBAC
Insured (C)
9.000%, 05/15/03 50 58
Borough of Tarentum Guaranteed
Electric Revenue Bond, Ser 93-A,
RB, Asset Guaranty Insured
5.500%, 09/01/08 645 649
Bucks County Industrial
Development Authority
Revenue, RB (C)
8.750%, 09/01/04 30 34
Bucks County Redevelopment
Authority, Mortgage Revenue,
Warminster Heights, Section 8,
RB, FHA Insured
5.750%, 08/01/97 25 25
6.250%, 08/01/02 315 327
Butler Area Sewer Authority,
Sewer Revenue, RB (A)
Pre-Refunded @ 100
7.250%, 01/01/04 95 105
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Butler County Industrial
Development Authority,
Commercial Development, RB (B)
4.900%, 11/01/03 $ 700 $ 697
Cambria County Hospital Authority,
Conemaugh Valley Memorial
Hospital, RB (C)
7.625%, 09/01/11 235 279
Chester County Hospital Authority,
Brandywine Hospital, RB
7.000%, 07/01/10 105 107
Chester County Hospital
Authority, RB (C)
5.500%, 02/01/03 120 122
City of Aliquippa, Beaver County,
RB, Asset Guaranty Insured
8.250%, 09/15/01 1,090 1,166
Cresswell Heights, Joint Water
Authority Revenue, RB (C)
7.375%, 03/01/07 95 106
Dauphin County General Authority,
Phoenixville Hospital, Hapsco
Group Incorporated, Ser 92-A,
RB, FGIC Insured
5.900%, 07/01/05 845 901
Dauphin County General School
Authority, Penncrest School
Project, RB, Mandatory Put
06/02/03 @ 100 (D)
6.600%, 06/02/03 915 985
Dauphin County General School
Authority, RB, Mandatory Put
06/01/98 @ 100 (D)
6.000%, 06/01/98 50 51
Dauphin County General School
Authority, RB, Mandatory Put
06/01/04 @ 100 (D)
6.700%, 06/01/04 1,220 1,313
Delaware County Authority, Hospital
Revenue, Crozer-Chester Medical
Center, RB (C)
7.250%, 12/15/10 160 180
Delaware County Authority,
University Revenue, Villanova
University, RB (C)
9.625%, 08/01/02 180 205
Delaware County Industrial
Development Authority, Resource
Recovery Project, Ser A, RB (B)
7.900%, 12/01/05 35 37
Delaware County Industrial
Development Authority, Resource
Recovery Project, Ser A, RB (B)
7.650%, 12/01/01 25 26
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Delaware River Port
Authority, RB (C)
6.000%, 01/15/10 $ 105 $ 110
Derry Township Sanitation
Sewer Authority, RB (C)
6.250%, 08/01/12 65 68
Economy Municipal Authority,
Sewer Revenue, RB
6.000%, 12/15/03 55 56
Erie County Hospital Authority,
Erie County Geriatric, RB (C)
6.750%, 07/01/11 445 495
Erie County Hospital Authority,
Hamot Health Systems, RB,
AMBAC Insured
6.700%, 02/15/02 500 545
Erie County Hospital Authority,
Hamot Medical Center Project, RB (C)
6.900%, 01/01/05 105 113
Fayette County Hospital Authority,
Uniontown Hospital, RB,
Connie Lee Insured
4.850%, 06/15/01 1,000 1,005
5.000%, 06/15/02 300 302
5.100%, 06/15/03 1,065 1,078
5.200%, 06/15/04 100 101
5.300%, 06/15/05 1,000 1,012
5.450%, 06/15/07 740 747
Financing Authority, Municipal
Capital Improvemnts Program, RB
6.600%, 11/01/09 700 750
Fort Le Boeuf School District,
Ser 93-A, GO, MBIA Insured
5.150%, 01/01/02 500 517
Fox Chapel Sanitation Sewer
Authority, RB
5.900%, 05/01/05 260 260
Franklin Hospital, Special
Obligation, RB (C)
7.125%, 10/01/08 80 88
Greene County Industrial
Development Authority, Pollution
Control Revenue, Monogahela
Power-Hatfield Ferry, Ser A, RB
6.300%, 02/01/02 485 488
Hampton Township, GO
6.300%, 06/01/02 775 832
Harrisburg Authority, Lease Revenue,
RB, Pre-Refunded @ 101 (A)
6.250%, 06/01/01 1,000 1,071
Harrisburg, GO (C)
7.400%, 06/15/04 45 50
Harrisburg, GO, Ser A, MBIA
Insured (C)
9.750%, 04/15/04 40 49
35
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Hickory Township Municipal
Authority, Sewer Revenue, RB (C)
6.250%, 02/01/14 $ 10 $ 11
Hopewell Township, Guaranteed
Sewer Revenue, Ser A, RB,
Asset Guaranty Insured
5.800%, 11/01/08 815 824
Horizon Health System Authority,
Horizon Hospital Systems Inc., RB
5.450%, 05/15/02 490 490
5.600%, 05/15/03 625 625
5.750%, 05/15/04 530 532
5.900%, 05/15/05 610 615
6.300%, 05/15/11 1,145 1,154
Jefferson County Municipal Authority
Revenue, RB, MBIA Insured (C)
7.000%, 12/01/02 20 22
Jersey Shore Area School District,
GO, MBIA Insured (C)
9.375%, 03/01/03 150 175
Lancaster Sewer Authority, RB (C)
6.000%, 04/01/12 55 57
Lehigh County Community
College, School Lease Revenue, RB
5.750%, 01/15/02 1,090 1,093
Lehigh County General Purpose
Authority, Muhlenberg Medical
Center Project, RB (C)
7.000%, 07/01/04 50 54
Lehigh County Industrial
Development Authority,
Strawbridge Project, RB (C)
7.200%, 12/15/01 1,015 1,100
Lower Pottsgrove Township Sewer
Authority, RB (C)
6.250%, 05/01/12 65 69
Luzerne County, Ser 91, GO,
FGIC Insured
6.800%, 09/15/02 500 546
Lycoming County Authority,
Hospital Revenue, Williamsport
Hospital, RB, Connie Lee Insured
5.250%, 11/15/06 1,300 1,323
McCandless Township Sanitation
Authority, Sewer Revenue, RB (C)
6.750%, 11/15/05 130 142
Monroeville Hospital Authority,
Hospital Revenue, East Suburban
Health Center Program, RB (A)
Pre-Refunded @ 100
7.600%, 07/01/04 245 274
Monroeville Water Authority,
Water Authority, RB (C)
7.250%, 12/01/08 40 44
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery County Higher
Education & Health Authority,
Abington Memorial Hospital,
Ser 91-A, RB, AMBAC Insured
6.200%, 06/01/00 $ 800 $ 846
Montgomery County Industrial
Development Authority, Health
Facilities Authority, ECRI
Project, RB
6.850%, 06/01/13 2,165 2,195
Montgomery County, GO (C)
9.000%, 08/15/04 175 199
Moon School District, School
Building Revenue, RB,
MBIA Insured (C)
6.375%, 11/15/98 30 30
Mount Lebanon Hospital
Authority, RB (C)
7.000%, 07/01/06 365 401
Norristown Area School District,
Ser 91, Bank Qualified, GO (A)
Pre-Refunded @ 100
6.650%, 09/01/01 100 109
Northampton County Industrial
Development Authority, Moravian
Hall Square Project, Ser A, RB,
Asset Guaranty Insured
5.350%, 07/01/10 1,470 1,437
Northeast Allegheny County, RB (C)
6.000%, 05/01/02 60 62
Northeastern Hospital Authority,
Hospital Revenue, RB (C)
7.000%, 06/01/06 250 272
6.375%, 09/01/07 60 62
Pennsylvania State Higher Education
Authority, Ser 95, RB, Asset
Guaranty Insured
4.750%, 09/15/02 270 270
4.850%, 09/15/03 250 250
4.950%, 09/15/04 515 516
5.150%, 09/15/06 345 345
Pennsylvania State Higher Education,
College & University, RB (C)
9.375%, 07/01/10 170 215
Pennsylvania State Higher
Education, Facilities Authority,
College & University Revenue,
Tenth Series, RB (C)
6.900%, 07/01/07 75 81
Pennsylvania State Higher
Education, Facilities Authority,
Hahnemann University Project,
Ser-91, RB, MBIA Insured
Pre-Refunded @ 102 (A)
6.600%, 07/01/01 535 591
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
36
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania State Higher Education,
Facilities Authority, Philadelphia
College of Textiles & Science, RB
5.450%, 02/01/07 $ 200 $ 197
Pennsylvania State Higher Education,
Facilities, Drexel University, RB
6.375%, 05/01/17 1,450 1,468
Pennsylvania State Higher Education,
Philadelphia College of Textiles &
Science, Ser 96, RB
5.900%, 04/01/02 225 230
6.050%, 04/01/03 240 247
6.150%, 04/01/04 250 258
6.250%, 04/01/05 265 275
6.350%, 04/01/06 285 296
6.450%, 04/01/07 295 308
6.550%, 04/01/08 320 334
6.600%, 04/01/09 340 355
Pennsylvania State Higher
Education, Student Loan, Ser A,
RB, AMT, AMBAC Insured
7.050%, 10/01/16 3,500 3,675
Pennsylvania State Higher
Education, Student Loan, Ser C,
RB, AMT, AMBAC Insured
7.150%, 09/01/21 500 524
Pennsylvania State Higher
Educational Facilities Authority,
Hahnemann University Project
91, RB, MBIA Insured (C)
6.400%, 07/01/01 570 616
Pennsylvania State Housing Finance
Agency, Single Family Motgage,
RB, Subject to AMT
7.800%, 10/01/20 100 105
Pennsylvania State Housing Finance
Agency, RB (C)
7.750%, 12/01/07 90 100
Pennsylvania State Housing Finance
Agency, Rental Housing, Ser 91,
RB, FNMA Collateral
5.450%, 07/01/06 2,000 2,037
Pennsylvania State Housing Finance
Agency, Ser 91-31A, RB,
Subject to AMT
6.800%, 10/01/17 600 627
Pennsylvania State Housing Finance
Agency, Single Family Mortgage,
Ser 92-33, RB
5.700%, 04/01/98 195 196
Pennsylvania State Housing Finance
Authority, Single Family Mortgage,
Ser N, RB
7.500%, 10/01/99 200 204
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania State, Unlimited
Tax, GO
5.500%, 10/01/97 $ 1,615 $ 1,621
Peters Township School District,
Zero Coupon Bond,
GO, MBIA Insured (C)
0.000%, 11/15/07 100 57
Philadelphia Gas Works Revenue,
Fourteenth Series, RB,
FSA Insured
6.250%, 07/01/08 1,000 1,077
Philadelphia Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.100%, 12/01/03 410 443
Philadelphia Hospital & Higher
Education Facilities, Philadelphia
MR Project, RB
5.500%, 08/01/01 1,175 1,188
Philadelphia Hospital, Graduate
Hospital Project, RB (C)
7.000%, 07/01/10 540 599
Philadelphia Industrial Development
Authority, Convention Project,
PGH Development Corporation,
Ser 89, RB, AMBAC Insured (C)
7.000%, 07/01/99 885 919
Philadelphia Industrial Development
Authority, National Board of
Medical Examiners Project, RB
6.750%, 05/01/12 950 1,021
Philadelphia Indutrial Development
Authority, Commercial Development
Red Lion Association, RB (B)
5.000%, 12/01/16 1,200 1,200
Philadelphia Municipal Authority,
Justice Lease Revenue, Ser B,
RB, FGIC Insured
6.700%, 11/15/01 1,000 1,096
Philadelphia Redevelopment
Authority, Home Improvement
Loan, Ser 95A, RB, Subject to AMT
5.100%, 06/01/01 140 140
5.100%, 12/01/01 110 110
5.250%, 06/01/02 200 200
5.250%, 12/01/02 220 220
5.400%, 06/01/03 160 160
5.400%, 12/01/03 185 185
5.550%, 06/01/04 65 65
5.650%, 12/01/05 70 70
6.100%, 12/01/10 1,000 1,002
37
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia Redevelopment
Authority, West Philadelphia
Project, RB, FNMA Collateral
6.750%, 05/15/04 $ 730 $ 767
Philadelphia School District,
Ser 91-B, GO, MBIA Insured
7.000%, 07/01/05 250 278
Philadelphia United Hospitals
Project, RB (A)
Pre-Refunded @ 100
10.875%, 07/01/05 745 968
Philadelphia Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,480 6,234
Pittsburgh Parking Authority,
Ser 92-A, RB, FGIC Insured
5.750%, 12/01/05 500 528
Pittsburgh Stadium Authority,
Lease Revenue, RB (C)
6.500%, 04/01/11 975 1,068
Pittsburgh Urban Redevelopment
Authority Mortgage Revenue,
Ser 96C, RB, Subject to AMT
5.700%, 10/01/05 240 245
Pittsburgh Urban Redevelopment
Authority Mortgage Revenue,
Ser 96D, RB
5.900%, 04/01/08 285 292
5.900%, 10/01/08 290 297
6.000%, 10/01/09 310 319
6.100%, 10/01/10 330 339
Pittsburgh Urban Redevelopment
Authority, Home Improvement
Loans, RB
7.125%, 08/01/04 835 855
Pittsburgh Urban Redevelopment
Authority, Mortgage Revenue,
Ser A, RB, Subject to AMT
5.750%, 10/01/10 55 54
Pittsburgh Urban Redevelopment
Authority, Ser B, RB
6.700%, 04/01/10 35 36
5.700%, 10/01/11 110 108
Pittsburgh Urban Redevelopment
Center, Triangle Tax Increment,
Ser A, RB (B)
5.125%, 06/01/00 1,175 1,179
5.750%, 12/01/06 1,980 2,029
Pittsburgh Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,185 1,215
Pittsburgh, GO (C)
9.125%, 03/01/04 40 48
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pittsburgh, RB, FGIC Insured (A)
7.000%, 03/01/06 $ 100 $ 102
Potter County Hospital Authority,
Charles Cole Memorial, RB, Asset
Guaranty Insured
4.750%, 08/01/99 260 260
4.850%, 08/01/00 270 272
5.100%, 08/01/02 290 293
5.200%, 08/01/03 245 248
5.300%, 08/01/04 325 329
5.400%, 08/01/05 320 325
5.500%, 08/01/06 160 162
Pottsville Hospital Authority,
Pottsville Hospital & Warner
Clinic, RB
6.400%, 07/01/03 930 957
Quakertown Pennsylvania
Hospital Authority, Quakertown
Community Hospital, RB (C)
7.125%, 01/01/11 40 43
Sayre Health Facilities Authority,
Guthrie Health Care, Ser 91-A,
RB, AMBAC Insured
6.800%, 03/01/03 1,000 1,098
Scranton Lackawanna Health &
Welfare Allied Services,
Rehabilitation Hospital, RB
7.125%, 07/15/05 1,500 1,554
Scranton Lackawanna Health &
Welfare Authority, Community
Medical Center, RB, FGIC
Insured
7.000%, 07/01/99 250 265
Scranton Lackawanna Health &
Welfare Authority, RB (C)
6.625%, 07/01/09 530 578
Scranton Lackawanna Health &
Welfare Authority, RB,
BIGI Insured
7.250%, 07/01/99 790 835
Shaler School District, RB (C)
6.250%, 04/15/08 70 75
Shaler Township, GO (C)
6.400%, 08/01/01 25 26
South Side Area School District,
Ser 91, GO, AMBAC Insured (A)
Pre-Refunded @ 100
6.550%, 04/15/98 260 268
Southeastern Greene School
District, GO (C)
9.375%, 07/01/03 155 179
Steel Valley School District, GO (C)
6.250%, 11/01/06 50 53
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
38
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Susquehanna Township Sewer
Authority, RB (C)
6.000%, 11/15/13 $ 35 $ 38
Swissvale Area School District, RB (C)
6.300%, 12/01/03 65 71
University Area Joint Authority,
Sewer Revenue, Ser 90, RB,
MBIA Insured (A)
Pre-Refunded @ 101
7.000%, 09/01/00 750 821
Upper Allegheny Joint Sanitation
Authority, RB, AMBAC
Insured (C)
9.000%, 09/01/00 45 49
Upper Gwynedd-Towamencin
Sewer Authority, RB,
MBIA Insured (C)
5.850%, 10/15/06 30 31
Upper Perkiomen School
District, GO (C)
6.000%, 05/01/04 40 42
Washington County Hospital
Authority, Shadyside Hospital
Project, Ser 92, RB,
AMBAC Insured
5.875%, 12/15/04 1,000 1,075
Westmoreland County Industrial
Development Authority, Henry
Clay Frick Hospital, RB
7.000%, 12/01/05 800 802
Westmoreland County Industrial
Development Authority, Hospital
Revenue, Ser 92-A, RB,
AMBAC Insured
5.900%, 07/01/05 595 634
Westmoreland County Industrial
Development Authority, Hospital
Revenue, Ser 92-A, RB,
AMBAC Insured
5.800%, 07/01/04 565 599
Westmoreland County Municipal
Authority, Special Obligation (C)
9.125%, 07/01/10 20 24
Wilkes-Barre General Municipal
Authority, Misericordia College
Revenue, RB
7.750%, 12/01/12 1,955 2,065
Windber Area Authority, Hospital
Revenue, RB, FHA Insured (A)
Pre-Refunded @ 102
5.900%, 08/01/05 355 385
Wyoming County Hospital Authority,
Tyler Memorial, RB (C)
7.400%, 01/01/05 100 109
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
York County Hospital Authority,
Lutheran Social Services, RB
5.400%, 04/01/04 $ 500 $ 498
5.600%, 04/01/05 500 497
5.800%, 04/01/06 500 497
--------
Total Municipal Bonds
(Cost $93,966) 95,867
--------
CASH EQUIVALENT -- 2.3%
Provident Tax Free Money Market 2,310 2,310
--------
Total Cash Equivalents
(Cost $2,310) 2,310
--------
Total Investments -- 98.0%
(Cost $96,276) 98,177
--------
Other Assets and Liabilities, Net-- 2.0% 1,964
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 9,548,434
outstanding shares of beneficial interest 98,082
Overdistributed net investment income (3)
Accumulated net realized gain
on investments 161
Net unrealized appreciation
on investments 1,901
--------
Total Net Assets--100.0% $100,141
========
Net Asset Value, Offering and
Redemption Price Per Share-- Class A $10.49
========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
AMT ALTERNATIVE MINIMUM TAX
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AGENCY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
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) PUT & DEMAND FEATURES -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE LESSER OF THE MATURITY DATE OR THE PUT DATE.
39
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
KANSAS TAX FREE INCOME PORTFOLIO
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.5%
KANSAS -- 95.6%
Anderson County, USD #365
Garnett, Ser 91, GO,
AMBAC Insured
6.400%, 09/01/05 $ 250 $ 263
6.500%, 09/01/06 250 264
Arkansas City, GO
3.800%, 12/01/99 285 276
Belleville Electric & Gas, Ser A, RB
5.000%, 12/01/98 150 152
5.500%, 12/01/02 175 183
5.700%, 12/01/04 150 158
Bourbon County, GO
5.500%, 09/01/09 195 199
Bourbon County, USD # 234, Fort
Scott, Ser B, GO
5.625%, 09/01/11 285 288
Bourbon County, USD # 234, GO,
Callable 09/01/06 @ 100
5.600%, 09/01/10 215 218
Butler County, Bank Qualified GO,
CGIC Insured
4.150%, 10/01/01 250 246
4.300%, 10/01/02 250 246
Butler County, USD #402, GO,
Callable 4/1/04 @ 100
5.250%, 10/01/12 500 495
Chanute Electric Light Water & Gas,
RB, MBIA Insured
6.900%, 11/01/05 600 629
Cherokee County, USD #499, GO,
AMBAC Insured
5.800%, 10/01/09 200 207
5.900%, 10/01/10 215 223
5.950%, 10/01/11 225 233
City of Hayes Water & Sewer
System, RB
5.200%, 09/01/11 260 256
Clay County, Clay Center, Ser 92,
Bank Qualified GO
5.300%, 04/01/00 250 256
5.400%, 04/01/01 250 255
Clay County, Ser 94-B, GO
6.200%, 10/01/15 250 258
Coffeyville Water and Sewer,
Ser 93, RB, AMBAC Insured
4.600%, 10/01/04 465 459
4.700%, 10/01/05 490 483
Coffeyville, COP
5.875%, 10/01/14 250 255
Cowley County, USD #465 School
Improvement Bonds, Winfields,
Ser 91, GO
6.000%, 11/01/97 250 253
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Cowley County, USD #470, GO,
Callable 12/01/06 @ 100
5.450%, 12/01/12 $ 500 $ 504
Decatur County, Ser 92, Bank
Qualified, GO
6.000%, 09/01/01 250 260
Dickinson County, Abilene School
District, Ser 92, Bank
Qualified GO
5.400%, 04/01/01 265 269
5.600%, 04/01/03 300 303
Dodge City, Pollution Control
Revenue, Excel Project, RB
6.625%, 05/01/05 700 768
Dodge, USD #443, Ford County,
GO, CGIC Insured
4.700%, 03/01/07 180 173
4.800%, 03/01/08 360 347
5.000%, 03/01/14 250 237
Douglas County, USD #497,
Ser 93-A, GO
4.500%, 09/01/02 250 251
Douglas County, USD #497,
Ser A, GO
5.400%, 09/01/15 600 595
Ellsworth County, USD #328
Lorraine, GO, FSA Insured,
Callable 09/01/06 @ 100
5.250%, 09/01/15 500 487
Emporia Sewer System,
Ser 90, RB, (A)
7.100%, 06/01/04 300 313
Emporia, Ser B, GO
5.150%, 09/01/00 155 159
5.250%, 09/01/01 165 172
6.000%, 09/01/06 175 185
Finney County, Garden City
Project, Ser 91, GO
5.700%, 10/01/98 500 506
Finney County, USD #457, GO
5.500%, 10/01/99 185 191
5.550%, 10/01/00 250 260
Ford County, Single Family
Mortgage, Ser A, RB
7.900%, 08/01/10 305 323
Franklin County, USD #290, GO,
Callable 09/01/06 @100
5.200%, 09/01/13 230 227
5.250%, 09/01/14 500 492
5.300%, 09/01/16 335 330
Garden City, Ser B, GO,
MBIA Insured
4.900%, 11/01/99 250 256
5.450%, 11/01/04 250 263
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
40
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Garden City, Water & Sewer, RB
6.500%, 11/01/00 $ 125 $ 135
6.750%, 11/01/03 125 135
Gardner Electric Utility, Ser 92, RB
7.000%, 11/01/09 500 529
Gardner, GO
5.300%, 09/01/11 330 331
Gove County, GO, AMBAC Insured,
Callable 10/01/01 @ 101
5.150%, 04/01/12 560 536
Gray County, USD #102, GO
6.000%, 09/01/04 100 106
6.200%, 09/01/06 125 134
6.800%, 09/01/15 250 267
Halstead Hospital, Active
Sinking Fund, RB
6.750%, 10/01/06 240 262
Harvey County, USD #373, GO,
Callable 09/01/05 @ 100
5.550%, 09/01/13 500 502
Hays, Internal Improvement,
Ser A, GO
5.200%, 09/01/01 105 109
5.300%, 09/01/02 110 114
5.500%, 09/01/04 120 124
Hays, Ser A, GO, FGIC Insured,
Callable 09/01/03 @ 100
5.150%, 09/01/09 250 249
Hays, Ser A, GO, FGIC Insured,
Callable 09/1/03 @ 100
5.150%, 09/01/09 250 249
5.250%, 09/01/10 250 252
Hays, Water & Sewer, Ser 1992,
Bank Qualified RB, AMBAC Insured
5.600%, 09/01/99 100 104
5.800%, 09/01/00 100 105
6.200%, 09/01/03 100 106
6.400%, 09/01/05 180 192
Holton, Electrical Systems,
Ser 92-A, RB
6.400%, 12/01/06 150 162
6.500%, 12/01/07 150 163
Hutchinson, Ser A, RB
5.450%, 10/01/14 125 125
5.500%, 10/01/15 135 135
Hutchinson, Single Family
Mortgage, Ser 92, RB
6.500%, 12/01/09 70 74
Hutchinson, Water & Sewer,
Ser 93, RB, AMBAC Insured
6.850%, 12/01/05 150 172
5.000%, 12/01/11 225 219
Jackson County, Holton School
Boards USD #336, Ser 92,
Bank Qualified, GO
6.200%, 10/01/07 205 223
6.300%, 10/01/08 125 137
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Jefferson County, USD #340,
GO, CGIC Insured
6.000%, 09/01/06 $ 300 $ 322
6.100%, 09/01/07 320 344
6.200%, 09/01/08 330 355
Johnson County Water
District #001, Ser 90-A, RB
5.250%, 12/01/15 500 480
Johnson County, Blue Valley
Recreation Commission,
COP, Ser 91, GO
6.000%, 10/01/97 250 252
Johnson County, GO
6.800%, 09/01/99 1,000 1,067
Johnson County, Internal
Improvement, Ser A, GO
5.600%, 09/01/03 200 212
Johnson County, USD #229
Blue Valley, Ser A, GO (A)
6.500%, 10/01/12 300 325
Johnson County, USD #233,
GO, AMBAC Insured
5.950%, 09/01/05 500 531
Johnson County, USD #512,
GO, Callable 10/01/06 @ 100
5.250%, 10/01/17 500 479
Johnson County, Water
District #001, RB
5.125%, 12/01/08 250 252
Johnson County, Water
District #001, Ser 90-A, RB
6.800%, 06/01/99 250 263
6.900%, 12/01/00 250 273
6.100%, 12/01/16 250 255
Junction City, Industrial
Development, F.W. Woolworth, RB
7.250%, 11/01/98 130 131
Junction City, Ser 00, Bank
Qualified GO, AMBAC Insured
6.200%, 09/01/06 515 538
Junction City, Water, Ser A, RB
4.900%, 04/01/01 205 208
4.900%, 10/01/01 210 214
Kansas City, Community
College Std., GO, MBIA Insured
6.000%, 05/15/10 205 219
6.125%, 05/15/11 215 231
6.125%, 05/15/12 230 247
Kansas City, Improvement Project,
Ser B, MBIA Insured
5.375%, 09/01/10 1,500 1,521
Kansas City, Sisters of Charity
Health Hospital, RB
4.850%, 08/01/97 250 251
41
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kansas City, Special Obligation (B)
5.500%, 02/15/99 $ 500 $ 513
Kansas State Department of
Transportation Highway, RB
5.000%, 03/01/04 250 257
Kansas State Department of
Transportation Highway, Ser 92,
RB, Pre-Refunded @ 102 (A)
6.500%, 03/01/08 750 827
Kansas State Department of
Transportation, RB
Callable 03/01/03 @ 102
5.375%, 03/01/13 580 574
Kansas State Development Finance
Authority, Comprehensive Rehab
Project K, RB, Callable
10/01/01 @ 101
5.600%, 10/01/11 500 504
Kansas State Development Finance
Authority, Department of
Corrections El Dorado Project L,
RB, MBIA Insured
5.625%, 02/01/03 250 260
Kansas State Development
Finance Authority, Kansas
Board Regents Wichita, RB,
AMBAC Insured
5.125%, 06/01/06 250 254
Kansas State Development Finance
Authority, RB Callable
05/01/04 @ 101
5.200%, 05/01/07 120 123
5.400%, 05/01/09 135 138
5.450%, 05/01/10 100 103
5.500%, 05/01/11 100 103
5.550%, 05/01/12 100 103
Kansas State Development Finance
Authority, RB, Callable
10/1/01 @ 101
5.500%, 10/01/10 500 503
Kansas State Development Finance
Authority, RB, Callable
11/15/06 @ 102
5.375%, 11/15/16 500 485
Kansas State Development Finance
Authority, Ser J, RB Callable
04/01/05 @ 100
5.400%, 04/01/10 500 506
Kansas State Development Finance
Authority, Storemont Vail
Health Care, Ser F, RB,
MBIA Insured
5.800%, 11/15/16 500 507
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kansas State Development Finance
Authority, Storemont Vail
Health Care, Ser G, RB,
MBIA Insured
5.750%, 11/15/10 $ 500 $ 514
Kansas State Development Finance
Authority, Water Pollution
Control, GO
4.450%, 05/01/01 355 363
Kansas State Development Finance
Authority, Hays Medical Center,
Ser B, RB Callable 11/15/07 @ 100
5.375%, 11/15/10 500 499
Kansas State Family Housing, RB
5.900%, 12/01/16 660 662
Kansas State Pollution Control, RB
5.450%, 04/01/06 500 507
Kansas State Water Pollution Control,
RB, Callable 05/01/07 @ 100
5.500%, 05/01/14 1,000 1,001
Kansas Sumner County, Bridge
Improvement Bonds, Ser 92,
GO, AMBAC Insured
6.000%, 11/01/05 250 265
Kansas Water Pollution Control
Callable 05/01/03 @ 102
5.750%, 05/01/14 370 382
Kingman, Electric Utility &
Distribution System, RB
5.500%, 09/01/08 250 250
Kingman, Water & Sewer, Utility
& Distribution System, RB
6.125%, 09/01/15 250 259
Lawrence Hospital, RB
4.850%, 07/01/97 250 250
Lawrence Water & Sewer System, RB
5.300%, 11/01/07 315 321
5.700%, 11/01/11 395 400
Lawrence, GO
5.100%, 09/01/01 220 225
Lawrence, Sales Tax, Ser B, GO
Callable 09/01/04 @ 100
5.500%, 09/01/12 500 506
Lawrence, Ser 91-L, GO
5.600%, 09/01/98 175 179
Leavenworth County, USD #449,
Ser A, Bank Qualified GO
6.300%, 09/01/09 150 155
6.400%, 09/01/10 160 166
6.500%, 09/01/12 125 130
6.500%, 09/01/13 100 104
Leavenworth, Cushing Mem
Hospital, RB, Callable
04/01/07 @ 102
6.125%, 04/01/15 415 412
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Leavenworth, Ser B, GO
5.050%, 09/01/00 $ 210 $ 214
Leawood, Ser 92-A, GO
5.000%, 09/01/00 300 308
5.200%, 09/01/01 250 258
6.000%, 09/01/08 135 142
Leawood, Ser A, GO,
Callable 09/01/06 @ 100
5.000%, 09/01/15 250 238
Leawood, Unlimited Tax,
Ser B, GO
5.000%, 09/01/10 400 389
Lindsborg Electric & Waterworks
System, RB
5.000%, 10/01/05 100 103
Lindsborg Electric & Waterworks
System, RB, Callable
10/01/05 @ 100
5.300%, 10/01/07 105 108
5.600%, 10/01/09 120 123
Lyon County, Hospital Revenue,
Ser 94, RB
5.200%, 02/01/02 115 112
5.200%, 08/01/02 250 243
5.300%, 02/01/03 100 97
Lyon County, USD #253
Emponia, RB
6.250%, 10/01/08 250 262
Manhattan, Ser 200, GO,
Callable 11/01/04 @ 100
5.400%, 11/01/16 405 399
Manhattan, Unlimited Tax,
Ser 189, GO
5.850%, 11/01/02 250 265
6.300%, 11/01/11 100 104
6.300%, 11/01/12 105 110
Marion County, USD #411, RB
5.300%, 04/01/13 660 648
McPherson County, USD
#400-Smoky Valley, GO,
FGIC Insured, Callable 12/01/05
@ 100
5.200%, 12/01/10 250 250
5.250%, 12/01/12 250 247
McPherson, Electric Utility, RB,
AMBAC Insured
5.550%, 03/01/09 550 555
McPherson, Refunding &
Improvement, Ser 116, GO
5.000%, 11/01/06 500 501
Meade Industrial Development,
Dekalb Agresearch Project, RB
6.500%, 10/01/06 1,000 1,115
Miami County, USD #367,
Ser A, GO
5.850%, 09/01/13 550 567
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Miami County, USD #368 Paola,
Ser 92, GO, AMBAC Insured
6.500%, 12/01/05 $ 500 $ 539
Miami County, USD #416
Louisburg, Ser 92, GO,
AMBAC Insured
6.000%, 09/01/02 250 263
Montgomery County, USD #447,
GO, Callable 09/01/06 @ 100
5.450%, 09/01/15 260 260
5.500%, 09/01/17 250 248
Nemaha County, USD #441,
Ser 92, GO, AMBAC Insured
5.400%, 03/01/02 250 257
5.750%, 03/01/07 250 257
Neosho County, USD #413, GO
5.650%, 09/01/01 260 273
Newton, Waste Water Treatment
System, Ser 92, Bank Qualified RB
5.750%, 03/01/99 110 113
6.000%, 03/01/00 115 120
6.200%, 03/01/01 120 127
6.400%, 03/01/02 130 140
Olathe & Labette County, GNMA
Collateral Mortgage, Senior
Ser 91-B, RB
7.150%, 02/01/15 55 58
Olathe, Multi-Family Housing,
Deerfield Apartments,
Ser 94-A, RB
5.500%, 06/01/04 410 421
Olathe, Ser B, COP,
Callable 09/01/06 @100
5.600%, 09/01/12 145 146
5.650%, 09/01/13 155 156
5.650%, 09/01/14 165 166
Olathe, Sewer Improvement,
Ser 184, GO
4.600%, 10/01/99 275 279
Osborne, Ser 92, Bank
Qualified GO
5.500%, 12/01/01 135 137
5.600%, 12/01/02 140 141
5.700%, 12/01/03 150 151
5.800%, 12/01/04 155 157
Ottawa, Waterworks & Electric
Systems, Ser 91, RB,
MBIA Insured
6.150%, 12/01/00 250 267
6.250%, 12/01/01 250 270
Pawnee County, GO, CGIC Insured
5.100%, 09/01/04 255 263
Phillip County, USD #325, GO
5.200%, 09/01/03 100 104
5.600%, 09/01/07 155 160
43
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
KANSAS TAX FREE INCOME PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pittsburgh, Water & Sewer Systems,
Ser 91-A, RB
6.400%, 09/01/03 105 110
6.500%, 09/01/04 110 116
Pottawatomie County, USD #320
Wamego, Ser 90, GO,
AMBAC Insured
6.600%, 10/01/02 500 544
Pratt, Electrical System, Ser 92,
RB, AMBAC Insured
6.600%, 11/01/07 250 284
6.000%, 11/01/12 250 257
Reno County, GO
6.250%, 08/01/00 685 705
Reno County, Single Family
Mortgage, Ser B, RB,
Callable 09/01/01 @ 103
8.700%, 09/01/11 180 193
Riley County, Ser 92, Bank
Qualified GO
5.000%, 11/01/98 335 339
Riley County, Ser B, GO
6.100%, 09/01/06 110 119
6.200%, 09/01/07 110 119
6.300%, 09/01/08 110 120
6.400%, 09/01/09 110 119
Rural Water Finance Authority,
Revenue District # 13, Ser F,
RB, Callable 06/01/01 @ 100
5.900%, 06/01/11 400 406
Salina, Internal Improvement
Bonds, Ser P-240, GO
5.500%, 10/01/99 100 103
Salina, Water & Sewer, RB
6.700%, 10/01/99 250 254
6.750%, 10/01/00 250 254
6.850%, 10/01/02 250 254
Salina, Water & Sewer, RB,
MBIA Insured
5.000%, 09/01/07 330 326
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%, 09/01/07 150 153
5.800%, 09/01/08 145 148
Scott County, USD #466,
Ser 93, GO
5.375%, 09/01/06 685 690
Sedgwick & Shawnee County,
GNMA Collateral Mortgage,
Senior Ser 91-A, RB
7.300%, 12/01/12 560 592
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sedgwick & Shawnee County,
Single Family Housing, RB
8.050%, 05/01/14 $ 440 $ 497
Sedgwick & Shawnee County,
Single Family Mortgage, RB
5.250%, 11/01/04 105 108
Sedgwick & Shawnee County,
Single Family Mortgage, RB,
Callable 11/01/04 @ 103
7.800%, 05/01/14 185 202
Sedgwick County, Airport Facilities,
Beech Aircraft, Ser 93, RB
5.625%, 03/01/99 1,000 1,029
Sedgwick County, Ser B, GO
4.050%, 08/01/98 250 251
Sedgwick County, USD #262,
Valley Center,
Zero Coupon Bond, GO
0.000%, 11/01/98 100 93
Seward County, Ser B, GO,
AMBAC Insured
6.000%, 08/15/08 250 257
6.000%, 08/15/13 250 257
Seward County, Single Family
Mortgage, Ser B, RB
8.000%, 05/01/11 325 347
Seward County, USD #483, GO,
Callable 10/01/06 @ 100
5.200%, 10/01/12 600 588
Seward County, USD# 480, RB,
Ser 92, MBIA Insured
5.000%, 12/01/00 500 506
Shawnee County, Health Care
Facilities, RB, Callable
08/15/05 @ 100
5.150%, 08/15/10 500 492
Shawnee County, Ser 92-C, GO
5.600%, 09/01/04 500 521
Shawnee County, Ser B, GO,
Callable 09/01/03 @ 100
5.500%, 09/01/09 250 255
5.500%, 09/01/11 250 252
Shawnee County, Sisters Charity
Leavenworth, RB
4.700%, 12/01/04 230 228
5.000%, 12/01/10 360 342
Shawnee County, USD #345
Seaman, GO
7.200%, 09/01/98 250 262
5.750%, 09/01/11 250 257
Shawnee County, USD #437
Auburn-Washburn, Ser 92,
GO, FGIC Insured
6.250%, 03/01/03 700 755
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sumner County, Bridge
Improvement Bonds, Ser 92,
GO, AMBAC Insured
6.000%, 11/01/04 $ 435 $ 462
Thomas County, USD #315,
Ser 93, GO
4.200%, 09/01/01 150 148
4.300%, 09/01/02 160 158
4.400%, 09/01/03 165 162
4.600%, 09/01/04 175 173
Topeka Hospital, Storemont
Vail Project, Ser 90-B, RB
6.750%, 11/15/00 500 542
Topeka, Ser A, GO, Callable
8/15/01 @ 100
5.500%, 08/15/16 500 498
Topeka, Ser C, GO
5.500%, 08/15/05 250 256
Wellington Electric & Water,
Bank Qualified RB, AMBAC Insured
7.050%, 05/01/06 250 291
6.250%, 05/01/12 250 262
Wichita, Hospital Facility,
St. Joseph Rehabilitation
Center, RB (B)
6.000%, 07/01/04 995 1,043
Wichita, Ser 746, GO, Callable
09/01/04 @ 101
5.300%, 09/01/12 750 755
Wichita, Single Family Mortgage,
Ser B, RB, Callable 07/01/98 @ 100
7.100%, 09/01/09 340 357
Wichita, Water & Sewer Improvement,
Ser B, RB, FGIC Insured
5.600%, 10/01/05 750 773
Winfield, Sales Tax, RB, Callable
09/01/03 @ 100
5.100%, 09/01/06 100 100
5.250%, 09/01/07 100 100
5.400%, 09/01/08 100 100
Wyandotte County, USD #203
Piper, GO
5.750%, 09/01/03 140 143
5.900%, 09/01/04 295 302
6.600%, 09/01/13 500 514
-------
76,698
-------
GUAM -- 1.0%
Government Highway Bonds, Ser A,
GO, CGIC Insured
5.100%, 05/01/97 250 251
5.500%, 05/01/99 200 206
6.300%, 05/01/12 100 106
Guam Government, Ser A, GO
5.900%, 09/01/05 250 252
-------
815
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
PUERTO RICO -- 1.9%
Commonwealth Highway &
Transportation Authority, RB
5.000%, 07/01/02 $ 500 $ 509
Public Buildings, RB,
Callable 7/1/03 @ 101.5
5.750%, 07/01/15 500 507
Public Buildings, Ser I, RB,
Callable 07/01/99 @ 100
6.000%, 07/01/12 500 503
-------
1,519
-------
Total Municipal Bonds
(Cost $77,028) 79,032
-------
CASH EQUIVALENT -- 0.2%
Dreyfus Tax Exempt
Money Market Fund 157 157
-------
Total Cash Equivalent
(Cost $157) 157
-------
Total Investments -- 98.7%
(Cost $77,185) 79,189
-------
Other Assets and Liabilities, Net-- 1.3% 1,061
-------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 7,541,776
outstanding shares of beneficial interest 77,831
Undistributed net investment income 314
Accumulated net realized gain
on investments 101
Net unrealized appreciation
on investments 2,004
-------
Total Net Assets--100.0% $80,250
=======
Net Asset Value, Offering and
Redemption Price Per Share-- Class A $10.64
=======
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
CGIC CAPITAL GUARANTY INSURANCE CORPORATION
COP CERIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSURANCE
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.
45
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
------------- ---------------- ---------------------
CALIFORNIA
TAX INSTITUTIONAL
TAX FREE EXEMPT TAX FREE
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ---------------- ---------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $6,580 $7,559 $18,012
------ ------ -------
Expenses:
Management Fees 656 501 1,786
Waiver of Management Fees -- (82) (545)
Investment Advisory Fees 71 85 193
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 24 26 55
Professional Fees 16 17 41
Pricing Fees 2 2 5
Registration Fees 17 31 39
Trustee Fees 6 7 15
Distribution Fees (1) -- 978 50
Shareholder Servicing Fee 7 -- --
Printing Fees 19 20 44
Insurance Fees 2 2 4
Other Expenses -- -- --
------ ------ -------
Total Expenses 820 1,587 1,687
------ ------ -------
NET INVESTMENT INCOME 5,760 5,972 16,325
------ ------ -------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net Realized Gain on Investments -- -- --
Net Change in Unrealized Appreciation
of Investments -- -- --
------ ------ -------
Net Realized and Unrealized Gain
on Investments -- -- --
------ ------ -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $5,760 $5,972 $16,325
====== ====== =======
</TABLE>
<TABLE>
<CAPTION>
- ---------------------- ---------------------- ---------------------- ------------
INTERMEDIATE- KANSAS
PENNSYLVANIA TERM PENNSYLVANIA TAX FREE
TAX FREE MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------- ---------------------- ---------------------- ------------
<C> <C> <C> <C>
$689 $3,991 $2,698 $2,031
---- ------ ------ ------
69 184 168 56
(21) (27) (62) --
7 274 96 111
-- -- (1) (111)
2 7 7 5
5 4 5 3
-- 2 2 3
3 10 5 4
1 2 2 1
-- -- -- --
-- -- -- --
1 5 5 5
-- 1 3 --
-- -- -- 1
---- ------ ------ ------
67 462 230 78
---- ------ ------ ------
622 3,529 2,468 1,953
---- ------ ------- ------
-- 175 209 104
-- 3,003 1,660 853
---- ------ ------- ------
-- 3,178 1,869 957
---- ------ ------- ------
$622 $6,707 $4,337 $2,910
==== ====== ====== ======
</TABLE>
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION AND SHAREHOLDER SERVICING EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
46 & 47
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1997
(UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
----------------------- ------------------------ ---------------------
INSTITUTIONAL
TAX CALIFORNIA TAX
FREE TAX EXEMPT FREE
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------- ------------------------- --------------------
<S> <C> <C> <C> <C> <C> <C>
1997 1996 1997 1996 1997 1996
------ ------ ------ ------ ------ ------
INVESTMENT ACTIVITIES:
Net Investment Income $ 5,760 $ 11,520 $ 5,972 $ 11,164 $ 16,325 $ 28,462
Net Realized Gain (Loss) on Investments -- 18 -- (5) -- 39
Net Change in Unrealized Appreciation
(Depreciation) of Investments -- -- -- -- -- --
-------- ---------- -------- -------- ---------- -----------
Net Increase in Net Assets Resulting
from Operations 5,760 11,538 5,972 11,159 16,325 28,501
-------- ---------- -------- -------- ---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (5,759) (11,513) (704) (1,471) (15,942) (27,624)
Class B -- -- -- -- (226) (596)
Class C -- -- -- -- (154) (248)
Class D -- (4) -- -- -- --
Class G (1) -- -- (5,244) (9,727) -- --
Net Capital Gains
Class A -- -- -- -- (42) --
-------- ---------- -------- -------- ---------- -----------
Total Distributions (5,759) (11,517) (5,948) (11,198) (16,364) (28,468)
-------- ---------- -------- -------- ---------- -----------
TRANSACTIONS (2):
Class A:
Proceeds from Shares Issued 887,206 1,426,417 168,653 232,581 2,627,504 4,958,411
Reinvestment of Cash Distributions 362 357 15 55 259 776
Cost of Shares Redeemed (819,776) (1,464,041) (162,066) (218,860) (2,429,156) (4,912,703)
-------- ---------- -------- -------- ---------- -----------
Total Class A Share Transactions 67,792 (37,267) 6,602 13,776 198,607 46,484
-------- ---------- -------- -------- ---------- -----------
Class B:
Proceeds from Shares Issued -- -- -- -- 28,412 69,063
Reinvestment of Cash Distributions -- -- -- -- 36 58
Cost of Shares Redeemed -- -- -- -- (23,393) (70,053)
-------- ---------- -------- -------- ---------- -----------
Total Class B Share Transactions -- -- -- -- 5,055 (932)
-------- ---------- -------- -------- ---------- -----------
Class C:
Proceeds from Shares Issued -- -- -- -- 43,696 82,543
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- -- -- (58,714) (63,337)
-------- ---------- -------- -------- ---------- -----------
Total Class C Share Transactions -- -- -- -- (15,018) 19,206
-------- ---------- -------- -------- ---------- -----------
Class D (3):
Proceeds from Shares Issued 1 1,615 -- -- -- --
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed (6) (1,881) -- -- -- --
-------- ---------- -------- -------- ---------- -----------
Total Class D Share Transactions (5) (266) -- -- -- --
-------- ---------- -------- -------- ---------- -----------
Class G (1):
Proceeds from Shares Issued -- -- 401,077 744,985 -- --
Reinvestment of Cash Distributions -- -- 4,428 8,087 -- --
Cost of Shares Redeemed -- -- (363,849) (730,352) -- --
-------- ---------- -------- -------- ---------- -----------
Total Class G Share Transactions -- -- 41,656 22,720 -- --
-------- ---------- -------- -------- ---------- -----------
Increase (Decrease) in Net Assets
from Share Transactions 67,787 (37,533) 48,258 36,496 188,644 64,758
-------- ---------- -------- -------- ---------- -----------
Total Increase (Decrease) in Net Assets 67,788 (37,512) 48,282 36,457 188,605 64,791
-------- ---------- -------- -------- ---------- -----------
NET ASSETS:
Beginning of period 339,912 377,424 395,413 358,956 868,752 803,961
-------- ---------- -------- -------- ---------- -----------
End of period $407,700 $ 339,912 $443,695 $395,413 $1,057,357 $ 868,752
======== ========== ======== ======== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
--------------------- -------------------- --------------------- ---------------------
PENNSYLVANIA INTERMEDIATE- KANSAS
TAX TERM PENNSYLVANIA TAX FREE
FREE MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------------- -------------------- --------------------- --------------------
<C> <C> <C> <C> <C> <C> <C> <C>
1997 1996 1997 1996 1997 1996 1997 1996
------- ---------- ------ ------ ------ ------ ------ ------
$ 622 $ 1,014 $ 3,529 $ 4,964 $ 2,468 $ 5,237 $ 1,953 $ 3,579
-- (14) 175 1,014 209 2,349 104 132
-- -- 3,003 (1,920) 1,660 (3,618) 853 (903)
------ --------- -------- -------- --------- -------- -------- -------
622 1,000 6,707 4,058 4,337 3,968 2,910 2,808
------ --------- -------- -------- --------- -------- -------- -------
(622) (1,013) (3,535) (5,335) (2,472) (5,686) (1,961) (3,544)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- (17) -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- (1,769) -- -- --
------ --------- -------- -------- --------- -------- -------- -------
(622) (1,013) (3,535) (5,352) (4,241) (5,686) (1,961) (3,544)
------ --------- -------- -------- --------- -------- -------- -------
108,796 209,781 71,691 73,397 11,996 14,469 11,709 18,206
3 60 1,546 1,360 331 171 -- --
(118,855) (192,915) (19,912) (34,549) (9,510) (19,788) (4,474) (11,238)
-------- -------- ------- ------- -------- -------- -------- -------
(10,056) 16,926 53,325 40,208 2,817 (5,148) 7,235 6,968
-------- -------- -------- ------- -------- -------- -------- -------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------ --------- -------- -------- --------- -------- -------- -------
-- -- -- -- -- -- -- --
------ --------- -------- -------- --------- -------- -------- -------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------ --------- -------- -------- --------- -------- -------- -------
-- -- -- -- -- -- -- --
------ --------- -------- -------- --------- -------- -------- -------
-- -- -- 1 -- -- -- --
-- -- -- 11 -- -- -- --
-- -- -- (586) -- -- -- --
------ --------- -------- -------- --------- -------- -------- -------
-- -- -- (574) -- -- -- --
------ --------- -------- -------- --------- -------- -------- -------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------- --------- -------- -------- -------- ------- ------- -------
-- -- -- -- -- -- -- --
------- --------- -------- -------- -------- ------- ------- -------
(10,056) 16,926 53,325 39,634 2,817 (5,148) 7,235 6,968
------- --------- -------- -------- -------- ------- ------- -------
(10,056) 16,913 56,497 38,340 2,913 (6,866) 8,184 6,232
------- --------- -------- -------- -------- ------- ------- -------
42,971 26,058 134,563 96,223 97,228 104,094 72,066 65,834
------- --------- -------- -------- -------- ------- ------- -------
$32,915 $ 42,971 $191,060 $134,563 $100,141 $97,228 $80,250 $72,066
======= ======== ======== ======== ======== ======= ======= =======
</TABLE>
1. ON MAY 1, 1996, THE CALIFORNIA TAX EXEMPT PORTFOLIO CLASS C SHARES WERE
REDESIGNATED CLASS G SHARES.
2. FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 9 IN THE NOTES TO THE
FINANCIAL STATEMENTS.
3. ON JUNE 30, 1996, INTERMEDIATE-TERM MUNICIPAL PORTFOLIO CLASS D CLOSED.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
48 & 49
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
<TABLE>
<CAPTION>
RATIO
OF
NET REALIZED NET
AND RATIO RATIO INVEST-
UNREALIZED OF OF MENT
GAIN EXPENSES NET INCOME
(LOSS) ON RATIO TO INVEST- TO
INVESTMENT INVEST- OF AVERAGE MENT AVERAGE
NET ACTIVITIES DISTRIBUTIONS MENTS- NET NET EXPENSES NET INCOME NET PORT-
ASSET ---------- ---------------------------- AND ASSET ASSETS, TO ASSETS TO ASSETS FOLIO
VALUE NET NET NET TOTAL CAPITAL VALUE, END AVERAGE EXCLUDING AVERAGE EXCLUDING TURN-
BEGINNING INVESTMENT INVESTMENT REALIZED DISTRI- TRANS- END OF TOTAL OF PERIOD NET FEE NET FEE OVER
OF PERIOD INCOME INCOME GAIN BUTIONS ACTIONS PERIOD RETURN (000) ASSETS WAIVERS ASSETS WAIVERS RATE
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------
TAX FREE PORTFOLIO
- ------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1997 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.58%+ $ 407,699 0.45%* 0.45%* 3.15%* 3.15%* --
FOR THE YEARS ENDED AUGUST 31,:
1996 $1.00 $0.033 $(0.033) -- $(0.033) -- $1.00 3.35% $ 339,906 0.45% 0.50% 3.30% 3.25% --
1995 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.48% 377,152 0.45% 0.51% 3.43% 3.37% --
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.20% 358,299 0.45% 0.53% 2.17% 2.09% --
1993 1.00 0.022 (0.023) -- (0.023) -- 1.00 2.29% 414,975 0.45% 0.53% 2.24% 2.16% --
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32% 293,982 0.45% 0.55% 3.30% 3.20% --
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.81% 343,300 0.37% 0.55% 4.70% 4.52% --
1990 (1) 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.20%+ 356,814 0.45%* 0.56%* 5.46%* 5.35%* --
FOR THE YEARS ENDED JANUARY 31,:
1990 $1.00 $0.059 $(0.059) -- $(0.059) -- $1.00 5.97% $ 464,389 0.54% 0.59% 5.90% 5.85% --
1989 1.00 0.049 (0.049) -- (0.049) -- 1.00 4.98% 790,629 0.46% 0.58% 4.90% 4.78% --
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.34% 938,484 0.53% 0.54% 4.20% 4.19% --
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.31% 1,143,083 0.56% 0.56% 4.10% 4.10% --
1986 1.00 0.051 (0.051) -- (0.051) -- 1.00 5.21% 503,891 0.57% 0.57% 5.10% 5.10% --
1985 1.00 0.058 (0.058) -- (0.058) -- 1.00 5.86% 263,325 0.58% 0.60% 5.80% 5.78% --
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.40%+ $ 1 0.78%* 0.78%* 2.87%* 2.87%* --
FOR THE YEARS ENDED AUGUST 31,:
1996 $1.00 $0.030 $(0.030) -- $(0.030) -- $1.00 2.99% $ 6 0.80% 0.88% 3.18% 3.10% --
1995 (2) 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.68%+ 272 0.80%* 0.86%* 3.13%* 3.07%* --
- -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.59%+ $ 51,334 0.28%* 0.32%* 3.18%* 3.14%* --
For the years ended August 31,:
1996 $1.00 $0.034 $(0.034) -- $(0.034) -- $1.00 3.41% $ 44,729 0.28% 0.36% 3.33% 3.25% --
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.49% 30,921 0.28% 0.42% 3.43% 3.29% --
1994 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.32% 32,015 0.27% 0.38% 2.28% 2.17% --
1993 1.00 0.024 (0.024) -- (0.024) -- 1.00 2.41% 540,285 0.28% 0.37% 2.37% 2.28% --
1992 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44% 445,936 0.28% 0.38% 3.34% 3.24% --
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.92% 376,653 0.28% 0.40% 4.74% 4.62% --
1990 (3) 1.00 0.016 (0.016) -- (0.016) -- 1.00 1.81%+ 275,095 0.28% 0.51% 5.27% 5.04% --
CLASS G***
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $1.00 $0.013 $(0.013) -- $(0.013) -- $1.00 1.34%+ $ 392,361 0.78%* 0.82%* 2.69%* 2.65%* --
For the years ended August 31,:
1996 $1.00 $0.028 $(0.028) -- $(0.028) -- $1.00 2.90% $ 350,684 0.78% 0.86% 2.84% 2.76% --
1995 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.97% 328,035 0.78% 0.93% 2.93% 2.78% --
1994 (4) 1.00 0.006 (0.006) -- (0.006) -- 1.00 2.14%* 318,122 0.67%* 0.87%* 2.06%* 1.86%* --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
50
<PAGE>
<TABLE>
<CAPTION>
NET REALIZED
AND
UNREALIZED
GAIN
INVESTMENT (LOSS) ON
NET ACTIVITIES DISTRIBUTIONS INVEST- NET
ASSET ---------- ---------------------------- MENTS ASSET
VALUE NET NET NET TOTAL CAPITAL VALUE,
BEGINNING INVESTMENT INVESTMENT REALIZED DISTRI- TRANS- END OF TOTAL
OF PERIOD INCOME INCOME GAIN BUTIONS ACTIONS PERIOD RETURN
- ---------------------------------------------------------------------------------
- ---------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- ---------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1997 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.65%+
FOR THE YEARS ENDED AUGUST 31,:
1996 $1.00 $0.035 $(0.035) -- $(0.035) -- $1.00 3.52%
1995 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.70%
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.51%
1993 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.59%
1992 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.66%
1991 1.00 0.049 (0.049) -- (0.049) -- 1.00 5.20%
1990 (1) 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32%+
FOR THE YEARS ENDED JANUARY 31,:
1990 $1.00 $0.059 $(0.059) -- $(0.059) -- $1.00 6.11%
1989 1.00 0.048 (0.048) -- (0.048) -- 1.00 5.05%
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.28%
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.23%
1986 1.00 0.050 (0.050) -- (0.050) -- 1.00 5.11%
1985 1.00 0.056 (0.056) -- (0.056) -- 1.00 5.71%
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $1.00 $0.015 $(0.015) -- $(0.015) -- $1.00 1.50%+
FOR THE YEARS ENDED AUGUST 31,:
1996 $1.00 $0.032 $(0.032) -- $(0.032) -- $1.00 3.21%
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.39%
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.21%
1993 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.29%
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.35%
1991 (5) 1.00 0.038 (0.038) -- (0.038) -- 1.00 3.89%+
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.40%+
FOR THE YEAR ENDED AUGUST 31,:
1996 (6) $1.00 $0.029 $(0.029) -- $(0.029) -- $1.00 2.92%+
- -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.62%+
FOR THE YEARS ENDED AUGUST 31,:
1996 $1.00 $0.034 $(0.034) -- $(0.034) -- $1.00 3.40%
1995 1.00 0.035 (0.035) -- (0.035) -- 1.00 3.60%
1994 (7) 1.00 0.014 (0.014) -- (0.014) -- 1.00 2.37%*
- -------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- -------------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $10.45 $0.24 $(0.24) -- $(0.24) $0.23 $10.68 4.54%+
FOR THE YEARS ENDED AUGUST 31,:
1996 $10.59 $0.49 $(0.53) -- $(0.53) $(0.10) $10.45 3.76%
1995 10.36 0.52 (0.52) -- (0.52) 0.23 10.59 7.53%
1996 10.84 0.49 (0.49) $(0.06) (0.55) (0.42) 10.36 0.65%
1993 10.49 0.49 (0.50) (0.02) (0.52) 0.38 10.84 8.62%
1992 10.20 0.56 (0.54) (0.01) (0.55) 0.28 10.49 8.56%
1991 9.98 0.61 (0.63) -- (0.63) 0.24 10.20 8.82%
1990 (1) 10.01 0.38 (0.37) -- (0.37) (0.04) 9.98 3.44%+
FOR THE YEAR ENDED JANUARY 31,:
1990 (8) $10.00 $0.21 $(0.16)$(0.002) $(0.16) $(0.04) $10.01 1.72%+
</TABLE>
RATIO
RATIO NET
OF INVEST-
NET MENT
RATIO RATIO OF INVEST- INCOME
OF EXPENSES TO MENT TO TO
NET EXPENSES AVERAGE INCOME AVERAGE PORT-
ASSETS, TO NET ASSETS TO NET ASSETS FOLIO
END AVERAGE EXCLUDING AVERAGE EXCLUDING TURN-
OF PERIOD NET FEE NET FEE OVER
(000) ASSETS WAIVERS ASSETS WAIVERS RATE
- -------------------------------------------------------
$1,033,956 0.33%* 0.44%* 3.30%* 3.19%* --
$ 835,388 0.33% 0.49% 3.46% 3.30% --
788,877 0.33% 0.52% 3.64% 3.45% --
835,516 0.33% 0.50% 2.48% 2.31% --
763,040 0.33% 0.49% 2.55% 2.39% --
623,689 0.33% 0.51% 3.54% 3.36% --
448,390 0.33% 0.53% 4.91% 4.71% --
226,658 0.33%* 0.56%* 5.64%* 5.41%* --
$ 177,342 0.52% 0.60% 5.90% 5.82% --
99,774 0.55% 0.57% 4.80% 4.78% --
223,653 0.55% 0.56% 4.20% 4.19% --
255,147 0.55% 0.56% 4.10% 4.09% --
198,761 0.57% 0.57% 5.00% 5.00% --
162,676 0.57% 0.59% 5.60% 5.58% --
$ 19,211 0.63%* 0.74%* 2.99%* 2.88%* --
$ 14,156 0.63% 0.80% 3.16% 2.99% --
15,084 0.63% 0.82% 3.32% 3.13% --
21,725 0.63% 0.81% 2.31% 2.13% --
3,040 0.63% 0.79% 2.22% 2.06% --
686 0.63% 0.81% 3.22% 3.04% --
1,515 0.63%* 0.84%* 4.34%* 4.13%* --
$ 4,190 0.83%* 0.98%* 2.79%* 2.64%* --
$ 19,208 0.83%* 0.96%* 2.89%* 2.76%* --
$ 32,915 0.35%* 0.46%* 3.25%* 3.14%* --
$ 42,971 0.35% 0.49% 3.33% 3.19% --
26,058 0.35% 0.51% 3.54% 3.38% --
18,712 0.35%* 0.65%* 2.37%* 2.07%* --
$191,060 0.60%* 0.63%* 4.57%* 4.54%* 8.46%
$134,563 0.59% 0.66% 4.66% 4.59% 40.66%
95,675 0.55% 0.72% 4.96% 4.79% 36.05%
127,509 0.53% 0.71% 4.65% 4.47% 58.39%
122,649 0.55% 0.69% 4.79% 4.65% 63.04%
63,210 0.55% 0.71% 5.56% 5.40% 61.56%
36,699 0.55% 0.78% 6.18% 5.95% 111.82%
12,781 0.55%* 0.90%* 6.63%* 6.28%* 63.45%
$ 9,106 0.56%* 1.36%* 5.80%* 5.00%* 352.00%
51
<PAGE>
FINANCIAL HIGHLIGHTS (concluded)
================================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
<TABLE>
<CAPTION>
NET REALIZED
AND
UNREALIZED
GAIN
INVESTMENT (LOSS) ON
NET ACTIVITIES DISTRIBUTIONS INVEST- NET
ASSET ---------- ---------------------------- MENTS ASSET
VALUE NET NET NET TOTAL CAPITAL VALUE,
BEGINNING INVESTMENT INVESTMENT REALIZED DISTRI- TRANS- END OF TOTAL
OF PERIOD INCOME INCOME GAIN BUTIONS ACTIONS PERIOD RETURN
- ---------------------------------------------------------------------------------
- -------------------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO (CONTINUED)
- -------------------------------------------------
CLASS D
FOR THE YEARS ENDED AUGUST 31,:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1996(12) $10.59 $0.38 $(0.41) -- $(0.41) $(0.10) $10.46 3.22%*
1995 10.36 0.48 (0.48) -- (0.48) 0.23 10.59 7.11%
1994(9)** 10.90 0.45 (0.42) $(0.06) (0.48) (0.51) 10.36 (0.93%)
- --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $10.48 $0.27 $(0.27) $(0.20) $(0.47)$ 0.21 $10.49 4.59%+
FOR THE YEARS ENDED AUGUST 31,:
1996 $10.66 $0.55 $(0.59) -- $(0.59) $(0.14) $10.48 3.96%
1995 10.52 0.55 (0.55) -- (0.55) 0.14 10.66 6.81%
1994 10.94 0.53 (0.53) -- (0.53) (0.42) 10.52 1.14%
1993 10.59 0.55 (0.55) $(0.01) (0.56) 0.36 10.94 8.91%
1992 10.29 0.57 (0.57) (0.01) (0.58) 0.31 10.59 8.89%
1991 9.95 0.60 (0.60) (0.003) (0.60) 0.34 10.29 9.80%
1990(1) 9.98 0.34 (0.34) -- (0.34) (0.03) 9.95 3.12%+
FOR THE YEARS ENDED JANUARY 31,:
1990(10) $10.00 $0.28 $(0.23)$(0.001) $(0.23) $(0.07) $9.98 2.11%+
- --------------------------------
KANSAS TAX FREE INCOME PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1997 $10.51 $0.27 $(0.28) -- $(0.28)$ 0.14 $10.64 3.94%+
FOR THE YEARS ENDED AUGUST 31,:
1996 $10.63 $0.56 $(0.56) -- $(0.56) $(0.12) $10.51 4.23%
1995 10.47 0.57 (0.57) -- (0.57) 0.16 10.63 7.23%
1994 10.91 0.57 (0.57) $(0.02) (0.59) (0.42) 10.47 1.41%
1993 10.50 0.58 (0.58) (0.05) (0.63) 0.46 10.91 10.38%
1992 10.13 0.60 (0.59) (0.01) (0.60) 0.37 10.50 9.78%
1991(11) 10.00 0.42 (0.37) -- (0.37) 0.08 10.13 5.12%+
</TABLE>
RATIO
RATIO OF NET
OF INVEST-
NET MENT
RATIO RATIO OF INVEST- INCOME
OF EXPENSES TO MENT TO
NET EXPENSES AVERAGE INCOME AVERAGE PORT-
ASSETS, TO NET ASSETS TO NET ASSETS FOLIO
END AVERAGE EXCLUDING AVERAGE EXCLUDING TURN-
OF PERIOD NET FEE NET FEE OVER
(000) ASSETS WAIVERS ASSETS WAIVERS RATE
- ----------------------------------------------------
-- 0.98%* 1.08%* 4.26%* 4.16%* 40.66%
$ 548 0.95% 1.12% 4.57% 4.40% 36.05%
1,105 0.93%* 1.07%* 4.34%* 4.20%* 58.39%
$ 100,141 0.48%* 0.61%* 5.13%* 5.00%* 17.37%
$ 97,228 0.48% 0.65% 5.15% 4.98% 65.75%
104,094 0.48% 0.72% 5.21% 4.97% 22.62%
125,081 0.47% 0.71% 4.90% 4.66% 25.13%
153,808 0.48% 0.70% 5.15% 4.93% 15.26%
114,461 0.48% 0.72% 5.52% 5.28% 10.54%
83,054 0.50% 0.73% 5.98% 5.75% 19.17%
64,531 0.60%* 0.80%* 5.88%* 5.68%* 20.35%
$ 53,042 0.60%* 0.86%* 6.05%* 5.79%* 10.00%
$ 80,250 0.21%* 0.51%* 5.25%* 4.95%* 5.80%
$ 72,066 0.21% 0.51% 5.31% 5.01% 12.71%
65,834 0.21% 0.51% 5.47% 5.17% 17.60%
62,346 0.21% 0.54% 5.36% 5.03% 10.57%
58,197 0.21% 0.51% 5.56% 5.26% 23.04%
45,609 0.22% 0.52% 5.87% 5.57% 12.69%
29,242 0.31%* 0.61%* 5.85%* 5.55%* 21.82%
* ANNUALIZED.
** TOTAL RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D SHARES.
*** ON MAY 1, 1996, CLASS C SHARES WERE REDESIGNATED CLASS G SHARES.
+ 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 G COMMENCED OPERATIONS ON
MAY 11, 1994.
5. THE INSTITUTIONAL TAX FREE PORTFOLIO--CLASS B COMMENCED OPERATIONS ON
OCTOBER 15, 1990.
6. THE INSTITUTIONAL TAX FREE PORTFOLIO--CLASS C COMMENCED OPERATIONS ON
SEPTEMBER 11, 1995.
7. THE PENNSYLVANIA TAX FREE PORTFOLIO--CLASS A COMMENCED OPERATIONS ON
JANUARY 21, 1994.
8. THE INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CLASS A COMMENCED OPERATIONS ON
SEPTEMBER 5, 1989.
9. THE INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CLASS D COMMENCED OPERATIONS ON
SEPTEMBER 28, 1993.
10. THE PENNSYLVANIA MUNICIPAL PORTFOLIO--CLASS A COMMENCED OPERATIONS ON
AUGUST 14, 1989.
11. THE KANSAS TAX FREE INCOME PORTFOLIO--CLASS A COMMENCED OPERATIONS ON
DECEMBER 10, 1990.
12. THE INTERMEDIATE-TERM MUNICIPAL PORTFOLIO CLASS D CLOSED ON JUNE 30, 1996.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
52
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (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 nine 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 28, 1997. The
Trust is registered to offer five classes of shares: Class A, Class B, Class C,
Class D and Class G. 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.
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.
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.
USES OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS -- The
preparation of financial statements, in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions
that affect the reported amount of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.
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 Institutional
Tax Free, the Pennsylvania Tax Free, the Intermediate-Term Municipal, and the
Pennsylvania Municipal Portfolios. Distributions from net investment income are
declared each month and paid on the tenth day of the following
53
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
month for the Kansas Tax Free Income Portfolio. Any net realized capital gain on
sales of securities after capital loss carryovers is distributed to the
shareholders of the Portfolios at least annually.
3. TRANSACTIONS WITH AFFILIATES
The Trust and SEI Fund Management (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, .24% 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.
For the period September 1, 1995 to April 30, 1996, SEI Financial Services
Company ("SFS"), a wholly-owned subsidiary of SEI Corporation and a registered
broker-dealer, acted 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.
Effective May 1, 1996, SFS (the "Distributor") continued to act as the
distributor of the shares of the Trust under new Distribution Agreements. The
Trust has adopted plans under which firms, including the Distributor, that
provide shareholder and administrative services may receive compensation
thereof. The Class A, Class B, Class C and Class G shareholder servicing plans
(the "Shareholder Servicing Plans") provide for servicing fees payable to the
Distributor of up to .25% of the average daily net assets attributable to that
particular class. For Class G, no such fees were levied since the inception of
the plan. Such fees may be levied in the future when the Portfolios are
operating below their voluntary expense caps. In addition to the Shareholder
Servicing Plans, the Class B and Class C shares have adopted administrative
services plans that provide for administrative service fees payable to the
Distributor of up to .05% and .25%, receptively, of the average daily nets
assets attributable to that class. The Trust has adopted a distribution for its
Class D and Class G shares pursuant to which a 12b-1 fee of up to .25% and .50%,
respectively, of the average daily net assets attributable to that particular
class of Class D and Class G shares will be paid to the Distributor. This
payment may be used to compensate financial institutions that provide
distribution-related services to their customers. Under each of the plans
adopted by the Trust, the Distributor may retain as a profit any difference
between the fee it receives and the amount it pays to third parties.
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, & Greer L.L.C. ("WPG") 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, WPG 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, the California Tax Exempt, the Institutional Tax Free
and the Pennsylvania Tax Free Portfolios. Prior to January 1, 1996, WPG also
served as the Investment Adviser on behalf of the Intermediate-Term Municipal
Portfolio. For the period January 1, 1996 to April 15, 1996, Standish Ayer &
Wood ("SAW") acted as the Investment Adviser on behalf of the Intermediate-Term
Municipal Bond Portfolio. Commencing April 16, 1996, SEI Financial Management
Corporation ("SFM") was appointed as the Investment Adviser of the
Intermediate-Term Municipal Portfolio. For its services, SFM is entitled to a
fee, which is calculated daily and paid monthly, at an annual rate of .33% of
the Portfolios average daily net assets.
54
<PAGE>
Sub-Advisory services are provided to SFM for Intermediate-Term Municipal
Portfolio by SAW pursuant to a sub-advisory agreement dated April 16, 1996.
Under the terms of such agreement, SAW is entitled to receive a fee from SFM.
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. SFM is responsible for the supervision of, and payment of fees to,
SAW in connection with their services.
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 six months ended February 28, 1997,
were as follows:
INTERMEDIATE- KANSAS
TERM PENNSYLVANIA TAX FREE
MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
(000) (000) (000)
---------- ----------- ----------
Purchases $61,637 $16,168 $11,958
Sales 12,636 19,936 4,230
Subsequent to October 31, 1995, 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, 1997. The Portfolios also had capital loss
carryforwards at August 31, 1996, as follows:
CAPITAL
LOSS
CARRYOVER
AUGUST 31, EXPIRES EXPIRES EXPIRES
PORTFOLIO 1996 2002 2003 2004
- -------- -------------- ---------- ---------- ----------
Tax Free
Portfolio $ 17,501 $17,408 $ 93 $ --
Intermediate-
Term
Municipal
Portfolio 1,163,939 -- 927,882 236,057
Pennsylvania
Municipal
Portfolio -- -- -- --
Pennsylvania
Tax Free
Portfolio -- -- -- --
Kansas Tax
Free
Income
Portfolio 3,335 -- 3,335 --
POST CAPITAL LOSS
OCTOBER 31, UTILIZED
1995 NET DURING THE
DEFERRED CAPITAL CURRENT WASH
PORTFOLIO LOSSES LOSSES YEAR SALES
- --------------------- ---------------- ---------- ---------- -------
Tax Free Portfolio $ -- $ 17,501 $13,466 $ --
Intermediate-
Term
Municipal
Portfolio -- 1,163,939 -- --
Pennsylvania
Municipal
Portfolio -- -- 330,838 14,228
Pennsylvania
Tax Free
Portfolio 13,628 -- -- --
Kansas Tax
Free
Income
Portfolio -- 3,335 14,967 --
55
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
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 aggregate gross unrealized appreciation on securities in which there
was an excess of market value over cost, the aggregate gross unrealized
depreciation on securities in which there was an excess of cost over market
value and the net unrealized appreciation (depreciation) at February 28, 1997,
for each Portfolio are as follows:
INTERMEDIATE- KANSAS
TERM PENNSYLVANIA TAX FREE
MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
(000) (000) (000)
---------- ---------- --------
Aggregate gross unrealized
appreciation $3,087 $2,067 $2,204
Aggregate gross unrealized
depreciation (253) (166) (200)
------ ------ ------
Net unrealized appreciation
(depreciation) $2,834 $1,901 $2,004
====== ====== ======
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 112% 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 28, 1997, the percentage of portfolio investments by each
revenue source were as follows:
CALIFORNIA
TAX FREE TAX EXEMPT
PORTFOLIO PORTFOLIO
---------- ----------
Revenue Bonds:
Education Revenue 14.80% 9.40%
Health Care Facilities 13.80% 9.90%
Housing Facilities 12.10% 20.20%
Industrial Development 21.10% 7.60%
Lease Rental Bonds -- 0.60%
Pollution Control 2.60% 1.50%
Public Facility 6.00% 8.10%
Resource Recovery .50% --
Transportation 1.90% 5.90%
Utility Revenue 1.20% 4.70%
General Obligation 6.00% 5.80%
Tax Exempt Commercial Paper 1.90% 0.90%
Anticipation Notes:
Bond 2.50% --
Revenue 1.30% 2.60%
Tax 2.00% --
Tax & Revenue 4.20% 12.50%
Other 8.10% 10.30%
-------- --------
Total 100.0% 100.0%
======== ========
56
<PAGE>
Intermediate-
Institutional Pennsylvania Term
Tax Free Tax Free Municipal
Portfolio Portfolio Portfolio
--------- --------- ---------
Revenue Bonds:
Education Revenue 12.80% 14.00% 11.00%
Health Care Facilities 12.60% 12.70% 15.10%
Housing Facilities 16.60% 4.80% 9.10%
Industrial Development 15.60% 17.70% 4.80%
Lease Rental Bonds -- -- --
Pollution Control 1.60% 8.00% 1.70%
Public Facility 6.10% 0.30% 9.40%
Resource Recovery -- -- .80%
Transportation .70% 3.30% 7.00%
Utility Revenue 2.30% 3.80% 14.70%
General Obligation 4.00% 5.90% 23.40%
Tax Exempt Commercial Paper 1.60% 4.10% --
Anticipation Notes:
Bond 2.90% -- --
Revenue 1.50% 3.00% --
Tax 2.30% 3.80% --
Tax & Revenue 4.10% 11.70% --
Other 15.30% 6.90% 3.000%
------- ------- -------
Total 100.0% 100.0% 100.0%
======= ======= =======
Kansas
Pennsylvania Tax Free
Municipal Income
Portfolio Portfolio
--------- ---------
Revenue Bonds:
Education Revenue 20.10% 1.80%
Health Care Facilities 29.90% 7.20%
Housing Facilities 9.80% 4.80%
Industrial Development 16.00% 4.20%
Lease Rental Bonds 1.10% --
Pollution Control -- 3.20%
Public Facility 1.60% 4.10%
Resource Recovery .10% --
Transportation .10% 4.40%
Utility Revenue 11.00% 16.50%
General Obligation 6.00% 52.80%
Tax Exempt Commercial Paper -- --
Anticipation Notes:
Bond -- --
Revenue -- --
Tax -- --
Tax & Revenue -- --
Other 4.30% 1.00%
-------- ------
Total 100.0% 100.0%
======== ======
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 28, 1997, 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 Portfolio 21.10% 51.15%
California Tax Exempt Portfolio 27.03% 49.67%
Institutional Tax Free Portfolio 19.31% 51.32%
Pennsylvania Tax Free Portfolio 19.29% 42.55%
Intermediate-Term
Municipal Portfolio 44.13% 1.00%
Pennsylvania Municipal Portfolio 40.64% 2.95%
Kansas Tax Free Income Portfolio 29.66% 68.24%
8. SUBSEQUENT EVENT
On September 16, 1996 the Board of Trustees of the SEI Trust approved the
reorganization of the SEI Kansas Tax Free Income Portfolio (SEI Kansas
Portfolio). All of the assets and stated liabilities of the SEI Kansas Portfolio
will transfer to the INTRUST Kansas Tax Exempt Bond Fund in what is expected to
be a tax free reorganization. The reorganization is expected to occur in May
1997, subject to shareholder approval. The expenses incurred in connection with
entering into and carrying out the provisions of the Reorganization Agreement
will be paid by INTRUST.
57
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1997 (UNAUDITED)
9. SHARE TRANSACTIONS (000):
<TABLE>
<CAPTION>
---------------------- --------------------- ---------------------
INSTITUTIONAL
TAX CALIFORNIA TAX
FREE TAX EXEMPT FREE
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------- ---------------------- ---------------------
1997 1996 1997 1996 1997 1996
------ ------ ------ ------ ------ ------
SHARES ISSUED AND REDEEMED:
Class A:
<S> <C> <C> <C> <C> <C> <C>
Shares Issued 887,206 1,426,417 168,653 232,581 2,627,504 4,958,411
Shares Issued in Lieu of Cash Distributions 362 357 15 55 259 776
Shares Redeemed (819,776) (1,464,041) (162,066) (218,860) (2,429,156)(4,912,703)
------- --------- ------- ------- --------- ---------
Total Class A Transactions 67,792 (37,267) 6,602 13,776 198,607 46,484
------- --------- ------- ------- --------- ---------
Class B:
Shares Issued -- -- -- -- 28,412 69,063
Shares Issued in Lieu of Cash Distributions -- -- -- -- 36 58
Shares Redeemed -- -- -- -- (23,393) (70,053)
------- --------- ------- ------- --------- ---------
Total Class B Transactions -- -- -- -- 5,055 (932)
------- --------- ------- ------- --------- ---------
Class C:
Shares Issued -- -- -- -- 43,696 82,543
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- (58,714) (63,337)
------- --------- ------- ------- --------- ---------
Total Class C Transactions -- -- -- -- (15,018) 19,206
------- --------- ------- ------- --------- ---------
Class D (1):
Shares Issued 1 1,615 401,077 -- -- --
Shares Issued in Lieu of Cash Distributions -- -- 4,428 -- -- --
Shares Redeemed (6) (1,881) (363,849) -- -- --
------- --------- ------- ------- --------- ---------
Total Class D Transactions (5) (266) 41,656 -- -- --
------- --------- ------- ------- --------- ---------
Class G (2):
Shares Issued -- -- -- 744,985 -- --
Shares Issued in Lieu of Cash Distributions -- -- -- 8,087 -- --
Shares Redeemed -- -- -- (730,352) -- --
------- --------- ------- ------- --------- ---------
Total Class G Transactions -- -- -- 22,720 -- --
------- --------- ------- ------- --------- ---------
Increase (Decrease) in Capital Shares 67,787 (37,533) 48,258 36,496 188,644 64,758
======= ========= ======= ======= ========= =========
</TABLE>
<TABLE>
<CAPTION>
----------------------- --------------------- --------------------- ------------------------
PENNSYLVANIA INTERMEDIATE- KANSAS
TAX TERM PENNSYLVANIA TAX FREE
FREE MUNICIPAL MUNICIPAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ -------------------- --------------------- ------------------------
1997 1996 1997 1996 1997 1996 1997 1996
------ ------- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
108,796 209,781 6,751 6,976 1,144 1,365 1,107 1,719
3 60 145 129 31 16 -- --
(118,855) (192,915) (1,876) (3,269) (902) (1,869) (423) (1,057)
------- ------- ----- ----- ----- ----- ----- -----
(10,056) 16,926 5,020 3,836 273 (488) 684 662
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
-- -- -- 1 -- -- -- --
-- -- -- (53) -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- (52) -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
-- -- -- -- -- -- -- --
------- ------- ----- ----- ----- ----- ----- -----
(10,056) 16,926 5,020 3,784 273 (488) 684 662
======= ======= ===== ===== ===== ===== ===== =====
</TABLE>
(1) ON JUNE 30, 1996, INTERMEDIATE-TERM MUNICIPAL PORTFOLIO CLASS D CLOSED.
(2) ON MAY 1, 1996, CALIFORNIA TAX EXEMPT PORTFOLIO CLASS C SHARES WERE
REDESIGNATED TO CLASS G SHARES.
Amounts designated as "--" are either $0 or have been rounded to $0.
58 & 59
<PAGE>
NOTES
<PAGE>
======================
SEI TAX EXEMPT TRUST
======================
SEMI-ANNUAL REPORT
======================
February 28, 1997
Robert A. Nesher
Chairman
TRUSTEES
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
George J. Sullivan, Jr.
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
Barbara A. Nugent
Vice President, Assistant Secretary
Marc H. Cahn
Vice President, Assistant Secretary
Stephen G. Meyer
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
SEI Financial Management Corporation:
Intermediate-Term Municipal Portfolio
Weiss, Peck & Greer L.L.C.:
Tax Free Portfolio
California Tax Exempt Portfolio
Institutional Tax Free Portfolio
Pennsylvania Tax Free Portfolio
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Fund Management
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 1BULLET800ODIALBULLETSEI/1BULLET800BULLET342BULLET5734
<PAGE>
[SEI LOGO]
Financial
Services
Company
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-090-04
