SEMI-ANNUAL REPORT AS OF
FEBRUARY 28, 1998
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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[LOGO OMITTED}
SEI INVESTMENTS
THE ART OF PEOPLE.
THE SCIENCE OF RESULTS.
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<PAGE>
TABLE OF CONTENTS
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SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS...................... 2
STATEMENT OF ASSETS AND LIABILITIES.................................. 49
STATEMENT OF OPERATIONS.............................................. 50
STATEMENT OF CHANGES IN NET ASSETS................................... 52
FINANCIAL HIGHLIGHTS................................................. 54
NOTES TO FINANCIAL STATEMENTS........................................ 57
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
TAX FREE PORTFOLIO
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.4%
ALABAMA -- 0.2%
Tuscaloosa County, Industrial
Development Authority, Field
Container Corporation Project,
RB (A) (B) (C)
3.400%, 03/06/98 $ 850 $ 850
--------
ARIZONA -- 1.4%
Chandler County, Industrial
Development Authority,
Parsons Municipal Service
Project (A) (B) (C)
3.450%, 03/06/98 4,900 4,900
Tuscon Industrial Development
Authority, Tuscon City
Center Parking Project,
Ser A, RB (A) (B) (C)
3.475%, 03/06/98 2,625 2,625
--------
7,525
--------
CALIFORNIA -- 7.1%
Alameda County, TRAN
4.500%, 07/22/98 5,000 5,011
California State, Transportation
Finance Authority,
RB, FSA (A) (B)
3.200%, 03/06/98 20,000 20,000
Higher Education Loan Authority,
Student Loan,
RB (A) (B) (C)
4.000%, 07/01/98 2,500 2,500
Higher Education Loan Authority,
Student Loan,
Ser D-1, RB (A) (B) (C)
3.800%, 08/01/98 1,600 1,600
Los Angeles, Community
Redevelopment Authority,
Tax Allocation Central Business
District I Project
5.000%, 11/15/98 3,000 3,023
Yolo County, TRAN
4.500%, 07/02/98 6,760 6,774
--------
38,908
--------
COLORADO -- 1.8%
Denver City & County, Multi-Family
Housing Authority, Ogden
Residence Project, Ser 85-B,
RB (A) (B) (C)
3.800%, 03/02/98 395 395
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fraser Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.900%, 06/01/98 $ 1,405 $ 1,405
Housing Finance Authority,
Multi-Family Housing,
Cambray Park Project,
RB (A) (B) (C)
3.550%, 03/06/98 2,900 2,900
Housing Finance Authority,
Multi-Family Housing,
Grants Plaza Project,
Ser A, RB (A) (B) (C)
3.475%, 03/06/98 1,500 1,500
Housing Finance Authority,
Multi-Family Housing,
Woodstream Project,
RB (A) (B) (C)
3.550%, 03/06/98 2,500 2,500
Panorama Metropolitan
District, Ser B, RB (A) (B) (C)
4.000%, 06/01/98 1,000 1,000
--------
9,700
--------
FLORIDA -- 4.8%
Boca Raton, Industrial Development
Authority, Parking Garage
Project, Ser 84-A, RB (A) (B) (C)
3.725%, 03/06/98 3,125 3,125
Escambia County, Pollution Control
Revenue Authority, Gulf
Power Project (A) (B)
3.900%, 03/02/98 1,100 1,100
Florida State Gulf Coast University,
COP (A) (B) (C)
3.400%, 03/06/98 1,600 1,600
Highlands County, Health Facilities
Authority Revenue, Adventist/
Sunbelt Project Ser A, RB (A) (B) (C)
3.400%, 03/06/98 5,010 5,010
Housing Finance Agency, Multi-
Family Housing Lakeside Project,
RB (A) (B) (C)
3.475%, 03/06/98 700 700
Lee County, Industrial Development
Authority, Christian & Missionary
Project, RB (A) (B) (C)
3.475%, 03/06/98 2,065 2,065
Orange County, Education Facilities
Authority, Rollins College Project,
RB (A) (B) (C)
3.500%, 03/06/98 2,100 2,100
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Orange County, Industrial
Development Authority,
University of Central Florida
Foundation Project, Ser A,
RB (A) (B) (C)
3.500%, 03/06/98 $ 1,000 $ 1,000
Palm Beach County, Jewish
Community Campus
Corporation Project, RB,
AMBAC (A) (B)
3.300%, 03/06/98 4,100 4,100
Pasco County, School Board
Authority, COP, AMBAC (A) (B)
3.400%, 03/06/98 3,000 3,000
Pasco County, Housing Facility
Authority, Multi-Family Housing
Revenue, Carlton Arms Magnolia
Project, RB (A) (B) (C)
3.475%, 03/06/98 1,000 1,000
Sarasota, Educational Facilities
Revenue, Ringling School of Art
& Design Project, RB, (A) (B) (C)
3.500%, 03/06/98 1,500 1,500
--------
26,300
--------
GEORGIA -- 9.8%
Catoosa County, Industrial
Development Authority, Galaxy
Carpet Project,
RB (A) (B) (C)
3.500%, 03/06/98 6,500 6,500
Clayton County, Multi-Family
Housing Authority, Rivers Edge
Project, RB (A) (B) (C)
3.450%, 03/06/98 2,400 2,400
Cobb County, Multi-Family Housing
Authority, Post Bridge
Project, RB (A) (B)
3.550%, 03/06/98 1,000 1,000
Conyers-Rockdale-Big Haynes,
Impoundment Authority, RB
4.000%, 12/01/98 3,000 3,010
DeKalb County, Development
Authority, Dart
Container Project,
RB (A) (B) (C)
3.750%, 03/06/98 1,000 1,000
Floyd County, Pollution Control
Authority, Georgia Power Plant
Company Hammond Project,
RB (A) (B) (C)
3.900%, 03/02/98 3,780 3,780
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fulton County, Development
Authority, Robert W. Woodruff
Arts Center Project,
RB (A) (B) (C)
3.500%, 03/06/98 $ 3,500 $ 3,500
Gordon Industrial Development
Authority, Federal Paper Board
Incorporated Project, Ser 92,
RB (A) (B) (C)
3.400%, 03/06/98 2,000 2,000
Gwinnet County, Development
Authority, Providence Christian
Project, RB (A) (B) (C)
3.450%, 03/06/98 6,400 6,400
Gwinnett County, Multi-Family
Housing Authority, Post Corners
Project, RB (A) (B)
3.183%, 03/06/98 5,000 5,000
Macon-Bibb County, Hospital
Authority, Medical Center
of Central Georgia Project,
RB (A) (B) (C)
3.500%, 03/06/98 9,000 9,000
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project, RB (A) (B)
3.950%, 07/15/98 2,500 2,502
Monroe County, Pollution Control
Authority, Power Plant Project,
Ser 1, RB (A) (B)
3.900%, 03/02/98 2,300 2,300
Newton Industrial Development
Authority, H.B. Fuller Project,
Ser 84, RB (A) (B) (C)
3.500%, 03/06/98 3,100 3,100
Richmond County, Industrial
Development Authority, Federal
Paper Board Project, Ser 92,
RB (A) (B) (C)
3.400%, 03/06/98 1,000 1,000
Whitfield County, Residential Care
Facility Authority, Royal Oaks
Senior Living Community Project,
RB (A) (B) (C)
3.450%, 03/06/98 1,000 1,000
--------
53,492
--------
HAWAII -- 0.2%
Hawaii State, Ser BI, GO
5.600%, 03/01/98 1,000 1,000
--------
ILLINOIS -- 9.7%
Cook County, Ser C, GO, FGIC
5.000%, 11/15/98 1,220 1,232
3
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Cook County, Catholic
Charities Project, Ser A-1,
RB (A) (B) (C)
3.400%, 03/06/98 $ 3,700 $ 3,700
East Peoria, Multi-Family Housing,
Radnor East Project,
RB (A) (B) (C)
3.600%, 03/06/98 1,585 1,585
Illinois Development Financing
Authority, Dart Container Project,
RB (A) (B) (C)
3.782%, 03/06/98 1,300 1,300
Illinois Health Facilities Authority,
Advocate Healthcare
Network Project, Ser B, RB (A) (B)
3.450%, 03/06/98 19,200 19,200
Illinois State Educational Facilities
Authority, Field Museum of
National History Project,
RB (A) (B) (C)
3.350%, 03/06/98 2,000 2,000
Illinois State Financial Authority,
Loyola Academy Project, Ser A,
RB (A) (B) (C)
3.350%, 03/06/98 3,600 3,600
Illinois State Health Facility
Authority, Center
Health & Community Project,
Ser B, RB (A) (B) (C)
3.400%, 03/06/98 1,125 1,125
Kane County, School District
No. 131, Aurora East Side, TAW
4.150%, 09/30/98 1,000 1,002
Mundelein, Industrial Development
Authority, 1200 Town Line
Road Project, RB (A) (B) (C)
3.350%, 03/06/98 1,000 1,000
Peoria Economic Development
Authority, North Point Shopping
Center Project, RB (A) (B) (C)
3.900%, 06/01/98 2,200 2,200
Skokie Industrial Development
Authority, Fashion Square Project,
RB (A) (B) (C)
3.725%, 03/06/98 4,350 4,350
St. Clair County, Industrial Building
Authority, Winchester Apartments
Project, Ser 94,
RB (A) (B)
3.700%, 03/06/98 3,000 3,000
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State Development Finance
Authority, Catholic Charities
Project, Ser B,
RB (A) (B) (C)
3.400%, 03/06/98 $ 7,655 $ 7,655
--------
52,949
--------
INDIANA -- 9.1%
Carmel Clay, TAW
4.100%, 12/31/98 4,200 4,207
Concord, Community Schools
Project, TAW
4.150%, 12/31/98 1,100 1,101
Gary, Environmental Improvement
Authority, US Steel Corporation
Project, RB (A) (B) (C)
3.450%, 03/15/98 9,800 9,800
Hammond, Local Public
Improvement Board, Advance
Funding Project Notes, Ser A-2
4.300%, 01/07/99 2,500 2,510
Indiana Development Finance
Authority, Industrial Development
Revenue, Goodwill Industries
Center Project, RB (A) (B) (C)
3.450%, 03/06/98 1,300 1,300
Indiana Health Facilities Finance
Authority, Lutherwood Project,
RB (A) (B) (C)
3.500%, 03/06/98 900 900
East Allen County, Indiana
School, TAW
3.800%, 12/31/98 2,600 2,602
Kankakee Valley, Indiana School
Building Corporation Project, TAN
3.900%, 12/31/98 2,634 2,637
Southwest Allen County,
Metropolitan School
District, TAW
4.000%, 12/31/98 3,000 3,007
Lawrence Township, Metropolitan
School District, TAW
3.800%, 12/31/98 2,250 2,252
Michigan City, Indiana Area
School, TAW
4.250%, 06/30/98 1,400 1,402
4.250%, 12/31/98 1,400 1,403
Muncie, Community Schools,
Temporary Loan Warrants
4.000%, 12/31/98 1,500 1,503
Portage Township, Indiana
School Project, TAN
4.150%, 12/31/98 1,000 1,004
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Portage, Economic Development
Authority, RB (A) (B) (C)
3.550%, 03/06/98 $ 655 $ 655
Residential Apartments, 1 Portfolio
Certificate Trust, Ser 96A,
RB (A) (B) (C)
3.550%, 03/06/98 3,850 3,850
Richmond, Community
School, TAW
4.100%, 12/31/98 1,525 1,529
Whitley County, TAN
4.000%, 12/31/98 2,260 2,264
Vincennes, Indiana University
Student Fee, Ser E, RB, AMBAC
3.800%, 06/01/98 1,650 1,650
Washington Township, Metropolitan
School District of Marion County,
Temporary Loan Warrants
4.000%, 06/30/98 4,000 4,005
--------
49,581
--------
IOWA -- 1.4%
Chillicothe, Pollution Control
Authority, Electric Light
and Power Project,
RB (A) (B)
3.400%, 03/06/98 5,300 5,300
Davenport County, TAW
4.375%, 07/01/98 1,500 1,502
Higher Education Loan Authority,
Palmer Chiropractic Foundation
Project, RB (A) (B) (C)
3.900%, 03/02/98 895 895
--------
7,697
--------
KANSAS -- 0.3%
Manhattan, Ser 2, TAN
3.750%, 01/15/99 1,230 1,229
Salina, Central Mall Dillard,
Ser 84, RB (A) (B) (C)
3.600%, 03/06/98 495 495
--------
1,724
--------
KENTUCKY -- 1.9%
Jefferson County, Industrial
Development Authority,
BelKnap Project,
RB (A) (B) (C)
3.700%, 03/06/98 1,282 1,282
Kentucky State Infrastructure
Authority, RB (A) (B) (C)
3.500%, 03/06/98 5,000 5,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kentucky State Interlocal School
Transportation Association,
TRAN
4.090%, 06/30/98 $ 4,000 $ 4,003
--------
10,285
--------
LOUISIANA -- 0.8%
Lake Charles, Harbor & Terminal
District Authority, Reynolds
Metals Project, RB (A) (B) (C)
3.450%, 03/06/98 1,000 1,000
Public Facilities Authority,
Willis-Knighton Medical Center
Project, RB, AMBAC (A) (B)
3.500%, 03/06/98 3,200 3,200
--------
4,200
--------
MAINE -- 0.3%
Health & Higher Educational
Facilities Authority,
New England Project, Ser E,
RB, AMBAC (A) (B)
3.400%, 03/06/98 1,500 1,500
--------
MARYLAND -- 1.0%
Baltimore County, Consolidated
Public Improvements
Project, GO
6.600%, 04/01/98 2,000 2,005
Health & Higher Education
Facilities Authority, Greater
Baltimore Medical Center,
RB (A) (B)
3.500%, 03/06/98 2,000 2,000
Howard County, Multi-Family
Housing Authority, Sherwood
Crossing Project,
RB (A) (B)
3.750%, 06/01/98 1,500 1,500
--------
5,505
--------
MASSACHUSETTS -- 0.8%
Brockton County, RAN
4.500%, 06/30/98 1,500 1,502
Clinton, GO
4.250%, 11/20/98 2,025 2,032
New England, Student Loan
Authority, Ser G, RB
4.700%, 08/01/98 1,000 1,004
--------
4,538
--------
5
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MICHIGAN -- 1.4%
Ingram County, Economic
Development Authority, Martin
Luther Memorial Home Project,
RB (A) (B) (C)
3.400%, 03/06/98 $ 3,900 $ 3,900
Michigan State, Strategic
Obligation Authority,
Community Care Properties
Project, (A) (B) (C)
3.550%, 03/06/98 1,000 1,000
Sterling Heights Economic
Development Authority, Sterling
Shopping Center Project,
RB (A) (B) (C)
3.450%, 03/06/98 2,600 2,600
--------
7,500
--------
MINNESOTA -- 1.9%
Burnsville, Multi-Family Housing
Authority, Ser A, (A) (B)
3.450%, 03/06/98 5,000 5,000
Eagan County, Yankee Square Inn
Project, RB (A) (B) (C)
3.550%, 03/06/98 925 925
Minneapolis, Convention Center
Sales Tax, Ser A,
RB (A) (B) (C)
3.450%, 03/06/98 3,500 3,500
St. Paul, Housing & Redevelopment
Authority, Ser G, RB (A) (B) (C)
3.400%, 03/06/98 800 800
--------
10,225
--------
MISSISSIPPI -- 1.1%
Flowood, Multi-Family Housing
Authority, Reflections Pointe
Project, RB (A) (B) (C)
3.450%, 03/06/98 5,880 5,880
--------
MISSOURI -- 0.1%
Jackson County, Industrial
Development Recreational
Authority, YMCA Greater Kansas
City Project, Ser A (A) (B) (C)
3.950%, 03/02/98 800 800
--------
NEVADA -- 1.6%
Henderson Public Improvement
Trust, Multi-Family Housing
Authority, Pueblo Verde I & II-B
Apartment Project, RB (A) (B) (C)
3.550%, 03/06/98 8,765 8,765
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW HAMPSHIRE -- 0.9%
New Hampshire Education & Health
Facilities Authority, Dartmouth
Education Loan Project, RB (A) (B)
3.950%, 06/01/98 $ 1,215 $ 1,215
New Hampshire Higher Education
& Health Facility Authority,
Dartmouth Education Loan Project,
RB (A) (B)
3.950%, 06/01/98 1,520 1,520
New Hampshire Higher Education
& Health Facility Authority,
Alice Peck Day Lifecare
Project, RB (A) (B) (C)
3.400%, 03/06/98 1,000 1,000
Strafford County, TAN
3.920%, 12/31/98 1,300 1,301
--------
5,036
--------
NEW JERSEY -- 0.6%
Economic Development Authority,
Industrial and Economic,
Carolina Freight Project,
RB (A) (B) (C)
3.550%, 03/06/98 1,440 1,440
Flemington, BAN
4.250%, 08/27/98 1,167 1,168
New Jersey Economic Development
Authority, Cincinnati Gear
Company Project, RB (A) (B) (C)
4.000%, 04/01/98 520 520
--------
3,128
--------
NEW MEXICO -- 1.5%
Albuquerque Industrial Development
Authority, Plastech Project,
Ser 94-B,RB (A) (B) (C)
3.550%, 03/06/98 2,005 2,005
Albuquerque, Gross Receipts Tax
Project, RB (A) (B) (C)
3.400%, 03/06/98 1,000 1,000
Finance Authority, Administration
Fee Trims Project, Ser A,
RB (A) (B) (C)
3.400%, 03/06/98 5,000 5,000
--------
8,005
--------
NEW YORK -- 4.4%
Freeport School District, TAN
4.250%, 06/29/98 2,000 2,001
Lindenhurst Unified Free School
District Project, TAN
4.250%, 06/24/98 2,500 2,502
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
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- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Nassau County, Ser A, RAN
4.250%, 03/10/98 $ 3,800 $ 3,800
North Hempstead, Ser C, BAN
4.500%, 05/06/98 7,000 7,004
North Hempstead, Ser D, BAN
4.100%, 08/07/98 2,730 2,731
Roosevelt, Free School
District, TAN
4.500%, 06/30/98 2,000 2,002
Saratoga County, Shenendehowa
Central School District, RAN
4.100%, 06/17/98 2,000 2,001
Saint Lawrence & Lewis County,
Board Cooperative Educational
Services, Sole Supervisory
District Authority, RAN
4.375%, 06/26/98 1,600 1,602
Utica, City School
District, RAN
4.000%, 06/30/98 500 501
--------
24,144
--------
NORTH CAROLINA -- 0.2%
Beaufort Industrial Facility, Pollution
Control Authority, Texas Gulf
Corporation Project,
RB (A) (B) (C)
3.450%, 03/06/98 875 875
--------
NORTH DAKOTA -- 0.4%
Fargo Commercial Development
Authority, Cass Oil Project,
RB (A) (B) (C)
3.550%, 03/06/98 2,500 2,500
--------
OHIO -- 4.8%
Butler County, Hospital Facility
Authority, Middletown Regional
Hospital Project, Ser A,
RB (A) (B) (C)
3.600%, 03/06/98 2,000 2,000
Cincinnati & Hamilton County
Port Authority, CEI Realty
Project, RB (A) (B) (C)
3.700%, 03/02/98 295 295
Crawford County, BAN
4.000%, 02/12/99 1,500 1,503
Cuyahoga County, Hospital
Authority, Cleveland Clinic
Project, Ser A, RB (A) (B)
3.400%, 03/06/98 5,100 5,100
Highland County, Industrial
Development Authority,
Lancaster Colony Corporation
Project, RB (A) (B) (C)
3.800%, 03/01/98 900 900
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lima Hospital, Refunding and
Improvement Authority, Lima
Memorial Hospital Project,
RB (A) (B) (C)
3.450%, 03/06/98 $ 2,000 $ 2,000
Montgomery County, Economic
Development Authority, Wayne
Town Center Project,
RB (A) (B) (C)
3.800%, 04/01/98 1,005 1,005
Northwest Ohio, Local School
District, BAN
4.840%, 06/17/98 2,200 2,207
Ohio State, Air Quality Development
Authority, Ohio Edison Project,
Ser A, RB (A) (B) (C)
4.350%, 08/01/98 2,000 2,005
Ohio State, Water Development
Authority, Pollution Control
Revenue, Philip Morris Company
Project, RB (A) (B)
3.500%, 03/06/98 7,000 7,000
Summit County, Industrial
Development Authority,
Arlington Plaza Project,
RB (A) (B) (C)
3.750%, 03/01/98 2,175 2,175
--------
26,190
--------
OKLAHOMA -- 2.1%
Bartlesville Development
Authority, Heritage Villa
Nursing Center,
RB (A) (B) (C)
3.500%, 03/06/98 3,000 3,000
Lawton, Water Authority Sales
Tax & Utility Systems Project,
RB, AMBAC
5.375%, 07/01/98 1,650 1,659
Oklahoma City, GO
4.850%, 08/01/98 1,500 1,507
Tulsa City, Industrial Health Care
Authority, Laureate Psychiatric
Project, RB (A) (B)
3.900%, 06/15/98 3,500 3,500
Tulsa Parking Authority,
Refunding First Mortgage
Williams Project 84, Ser A,
RB (A) (B) (C)
3.800%, 05/15/98 2,140 2,140
--------
11,806
--------
7
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
OREGON -- 0.4%
Oregon State, Department of
General Services, Ser E,
COP, AMBAC
6.600%, 09/01/98 $ 500 $ 507
Portland, Multi-Family Housing
Authority, University Park
Apartments Project,
RB (A) (B) (C)
3.350%, 03/06/98 500 500
Portland, Multi-Family Housing
Authority, South Park
Block Project, Ser A,
RB (A) (B) (C)
3.450%, 03/06/98 1,200 1,200
--------
2,207
--------
PENNSYLVANIA -- 14.5%
Allegheny County, Hospital
Development Authority,
Children's Hospital of Pittsburgh
Project, Ser B, MBIA (A) (B) (C)
3.300%, 03/06/98 500 500
Blair County, Hospital Authority,
First Mortgage-Mercy
Hospital Project
8.125%, 02/01/14 1,250 1,323
Bradford County, Industrial
Development Authority,
Guthrie Project,
RB (A) (B) (C)
3.700%, 03/06/98 1,600 1,600
Chartiers Valley, Industrial &
Commercial Development
Authority, Parkay Center
West Project, Ser A (A) (B) (C)
3.450%, 03/06/98 685 685
Chester County, Health & Education
Facilities Authority, Barclay
Friends Project, Ser A,
RB (A) (B) (C)
3.400%, 03/06/98 3,050 3,050
Clarion County, Industrial
Development Authority,
Meritcare Project,
Ser A (A) (B) (C)
3.450%, 03/06/98 900 900
Dauphin County, General Hospital
Authority, Reading Hospital and
Medical Center Project, Ser A,
RB (A) (B)
3.400%, 03/06/98 1,500 1,500
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Dauphin County,
General Authority, Allhealth
Pooled Finance Program,
Ser B, RB (A) (B)
3.450%, 03/06/98 $10,000 $ 10,000
Dauphin County,
General Authority, Education &
Health Loan Program,
RB, AMBAC (A) (B)
3.460%, 03/06/98 4,000 4,000
Dauphin County,
General Authority, School
District Pooled Finance
Program II, RB, AMBAC (A) (B)
3.550%, 03/06/98 10,600 10,600
Emmaus General Authority,
RB (A) (B)
3.400%, 03/06/98 4,200 4,200
Erie County, Hospital Authority,
Union City Memorial
Hospital Project, RB (A) (B) (C)
3.450%, 03/06/98 2,000 2,000
Higher Education Facility Authority,
Allegheny College Project,
RB (A) (B) (C)
3.400%, 03/06/98 2,300 2,300
Lancaster County, Higher Education
Authority, Franklin & Marshall
College Project,
RB (A) (B) (C)
3.560%, 03/06/98 1,835 1,835
Lebanon County, Health Facility
Center Authority, United
Church Christ Homes
Project, RB (A) (B) (C)
3.450%, 03/06/98 1,800 1,800
Montgomery County Higher
Education & Health Authority,
Ser 96-A, RB (A) (B) (C)
3.450%, 03/06/98 13,150 13,150
Montgomery County, Higher
Education & Health Authority,
Holy Redeemer Hospital Project,
RB, AMBAC (A) (B)
3.350%, 03/06/98 100 100
Montgomery County, Industrial
Development Authority, Ikea
Property Project,
RB (A) (B) (C)
3.450%, 03/06/98 4,900 4,900
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
8
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Moon Township Industrial
Development Revenue, Executive
Office Project, Ser 91-A,
RB (A) (B) (C)
3.450%, 03/06/98 $ 2,400 $ 2,400
Northumberland County
Industrial Development Authority,
Atlas Development Project,
RB (A) (B) (C)
3.450%, 03/06/98 1,630 1,630
Philadelphia Industrial Development
Authority, Inglis House Project,
RB (A) (B) (C)
3.450%, 03/02/98 7,000 7,000
Philadelphia School District
Authority, TRAN (C)
4.500%, 06/30/98 1,400 1,403
Sayre Health Care Facilities
Authority, Capital Financing
Project, Ser K,
RB, AMBAC (A) (B)
3.350%, 03/06/98 600 600
Scranton-Lackawana, Health &
Welfare Authority, University of
Scranton Project,
RB (A) (B) (C)
3.900%, 05/01/98 560 560
Washington County, Lease Revenue
Authority, RB (A) (B) (C)
3.400%, 03/06/98 1,300 1,300
--------
79,336
--------
RHODE ISLAND -- 0.8%
Cranston, BAN
4.550%, 06/15/98 3,192 3,197
Rhode Island State, Resource
Recovery Corporation, Landfill
Lease Project, Ser A, RB
4.250%, 07/31/98 1,000 1,002
--------
4,199
--------
SOUTH CAROLINA -- 0.9%
Florence County, Industrial
Development Authority,
La-Z-Boy Chair Project,
RB (A) (B)
3.550%, 03/06/98 5,000 5,000
--------
TENNESSEE -- 1.1%
Hamilton County, Ser A, GO
5.000%, 05/01/98 3,535 3,541
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Knox County, Industrial
Development Board, Professional
Plaza Project, RB (A) (B) (C)
3.400%, 03/06/98 $ 2,300 $ 2,300
Nashville & Davidson County,
Health and Educational Facilities
Board, Belmont University Project,
RB (A) (B) (C)
3.500%, 03/06/98 350 350
--------
6,191
--------
TEXAS -- 2.4%
Brazo River, Hoffman-LaRoche
Project, Ser 85,
RB (A) (B) (C)
3.475%, 03/06/98 1,000 1,000
Harris County, Health Development
Authority, Buckner Retirement
Services Project,
RB (A) (B) (C)
3.400%, 03/06/98 1,150 1,150
Harris County, Multi-Family
Housing, Woodgate Project,
RB (A) (B) (C)
3.725%, 03/06/98 1,900 1,900
Harris County, Health Facilities
Development Corporation,
Tirr Project, RB (A) (B) (C)
3.700%, 03/02/98 2,400 2,400
Houston Health Facilities
Development Authority,
Memorial Northwest Pavilion
Project, RB (A) (B) (C)
3.600%, 03/06/98 845 845
Tarrant County, Health Facility
Development Corporation,
Adventist Health System Project,
Ser A, RB (A) (B) (C)
3.400%, 03/06/98 3,000 3,000
Trinity River Industrial
Development Authority,
Trinity River Project,
RB (A) (B) (C)
3.475%, 03/06/98 2,900 2,900
--------
13,195
--------
UTAH -- 1.9%
Castle Dale, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.700%, 08/01/98 1,325 1,325
Intermountain Power Agency,
Utah Power Supply Authority,
Ser B, RB
5.200%, 07/01/98 1,500 1,506
9
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
TAX FREE PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Nephi, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.800%, 03/01/98 $ 2,050 $ 2,050
Salt Lake City, Industrial
Development Authority,
Devereaux Partners Project,
RB (A) (B) (C)
3.500%, 03/06/98 5,000 5,000
Tremonton City, Industrial
Development Revenue, Safeway
Project, RB (A) (B) (C)
3.900%, 06/01/98 840 840
--------
10,721
--------
VERMONT -- 0.9%
Student Assistances Student Loan
Bonds, Ser 85,
RB (A) (B) (C)
3.650%, 03/06/98 5,225 5,225
--------
VIRGINIA -- 0.7%
Harrisonburg, Multi-Family
Housing Authority, Rolling
Brook Village Apartment Project,
RB (A) (B)
3.750%, 02/01/99 2,000 2,000
Stafford County, Industrial
Development Authority, Safeway
Project, RB (A) (B) (C)
3.900%, 06/01/98 1,845 1,845
--------
3,845
--------
WASHINGTON -- 0.7%
Washington State, Housing Finance
Committee, Pacific First Federal
Project, Ser B, RB (A) (B) (C)
3.600%, 03/06/98 2,750 2,750
Washington State, Nonprofit
Housing Finance Authority,
Emerald Heights Project,
RB (A) (B) (C)
3.700%, 03/02/98 900 900
--------
3,650
--------
WEST VIRGINIA -- 0.7%
Wood County, Industrial
Development Revenue, AGA Gas Inc.
Project, RB (A) (B) (C)
3.700%, 03/06/98 4,000 4,000
--------
WISCONSIN -- 2.6%
Beaver Dam, Unified School
District, TRAN
4.000%, 08/21/98 1,000 1,001
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
De Forest, Area School
District, TRAN
4.080%, 09/18/98 $ 1,200 $ 1,200
Delavan Darein School
District, BAN
4.150%, 04/15/98 1,000 1,000
Elkhorn, Area School District, BAN
4.250%, 04/01/98 715 715
Grafton, School District, TRAN
4.170%, 09/30/98 1,550 1,551
LaCrosse, Industrial Development
Authority, LaCrosse Properties
Project, RB (A) (B) (C)
3.550%, 03/06/98 5,045 5,045
Village of Menomonee, Industrial
Development Authority,
Maysteel Corporation Project,
RB (A) (B) (C)
3.550%, 03/06/98 1,900 1,900
Whitnall, School District, TRAN
4.100%, 09/28/98 1,000 1,000
University of Wisconsin, Hospital
& Clinics Authority,
RB, MBIA (A) (B) (C)
3.400%, 03/06/98 900 900
--------
14,312
--------
WYOMING -- 0.2%
Sweetwater County, Pollution
Control Authority, Pacificorp
Project, RB, AMBAC (A) (B)
2.950%, 03/02/98 1,000 1,000
--------
Total Municipal Bonds
(Cost $543,489) 543,489
--------
Total Investments -- 99.4%
(Cost $543,489) 543,489
--------
Other Assets and Liabilities, Net -- 0.6% 3,030
--------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
546,683,654 outstanding shares
of beneficial interest 546,550
Portfolio Shares of Class D (unlimited
authorization -- no par value) based on
1,287 outstanding shares
of beneficial interest 1
Distribution in excess of net
investment income (11)
Accumulated net realized loss
on investments (21)
--------
Total Net Assets -- 100.0% $546,519
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
10
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $1.00
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS D $1.00
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE CORPORATION
FSA FINANCIAL SECURITY ASSURANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
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
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1998.
(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 -- 91.3%
CALIFORNIA -- 91.1%
Abag Finance Authority, Bentley
School Project, COP (A) (B) (C)
3.400%, 03/06/98 $ 1,500 $ 1,500
Abag Finance Authority, Lucille
Salter Packard Project, RB,
AMBAC (A) (B)
3.000%, 03/06/98 1,500 1,500
Alameda County, Contra-Costa
School Authority, Ser B,
COP (A) (B) (C)
2.950%, 03/06/98 5,000 5,000
Almeda, Alameda-Contra Costa
School Finance Authority,
Capital Improvements Project,
Ser A (A) (B) (C)
2.900%, 03/06/98 6,000 6,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Alameda County, TRAN
4.500%, 07/22/98 $10,000 $ 10,023
Alameda County, Unified School
District Authority, TRAN
4.250%, 06/30/98 6,980 6,990
California State, RAN
4.500%, 06/30/98 13,000 13,028
Contra Costa, Community College
District Project, TRAN
4.250%, 06/30/98 5,000 5,007
Contra Costa County, Multi-Family
Housing Authority, Delta Square
Project, Ser A, RB (A) (B) (C)
3.350%, 03/06/98 3,400 3,400
Corona, Multi-Family Housing
Authority, County Hills Project,
Ser B, RB (A) (B) (C)
3.000%, 03/06/98 855 855
Corona, Redevelopment Agency
Authority, Crown Point Project,
Ser 85, RB (A) (B) (C)
4.125%, 05/01/98 7,495 7,495
Education Facility Authority,
Pomona College Project,
RB (A) (B)
3.000%, 03/06/98 10,200 10,200
Education Facility Authority,
Stanford University Project,
Ser L-4 (A) (B)
2.900%, 03/06/98 8,275 8,275
Escondido, Community
Development Authority,
Heritage Park Apartment Project,
Ser A, RB (A) (B) (C)
3.050%, 03/06/98 7,050 7,050
Fontana, Apartment Development
Authority, Citrus Avenue
Apartments Project,
Ser A (A) (B) (C)
2.950%, 03/06/98 1,100 1,100
Fontana, Gaf Tax Exempt Bond
Grantor Trust, Ser GA-7,
(A) (B) (C)
3.850%, 03/06/98 6,325 6,325
Foothill/Eastern Corridor Agency,
California Toll Road Project,
Ser B, RB (A) (B)
2.900%, 03/06/98 1,000 1,000
Fresno California, TRAN
4.250%, 06/30/98 3,600 3,607
Gardena County, TRAN
4.050%, 06/30/98 4,705 4,705
Health Facilities Finance Authority,
Catholic Health Care Project,
Ser A, RB, MBIA (A) (B)
3.000%, 03/06/98 2,900 2,900
11
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
CALIFORNIA TAX EXEMPT PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Health Facilities Finance Authority,
Catholic Health Care Project,
Ser B, RB, MBIA (A) (B)
3.000%, 03/06/98 $ 2,000 $ 2,000
Health Facilities Finance Authority,
Catholic Health Care Project,
Ser C, RB, MBIA (A) (B)
3.000%, 03/06/98 1,600 1,600
Health Facilities Finance Authority,
Scripps Memorial Hospital
Project, Ser 91-B, RB,
MBIA (A) (B)
3.050%, 03/06/98 2,300 2,300
Hemet, Multi-Family Housing
Authority, Mercury Savings &
Loan/Sunwest Resort Project
(A) (B)
3.150%, 03/06/98 6,050 6,050
Independent Cities, Lease Finance
Authority, Revenue Pooled
Project, RB (A) (B) (C)
3.050%, 03/06/98 450 450
Irwindale, Industrial Development
Authority, Toys "R" Us Project,
RB (A) (B) (C)
3.270%, 03/06/98 220 220
Kern County, Public Facilities
Project, Ser D, COP (A) (B) (C)
3.000%, 03/06/98 2,500 2,500
Lancaster, Multi-Family Housing
Authority, 20th Street Apartments
Project, Ser C (A) (B) (C)
3.250%, 03/06/98 3,250 3,250
Lancaster, Multi-Family Housing
Authority, Household Bank
Project, Ser A, RB (A) (B)
3.500%, 03/06/98 2,700 2,700
Lancaster, Multi-Family Housing
Authority, The Willow Project,
Ser A, RB (A) (B) (C)
3.350%, 03/06/98 6,000 6,000
Long Beach, Multi-Family Housing
Authority, Channel Point
Apartments Project,
Ser A, RB (A) (B) (C)
3.300%, 03/06/98 2,500 2,500
Long Beach, Health Facilities
Authority, Memorial Health
Services Project (A) (B)
3.050%, 03/06/98 3,300 3,300
Los Angeles, Community
Redevelopment Authority,
Central Business District I
Project, RB
5.000%, 11/15/98 12,000 12,096
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles, Multi-Family Housing
Authority, Park Sierra Project,
RB (A) (B) (C)
3.300%, 03/06/98 $ 300 $ 300
Los Angeles, Multi-Family Housing
Authority, Ser K, RB (A) (B) (C)
3.150%, 03/06/98 11,600 11,600
Los Angeles, Sewer Authority,
Wastewater System Project,
RB (C)
3.750%, 06/09/98 15,000 15,000
Los Angeles, Unified School
District Authority, Belmont
Learning Complex Project,
Ser A, RB (A) (B) (C)
3.050%, 03/06/98 20,500 20,500
Los Angeles, Unified School
District, TRAN
4.500%, 07/01/98 2,000 2,005
Los Angeles County,
Commonwealth Tax Authority,
Metropolitan Transportation
Fransis Project, RB (A) (B) (C)
3.400%, 04/21/98 5,000 5,000
Los Angeles County, Community
Redevelopment Agency,
Willowbrook Project, (A) (B) (C)
3.050%, 03/06/98 3,100 3,100
Los Angeles County, Metropolitan
Transportation Authority,
Ser A, RB, MBIA (A) (B)
2.900%, 03/06/98 9,900 9,900
Los Angeles County, Pension
Obligation, Ser A, RB,
AMBAC (A) (B)
3.000%, 03/06/98 7,900 7,900
Los Angeles County, Pension
Obligation, Ser B, RB,
AMBAC (A) (B)
3.000%, 03/06/98 3,600 3,600
Los Angeles County, Pension
Obligation, Ser C, RB,
AMBAC (A) (B)
3.000%, 03/06/98 6,500 6,500
Los Angeles County, Ser A, TRAN
4.500%, 06/30/98 5,000 5,010
Milpitas, Unified School
District, TRAN
4.250%, 06/30/98 3,000 3,004
M-S-R Public Power, San Juan
Project, RB, Ser D (A) (B)
3.000%, 03/06/98 14,000 14,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
12
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Northern California, Public Power
Agency Authority, Geothermal
Project, RB (A) (B)
3.000%, 03/06/98 $ 18,000 $ 18,000
Oakland, Children Hospital
Medical Center Project, Ser B, RB
(A) (B) (C)
3.050%, 03/06/98 3,100 3,100
Oakland, Liquidity Facilities
Authority, Revenue Assessment
Bay Area Government Project,
RB (A) (B) (C)
3.350%, 03/06/98 2,070 2,070
Ontario, Multi-Family Housing
Authority, Residential Central
Park Project, Ser A, RB (A) (B) (C)
3.100%, 03/06/98 7,100 7,100
Orange County, Apartment
Development Authority, Radnor/
Aragon Corporation Project,
RB (A) (B) (C)
3.475%, 03/06/98 3,120 3,120
Oxnard, Community
Redevelopment Agency
Authority, Channel Islands
Business Project, RB (A) (B) (C)
3.725%, 03/06/98 4,685 4,685
Palm Springs, Community
Redevelopment Agency
Authority, Headquarters
Hotel-1 Project, COP (A) (B) (C)
3.150%, 03/06/98 2,070 2,070
Palm Springs, Community
Redevelopment Agency
Authority, Headquarters
Hotel-4 Project, COP (A) (B) (C)
3.150%, 03/06/98 1,800 1,800
Palm Springs, Community
Redevelopment Agency
Authority, Headquarters Hotel-6
Project, COP (A) (B) (C)
3.150%, 03/06/98 2,100 2,100
Palm Springs, Community
Redevelopment Agency
Authority, Headquarters Hotel-7
Project, COP (A) (B) (C)
3.150%, 03/06/98 1,000 1,000
Panama-Buena Vista, Union
School District Authority,
Capital Improvements Finance
Project, COP (A) (B) (C)
3.600%, 03/06/98 9,000 9,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pasadena Historical Rehabilitation
Authority, Dodsworth Building
Project, RB (A) (B) (C)
3.400%, 03/06/98 $ 4,000 $ 4,000
Pasadena, Rose Bowl Improvements
Project, COP (A) (B) (C)
3.050%, 03/06/98 9,780 9,780
Pittsburg, Mortgage Obligation,
Ser A, RB (A) (B)
3.500%, 03/06/98 2,000 2,000
Riverside County, Public Facilities
Authority, Ser B, RB (A) (B) (C)
3.000%, 03/06/98 2,900 2,900
Riverside County, Multi-Family
Housing Authority, Woodcreek
Project, Ser D (A) (B)
2.950%, 03/06/98 2,600 2,600
Riverside County, Housing
Authority, Mountain View
Apartments Project, Ser A, RB
(A) (B) (C)
3.100%, 03/06/98 3,825 3,825
Riverside, Multi-Family Housing,
Countrywood & IA Apartments
Project, Ser E, RB (A) (B) (C)
3.650%, 03/06/98 2,750 2,750
Rosemead, Elementary School
District, TRAN
4.250%, 06/30/98 2,350 2,353
Sacramento County, Multi-Family
Housing Authority, River Oaks
Apartments Project,
Ser E, RB (A) (B) (C)
3.350%, 03/06/98 13,875 13,875
Sacramento County, Multi-Family
Housing Authority, Stone Creek
Apartment Project (A) (B)
3.100%, 03/06/98 5,000 5,000
Sacramento County, Special Tax
Authority, Community Facility
Project, Ser 1, RB (D)
Pre-Refunded @ 102
8.200%, 08/01/98 2,000 2,078
San Bernadino County, Multi-Family
Housing Authority, Mountain
View Project, RB (A)
3.400%, 03/06/98 1,010 1,010
San Bernadino County, County
Center Refunding Project,
COP (A) (B) (C)
3.050%, 03/06/98 6,200 6,200
13
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
CALIFORNIA TAX EXEMPT
PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
San Bernadino County, Industrial
Development Authority,
Sandpiper Investments Project,
RB (A) (B) (C)
3.850%, 03/06/98 $3,200 $ 3,200
San Bernadino County, Multi-Family
Housing, Alta Loma Heritage
Project, Ser A,
RB (A) (B) (C)
3.250%, 03/06/98 2,264 2,264
San Bernadino County, Multi-Family
Housing, Gold West Apartments
Project, Ser A,
RB (A) (B) (C)
3.250%, 03/06/98 500 500
San Bernadino County, Multi-Family
Housing, Indian Knoll Apartment
Project, Ser A (A) (B) (C)
3.400%, 03/06/98 3,300 3,300
San Bernadino County, Multi-Family
Housing, Parkview Place Project,
Ser A, RB (A) (B) (C)
3.250%, 03/06/98 5,220 5,220
San Bernadino County, Multi-Family
Housing, Mountain View
Apartments Project,
RB (A) (B) (C)
3.400%, 03/06/98 1,100 1,100
San Diego, Multi-Family Housing
Authority, LA Cima Apartments
Project, Ser K, RB (A) (B) (C)
2.950%, 03/06/98 1,550 1,550
San Diego, Multi-Family Authority
Revenue Refunding LA Serena
Apartments Project (Issue A)
(A) (B) (C)
3.100%, 03/06/98 3,400 3,400
San Diego, Multi-Family Housing
Authority, Housing Project,
LaJolla Point Apartments, RB
(A) (B) (C)
3.300%, 03/06/98 2,300 2,300
San Dimas, Industrial
Development Authority,
French Company Project, RB
(A) (B) (C)
3.100%, 03/06/98 3,400 3,400
San Dimas, Redevelopment
Agency, Diversified Shopping
Center Project, COP (A) (B) (C)
3.100%, 03/06/98 5,400 5,400
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
San Francisco, City and County
Redevelopment Authority,
Fillmore Housing Center Project,
Ser A-1, RB (A) (B) (C)
3.100%, 03/06/98 $ 500 $ 500
San Jose, Multi-Family Housing
Authority, Kimberly Woods
Apartments Project, RB (A) (B) (C)
3.100%, 03/06/98 1,000 1,000
San Leandro, Multi-Family Housing
Authority, Parkside Common
Apartments Project, RB (A) (B)
2.950%, 03/06/98 3,000 3,000
San Marcos, Industrial Development
Authority, Amistar Project, RB
(A) (B) (C)
3.800%, 03/06/98 4,500 4,500
Santa Clara County, TRAN
4.750%, 10/01/98 1,000 1,007
Santa Clara County, Multi-Family
Housing Authority, Briarwood
Apartments Project, Ser-B, RB (A) (B)
3.100%, 03/06/98 5,000 5,000
Santa Clara, Electric Revenue,
Ser A, RB (A) (B) (C)
3.050%, 03/06/98 760 760
Santa Clara, Electric Revenue,
Ser B, RB (A) (B) (C)
3.050%, 03/06/98 900 900
Simi Valley, Industrial Development
Authority, Wambold Furniture
Project, RB (A) (B) (C)
3.850%, 03/06/98 2,400 2,400
Southern California, Public Power
Authority, Palo Verde Project,
Ser B, RB (A) (B)
3.000%, 03/06/98 3,000 3,000
Southern California, Public Power
Authority, Palo Verde Project,
Ser C, RB, AMBAC (A) (B)
3.000%, 03/06/98 6,000 6,000
Statewide, Community
Development Authority,
Memorial Health Services
Project, RB (A) (B) (C)
3.050%, 03/06/98 1,900 1,900
Statewide, Pollution Control
Finance Authority, Chevron
USA Inc. Project,
RB (A) (B)
4.000%, 05/15/98 1,200 1,202
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
14
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State Education Facility Authority,
Point Nazarene College Project,
RB (A) (B)
3.150%, 03/06/98 $2,500 $ 2,500
State Educational Facility Authority,
Claremont Mckenna Project,
RB (A) (B)
3.000%, 03/06/98 5,000 5,000
Statewide Communities
Development Authority,
Subser A-3 (A)
3.000%, 03/06/98 3,000 3,000
Vacaville, Multi-Family Housing
Authority, Quail Run Apartments
Project, Ser 88-A, RB,
FNMA (A) (B)
2.950%, 03/06/98 9,800 9,800
Vallejo, Unified School
District, TRAN
4.250%, 10/22/98 5,750 5,764
Westminster, Redevelopment
Authority, Commercial
Redevelopment Project,
Number 1, RB, AMBAC
(A) (B)
3.150%, 03/06/98 4,000 4,000
--------
463,628
--------
PUERTO RICO -- 0.2%
Puerto Rico, Pollution Control
Financing Authority, Intel
Corporation Project,
Ser B, RB (A)
3.700%, 06/01/98 100 100
Puerto Rico, Industrial Medicine
& Environmental Pollution
Control Financing Authority, Intel
Corporation Project, Ser A (A) (B)
4.000%, 09/01/98 1,230 1,230
--------
1,330
--------
Total Municipal Bonds
(Cost $464,958) $464,958
========
Total Investments -- 91.3%
(Cost $464,958) 464,958
--------
Other Assets and Liabilities, Net -- 8.7% 44,177
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
BIGI BOND INVESTORS GUARANTY INSURANCE CORPORATION
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE CORPORATION
FHA FEDERAL HOUSING ASSOCIATION
FHLB FEDERAL HOME LOAN BANK
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSURANCE
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
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1998.
(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 -- 97.4%
ALABAMA -- 1.6%
Birmingham, Medical Clinic,
St. Martins In The
Pines Project, Ser 89,
RB (A) (B)
3.500%, 03/06/98 $ 2,795 $ 2,795
Daphne-Villa Mercy,
Special Care Facility Authority
Mercy Medical Project,
RB (A) (B) (C)
3.450%, 03/06/98 3,500 3,500
Indian Springs Village, Educational
Building Authority, Indian
Springs School Project,
RB (A) (B) (C)
3.450%, 03/06/98 5,000 5,000
15
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery, Special Care
Facilities Financing Authority,
Ser F, RB, AMBAC (A) (B)
3.400%, 03/06/98 $ 5,500 $ 5,500
Russelville Industrial Development
Authority, Clark Pulley Project,
Ser 94, RB (A) (B) (C)
3.550%, 03/06/98 1,675 1,675
----------
18,470
----------
ALASKA -- 0.5%
Alaska, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.900%, 06/01/98 4,130 4,130
Alaska, Industrial Development &
Export Authority Sheldon Jackson
College Project, RB (A) (B)
3.250%, 03/06/98 2,000 2,000
----------
6,130
----------
ARIZONA -- 1.9%
Chandler County, Industrial
Development Authority, Parsons
Municipal Service Project, RB
(A) (B) (C)
3.450%, 03/06/98 3,925 3,925
Maricopa County, Industrial
Development Authority, McLane
Company Project, RB (A) (B) (C)
3.850%, 03/06/98 720 720
Maricopa County, Industrial
Development Multi-Family Housing
Authority, Arcadia Vista Apartments
Project, Ser A, RB (A) (B) (C)
3.560%, 03/06/98 5,250 5,250
Phoenix, Industrial Multi-Family
Housing Authority, Del Mar
Terrace Apartments
Project, RB (A) (B) (C)
3.450%, 03/06/98 7,000 7,000
Tuscon, Industrial Development
Authority, Street & Highway
User Revenue Project 1981, Ser D,
RB (D) Pre-Refunded @ 101
6.500%, 07/01/98 1,370 1,395
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking, Ser A, RB (A) (B) (C)
3.475%, 03/06/98 3,500 3,500
----------
21,790
----------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
ARKANSAS -- 0.2%
Fayetteville, Public Facility Board
Authority, Butterfield Trail
Village Project, RB (A) (B) (C)
3.800%, 03/02/98 $ 2,700 $ 2,700
----------
CALIFORNIA -- 2.8%
Alameda County, TRAN
4.500%, 07/22/98 5,000 5,011
California State, Higher Education
Loan Authority, Student Loan
Refunding, Ser 87-A, RB (B)
4.000%, 07/01/98 5,500 5,500
California State, Higher Education
Loan Authority, Student Loan
Revenue Refunding Project,
Ser D, RB (A) (B) (C)
3.800%, 08/01/98 3,000 3,000
Humbolt County, TRAN (C)
4.500%, 07/01/98 13,250 13,277
Los Angeles, Community
Redevelopment Authority,
Tax Allocation Central Business
District I Project,
5.000%, 11/15/98 5,625 5,668
----------
32,456
----------
COLORADO -- 2.0%
City of Idaho Springs, Safeway
Project, Ser 93, RB (A) (B) (C)
3.900%, 06/01/98 2,095 2,095
Colorado State, Housing Finance
Authority, Greenwood Project,
Ser D, RB (A) (B)
3.400%, 03/06/98 2,900 2,900
Colorado State, Postsecondary
Education Facility Authority,
Mullen High School Project,
RB (A) (B) (C)
3.450%, 03/06/98 5,000 5,000
Eagle County, Smith Creek
Metropolitan District Project,
Ser 95, RB (A) (B) (C)
3.450%, 03/06/98 300 300
El Paso County, Economic
Development Revenue,
USA Hockey Project, Ser 96,
RB (A) (B) (C)
3.450%, 03/06/98 3,325 3,325
Englewood Industrial Development
Revenue, Safeway Incorporated
Project, RB (A) (B) (C)
3.900%, 06/01/98 2,690 2,690
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
16
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Finance Authority, Multi-
Family Housing, Grants Plaza
Project 91-A, RB (A) (B) (C)
3.475%, 03/06/98 $ 1,425 $ 1,425
Panorama Metropolitan District,
Ser B, RB (A) (B) (C)
4.000%, 06/01/98 2,425 2,425
State Health Facilities Authority,
Rocky Mountain Project,
RB (A) (B) (C)
3.450%, 03/06/98 1,875 1,875
Summit County, Recreational
Facility Revenue Authority,
Cooper Mountain Project,
RB (A) (B) (C)
3.750%, 03/06/98 1,500 1,500
----------
23,535
----------
DELAWARE -- 0.1%
Economic Development Authority,
Commercial Development,
Congoleum Project,
RB (A) (B) (C)
3.550%, 03/06/98 1,000 1,000
----------
DISTRICT OF COLUMBIA -- 0.4%
District of Columbia, Ser B2,
GO (A) (B) (C)
3.750%, 03/02/98 2,600 2,600
District of Columbia,
Ser B-1, RB (A) (B) (C)
3.750%, 03/02/98 1,800 1,800
----------
4,400
----------
FLORIDA -- 2.3%
Alachua County, GO,
MBIA (A) (B)
3.500%, 03/06/98 2,800 2,800
Atlantic Beach, Fleet
Landing Project, Ser B,
RB (A) (B) (C)
3.900%, 03/02/98 1,000 1,000
Boca Raton, Industrial
Development Authority,
Parking Garage Project,
Ser 84-A, RB (A) (B) (C)
3.725%, 03/06/98 7,950 7,950
Jacksonville, Industrial
Development Authority,
University of Florida Health
Science Center Project,
Ser 89, RB (A) (B) (C)
3.600%, 03/02/98 1,000 1,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lake Bernadette, Community
Development, Special Assessment
Revenue, Ser B, RB (A) (B) (C)
3.550%, 03/06/98 $ 955 $ 955
Lee, Industrial Development
Authority, Christian Mission-
Shell Point Village Project,
RB (A) (B) (C)
3.475%, 03/06/98 1,900 1,900
Orange County, Education
Facilities Authority, Rollins
College Project, RB (A) (B) (C)
3.500%, 03/06/98 3,000 3,000
Orange County, Industrial
Development Authority,
Central Florida YMCA
Project, RB (A) (B) (C)
3.500%, 03/06/98 5,625 5,625
Pasco City, Housing Finance
Authority, Multi-Family Housing,
Carlton Arms of Magnolin Valley
Project, Ser 85, RB (A) (B) (C)
3.475%, 03/06/98 2,000 2,000
----------
26,230
----------
GEORGIA -- 8.0%
Albany-Dougherty County, Hospital
Authority, Phoebe Putney
Memorial Hospital Project,
Ser 1996, AMBAC , RB (A) (B)
3.400%, 03/06/98 1,900 1,900
Athens Multi-Family Housing,
Georgian Apartments,
RB (A) (B) (C)
3.725%, 03/06/98 1,400 1,400
Cherokee County,
Industrial Development
Authority, Seabord
Farms Project, RB (A) (B) (C)
3.600%, 03/06/98 3,000 3,000
Clayton County, Multi-Family
Housing Authority, Chateau
Forest Apartments Project,
Ser E, RB, FSA (A) (B)
3.550%, 03/06/98 1,000 1,000
Clayton County, Multi-Family
Housing Authority, Rainwood
Development Project, RB (A) (B) (C)
3.750%, 03/06/98 2,700 2,700
Cobb County, Multi-Family
Housing, Tibairen Associates
Project, Ser 85-D, RB (A) (B) (C)
3.550%, 03/06/98 8,600 8,600
17
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Conyers-Rockdale-Big Haynes,
Impoundment Authority, RB
4.000%, 12/01/98 $ 5,400 $ 5,417
DeKalb County, Development
Authority, Dart Container
Project, RB (A) (B) (C)
4.100%, 03/06/98 900 900
DeKalb County, Multi-Family
Housing Authority, Post Walk
Project, RB (A) (B)
3.550%, 03/06/98 1,100 1,100
DeKalb County, Multi-Family
Housing Authority, Clairmont
Crest Project, RB (A) (B)
3.400%, 03/06/98 1,800 1,800
DeKalb County, Industrial
Development Authority,
Weyerhaeuser Project,
RB (A) (B)
3.485%, 03/06/98 3,500 3,500
DeKalb County, Multi-Family
Housing Authority, Terrace Club
Project, Ser 93-B, RB (A) (B) (C)
3.450%, 03/06/98 4,430 4,430
Downtown Athens, Housing
Development Authority, Georgian
Apartments Association Project,
RB (A) (B) (C)
3.850%, 03/06/98 1,000 1,000
Effingham County, Development
Authority, Pollution Control
Revenue, Savannah Electric and
Power Project, RB (A) (B)
3.900%, 03/02/98 2,070 2,070
Federal Paper Board, Tax Exempt
Bond Grantor Trust,
RB (A) (B) (C)
4.100%, 03/06/98 7,200 7,200
Floyd County, Pollution
Control Revenue, Georgia
Power Plant Hammond
Project, RB (A) (B)
3.900%, 03/02/98 400 400
Fulton County, Arthritis
Foundation Project,
RB (A) (B) (C)
3.500%, 03/06/98 2,000 2,000
Fulton County, Development
Revenue Authority, Epstein
School Project, RB (A) (B) (C)
3.500%, 03/06/98 2,000 2,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fulton County, Development
Revenue Authority, Holy
Innocents School Project,
RB (A) (B) (C)
3.500%, 03/06/98 $ 2,500 $ 2,500
Fulton County, Development
Revenue Authority, Morehouse
School of Medicine Project,
RB (A) (B) (C)
3.500%, 03/06/98 2,400 2,400
Fulton County, Industrial
Development Authority (A) (B)
3.450%, 03/06/98 2,735 2,735
Gwinnett County, Multi-Family
Housing Authority, Post Chase
Project, RB (A) (B)
3.550%, 03/06/98 4,500 4,500
Marietta, Housing Finance
Authority, Multi-Family
Housing, Franklin Walk
Apartments Project,
RB (A) (B) (C)
3.475%, 03/06/98 3,540 3,540
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project (A) (B)
3.950%, 01/15/99 5,560 5,565
Roswell, Multi-Family Housing
Authority, Belcourt Limited
Project, RB (A) (B) (C)
3.350%, 03/06/98 9,000 9,000
Savannah, Housing Authority,
Somerset Wharf Project, Ser B,
RB (A) (B)
3.550%, 03/06/98 1,100 1,100
Smyrna, Multi-Family Housing
Authority, Gardens Post
Village Project, RB (A) (B)
3.550%, 03/06/98 6,500 6,500
Thomasville, Hospital Revenue
Authority, Anticipation Certificates -
J.D. Archbold Project (A) (B) (C)
3.500%, 03/06/98 3,800 3,800
----------
92,057
----------
HAWAII -- 0.1%
Hawaii State, Multi-Family Housing
Authority, Tropicana West Project,
Ser A, RB (A) (B) (C)
3.400%, 03/06/98 1,100 1,100
----------
IDAHO -- 0.1%
Nez Perce County, Pollution Control
Revenue, Potlach Project,
Ser 84, RB (A) (B) (C)
3.600%, 03/06/98 675 675
----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
ILLINOIS -- 7.9%
Chicago, O'Hare International
Airport Revenue, Industrial
Lien, Ser C (A) (B) (C)
3.400%, 03/06/98 $ 1,100 $ 1,100
Cook County, GO, Ser C, FGIC
5.000%, 11/15/98 4,000 4,039
Development Finance Authority,
Catholic Charities, Housing
Project, Ser A, RB (A) (B) (C)
3.450%, 03/06/98 6,000 6,000
Development Finance Authority,
Field Container Project,
RB (A) (B) (C)
3.400%, 03/06/98 1,200 1,200
Development Finance Authority,
Rest Haven Illinan Project, RB
(A) (B) (C)
3.400%, 03/06/98 2,000 2,000
Health Facilities Authority, Advocate
Healthcare Network Project,
Ser B, RB (A) (B)
3.450%, 03/06/98 35,800 35,800
Health Facilities Authority,
Bensonville Home Society
Project, Ser A, RB (A) (B) (C)
3.400%, 03/06/98 1,100 1,100
Health Facilities Authority,
Central Health & Northwest
Community Project,
RB (A) (B) (C)
3.400%, 03/06/98 1,285 1,285
Health Facility Authority, Pekin
Memorial Hospital Project,
Ser C, RB (A) (B) (C)
3.250%, 03/06/98 3,500 3,500
Illinois State, Educational Facilities
Authority, Art Institute
of Chicago Project, RB (A) (B) (C)
3.400%, 03/06/98 1,000 1,000
Illinois State, Finance Authority,
Casa Central Padres
Project, RB (A) (B) (C)
3.600%, 03/06/98 2,000 2,000
Illinois State, Financial Authority,
LaSalle Foundation Project, RB
(A) (B) (C)
3.350%, 03/06/98 1,940 1,940
Illinois State, Financial Authority,
WBEZ Alliance Project,
RB (A) (B) (C)
3.350%, 03/06/98 1,800 1,800
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Illinois State, Health Facility
Authority Center Health
& Community Project,
Ser B, RB (A) (B) (C)
3.400%, 03/06/98 $2,200 $ 2,200
Illinois State, Health Facility
Authority, Pekin Memorial
Hospital Project, RB (A) (B) (C)
3.450%, 03/06/98 3,500 3,500
Illinois State, Health Facility
Authority, Revolving Fund
Pooled Project, Ser C, RB (A) (B) (C)
3.350%, 03/06/98 1,000 1,000
Kane County, Community United
District, Geneva Project,
GO, FGIC
9.000%, 06/01/98 1,000 1,013
Kane County, School District
No. 131, Aurora East Side, TAW
4.150%, 09/30/98 2,000 2,005
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 76 76
Orland Hills, Mortgage Authority,
Multi-Family Housing,
Ser 88-A, RB (A) (B) (C)
3.400%, 03/06/98 1,400 1,400
Paxton, Industrial Development
Authority, Merck & Aircoil
Project, RB (A) (B) (C)
3.850%, 03/06/98 900 900
Saint Clair, Industrial Building
Authority, Winchester Apartments
Project, Ser 94, RB (A) (B)
3.700%, 03/06/98 8,000 8,000
Springfield, Multi-Family Housing
Authority, Oak Center Limited
Project, RB (A) (B)
3.600%, 03/06/98 4,900 4,900
State Development Financial
Authority, Chicago Symphony
Project, RB (A) (B) (C)
3.350%, 03/06/98 4,000 4,000
----------
91,758
----------
INDIANA -- 9.4%
Bond Bank Industrial Revenue,
Tri County Project, Ser D,
RB (A) (B) (C)
3.400%, 03/06/98 7,010 7,010
Carmel Clay, TAW
4.100%, 12/31/98 9,000 9,014
Clark-Pleasant, Tax Increment, RB
4.000%, 12/31/98 3,800 3,806
19
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Concord, Community Schools
Project, TAW
4.250%, 12/31/98 $ 4,355 $ 4,364
Fort Wayne, Industrial
Economic Development
Authority, Avery International
Project, RB (A) (B) (C)
3.475%, 03/06/98 3,750 3,750
GAF Tax Exempt Bond Grantor
Trust, Ser A,
RB (A) (B) (C)
4.300%, 03/06/98 2,520 2,520
Gary, Environmental Improvement,
United States Steel Corporation
Project, RB (A) (B) (C)
3.450%, 03/06/98 3,400 3,400
Hammond, Advance Funding
Project Notes, Ser A-2, GO
4.300%, 01/07/99 6,500 6,527
Indiana Residential Apartments,
1 Portfolio Certificate Trust 1996
Ser A, RB (A) (B) (C)
3.550%, 03/06/98 12,000 12,000
Indiana State Development
Financing Authority, Educational
Facility, Indiana Historical
Project, RB (A) (B) (C)
3.350%, 03/06/98 800 800
Indiana State, East Allen County
School, TAW
3.800%, 12/31/98 4,000 4,003
Indiana State, Southwest Allen
County Metropolitan
School District, TAW
4.000%, 12/31/98 5,870 5,884
Indianapolis, Economic Development
Authority, Morningside College
Park Project, RB (A) (B) (C)
3.400%, 03/06/98 6,225 6,225
Lawrence Township, Metropolitan
School District, TAW
3.800%, 12/31/98 4,750 4,754
Michigan City, Economic
Development, Marley Company
Project, Ser 84, RB (A) (B) (C)
3.475%, 03/06/98 2,750 2,750
Michigan City, TAW
4.250%, 06/30/98 3,000 3,003
4.250%, 12/31/98 3,000 3,006
Middlebury, TAW
4.000%, 12/31/98 1,700 1,703
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Muncie, Temporary Loan Warrants
4.000%, 12/31/98 $ 3,000 $ 3,006
Portage Township, Indiana School
Project, TAN
4.150%, 12/31/98 2,500 2,509
Richmond, Community School
Authority, TAW
4.100%, 12/31/98 3,000 3,007
Richmond, Industrial Economic
Development Authority, Friends
Fellowship Communities
Project, RB (A) (B) (C)
3.400%, 03/06/98 6,150 6,150
Washington Township,
Metropolitan School District,
Marion County, RB
4.000%, 06/30/98 9,600 9,612
----------
108,803
----------
IOWA -- 0.7%
Ceder Rapids, Pollution Control
Authority, Iowa Electric & Power
Project, RB (A) (B)
3.400%, 03/06/98 2,000 2,000
Davenport Community School
District, TAW
4.375%, 07/01/98 3,500 3,504
Higher Education Loan Authority,
Palmer Chiropractic Foundation
Project, RB (A) (B) (C)
3.900%, 03/02/98 2,500 2,500
----------
8,004
----------
KANSAS -- 0.9%
Manhattan, TAW, Ser 2
3.750%, 01/15/99 2,900 2,899
Shawnee County, GO
4.050%, 06/01/98 3,050 3,051
Wamego, Pollution Control
Authority, Utilicorp
United Project, RB (A) (B) (C)
3.350%, 03/06/98 2,450 2,450
Wichita, Pollution Control Authority,
CIC Industries Incorporated,
RB (A) (B) (C)
3.725%, 03/06/98 1,590 1,590
----------
9,990
----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
20
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
KENTUCKY -- 1.7%
Covington, Industrial Building
Authority, Atkins & Pearce
Incorporated, Ser 95,
RB (A) (B) (C)
3.450%, 03/06/98 $ 1,610 $ 1,610
Kentucky State, Development
Districts Financing Authority,
Calloway County Fire Project,
Ser E1, RB (A) (B)
3.550%, 03/06/98 2,500 2,500
Kentucky State, Development
Financing Authority,
Pooled Loan Project,
Ser A, RB FGIC (A) (B)
3.400%, 03/06/98 1,350 1,350
Kentucky State, TRAN
4.090%, 06/30/98 9,000 9,006
Muhlenberg County, Airport
Authority, District Area
Financial Trust Project,
RB (A) (B) (C)
3.550%, 03/06/98 3,705 3,705
Newport City, Multi-Family
Housing Revenue, RB (A) (B)
3.950%, 06/01/98 1,710 1,710
----------
19,881
----------
LOUISIANA -- 0.3%
Louisiana State, Public Facilities
Authority, Willis Knighton Medical
Project, RB AMBAC (A) (B) (C)
3.500%, 03/06/98 2,000 2,000
South Louisiana, Port Common
Marine Term Revenue Refunding,
Occidental Petroleum
Project, RB (A) (B) (C)
3.400%, 03/06/98 1,000 1,000
State Public Facilities Authority,
Willis-Knighton Medical Center,
RB, AMBAC (A) (B)
3.500%, 03/06/98 300 300
----------
3,300
----------
MAINE -- 0.1%
Portland, Industrial Development
Authority, W.W. Grainger Project,
Ser 85, RB (A) (B)
3.600%, 03/06/98 1,315 1,315
----------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MARYLAND -- 1.0%
Annapolis, Forest Gemini Facilities,
RB (A) (B) (C)
3.650%, 03/06/98 $ 2,400 $ 2,400
Health & Higher Education Facilities
Authority, Greater Baltimore
Medical, RB (A) (B) (C)
3.500%, 03/06/98 3,200 3,200
Howard County, Multi-Family
Housing Authority, Sherwood
Crossing Project, RB (A) (B)
3.950%, 06/01/98 2,500 2,500
Howard County, Multi-Family
Housing Revenue Authority,
Avalon Meadowns Project,
RB (A) (B)
3.400%, 03/06/98 1,400 1,400
Hyattsville, Industrial
Development Authority,
Safeway Incorporated Project,
RB (A) (B) (C)
3.900%, 06/01/98 2,325 2,325
----------
11,825
----------
MASSACHUSETTS -- 1.2%
Brockton, RAN
4.500%, 06/30/98 3,500 3,504
Chatham, BAN
3.900%, 07/22/98 1,325 1,326
Clinton, BAN
4.250%, 11/20/98 5,000 5,017
Holyoke, BAN
4.250%, 03/06/98 1,680 1,680
New England, Student Loan
Authority, Ser G, RB
4.700%, 08/01/98 2,000 2,007
----------
13,534
----------
MICHIGAN -- 1.8%
Birmingham, Economic
Development Corporation,
Brown Street Project,
Ser 83, RB (A) (B) (C)
3.725%, 03/06/98 1,160 1,160
Farmington Hills, Economic
Development Authority,
Brookfield Building Association
Project, RB (A) (B) (C)
3.500%, 03/06/98 1,915 1,915
Job Development Authority,
RB (A) (B) (C)
3.500%, 03/06/98 1,300 1,300
21
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
McDonald Tax Exempt Mortgage
Trust #1, RB (A) (B) (C)
4.500%, 03/15/98 $ 467 $ 467
Northville Township, Economic
Development Authority, Thrifty
Northville Project, RB (A) (B) (C)
3.475%, 03/06/98 500 500
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 105 105
Plymouth Township, Economic
Development Authority, Key
International Project,
RB (A) (B) (C)
3.700%, 03/06/98 3,400 3,400
Saline, Economic Development
Authority, Brecon Village
Project, RB (A) (B) (C)
3.550%, 03/06/98 11,700 11,700
----------
20,547
----------
MINNESOTA -- 3.7%
Bloomington Commercial
Development, ATS II Project,
RB (A) (B) (C)
3.740%, 03/06/98 3,930 3,930
Bloomington, Multi-Family
Housing Authority, Hampshire
Apartments Project, RB (A) (B)
3.450%, 03/06/98 15,000 15,000
Brooklyn, Center Development
Project, Brookdale Office Park,
Ser 84, RB (A) (B) (C)
3.550%, 03/06/98 2,860 2,860
Minneapolis, Ser A, RB (A) (B) (C)
3.450%, 03/06/98 12,300 12,300
Minneapolis, Various Purpose,
Ser 95-B, GO (A) (B)
3.450%, 03/06/98 2,125 2,125
New Brighton, Commercial
Development Authority, Business
Center Project, RB (A) (B)
3.710%, 03/06/98 2,675 2,675
New Brighton, Commercial
Development Authority,
Venture I Project, Ser A,
RB (A) (B)
3.710%, 03/06/98 1,655 1,655
Plymouth, Industrial Development
Authority, Banner Engineering
Project, RB (A) (B) (C)
3.550%, 03/06/98 1,800 1,800
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Saint Paul Housing &
Redevelopment Authority,
Lutheran Social Service
Project, RB (A) (B) (C)
3.550%, 03/06/98 $ 735 $ 735
Saint Paul Housing &
Redevelopment Authority,
Science Museum of Minnesota
Project, Ser B, RB (A) (B) (C)
3.400%, 03/06/98 300 300
----------
43,380
----------
MISSISSIPPI -- 0.1%
Desoto County, Industrial
Development Revenue,
American Soap Company
Project, RB (A) (B) (C)
5.015%, 03/06/98 900 900
----------
MISSOURI -- 2.0%
Howell County, Industrial
Development Authority,
Safeway Incorporated
Project, RB (A) (B) (C)
3.700%, 08/01/98 3,565 3,565
Kansas City, Industrial
Development Authority,
Baptist Health System,
Ser A, RB (A) (B) (C)
3.400%, 03/06/98 2,900 2,900
Macon City, Industrial
Development Authority,
Health Care Realty Macon
Project, RB (A) (B) (C)
3.750%, 03/06/98 1,640 1,640
Missouri State Health &
Educational Facilities Authority
Christian Health Services,
Ser B, RB, (A) (B) (C)
3.400%, 03/06/98 1,100 1,100
Saint Louis County, Industrial
Development Authority, Schnuck
Markets Kirkwood Incorporated,
RB (A) (B) (C)
3.475%, 03/06/98 3,350 3,350
Saint Louis, Grantor Trust,
Ser 96-A, COP, (A) (B) (C)
3.600%, 03/06/98 10,865 10,865
----------
23,420
----------
MONTANA -- 0.2%
Great Falls, Industrial Development
Revenue, Safeway Project,
RB (A) (B) (C)
3.900%, 06/01/98 2,090 2,090
----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
22
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEBRASKA -- 0.3%
Nebraska, Education Facility
Education Finance Authority
Revenue, Creighton University
Project, Ser A, RB, AMBAC (A) (B)
3.450%, 03/06/98 $ 3,750 $ 3,750
----------
NEVADA -- 0.7%
Henderson, Public Improvement
Trust, Multi-Family Housing,
Pueblo Verde I+II Apartment
Project, Ser 95-A/95,
RB (A) (B) (C)
3.550%, 03/06/98 2,235 2,235
Henderson, Public Improvement
Trust, Multi-Family Housing,
Pueblo Verde, RB (A) (B) (C)
3.550%, 03/06/98 5,715 5,715
----------
7,950
----------
NEW HAMPSHIRE -- 0.9%
Education & Health Facilities
Authority, Dartmouth Education
Loan Project, RB (A) (B)
3.950%, 06/01/98 4,000 4,000
New Hampshire State Higher
Educational & Health Facilities
Authority, Alice Peck Day
Lifecare Project, RB (A) (B)
3.400%, 03/06/98 2,800 2,800
Strafford County,
TAN 12/31/98
3.920%, 12/31/98 4,000 4,004
----------
10,804
----------
NEW JERSEY -- 0.2%
Northwest Mutual Life, Tax
Exempt Mortgage Trust,
RB (A) (B) (C)
4.500%, 08/15/98 188 189
Ventnor City, Ser A, BAN
4.250%, 04/30/98 2,000 2,000
----------
2,189
----------
NEW MEXICO -- 0.7%
Albuquerque Metropolitan
Redevelopment Authority,
Springer Square Project,
RB (A) (B) (C)
3.850%, 03/06/98 3,000 3,000
New Mexico State Highway
Revenue Authority, Sub Lien
Project, RB, FSA (A) (B)
3.400%, 03/06/98 5,000 5,000
----------
8,000
----------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW YORK -- 4.9%
Board of Education, St. Lawrence
and Lewis County, RAN
4.375%, 06/26/98 $ 3,000 $ 3,003
Freeport, Unified Free School
District, TAN
4.250%, 06/29/98 5,000 5,003
Lindenhurst, Unified Free School
District, TAN
4.250%, 06/24/98 4,000 4,003
Monroe County, Industrial
Development Authority,
Rochester District Project,
RB (A) (B) (C)
3.600%, 03/06/98 2,300 2,300
Nassau County, Ser A, RAN
4.250%, 03/10/98 9,500 9,501
North Hempstead, BAN, Ser C
4.500%, 05/06/98 17,729 17,742
North Hempstead, BAN, Ser D
4.100%, 08/07/98 7,000 7,003
Roosevelt, Free School District,
TRAN, GO
4.500%, 06/30/98 3,300 3,304
Saratoga County, Shenendehowa
Central School District, GO
4.100%, 06/17/98 3,000 3,001
Utica, City School District RAN
4.000%, 06/30/98 1,500 1,501
----------
56,361
----------
NORTH CAROLINA -- 0.1%
Beaufort, Industrial Facility,
Pollution Control Authority,
Texas Gulf Corporation Project,
RB (A) (B) (C)
3.450%, 03/06/98 1,000 1,000
----------
NORTH DAKOTA -- 0.1%
Fargo Kelly Inn, Fargo Project,
Ser 93, RB (A) (B) (C)
3.550%, 03/06/98 1,155 1,155
----------
OHIO -- 4.9%
Crawford County, BAN
4.000%, 02/12/99 3,500 3,507
Cuyahoga County, Hospital
Authority, Cleveland Clinic
Project, Ser A, RB (A) (B)
3.400%, 03/06/98 5,500 5,500
Franklin County, Industrial
Development Authority,
Leveque & Associates
Project, RB (A) (B) (C)
3.850%, 06/01/98 1,370 1,370
23
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Hamilton County, Hospital
Facility Authority, Childrens
Medical Center Project,
Ser A, RB (A) (B) (C)
3.550%, 03/06/98 $ 3,000 $ 3,000
Highland County, Industrial
Development Authority,
Lancaster Colony Corporation,
RB (A) (B) (C)
3.800%, 03/01/98 1,700 1,700
Lorain County, Independent Living
Facilities Authority, Elyria
Methodist Project, Ser A,
RB (A) (B) (C)
3.450%, 03/06/98 5,700 5,700
Lorain County, Leving & Hospital
Facilities, United Methodist
Village Project, Ser 1996B,
RB (A) (B) (C)
3.450%, 06/01/12 3,600 3,600
Marion County, Hospital Revenue,
Pooled Lease Program, Ser 91,
RB (A) (B) (C)
3.450%, 03/06/98 1,235 1,235
McDonald Tax Exempt Mortgage
Trust #1, (A) (B) (C)
4.500%, 03/15/98 2,180 2,181
Northwest, BAN
4.840%, 06/17/98 4,000 4,014
Ohio State, Air Quality
Development Authority, Ohio
Edison Project, Ser A,
RB (A) (B) (C)
4.350%, 08/01/98 3,000 3,007
Ohio State, Higher Education
Facility, Education Authority,
RB (A) (B) (C)
3.400%, 03/06/98 16,315 16,315
Scioto County, Health Care Facilities,
Hill View Retirement Project,
RB (A) (B) (C)
3.850%, 06/01/98 1,820 1,820
Stark County, Health Care Facility,
Canton Christian Home Project,
Ser 90, RB (A) (B) (C)
3.750%, 03/01/98 1,300 1,300
Stark County, Health Care Facility,
Christian Home, RB (A) (B) (C)
3.800%, 03/15/98 1,540 1,540
Trumbull County, Industrial
Revenue Authority, Howland
Association Project,
RB (A) (B) (C)
3.450%, 03/06/98 520 520
----------
56,309
----------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
OKLAHOMA -- 1.1%
Claremore, Industrial and
Redevelopment Authority,
Worthington Cylinder
Project, RB (A) (B) (C)
3.500%, 03/06/98 $ 1,100 $ 1,100
Oklahoma Mid-West Tax Exempt
Mortgage Bond Trust,
RB (A) (B)
3.450%, 03/06/98 233 233
Tulsa City, Industrial Development
Authority, Health Care, Laureate
Psychiatric Project, RB (A) (B)
3.900%, 06/15/98 8,500 8,500
Tulsa, Parking Authority, Refunding
First Mortgage Williams Project 84,
Ser A, RB (A) (B) (C)
3.800%, 05/15/98 2,900 2,900
----------
12,733
----------
OREGON -- 0.2%
Lane County, Industrial
Development Authority,
Weyerhaeuser Project,
RB (A) (B)
3.485%, 03/06/98 1,000 1,000
Portland, Multi-Family Housing
Authority, South Park Block
Project, Ser A, RB (A) (B) (C)
3.450%, 03/06/98 1,700 1,700
----------
2,700
----------
PENNSYLVANIA -- 9.5%
Allegheny County, Industrial
Development Authority,
Longwood At Oakmont Project,
Ser D, RB (A) (B) (C)
3.800%, 03/02/98 1,260 1,260
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
3.475%, 03/06/98 1,600 1,600
Blair County, Hospital Authority,
First Mortgage-Mercy Hospital
Project, Pre-Refunded @ 102 (D)
8.125%, 02/01/99 2,750 2,911
Clarion County, Industrial
Development Authority,
Meritcare Project, Ser A,
RB (A) (B) (C)
3.450%, 03/06/98 1,200 1,200
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
24
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Dauphin County, General Authority
Education & Health Loan
Project, RB (A) (B)
3.460%, 03/06/98 $ 6,000 $ 6,000
Dauphin County, General Authority
Pooled Finance Project II, RB,
AMBAC (A) (B)
3.550%, 03/06/98 6,100 6,100
East Hempfield Township,
Industrial Development
Authority, Mantua Housing
Project, RB (A) (B) (C)
3.650%, 03/06/98 2,500 2,500
Easton, City School District
Authority, GO (A) (B)
3.460%, 03/05/98 7,000 7,000
Emmaus, General Authority,
RB, FSA (A) (B)
3.400%, 03/06/98 18,910 18,910
Emmaus, General Authority,
Ser H, RB (A) (B) (C)
3.500%, 03/06/98 500 500
Emmaus, General Authority
Revenue, Local Government
Project, Ser G-7, RB (A) (B)
3.500%, 03/06/98 2,200 2,200
Higher Education Facility,
Allegheny College Project,
RB (A) (B) (C)
3.400%, 03/06/98 1,900 1,900
Lancaster County, Higher
Education Authority, Franklin &
Marshall College Project,
RB (A) (B) (C)
3.560%, 03/06/98 1,000 1,000
Lebanon County, Health Facility
Center Revenue Authority,
United Church Christ
Homes Project, RB (A) (B) (C)
3.450%, 03/06/98 3,400 3,400
McCandless, Industrial
Development Authority,
Bradford Foundation
Project, Ser A, RB (A) (B) (C)
3.450%, 03/06/98 1,730 1,730
McDonald Tax Exempt Mortgage
Trust #1, (A) (B) (C)
4.500%, 03/15/98 467 467
Montgomery County, Higher
Education & Health Authority,
Hospital Revenue, RB (A) (B) (C)
3.450%, 03/06/98 9,250 9,250
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery County, Higher
Education & Health Authority,
Ser A, RB (A) (B) (C)
3.450%, 03/06/98 $16,560 $ 16,560
Montgomery County, Higher
Education & Health Authority,
William Penn Charter School
Project, RB (A) (B) (C)
3.300%, 03/06/98 2,800 2,800
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 76 77
Philadelphia, Authority for
Industrial Development Revenue,
City Line Holiday Inn Project,
Ser 96, RB (A) (B)
3.550%, 03/06/98 5,500 5,500
Philadelphia, Industrial Revenue
Authority, Inglis Housing Project,
RB (A) (B)
3.450%, 03/06/98 14,000 14,000
Schuylkill County, Resource
Recovery Revenue Authority,
Northeastern Power Project,
Ser A, RB (A) (B)
3.550%, 03/02/98 3,100 3,100
----------
109,965
----------
RHODE ISLAND -- 0.5%
Cranston, BAN
4.550%, 06/15/98 6,000 6,008
----------
SOUTH CAROLINA -- 2.4%
Anderson County, School District
Authority, GO
5.125%, 05/01/98 1,000 1,002
Charleston Center Tax Exempt
Bond Grantor Trust #1,
RB (A) (B) (C)
3.650%, 08/01/98 7,262 7,263
Charleston Center Tax Exempt
Bond Grantor Trust #2,
RB (A) (B) (C)
3.800%, 05/01/98 4,000 4,000
Charleston Center Tax Exempt
Bond Grantor Trust #5,
RB (A) (B) (C)
3.750%, 03/06/98 4,035 4,035
Charleston Center Tax Exempt
Bond Grantor Trust #4,
RB (A) (B) (C)
3.900%, 06/01/98 7,267 7,268
South Carolina, State Educational
Facilities Authority, Morris
College Project, RB (A) (B) (C)
3.500%, 03/06/98 3,000 3,000
25
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Walhalla, Revenue Authority,
Avondale Mills Project,
RB (A) (B) (C)
3.500%, 03/06/98 $ 900 $ 900
----------
27,468
----------
SOUTH DAKOTA -- 0.6%
South Dakota State, Health and
Educational Facility Authority,
Sioux Valley Hospital, Rapid City
Regional Hospital Project,
RB (A) (B)
3.450%, 03/06/98 6,000 6,000
Watertown, Industrial
Development Authority,
Ramkota Project, Ser 93,
RB (A) (B) (C)
3.550%, 03/06/98 1,280 1,280
----------
7,280
----------
TENNESSEE -- 4.9%
Clarksville, Public Building
Authority, Pooled Financing
Project (A) (B) (C)
3.450%, 03/06/98 16,170 16,170
GAF Tax Exempt Bond Grantor Trust,
Ser A, RB (A) (B) (C)
4.300%, 03/06/98 4,480 4,480
Knox County, Industrial
Development Revenue Authority,
Center Square 11 Limited
Project, RB (A) (B) (C)
3.400%, 03/06/98 5,000 5,000
Montgomery County, Public
Building Authority Pooled,
Financing Government Revenue,
Tennessee County Loan Pool
Project, RB (A) (B) (C)
3.450%, 03/06/98 8,000 8,000
Nashville & Davidson County,
Health & Education Facilities
Authority, Adventist/Sunbelt
Project, Ser A,
RB (A) (B) (C)
3.400%, 03/06/98 3,495 3,495
Nashville & Davidson County,
Health & Educational Facilities
Revenue Authority, Adventist
Health Systems Project,
Ser A, RB (A) (B) (C)
3.400%, 03/06/98 5,960 5,960
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Nashville & Davidson County,
Health and Educational Facilities
Authority, Belmont University
Project, RB (A) (B) (C)
3.500%, 03/06/98 $ 5,700 $ 5,700
Nashville Metropolitan
Government, Toys "R" Us
Project, Ser 84, RB (A) (B) (C)
3.600%, 03/06/98 1,030 1,030
Shelby County, Health Education
& Housing Facilities,
Metropolitan Government
Industrial Development,
Rhodes College Project,
RB (A) (B) (C)
3.700%, 03/06/98 3,400 3,400
Shelby County, Health Education
& Housing Facility Revenue,
Saint Peter Villa Project,
RB (A) (B) (C)
3.600%, 03/06/98 3,105 3,105
----------
56,340
----------
TEXAS -- 6.2%
Austin, Utility System Revenue,
GO, Ser A
5.300%, 11/15/98 4,585 4,636
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
3.475%, 03/06/98 1,000 1,000
Corpus Christi, Industrial
Development Committee,
Texas-Air Project, RB (A) (B) (C)
3.750%, 08/01/98 4,745 4,745
Corpus Christi, Industrial
Development Authority,
Lantana Project, RB (A) (B) (C)
3.450%, 03/06/98 2,485 2,485
Gulf Coast, Industrial
Development Authority,
Petrounited Project,
RB (A) (B) (C)
3.500%, 03/06/98 5,500 5,500
Harris County, Health Facilities,
Development Corporate
Authority, Buckner Retirement
Services Project, RB (A) (B) (C)
3.400%, 03/06/98 13,350 13,350
Harris County, Multi-Family
Housing Authority, Glenhollow
Project, RB (A) (B) (C)
3.725%, 03/06/98 1,600 1,600
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
26
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Harris County, Multi-Family
Housing, Greenhouse Project,
RB (A) (B) (C)
3.725%, 03/06/98 $ 1,985 $ 1,985
Nacogdocles, Health Finance
Development Committee,
South Central Health Services
Project, RB (A) (B) (C)
3.700%, 03/06/98 2,400 2,400
North Carolina, National Bank
Tax Exempt Trust,
Ser 90-B, (A) (B) (C)
4.250%, 03/06/98 1,500 1,500
Red River, Pollution Control
Authority, Southwestern
Public Service Project,
RB (A) (B) (C)
3.550%, 03/06/98 5,000 5,000
San Angelo, Independent School
District, GO (B)
3.900%, 04/09/98 11,050 11,057
Tarrant County, Health Facility
Development Authority,
Adventist Health System
Project, Ser A, RB (A) (B) (C)
3.400%, 03/06/98 6,000 6,000
Tarrant County, Health
Facility Development Authority,
Adventist/Sunbelt Project,
Ser A, RB (A) (B) (C)
3.400%, 03/06/98 8,655 8,655
Trinity River, Industrial
Development Authority, Trinity
River Project, RB (A) (B) (C)
3.475%, 03/06/98 2,000 2,000
----------
71,913
----------
UTAH -- 0.8%
Carbon County, Pollution Control
Authority, Pacificorp Project,
RB, AMBAC (A) (B) (C)
3.650%, 03/02/98 1,000 1,000
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 88 88
Salt Lake City, Industrial
Development Authority,
Deveraux Partners Project,
RB (A) (B) (C)
3.500%, 03/06/98 2,500 2,500
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sandy City, Industrial
Development Authority,
Boyer 106 S Project,
RB (A) (B) (C)
3.400%, 03/06/98 $ 2,750 $ 2,750
Sandy City, Industrial
Development Authority,
Boyer Alta View Project,
RB (A) (B) (C)
3.400%, 03/06/98 1,660 1,660
West Valley, Industrial
Development Authority,
Johnson Matthey Project,
RB (A) (B) (C)
3.750%, 03/02/98 1,000 1,000
----------
8,998
----------
VIRGINIA -- 1.7%
Greensville County, Industrial
Development Authority, Georgia
Pacific Project, RB (A) (B)
3.500%, 03/06/98 1,350 1,350
Harrisonburg, Multi-Family Housing,
Authority, Rolling Brook Village
Apartment, RB (A) (B) (C)
3.750%, 02/01/99 7,000 7,000
Norfolk Industrial Development
Authority, Toys "R" Us Project,
Ser 1984 (A) (B) (C)
3.475%, 03/06/98 1,425 1,425
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 31 32
Richmond, Public Utility Authority,
Ser A, RB (A) (B) (C)
3.500%, 03/06/98 7,500 7,500
Virginia State, Commonwealth
University Authority, Medical
College Hospital Project, Ser D, RB
3.900%, 07/01/98 3,000 3,003
----------
20,310
----------
WASHINGTON -- 0.5%
Kent, Economic Development
Authority, Northwest Aluminum
Products Project, RB (A) (B) (C)
3.850%, 03/06/98 1,500 1,500
Washington State, Housing Finance
Commission, Mill Plains Crossing
Project, Ser 1985, RB (A) (B) (C)
3.400%, 03/06/98 4,300 4,300
----------
5,800
----------
27
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INSTITUTIONAL TAX FREE PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WEST VIRGINIA -- 1.7%
Charleston, Building Common
Parking Facility Authority,
Charlestown Town Center,
Ser A, RB (A) (B) (C)
3.500%, 03/06/98 $12,935 $ 12,935
Parkersburg, Industrial
Development Authority, B-H
Associates Project,
RB (A) (B) (C)
3.725%, 03/06/98 3,500 3,500
West Virginia State, Hospital
Finance Authority,
St. Joseph's Hospital
Project, RB (A) (B) (C)
3.450%, 03/06/98 2,400 2,400
Wood County, Industrial
Development Authority, Aga
Gas Project, RB (A) (B) (C)
3.700%, 03/06/98 820 820
----------
19,655
----------
WISCONSIN -- 3.1%
Augusta, Industrial Development
Authority, Ball Project,
RB (A) (B) (C)
3.500%, 03/06/98 2,650 2,650
Beaver Dam, Unified School
District TRAN
4.000%, 08/21/98 2,000 2,003
De Forest, TRAN
4.080%, 09/18/98 2,800 2,800
Delavan Darein, School
District, BAN
4.150%, 04/15/98 2,000 2,001
Elkhorn, School District, BAN,
4.250%, 04/01/98 1,285 1,285
Grafton, TRAN
4.110%, 06/30/98 1,550 1,551
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 91 92
Village of Menomonee, Industrial
Development Authority, Maysteel
Corporation Project, RB (A) (B) (C)
3.550%, 03/06/98 3,000 3,000
Wausau, Industrial Development
Authority, Venture Partnership
Project, RB (A) (B) (C)
3.550%, 03/06/98 10,000 10,000
Westby, TRAN
3.900%, 10/30/98 1,700 1,702
Whitehall, TRAN
4.100%, 09/28/98 1,700 1,700
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Wisconsin State, Health and
Educational Facility Authority,
Riverview Hospital Association
Project, Ser B, RB
3.900%, 03/02/98 $ 1,000 $ 1,000
Wisconsin State, TRAN
3.750%, 07/01/98 4,000 4,002
Wisconsin State University,
Hospital and Clinics Authority,
Hospital Project, RB, MBIA (A) (B)
3.400%, 03/06/98 1,600 1,600
----------
35,386
----------
WYOMING -- 0.4%
Cheyenne County, Revenue
Refunding, Holiday Inn Project,
RB (A) (B) (C)
3.900%, 04/01/98 1,245 1,245
Evanston, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.900%, 06/01/98 3,700 3,700
Northwest Mutual Life Tax Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/15/98 66 67
----------
5,012
----------
Total Municipal Bonds
(Cost $1,126,376) 1,126,376
----------
Total Investments -- 97.4%
(Cost $1,126,376) 1,126,376
----------
Other Assets and Liabilities, Net -- 2.6% 30,609
----------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on,
1,039,222,966 outstanding
shares of beneficial interest 1,039,054
Portfolio Shares of Class B
(unlimited authorization --
no par value) based on,
96,248,581 outstanding
shares of beneficial interest 96,249
Portfolio Shares of Class C
(unlimited authorization --
no par value) based on,
21,681,741 outstanding
shares of beneficial interest 21,682
Undistributed net investment income 4
Accumulated net realized loss
on investments (4)
----------
Total Net Assets -- 100.0% $1,156,985
==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $1.00
==========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS B $1.00
==========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS C $1.00
==========
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
FGIC FINANCIAL GUARANTY INSURANCE CORPORATION
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSURANCE
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
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1998.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE LESSER OF THE MATURITY DATE OR PUT DATE.
(C) SECURITIES ARE HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
(D) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
PENNSYLVANIA TAX FREE PORTFOLIO
MUNICIPAL BONDS -- 96.2%
PENNSYLVANIA -- 96.2%
Allegheny County, Hospital
Development Authority,
Ser 88-D, RB (A) (B) (C)
3.350%, 03/06/98 $ 600 $ 600
Allegheny County, Hospital
Development Authority, General
Hospital Project, Ser B (A) (B) (C)
3.200%, 03/06/98 1,000 1,000
Berks County, Industrial
Development Authority, Rilsan
Industrial Project, RB (A) (B) (C)
3.475%, 03/06/98 1,350 1,350
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Bradford County, Industrial
Development Authority, Guthrie
Project, RB (A) (B) (C)
3.700%, 03/06/98 $ 1,200 $ 1,200
Butler County, Industrial
Development Authority, Pennzoil
Project, RB (A) (B) (C)
3.650%, 03/06/98 600 600
Chartiers Valley, Industrial &
Commercial Development
Authority, Parkay Center West
Project, Ser A, RB (A) (B) (C)
3.450%, 03/06/98 1,100 1,100
Chester County, Health & Education
Facilities Authority, Barclay
Friends Project, Ser A,
RB (A) (B) (C)
3.400%, 03/06/98 1,600 1,600
Clarion County, Industrial
Development Authority, Meritcare
Project, Ser A, RB (A) (B) (C)
3.450%, 03/06/98 900 900
Dauphin County, General Hospital
Authority, Reading Hospital and
Medical Center Project,
Ser A, RB (A) (B)
3.400%, 03/06/98 700 700
Delaware County, Industrial
Development Authority,
Henderson/Radnor Joint Venture
Project, RB (A) (B) (C)
3.600%, 03/06/98 1,095 1,095
Easton, City School District
Authority, GO, FGIC (A) (B)
3.460%, 03/06/98 1,600 1,600
Emmaus, General Authority,
RB (A) (B)
3.400%, 03/06/98 1,200 1,200
Emmaus, General Authority,
Local Government
Ser G-7, RB (A) (B)
3.500%, 03/06/98 200 200
Lancaster County, Higher Education
Authority, Franklin & Marshall
College Project, RB (A) (B)
3.560%, 03/06/98 715 715
Lebanon County, Industrial
Development Authority,
Aluminum Company of America
Project, Ser 92, RB (A) (B)
3.550%, 03/06/98 1,020 1,020
29
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
PENNSYLVANIA TAX FREE PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lebanon County, Industrial
Development Authority,
Aluminum Company of America
Project, Ser 92, RB (A) (B)
3.550%, 03/06/98 $ 1,000 $ 1,000
Lehigh County, Water Authority,
RB, FGIC (A) (B)
3.350%, 03/06/98 635 635
Lehigh County, General Purpose
Authority, Muhlenberg College
Project, RB, AMBAC
3.750%, 08/01/98 400 400
Lehigh County, Water and Sewer
Authority, Ser B, FGIC (A) (B)
3.350%, 03/06/98 380 380
Lewisburg School District, TRAN
4.230%, 06/30/98 1,500 1,501
Lower Paxton, Township
GO, MBIA
3.900%, 05/15/98 255 255
Mercersburg Boro, Educational
Facility Authority, Mercersburg
College Project (A) (B) (C)
3.550%, 03/06/98 1,000 1,000
Montgomery County, Higher
Education & Health Facility
Authority, Higher Education &
Loan Project, Ser 96-A,
RB (A) (B) (C)
3.450%, 03/06/98 500 500
Moon Township, Industrial
Development Authority, Executive
Office Association Project,
RB (A) (B) (C)
3.450%, 03/06/98 100 100
Norristown, TRAN
4.050%, 12/31/98 1,250 1,250
Northumberland County,
Industrial Development Authority,
Atlas Development Association
Project, RB (A) (B) (C)
3.450%, 03/06/98 85 85
Northumerberland County, Merck
Corporation, Atlas Development
Association Project, RB (A) (B)
3.600%, 03/06/98 1,300 1,300
Pennsylvania, Hospital & Higher
Education Facility, Children's
Hospital Project, RB (A) (B)
3.650%, 03/02/98 1,300 1,300
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania, Intergovernmental
Cooperative Authority, Special Tax
Revenue, Funding Project, RB
5.000%, 06/15/98 $ 1,000 $ 1,004
Pennsylvania Commonwealth,
Ser A, GO
6.500%, 06/01/98 200 201
Pennsylvania Commonwealth,
Temple University Funding, GO
4.750%, 05/18/98 1,250 1,252
Philadelphia, Industrial
Development Authority, City
Line Holiday Inn Project,
Ser 96, RB (A) (B) (C)
3.550%, 03/06/98 1,500 1,500
Philadelphia, Redevelopment
Authority, Rivers Edge Project,
RB (A) (B) (C)
3.650%, 03/06/98 1,400 1,400
Philadelphia, School District
Authority, TRAN (C)
4.500%, 06/30/98 1,500 1,503
Radnor Township, GO
3.700%, 10/01/98 200 200
Sayre, Health Care Facility
Authority, Pennsylvania Capital
Financing Project, Ser 85A,
RB, AMBAC (A) (B)
3.350%, 03/06/98 200 200
Schuylkill County, Resource
Recovery Revenue Authority,
Northeastern Power Project,
Ser A, RB (A) (B)
3.550%, 03/02/98 900 900
Scranton-Lackawana, Health &
Welfare Authority, University of
Scranton Project, RB (A) (B) (C)
3.900%, 05/01/98 670 670
Somerset County, Hospital Authority,
Somerset Community Hospital
Project, Ser A, RB (A) (B) (C)
4.250%, 03/06/98 1,000 1,001
Union County, Hospital Authority
Revenue, United Care Methodist
Continuing Care Services Project,
RB (A) (B) (C)
3.450%, 03/06/98 1,375 1,375
West Allegheny, School District
Authority, GO,
Pre-Refunded @ 100 (D)
6.600%, 02/01/99 600 616
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
30
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
York County, General Authority,
Pooled Finance, RB (A) (B) (C)
3.450%, 03/06/98 $ 1,600 $ 1,600
-------
38,008
-------
Total Municipal Bonds
(Cost $38,008) 38,008
-------
Total Investments -- 96.2%
(Cost $38,008) 38,008
-------
Other Assets and Liabilities, Net -- 3.8% 1,485
-------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
39,505,665 outstanding shares
of beneficial interest 39,505
Undistributed net investment income 3
Accumulated net realized loss
on investments (15)
-------
Total Net Assets -- 100.0% $39,493
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $1.00
=======
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
FGIC FINANCIAL GUARANTY INSURANCE CORPORATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TAN TAX ANTICIPATION NOTE
TECP TAX EXEMPT COMMERCIAL PAPER
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1998.
(B) PUT & DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE LESSER OF THE MATURITY DATE OR THE PUT DATE.
(C) SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
(D) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
INTERMEDIATE-TERM
MUNICIPAL PORTFOLIO
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 104.9%
ALABAMA -- 1.4%
Alabama, Water Pollution Control
Authority, Revolving Flood Line
Ser A, RB, AMBAC
4.750%, 08/15/08 $ 1,105 $ 1,130
Alabama State Docks Department
RB, MBIA
6.000%, 10/01/01 1,000 1,099
5.250%, 10/01/08 1,000 1,030
State Private Colleges, Tuskegee
University Project, Ser A, RB
5.700%, 09/01/10 825 884
State Private Colleges & Tuskegee
University Project, Ser A, RB
5.700%, 09/01/11 870 929
--------
5,072
--------
ALASKA -- 1.1%
Anchorage Electric Utility,
RB, MBIA
8.000%, 12/01/06 1,775 2,230
8.000%, 12/01/07 1,310 1,672
--------
3,902
--------
ARIZONA -- 0.5%
Tempe, GO
8.000%, 07/01/01 735 824
Yuma County, Jail Revenue,
RB, AMBAC
6.000%, 07/01/03 1,025 1,116
--------
1,940
--------
CALIFORNIA -- 22.0%
Anaheim, Public Finance Authority,
Electric Utility Project, RB, MBIA
Callable 04/01/03 @ 102
5.400%, 10/01/08 2,000 2,110
Anaheim Public Finance Authority,
Public Improvements Project,
Ser C, RB, FSA
6.000%, 09/01/13 2,325 2,639
Bakersfield, Convention Center
Expansion Project, COP, MBIA
5.200%, 04/01/05 1,000 1,061
California Housing Financial
Agency Single-Family Mortgage,
Ser C-4-Cl I, RB, FHA
5.050%, 02/01/17 2,735 2,766
31
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State, GO
5.500%, 10/01/05 $ 2,000 $ 2,165
7.000%, 08/01/06 1,525 1,813
5.500%, 10/01/06 2,000 2,177
6.600%, 02/01/09 1,000 1,179
California, Statewide Communities
Development Authority, St. Joseph
Health System Project, COP
5.000%, 07/01/05 2,765 2,883
Coachella Valley, Water District
No. 71, Flood Control
Project, COP, AMBAC
5.000%, 10/01/08 1,100 1,152
Compton, Civic Center &
Capital Improvement,
Ser A, COP
5.000%, 09/01/00 1,000 1,014
Contra Costa County, Merrithew
Memorial Hospital Project,
COP, MBIA
5.250%, 11/01/05 2,000 2,130
Education Facility Authority,
University of San Francisco,
RB, MBIA
6.000%, 10/01/08 1,000 1,140
Elk Grove, Unified School District
Special Tax, Community Facilities
District #1, GO, AMBAC
6.500%, 12/01/07 1,000 1,175
Health Facilities Finance Authority,
Presbyterian Hospital Project,
RB, MBIA
5.250%, 05/01/06 2,080 2,210
Health Facilities Finance Authority,
Sisters of Providence, RB
5.500%, 10/01/05 1,100 1,171
Health Facilities Finance Authority,
Summit Medical Center Project,
Ser A, RB, FSA
5.250%, 05/01/04 1,500 1,584
Housing Finance Agency, Ser A,
RB, MBIA
5.300%, 08/01/14 385 397
Housing Finance Agency, Ser G,
RB, Callable 08/01/04 @ 102
7.250%, 08/01/17 1,250 1,373
Irvine Special Assessment,
District 89-10, GO (A) (B) (F)
3.650%, 03/02/98 95 95
Los Angeles, Airport, American
Airlines, Ser E, (A) (B)
3.700%, 03/02/98 200 200
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles County, Public Works
Financing Master Project, Ser A
5.000%, 03/01/01 $ 7,000 $ 7,219
Los Angeles County, Public Works
Financing Authority, Regal Park
& Open Space District, Ser A, RB
5.000%, 10/01/00 1,900 1,955
Los Angeles County, Public Works
Financing Authority, Ser A,
RB, MBIA
5.125%, 09/01/08 1,380 1,459
Los Angeles County, Community
Redevelopment Agency, Tax
Allocation, Central Business
District Project I
4.700%, 11/15/03 500 501
Los Angeles County, Ser A, TRAN
4.500%, 06/30/98 5,300 5,316
Los Angeles, Department of Water
& Power Electric Plant, RB
9.000%, 10/15/02 2,000 2,410
Los Angeles, Unified School District,
Multiple Property Project,
Ser A, COP, FSA
5.100%, 10/01/06 1,050 1,110
Los Angeles, Unified School District,
Ser A, GO, FGIC
6.000%, 07/01/12 1,880 2,138
Los Angeles, Community
Redevelopment Agency, Tax
Allocation, Central Business
District Project
5.000%, 11/15/00 500 510
Modesto, Irrigation District Finance
Authority, Ser A, RB, MBIA
5.150%, 10/01/04 1,000 1,060
Mojave, Water Agency, GO, FGIC
Callable 09/01/06 @ 102
5.600%, 09/01/12 1,000 1,071
Oakland, Health Facilities Authority,
Childrens Hospital Project,
Ser A, RB
5.000%, 07/01/01 1,175 1,212
Orange County, Local
Transportation Authority, First
Ser M, RB
5.400%, 02/15/00 1,000 1,027
Orange County, Ser A, COP, MBIA
Callable 07/01/06 @ 102
5.800%, 07/01/16 1,000 1,074
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
32
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Orange County, Water District
Project B, COP, (A) (B)
3.600%, 03/02/98 $ 1,100 $ 1,100
Orville, Hospital, Ser A , RB
5.500%, 12/01/06 1,000 1,072
Oxnard, School District,
GO, MBIA
5.375%, 08/01/09 1,080 1,172
Pomona, Unified School District,
Ser A, GO, MBIA
5.600%, 08/01/07 1,040 1,141
Public Works, State University
Project, Ser A, RB
5.500%, 10/01/07 2,000 2,177
Rancho Mirage, Joint Powers
Finance Authority, Eisenhower
Medical Center Project, Ser A, COP,
MBIA Callable 07/01/07 @ 102
5.125%, 07/01/09 2,150 2,241
San Bernardo County, Medical
Center Financing Project,
COP, MBIA
5.000%, 08/01/03 1,500 1,562
Stanislaus, Waste to Energy
Finance Authority, Ogden
Martin Systems Project, RB
Callable 01/01/00 @ 102
7.625%, 01/01/10 960 1,026
State Educational Facilities,
University of Southern California,
Ser A, RB
5.600%, 10/01/05 1,140 1,241
State, GO, Callable 06/01/06 @ 101
5.250%, 06/01/12 2,645 2,728
Statewide Communities
Development Authority,
San Gabriel Valley-A, RB, COP
6.000%, 09/01/06 1,000 1,097
University of California, Board of
Regents, Ser B, RB
6.500%, 09/01/02 1,995 2,182
--------
79,235
--------
COLORADO -- 1.7%
Colorado, Housing Finance
Authority Single-Family Housing
Project, Ser C-3
4.800%, 11/01/16 1,400 1,402
6.750%, 05/01/17 1,000 1,116
Health Facilities Authority, Rocky
Mountain Adventist, RB
6.250%, 02/01/04 1,500 1,609
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Obligation Board Authority,
Student Loan Project, Ser L, RB
6.100%, 09/01/02 $ 1,790 $ 1,895
--------
6,022
--------
CONNECTICUT -- 0.7%
Haddam, GO, AMBAC
5.000%, 07/15/01 1,000 1,031
Mashantucket, Western Pequot
Tribe, Ser A-144A, RB
6.250%, 09/01/03 1,000 1,082
State Development Authority,
Pollution Control, Frito-Lay/
Pepsi Project
6.375%, 07/01/04 560 571
--------
2,684
--------
DELAWARE -- 0.2%
Delaware State, Ser A, GO
4.500%, 04/01/98 760 761
--------
DISTRICT OF COLUMBIA -- 0.7%
District of Columbia Hospital
Revenue, Washington Hospital
Center, RB, MBIA
Callable 08/05/02 @ 102
7.000%, 08/15/05 1,500 1,674
District of Columbia, Ser A, GO
5.125%, 06/01/99 1,000 1,010
--------
2,684
--------
FLORIDA -- 4.2%
Dade County, Ser CC, GO,
AMBAC
6.900%, 10/01/04 1,125 1,299
6.900%, 10/01/05 1,025 1,197
7.125%, 10/01/08 1,470 1,797
Dade County, Ser DD, GO, AMBAC
7.600%, 10/01/05 1,070 1,297
Florida Housing Finance Authority,
Capital Appreciation, Single-
Family Mortgage, RB
Callable 01/15/10 @ 45.469
0.000%, 07/15/16 1,565 200
Florida State Board of Public
Education, Ser B1, GO,
Pre-Refunded 06/01/98 @
102 (D)
7.875%, 06/01/19 1,700 1,751
Hillsborough County, Utility
Authority, RB, MBIA
9.750%, 12/01/03 1,425 1,721
33
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Palm Beach County, Solid Waste
Authority, Ser A, RB,
AMBAC
6.000%, 10/01/08 $ 3,300 $ 3,725
Tampa, Health Systems Authority,
Catholic Health Project,
Ser A-3, RB
5.500%, 11/15/05 1,230 1,321
Tampa, Health Systems Authority,
Catholic Health Project,
Ser A-2, RB
5.500%, 11/15/08 1,000 995
--------
15,303
--------
GEORGIA -- 2.0%
College Park, Business & Industrial
Development Authority, Civic
Center Project, Ser A, RB, FSA
5.800%, 09/01/05 1,165 1,277
College Park, Business & Industrial
Development Authority, Civic
Center Project, Ser A, RB, FSA
5.200%, 09/01/04 1,105 1,166
College Park, Industrial
Development Authority,
RB, FSA
5.100%, 09/01/03 1,050 1,100
Gwinette County, School District
Authority, GO
Callable 02/01/01 @ 102
9.500%, 02/01/02 1,000 1,169
Hall County, School District, GO
5.000%, 11/01/00 1,230 1,265
5.000%, 11/01/01 1,180 1,223
--------
7,200
--------
GUAM -- 0.3%
Guam, Government Limited
Obligation, Infrastructure
Improvement, Ser A, RB, AMBAC
5.250%, 11/01/03 1,000 1,054
--------
HAWAII -- 0.5%
Hawaii State, Ser CM, GO, FGIC
5.500%, 12/01/03 1,835 1,959
--------
IDAHO -- 0.0%
Power County, Pollution Control
Revenue, FMC Corporation
Project, RB (A) (B) (F)
3.650%, 03/02/98 100 100
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
ILLINOIS -- 3.9%
Cook County, GO, MBIA
7.250%, 11/01/07 $ 2,000 $ 2,425
Development Finance Authority,
Community Rehabilitation
Providers, Ser A, RB
5.600%, 07/01/05 2,235 2,322
Health Facility Authority,
RB, MBIA
7.900%, 08/15/03 446 453
Hospital Facilities, Metropolitan
Pier & State Exposition
Authority, McCormick Plaza
Convention, RB
6.250%, 07/01/17 450 485
Housing Development Authority,
Ser A, RB,
Callable 02/01/06 @ 102
5.650%, 02/01/16 855 866
Illinois State, Educational Facility
Authority, Northwestern
University Project, RB,
Callable 11/01/12 @ 100
5.150%, 11/01/12 2,000 2,017
Kane & DeKalb County, Unified
School District #301,
GO, AMBAC
6.300%, 12/01/04 2,640 2,960
McClean County, Public Building
Commission, Lease Receipts,
Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,446
State GO, Callable 08/01/99 @ 102
6.375%, 08/01/00 1,000 1,051
--------
14,025
--------
INDIANA -- 0.5%
Health Facilities Finance Authority,
Sisters of Saint Francis Health
Systems, RB,
Pre-Refunded @ 100 (D)
7.100%, 09/01/03 1,555 1,672
Rockport Pollution Control
Revenue, AEP Generating
Company, Project B, RB (A) (B)
3.650%, 03/02/98 100 100
--------
1,772
--------
IOWA -- 0.3%
Eddyville Pollution Control,
Cargill Inc. Project, RB
5.400%, 10/01/06 1,000 1,074
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
KANSAS -- 0.5%
Kansas State Turnpike Authority,
RB, AMBAC
5.500%, 09/01/06 $ 1,500 $ 1,605
--------
KENTUCKY -- 1.2%
Kentucky Infrastructure Authority,
Revolving Funding, Ser L, RB
5.500%, 06/01/07 1,000 1,075
Kentucky State Property and
Buildings Commission,
Project Number 55, RB
6.000%, 09/01/08 2,500 2,812
State Turnpike Authority, Toll Road
Project, Ser A, RB
8.500%, 07/01/04 410 418
--------
4,305
--------
LOUISIANA -- 0.8%
Housing Finance Agency, Single-
Family Housing Project,
RB, MBIA
5.125%, 12/01/10 1,530 1,561
Jefferson Parish, Drain Sales Tax,
RB, AMBAC
5.000%, 11/01/09 1,300 1,350
--------
2,911
--------
MAINE -- 0.7%
Maine Health & Higher Educational
Facility Authority, RB
5.250%, 07/01/07 2,270 2,403
--------
MARYLAND -- 2.3%
Federick County, Ser B, GO,
Pre-Refunded @ 102 (D)
6.300%, 07/01/02 1,000 1,105
Howard County, Public
Improvement, Ser A, GO
5.000%, 02/15/07 2,000 2,097
Maryland State, Health & Higher
Education Facility Authority, RB
Callable 11/02/03 @ 100
4.600%, 11/01/26 2,000 2,027
Maryland State, Health and
Higher Education Facility
Authority, John Hopkins
University Project
5.500% 07/01/02 1,815 1,903
University of Maryland, System
Auxiliary Facility and Tuition,
Ser A, RB
5.000%, 04/01/05 1,000 1,050
--------
8,182
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MASSACHUSETTS -- 6.6%
Holyoke, GO, FSA
5.500%, 06/15/03 $ 1,640 $ 1,736
Industrial Financing Agency, RB
Mandatory Put 05/01/02 @ 100 (B) (E)
5.000%, 05/01/26 1,350 1,382
Lowell, GO, FSA
Callable 02/15/01 @ 103
8.300%, 02/15/05 1,855 2,108
Massachusetts Bay, Transportation
Authority, General Transportation
System, Ser A, RB
5.300%, 03/01/05 1,000 1,055
7.000%, 03/01/07 3,000 3,551
Massachusetts Bay, Transportation
Authority, General Transportation
System, Ser A, RB (F)
5.500%, 03/01/09 1,230 1,325
Massachusetts State, Health and
Educational Facilities Authority,
Southcoast Health Systems Project
Ser A, RB, MBIA
5.500%, 07/01/07 1,385 1,489
Massachusetts State, Housing
Finance Agency, Residential
Development, RB
Callable 05/15/02 @ 102
6.875%, 11/15/11 1,935 2,104
New England Education Loan
Marketing Corporation,
Issue A, RB
5.800%, 03/01/02 1,475 1,554
Springfield, GO, AMBAC
6.375%, 08/01/04 1,000 1,120
State, Health & Education Facilities
Authority, Faulkner Hospital,
Ser C, RB
5.500%, 07/01/01 1,325 1,350
State, Health & Education Facility
Agency, Lowell General Hospital,
Ser B, RB, FSA
Callable 06/01/07 @ 102
5.250%, 06/01/11 1,585 1,633
State, Housing Finance Agency,
Single-Family Housing Project,
Ser 14, RB, FSA
Callable 06/01/00 @ 102
7.600%, 12/01/14 980 1,044
State, Water Resource Authority,
Ser B, RB
5.250%, 03/01/13 1,000 1,019
State, Ser A, GO
6.250%, 07/01/02 1,155 1,250
--------
23,720
--------
35
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MICHIGAN -- 3.4%
Battle Creek, Downtown
Development Authority,
Callable 05/01/04 @ 102
7.300%, 05/01/10 $ 1,195 $ 1,413
Greater Detroit Resource Recovery
Authority, Ser A, RB, AMBAC
5.500%, 12/13/03 1,525 1,622
Jackson County, Hospital Finance
Authority, Foote Memorial
Hospital, Ser A, RB, AMBAC
5.000%, 06/01/06 1,970 2,054
Kent, Hospital Financing Authority,
Blodgett Memorial Medical
Center, Ser A, RB
7.000%, 07/01/01 1,000 1,054
Michigan State, Hospital Finance
Authority, Hospital Charity
Project, Ser D, RB, Mandatory
Put @ 100
4.800%, 11/01/04 4,225 4,225
State, Building Authority,
Ser I, RB, AMBAC
5.500%, 10/01/05 1,500 1,618
State, Housing Development
Authority, RB
0.000%, 04/01/15 1,300 180
--------
12,166
--------
MINNESOTA -- 0.5%
Maplewood, Health Care Facilities,
Health East Project, RB
Callable 11/15/01 @ 102
5.700%, 11/15/02 1,740 1,827
--------
MISSISSIPPI -- 0.7%
Hospital Equipment & Facilities
Authority, Rush Medical
Foundation Project, Ser A, GO
5.400%, 01/01/07 925 948
Mississippi, Home Corporation,
Single-Family Home Project,
Ser D, RB (A) (B) (F)
5.178%, 03/02/98 1,475 1,665
--------
2,613
--------
NEW JERSEY -- 1.5%
Camden County, Improvement
Authority, Cooper Health Care
Redevelopment Project, RB
5.500%, 02/15/02 1,000 1,032
New Jersey, Economic Development
Authority, United Water
New Jersey Inc. Project, Ser B,
RB, AMBAC (A)(B)
3.300%, 03/02/98 400 400
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New Jersey State, Housing and
Mortgage Finance Home Buyer,
Ser C, RB, MBIA
Callable 10/01/99 @ 102
7.375%, 10/01/17 $ 1,000 $ 1,054
New Jersey, TECP
3.700%, 03/05/98 2,800 2,800
--------
5,286
--------
NEW MEXICO -- 0.9%
Farmington, New Mexico Hospital,
San Juan Regional Medical
Center, Ser A, RB, AMBAC
5.000%, 06/01/05 1,110 1,149
Mortgage Finance Authority, Single-
Family Mortgage, Ser A-1, RB,
Callable 07/01/02 @ 102 (F)
6.850%, 07/01/10 1,075 1,148
Santa Fe, Saint Vincent's Hospital
Project, RB, FGIC
Pre-Refunded @ 100 (D)
7.500%, 07/01/05 720 802
--------
3,099
--------
NEW YORK -- 13.4%
Municipal Assistance Corporation,
City of New York, Ser G, RB
6.000%, 07/01/07 1,500 1,684
Municipal Assistance Corporation,
City of New York, Ser H, RB
6.250%, 07/01/07 2,300 2,616
New York State, Dormitory
Authority, Bronx & Lebanon
Hospital Center Project,
Ser E, RB
5.125%, 02/15/06 3,650 3,732
New York State, Dormitory
Authority, Presbyterian
Hospital Project, RB, AMBAC
5.500%, 08/01/08 1,510 1,629
4.400%, 08/01/13 1,570 1,558
New York State, Energy & Pollution
Control, New York Electric &
Gas Co. Project, RB
3.600%, 03/02/98 3,300 3,300
New York, GO, Sub-Ser E4 (A) (B)
3.600%, 03/02/98 1,800 1,800
New York, Municipal Assistance
Corporation for City of New York,
Ser M, RB
5.250%, 07/01/05 5,000 5,288
New York, GO, Sub-Ser E6,
FGIC (A) (B)
3.600%, 03/02/98 900 900
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
36
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York, Ser B, GO, MBIA
5.600%, 08/15/06 $ 4,150 $ 4,503
New York, Ser I, GO, AMBAC
5.750%, 03/15/07 1,000 1,086
State, Dormitory Authority,
Department of Health, RB
5.500%, 07/01/03 1,000 1,048
State, Dormitory Authority,
Mental Hospital,
Ser E, RB, AMBAC
6.000%, 08/15/05 2,000 2,200
State, Dormitory Authority, Beth
Israel Medical Center,
Ser A, RB, MBIA
5.000%, 11/01/07 1,065 1,110
State, Dormitory Authority, State
University Educational
Facility, Ser A, RB
5.500%, 05/15/09 4,400 4,637
State, Energy Research &
Development Authority,
Pollution Control Project,
RB (A) (B)
3.600%, 03/02/98 3,800 3,800
State, Medical Care Facility
Finance Agency, Adult Day Care,
Ser C, RB
5.350%, 11/15/05 815 867
State, Medical Care Facility Finance
Agency, Ser C, RB, FHA
5.200%, 08/15/05 435 455
State, Medical Care Facility Finance
Agency, St Lukes, Ser A, RB, FHA
Callable 08/15/03 @ 102
5.600%, 08/15/13 1,990 2,085
State, Urban Development
Corporation, Center for
Individual Innovation Project, RB
6.250%, 01/01/09 1,325 1,477
State, Urban Development
Corporation, Correctional
Facilities, Ser G, RB
Callable 01/01/00 @ 102
7.100%, 01/01/03 2,500 2,663
--------
48,438
--------
NORTH CAROLINA -- 0.3%
Eastern Municipal Power Agency,
Ser A, RB, MBIA
5.500%, 01/01/04 1,000 1,060
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
OHIO -- 5.9%
Cincinnati, City School District,
Ser C, TRAN, AMBAC
5.000%, 12/01/01 $ 1,000 $ 1,028
Columbus, Ser B, GO
5.250%, 05/15/07 3,000 3,210
Dayton, Special Facilities, Air
Freight Project, RB
6.050%, 10/01/09 1,000 1,086
Hamilton County Health System,
RB, (A) (B)
3.850%, 03/01/17 1,000 1,000
Lucas County, GO
5.300%, 12/01/05 2,100 2,210
Ohio State, Building Authority,
Das Data Center Project,
Ser A, RB
5.125%, 10/01/02 1,055 1,101
Ohio State, Building Authority,
State Correctional Facility,
Ser A, RB
5.125%, 10/01/01 2,110 2,186
Ohio State, Building Authority,
State Administration Building
Project, Ser A, RB
5.125%, 10/01/07 2,305 2,432
State, Building Authority,
Administration Building Fund,
Ser A, RB
5.500%, 10/01/07 1,700 1,842
State, Building Authority,
Correctional Facilities,
Ser A, RB
5.000%, 10/01/03 2,000 2,085
State, Elementary & Secondary
Education Facilities, RB
5.100%, 12/01/05 1,790 1,884
Strongsville, City School District,
GO, MBIA
5.300%, 12/01/10 1,050 1,117
--------
21,181
--------
OKLAHOMA -- 1.1%
Central Oklahoma Transportation
& Parking Authority,
Ser 1973, RB (E)
6.000%, 07/01/03 150 159
McAlester Public Works
Authority, RB, FSA
8.100%, 12/01/08 875 1,135
State Industrial Development
Authority, Integris Health,
RB, AMBAC
5.250%, 08/15/06 1,255 1,318
37
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tulsa Industrial Development
Authority, St. Johns Medical
Center, RB (E)
6.875%, 01/01/02 $ 380 $ 400
Tulsa Port, Industrial Development
Authority, Cargill Inc. Project, RB
5.350%, 09/01/06 1,000 1,068
--------
4,080
--------
PENNSYLVANIA -- 4.2%
Allegheny County, University
Pennsylvania Medical Center
Project, Ser B, MBIA
5.250%, 07/01/07 1,760 1,850
Delaware County, Health Systems
Authority, Catholic Health East
Project, Ser A, RB, AMBAC
5.500%, 11/15/07 1,635 1,741
Easton Joint School Authority,
RB (E)
5.350%, 04/15/02 180 186
Erie County, Ser A, GO, FGIC
6.600%, 09/01/05 1,000 1,081
Newcastle Hospital Authority,
Jameson Memorial Hospital,
RB, MBIA
5.500%, 07/01/08 1,605 1,715
Pittsburgh, Water & Sewer
Authority, Ser A, RB,
Pre-Refunded @ 100, FGIC (D)
6.000%, 09/01/01 2,000 2,125
Scranton-Lackawanna, Health &
Welfare Authority, Hospital
Community Medical Center
Project, RB, MBIA
5.500%, 07/01/07 2,585 2,727
State Higher Education Facility
Authority, Allegheny/Delaware
Valley, Ser A, RB, MBIA
5.500%, 11/15/08 2,000 2,158
State Industrial Development
Authority, RB, AMBAC
7.000%, 07/01/07 1,000 1,188
Westmoreland County, Municipal
Authority, Special Obligation (E)
9.125%, 07/01/10 415 505
--------
15,276
--------
PUERTO RICO -- 0.3%
Municipal Finance Agency,
Ser A, RB, FSA
6.000%, 07/01/05 1,000 1,109
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
RHODE ISLAND -- 0.8%
Rhode Island Housing &
Mortgage Financial Corporation
Homeownership Opportunity,
Ser 25A, RB, Callable 10/01/07
@ 101.5, Sinker Bonds Average
Life 5.19 years
4.950%, 10/01/16 $ 2,855 $ 2,909
--------
SOUTH CAROLINA -- 0.8%
Jobs Economic Development
Authority, St. Francis Hospital,
RB (A) (E)
3.700%, 03/04/98 380 380
Public Service Authority, Ser B,
RB, Callable 07/01/01 @ 102
6.700%, 07/01/02 1,220 1,336
Spartanburg County, School
District #5, COP, MBIA
5.400%, 07/01/08 1,000 1,070
--------
2,786
--------
SOUTH DAKOTA -- 0.6%
Health & Educational Facilities
Authority, RB, MBIA
Callable 07/01/06 @ 102
6.000%, 07/01/08 1,025 1,145
Housing Development Authority,
Homeownership Mortgage,
Ser A, RB
5.500%, 05/01/10 985 1,018
Student Loan Assistance
Corporation, Ser A, RB
7.000%, 08/01/98 120 122
--------
2,285
--------
TENNESSEE -- 1.5%
Hendersonville, Industrial
Development Authority,
Ashford 83 Association
Project, RB
5.950%, 12/15/08 1,430 1,519
Metropolitan Government
Nashville and Davidson County,
Health & Education Facilities
Board, Baptist Hospital Inc.
Project, Ser A, RB, MBIA
5.500%, 11/01/07 2,000 2,160
Metropolitan Government
Nashville and Davidson County,
Health & Education Facilities
Board, Vanderbilt University
Project, Ser A, RB
5.500%, 05/01/06 500 535
6.000%, 05/01/07 1,200 1,332
--------
5,546
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
38
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TEXAS -- 9.8%
Austin, Independent School
District, GO (E)
9.000%, 07/01/99 $ 645 $ 688
Austin, Utility System,
Ser A, FSA
5.750%, 11/15/04 3,295 3,534
Austin, Utility Systems,
Ser B, RB
Callable 11/15/98 @ 102
7.250%, 11/15/03 1,175 1,223
Austin, Utility Systems,
Ser B, RB
Callable 11/15/98 @ 102
7.750%, 11/15/08 600 628
Cedar Hill, Independent School
District, RB (F)
6.450%, 08/15/03 2,225 2,470
Department of Housing &
Community Affairs, Single-
Family, Ser B-CL2, RB
Callable 09/01/06 @ 102
5.550%, 09/01/11 2,400 2,460
Fort Worth, Water and Sewer
Improvement, RB
5.500%, 02/15/06 1,080 1,154
Grapevine, Industrial
Development Corporation,
American Airlines Inc.
Project, Ser A, RB (A) (B)
3.700%, 03/02/98 500 500
Harris County, GO
10.000%, 10/01/00 1,850 2,118
7.000%, 10/01/01 2,000 2,190
Harris County, Health Facilities
Development Authority,
Memorial Hospital Systems
Project, Ser A, RB
6.000%, 06/01/09 1,825 2,037
Harris County, Health Facilities
Development Corporation,
Saint Luke Episcopal Hospital
Project, Ser A, RB (A) (B)
3.700%, 03/02/98 600 600
Houston, Housing Finance
Corporation, Single-Family
Mortgage, Ser B-1, RB
Callable 12/01/06 @ 102
8.000%, 06/01/14 1,000 1,110
Houston, Brazos River Authority,
Houston Industries Project, Ser C,
AMBAC Callable 05/01/08 @ 102
5.125% 05/01/19, 1,500 1,478
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lone Star Airport Improvement
Authority (A) (B)
3.700%, 03/02/98 $ 1,100 $ 1,100
Lone Star, Airport Improvement
Authority, Ser A2, RB
(A) (B) D) (E) (F)
3.700%, 03/02/98 200 200
Lone Star, Airport Improvement
Authority, Ser A3, RB
(A) (B) D) (E) (F)
3.700%, 03/02/98 600 600
Lone Star, Airport Improvement
Authority, Ser A1, RB
(A) (B) D) (E) (F)
3.700%, 03/02/98 1,300 1,300
North Texas, Health Facility
Development Corporation United
Regal Health Care System Inc.
Project, RB
5.250%, 09/01/05 2,225 2,339
State, Department of Housing &
Community Affairs, Single-
Family Mortgage, Zero Coupon,
RB Callable 09/01/04 @ 49.528
0.000%, 03/01/15 1,085 349
Texas A & M University, TECP
3.750%, 03/05/98 3,000 3,000
Texas State, Department Housing
and Community Affairs,
Ser E, RB, MBIA
4.500%, 03/01/07 1,050 1,059
Texas State, Public Finance
Authority, Ser A, RB, AMBAC
6.000%, 08/01/02 1,000 1,076
Texas State, Ser B, GO
5.000%, 10/01/01 1,000 1,033
Tyler, Health Facilities
Development Corporation,
East Texas Medical Center
Project, Ser C, RB, FSA
5.000%, 11/01/07 1,000 1,041
--------
35,287
--------
UTAH -- 0.5%
Salt Lake City Airport, RB, FGIC
7.400%, 06/01/00 815 858
State, Housing Finance Agency,
Single-Family Mortgage,
Issue B, RB, FHA
Callable 07/01/03 @ 102
5.125%, 07/01/24 845 864
--------
1,722
--------
39
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
VIRGINIA -- 1.3%
Hampton, Sentara Health
System, Ser A, RB
5.375%, 11/01/10 $ 1,000 $ 1,048
Kanawha County, Industrial
Development Authority,
Topvalco Inc. Project
(Kroger Co.), RB
7.125%, 11/02/12 1,160 1,324
State, Housing Development
Authority, Multi-Family
Housing, Ser H, RB
5.250%, 05/01/03 685 718
State, Housing Development
Authority, Ser A, RB
Callable 01/01/02 @ 102
7.100%, 01/01/22 1,250 1,314
State, Housing Development
Authority, Zero Coupon, RB
Callable 05/01/97 @ 17.158
0.000%, 11/01/17 2,200 410
--------
4,814
--------
WASHINGTON -- 3.4%
Clark County, Public Utility
District # 001, RB, FGIC
6.000%, 01/01/04 2,525 2,740
Grant County, Public Utility
District #2, RB
5.625%, 01/01/07 2,470 2,643
King County, Ser D, GO
5.250%, 12/01/04 1,000 1,064
Washington State, Health Care
Facilities Authority, Virginia
Mason Medical Center Project,
Ser B, RB, MBIA (A)
3.700%, 03/02/98 1,100 1,100
Washington State, Public Power
Supply Authority, Nuclear
Project Number 1, Ser A, RB
6.000%, 07/01/07 1,450 1,593
Washington State, Public Power
Supply Authority, Nuclear
Project Number 2, Ser A, RB
5.000%, 07/01/05 3,000 3,079
--------
12,219
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WEST VIRGINIA -- 0.6%
State, Building Community Lottery,
Ser A, RB, MBIA
5.500%, 07/01/05 $ 2,100 $ 2,252
--------
WISCONSIN -- 1.0%
Housing & Economic Development
Authority, Home Ownership,
Ser 1, RB, FHA
Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,391
Public Power Inc., Power Supply
Systems, Ser A, RB AMBAC
Pre-Refunded @ 102, (D)
6.875%, 07/01/21 2,000 2,208
--------
3,599
--------
WYOMING -- 0.3%
Wyoming Student Loan
Corporation, RB
6.250%, 12/01/99 1,000 1,033
--------
Total Municipal Bonds
(Cost $368,116) 378,500
--------
Total Investments -- 104.9%
(Cost $368,116) 378,500
--------
Other Assets and Liabilities, Net -- (4.9%) (17,658)
--------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
32,836,130 outstanding shares
of beneficial interest $351,115
Undistributed net investment income 16
Accumulated net realized loss
on investments (673)
Net unrealized appreciation
on investments 10,384
--------
Total Net Assets -- 100.0% $360,842
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.99
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
40
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE CORPORATION
FHA FEDERAL HOUSING AGENCY
FSA FINANCIAL SECURITY ASSURANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SER
TECP TAX EXEMPT COMMERCIAL PAPER
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1998.
(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) MANDATORY REDEMPTION -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE MANDATORY REDEMPTION DATE.
(D) PRE-REFUNDED SECURITY -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE PRE-REFUNDED DATE.
(E) SECURITY IS ESCROWED TO MATURITY
(F) SECURITY IS HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
PENNSYLVANIA MUNICIPAL PORTFOLIO
MUNICIPAL BONDS -- 99.1%
PENNSYLVANIA -- 99.1%
Allegheny County, Hospital
Development Authority,
Harmarville Rehabilitation
Center, RB (C)
6.000%, 10/01/08 $ 80 $ 86
Allegheny County, Hospital
Development Authority,
Montefiore Hospital, RB (C)
6.875%, 07/01/09 665 745
Allegheny County, Hospital
Development Authority, RB (C)
6.750%, 07/01/05 90 99
Allegheny County, Hospital
Development Authority, RB
7.750%, 08/01/20 80 87
Allegheny County, Hospital
Development Authority, RB (C)
7.250%, 07/01/03 355 387
Allegheny County, Hospital
Development Authority,
St. Margaret Memorial, RB (C)
6.750%, 07/01/10 565 637
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Allegheny County, Hospital
Development Authority, Allegheny
General Hospital, RB (C)
6.750%, 05/01/04 $ 130 $ 140
Allegheny County, Industrial
Development Authority,
Mandatory Put 12/01/00,
RB (B)
5.250%, 12/01/14 25 26
Allegheny County, Industrial
Development Authority,
RB, Subject to AMT (B)
6.000%, 10/01/04 150 150
Allegheny County, Sanitation
Authority, RB (C)
6.800%, 07/01/03 145 159
Allentown, Hospital Authority,
Sacred Heart Hospital, RB (C)
8.000%, 03/01/09 290 343
Altoona, Area School District
Authority, Blair County, Ser 78,
RB Pre-Refunded @ 100 (A)
6.500%, 01/01/08 245 272
Altoona, Area School District, GO (C)
6.500%, 07/01/04 50 56
Altoona, School District, RB (C)
6.250%, 01/01/03 5 5
Armstrong School District,
GO, MBIA (C)
7.750%, 12/01/04 70 80
Baldwin Whitehall School Building
Revenue, RB (C)
6.625%, 11/15/02 60 60
Baldwin Whitehall School District,
RB Partially Pre-Refunded
11/15/03 @ 100 (A)
6.700%, 11/15/07 105 122
Bensalem Township, Water &
Sewer Authority, RB (C)
6.750%, 12/01/14 100 114
Berks County, Industrial
Development Authority,
Construction Fasteners Project,
RB, Subject to AMT (B)
5.400%, 12/01/03 25 25
Blair County, Hospital Authority,
RB (C)
6.900%, 07/01/08 1,300 1,461
Blairsville-Saltsburg, School
District, GO, AMBAC (C)
9.000%, 05/15/03 50 58
Borough of Tarentum, Electric
Revenue, Ser-A, Asset Guaranty
Insured, RB
5.500%, 09/01/08 645 665
41
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Bucks County, Industrial
Development Authority, RB (C)
8.750%, 09/01/04 $ 90 $ 104
Bucks County, Redevelopment
Authority, Warminster Heights,
Section 8, RB, FHA
6.250%, 08/01/02 285 300
Butler Area, Sewer Authority,
Sewer Revenue, RB
Pre-Refunded @ 100 (A)
7.250%, 01/01/04 205 229
Butler County, Industrial
Development Authority, RB (B)
4.900%, 11/01/03 700 720
Cambria County, Hospital Authority,
Conemaugh Valley Memorial
Hospital, RB (C)
7.625%, 09/01/11 250 299
Cambria County, GO, FGIC
5.000%, 08/15/08 475 494
4.600%, 08/15/09 180 180
Chester County, Health & Education
Facility Authority, Jefferson
Health Systems Project,
Ser B, AMBAC
4.700%, 05/15/05 275 279
Chester County, Hospital
Authority, RB (C)
5.500%, 02/01/03 140 145
Cresswell Heights, Joint Water
Authority Revenue, RB (C)
7.375%, 03/01/07 90 103
Cumberland Valley, School Project,
RB, MBIA (C)
6.400%, 11/15/01 30 31
Dauphin County, General
Authority, Mandatory
Put 06/01/98 @ 100, RB
6.000%, 06/01/26 50 50
Dauphin County, General
Authority, Phoenixville Hospital
Project, RB, FGIC
5.900%, 07/01/05 845 932
Dauphin County, General School
Authority, Mandatory
Put 06/01/04 @ 100, RB
6.700%, 06/01/26 1,220 1,325
Dauphin County, General School
Authority, Mandatory
Put 06/04/98 @ 100, RB
6.000%, 06/01/26 50 50
Dauphin County, General School
Authority, Penncrest School
Project, RB Mandatory
Put 06/02/03 @ 100
6.600%, 06/02/26 915 994
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Delaware County Authority,
Crozer-Chester Medical Center,
RB (C)
7.250%, 12/15/10 $ 355 $ 412
Delaware County Authority,
University Revenue, Villanova
University, RB (C)
9.625%, 08/01/02 215 243
Delaware County, Revenue
Authority, Elwyn Project,
Connie Lee Insured, RB
6.000%, 06/01/11 3,250 3,575
Delaware River Port Authority,
Pennsylvania and New Jersey
River Bridges, RB (C)
6.500%, 01/15/11 145 162
Delaware River Port Authority,
RB (C)
6.000%, 01/15/10 105 114
Delaware River Port Authority of
Pennsylvania and New Jersey,
Delaware Bridges, RB (C)
6.000%, 01/15/10 60 65
Derry Township, Sanitation
Sewer Authority, RB (C)
6.250%, 08/01/12 60 65
Easton Area School Authority (C)
6.250%, 04/15/02 75 81
Economy Municipal Authority,
Sewer Revenue, RB
6.000%, 12/15/03 55 56
Erie County, Higher Education
Authority, Mercyhurst College
Project, RB
5.700%, 03/15/11 85 89
Erie County, Hospital Authority,
Erie County Geriatric, RB (C)
6.750%, 07/01/11 560 644
Erie County, Hospital Authority,
Geriatric, RB (C)
6.250%, 07/01/11 55 61
Erie County, Hospital Authority,
Hamot Health Systems,
RB, AMBAC
6.700%, 02/15/02 500 542
Erie County, Hospital Authority,
Hamot Medical Center
Project, RB (C)
6.900%, 01/01/05 275 301
Erie, Higher Education Building
Authority, Mercyhurst College
Project, RB
5.650%, 03/15/10 180 188
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fayette County, Hospital Authority,
Uniontown Hospital, Connie
Lee Insured, RB
4.850%, 06/15/01 $ 1,000 $ 1,020
Fayette County, Hospital Authority,
Uniontown Hospital,
Connie Lee Insured, RB
5.000%, 06/15/02 300 309
5.100%, 06/15/03 1,065 1,104
5.200%, 06/15/04 100 104
5.300%, 06/15/05 1,000 1,051
5.450%, 06/15/07 740 789
Financing Authority, Municipal
Capital Improvements Program, RB
6.600%, 11/01/09 710 777
Fort Le Boeuf, School District,
Ser 93-A, GO, MBIA
5.150%, 01/01/02 500 520
Fox Chapel, Sanitation Sewer
Authority, RB
5.900%, 05/01/05 235 235
Franklin Hospital, Special
Obligation, RB (C)
7.125%, 10/01/08 85 96
Greene County, Industrial
Development Authority,
Monogahela Power-Hatfield
Ferry, Ser A, RB
6.300%, 02/01/02 390 390
Hampton Township, GO
6.300%, 06/01/02 775 836
Harrisburg Authority,
Lease Revenue, RB,
Pre-Refunded @ 101 (A)
6.250%, 06/01/01 1,000 1,075
Harrisburg, GO (C)
7.400%, 06/15/04 210 235
Harrisburg, GO, Ser A,
MBIA (C)
9.750%, 04/15/04 110 134
Hazleton, Area School District
Authority, Ser B, GO, FGIC
4.550%, 03/01/06 155 157
4.750%, 03/01/08 175 178
4.900%, 03/01/09 175 178
Hazleton, Area School District
Authority, Ser C, GO, FGIC
4.650%, 03/01/07 100 101
Hickory Township, Municipal
Authority, Sewer Revenue, RB (C)
6.250%, 02/01/14 320 354
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Higher Education Assistance
Agency, Ser A, RB,
AMT, AMBAC
7.050%, 10/01/16 $ 3,500 $ 3,719
Higher Education Assistance
Agency, Ser C, RB,
Subject to AMT, AMBAC
7.150%, 09/01/21 500 531
Higher Education Authority,
Ser 95, RB, Asset Guaranty
4.750%, 09/15/02 270 275
Higher Education Authority,
Ser 1995, Asset Guaranty, RB
4.850%, 09/15/03 250 255
4.950%, 09/15/04 515 527
5.150%, 09/15/06 345 357
Higher Education Facilities
Authority, College & University
Revenue, Ser 10, RB (C)
6.900%, 07/01/07 85 94
Higher Education Facilities
Authority, College of Textile
& Science, RB
5.450%, 02/01/07 200 206
Higher Education Facilities
Authority, Hahnemann
University Project, Ser 91, RB,
MBIA Pre-Refunded @ 102 (A)
6.600%, 07/01/01 535 586
Higher Education, College &
University, RB (C)
9.375%, 07/01/10 240 311
Higher Education, College of
Textiles & Science, Ser 96, RB
5.900%, 04/01/02 225 234
6.050%, 04/01/03 240 252
6.150%, 04/01/04 250 265
6.250%, 04/01/05 265 283
6.350%, 04/01/06 285 306
6.450%, 04/01/07 295 319
6.550%, 04/01/08 320 346
6.600%, 04/01/09 340 367
Higher Educational Facilities
Authority, Hahnemann University
Project 1991, RB, MBIA (C)
6.400%, 07/01/01 570 611
Housing Finance Agency, RB (C)
7.750%, 12/01/07 85 96
Housing Finance Agency, Rental
Housing, Ser 91, FHA, FNMA
5.450%, 07/01/06 2,000 2,107
43
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Finance Agency,
Ser 1991-31A, Subject to AMT, RB
6.800%, 10/01/17 $ 545 $ 579
Housing Finance Agency, Single-
Family Mortgage, Subject to
AMT, RB
7.800%, 10/01/20 100 106
Housing Finance Agency, Single-
Family Mortgage, Ser 92-33, RB
5.700%, 04/01/98 195 195
Hummelstown Municipal
Authority, RB
Pre-Refunded @ 100 (A)
5.700%, 01/01/02 40 42
Jefferson County, Municipal
Authority, RB, MBIA (C)
7.000%, 12/01/02 25 27
Jersey Shore Area School District,
GO, MBIA (C)
9.375%, 03/01/03 205 238
Lancaster Sewer Authority, RB (C)
6.000%, 04/01/12 145 156
Lehigh County, General Purpose
Authority, Muhlenberg Medical
Center Project, RB (C)
7.000%, 07/01/04 95 104
Lehigh County, Industrial
Development Authority,
Strawbridge Project, RB (C)
7.200%, 12/15/01 860 938
Lehigh County, General Purpose
Authority Revenue, Saint Lukes
Hospital Bethlehem Project,
RB, AMBAC
5.300%, 11/15/07 450 471
Lower Pottsgrove, Township Sewer
Authority, RB (C)
6.250%, 05/01/12 100 110
Luzerne County, Ser 91, GO, FGIC
6.800%, 09/15/02 500 546
Lycoming County, Hospital
Authority, Williamsport Hospital,
Connie Lee Insured, RB
5.250%, 11/15/06 1,300 1,368
McCandless Township, Sanitation
Authority, Sewer Project, RB (C)
6.500%, 09/01/05 100 109
McCandless Township, Sanitation
Authority, Sewer Revenue, RB (C)
6.750%, 11/15/05 285 318
Monroeville, Water Authority, RB (C)
7.250%, 12/01/08 40 45
- --------------------------------------------------------------------------------
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 $ 836
Montgomery County, Industrial
Development Authority, Health
Facilities, Ecri Project, RB
6.850%, 06/01/13 2,115 2,215
Montgomery County, GO (C)
9.000%, 08/15/04 425 488
Moon Area School District,
GO, MBIA (C)
10.000%, 05/15/99 30 32
Mount Lebanon Hospital
Authority, RB (C)
7.000%, 07/01/06 531 591
New Brighton Area School
Authority, RB, MBIA (C)
5.850%, 11/15/02 25 26
Norristown Area School District,
Ser 91, Bank Qualified, GO
Pre-Refunded @ 100 (A)
6.650%, 09/01/02 100 108
Northampton, Bucks County
Municipal Authority Water,
RB, (C)
6.750%, 11/01/13 40 44
Northampton County, Industrial
Development Authority, Moravian
Hall Square Project, Ser A, RB,
Asset Guaranty Insured
5.350%, 07/01/10 100 103
Northampton County, Industrial
Development Authority, Moravian
Hall Square Project, Ser B, Asset
Guaranty Insured, RB
5.350%, 07/01/10 1,370 1,406
Northeast Allegheny County,
RB (C)
6.000%, 05/01/02 50 52
Northeastern Hospital Authority,
Hospital Revenue, RB (C)
7.000%, 06/01/06 360 400
Northeastern Hospital Authority,
Hospital Revenue, RB (C)
6.375%, 09/15/07 110 121
Northgate School Authority, School
Building, RB, MBIA, (C)
6.375%, 02/15/07 95 109
Owen J. Roberts
School District, Ser-A,
GO, MBIA
5.150%, 05/15/11 100 103
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania Intergovernmental
Cooperative Authority, Funding
Program, RB, FGIC
5.500%, 06/15/11 $ 740 $ 779
Pennsylvania State, Higher
Education Facilities Authority,
College and University Project,
RB (C)
7.625%, 07/01/15 65 79
Pennsylvania State, Higher
Education Authority, Drexel
University Project, MBIA (C)
10.250%, 05/01/03 80 95
Pennsylvania State, Higher
Education Authority, Thomas
Jefferson University Project,
Ser-A, RB
6.875%, 07/01/99 420 434
Pennsylvania State, Housing
Finance Agency, Single-Family
Mortgage, Ser 49, RB,
Subject to AMT
5.800%, 10/01/07 205 214
Perkiomen Valley School
District, RB, MBIA (C)
6.500%, 12/01/07 80 93
Peters Township, School
District, GO, MBIA (C)
0.000%, 11/15/07 100 64
Philadelphia Gas Works, Fourteenth
Ser, RB, FSA
6.250%, 07/01/08 1,000 1,100
Philadelphia Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.100%, 12/01/03 410 450
Philadelphia Hospital & Higher
Education Facilities,
MR Project, RB
5.500%, 08/01/01 1,175 1,207
Philadelphia Hospital, Graduate
Hospital Project, RB (C)
7.000%, 07/01/10 700 801
Philadelphia Hospital, Thomas
Jefferson University, RB (C)
7.000%, 07/01/08 60 68
Philadelphia Industrial
Development Authority, Commercial
Development Red Lion Association,
Optional Put 12/01/01 @ 100,
Subject to AMT, RB (B)
5.000%, 12/01/16 1,200 1,200
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia Industrial
Development Authority,
Convention Project, Ser 89,
RB, AMBAC (C)
7.000%, 07/01/99 $ 610 $ 628
Philadelphia Industrial
Development Authority,
National Board of Medical
Examiners Project, RB
6.750%, 05/01/12 950 1,037
Philadelphia Municipal Authority,
Justice Lease Revenue,
Ser 92-B, RB, FGIC
6.700%, 11/15/01 1,000 1,089
Philadelphia Redevelopment
Authority, Home Improvement
Loan, Ser 95-A, RB, Subject to AMT
5.100%, 12/01/01 110 112
Philadelphia Redevelopment
Authority, Home Improvement,
Ser 95A, RB, Subject to AMT
5.100%, 06/01/01 140 143
Philadelphia Redevelopment
Authority, West Philadelphia
Project, FNMA, RB
6.750%, 05/15/04 660 704
Philadelphia Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB,
Subject to AMT
5.250%, 06/01/02 200 204
5.250%, 12/01/02 220 226
5.400%, 06/01/03 160 165
5.400%, 12/01/03 185 191
5.550%, 06/01/04 65 67
5.650%, 12/01/05 70 73
6.100%, 12/01/10 1,000 1,048
Philadelphia School District,
Ser 91-B, GO, MBIA, Partially
Pre-Refunded 07/01/01 @ 101 (A)
7.000%, 07/01/05 250 275
Philadelphia United Hospitals
Project, RB
Pre-Refunded @ 100 (A)
10.875%, 07/01/05 510 663
Philadelphia Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,455 6,260
Pittsburgh Parking Authority,
Ser 92-A, RB, FGIC
5.750%, 12/01/05 500 538
45
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pittsburgh Stadium Authority,
Lease Revenue, RB (C)
6.500%, 04/01/11 $ 1,129 $ 1,280
Pittsburgh Urban Redevelopment
Authority, Home Improvement
Loans, RB
7.125%, 08/01/04 480 491
Pittsburgh Urban Redevelopment
Authority, Mortgage Revenue,
Ser 96 D, RB
5.900%, 04/01/08 285 305
Pittsburgh Urban Redevelopment
Authority, Mortgage Revenue,
Ser A, RB, Subject to AMT
5.750%, 10/01/10 55 57
Pittsburgh Urban Redevelopment
Authority, Ser B, RB
6.700%, 04/01/10 30 31
Pittsburgh Urban Redevelopment
Center, Triangle Tax Increment,
Ser A, RB (B)
5.750%, 12/01/06 1,980 2,111
Pittsburgh Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,185 1,261
Pittsburgh Urban Redevelopment
Authority Mortgage Revenue,
Ser 1996C, RB, Subject to AMT
5.700%, 10/01/05 240 253
Pittsburgh Urban Redevelopment
Authority, Mortgage Revenue,
Ser 1996D, RB
5.900%, 10/01/08 290 311
6.000%, 10/01/09 310 332
6.100%, 10/01/10 330 354
Pittsburgh Urban Redevelopment
Authority, Ser B, RB
5.700%, 10/01/11 110 113
Pittsburgh Water and Sewer
Authority, RB, FGIC (C)
7.625%, 09/01/04 160 186
Pittsburgh, GO (C)
9.125%, 03/01/04 50 60
Pittsburgh, GO, Ser C, (C)
7.000%, 03/01/07 485 568
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Potter County, Hospital Authority,
Charles Cole Memorial, Asset
Guaranty Insured, RB
4.750%, 08/01/99 $ 260 $ 262
4.850%, 08/01/00 270 274
5.100%, 08/01/02 290 298
5.200%, 08/01/03 245 253
5.300%, 08/01/04 325 337
5.400%, 08/01/05 320 334
5.500%, 08/01/06 160 169
Pottsville Hospital Authority,
Hospital & Warner Clinic, RB
6.400%, 07/01/03 930 988
Quakertown, Hospital Authority,
Community Hospital, RB (C)
7.125%, 01/01/11 100 112
Radnor Township, School
Authority, Ser A, RB (C)
9.000%, 10/15/03 25 28
Robinson Township, Water
Authority, RB (C)
5.625%, 05/01/06 37 39
Sayre, Health Facilities Authority,
Guthrie Health Care,
Ser 91-A, RB, AMBAC
6.800%, 03/01/03 1,000 1,085
Scranton Lackawanna, Health &
Welfare Authority, Community
Medical Center, RB, FGIC
7.000%, 07/01/99 250 260
Scranton Lackawanna, Health &
Welfare Authority, Moses
Taylor Hospital, RB
6.000%, 07/01/09 940 999
Scranton Lackawanna, Health &
Welfare Authority, RB (C)
6.625%, 07/01/09 600 674
Scranton Lackawanna, Health &
Welfare Authority, Moses Taylor
Hospital, RB
5.550%, 07/01/04 955 987
5.650%, 07/01/05 1,000 1,039
Scranton Lackawanna, Health &
Welfare Authority, RB, BIGI
7.250%, 07/01/99 535 552
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
46
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Seneca Valley School District,
GO, Ser A, FGIC
5.250%, 07/01/07 $ 200 $ 213
Shaler School District, RB (C)
6.250%, 04/15/08 70 77
Shaler Township, GO (C)
6.400%, 08/01/01 20 21
Somerset County, Hospital
Authority, Somerset Community
Hospital Project, Ser B, RB,
Asset Guaranty
5.300%, 03/01/11 500 508
Southeastern Greene School
District, GO (C)
9.375%, 07/01/03 165 191
Steel Valley School District, GO (C)
6.250%, 11/01/06 85 92
Susquehanna Township, Sewer
Authority, RB (C)
6.000%, 11/15/13 50 57
Swissvale Area School District,
GO (C)
6.300%, 12/01/03 55 61
Upper Allegheny, Joint Sanitation
Authority, RB, AMBAC (C)
9.000%, 09/01/00 95 105
Upper Allen Township, Sewer
Authority, RB (C)
5.750%, 04/01/13 130 143
Upper Gwynedd-Towamencin
Sewer Authority, RB, MBIA (C)
5.850%, 10/15/06 45 48
Upper Perkiomen School
District, GO (C)
6.000%, 05/01/04 35 37
Upper St. Clair Township,
School Building
Revenue Authority, RB
Pre-Refunded @ 100 (A)
6.625%, 05/15/06 165 191
Washington County, Hospital
Authority, Shadyside Project,
Ser 92, RB, AMBAC
5.875%, 12/15/04 1,000 1,078
Westmoreland County, Industrial
Development Authority, Hospital
Revenue, Ser 92-A, RB, AMBAC
5.900%, 07/01/05 595 644
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westmoreland County, Industrial
Development Authority, Hospital
Revenue, Ser 92-A,
RB, AMBAC
5.800%, 07/01/04 $ 565 $ 607
Westmoreland County, Municipal
Authority, Special Obligation (C)
9.125%, 07/01/10 240 292
Wilkes-Barre, General Municipal
Authority, Misericordia College
Revenue, RB
7.750%, 12/01/12 1,775 1,913
Windber Area Authority, Hospital
Revenue, RB, FHA Insured,
Pre-Refunded 08/01/05 @ 102 (A)
5.900%, 08/01/05 355 397
Wyoming County, Hospital
Authority, Tyler Memorial, RB (C)
7.400%, 01/01/05 90 100
Wyoming Valley, Sanitation
Authority, RB (C)
5.125%, 07/01/07 85 87
York County, Hospital Authority,
Lutheran Social Services, RB
5.400%, 04/01/04 500 513
York County, Hospital Authority,
Lutheran Social Services, RB
5.600%, 04/01/05 500 514
5.800%, 04/01/06 500 516
York Township, Water & Sewer
Authority, RB (C)
5.900%, 08/01/13 55 63
-------
97,164
-------
Total Municipal Bonds
(Cost $93,719) 97,164
-------
CASH EQUIVALENT -- 0.1%
Provident Money Market
3.050%, 03/02/98 628 628
-------
Total Cash Equivalent
(Cost $628) 628
-------
Total Investments -- 99.1%
(Cost $93,719) 97,792
-------
Other Assets and Liabilities, Net-- 0.9% 911
-------
47
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
PENNSYLVANIA MUNICIPAL PORTFOLIO--CONCLUDED
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
9,214,465 outstanding shares
of beneficial interest $94,576
Undistributed net investment income 18
Accumulated net realized gain
on investments 36
Net unrealized appreciation on investments 4,073
-------
Total Net Assets -- 100.0% $98,703
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.71
=======
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
BIGI BOND INVESTORS GUARANTY INSURANCE CORPORATION
CGIC CAPITAL GUARANTY INSURANCE CORPORATION
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE CORPORATION
FHA FEDERAL HOUSING AGENCY
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
48
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1998
(UNAUDITED)
----------
CALIFORNIA
TAX EXEMPT
PORTFOLIO
----------
ASSETS:
Investment at value
(Cost $464,958) $464,958
Cash 44,312
Accrued income 3,042
--------
Total assets 512,312
--------
LIABILITIES:
Investment securities purchased 2,020
Advisory/Administrative fee payable 114
Dividend income payable 935
Accrued expenses 108
--------
Total liabilities 3,177
--------
Net assets: $509,135
--------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 41,896,074 outstanding shares
of beneficial interest $ 41,896
Portfolio Shares of CNI Class (unlimited
authorization -- no par value) based
on 467,243,685 outstanding shares
of beneficial interest 467,244
Accumulated net realized loss on Investments (5)
--------
TOTAL NET ASSETS $509,135
========
Net Asset Value, Offering and Redemption
Price Per Share-- Class A $1.00
========
Net Asset Value, Offering and Redemption
Price Per Share-- CNI Class $1.00
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
49
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000)
=====================================================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1998 (UNAUDITED)
--------- ----------- ------------
CALIFORNIA
TAX INSTITUTIONAL
TAX FREE EXEMPT TAX FREE
PORTFOLIO PORTFOLIO PORTFOLIO
--------- ----------- ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $ 8,875 $ 8,978 $19,701
------- ------- -------
EXPENSES:
Management Fees 854 588 1,887
Waiver of Management Fees -- (57) (529)
Investment Advisory Fees 92 99 204
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 17 20 46
Professional Fees 8 7 20
Pricing Fees 3 4 7
Registration Fees 20 25 40
Trustee Fees 4 8 9
Shareholder Servicing Fees (1) 593 1,213 1,354
Shareholder Servicing Fee Waivers (541) (65) (1,202)
Printing Fees 5 10 20
Insurance Fees 2 1 4
Other Expenses 9 11 22
------- ------- -------
Total Expenses 1,066 1,864 1,882
------- ------- -------
NET INVESTMENT INCOME 7,809 7,114 17,819
------- ------- -------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net Realized Gain on Investments -- -- 7
Net Change in Unrealized Appreciation
of Investments -- -- --
------- ------- -------
Net Realized and Unrealized Gain
on Investments -- -- 7
------- ------- -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 7,809 $ 7,114 $17,826
======= ======= =======
<FN>
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
50
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000) (concluded)
====================================================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1998 (UNAUDITED)
------------ ------------- ------------
INTERMEDIATE-
PENNSYLVANIA TERM PENNSYLVANIA
TAX FREE MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $ 680 $ 7,408 $2,644
------ ------- ------
EXPENSES:
Management Fees 65 367 172
Waiver of Management Fees (20) (87) (82)
Investment Advisory Fees 7 504 98
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 2 16 7
Professional Fees 3 10 6
Pricing Fees -- 31 13
Registration Fees 2 39 11
Trustee Fees -- 2 1
Shareholder Servicing Fees (1) 45 382 123
Shareholder Servicing Fee Waivers (45) (382) (123)
Printing Fees 2 8 2
Insurance Fees -- 1 1
Other Expenses 1 4 --
------ ------- ------
Total Expenses 62 895 229
------ ------- ------
NET INVESTMENT INCOME 618 6,513 2,415
------ ------- ------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net Realized Gain (Loss) on Investments (1) 224 71
Net Change in Unrealized Appreciation
of Investments -- 5,511 1,558
------ ------- ------
Net Realized and Unrealized Gain (Loss)
on Investments (1) 5,735 1,629
------ ------- ------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 617 $12,248 $4,044
====== ======= ======
<FN>
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
51
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
====================================================================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1998 (UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1997
------------------------ --------------------- -------------------------
INSTITUTIONAL
TAX CALIFORNIA TAX
FREE TAX EXEMPT FREE
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ --------------------- -------------------------
1998 1997 1998 1997 1998 1997
---------- ---------- -------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITIES:
Net Investment Income $ 7,809 $ 12,882 $ 7,114 $ 12,288 $ 17,819 $ 33,351
Net Realized Gain (Loss) on Investments -- (3) -- -- 7 (4)
Net Change in Unrealized Appreciation
of Investments -- -- -- -- -- --
---------- ---------- -------- -------- ---------- ----------
Net Increase in Net Assets Resulting
from Operations 7,809 12,879 7,114 12,288 17,826 33,347
---------- ---------- -------- -------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (7,800) (12,895) (858) (1,562) (16,608) (32,434)
Class B -- -- -- -- (1,009) (575)
Class C -- -- -- -- (317) (227)
Class D -- -- -- -- -- --
Class CNI (1) -- -- (6,264) (10,684) -- --
Net Capital Gains
Class A -- -- -- -- -- (42)
Class B -- -- -- -- -- (1)
---------- ---------- -------- -------- ---------- ----------
Total Distributions (7,800) (12,895) 7,122 (12,246) (17,934) (33,279)
---------- ---------- -------- -------- ---------- ----------
TRANSACTIONS (2):
Class A:
Proceeds from Shares Issued 1,270,489 1,929,474 215,327 378,414 2,636,775 5,109,226
Reinvestment of Cash Distributions 1,114 1,321 41 63 386 547
Cost of Shares Redeemed (1,156,110) (1,839,669) (224,769) (371,901) (2,597,957) (4,945,279)
---------- ---------- -------- -------- ---------- ----------
Total Class A Share Transactions 115,493 91,126 (9,401) 6,576 39,204 164,494
---------- ---------- -------- -------- ---------- ----------
Class B:
Proceeds from Shares Issued -- -- -- -- 204,760 74,602
Reinvestment of Cash Distributions -- -- -- -- 162 73
Cost of Shares Redeemed -- -- -- -- (143,447) (54,051)
---------- ---------- -------- -------- ---------- ----------
Total Class B Share Transactions -- -- -- -- 61,475 20,624
---------- ---------- -------- -------- ---------- ----------
Class C:
Proceeds from Shares Issued -- -- -- -- 90,788 66,525
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- -- -- (78,485) (76,352)
---------- ---------- -------- -------- ---------- ----------
Total Class C Share Transactions -- -- -- -- 12,303 (9,827)
---------- ---------- -------- -------- ---------- ----------
Class D (3):
Proceeds from Shares Issued -- 1 -- -- -- --
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- (6) -- -- -- --
---------- ---------- -------- -------- ---------- ----------
Total Class D Share Transactions -- (5) -- -- -- --
---------- ---------- -------- -------- ---------- ----------
Class CNI (1):
Proceeds from Shares Issued -- -- 502,922 817,088 -- --
Reinvestment of Cash Distributions -- -- 4,383 9,680 -- --
Cost of Shares Redeemed -- -- (452,217) (765,343) -- --
---------- ---------- -------- -------- ---------- ----------
Total Class G Share Transactions -- -- 55,088 61,425 -- --
---------- ---------- -------- -------- ---------- ----------
Increase in Net Assets from
Share Transactions 115,493 91,121 45,687 68,001 112,982 175,291
---------- ---------- -------- -------- ---------- ----------
Total Increase in Net Assets 115,502 91,105 45,679 68,043 112,874 175,359
---------- ---------- -------- -------- ---------- ----------
NET ASSETS:
Beginning of period 431,017 339,912 463,456 395,413 1,044,111 868,752
---------- ---------- -------- -------- ---------- ----------
End of period $ 546,519 $ 431,017 $509,135 $463,456 $1,156,985 $1,044,111
========== ========== ======== ======== ========== ==========
<FN>
1. FORMERLY CLASS G SHARES.
2. FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 8 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
52
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
===========================================================================================================================
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1998 (UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1997
-------------------- ------------------- --------------------
PENNSYLVANIA INTERMEDIATE-
TAX TERM PENNSYLVANIA
FREE MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- ------------------- --------------------
1998 1997 1998 1997 1998 1997
-------- -------- -------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITIES:
Net Investment Income $ 618 $ 1,263 $ 6,513 $ 8,537 $ 2,415 $ 4,948
Net Realized Gain (Loss) on Investments (1) -- 224 267 71 378
Net Change in Unrealized Appreciation
of Investments -- -- 5,511 5,042 1,558 2,274
-------- -------- -------- -------- ------- --------
Net Increase in Net Assets Resulting
from Operations 617 1,263 12,248 13,846 4,044 7,600
-------- -------- -------- -------- ------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (611) (1,267) (6,526) (8,535) (2,405) (4,941)
Net Capital Gains
Class A -- -- -- -- (365) (1,769)
Class B -- -- -- -- -- --
-------- -------- -------- -------- ------- --------
Total Distributions (611) (1,267) (6,526) (8,535) (2,770) (6,710)
-------- -------- -------- -------- ------- --------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 141,195 244,606 119,997 163,672 8,355 21,575
Reinvestment of Cash Distributions 20 42 3,533 4,353 220 569
Cost of Shares Redeemed (151,291) (238,052) (27,648) (48,661) (9,225) (22,183)
-------- -------- -------- -------- ------- --------
Total Class A Share Transactions (10,076) 6,596 95,882 119,364 (650) (39)
-------- -------- -------- -------- ------- --------
Increase (Decrease) in Net Assets from
Share Transactions (10,076) 6,596 95,882 119,364 (650) (39)
-------- -------- -------- -------- ------- --------
Total Increase (Decrease) in Net Assets (10,070) 6,592 101,604 124,675 624 851
-------- -------- -------- -------- ------- --------
NET ASSETS:
Beginning of period 49,563 42,971 259,238 134,563 98,079 97,228
-------- -------- -------- -------- ------- --------
End of period $ 39,493 $ 49,563 $360,842 $259,238 $98,703 $ 98,079
======== ======== ======== ======== ======= ========
<FN>
1. FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 8 IN THE NOTES TO THE FINANCIAL STATEMENTS.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
53
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
<TABLE>
<CAPTION>
NET REALIZED
INVESTMENT AND
NET ACTIVITIES DISTRIBUTIONS UNREALIZED
ASSET ---------- ----------------------------------- GAIN (LOSS)ON NET NET
VALUE, NET NET NET INVESTMENTS ASSET VALUE, ASSETS, END
BEGINNING INVESTMENT INVESTMENT REALIZED TOTAL AND CAPITAL END TOTAL OF PERIOD
OF PERIOD INCOME INCOME GAIN DISTRIBUTIONS TRANSACTIONS OF PERIOD RETURN (000)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------
TAX FREE PORTFOLIO
- ------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.64%+ $546,517
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.31 431,016
1996 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.35 339,906
1995 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.48 377,152
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.20 358,299
1993 1.00 0.022 (0.023) -- (0.023) -- 1.00 2.29 414,975
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32 293,982
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.81 343,300
1990 (1) 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.20+ 356,814
FOR THE YEARS ENDED JANUARY 31,:
1990 $1.00 $0.059 $(0.059) -- $(0.059) -- $1.00 5.97% $464,389
1989 1.00 0.049 (0.049) -- (0.049) -- 1.00 4.98 790,629
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.34 938,484
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.31 1,143,083
1986 1.00 0.051 (0.051) -- (0.051) -- 1.00 5.21 503,891
1985 1.00 0.058 (0.058) -- (0.058) -- 1.00 5.86 263,325
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.45%+ $ 1
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.86 1
1996 1.00 0.030 (0.030) -- (0.030) -- 1.00 2.99 6
1995 (2) 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.68+ 272
- -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.62%+ $ 41,912
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.30 51,314
1996 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.41 44,729
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.49 30,921
1994 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.32 32,015
1993 1.00 0.024 (0.024) -- (0.024) -- 1.00 2.41 540,285
1992 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44 445,936
1991 1.00 0.047 (0.047) -- (0.047) -- 1.00 4.92 376,653
1990 (3) 1.00 0.016 (0.016) -- (0.016) -- 1.00 1.81+ 275,095
CLASS CNI***
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.37%+ $467,223
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.79 412,142
1996 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.90 350,684
1995 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.97 328,035
1994 (4) 1.00 0.006 (0.006) -- (0.006) -- 1.00 2.14* 318,122
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
RATIO OF NET ASSETS INVESTMENT NET ASSETS
EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
TO AVERAGE FEE AVERAGE FEE TURNOVER
NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ------------------
TAX FREE PORTFOLIO
- ------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.45% 0.68% 3.29% 3.06% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.45 0.69 3.26 3.02 --
1996 0.45 0.50 3.30 3.25 --
1995 0.45 0.51 3.43 3.37 --
1994 0.45 0.53 2.17 2.09 --
1993 0.45 0.53 2.24 2.16 --
1992 0.45 0.55 3.30 3.20 --
1991 0.37 0.55 4.70 4.52 --
1990 (1) 0.45* 0.56* 5.46* 5.35* --
FOR THE YEARS ENDED JANUARY 31,:
1990 0.54% 0.59% 5.90% 5.85% --
1989 0.46 0.58 4.90 4.78 --
1988 0.53 0.54 4.20 4.19 --
1987 0.56 0.56 4.10 4.10 --
1986 0.57 0.57 5.10 5.10 --
1985 0.58 0.60 5.80 5.78 --
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.74% 0.74% 3.09% 3.09% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.74 0.74 3.04 3.04 --
1996 0.80 0.88 3.18 3.10 --
1995 (2) 0.80* 0.86* 3.13* 3.07* --
- -------------------------------
CALIFORNIA TAX EXEMPT PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.28% 0.55% 3.25% 2.98% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.28 0.57 3.26 2.97 --
1996 0.28 0.36 3.33 3.25 --
1995 0.28 0.42 3.43 3.29 --
1994 0.27 0.38 2.28 2.17 --
1993 0.28 0.37 2.37 2.28 --
1992 0.28 0.38 3.34 3.24 --
1991 0.28 0.40 4.74 4.62 --
1990 (3) 0.28 0.51 5.27 5.04 --
CLASS CNI***
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.78% 1.05% 2.73% 2.46% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.78 1.06 2.75 2.47 --
1996 0.78 0.86 2.84 2.76 --
1995 0.78 0.93 2.93 2.78 --
1994 (4) 0.67* 0.87* 2.06* 1.86* --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
54
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD OR YEAR
<TABLE>
<CAPTION>
NET REALIZED
INVESTMENT AND
NET ACTIVITIES DISTRIBUTIONS UNREALIZED
ASSET ---------- ----------------------------------- GAIN (LOSS)ON NET NET
VALUE, NET NET NET INVESTMENTS ASSET VALUE, ASSETS, END
BEGINNING INVESTMENT INVESTMENT REALIZED TOTAL AND CAPITAL END TOTAL OF PERIOD
OF PERIOD INCOME INCOME GAIN DISTRIBUTIONS TRANSACTIONS OF PERIOD RETURN (000)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.017 $(0.017) -- $(0.017) -- $1.00 1.73%+ $1,039,050
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44 999,946
1996 1.00 0.035 (0.035) -- (0.035) -- 1.00 3.52 835,388
1995 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.70 788,877
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.51 835,516
1993 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.59 763,040
1992 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.66 623,689
1991 1.00 0.049 (0.049) -- (0.049) -- 1.00 5.20 448,390
1990 (1) 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.32+ 226,658
FOR THE YEARS ENDED JANUARY 31,:
1990 $1.00 $0.059 $(0.059) -- $(0.059) -- $1.00 6.11% $ 177,342
1989 1.00 0.048 (0.048) -- (0.048) -- 1.00 5.05 99,774
1988 1.00 0.042 (0.042) -- (0.042) -- 1.00 4.28 223,653
1987 1.00 0.041 (0.041) -- (0.041) -- 1.00 4.23 255,147
1986 1.00 0.050 (0.050) -- (0.050) -- 1.00 5.11 198,761
1985 1.00 0.056 (0.056) -- (0.056) -- 1.00 5.71 162,676
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.58%+ $ 96,252
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.031 (0.031) -- (0.031) -- 1.00 3.13 34,783
1996 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.21 14,156
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.39 15,084
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.21 21,725
1993 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.29 3,040
1992 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.35 686
1991 (5) 1.00 0.038 (0.038) -- (0.038) -- 1.00 3.89+ 1,515
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.015 $(0.015) -- $(0.015) -- $1.00 1.48%+ $ 21,683
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.93 9,382
1996 (6) 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.92+ 19,208
- -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $1.00 $0.017 $(0.017) -- $(0.017) -- $1.00 1.70%+ $ 39,493
FOR THE YEARS ENDED AUGUST 31,:
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.39 49,563
1996 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.40 42,971
1995 1.00 0.035 (0.035) -- (0.035) -- 1.00 3.60 26,058
1994 (7) 1.00 0.014 (0.014) -- (0.014) -- 1.00 2.37* 18,712
- -------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- -------------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $10.77 $0.23 $(0.23) -- $(0.23) $0.22 $10.99 4.12%+ $ 360,842
FOR THE YEARS ENDED AUGUST 31,:
1997 10.45 0.48 (0.48) -- (0.48) 0.32 10.77 7.93 259,238
1996 10.59 0.49 (0.53) -- (0.53) (0.10) 10.45 3.76 134,563
1995 10.36 0.52 (0.52) -- (0.52) 0.23 10.59 7.53 95,675
1994 10.84 0.49 (0.49) $(0.06) (0.55) (0.42) 10.36 0.65 127,509
1993 10.49 0.49 (0.50) (0.02) (0.52) 0.38 10.84 8.62 122,649
1992 10.20 0.56 (0.54) (0.01) (0.55) 0.28 10.49 8.56 63,210
1991 9.98 0.61 (0.63) -- (0.63) 0.24 10.20 8.82 36,699
1990 (1) 10.01 0.38 (0.37) -- (0.37) (0.04) 9.98 3.44+ 12,781
FOR THE YEAR ENDED JANUARY 31,:
1990 (8) $10.00 $0.21 $(0.16) $(0.002) $(0.16) $(0.04) $10.01 1.72%+ $ 9,106
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
RATIO OF NET ASSETS INVESTMENT NET ASSETS
EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
TO AVERAGE FEE AVERAGE FEE TURNOVER
NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------------------------
INSTITUTIONAL TAX FREE PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.33% 0.68% 3.43% 3.08% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.33 0.69 3.39 3.03 --
1996 0.33 0.49 3.46 3.30 --
1995 0.33 0.52 3.64 3.45 --
1994 0.33 0.50 2.48 2.31 --
1993 0.33 0.49 2.55 2.39 --
1992 0.33 0.51 3.54 3.36 --
1991 0.33 0.53 4.91 4.71 --
1990 (1) 0.33* 0.56* 5.64* 5.41* --
FOR THE YEARS ENDED JANUARY 31,:
1990 0.52% 0.60% 5.90% 5.82% --
1989 0.55 0.57 4.80 4.78 --
1988 0.55 0.56 4.20 4.19 --
1987 0.55 0.56 4.10 4.09 --
1986 0.57 0.57 5.00 5.00 --
1985 0.57 0.59 5.60 5.58 --
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.63% 0.73% 3.08% 2.98% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.63 0.73 3.10 3.00 --
1996 0.63 0.80 3.16 2.99 --
1995 0.63 0.82 3.32 3.13 --
1994 0.63 0.81 2.31 2.13 --
1993 0.63 0.79 2.22 2.06 --
1992 0.63 0.81 3.22 3.04 --
1991 (5) 0.63* 0.84* 4.34* 4.13* --
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.83% 0.93% 2.93% 2.83% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.83 0.95% 2.85 2.73 --
1996 (6) 0.83* 0.96* 2.89* 2.76* --
- -------------------------------
PENNSYLVANIA TAX FREE PORTFOLIO
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.35% 0.71% 3.44% 3.07% --
FOR THE YEARS ENDED AUGUST 31,:
1997 0.35 0.71 3.33 2.97 --
1996 0.35 0.49 3.33 3.19 --
1995 0.35 0.51 3.54 3.38 --
1994 (7) 0.35* 0.65* 2.37* 2.07* --
- -------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO
- -------------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.60% 0.90% 4.25% 3.95% 4.16%
FOR THE YEARS ENDED AUGUST 31,:
1997 0.60 0.88 4.53 4.25 16.02
1996 0.59 0.66 4.66 4.59 40.66
1995 0.55 0.72 4.96 4.79 36.05
1994 0.53 0.71 4.65 4.47 58.9
1993 0.55 0.69 4.79 4.65 63.04
1992 0.55 0.71 5.56 5.40 61.56
1991 0.55 0.78 6.18 5.95 111.82
1990 (1) 0.55* 0.90* 6.63* 6.28* 63.45
FOR THE YEARS ENDED JANUARY 31,:
1990 (8) 0.56%* 1.36%* 5.80%* 5.00%* 352.00%
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
55
<PAGE>
FINANCIAL HIGHLIGHTS (concluded)
================================================================================
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD OR YEAR
<TABLE>
<CAPTION>
NET REALIZED
INVESTMENT AND
NET ACTIVITIES DISTRIBUTIONS UNREALIZED
ASSET ---------- ----------------------------------- GAIN (LOSS)ON NET NET
VALUE, NET NET NET INVESTMENTS ASSET VALUE, ASSETS, END
BEGINNING INVESTMENT INVESTMENT REALIZED TOTAL AND CAPITAL END TOTAL OF PERIOD
OF PERIOD INCOME INCOME GAIN DISTRIBUTIONS TRANSACTIONS OF PERIOD RETURN (000)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO (CONTINUED)
- -------------------------------------------------
CLASS D
FOR THE YEARS ENDED AUGUST 31,:
1996 (11) $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 $ 548
1994 (9)** 10.90 0.45 (0.42) $(0.06) (0.48) (0.51) 10.36 (0.93)* 1,105
- --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 $10.58 $0.26 $(0.26) $(0.04) $(0.30) $ 0.17 $10.71 4.19%+ $ 98,703
FOR THE YEARS ENDED AUGUST 31,:
1997 10.48 0.53 (0.53) (0.19) (0.72) 0.29 10.58 8.08 98,079
1996 10.66 0.55 (0.59) -- (0.59) (0.14) 10.48 3.96 97,228
1995 10.52 0.55 (0.55) -- (0.55) 0.14 10.66 6.81 104,094
1994 10.94 0.53 (0.53) -- (0.53) (0.42) 10.52 1.14 125,081
1993 10.59 0.55 (0.55) (0.01) (0.56) 0.36 10.94 8.91 153,808
1992 10.29 0.57 (0.57) (0.01) (0.58) 0.31 10.59 8.89 114,461
1991 9.95 0.60 (0.60) (0.003) (0.60) 0.34 10.29 9.80 83,054
1990 (1) 9.98 0.34 (0.34) -- (0.34) (0.03) 9.95 3.12+ 64,531
FOR THE YEARS ENDED JANUARY 31,:
1990 (10) $10.00 $0.28 $(0.23) $(0.001) $(0.23) $(0.07) $ 9.98 2.11%+ $ 53,042
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
RATIO OF NET ASSETS INVESTMENT NET ASSETS
EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
TO AVERAGE FEE AVERAGE FEE TURNOVER
NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------
INTERMEDIATE-TERM MUNICIPAL PORTFOLIO (CONTINUED)
- -------------------------------------------------
CLASS D
FOR THE YEARS ENDED AUGUST 31,:
1996 (11) 0.98%* 1.08%* 4.26%* 4.16%* 40.66%
1995 0.95 1.12 4.57 4.40 36.05
1994 (9)** 0.93* 1.07* 4.34* 4.20* 58.39
- --------------------------------
PENNSYLVANIA MUNICIPAL PORTFOLIO
- --------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1998 0.48% 0.90% 4.92% 4.50% 7.15%
FOR THE YEARS ENDED AUGUST 31,:
1997 0.48 0.86 5.08 4.70 34.48
1996 0.48 0.65 5.15 4.98 65.75
1995 0.48 0.72 5.21 4.97 22.62
1994 0.47 0.71 4.90 4.66 25.13
1993 0.48 0.70 5.15 4.93 15.26
1992 0.48 0.72 5.52 5.28 10.54
1991 0.50 0.73 5.98 5.75 19.17
1990 (1) 0.60* 0.80* 5.88* 5.68* 20.35
FOR THE YEARS ENDED JANUARY 31,:
1990 (10) 0.60%* 0.86%* 6.05%* 5.79%* 10.00%
<FN>
* ANNUALIZED.
** TOTAL RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D SHARES.
*** FORMERLY 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 INTERMEDIATE-TERM MUNICIPAL PORTFOLIO CLASS D CLOSED ON JUNE 30, 1996.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
56
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (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 eight 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 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, 1998. The Trust is registered to offer five classes of
shares: Class A, Class B, Class C, Class D and Class CNI. 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 andunrealized 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. Any net realized capital gain on sales of
securities after capital loss carryovers is distributed to the shareholders of
the Portfolios at least annually.
57
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
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% of the average
daily net asset value of the Pennsylvania Municipal 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 Investments
Distribution Co. ("the Distributor"), 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 certain distribution-related expenses incurred by the Distributor.
Effective May 1, 1996, SEI Investments Distribution Co. 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 CNI 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 CNI, 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 plan for
its Class D and Class CNI 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 CNI Class 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. 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
58
<PAGE>
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.
5. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments for the year ended February 28, 1998, were as
follows:
INTERMEDIATE-
TERM PENNSYLVANIA
MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO
(000) (000)
---------- ----------
Purchases .............. $113,160 $6,767
Sales .................. 12,264 6,969
Subsequent to October 31, 1996, 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, 1997, as follows:
CAPITAL
LOSS
CARRYOVER
AUGUST 31, EXPIRES EXPIRES EXPIRES EXPIRES
PORTFOLIO 1997 2002 2003 2004 2005
- -------- ---------- ------- ------- ------- -------
Tax Free
Portfolio $ 20,390 $17,408 $ 93 $ -- $2,889
California
Tax Exempt
Portfolio 5,381 231 -- 5,150 --
Intermediate-
Term
Municipal
Portfolio 897,108 -- 661,051 236,057 --
Pennsylvania
Tax Free
Portfolio 14,343 -- 341 374 13,628
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, 1998,
for each Portfolio are as follows:
INTERMEDIATE-
TERM PENNSYLVANIA
MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO
(000) (000)
---------- ----------
Aggregate gross unrealized
appreciation $10,703 $4,093
Aggregate gross unrealized
depreciation (319) (20)
------- ------
Net unrealized appreciation $10,384 $4,073
======= ======
6. LINE OF CREDIT
The Portfolios have a bank line of credit. Borrowings under the line of credit
are secured by investment securities of the Portfolios equal to 110% of such
borrowings which may not exceed 10% of the Portfolios' total assets.
7. CONCENTRATION OF CREDIT RISK
The Portfolios invest in debt instruments of municipal issuers. The issuers'
abilities to meet their obligations may be affected by economic developments in
a specific state or region.
The Trust invests in securities which include revenue bonds, tax exempt
commercial paper, tax and revenue anticipation notes, and general obligation
bonds.
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).
59
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
================================================================================
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1998 (UNAUDITED)
8. SHARE TRANSACTIONS (000):
<TABLE>
<CAPTION>
---------------------- ------------------- -------------------------
INSTITUTIONAL
TAX CALIFORNIA TAX
FREE TAX EXEMPT FREE
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------- ------------------- -------------------------
1998 1997 1998 1997 1998 1997
---------- ---------- -------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
SHARES ISSUED AND REDEEMED:
Class A:
Shares Issued 1,270,489 1,929,474 215,387 378,414 2,636,775 5,109,226
Shares Issued in Lieu of Cash Distributions 1,114 1,321 41 63 386 547
Shares Redeemed (1,156,110) (1,839,669) (224,769) (371,901) (2,597,957 (4,945,279)
---------- ---------- -------- -------- ---------- ----------
Total Class A Transactions 115,493 91,126 (9,401) 6,576 39,204 164,494
---------- ---------- -------- -------- ---------- ----------
Class B:
Shares Issued -- -- -- -- 204,760 74,602
Shares Issued in Lieu of Cash Distributions -- -- -- -- 162 73
Shares Redeemed -- -- -- -- (143,447) (54,051)
---------- ---------- -------- -------- ---------- ----------
Total Class B Transactions -- -- -- -- 61,475 20,624
---------- ---------- -------- -------- ---------- ----------
Shares Issued -- -- -- -- 90,788 66,525
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- (78,485) (76,352)
---------- ---------- -------- -------- ---------- ----------
Total Class C Transactions -- -- -- -- 12,303 (9,827)
---------- ---------- -------- -------- ---------- ----------
Class D:
Shares Issued -- 1 -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- (6) -- -- -- --
---------- ---------- -------- -------- ---------- ----------
Total Class D Transactions -- (5) -- -- -- --
---------- ---------- -------- -------- ---------- ----------
Class CNI (1):
Shares Issued -- -- 502,922 817,088 -- --
Shares Issued in Lieu of Cash Distributions -- -- 4,383 9,680 -- --
Shares Redeemed -- -- (452,217) (765,343) -- --
---------- ---------- -------- -------- ---------- ----------
Total CNI Class Transactions -- -- 55,088 61,425 -- --
---------- ---------- -------- -------- ---------- ----------
Increase (Decrease) in Capital Shares 115,493 91,121 45,687 68,001 112,982 175,291
========== ========== ======== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
------------------- ------------------- -------------------
PENNSYLVANIA INTERMEDIATE-
TAX TERM PENNSYLVANIA
FREE MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------------- ------------------- -------------------
1998 1997 1998 1997 1998 1997
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
SHARES ISSUED AND REDEEMED:
Class A:
Shares Issued 141,195 244,606 10,973 15,354 784 2,057
Shares Issued in Lieu of Cash Distributions 20 42 323 408 21 54
Shares Redeemed 151,291 (238,052) (2,528) (4,565) (865) (2,112)
-------- -------- ------ ------ ---- ------
Total Class A Transactions (10,076) 6,596 8,768 11,197 (60) (1)
-------- -------- ------ ------ ---- ------
Class B:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Total Class B Transactions -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Total Class C Transactions -- -- -- -- --
-------- -------- ------ ------ ---- ------
Class D:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Total Class D Transactions -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Class CNI (1):
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Total CNI Class Transactions -- -- -- -- -- --
-------- -------- ------ ------ ---- ------
Increase (Decrease) in Capital Shares (10,076) 6,596 8,768 11,197 (60) (1)
======== ======== ====== ====== ==== ======
<FN>
(1) FORMERLY CLASS G SHARES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
60 & 61
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
====================
SEI TAX EXEMPT TRUST
====================
SEMI-ANNUAL REPORT
====================
FEBRUARY 28, 1998
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
George J. Sullivan, Jr.
OFFICERS
Edward D. Laughlin
PRESIDENT
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
Marc H. Cahn
VICE PRESIDENT, ASSISTANT SECRETARY
Mark Nagle
CONTROLLER, CHIEF FINANCIAL OFFICER
Richard W. Grant
SECRETARY
John H. Grady, Jr.
ASSISTANT SECRETARY
INVESTMENT ADVISERS
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 Investments Distribution Co.
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
INVESTMENTS DISTRIBUTION CO., THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT
AFFILIATED WITH ANY BANK.
FOR MORE INFORMATION CALL
1-800-DIAL-SEI/1-800-342-5734
<PAGE>
[SEI LOGO OMITTED]
INVESTMENTS
DISTRIBUTION
CO.
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-090-05
