<PAGE>
SEI TAX EXEMPT TRUST
INSTITUTIONAL TAX FREE PORTFOLIO
SUPPLEMENT DATED JULY 13, 1998, TO THE
CLASS A & B PROSPECTUS DATED DECEMBER 31, 1997.
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS. IT SHOULD BE RETAINED AND READ IN CONJUNCTION WITH SUCH
PROSPECTUS.
Under the heading "Purchase and Redemption of Shares" on page 9 of the
prospectus, paragraphs 4 and 5 are deleted and replaced with the following:
The Trust will send shareholders a statement of shares owned after each
transaction. The purchase price of shares is the net asset value next
determined after a purchase order is received and accepted by the Trust,
which is expected to remain constant at $1.00. The net asset value per
share of the Portfolio is determined by dividing the total value of its
investments and other assets, less liabilities, by the total number of
outstanding shares of the Portfolio. The Portfolio's investment will be
valued by the amortized cost method described in the Statement of
Additional Information. Net asset value per share is determined daily as
of 3:00 p.m., Eastern time, on each Business Day.
Shareholders who desire to redeem shares of the Portfolio must place
their redemption orders with the Transfer Agent (or its authorized
agent) prior to 1:30 p.m., Eastern time, on any Business Day. Otherwise,
the redemption order will be effective on the next Business Day. The
redemption price is the net asset value per share of the Portfolio next
determined after receipt by the Transfer Agent, and effectiveness, of
the redemption order. For redemption orders received before 1:30 p.m.,
Eastern time, on any Business Day, payment will be made the same day by
transfer of federal funds. Otherwise, the redemption order will be
effective on the next Business Day.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CMS-A-004-01
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SEI TAX EXEMPT TRUST
INSTITUTIONAL TAX FREE PORTFOLIO
SUPPLEMENT DATED JULY 13, 1998, TO THE
CLASS C PROSPECTUS DATED DECEMBER 31, 1997.
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS. IT SHOULD BE RETAINED AND READ IN CONJUNCTION WITH SUCH
PROSPECTUS.
Under the heading "Purchase and Redemption of Shares" on page 8 and 9 of the
prospectus, paragraphs 5 and 6 are deleted and replaced with the following:
The Trust will send shareholders a statement of shares owned after each
transaction. The purchase price of shares is the net asset value next
determined after a purchase order is received and accepted by the Trust,
which is expected to remain constant at $1.00. The net asset value per
share of the Portfolio is determined by dividing the total value of its
investments and other assets, less liabilities, by the total number of
outstanding shares of the Portfolio. The Portfolio's investment will be
valued by the amortized cost method described in the Statement of
Additional Information. Net asset value per share is determined daily as
of 3:00 p.m., Eastern time, on each Business Day.
Shareholders who desire to redeem shares of the Portfolio must place
their redemption orders with the Transfer Agent (or its authorized
agent) prior to 1:30 p.m., Eastern time, on any Business Day. Otherwise,
the redemption order will be effective the next Business Day. The
redemption price is the net asset value per share of the Portfolio next
determined after receipt by the Transfer Agent, and effectiveness, of
the redemption order. For redemption orders received before 1:30 p.m.,
Eastern time, on any Business Day, payment will be made the same day by
transfer of federal funds. Otherwise, the redemption order will be
effective on the next Business Day.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CMS-A-025-01
<PAGE>
SEI TAX EXEMPT TRUST
TAX FREE PORTFOLIO
SUPPLEMENT DATED JULY 13, 1998, TO THE
PROSPECTUS DATED DECEMBER 31, 1997.
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS. IT SHOULD BE RETAINED AND READ IN CONJUNCTION WITH SUCH
PROSPECTUS.
Under the heading "Purchase and Redemption of Shares" on page 8 and 9 of the
prospectus, paragraphs 4 and 5 are deleted and replaced with the following:
The Trust will send shareholders a statement of shares owned after each
transaction. The purchase price of shares is the net asset value next
determined after a purchase order is received and accepted by the Trust,
which is expected to remain constant at $1.00. The net asset value per
share of the Portfolio is determined by dividing the total value of its
investments and other assets, less liabilities, by the total number of
outstanding shares of the Portfolio. The Portfolio's investment will be
valued by the amortized cost method described in the Statement of
Additional Information. Net asset value per share is determined daily as
of 3:00 p.m., Eastern time, on each Business Day.
Shareholders who desire to redeem shares of the Portfolio must place
their redemption orders with the Transfer Agent (or its authorized
agent) prior to 1:30 p.m., Eastern time, on any Business Day. Otherwise,
the redemption order will be effective on the next Business Day. The
redemption price is the net asset value per share of the Portfolio next
determined after receipt by the Transfer Agent, and effectiveness, of
the redemption order. For redemption orders received before 1:30 p.m.,
Eastern time, on any Business Day, payment will be made the same day by
transfer of federal funds. Otherwise, the redemption order will be
effective on the next Business Day.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CMS-A-003-01
