Semi-Annual Report as of
February 28, 1999
SEI TAX EXEMPT
TRUST
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Tax Free Fund
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California Tax Exempt Fund
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Institutional Tax Free Fund
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Pennsylvania Tax Free Fund
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Intermediate-Term Municipal Fund
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Pennsylvania Municipal Bond Fund
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Massachusetts Municipal Bond Fund
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New Jersey Municipal Bond Fund
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New York Municipal Bond Fund
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California Municipal Bond Fund
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[LOGO OMITTED]
<PAGE>
TABLE OF CONTENTS
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SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999
Statement of Net Assets.............................................. 1
Statement of Operations.............................................. 64
Statement of Changes in Net Assets................................... 67
Financial Highlights................................................. 70
Notes to Financial Statements........................................ 72
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund
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FACE
AMOUNT (000) VALUE (000)
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MUNICIPAL BONDS -- 101.9%
ALABAMA -- 1.3%
Huntsville, Healthcare Authority,
Ser A, RB, MBIA (A) (B)
2.950%, 03/09/99 $ 7,800 $ 7,800
Tuscaloosa County, Industrial
Development Authority, Field
Container Corporation Project,
RB (A) (B) (C)
2.950%, 03/09/99 850 850
-------
8,650
-------
ARIZONA -- 2.5%
Arizona State, Educational Loan
Marketing Corporation,
Ser A, RB, MBIA
6.850%, 09/01/99 2,500 2,546
Chandler County, Industrial
Development Authority, Parsons
Municipal Service Project,
RB (A) (B) (C)
2.750%, 03/09/99 4,900 4,900
Maricopa County, Industrial
Development Authority, Mercy
Health Systems Project,
Ser A, RB, MBIA
Pre-Refunded @ 102 (D)
7.125%, 07/03/99 520 537
Northern Arizona, University
Revenue Authority, RB
Pre-Refunded @ 100 (D)
7.500%, 06/01/99 1,480 1,496
Phoenix, GO
Pre-Refunded @ 102 (D)
6.600%, 07/01/99 1,000 1,029
Phoenix, Industrial Development
Authority, Paradise Shadows
Apartments Project,
RB (A) (B) (C)
3.000%, 03/09/99 2,000 2,000
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking Project, Ser A,
RB (A) (B) (C)
2.875%, 03/09/99 3,800 3,800
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16,308
-------
ARKANSAS -- 0.9%
Crossett, Pollution Control
Authority, Pacific Corporation
Project, RB (A) (B) (C)
3.000%, 03/09/99 5,000 5,000
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FACE
AMOUNT (000) VALUE (000)
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Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A) (B) (C)
2.940%, 03/09/99 $ 857 $ 857
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5,857
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CALIFORNIA -- 4.2%
California State, Higher Education
Loan Authority, Student Loan
Revenue Project, RB (A) (B) (C)
3.800%, 06/01/99 2,500 2,500
California State, Higher Education
Loan Authority, Student Loan
Revenue, Ser 87-A,
RB (A) (B) (C)
3.650%, 07/01/99 4,500 4,500
Los Angeles, Multi-Family
Housing Authority,
Ser K, RB (A) (B)
2.400%, 03/09/99 11,000 11,000
Panama-Buena Vista,
Union School District Authority,
Capital Improvements Financing
Project, COP (A) (B) (C)
3.200%, 03/09/99 9,000 9,000
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27,000
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COLORADO -- 3.2%
Colorado State, Housing Finance
Authority, Greenwood Project,
Ser D, RB (A) (B) (C)
2.900%, 03/09/99 4,300 4,300
Colorado State, Housing Finance
Authority, Multi-Family Housing,
Cambray Park Project,
RB (A) (B) (C)
3.050%, 03/09/99 3,400 3,400
Colorado State, Housing Finance
Authority, Multi-Family Housing,
Grants Plaza Project,
Ser A, RB (A) (B) (C)
3.025%, 03/09/99 2,300 2,300
Colorado State, Housing Finance
Authority, Multi-Family Housing,
Woodstream Project,
RB (A) (B) (C)
3.050%, 03/09/99 2,500 2,500
Denver City & County,
Multi-Family Housing Authority,
Ogden Residence Project,
Ser 85-B, RB (A) (B) (C)
3.300%, 03/01/99 3,400 3,400
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund--Continued
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FACE
AMOUNT (000) VALUE (000)
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Dove Valley, Metropolitan District
Arapahoe County, Ser C,
GO (A) (B) (C)
3.375%, 11/01/99 $ 2,425 $ 2,425
Fraser, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.050%, 06/01/99 1,200 1,200
Panorama Metropolitan District,
Ser B, RB (A) (B) (C)
3.400%, 12/01/99 1,000 1,000
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20,525
-------
DELAWARE -- 0.6%
Delaware State, Economic
Development Authority, School
House Project, RB (A) (B) (C)
3.100%, 03/09/99 3,900 3,900
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DISTRICT OF COLUMBIA -- 2.4%
District of Columbia, American
University Project, RB (A) (B)
3.000%, 03/09/99 7,500 7,500
District of Columbia, General Fund
Recovery Project, Ser B-2,
GO (A)(B)(C)
3.350%, 03/01/99 3,800 3,800
District of Columbia, Ser A,
GO, AMBAC
Pre-Refunded @ 102 (D)
7.500%, 06/01/99 2,500 2,571
District of Columbia,
Ser B-3, RB (A) (B) (C)
3.350%, 03/01/99 1,700 1,700
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15,571
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FLORIDA -- 7.9%
Boca Raton, Industrial
Development Authority,
Parking Garage Project,
Ser 84-A, RB (A) (B) (C)
3.125%, 03/09/99 3,125 3,125
Broward County, Housing Finance
Authority, Sanctuary Apartments
Project, RB (A) (B) (C)
3.100%, 03/09/99 8,900 8,900
Dade County, Water & Sewer
Systems Authority, RB,
FGIC (A) (B)
3.000%, 03/09/99 2,200 2,200
Escambia County, Pollution
Control Revenue Authority,
Gulf Power Project, RB (A) (B)
3.400%, 03/01/99 2,200 2,200
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FACE
AMOUNT (000) VALUE (000)
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Florida State, Housing Finance
Authority, Buena Vista Project,
RB (A) (B) (C)
3.000%, 03/01/99 $ 2,500 $ 2,500
Florida State, Local Government
Finance Authority, Lake Wales
Medical Centers Project,
Ser A, RB (A) (B) (C)
2.900%, 03/09/99 383 383
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
Beneficial Ownership Project,
RB (A)(B)(C)
2.940%, 03/09/99 1,299 1,299
Gulf Breeze, Local Government
Loan Program, Ser B, RB,
FGIC (A) (B)
2.950%, 03/09/99 2,500 2,500
Highlands County, Health
Facilities Authority,
Adventist/Sunbelt,
Ser A, RB (A) (B) (C)
2.950%, 03/09/99 1,700 1,700
Housing Finance Agency,
Multi-Family Housing, Lakeside
Project, RB (A) (B) (C)
3.025%, 03/09/99 1,130 1,130
Jacksonville, Industrial
Development Authority,
Trailer Marine Project,
RB (A) (B) (C)
2.800%, 03/09/99 1,200 1,200
Lee County, Industrial
Development Authority,
Christian & Missionary
Project, RB (A) (B) (C)
3.025%, 03/09/99 2,790 2,790
Orange County, Educational
Facilities Authority, Rollins
College Project, RB (A) (B) (C)
3.000%, 03/09/99 3,400 3,400
Orange County, Health Facilities
Authority, Adventist Health
Systems/Sunbelt Project,
RB (A) (B) (C)
2.900%, 03/09/99 2,000 2,000
Orange County, Industrial
Development Revenue Authority,
Central Florida YMCA Project,
RB (A) (B) (C)
3.000%, 03/09/99 2,625 2,625
Orange County, Multi-Family
Housing Authority, Post Lake
Apartments Project, RB (A) (B) (C)
3.000%, 03/09/99 9,925 9,925
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
<PAGE>
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FACE
AMOUNT (000) VALUE (000)
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Pasco County, Multi-Family
Housing Authority,
Carlton Arms Magnolia
Project, RB (A) (B) (C)
2.875%, 03/09/99 $ 1,000 $ 1,000
Putnam County, Development
Authority, Seminole Electric
Project, Ser H-2, RB (A) (B)
3.000%, 03/09/99 700 700
Sarasota, Education Facilities
Authority, Ringling School of
Art & Design, RB (A) (B) (C)
3.000%, 03/09/99 1,500 1,500
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51,077
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GEORGIA -- 10.9%
Atlanta, Urban Residential
Finance Authority, Sylvan
Circle Apartments Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,410 1,410
Burke County, Pollution Control
Authority, Oglethorpe Power
Corporation Project, Ser A,
RB (A) (B)
2.950%, 03/09/99 2,200 2,200
Catoosa County, Industrial
Development Authority, Galaxy
Carpet Project, RB (A) (B) (C)
3.050%, 03/09/99 6,500 6,500
Clayton County, Hospital
Authority, Southern Regional
Medical Center Project,
Ser B, RB (A) (B) (C)
3.000%, 03/09/99 3,875 3,875
Clayton County, Multi-Family
Housing Authority, Rainwood
Development Project,
RB (A) (B) (C)
3.025%, 03/09/99 2,000 2,000
Clayton County, Multi-Family
Housing Revenue Authority,
Rivers Edge Project,
RB (A) (B) (C)
2.950%, 03/09/99 3,900 3,900
Cobb County, Healthcare
Facilities For The Elderly,
Presbyterian Village Project,
RB (A) (B) (C)
3.000%, 03/09/99 3,030 3,030
Cobb County, Housing Authority,
Post Mill Project, RB (A) (B) (C)
3.000%, 03/09/99 200 200
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FACE
AMOUNT (000) VALUE (000)
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DeKalb County, Development
Authority, American Cancer
Society Project, RB (A) (B) (C)
3.000%, 03/09/99 $ 1,500 $ 1,500
DeKalb County, Industrial
Development Authority,
Dart Container Project,
RB (A) (B) (C)
3.250%, 03/09/99 1,000 1,000
Effingham County, Pollution
Control Authority, Savannah
Electric and Power Company
Project, RB (A) (B)
3.400%, 03/01/99 6,170 6,170
Fulton County, Development
Authority, Robert W. Woodruff
Arts Center Project,
RB (A) (B) (C)
3.000%, 03/09/99 3,000 3,000
Garden County, Hospital
Authority, Adventist
Health System Project,
Ser A, RAN (A) (B) (C)
3.050%, 03/09/99 1,305 1,305
Gordon, Industrial Development
Authority, Federal Paper Board
Incorporated Project, Ser 92,
RB (A) (B) (C)
2.900%, 03/09/99 2,000 2,000
Greystone Tax Exempt Certificate
Trust Authority, Senior
Certificate of Beneficial
Ownership Project,
RB (A) (B) (C)
2.940%, 03/09/99 5,231 5,231
Gwinnett County, Development
Authority, Wesleyan School
Project, RB (A) (B) (C)
3.000%, 03/09/99 1,100 1,100
Gwinnett County, Multi-Family
Housing Authority, Post Chase
Project, RB (A) (B)
3.000%, 03/09/99 3,000 3,000
Gwinnett County, Multi-Family
Housing Authority, Post Corners
Project, RB (A) (B)
3.000%, 03/09/99 2,000 2,000
Marietta, Housing Authority,
Franklin Walk Apartments
Project, RB (A) (B) (C)
3.025%, 03/09/99 1,600 1,600
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project, RB (A) (B)
3.200%, 01/15/00 6,500 6,500
3
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Monroe County, Development
Authority, Baptist Village Income
Project, RB (A) (B) (C)
3.000%, 03/09/99 $ 1,600 $ 1,600
Newton, Industrial Development
Revenue, H.B. Fuller Project,
Ser 84, RB (A) (B) (C)
2.900%, 03/09/99 3,100 3,100
Richmond County, Industrial
Development Authority, Federal
Paper Board Project, Ser 92,
RB (A) (B) (C)
2.900%, 03/09/99 1,000 1,000
Roswell, Housing Authority,
Post Canyon Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,900 1,900
Savannah Housing Authority,
Somerset Wharf Project,
Ser B, RB (A) (B) (C)
3.000%, 03/09/99 1,800 1,800
Smyrna, Multi-Family
Housing Authority, F&M
Villages Project, RB (A) (B)
3.000%, 03/09/99 3,600 3,600
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70,521
-------
HAWAII -- 0.2%
Hawaii State, Department of
Budget & Finance Authority,
Kuakini Medical Center Project,
RB (A) (B) (C)
2.900%, 03/09/99 1,460 1,460
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ILLINOIS -- 10.4%
Cook County, Catholic
Charities Project, Ser A-1,
RB (A) (B) (C)
2.950%, 03/09/99 3,700 3,700
Cook County, Community School
District, TAW
3.625%, 11/01/99 1,200 1,200
3.625%, 11/01/99 2,000 2,000
Cook County, School District,
GO, FSA
9.000%, 12/01/99 200 209
East Peoria, Multi-Family Housing
Revenue, Radnor East Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,495 1,495
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Illinois, Development Financing
Authority, Dart Container Project,
RB (A) (B) (C)
3.025%, 03/09/99 $ 1,300 $ 1,300
Illinois, Health Facilities Authority
Revenue, Advocate Healthcare
Network, Ser B,
RB (A) (B)
3.050%, 03/09/99 8,300 8,300
Illinois State, Anti-Pollution
Project, GO
4.000%, 01/01/00 990 996
Illinois State, Health Facilities
Authority, Delnor Community
Hospital Project, RB
8.000%, 05/15/99 600 618
Illinois State, Health Facilities
Authority, Ingalls Memorial
Hospital Project, RB, MBIA
Pre-Refunded @ 102 (D)
7.000%, 01/01/00 2,505 2,634
Illinois State, Development Finance
Authority, Decator Mental
Health Center Project,
RB (A) (B) (C)
3.000%, 03/09/99 3,390 3,390
Illinois State, Health Facilities
Authority, Riverside Health
Systems Project, RB (A) (B) (C)
3.000%, 03/09/99 1,800 1,800
Illinois State, Health Facilities
Authority, Rockford Health
System Project, RB, AMBAC
4.150%, 08/15/99 1,380 1,383
Illinois State, Pollution Control
Authority, Illinois Gas
and Electric Project, RB (A) (B)
2.950%, 03/09/99 4,200 4,200
Illinois State, Rural Board Banking
Authority, Public Construction
Projects, RB
4.500%, 03/15/99 7,000 7,002
Kane County, School District
No. 131 Aurora East Side, TAW
3.875%, 09/30/99 1,000 1,003
Kendall & Kane Counties,
Community Unit School
District No. 115 York Village, TAW
3.800%, 01/13/00 1,000 1,003
Lake County, Adlai E. Stevenson
High School District No. 125, GO
4.550%, 01/01/00 1,000 1,011
Macon County, Millikin University
Project, RB (A) (B)
2.850%, 03/09/99 6,000 6,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
<PAGE>
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- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Schaumburg, Ser A, GO (A) (B) (C)
2.900%, 03/09/99 $ 4,000 $ 4,000
Skokie, Economic Development
Authority, Skokie Fashion Square
Project, RB (A) (B) (C)
3.125%, 03/09/99 4,350 4,350
Saint Clair County, Industrial
Building Authority,
Winchester Apartments
Project, Ser 94, RB (A) (B)
3.100%, 03/09/99 3,000 3,000
Winnebago & Boone Counties,
School District No 205, TAW
5.400%, 10/29/99 6,900 6,940
-------
67,534
-------
INDIANA -- 5.2%
Avon, Community School
Corporation, TAW
3.500%, 12/31/99 2,500 2,504
Bartholomew County, Conservative
School Corporation, TAW
3.300%, 06/30/99 1,600 1,600
Duneland, Chesterton School
Corporation, TAW
3.400%, 12/31/99 2,000 2,002
Fort Wayne, Sewer Works
Improvement Authority,
Ser B, RB, FGIC
4.000%, 08/01/99 1,000 1,004
Franklin, Community School
Corporation, GO
3.350%, 08/01/99 1,000 1,000
Indiana, Health Facilities Finance
Authority, Lutherwood Project,
RB (A) (B) (C)
3.000%, 03/09/99 900 900
Indiana State, Educational Facilities
Authority, Indiana Wesleyan
Project, Ser B, RB (A) (B) (C)
2.950%, 03/09/99 1,700 1,700
Indiana State, Industrial
Development Finance Authority,
Goodwill Industries
Center Project, RB (A) (B) (C)
2.950%, 03/09/99 1,600 1,600
Lake Central, School Corporation, TAW
3.300%, 06/30/99 1,500 1,500
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Merrillville, Community School
Corporation, TAW
3.650%, 12/31/99 $ 1,500 $ 1,503
Michigan City, Area Schools, TAW
3.380%, 12/31/99 3,200 3,201
Monroe County, Hospital
Authority, RB, MBIA (A) (B)
3.100%, 03/09/99 700 700
Plymouth, Community School
Corporation, TAW
3.600%, 12/30/99 1,000 1,002
Portage, Economic Development
Authority, RB (A) (B) (C)
3.100%, 03/09/99 565 565
Portage Township, Schools, TAN
3.875%, 12/31/99 1,500 1,507
Residential Apartments,
Portfolio Certificates of Trust,
Ser 96A, RB (A) (B) (C)
3.150%, 03/09/99 5,850 5,850
Southwest Allen County,
Metropolitan School District, TAW
3.500%, 12/31/99 2,902 2,906
Wawasee Community,
School Corporation, TAW
3.400%, 12/31/99 2,700 2,702
-------
33,746
-------
IOWA -- 1.2%
Ceder Rapids, Pollution Control
Authority, Electric Light &
Power Company, RB (A) (B)
2.950%, 03/09/99 1,000 1,000
Chillicothe, Pollution Control
Authority, Gas and Electric
Project, RB (A) (B)
2.950%, 03/09/99 3,000 3,000
Chillicothe, Pollution Control
Authority, Midwest Power
Systems Project, Ser A,
RB (A) (B)
2.950%, 03/09/99 1,600 1,600
Iowa State, Financial Authority,
Genesis Medical Center,
RB, MBIA
5.000%, 07/01/99 725 730
Iowa State, Higher Education
Authority, St. Ambrose
University Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,500 1,500
-------
7,830
-------
5
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
KANSAS -- 1.9%
Derby, Waterworks Utility
Systems Authority, Ser 1, RB
4.500%, 01/15/00 $ 2,000 $ 2,004
Greystone Tax Exempt Certificate
Trust Authority, Senior
Certificate of Beneficial
Ownership Project, RB (A)(B)(C)
2.940%, 03/09/99 643 643
Lenexa, Healthcare Facility
Authority, Lakeview Village
Project, Ser A, RB (A) (B) (C)
3.000%, 03/09/99 9,160 9,160
Salina, Central Mall Dillard,
Ser 84, RB (A) (B) (C)
3.000%, 03/09/99 495 495
-------
12,302
-------
KENTUCKY -- 2.1%
Jefferson County, Industrial
Development Authority,
BelKnap Project, RB (A) (B) (C)
2.850%, 03/09/99 2,361 2,361
Kentucky State, Economic
Development Finance Authority,
Adventist Health Systems,
Ser A, RB (A) (B) (C)
3.050%, 03/09/99 1,460 1,460
Kentucky State, TRAN
3.660%, 06/30/99 10,000 10,000
-------
13,821
-------
LOUISIANA -- 0.6%
Calcasieu Parish, Pollution Control
Authority, Citgo Petroleum
Corporation Project,
RB (A) (B) (C)
3.050%, 03/09/99 2,300 2,300
Calcasieu Parish, Sales Tax District
No. 4-A, Road Improvement
Project, GO (A) (B) (C)
2.900%, 03/09/99 1,520 1,520
-------
3,820
-------
MARYLAND -- 0.6%
Anne Arundel County, Kellington
Association Project, RB (A) (B) (C)
3.000%, 03/09/99 1,250 1,250
Anne Arundel County, Pollution
Control Revenue Authority,
Baltimore Gas & Electric Project,
Ser 84, RB (A) (B)
3.650%, 07/01/99 1,380 1,380
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Howard County, Multi-Family
Housing Authority, Sherwood
Crossing Project, RB (A) (B) (C)
3.850%, 06/01/99 $ 1,500 $ 1,500
-------
4,130
-------
MICHIGAN -- 1.3%
Jackson County, Economic
Development Authority,
Limited Thrifty Leoni Project,
RB (A) (B) (C)
2.875%, 03/09/99 800 800
Michigan State, Job Development
Authority, East Lansing
Residential Project,
RB (A) (B) (C)
2.850%, 03/09/99 1,000 1,000
Northville Township, Economic
Development Authority, Thrifty
Northville Project,
RB (A) (B) (C)
3.025%, 03/09/99 1,000 1,000
Sterling Heights, Economic
Development Authority,
Sterling Shopping Center Project,
RB (A) (B) (C)
3.000%, 03/09/99 5,575 5,575
-------
8,375
-------
MINNESOTA -- 0.1%
Eagan County, Yankee Square Inn
Project, RB (A) (B) (C)
3.050%, 03/09/99 925 925
-------
MISSISSIPPI -- 0.4%
Harrison County, Pollution
Control Authority,
Du Pont De Nemours Project,
RB (A) (B)
3.200%, 03/01/99 1,600 1,600
Mississippi State, Municipal
Facilities Authority, Mississippi
Natural Gas Project, RB, MBIA
4.000%, 01/01/00 1,000 1,007
-------
2,607
-------
MISSOURI -- 0.7%
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
3.275%, 03/09/99 1,500 1,500
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Saint Louis, Grantor Trust,
Ser 96-A, COP (A) (B) (C)
3.100%, 03/09/99 $ 2,820 $ 2,820
-------
4,320
-------
MONTANA -- 0.1%
Montana State, Department of
Transportation Highway
Authority, RB
4.700%, 07/01/99 700 702
-------
NEBRASKA -- 0.4%
Nebraska State, Educational
Finance Authority,
Creighton University Project,
Ser A, RB, AMBAC (A) (B)
3.000%, 03/09/99 2,750 2,750
-------
NEVADA -- 0.3%
Nevada State, Ser A, GO
7.125%, 05/01/99 2,000 2,015
-------
NEW HAMPSHIRE -- 0.2%
Education & Health Facilities
Authority, Dartmouth Education
Loan Project, RB (A) (B)
3.950%, 06/01/99 1,150 1,150
-------
NEW JERSEY -- 0.3%
Economic Development Authority,
Industrial & Economic
Revenue, Carolina Freight
Project, RB (A) (B) (C)
3.025%, 03/09/99 940 940
New Jersey State, Industrial &
Economic Development
Authority, Dates-Tru Project,
RB (A) (B)
3.100%, 03/09/99 1,000 1,000
-------
1,940
-------
NEW MEXICO -- 0.0%
Albuquerque, Industrial
Development Authority,
Plastech Project,
Ser 94-B, RB (A) (B) (C)
3.050%, 03/09/99 100 100
-------
NEW YORK -- 1.4%
New York State, Dormitory
Authority, Terence Cardinal
Cooke Health Project, RB (C)
4.000%, 07/01/99 1,000 1,003
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Medical Care
Facilities Finance Agency,
Mental Health Services Project,
Ser F, RB
4.600%, 08/15/99 $ 1,000 $ 1,006
North Hempstead, BAN
4.000%, 07/29/99 3,320 3,323
Utica, City School District, TRAN
4.000%, 06/30/99 3,500 3,502
-------
8,834
-------
NORTH CAROLINA -- 0.5%
Beaufort, Industrial Facility,
Pollution Control Revenue,
Texas Gulf Corporation,
RB (A) (B) (C)
2.850%, 03/09/99 1,575 1,575
Charlotte, Airport Authority,
Ser A, RB, MBIA (A) (B)
2.950%, 03/09/99 1,700 1,700
-------
3,275
-------
NORTH DAKOTA -- 0.8%
Grand Forks, Housing Facilities
Authority, Grand Forks Homes
Incorporated Project,
RB (A) (B) (C)
2.950%, 03/09/99 5,050 5,050
-------
OHIO -- 1.6%
Cincinnati & Hamilton County
Port Authority, CEI Realty
Project, RB (A) (B) (C)
3.300%, 03/01/99 290 290
Highland County, Industrial
Development Revenue,
Lancaster Colony Corporation
Project, RB (A) (B) (C)
3.650%, 03/01/99 800 800
Lima Hospital Revenue,
Refunding and Improvement
Authority, Lima Memorial
Hospital Project, RB (A) (B) (C)
2.950%, 03/09/99 2,000 2,000
Lorain County, Hospital
Authority, Elyria United
Methodist Village Project,
Ser 1996B, RB (A) (B) (C)
3.000%, 03/09/99 1,100 1,100
Southwest, Regional Water
District, BAN
4.100%, 08/19/99 2,300 2,303
7
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Summit County, Industrial
Development Authority,
Arlington Plaza Project,
RB (A) (B) (C)
3.650%, 03/01/99 $ 2,135 $ 2,135
Westlake, Industrial Development
Authority, Nordson Corporation
Project, RB (A) (B) (C)
3.050%, 03/09/99 1,650 1,650
-------
10,278
-------
OKLAHOMA -- 3.3%
Bartlesville Development
Authority, Heritage Villa
Nursing Center, RB (A) (B) (C)
3.050%, 03/09/99 3,000 3,000
Oklahoma State, Industrial
Development Authority,
Baptist Medical Center,
Ser B, RB (A) (B)
2.950%, 03/09/99 13,000 13,000
Tulsa City, Industrial Healthcare
Authority, Laureate Psychiatric
Project, RB (A) (B)
3.200%, 06/15/99 3,500 3,500
Tulsa Parking Authority,
Refunding First Mortgage
Williams Project,
Ser A, RB (A) (B) (C)
3.150%, 05/15/99 2,020 2,020
-------
21,520
-------
OREGON -- 0.6%
Medford, Hospital Facilities
Authority, Continued Care
Retirement Project,
RB (A) (B) (C)
3.125%, 03/09/99 4,200 4,200
-------
PENNSYLVANIA -- 13.2%
Allegheny County, Industrial
Development Authority,
Watson Rhenania Project,
RB (A) (B) (C)
3.150%, 03/09/99 1,200 1,200
Chester County, Health &
Education Facilities Authority,
Barclay Friends Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 5,150 5,150
Clarion County, Industrial
Development Authority,
Meritcare Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 800 800
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Dauphin County, General
Authority, Allhealth Pooled
Finance Program,
Ser B, RB (A) (B)
3.000%, 03/09/99 $10,000 $ 10,000
Elizabeth Forward, School District,
GO, AMBAC
Pre-Refunded @ 100 (D)
7.250%, 01/15/00 1,000 1,036
Emmaus General Authority,
RB (A) (B) (C)
2.900%, 03/09/99 10,000 10,000
Erie County, Hospital Authority
Revenue, Union City Memorial
Hospital, RB (A) (B) (C)
3.000%, 03/09/99 500 500
Geisinger, Health Systems
Authority, Geisinger Health
Project, Ser B, RB (A) (B)
3.250%, 03/01/99 11,200 11,200
Lancaster County, Higher
Education Authority, Franklin
& Marshall College Project,
RB (A) (B) (C)
3.020%, 03/09/99 1,835 1,835
Lebanon County, Health Facility
Center Authority, United Church
Christ Homes Project,
RB (A) (B) (C)
2.950%, 03/09/99 4,000 4,000
Lebanon County, Redevelopment
Authority, First Mortgage
Cornwell Manor, Ser S, RB
Pre-Refunded @ 100 (D)
8.625%, 06/01/99 1,570 1,620
Lehigh County, General Purpose
Authority, Muhlenberg Hospital
Center Project, Ser B, RB
Pre-Refunded @ 102 (D)
8.100%, 07/15/99 4,000 4,145
Lehigh County, General Purpose
Authority, Phoebe-Devitt Homes
Project, Ser B, RB (A) (B) (C)
2.900%, 03/09/99 2,390 2,390
Mercersburg Boro, Educational
Facility Authority, Mercersburg
College Project, RB (A) (B) (C)
3.000%, 03/09/99 1,000 1,000
Montgomery County, Higher
Education & Health Authority,
Higher Education & Health Loan,
Ser 96-A, RB (A) (B) (C)
2.950%, 03/09/99 2,200 2,200
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
8
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery County, Industrial
Development Authority, IKEA
Property Project, RB (A) (B) (C)
3.000%, 03/09/99 $ 3,500 $ 3,500
Moon Township, Industrial
Development Authority,
Executive Office Association
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,700 2,700
North Cumberland County,
Industrial Development
Authority, Atlas Development
Project, RB (A) (B) (C)
3.000%, 03/09/99 595 595
Northhampton County,
Industrial Development
Authority, Moravian Academy
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,150 2,150
Pennsylvania State, Higher
Educational Facilities Authority,
Cicu Financing Program,
Ser B3, RB (A) (B) (C)
3.000%, 03/09/99 1,000 1,000
Pennsylvania State, Ser A, GO
6.800%, 05/01/99 1,000 1,005
Philadelphia, Industrial
Development Authority,
Inglis House Project,
RB (A) (B) (C)
3.580%, 03/01/99 14,000 14,000
Scranton-Lackawana,
Health & Welfare Authority,
University of Scranton Project,
RB (A) (B) (C)
3.250%, 05/01/99 545 545
Somerset County, Hospital
Authority, Somerset Community
Hospital Project,
Ser A, RB (A) (B) (C)
3.625%, 03/01/99 1,600 1,600
Union County, Hospital Authority,
United Methodist Continuing
Care Project,
Ser B, RB (A) (B) (C)
3.000%, 03/09/99 1,275 1,275
-------
85,446
-------
RHODE ISLAND -- 0.5%
Cranston, BAN
4.500%, 06/28/99 3,000 3,007
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (00
- --------------------------------------------------------------------------------
SOUTH CAROLINA -- 1.3%
Charleston Center, RB (A) (B) (C)
2.800%, 08/01/99 $ 2,000 $ 2,000
Charleston Center
Tax Exempt Bond
Grantor Trust #5,
RB (A) (B) (C)
3.700%, 03/01/99 1,000 1,000
Florence County, Industrial
Development Revenue,
La-Z-Boy Chair Project,
RB (A) (B)
3.000%, 03/09/99 5,000 5,000
Spartanburg County, School
District No. 005, GO, AMBAC
6.250%, 05/01/99 375 377
-------
8,377
-------
TENNESSEE -- 4.4%
Chattanooga-Hamilton County,
Hospital Authority,
Erlanger Project, RB (A) (B) (C)
3.250%, 03/01/99 3,700 3,700
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 4,855 4,855
Hamilton County, Industrial
Development Authority,
Trade Center Hotel Project,
Ser C, RB (A) (B) (C)
3.000%, 03/09/99 4,852 4,852
Hamilton County, Industrial
Development Authority,
Trade Center Hotel Project,
Ser D, RB (A) (B) (C)
3.000%, 03/09/99 3,598 3,598
Knox County, Industrial
Development Board,
Professional Plaza Project,
RB (A) (B) (C)
3.150%, 03/09/99 2,300 2,300
Memphis, Electric System
Authority, RB
Pre-Refunded @ 102 (D)
6.750%, 01/01/00 1,500 1,572
Nashville & Davidson County,
Health and Education Facilities
Board, Dede Wallace Healthcare
System, RB (A) (B) (C)
3.000%, 03/09/99 1,700 1,700
9
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Nashville & Davidson County,
Health and Education Facilities
Board, Adventist/Sunbelt
Project, Ser A, RB (A) (B) (C)
3.000%, 03/09/99 $ 1,900 $ 1,900
Nashville & Davidson County,
Health and Education Facilities
Board, Belmont University
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,950 2,950
Nashville & Davidson County,
Health and Education Facilities
Board, Franklin Road
Project, RB (A) (B) (C)
3.000%, 03/09/99 1,000 1,000
-------
28,427
-------
TEXAS -- 4.8%
Amarillo, Independent School
District, GO
4.000%, 02/01/00 1,910 1,925
Bexar County, Health Facilities
Development Corporation
Authority, Retirement Community
Project, Ser B, RB (A) (B) (C)
2.900%, 03/09/99 1,275 1,275
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
3.025%, 03/09/99 1,000 1,000
Fort Worth, Ser A, GO
5.500%, 03/01/00 1,000 1,023
Harris County, Multi-Family
Housing, Woodgate Project,
RB (A) (B) (C)
3.275%, 03/09/99 1,900 1,900
Harris County, Health Facilities
Authority, Greater Houston
Pooled Health Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 3,800 3,800
Harris County, Health Facilities
Development Corporation
Hospital Authority, Methodist
Hospital Project, RB (A) (B) (C)
3.250%, 03/01/99 12,100 12,100
Tarrant County, Housing Finance
Corporation Authority, Amherst
Association Project, RB (A) (B) (C)
3.050%, 03/09/99 3,620 3,620
Texas State, GO
Pre-Refunded @ 100 (D)
8.300%, 12/01/99 1,230 1,278
- --------------------------------------------------------------------------------
FACE
AMOUNT (000)VALUE (000)
- --------------------------------------------------------------------------------
Trinity River, Industrial
Development Authority, Trinity
River Project, RB (A) (B) (C)
3.025%, 03/09/99 $2,900 $ 2,900
--------
30,821
--------
UTAH -- 1.6%
Castle Dale, Industrial
Development Authority,
Safeway Project, RB (A) (B) (C)
3.050%, 08/01/99 1,250 1,250
Central Utah, Water Conservancy
District Authority, Ser E, GO,
AMBAC (A) (B)
2.950%, 03/09/99 3,510 3,510
Intermountain Power Agency,
Power Supply Authority, 1995
Ser A, RB, MBIA
4.850%, 07/01/99 2,600 2,616
Nephi, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.650%, 03/01/99 945 945
Springville, Industrial Development
Authority, Scherer Hard Capsule,
RB (A) (B) (C)
2.960%, 03/09/99 1,120 1,120
Tremonton City, Industrial
Development Authority,
Safeway Project, RB (A) (B) (C)
3.050%, 06/01/99 715 715
-------
10,156
-------
VERMONT -- 1.1%
Vermont State, Educational and
Health Buildings Financing
Authority, Capital Asset
Financing Program Project,
Ser 2, RB (A) (B) (C)
2.960%, 03/09/99 400 400
Student Assistance Student Loan
Bonds, Ser 85, RB (A) (B) (C)
2.900%, 03/09/99 5,025 5,025
Vermont State, Educational and
Health Buildings Financing
Authority, Capital Asset
Financing Program Project,
Ser 1, RB (A) (B) (C)
3.000%, 03/09/99 1,478 1,478
-------
6,903
-------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
10
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
VIRGINIA -- 1.4%
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A) (B) (C)
2.940%, 03/09/99 $2,285 $ 2,285
Harrisonburg, Multi-Family Housing
Authority, Rolling Brook Village
Apartment Project, RB (A) (B)
3.200%, 02/01/00 2,000 2,000
Richmond, Redevelopment and
Housing Authority, Belmont
Apartments Project, RB (A) (B) (C)
2.900%, 03/09/99 3,280 3,280
Stafford County, Industrial
Development Authority,
Safeway Project, RB (A) (B) (C)
3.050%, 06/01/99 1,585 1,585
-------
9,150
-------
WASHINGTON -- 1.5%
Chelan County, Public Utility District
No. 001 Conservation Authority,
Chelan Hydro Project, Ser D, RB
4.500%, 07/01/99 2,000 2,010
Housing Finance Commission,
Multi-Family Housing,
Pacific First Federal Savings Bank
Project, RB (A) (B) (C)
2.900%, 03/09/99 1,275 1,275
Housing Finance Community,
Pioneer Human Services Project,
Ser 91, RB (A) (B) (C)
3.000%, 03/09/99 965 965
Washington State, Non-Profit
Housing Authority, YMCA
Greater Seattle Project, RB (A) (B)
3.250%, 03/01/99 1,185 1,185
Washington State, Non-Profit
Housing Finance Revenue
Authority, Emerald Heights
Project, RB (A) (B) (C)
3.250%, 03/01/99 1,000 1,000
Washington State, Public Power
Supply Authority, System
Nuclear Project No. 1, Ser A, RB
Pre-Refunded @ 102 (D)
7.500%, 07/01/99 1,000 1,035
Washington State, Public Power
Supply Authority, System
Nuclear Project No. 3,
Ser B, RB, FGIC
Pre-Refunded @ 102 (D)
7.000%, 01/01/00 2,000 2,100
-------
9,570
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WEST VIRGINIA -- 0.8%
West Virginia State, Hospital
Finance Authority, St. Joseph's
Hospital Project, RB (A) (B) (C)
3.000%, 03/09/99 $1,200 $ 1,200
West Virginia State, Building
Commission, Regional Jail Project,
Ser A, RB, AMBAC
4.500%, 07/01/99 1,635 1,640
West Virginia State, Parkways
Economic Development Tourism
Authority, RB
Pre-Refunded @ 102 (D)
7.125%, 07/01/99 2,500 2,583
-------
5,423
-------
WISCONSIN -- 2.9%
Beaver Dam, Unified School District,
TRAN
3.800%, 08/24/99 2,000 2,000
Delavan Darien, School District,
TRAN
3.900%, 08/27/99 3,500 3,502
Genoa City, Joint School District, BAN
3.720%, 10/15/99 2,560 2,562
Jefferson, School District, TRAN
3.850%, 09/08/99 1,600 1,600
Monroe, School District, TRAN
3.790%, 10/15/99 1,975 1,975
Moraine Park, Technical College
District, GO
5.000%, 04/01/99 420 421
New Richmond, School District
Authority, TRAN
3.560%, 11/01/99 825 825
South Milwaukee, School District
Authority, TRAN
3.450%, 07/30/99 1,100 1,100
Village of Menomonee, Industrial
Development Authority, Maysteel
Corporation Project,
RB (A) (B) (C)
3.025%, 03/09/99 1,900 1,900
West Salem, School District,
TRAN
3.870%, 08/26/99 2,100 2,100
Wisconsin State, Health & Elderly
Facilities Authority, Cedar Crest
Project, RB (A) (B) (C)
3.000%, 03/09/99 1,000 1,000
-------
18,985
-------
11
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Tax Free Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WYOMING -- 0.3%
Sweetwater County, School
District No. 2 Green River, GO
3.850%, 06/01/99 $1,030 $ 1,032
Wyoming Student Loan
Corporation, Student Loan
Authority, RB
6.250%, 12/01/99 1,000 1,021
--------
2,053
--------
Total Municipal Bonds
(Cost $660,411) 660,411
--------
Total Investments -- 101.9%
(Cost $660,411) 660,411
--------
Other Assets and Liabilities, Net -- (1.9%) (12,214)
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization - no par value) based on
648,380,209 outstanding shares
of beneficial interest 648,248
Fund Shares of Class D
(unlimited authorization --
no par value) based on 1,210
outstanding shares of beneficial
interest 1
Distribution in excess of net
investment income (12)
Accumulated net realized loss on
investments (40)
--------
Total Net Assets -- 100.0% $648,197
========
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
========
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
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
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, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER 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 Fund
MUNICIPAL BONDS -- 100.1%
CALIFORNIA -- 100.1%
Abag Finance Authority, Bentley
School Project, COP (A) (B) (C)
2.700%, 03/09/99 $ 1,500 $ 1,500
Alameda County, Contra-Costa
Schools Financing Authority,
Improvements Financing
Project, Ser B, COP (A) (B) (C)
2.400%, 03/09/99 10,110 10,110
Alameda County, Contra-Costa
Schools Financing Authority,
Improvements Financing
Project, Ser C, COP (A) (B) (C)
2.400%, 03/09/99 5,260 5,260
Alameda County, TRAN
4.500%, 07/07/99 4,000 4,012
Alameda County, Transportation
Authority, RB, AMBAC
4.100%, 11/01/99 1,000 1,008
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
12
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Alhambra, Industrial
Development Authority,
Sunclipse Project, RB (A) (B) (C)
2.500%, 03/01/99 $ 1,300 $ 1,300
Anaheim, Housing Authority,
Heritage Village Apartments
Project, Ser A, RB (A) (B) (C)
2.300%, 03/09/99 2,300 2,300
Antioch, University School District
Authority, TRAN
3.700%, 09/15/99 4,500 4,500
Auburn, University School District
Authority, TRAN
4.000%, 09/21/99 2,380 2,388
California State, Education
Facility Authority,
Pomona College Project,
RB (A) (B)
2.400%, 03/09/99 10,200 10,200
California State, Educational
Facility Authority,
Claremont McKenna Project,
RB (A) (B)
2.400%, 03/09/99 10,000 10,000
California State, School Facility
Financing Authority, Capital
Improvement Financing Project,
Ser A, RB (A) (B) (C)
2.500%, 03/09/99 2,900 2,900
California State, School Facility
Finance Authority, Capital
Improvements Financing Project,
Ser C, COP (A) (B) (C)
2.500%, 03/09/99 10,000 10,000
California State, Health Facilities
Financing Authority, Adventist
Health System Project,
Ser A, RB (A) (B) (C)
2.400%, 03/09/99 3,800 3,800
California State, Health Facilities
Finance Authority, Alexian
Brothers Project,
RB, MBIA
Pre-Refunded @ 102 (D)
7.125%, 01/01/00 1,000 1,055
California State, Health Facilities
Finance Authority, Pomona
Valley Hospital Project,
RB, MBIA
Pre-Refunded @ 102 (D)
6.750%, 01/01/00 1,500 1,577
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State, Multiple Purpose
Project, Ser A, RB, MBIA
10.000%, 09/01/99 $ 1,000 $ 1,035
California State, Public Works
Board, Community College
Project, Ser A, RB
5.000%, 04/01/99 2,890 2,895
California State, Public Works
Board, University Project,
Ser A, RB
5.700%, 10/01/99 2,500 2,539
California State, Transportation
Financial Authority, RB (A) (B)
2.600%, 03/09/99 22,700 22,700
California State, Watereuse
Finance Authority,
RB, FSA (A) (B) (C)
2.500%, 03/09/99 8,900 8,900
California Statewide, Community
Development Authority,
Memorial Health Services
Project, RB (A) (B)
2.600%, 03/09/99 12,400 12,400
California Statewide, Community
Development Authority,
Covenant Retirement
Communities Project,
COP (A) (B) (C)
2.750%, 03/09/99 5,000 5,000
Chowchilla, Unified High School
District, TRAN
3.850%, 06/30/99 1,300 1,301
City of El Cerrito, TRAN
3.875%, 06/30/99 2,000 2,001
Compton, Community
Redevelopment Agency,
Walnut Industrial Park Project,
Ser A, TA, AMBAC
Pre-Refunded @ 102 (D)
7.500%, 08/01/99 1,100 1,142
Compton, Community
Redevelopment Agency,
Walnut Industrial Park Project,
TA, AMBAC
Pre-Refunded @ 103 (D)
10.200%, 08/01/99 535 566
Conejo Valley, Unified School
District, GO, TRAN
3.750%, 07/01/99 10,000 10,002
Contra Costa County,
Multi-Family Housing Authority,
Delta Square Project,
Ser A, RB (A) (B) (C)
2.900%, 05/01/99 3,400 3,400
13
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
California Tax Exempt Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Corona, Housing Authority,
Household Bank Project,
Ser B, RB (A) (B) (C)
2.600%, 03/09/99 $ 2,500 $ 2,500
Corona, Multi-Family Housing
Authority, County Hills Project,
Ser B, RB (A) (B) (C)
2.450%, 03/09/99 855 855
Corona, Redevelopment Agency
Authority, Crown Point Project,
Ser 85, RB (A) (B) (C)
3.800%, 05/01/99 7,310 7,310
Duarte, Redevelopment Agency,
Merged Redevelopment
Project, TA
3.500%, 10/01/99 1,040 1,040
Escondido, Community
Development Authority,
Heritage Park Apartment
Project, Ser A, RB (A) (B) (C)
2.300%, 03/09/99 5,950 5,950
Fontana, Apartment Development
Authority, Citrus Avenue
Apartments Project, Ser A,
RB (A) (B) (C)
2.650%, 03/09/99 1,100 1,100
Fontana, Gaf Tax Exempt Bond
Grantor Trust,
Ser GA-7, RB (A) (B) (C)
3.400%, 03/09/99 6,325 6,325
Foothill/Eastern Corridor Agency,
California Toll Road Project,
Ser B, RB (A) (B)
2.600%, 03/09/99 1,000 1,000
Freemont, TRAN
4.000%, 07/01/99 7,500 7,507
Gardenia, TRAN
4.250%, 06/30/99 5,875 5,882
Health Facilities Finance Authority,
Memorial Health Services
Project, RB (A) (B)
2.600%, 03/09/99 6,500 6,500
Health Facilities Finance Authority,
Catholic Healthcare Project,
Ser A, RB, MBIA (A) (B)
2.600%, 03/09/99 2,800 2,800
Health Facilities Finance Authority,
Catholic Healthcare Project,
Ser B, RB, MBIA (A) (B)
2.600%, 03/09/99 2,000 2,000
Health Facilities Finance Authority,
Catholic Healthcare Project,
Ser C, RB, MBIA (A) (B)
2.600%, 03/09/99 1,600 1,600
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Huntington Park, Public Financing
Authority, Parking Project,
Ser A, RB (A) (B) (C)
4.250%, 09/01/99 $ 4,795 $ 4,807
Irvine, Public Facilities &
Infrastructure Authority,
Capital Improvements Project,
RB (A) (B) (C)
2.400%, 03/09/99 2,300 2,300
Irwindale, Industrial Development
Authority, Toys "R" Us Project,
RB (A) (B) (C)
2.875%, 03/09/99 4,500 4,500
Jurupa, Community Service,
Community Facilities District
No. 1, GO, FSA
3.750%, 09/01/99 590 592
Kern County, Public Facilities
Project, Ser D, COP (A) (B) (C)
2.600%, 03/09/99 2,400 2,400
Lancaster, Multi-Family Housing
Authority, Household Bank
Project, Ser A, RB (A) (B) (C)
2.700%, 05/01/99 2,700 2,700
Lancaster, Multi-Family Housing
Authority, The Willow Project,
Ser A, RB (A) (B) (C)
2.700%, 05/01/99 6,000 6,000
Lancaster, Multi-Family Housing
Authority, 20 Street Apartments
Project, Ser C, RB (A) (B) (C)
2.550%, 03/09/99 3,250 3,250
Long Beach, Airport Improvements
Project, COP, MBIA
Pre-Refunded @ 102 (D)
6.950%, 06/01/99 1,000 1,030
Los Angeles County, Housing
Authority, Malibu Meadows
Project, Ser B, RB, FNMA (A) (B) (E)
2.600%, 03/09/99 4,900 4,900
Los Angeles County, Mortgage
Authority, Ser A, RB (A) (B)
2.400%, 03/09/99 6,300 6,300
Los Angeles County, Capital Asset
Leasing Corporation,
Equipment Program, Ser A, RB
5.000%, 06/01/99 4,825 4,840
Los Angeles County, Community
Redevelopment Agency,
Willowbrook Project, RB (A) (B) (C)
2.300%, 03/09/99 1,000 1,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
14
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles County,
COP Pre-Refunded @ 102 (D)
6.900%, 06/01/99 $ 2,660 $ 2,733
Los Angeles County, Metropolitan
Transportation Authority,
Ser A, RB, MBIA (A) (B) (C)
2.600%, 03/09/99 11,695 11,695
Los Angeles County, Multi-Family
Housing Authority,
Malibu Canyon Apartments,
Ser B, RB (A) (B)
2.400%, 03/09/99 2,000 2,000
Los Angeles County,
Transportation Authority,
Ser A, RB, FGIC (A) (B)
2.500%, 03/09/99 4,400 4,400
Los Angeles, Community
Redevelopment Authority,
Central Business District
Project, GO
5.000%, 11/15/99 19,285 19,545
Los Angeles, Multi-Family
Housing Authority, Promonade
Towers Project, RB (A) (B) (C)
2.600%, 03/09/99 24,800 24,800
Los Angeles, Redevelopment
Agency, Baldwin Hills Public
Park Project, RB (A) (B) (C)
2.450%, 03/09/99 7,900 7,900
Los Angeles, Wastewater Systems
Authority,
Ser B, RB, AMBAC
Pre-Refunded @ 102 (D)
7.100%, 06/01/99 1,000 1,030
Los Angeles, Ser A, TRAN
4.500%, 06/30/99 5,000 5,013
Los Angeles, Unified School
District Authority, Belmont
Learning Complex Project,
Ser A, RB (A) (B) (C)
2.500%, 03/09/99 10,200 10,200
Metropolitan Water District,
Waterworks Project,
Ser C, RB (A) (B)
2.400%, 03/09/99 300 300
Mount Diablo, School District, GO
3.500%, 01/28/00 3,000 3,014
Mount Shasta, Hospital Authority,
Mercy Medical Center Project,
Ser A, COP
Pre-Refunded @ 102 (D)
7.250%, 07/01/99 1,735 1,793
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Mountain View Los Altos, Unified
School District, GO, TRAN
4.000%, 07/01/99 $ 3,000 $ 3,003
Mountain View Santa Clara, Unified
School District, GO, TRAN
4.000%, 07/01/99 2,000 2,002
MSR Public Power, San Juan Project,
Ser D, RB, MBIA (A) (B)
2.450%, 03/09/99 17,300 17,300
Newport Beach, Water Services,
Capital Improvement Project,
RB, AMBAC
3.600%, 08/01/99 1,025 1,025
North City, School Facilities
Finance Authority, Community
Facility District No. 1, Ser A, GO
Pre-Refunded @ 102 (D)
7.850%, 09/01/99 1,500 1,563
Oakland, Children Hospital
Medical Center Project,
Ser B, RB (A) (B) (C)
2.600%, 03/09/99 1,600 1,600
Oakland, School District
Authority, GO
3.250%, 11/09/99 4,000 4,012
Oakland, Liquidity Facilities
Authority, Revenue Assessment
Bay Area Government Project,
RB (A) (B) (C)
2.750%, 03/09/99 1,955 1,955
Orange County, Apartment
Development Authority,
Radnor/Aragon Corporation
Project, Ser D, RB (A) (B) (C)
3.025%, 03/09/99 3,400 3,400
Orange County, Apartment
Development Authority,
Harbor Pointe Project,
Ser D, RB (A) (B) (C)
2.600%, 03/09/99 4,000 4,000
Orange County, Apartment
Development Authority,
Villas La Paz,
Ser F, RB, FNMA (A) (B) (E)
2.600%, 03/09/99 3,000 3,000
Orange County, Apartment
Development Authority,
Hidden Hills Project,
Ser C, RB (A) (B)
2.400%, 03/09/99 5,300 5,300
Orange County, Apartment
Development Authority,
Laguna Summit Apartment
Project, RB (A) (B)
2.400%, 03/09/99 8,500 8,500
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
California Tax Exempt Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Oxnard, Community
Redevelopment Agency,
Channel Islands Business
Project, RB (A) (B) (C)
3.275%, 03/09/99 $ 4,685 $ 4,685
Pasadena, Historical Rehabilitation
Authority, Dodsworth Building
Project, RB (A) (B) (C)
2.320%, 03/09/99 4,000 4,000
Pasadena, Rose Bowl Improvement
Project, COP (A) (B) (C)
2.500%, 03/09/99 10,680 10,680
Placer Hills, Elementary
School Authority, TRAN
4.000%, 09/21/99 1,100 1,104
Porterville, GO
3.600%, 11/29/99 1,110 1,115
Rancho, Water District Financing
Authority,
Ser A, RB, FGIC (A) (B)
2.600%, 03/09/99 6,000 6,000
Redlands, Housing Authority,
Parkview Terrace Project,
Ser A, RB (A) (B) (C)
2.650%, 03/09/99 5,400 5,400
Redwood City, City Hall Project,
COP (A) (B) (C)
2.700%, 03/09/99 2,000 2,000
Riverside, Multi-Family
Housing Authority,
Countrywood & IA Apartments
Project, Ser E, RB (A) (B) (C)
2.600%, 03/09/99 2,750 2,750
Riverside County, Asset Leasing
Authority, Hospital Project,
Ser A, RB Pre-Refunded @ 100 (D)
6.250%, 06/01/99 1,000 1,008
Riverside County, Housing
Authority, McKinley Project,
RB (A) (B) (C)
2.650%, 03/09/99 6,000 6,000
Riverside County, Multi-Family
Housing Authority,
De Anza Villas Project,
RB (A) (B) (C)
2.500%, 03/09/99 3,290 3,290
Riverside County, Multi-Family
Housing Authority,
Polk Apartments Project,
Ser O, RB (A) (B) (C)
2.050%, 03/09/99 7,890 7,890
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Riverside County, Multi-Family
Housing Authority,
Woodcreek Project, Ser D,
RB,FNMA (A) (B) (E)
2.550%, 03/09/99 $ 2,500 $ 2,500
Riverside County, Public
Facilities Authority,
Ser B, RB (A) (B) (C)
2.500%, 03/09/99 1,800 1,800
Roseville, City School Project, GO
4.000%, 09/21/99 2,575 2,584
San Bernadino County,
County Center Refunding Project,
COP (A) (B) (C)
2.550%, 03/09/99 6,000 6,000
San Bernadino County, Industrial
Development Authority,
Sandpiper Investments Project,
RB (A) (B) (C)
3.350%, 03/09/99 3,000 3,000
San Bernadino County,
Multi-Family Housing Authority,
Alta Loma Heritage Project,
Ser A, RB (A) (B) (C)
2.550%, 03/09/99 2,264 2,264
San Bernadino County,
Multi-Family Housing Authority,
Gold West Apartments Project,
Ser A, RB (A) (B) (C)
2.550%, 03/09/99 500 500
San Bernadino County,
Multi-Family Housing Authority,
Indian Knoll Apartment Project,
Ser A, RB (A) (B) (C)
2.400%, 03/09/99 3,850 3,850
San Bernadino County,
Multi-Family Housing Authority,
Mountain View
Project, RB (A) (B)
2.550%, 03/09/99 1,010 1,010
San Bernadino County,
Multi-Family Housing Authority,
Parkview Place,
Ser A, RB (A) (B) (C)
2.550%, 03/09/99 6,320 6,320
San Bernadino, Housing
Authority, Reche Canyon
Apartment Project,
Ser B, RB (A) (B) (C)
2.400%, 03/09/99 1,500 1,500
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
16
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
San Bernadino, Medical Center
Financing Project,
COP, MBIA (A) (B)
2.500%, 03/09/99 $15,000 $ 15,000
San Bernadino, Multi-Family
Housing Authority,
Village Crossing Project,
Ser A, RB (A) (B) (C)
2.550%, 03/09/99 3,700 3,700
San Diego, Multi-Family Housing
Authority, LA Cima Apartments
Project, Ser K, RB (A) (B) (C)
2.650%, 03/09/99 1,550 1,550
San Diego, School District
Authority, Phase XII Project,
Ser B, COP
4.500%, 07/01/99 2,555 2,569
San Diego, Multi-Family Housing
Authority, Housing Project, RB
(A) (B) (C)
2.100%, 03/09/99 3,500 3,500
San Diego, Multi-Family Housing
Authority, University Town
Center Apartments Project,
RB (A) (B) (C)
2.400%, 03/09/99 1,400 1,400
San Francisco, City and County
Finance Authority, Yerba Buena
Garden Project, RB (A) (B) (C)
2.550%, 03/09/99 2,065 2,065
San Francisco, City and County
Multi-Family Housing Authority,
737 Post Project, Ser D, RB (A) (B) (C)
2.550%, 03/09/99 10,000 10,000
San Jose, Multi-Family Housing
Authority, Timberwood
Apartments Project,
RB (A) (B) (C)
2.450%, 03/09/99 3,060 3,060
San Leandro, Multi-Family Housing
Authority, Parkside Common
Apartments Project,
Ser, RB, FNMA (A) (B) (C) (E)
2.550%, 03/09/99 3,000 3,000
San Marcos, Industrial
Development Authority,
Amistar Project, RB (A) (B) (C)
3.410%, 03/09/99 4,500 4,500
Santa Clara County, Financing
Lease Authority, Replacement
Project, Ser B, RB (A) (B) (C)
2.500%, 03/09/99 4,900 4,900
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Santa Clara County, Multi-Family
Housing Authority,
Briarwood Apartments Project,
Ser B, RB, FNMA (A) (B) (E)
2.600%, 03/09/99 $ 2,300 $ 2,300
Santa Clara, Electric Revenue
Project, Ser A, RB (A) (B) (C)
2.550%, 03/09/99 760 760
Santa Clara, Electric Revenue
Project, Ser B, RB (A) (B) (C)
2.550%, 03/09/99 900 900
Santa Clara, High School District
Project, GO, FGIC
3.700%, 09/01/99 870 873
Santa Paula, School District, TRAN
4.000%, 07/01/99 2,000 2,002
Simi Valley, Community
Development Agency,
Casden Indian Oaks,
Ser A, RB (A) (B)
2.400%, 03/09/99 1,000 1,000
Simi Valley, Industrial & Economic
Development Authority,
Wambold Furniture Project,
RB (A) (B) (C)
3.150%, 03/09/99 2,300 2,300
Simi Valley, Multi-Family
Housing Authority,
Lincoln Wood Ranch Project,
RB (A) (B) (C)
2.500%, 03/09/99 2,000 2,000
Simi Valley, Multi-Family
Housing Authority,
Ser A, RB (A) (B) (C)
2.600%, 03/09/99 2,300 2,300
South California, Public Power
Authority, Transmission Project,
Ser 91, RB, AMBAC (A) (B)
2.500%, 03/09/99 4,300 4,300
Southern California, Public Power
Authority, Palo Verde Project,
Ser C, RB, AMBAC (A) (B)
2.500%, 03/09/99 6,000 6,000
Tehachapi, Community Facilities
Authority, TA
Pre-Refunded @ 103 (D)
7.400%, 10/01/99 1,000 1,056
Three Valleys, Municipal Water
Authority, Miramar Water
Treatment Project, RB (A) (B) (C)
2.850%, 03/09/99 3,000 3,000
17
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
California Tax Exempt Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westminster, Redevelopment
Authority, Commercial
Redevelopment Project,
RB, AMBAC (A) (B)
2.700%, 03/09/99 $ 3,900 $ 3,900
--------
Total Municipal Bonds
(Cost $569,047) 569,047
--------
Total Investments -- 100.1%
(Cost $569,047) 569,047
--------
Other Assets and Liabilities, Net -- (0.1%) (614)
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
62,099,833 outstanding shares
of beneficial interest 62,101
Fund Shares of Class B
(unlimited authorization -- no
par value) based on 231,049
outstanding shares of beneficial
interest 231
Fund Shares of CNI Class
(unlimited authorization -- no
par value) based on 506,150,069
outstanding shares of beneficial
interest 506,149
Undistributed net investment income 2
Accumulated net realized loss on
investments (50)
--------
Total Net Assets -- 100.0% $568,433
========
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 -- CNI CLASS $1.00
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
RB REVENUE BOND
SER SERIES
TA TAX ALLOCATION
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, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER 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.
(E) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA.
Institutional Tax Free Fund
MUNICIPAL BONDS -- 102.2%
ALABAMA -- 1.5%
Birmingham, Medical Clinic
Revenue, St. Martins in
the Pines Project,
Ser 89, RB (A) (B)
3.000%, 03/09/99 $ 2,470 $ 2,470
Birmingham, Private Educational
Building Authority Revenue,
Altamont School Project,
RB (A) (B) (C)
2.950%, 03/09/99 2,050 2,050
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A)(B)(C)
2.940%, 03/09/99 2,052 2,052
Huntsville, Healthcare Authority,
Ser A, RB, MBIA (A) (B) (C)
2.950%, 03/09/99 2,200 2,200
Indian Springs Village,
Educational Building Revenue
Authority, Indian Springs
School Project, RB (A) (B) (C)
3.000%, 03/09/99 5,000 5,000
Russelville, Industrial
Development Revenue,
Clark Pulley Project,
Ser 94, RB (A) (B) (C)
3.000%, 03/09/99 1,675 1,675
-------
15,447
-------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
ALASKA -- 0.5%
Alaska, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.050%, 06/01/99 $ 3,860 $ 3,860
Alaska State, Courthouse
Project, COP, AMBAC
5.000%, 01/01/00 1,440 1,461
--------
5,321
--------
ARIZONA -- 2.2%
Arizona State, Educational Loan
Marketing Corporation,
Ser A, RB
6.550%, 03/01/99 1,000 1,000
Chandler, Industrial
Development Authority
Revenue, Limited Partnership
Project, RB (A) (B) (C)
2.950%, 03/09/99 7,870 7,870
Chandler County, Industrial
Development Authority,
Parsons Municipal Service
Project, RB (A) (B) (C)
2.750%, 03/09/99 4,225 4,225
Maricopa County, Industrial
Development Authority,
Arcadia Vista Apartments
Project, Ser A, RB (A) (B) (C)
3.060%, 03/09/99 4,750 4,750
Maricopa County, Industrial
Development Authority,
McLane Company Project,
RB (A) (B) (C)
3.400%, 03/09/99 670 670
Prescott, Municipal Property
Corporation, Ser C, RB, MBIA
Pre-Refunded @ 101 (D)
7.000%, 07/01/99 1,000 1,023
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking Project, Ser A,
RB (A) (B) (C)
2.875%, 03/09/99 3,500 3,500
--------
23,038
--------
ARKANSAS -- 0.0%
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A) (B)(C)
2.940%, 03/09/99 74 74
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
CALIFORNIA -- 2.1%
California State, Higher Education
Loan Authority, Student Loan
Refunding, Ser 87-A,
RB (A) (B) (C)
3.650%, 07/01/99 $ 7,500 $ 7,500
California State, Higher Education
Loan Authority, Student Loan
Refunding, RB (A) (B) (C)
3.800%, 05/01/99 3,325 3,325
Los Angeles, Multi-Family Housing
Authority, Ser K, RB (A) (B) (C)
2.400%, 03/09/99 10,970 10,970
-------
21,795
-------
COLORADO -- 3.1%
City of Idaho Springs, Safeway
Project, Ser 93, RB (A) (B) (C)
3.050%, 06/01/99 1,950 1,950
Colorado State, Housing Finance
Authority, Cambray Park
Project, RB (A) (B) (C)
3.050%, 03/09/99 1,050 1,050
Colorado State, Housing Finance
Authority, Woodstream Project,
RB (A) (B) (C)
3.050%, 03/09/99 1,860 1,860
Dove Valley, Metropolitan District
Arapahoe County Authority,
Ser C, GO (A) (B) (C)
4.050%, 11/01/99 5,000 5,000
Eagle County, Smith Creek
Metropolitan District Project,
Ser 95, RB (A) (B) (C)
2.950%, 03/09/99 2,550 2,550
Englewood, Industrial
Development Revenue,
Safeway Incorporated Project,
RB (A) (B) (C)
3.050%, 06/01/99 2,315 2,315
Estes Park, Urban Renewal
Authority Tax Increment
Revenue, TAN
Pre-Refunded @ 101 (D)
7.625%, 05/15/99 1,500 1,528
Jefferson County, Industrial
Development Revenue,
Kinder Care Centers Project,
Ser C, RB (A) (B) (C)
3.100%, 03/09/99 1,700 1,700
Panorama Metropolitan District,
Ser B, RB (A) (B) (C)
3.400%, 12/01/99 2,425 2,425
19
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pitkin County, Multi-Family
Revenue Housing Authority,
Centennial Project,
Ser A, RB (A) (B) (C)
3.050%, 03/09/99 $ 2,650 $ 2,650
Recreational Facilities Authority,
Cooper Mountain Project,
RB (A) (B) (C)
2.950%, 03/09/99 4,525 4,525
Smith Creek Metropolitan District
Authority, RB (A) (B) (C)
2.950%, 03/09/99 4,200 4,200
-------
31,753
-------
DELAWARE -- 0.7%
Economic Development Authority,
Commercial Development,
Congoleum Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,000 1,000
Economic Development Authority,
Route 113 Limited Partnership
Project, RB (A) (B) (C)
3.100%, 03/09/99 6,000 6,000
-------
7,000
-------
DISTRICT OF COLUMBIA -- 1.0%
District of Columbia,
RB (A) (B) (C)
2.900%, 03/09/99 5,000 5,000
District of Columbia,
Ser A, GO, AMBAC
Pre-Refunded @ 102 (D)
7.500%, 06/01/99 5,000 5,143
District of Columbia,
Ser B-3, RB (A) (B) (C)
3.350%, 03/01/99 100 100
-------
10,243
-------
FLORIDA -- 4.0%
Boca Raton, Industrial
Development Authority,
Parking Garage Project,
Ser 84-A, RB (A) (B) (C)
3.125%, 03/09/99 7,950 7,950
Broward County, Housing
Finance Authority, Multi-Family
Housing Revenue, Landings
Inverray Apartments Project,
RB (A) (B) (C)
3.100%, 03/09/99 2,800 2,800
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Broward County, Multi-Family
Housing Finance Authority,
Lake Park Association Limited
Partnership Project, RB (A) (B) (C)
3.000%, 03/09/99 $ 400 $ 400
Broward County, Muli-Family
Housing Finance Authority,
Welleby Apartments Project,
RB (A) (B) (C)
3.000%, 03/09/99 3,550 3,550
Coral Springs, Import District
Authority, Water and Sewer
Project, Ser C, RB, MBIA
Pre-Refunded @ 102 (D)
7.600%, 12/01/99 2,165 2,278
Florida State, Gulf Coast
University Authority,
COP (A) (B) (C)
2.900%, 03/09/99 800 800
Florida State, Multi-Family Health
Finance Agency Authority,
Buena Vista Project,
RB (A) (B) (C)
3.000%, 11/01/99 4,530 4,530
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 112 112
Gulf Breeze, Local Government
Loan Program Project,
Ser B, RB, FGIC (A) (B)
2.950%, 03/09/99 2,500 2,500
Highlands County, Health
Facility Authority,
Adventist/Sunbelt Project,
Ser A, RB (A) (B)
3.000%, 03/09/99 6,100 6,100
Jacksonville, Industrial
Development Authority,
University of Florida Health
Science Center Project,
Ser 89, RB (A) (B) (C)
3.150%, 03/09/99 1,000 1,000
Lake Bernadette Community
Development, Special
Assessment Revenue Project,
Ser B, RB (A) (B) (C)
3.050%, 03/09/99 545 545
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
20
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lee County, Industrial Development
Authority, Christian &
Missionary-Shell Point Village
Project, RB (A) (B) (C)
3.070%, 03/09/99 $ 450 $ 450
Orange County, Industrial
Development Authority Central
Florida YMCA Project,
RB (A) (B) (C)
3.000%, 03/09/99 5,025 5,025
Palm Beach County, Economic
Development Authority,
YMCA Boynton Beach
Project, RB (A) (B) (C)
3.000%, 03/09/99 1,700 1,700
Pasco City, Housing Finance
Authority, Multi-Family
Housing, Carlton Arms of
Magnolia Valley Project,
Ser 85, RB (A) (B) (C)
2.875%, 03/09/99 2,000 2,000
-------
41,740
-------
GEORGIA -- 9.9%
Albany-Dougherty County,
Hospital Authority Revenue,
Phoebe Putney Memorial
Hospital Project, Ser 1996,
RB, AMBAC (A) (B) (C)
3.000%, 03/09/99 1,900 1,900
Athens, Multi-Family Housing
Authority, Georgian Apartments
Project, RB (A) (B) (C)
3.275%, 03/09/99 1,400 1,400
Bibb County, Industrial
Development Authority,
Stratford Academy Project,
RB (A) (B) (C)
3.000%, 03/09/99 2,500 2,500
Cherokee County, Industrial
Development Authority,
Seabord Farms Project,
RB (A) (B) (C)
3.050%, 03/09/99 3,000 3,000
Clayton County, Multi-Family
Housing Authority, Rainwood
Development Project, RB (A) (B)
3.025%, 03/09/99 2,700 2,700
Cobb County, Industrial
Development Authority,
Institute Nuclear Power
Operations Project, RB (A) (B) (C)
3.000%, 03/09/99 2,700 2,700
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Cobb County, Multi-Family
Housing Authority, Tibarron
Associates Project, Ser 85-D,
RB (A) (B) (C)
3.100%, 03/09/99 $ 8,600 $ 8,600
Cobb County, Rhodes Home
Project Multi-Family Housing
Authority, RB (A) (B) (C)
3.000%, 03/09/99 915 915
DeKalb County, Housing
Authority, Multi-Family
Revenue, Clairmont Crest
Project, RB (A) (B) (C)
2.950%, 03/15/99 2,000 2,000
DeKalb County, Industrial
Development Authority, Dart
Container Project, RB (A) (B)
3.250%, 03/09/99 900 900
DeKalb County, Industrial
Development Authority,
Weyerhaeuser County Project,
RB (A) (B)
2.900%, 03/09/99 3,500 3,500
Downtown Athens Housing
Development Authority,
Georgian Apartments
Association, RB (A) (B) (C)
3.400%, 03/09/99 1,000 1,000
Federal Paper Board, Tax Exempt
Bond Grantor Trust,
RB (A) (B) (C)
4.150%, 03/09/99 7,200 7,200
Fulton County, Industrial
Development Authority, ADP
Corporation Project, RB (A) (B)
2.800%, 03/09/99 2,765 2,765
Fulton County, Industrial
Development Authority,
Epstein School Project,
RB (A) (B) (C)
3.000%, 03/09/99 2,000 2,000
Fulton County, Industrial
Development Authority,
Holy Innocents School
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,500 2,500
Fulton County, Industrial
Development Authority,
Morehouse School of Medicine
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,400 2,400
21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fulton County, Industrial
Development Authority,
Woodward Academy Income
Project, RB (A) (B) (C)
3.000%, 03/09/99 $10,000 $ 10,000
Georgia State, Municipal Gas
Authority, Portfolio II
Project, Ser C, RB (A) (B) (C)
2.950%, 03/09/99 10,600 10,600
Greystone Tax Exempt Certificate
Trust Authority, Senior
Certificate of Beneficial
Ownership Project, RB (A) (B) (C)
2.940%, 03/09/99 474 474
Gwinnett County, Industrial
Development Authority, Wesleyan
School Project, RB (A) (B) (C)
3.000%, 03/09/99 700 700
Macon-Bibb County, Hospital
Authority Revenue, Anticipation
Certificates Medical Center
Control Project, RB (A) (B) (C)
3.000%, 03/09/99 4,000 4,000
Marietta, Housing Finance
Authority, Multi-Family
Housing, Falls At Bells Ferry
Project, RB (A) (B)
3.200%, 01/15/00 6,885 6,885
Marietta, Housing Finance
Authority, Multi-Family
Housing, Franklin Walk
Apartments Project,
RB (A) (B) (C)
3.025%, 03/09/99 3,540 3,540
Monroe County, Development
Authority Revenue, Baptist
Village Income Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,200 1,200
Roswell, Multi-Family Housing
Revenue, Belcourt Limited
Project, RB (A) (B) (C)
2.450%, 03/09/99 9,000 9,000
Savannah, Multi-Family Housing
Authority Revenue, Somerset
Place Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 4,500 4,500
Thomasville, Hospital Revenue
Authority, J.D. Archbold Project,
RB (A) (B) (C)
3.000%, 03/09/99 2,700 2,700
--------
101,579
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
HAWAII -- 0.1%
Hawaii State, Department of Budget
& Finance Authority, Kuakini
Medical Center Project,
RB (A) (B) (C)
2.900%, 03/09/99 $ 800 $ 800
-------
IDAHO -- 1.2%
Boise State, University Revenue
Authority, Engineering
Technology Project, RB (A) (B)(C)
3.150%, 03/09/99 3,500 3,500
Twin Falls, Urban Renewal Agency
Tax Increment Authority,
Allocation Project,
Ser A, RB (A) (B) (C)
3.120%, 03/09/99 7,675 7,675
University of Idaho, Elmwood
Apartments Acquisition
Project, RB
3.450%, 05/15/99 1,350 1,350
-------
12,525
-------
ILLINOIS -- 11.5%
Cook County, Community
Consolidated School District
No. 21, TAW
3.625%, 11/01/99 6,000 6,000
Development Finance Authority,
Rest Haven Illinan Project,
RB (A) (B) (C)
2.950%, 03/09/99 2,000 2,000
Finance Revenue Authority, Casa
Central Padres Project,
RB (A) (B) (C)
2.950%, 03/09/99 3,000 3,000
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 5,046 5,046
Health Facilities Authority
Revenue, Advocate Healthcare
Network, Ser B, RB (A) (B)
3.050%, 03/09/99 32,400 32,400
Illinois State, Development
Finance Authority Revenue,
American Youth Hostels
Project, RB (A) (B) (C)
2.950%, 03/09/99 3,750 3,750
Illinois State, Educational
Facilities Revenue Authority,
Art Institute of Chicago
Project, RB (A) (B) (C)
2.900%, 03/09/99 2,500 2,500
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
22
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Illinois State, Health Facilities
Authority Revenue, Lifelink
Corporation Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 $ 6,000 $ 6,000
Kane County, First Preserve
District, GO
Pre-Refunded @ 100 (D)
6.625%, 12/01/99 1,650 1,692
Kane County, School District
No. 131 Aurora
East Side, TAW
3.875%, 09/30/99 4,100 4,112
Kendall & Kane Counties,
Community Unit School District
No. 115 York Village, TAW
3.800%, 01/13/00 1,000 1,003
Lake County, Adlai E. Stevenson
High School District
No. 125, GO
4.550%, 01/01/00 1,000 1,011
Metropolitan Pier & Exposition
Authority, Dedicated State
Tax Revenue, RB
5.200%, 06/15/99 1,450 1,458
Northwest Mutual Life Tax-Exempt
Mortgage Trust, RB(A)(B)(C)
4.500%, 08/15/99 177 177
Northwest Suburban, Municipal
Joint Action Water Agency,
Water Supply System, RB, MBIA
4.100%, 05/01/99 1,000 1,002
Orland Hills Mortgage Authority,
Multi-Family Housing,
Ser 88-A, RB (A) (B) (C)
2.950%, 03/09/99 2,000 2,000
Paxton, Industrial Development
Authority, Merck & Aircoil
Project, RB (A) (B)
3.400%, 03/09/99 900 900
Rural Board Banking Authority,
Public Projects, Construction
Notes, RB
4.500%, 03/15/99 13,000 13,004
Saint Clair, Industrial Building
Authority, Winchester
Apartments Project, Ser 94,
RB (A) (B)
3.100%, 03/09/99 8,000 8,000
Schaumburg, Ser A, GO (A) (B) (C)
2.900%, 03/09/99 2,800 2,800
Springfield, Multi-Family Housing
Authority, Oak Center Limited
Project, RB (A) (B)
3.150%, 03/09/99 4,900 4,900
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Streamwood Village, Industrial
Development Revenue,
Authority Poplar Creek Project,
RB (A) (B) (C)
3.400%, 04/01/99 $ 4,000 $ 4,000
Winnebago & Boone Counties,
School District No. 205, TAW
5.400%, 10/29/99 12,000 12,069
--------
118,824
--------
INDIANA -- 6.9%
Bartholomew County,
Consolidated School
Corporation, TAW
3.300%, 06/30/99 3,287 3,288
3.430%, 12/31/99 5,560 5,564
Benton, Community School
Corporation, TAW
3.500%, 12/31/99 3,645 3,648
Duneland, Chesterton School
Corporation, TAW
3.400%, 12/31/99 4,000 4,003
East Porter County, School
Authority, TAW
3.750%, 12/31/99 1,400 1,405
Fort Wayne, Industrial Economic
Development Authority,
Avery International Project,
RB (A) (B) (C)
2.875%, 03/09/99 3,100 3,100
Fort Wayne, Ser 83, RB (A) (B) (C)
2.915%, 03/09/99 650 650
Gaf Tax Exempt Bond Grantor
Trust, Ser A, RB (A) (B) (C)
4.000%, 03/09/99 2,520 2,520
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A)(B)(C)
2.940%, 03/09/99 5,315 5,315
Highland, School Township, TAW
3.500%, 12/31/99 2,700 2,703
Indiana State, Health Facilities
Financing Authority,
Hartsfield Village Project,
Ser B, RB (A) (B) (C)
3.000%, 03/09/99 5,000 5,000
Lake Central, School
Authority, TAW
3.300%, 06/30/99 2,500 2,500
Michigan City, Economic
Development Authority,
Marley Company
Project, RB (A) (B) (C)
2.875%, 03/09/99 1,225 1,225
23
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Michigan City, Economic
Development, Marley Company
Project, Ser 84, RB (A) (B) (C)
2.875%, 03/09/99 $ 1,525 $ 1,525
Michigan City, Area Schools, TAW
3.380%, 12/31/99 2,800 2,801
Northwest Mutual Life Tax-Exempt
Mortgage Trust, RB(A)(B)(C)
4.500%, 08/15/99 20 20
Plymouth, Community School
Corporation, TAW
3.600%, 12/30/99 1,766 1,770
Portage Township, School
District, TAW
3.875%, 12/31/99 2,250 2,260
Residential Apartments,
Portfolio Certificate Trust 1996,
Ser A, RB (A) (B) (C)
3.150%, 03/09/99 12,000 12,000
Southwest Allen County,
Metropolitan School District, TAW
3.500%, 12/31/99 5,000 5,006
St. Joseph County, Industrial
Economic Development,
South Bend Medical Center
Project, RB (A) (B) (C)
3.000%, 03/09/99 3,200 3,200
West Lafayette, Community
School, TAW
3.500%, 12/31/99 1,800 1,801
-------
71,304
-------
IOWA -- 1.8%
Ceder Rapids, Pollution Control
Authority, Electric and Power
Project, RB (A) (B)
2.950%, 03/09/99 1,300 1,300
Chillicothe, Pollution Control
Authority, Gas and Electric
Project, RB (A) (B)
2.950%, 03/09/99 2,000 2,000
Financial Revenue Authority,
Burlington Medical Center
Project, RB (A) (B)
3.000%, 03/09/99 7,600 7,600
Higher Education Authority,
St. Ambrose University
Project, RB (A) (B)(C)
3.000%, 03/09/99 1,075 1,075
Housing Healthcare Revenue
Authority, Wesley Retirement
Services Project, RB (A) (B) (C)
3.000%, 03/09/99 1,155 1,155
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Iowa State, Higher Education Loan
Authority Revenue, Education
Loan Private College Facilities
Project, RB, MBIA (A) (B) (C)
3.050%, 03/09/99 $ 2,000 $ 2,000
Iowa State, Student Loan Liquidity
Revenue, Ser C, RB, AMBAC
6.500%, 12/01/99 3,000 3,074
-------
18,204
-------
KANSAS -- 0.3%
Derby, Waterworks Utility Systems
Revenue, Ser 1, RB (B)
4.500%, 01/15/00 1,000 1,002
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 55 55
Wichita, Pollution Control,
CIC Industries Incorporated,
RB (A) (B) (C)
3.125%, 03/09/99 1,590 1,590
------
2,647
------
KENTUCKY -- 2.4%
Covington, Industrial Building
Revenue, Atkins & Pearce
Incorporated, Ser 95,
RB (A) (B) (C)
2.950%, 03/09/99 1,850 1,850
Georgetown, Educational
Institution Improvement,
Georgetown College Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,000 1,000
Kentucky State, TRAN
3.660%, 06/30/99 19,999 19,999
Newport City, Multi-Family
Housing Revenue, RB (A) (B)
3.900%, 06/01/99 1,670 1,670
-------
24,519
-------
LOUISIANA -- 0.7%
Calcasieu Parish, Sales Tax District
No. 4-A, GO (A) (B) (C)
2.900%, 03/09/99 3,770 3,770
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 3,095 3,095
-------
6,865
-------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
24
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MAINE -- 0.1%
Portland, Industrial Development
Authority, W.W. Grainger Project,
Ser 85, RB (A) (B)
3.150%, 03/09/99 $ 1,315 $ 1,315
-------
MARYLAND -- 3.9%
Annapolis Forest Gemini Facilities,
RB (A) (B) (C)
3.100%, 03/01/99 2,300 2,300
Anne Arundel County, Pollution
Control Revenue Authority,
Baltimore Gas & Electric Project,
Ser 84, RB (A) (B)
3.650%, 07/01/99 2,500 2,500
Frederick, GO (A) (B) (C)
3.000%, 03/09/99 6,500 6,500
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 3,196 3,196
Health & Higher Education
Facilities Authority, Kennedy
Krieger, RB (A) (B) (C)
3.000%, 03/09/99 2,000 2,000
Howard County, Multi-Family
Housing Authority, Sherwood
Crossing Project, RB (A) (B) (C)
3.850%, 06/01/99 3,300 3,300
Hyattsville, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.050%, 06/01/99 2,170 2,170
Maryland State, Health & Higher
Education Facilities Authority,
Pooled Loan Program,
Ser B, RB (A) (B) (C)
2.950%, 03/09/99 18,000 18,000
-------
39,966
-------
MASSACHUSETTS -- 0.5%
Massachusetts State, Development
Finance Agency Revenue,
Scandinavian Living Center
Project, RB (A) (B) (C)
3.100%, 03/09/99 4,100 4,100
New England, Education Loan
Marketing Corporation, Student
Loan Project, Ser E, RB (C)
5.000%, 07/01/99 1,000 1,006
-------
5,106
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MICHIGAN -- 1.4%
Birmingham, Economic
Development Corporation,
Brown Street Project,
Ser 83, RB (A) (B) (C)
3.125%, 03/09/99 $ 1,140 $ 1,140
Farmington Hills, Economic
Development Authority,
Brookfield Building Association
Project, RB (A) (B) (C)
3.100%, 03/09/99 1,990 1,990
Job Development Authority,
RB (A) (B) (C)
2.850%, 03/01/99 2,400 2,400
McDonald Tax-Exempt Mortgage
Trust #1, RB(A)(B)(C)
4.100%, 04/15/99 331 331
Michigan City, Area Schools, TAW
3.380%, 06/30/99 2,800 2,801
Monroe County, Intermediate
School District, Special
Education State Aid, TAN
3.500%, 04/01/99 2,000 2,000
Northville Township, Economic
Development Authority,
Thrifty Northville Project,
RB (A) (B) (C)
3.025%, 03/09/99 1,500 1,500
Northwest Mutual Life
Tax-Exempt Mortgage Trust,
RB (A) (B) (C)
4.550%, 03/15/99 49 49
Plymouth Township, Economic
Development Revenue,
Key International Project,
RB (A) (B) (C)
2.850%, 03/09/99 2,500 2,500
-------
14,711
-------
MINNESOTA -- 1.2%
Bloomington Commercial
Development, ATS II Project,
RB (A) (B) (C)
3.410%, 03/09/99 3,730 3,730
Brooklyn, Center Development
Project, Brookdale Office Park,
Ser 84, RB (A) (B) (C)
3.060%, 03/09/99 2,860 2,860
Maple Grove, Multi-Family
Revenue Authority, Housing
Project, Ser B, RB (A) (B) (C)
2.850%, 03/01/99 2,200 2,200
25
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Plymouth, Industrial Development
Revenue, Banner Engineering
Project, RB (A) (B) (C)
3.050%, 03/09/99 $ 1,800 $ 1,800
Roseville, Multi-Family Housing
Revenue, Rosepointe II Project,
RB (A) (B) (C)
3.060%, 03/09/99 1,510 1,510
Saint Paul, Housing &
Redevelopment Authority,
Lutheran Social Service Project,
RB (A) (B) (C)
3.050%, 03/09/99 625 625
-------
12,725
-------
MISSISSIPPI -- 1.0%
Desoto County, Industrial
Development Authority,
American Soap Company Project,
RB (A) (B) (C)
4.570%, 03/09/99 900 900
Flowood, Multi-Family Housing
Revenue, Reflection Pointe
Project, RB (A) (B) (C)
3.050%, 03/09/99 5,880 5,880
Mississippi, Development Bank,
Special Obligation Municipal
Facilities Authority, Mississippi
Natural Gas Project, RB, MBIA
4.000%, 01/01/00 1,415 1,425
Prentiss County, Industry
Development Authority,
Heidelberg Eastern Project,
Ser A, RB (A) (B) (C)
3.200%, 03/09/99 2,500 2,500
-------
10,705
-------
MISSOURI -- 4.6%
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
3.275%, 03/09/99 2,900 2,900
Howell County, Industrial
Development Authority,
Safeway Incorporated Project,
RB (A) (B) (C)
3.000%, 08/02/99 3,315 3,315
Macon City, Industrial Development
Authority, Healthcare Realty
Macon Project, RB (A) (B) (C)
2.950%, 03/01/99 2,140 2,140
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Missouri State, Health &
Education Facilities Authority,
Saint Francis Medical Center
Project, Ser A, RB (A) (B) (C)
3.350%, 03/01/99 $ 8,190 $ 8,190
Osage Beach, Industrial
Development Authority,
Healthcare Realty Project,
RB (A) (B) (C)
2.950%, 03/01/99 2,065 2,065
Saint Charles County,
Industrial Development
Authority, Sun River Village
Project, RB (A) (B) (C)
3.020%, 03/09/99 11,300 11,300
Saint Louis County, Industrial
Development Authority,
Schnuck Markets Kirkwood
Incorporated, RB (A) (B) (C)
2.875%, 03/09/99 4,350 4,350
Saint Louis, Grantor Trust,
Ser 96-A, COP (A) (B) (C)
3.100%, 03/09/99 13,370 13,370
-------
47,630
-------
MONTANA -- 0.2%
Great Falls, Industrial
Development Authority,
Safeway Project, RB (A) (B) (C)
3.050%, 06/01/99 1,955 1,955
-------
NEBRASKA -- 0.0%
Northwest Mutual Life
Tax-Exempt Mortgage Trust,
RB (A) (B) (C)
4.500, 08/15/99 16 16
-------
NEVADA -- 1.4%
Clark County, Airport
Improvement Authority,
Ser A, RB, MBIA (A) (B)
2.950%, 03/09/99 13,400 13,400
Reno, Hospital Revenue,
Saint Mary's Hospital Income
Project, Ser C, RB
Pre-Refunded @ 102 (D)
7.750%, 01/01/00 1,000 1,053
-------
14,453
-------
NEW HAMPSHIRE -- 0.7%
Education & Health Facilities
Authority, Dartmouth Education
Loan Project, RB (A) (B)
3.950%, 06/09/99 3,850 3,850
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
26
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State Business Financial Authority,
Foundation for Seacoast Health
Project, Ser A, RB (A) (B) (C)
3.000%, 03/09/99 $ 3,155 $ 3,155
-------
7,005
-------
NEW JERSEY -- 0.2%
Industrial & Economic
Development Authority,
Dates-Tru Project, RB (A) (B)
3.100%, 03/09/99 2,000 2,000
Northwest Mutual Life,
Tax Exempt Mortgage Trust,
RB (A) (B) (C)
4.500%, 08/15/99 89 89
-------
2,089
-------
NEW MEXICO -- 0.4%
Albuquerque, Industrial
Development Authority,
Plastech Corporation Project,
Ser B, RB (A) (B) (C)
3.050%, 03/09/99 1,455 1,455
Albuquerque, Metropolitan
Redevelopment Authority,
Springer Square Project,
RB (A) (B) (C)
3.400%, 03/09/99 3,000 3,000
-------
4,455
-------
NEW YORK -- 1.7%
Letchworthy, Central School
District Gainesville, BAN
3.500%, 01/14/00 2,000 2,002
Monroe County, Industrial
Development Agency Revenue,
Collegiate Housing Foundation
Project, Ser A, RB (A) (B) (C)
2.850%, 03/09/99 2,000 2,000
Monroe County, Industrial
Development Authority,
Rochester District Project,
RB (A) (B) (C)
2.750%, 03/09/99 1,500 1,500
New York City, Housing
Development Corporation
Multi-Family Housing Revenue,
Ser A, RB
4.400%, 11/01/99 1,500 1,511
New York State, Dormitory
Authority Revenue,
City University System,
Ser A, RB, FGIC
7.450%, 07/01/99 1,200 1,217
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Dormitory
Authority Revenue,
Terence Cardinal Cooke Health
Project, RB (C)
4.000%, 07/01/99 $ 1,425 $ 1,429
New York State, Medical Care
Facilities Finance Agency
Revenue Refunding Mental
Health Services, Ser F, RB
4.600%, 08/15/99 1,700 1,711
North Hempstead, BAN
4.000%, 07/29/99 6,122 6,126
-------
17,496
-------
NORTH CAROLINA -- 1.5%
Beaufort Industrial Facility,
Pollution Control Revenue
Project, Texas Gulf Corporation,
RB (A) (B) (C)
2.850%, 03/09/99 1,025 1,025
Charlotte-Mecklenberg, Hospital
Authority, Healthcare System
Revenue, Ser D, RB (A) (B) (C)
2.950%, 03/09/99 3,000 3,000
North Carolina, Medical Care
Community Hospital Revenue,
Pooled Equipment Financing
Project, RB, MBIA (A) (B) (C)
2.900%, 03/09/99 11,700 11,700
-------
15,725
-------
NORTH DAKOTA -- 0.1%
Fargo Kelly Inn, Fargo Project,
Ser 93, RB (A) (B) (C)
3.050%, 03/09/99 1,120 1,120
-------
OHIO -- 3.3%
Clermont County, Hospital
Facilities Revenue, Mercy Health
Project, Ser A, RB, AMBAC
Pre-Refunded @ 102, (D)
7.500%, 09/01/19 1,000 1,042
Franklin County, Industrial
Development Authority,
Leveque & Associates Project,
RB (A) (B) (C)
3.000%, 06/01/99 1,325 1,325
Greystone Tax Exempt Certificate
Trust Authority, Senior
Certificate of Beneficial
Ownership Project,
Ser 2, RB (A) (B) (C)
3.090%, 03/09/99 5,361 5,361
27
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Highland County, Industrial
Development Authority, Lancaster
Colony Corporation Project,
RB (A) (B) (C)
3.650%, 03/01/99 $ 1,500 $ 1,500
Lorain County, Independent
Living Facilities Revenue,
Elyria Methodist Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 5,700 5,700
Lorain County, Living &
Hospital Facilities,
United Methodist Village Project,
Ser 1996B, RB (A) (B) (C)
3.000%, 03/09/99 7,045 7,045
Marion County, Hospital Revenue,
Pooled Lease Program, Ser 91,
RB (A) (B) (C)
3.000%, 03/09/99 2,915 2,915
McDonald Tax-Exempt
Mortgage Trust #1, RB (A) (B) (C)
4.100%, 04/15/99 1,547 1,547
Scioto County, Healthcare
Facilities, Hill View Retirement,
RB (A) (B) (C)
3.800%, 06/01/99 1,760 1,760
Southwest, Regional Water
District, BAN
4.100%, 08/19/99 3,000 3,004
Stark County, Healthcare
Facilities, Canton Christian
Home Project, Ser 90,
RB (A) (B) (C)
3.650%, 03/01/99 1,260 1,260
Stark County, Healthcare Facility,
Christian Home, RB (A) (B) (C)
3.650%, 03/15/99 1,500 1,500
Trumbull County, Industrial
Development Authority, Howland
Association Project,
RB (A) (B) (C)
2.950%, 03/09/99 410 410
-------
34,369
-------
OKLAHOMA -- 3.5%
Claremore, Industrial &
Redevelopment Authority,
Worthington Cylinder Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,100 1,100
Oklahoma State, Industrial
Development Authority,
Baptist Medical Center Project,
Ser B, RB (A) (B)
2.950%, 03/09/99 24,000 24,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tulsa City, Industrial Development
Authority, Healthcare,
Laureate Psychiatric Project,
RB (A) (B) (C)
3.200%, 06/15/99 $ 8,500 $ 8,500
Tulsa Parking Authority,
Refunding First Mortgage
Williams Project 84, Ser A,
RB (A) (B) (C)
3.150%, 05/15/99 2,735 2,735
-------
36,335
-------
OREGON -- 0.1%
Lane County, Industrial
Development Authority,
Weyerhaeuser Project, RB (A) (B)
2.900%, 03/09/99 1,000 1,000
-------
PENNSYLVANIA -- 6.8%
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
2.875%, 03/09/99 1,950 1,950
Clarion County, Industrial
Development Authority,
Meritcare Project, Ser A,
RB (A) (B) (C)
3.000%, 03/09/99 2,100 2,100
Dauphin County, General
Authority, All Health Pooled
Financing Project, Ser A, RB,
FSA (A) (B)
3.000%, 03/09/99 7,500 7,500
East Hempfield Township,
Industrial Revenue Authority,
Mennonite Home Project,
RB (A) (B) (C)
3.020%, 03/09/99 2,500 2,500
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A)(B)(C)
2.940%, 03/09/99 2,355 2,355
Lancaster County, Higher
Education Authority,
Franklin & Marshall College
Project, RB (A) (B) (C)
3.020%, 03/09/99 3,920 3,920
McCandless, Industrial
Development Authority,
Bradford Foundation Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 1,730 1,730
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
McDonald Tax-Exempt Mortgage
Trust #1, RB (A) (B) (C)
4.100%, 04/15/99 $ 331 $ 331
Montgomery County, Higher
Education & Health Authority,
William Penn Charter School
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,700 2,700
North Cumberland County,
Industrial Development
Authority, RB (A) (B)
3.150%, 03/01/99 400 400
North Cumberland County,
Industrial Development
Authority, Atlas Development
Project, RB (A) (B) (C)
3.000%, 03/09/99 1,020 1,020
Northwest Mutual Life
Tax-Exempt Mortgage Trust,
RB (A) (B) (C)
4.500%, 08/15/99 36 36
Pennsylvania State, Economic
Development Financing
Authority, Montessori Academy
Project, Ser C, RB (A) (B)(C)
3.000%, 03/09/99 800 800
Philadelphia, Industrial
Development Authority,
Inglis House Project,
RB (A) (B) (C)
3.580%, 03/01/99 26,000 26,000
Washington County, Industrial
Development Authority
Revenue, Wetterau Finance
Company Project, RB (A) (B) (C)
3.000%, 03/01/99 400 400
William Penn, School District
Authority, TRAN
3.940%, 06/30/99 2,095 2,096
York, General Authority Pooled
Revenue, RB (A) (B) (C)
2.950%, 03/09/99 5,350 5,350
York, General Pooled Financing
Authority Revenue,
Sub Ser A, RB, AMBAC (A) (B) (C)
2.900%, 03/09/99 9,400 9,400
-------
70,588
-------
RHODE ISLAND -- 0.2%
Rhode Island, Housing and
Management Finance
Corporation, Multi-Family
Housing Project,
Ser A, RB, AMBAC
4.900%, 07/01/99 2,500 2,513
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
SOUTH CAROLINA -- 3.0%
Charleston Center Tax Exempt
Bond Grantor Trust #1,
RB (A) (B) (C)
3.800%, 08/01/99 $ 7,262 $ 7,263
Charleston Center Tax Exempt
Bond Grantor Trust #2,
RB (A) (B) (C)
3.100%, 05/01/99 4,000 4,000
Charleston Center Tax-Exempt
Bond Grantor Trust #4,
RB (A) (B) (C)
3.000%, 06/01/99 7,267 7,268
Charleston Center Tax Exempt
Bond Grantor Trust #5,
RB (A) (B) (C)
3.700%, 03/01/99 4,035 4,035
Educational Facilities Authority,
Morris College Project,
RB (A) (B) (C)
3.000%, 03/09/99 3,000 3,000
Sumter County, Individual
Development Authority,
Bendix Corporation
Project, RB (A) (B)(C)
2.875%, 03/09/99 4,000 4,000
Walhalla, Revenue Authority,
Avondale Mills Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,700 1,700
-------
31,266
-------
TENNESSEE -- 4.1%
Gaf Tax-Exempt Bond Grantor
Trust, Ser A, RB (A) (B) (C)
4.000%, 03/09/99 4,480 4,480
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 2,975 2,975
Hamilton County, Industrial
Development Board Revenue
Authority, Trade Center Hotel
Project, Ser A, RB (A) (B) (C)
3.000%, 03/09/99 5,547 5,548
Hamilton County, Industrial
Development Board Revenue
Authority, Trade Center Hotel
Project, Ser B, RB (A) (B) (C)
3.000%, 03/09/99 4,852 4,852
29
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Jacksonville County, Industrial
Development Board, Esselte
Corporation Project, Ser B,
RB (A) (B) (C)
3.350%, 03/01/99 $ 3,600 $ 3,600
Knox County, Industrial
Development Authority,
Center Square 11 Limited Project,
RB (A) (B)
3.150%, 03/09/99 5,000 5,000
Knox County, Industrial
Development Authority,
Holiday Inn - Worlds Fair Project,
RB (A) (B)
3.150%, 03/09/99 1,800 1,800
Memphis, Ser A, GO (A) (B)
3.050%, 03/09/99 2,600 2,600
Nashville & Davidson County,
Health & Education Facilities
Authority, Adventist/Sunbelt
Project, Ser A,
RB (A) (B)
3.000%, 03/09/99 3,395 3,395
Nashville & Davidson County,
Metropolitan Government
Industrial Development Board
Revenue, Nashville Office
Building Project, RB (A) (B)
3.150%, 03/09/99 4,300 4,300
Nashville Metropolitan
Government, Toys "R" Us Project,
Ser 84, RB (A) (B) (C)
3.000%, 03/09/99 1,030 1,030
Shelby County, Health Education &
Housing Facilities,
Saint Peter Villa Project,
RB (A) (B) (C)
3.000%, 03/09/99 3,070 3,070
-------
42,650
-------
TEXAS -- 3.8%
Austin, Convention Center
Revenue, Ser B, RB
Pre-Refunded @ 102 (D)
8.250%, 11/15/99 1,750 1,846
Austin, Ser B, GO
Pre-Refunded @ 100 (D)
7.000%, 09/01/99 2,000 2,038
Brazo River, Industrial
Development Authority,
Hoffman-LaRoche Project, Ser 85,
RB (A) (B) (C)
3.025%, 03/09/99 1,000 1,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Corpus Christi, Industrial
Development Authority,
Air Inventory Project,
RB (A) (B) (C)
3.350%, 08/01/99 $ 125 $ 125
Corpus Christi, Industrial
Development Authority,
Texas-Air Project, RB (A) (B) (C)
3.350%, 08/01/99 4,440 4,440
Harris County, Multi-Family
Housing, Glenhollow Project,
RB (A) (B) (C)
3.275%, 03/09/99 1,600 1,600
Harris County, Multi-Family
Housing, Greenhouse Project,
RB (A) (B) (C)
3.275%, 03/09/99 1,985 1,985
Nacogdocles, Health Finance
Development Committee,
South Central Health Services
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,100 2,100
Red River, Pollution Control
Authority, Southwestern Public
Service Project, RB (A) (B) (C)
2.950%, 03/09/99 6,600 6,600
Texas State, GO
Pre-Refunded @ 100 (D)
8.300%, 12/01/99 3,000 3,117
Texas State, Lower Colorado River
Authority Revenue,
Third Supply Series,
RB, MBIA (A) (B)
2.950%, 03/09/99 7,000 7,000
Trinity River, Industrial
Development Authority, Trinity
River Project, RB (A) (B) (C)
3.025%, 03/09/99 2,000 2,000
Waco, Health Facilities
Development Corporation,
Charity Obligation Group Project,
Ser E, RB (A) (B)
2.950%, 03/09/99 5,000 5,000
-------
38,851
-------
UTAH -- 0.9%
Northwest Mutual Life
Tax-Exempt Mortgage Trust,
RB (A) (B) (C)
4.500%, 08/15/99 42 42
Sandy City, Industrial
Development Authority,
Boyer 106 S Project,
RB (A) (B) (C)
3.000%, 03/09/99 2,565 2,565
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
30
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sandy City, Industrial
Development Authority,
Boyer Alta View Project,
RB (A) (B) (C)
3.000%, 03/09/99 $ 1,550 $ 1,550
West Valley, Industrial
Development Authority,
Johnson Matthey Project,
RB (A) (B) (C)
3.350%, 03/01/99 5,100 5,100
-------
9,257
-------
VERMONT -- 0.3%
Educational & Health Financing
Authority, Capital Asset
Financing Program Project,
Ser 2, RB (A) (B) (C)
3.000%, 03/09/99 500 500
Student Loan Revenue, RB (A) (B) (C)
2.900%, 03/09/99 2,050 2,050
-------
2,550
-------
VIRGINIA -- 1.5%
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB(A)(B)(C)
2.940%, 03/09/99 1,845 1,845
Harrisonburg, Multi-Family Housing,
Rolling Brook Village Apartment,
RB (A) (B) (C)
3.200%, 08/01/99 7,000 7,000
Norfolk, Industrial Development
Authority, Toys "R" Us Project,
Ser 1984, RB (A) (B) (C)
2.875%, 03/09/99 1,425 1,425
Northwest Mutual Life Tax-Exempt
Mortgage Trust, RB(A)(B)(C)
4.500%, 08/15/99 28 28
Roanoke, Industrial Development
Hospital Authority Revenue,
Roanoke Memorial Hospitals
Project, Ser C, RB (A) (B) (C)
2.850%, 03/09/99 2,000 2,000
Winchester, Industrial
Development Hospital Authority
Revenue, Winchester Medical
Center Project, RB, AMBAC
Pre-Refunded @ 102 (D)
7.250%, 01/01/00 3,450 3,635
-------
15,933
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WASHINGTON -- 1.0%
Chelan County, Public Utility
District No. 001 Consolidated
Revenue, Chelan Hydro Project,
Ser C, RB
4.500%, 07/01/99 $ 3,240 $ 3,257
Kent, Economic Development
Revenue, Northwest Aluminum
Products, RB (A) (B) (C)
3.100%, 03/09/99 1,400 1,400
Non-Profit Housing Finance
Authority, Emerald Heights
Project, RB (A) (B) (C)
3.250%, 03/01/99 1,000 1,000
Washington State, Healthcare
Facilities Authority Revenue,
Sisters of Providence Project, RB
Pre-Refunded @ 102 (D)
7.875%, 10/01/99 1,650 1,724
Washington State, Housing Finance
Community Non-Profit Housing
Authority Revenue,
Panorama City Project,
RB (A) (B) (C)
3.300%, 03/01/99 400 400
Washington State, Public Power
Supply System, Nuclear Project
No. 1, Ser A, RB
Pre-Refunded @ 102 (D)
7.500%, 07/01/99 2,000 2,067
-------
9,848
-------
WEST VIRGINIA -- 1.8%
Charleston, Building Common
Parking Facility Authority,
Charlestown Town Center,
Ser A, RB (A) (B) (C)
3.050%, 03/09/99 12,525 12,525
Parkersburg, Industrial
Development Authority,
B-H Associates Project,
RB (A) (B) (C)
3.275%, 03/09/99 3,500 3,500
Putnam County, Industrial
Development Authority,
Bond for FMC Corporation
Project, RB (A) (B) (C)
2.900%, 03/09/99 2,400 2,400
-------
18,425
-------
31
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Institutional Tax Free Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WISCONSIN -- 2.4%
Altoona, School District, TRAN
3.600%, 10/29/99 $ 1,000 $ 1,001
Augusta, Industrial Development
Authority, Ball Corporation
Project, RB (A) (B) (C)
3.000%, 03/09/99 2,650 2,650
Beaver Dam Unified School
District Authority, TRAN
3.800%, 08/24/99 3,000 3,001
Genoa City, Joint School District,
BAN
3.720%, 10/15/99 5,000 5,003
Monroe County, School District,
TRAN
3.790%, 10/15/99 3,000 3,001
New Lisbon, School District,
TRAN
3.830%, 08/25/99 1,100 1,101
Northwest Mutual Life Tax-Exempt
Mortgage Trust, RB (A) (B) (C)
4.500%, 08/01/99 43 43
Omro, School District, TRAN
3.570%, 09/30/99 1,300 1,301
Shawano-Gresham, School District,
TRAN
3.500%, 08/31/99 2,000 2,001
Village of Menomonee, Industrial
Development Authority, Maysteel
Corporation Project, RB (A) (B) (C)
3.020%, 03/09/99 3,000 3,000
West de Pere, School District, TRAN
4.000%, 10/01/99 2,900 2,905
--------
25,007
--------
WYOMING -- 0.7%
Cheyenne County, Revenue
Refunding, Holiday Inn Project,
RB (A) (B) (C)
3.550%, 04/01/99 1,185 1,185
Evanston, Industrial Development
Revenue, Safeway Incorporated
Project, RB (A) (B) (C)
3.050%, 06/01/99 3,700 3,700
Northwest Mutual Life, Tax-Exempt
Mortgage Trust, RB(A)(B)(C)
4.500%, 08/15/99 31 31
Wyoming State, Student Loan
Corporation Revenue, RB
6.250%, 12/01/99 2,500 2,552
--------
7,468
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
Total Municipal Bonds
(Cost $1,056,210) $1,056,210
----------
Total Investments -- 102.2%
(Cost $1,056,210) 1,056,210
----------
Other Assets and Liabilities, Net -- (2.2%) (23,067)
----------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 912,996,551
outstanding shares of beneficial interest 912,821
Fund Shares of Class B
(unlimited authorization -- no
par value) based on 86,891,454
outstanding shares of beneficial interest 86,891
Fund Shares of Class C
(unlimited authorization -- no
par value) based on 33,455,191
outstanding shares of beneficial interest 33,455
Accumulated net realized loss
on investments (24)
----------
Total Net Assets -- 100.0% $1,033,143
==========
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 BOND MUNICIPAL ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
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, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER OF THE MATURITY DATE OR THE PUT DATE.
(C) SECURITIES ARE HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR BANK
OR FINANCIAL INSTITUTION.
(D) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
32
<PAGE>
- --------------------------------------------------------------------------------
Pennsylvania Tax Free Fund
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 105.5%
PENNSYLVANIA -- 105.5%
Allegheny County, Hospital
Development Authority,
Presbyterian University Hospital
Project, Ser B2, RB (A) (B) (C)
3.000%, 03/09/99 $ 395 $ 395
Allegheny County, Sanitation &
Sewer Authority, Ser B, RB, FGIC
Pre-Refunded @ 100 (D)
7.250%, 06/01/99 590 595
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
2.875%, 03/09/99 1,800 1,800
Blair County, Hospital Authority,
Altoona Hospital Project,
Ser A, RB, AMBAC
3.750%, 07/01/99 1,165 1,165
Bucks County, Industrial
Development Authority,
CPC International Incorporated
Project, Ser 85, RB (A) (B)
3.640%, 03/09/99 2,000 2,000
Butler County, Industrial
Development Authority,
Pennzoil Project, RB (A) (B) (C)
3.250%, 03/09/99 600 600
Chartiers Valley, Industrial &
Commercial Development
Authority, Parkay Center West
Project, Ser A, RB (A) (B) (C)
3.000%, 03/09/99 1,070 1,070
Clarion County, Industrial
Development Authority,
Meritcare Project,
Ser A, RB (A) (B) (C)
3.000%, 03/09/99 700 700
Delaware County, Industrial
Development Authority,
Henderson/Radnor Joint
Venture Project, RB (A) (B) (C)
3.150%, 03/09/99 1,040 1,040
Easton, City School District
Authority, GO (A) (B)
3.000%, 03/09/99 1,600 1,600
Erie County, Higher Educational
Building Authority, Ser A, RB
Pre-Refunded @ 102 (D)
8.500%, 06/01/99 1,000 1,031
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Erie County, Hospital Authority,
Union City Memorial Hospital
Project, RB (A) (B) (C)
3.000%, 03/09/99 $ 1,400 $ 1,400
Geisinger Authority, Health
Systems Authority, Ser B, RB
Pre-Refunded @ 102 (D)
7.375%, 07/01/99 830 855
Gettysburg Area, Industrial
Development Authority,
Brethren Home Community
Project, Ser A, RB, MBIA
3.850%, 06/01/99 535 535
Lancaster County, Higher
Education Authority, Franklin &
Marshall College Project,
RB (A) (B)
3.020%, 03/09/99 1,565 1,565
Lebanon County, Industrial
Development Authority,
Aluminum Company of
America Project, Ser 92,
RB (A) (B)
3.150%, 03/09/99 2,020 2,020
Lebanon County, Redevelopment
Authority, First Mortgage
Cornwall Manor Project, Ser S,
RB Pre-Refunded @ 102 (D)
8.625%, 06/01/99 1,000 1,032
Lehigh County, Industrial
Development Authority,
Pollution Control, Allegheny
Electric Corporation Project,
RB (A) (B) (C)
2.900%, 03/09/99 100 100
Lehigh County, Water & Sewer
Authority, Ser B, FGIC (A) (B) (C)
2.950%, 03/09/99 330 330
Lehigh County, Water Authority,
RB, FGIC (A) (B)
2.950%, 03/09/99 585 585
Monroe County, GO, FGIC
3.600%, 10/01/99 850 850
Montgomery County, Higher
Education & Health Facility
Authority, Higher Education &
Loan Project, Ser 96-A,
RB (A) (B) (C)
2.950%, 03/09/99 800 800
33
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Pennsylvania Tax Free Fund--Concluded
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery County, Industrial
Development Authority,
Merck Industrial Development
Project, RB (A) (B)
3.400%, 03/09/99 $ 1,000 $ 1,000
Moon Township, Industrial
Development Authority,
Executive Office Association
Project, RB (A) (B) (C)
3.000%, 03/09/99 100 100
North Cumberland County,
Merck Corporation,
Atlas Development Association
Project, RB (A) (B)
3.150%, 03/09/99 900 900
Pennsylvania State, Higher
Education Facilities Authority,
Carnegie Mellon University
Project, Ser B, RB (A) (B)
3.250%, 03/01/99 1,000 1,000
Pennsylvania State, Higher
Educational Facilities Authority,
Chestnut Hill College Financing
Program, RB (A) (B)
3.000%, 03/01/99 500 500
Pennsylvania State University, RB
Pre-Refunded @ 102 (D)
6.750%, 07/01/99 1,000 1,030
Pennsylvania State,
Higher Education Facilities
Authority, Thomas Jefferson
University, RB, MBIA
5.800%, 08/15/99 600 606
Pennsylvania State, Public School
Building Authority, Harrisburg
Area Community College
Project, Ser D, RB, MBIA
6.100%, 04/01/99 445 446
Philadelphia, Hospital & Higher
Education Facilities Authority,
Children's Hospital Project,
Ser A, RB (A) (B) (C)
3.250%, 03/01/99 1,500 1,500
Philadelphia, GO, FGIC
11.500%, 08/01/99 100 103
Philadelphia, Housing Authority,
Inglis Housing Project,
RB (A) (B)
3.580%, 03/01/99 2,000 2,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia, Industrial
Development Authority,
City Line Holiday Inn Project,
Ser 96, RB (A) (B) (C)
3.100%, 03/09/99 $ 1,500 $ 1,500
Philadelphia, Redevelopment
Authority, Rivers Edge Project,
RB (A) (B) (C)
3.250%, 03/09/99 1,400 1,400
Pennsylvania State, Higher
Educational Facilities Authority,
Pennsylvania College of
Medicine Project, Ser A, RB
Pre-Refunded @ 102 (D)
8.100%, 03/01/99 1,560 1,576
Scranton-Lackawana, Health &
Welfare Authority, University of
Scranton Project, RB (A) (B) (C)
3.904%, 05/01/99 655 655
Somerset County, Hospital
Authority, Somerset Community
Hospital Project, Ser A,
RB (A) (B) (C)
3.675%, 03/01/99 1,300 1,300
Union County, Hospital Authority
Revenue, United Care Methodist
Continuing Care Services Project,
RB (A) (B) (C)
3.000%, 03/09/99 1,300 1,300
West Norriton Township, TAN
3.400%, 12/31/99 650 650
Westmoreland County, Industrial
Development Authority,
Kinder Care Project,
Ser D, RB (A) (B) (C)
3.100%, 03/09/99 755 755
William Penn, School District
Authority, TRAN
3.940%, 06/30/99 1,000 1,000
Wissahickon, School District, GO
4.500%, 05/15/99 1,250 1,252
-------
Total Municipal Bonds
(Cost $42,641) 42,641
-------
Total Investments -- 105.5%
(Cost $42,641) 42,641
-------
Other Assets and Liabilities, Net -- (5.5%) (2,230)
-------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 40,432,788
outstanding shares of beneficial interest $ 40,431
Accumulated net realized loss
on investments (20)
--------
Total Net Assets -- 100.0% $ 40,411
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $1.00
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TAN TAX ANTICIPATION NOTE
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, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER 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.
Intermediate-Term
Municipal Fund
MUNICIPAL BONDS -- 100.6%
ALABAMA -- 1.8%
Alabama State, Agricultural &
Mechanical University Project,
RB, MBIA
5.000%, 11/01/04 $ 200 $ 211
5.000%, 11/01/08 1,140 1,207
Alabama State, Docks Department
Docks Facility, RB, MBIA
5.250%, 10/01/01 1,000 1,042
6.000%, 10/01/08 1,000 1,136
Alabama State, Special Care
Facilities Financing Authority,
Charity Obligation Group
Project, Ser A, RB
5.000%, 11/01/06 2,700 2,798
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Alabama, Water Pollution Control
Authority Revolving Flood Line
Ser A, RB, AMBAC
4.750%, 08/15/08 $ 1,105 $ 1,145
Baldwin County, Eastern Shore
Healthcare Authority,
RB, AMBAC
5.000%, 04/01/06 1,025 1,079
State Private Colleges & Tuskegee
University Project, Ser A, RB
5.700%, 09/01/10 825 894
5.700%, 09/01/11 870 936
-------
10,448
-------
ALASKA -- 0.7%
Anchorage Electric Utility,
RB, MBIA
8.000%, 12/01/06 1,775 2,217
8.000%, 12/01/07 1,310 1,660
-------
3,877
-------
ARIZONA -- 1.0%
Maricopa County, High School
District No. 210, GO
5.000%, 07/01/08 3,745 3,979
Tempe, GO
8.000%, 07/01/01 735 808
Yuma County, Jail
Facilities Project, RB, AMBAC
6.000%, 07/01/03 1,025 1,119
-------
5,906
-------
CALIFORNIA -- 13.5%
Abag, Finance Authority for
Non-Profit Corporations,
Financial Authority Episcopal
Homes Foundation Project, COP
5.000%, 07/01/07 1,000 1,045
Alameda, Corridor Transportation
Authority, Senior Lien Project,
RB, MBIA
5.000%, 10/01/10 2,000 2,120
Anaheim, Public Finance
Authority, Public Improvements
Project, Ser C, RB, FSA
6.000%, 09/01/13 2,325 2,682
California, Housing Financial
Agency, Single-Family Mortgage,
Ser C-4-Cl I, RB, FHA
5.050%, 02/01/17 2,430 2,466
35
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State, Community
Development Revenue
Authority, Citrus Valley Health
Partners Project, COP (A) (B) (C)
3.150%, 03/01/99 $ 500 $ 500
California State, GO
5.500%, 10/01/05 2,000 2,187
7.000%, 08/01/06 1,525 1,815
5.500%, 10/01/06 2,000 2,197
6.600%, 02/01/09 1,000 1,185
California State, Health Facilities
Financial Authority, Kaiser
Permanent Project,
Ser A, RB, FSA
5.000%, 06/01/06 5,325 5,651
California State, Health Facilities
Financial Authority, Stanford
Healthcare Project, Ser B, RB
5.000%, 11/15/05 1,245 1,323
California State, Intercommunity
Hospital Financing
Authority, COP
5.000%, 11/01/04 2,000 2,072
California State, Public Works
Board Authority, Regents
University Project, Ser A, RB
5.250%, 12/01/07 1,000 1,086
California Statewide Communities
Development Authority,
St. Joseph Health System, COP
5.000%, 07/01/05 2,765 2,903
California State, Community
Development Authority,
St. Joseph's Health System
Obligation Group, COP
5.250%, 07/01/09 5,170 5,500
California Statewide,
Communities Development
Authority, John Muir/Mount
Diablo Health Project,
COP, AMBAC (A) (B) (C)
3.150%, 03/01/99 400 400
Coachella, Valley Water
District No. 71, Flood Control
Project, COP, AMBAC
5.000%, 10/01/08 1,100 1,177
Compton, California Civic Center
& Capital Improvement,
Ser A, COP
5.000%, 09/01/00 1,000 1,022
Elk Grove, Unified School District
Special Tax, Community
Facilities District #1, GO, AMBAC
6.500%, 12/01/07 1,000 1,177
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Health Facilities Finance Authority,
Sisters of Providence, RB
5.500%, 10/01/05 $1,100 $ 1,185
Health Facilities Finance Authority,
Summit Medical Center,
Ser A, RB, FSA
5.250%, 05/01/04 1,500 1,599
Housing Finance Agency,
Ser A, RB, MBIA
5.300%, 08/01/14 295 297
Housing Finance Agency,
Ser G, RB
Callable 08/01/04 @ 102
7.250%, 08/01/17 1,250 1,350
Irvine, Special Assessment,
District 89-10, GO (A) (B)
3.100%, 03/01/99 95 95
Los Angeles County, Capital
Asset Leasing Corporation,
RB, AMBAC
6.000%, 12/01/06 1,000 1,134
Los Angeles, Regional Airports
Import Corporation, American
Airlines Project, Ser C, RB
(A) (B) (C)
3.350%, 03/01/99 400 400
Los Angeles, Department of
Water & Power Electric Plant, RB
9.000%, 10/15/02 2,000 2,360
Los Angeles, Unified School
District, Multiple Property
Project, Ser A, COP, FSA
5.100%, 10/01/06 1,050 1,123
Los Angeles, Unified School
District, Ser A, GO, FGIC
6.000%, 07/01/12 1,880 2,171
Los Angeles, Community
Redevelopment Agency,
Central Business
District Project, RB
5.000%, 11/15/00 500 513
Mojave, Water Agency, GO, FGIC
Callable 09/01/06 @ 102
5.600%, 09/01/12 1,000 1,097
Oakland, Health Facilities
Authority, Childrens Hospital
Project, Ser A, RB
5.000%, 07/01/01 1,175 1,215
Orange County, COP, MBIA
Callable 07/01/06 @ 102
5.800%, 07/01/06 1,000 1,095
Orville Hospital, Ser A , RB
5.500%, 12/01/06 1,000 1,091
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
36
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Oxnard, California School District,
GO, MBIA
5.375%, 08/01/09 $ 1,080 $ 1,183
Public Works, California State
University Project, Ser A, RB
5.500%, 10/01/07 2,000 2,197
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 2,300
St. Tammany Parish Los Angeles,
California Hospital Service
District No. 1,
RB, ACA Insured
5.000%, 07/01/08 1,495 1,557
Stanislaus, Waste to Energy Finance
Authority, Ogden Martin
Systems Project, RB
Callable 01/01/00 @ 102
7.625%, 01/01/10 3,805 3,977
State Educational Facilities,
University of Southern
California, Ser A, RB
5.600%, 10/01/05 1,140 1,254
State, GO
Callable 06/01/06 @ 101
5.250%, 06/01/12 2,645 2,784
Statewide Communities
Development Authority,
San Gabriel Valley-A, RB
6.000%, 09/01/06 1,000 1,114
Torrance, Redevelopment Agency,
Senior Lien, Ser C,
TA, MBIA
5.000%, 09/01/08 2,980 3,185
University of California, Board of
Regents, Ser B, RB
6.500%, 09/01/02 1,995 2,177
-------
76,961
-------
COLORADO -- 4.1%
Colorado State, Housing Finance
Authority, Ser A-3, RB
Callable 05/01/08 @ 105
6.500%, 05/01/16 1,000 1,094
Colorado State, Housing Finance
Authority, Single-Family
Housing Project, Ser D-3, RB
6.125%, 11/01/23 1,000 1,087
Colorado State, Health Facilities
Authority, Catholic Health
Initiatives Project, Ser A, RB
5.500%, 12/01/06 1,000 1,091
5.500%, 12/01/07 1,000 1,094
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Colorado State, Housing Financial
Authority, Single-Family
Housing Project, Ser A-3, RB
Callable 05/01/07 @ 105
7.000%, 11/01/16 $ 1,750 $ 1,947
Colorado State, Housing Financial
Authority, Single-Family
Housing Project, Ser B-3, RB
Callable 05/01/08 @ 105
6.550%, 05/01/25 2,000 2,195
Colorado State, Housing Financial
Authority, Single-Family Project,
Ser A-3, RB
4.600%, 11/01/16 1,350 1,358
Colorado, Housing Finance Agency,
Single-Family Housing Project,
Ser A, RB
6.500%, 11/01/29 1,000 1,101
Colorado, Housing Finance
Authority, Single-Family
Housing Project, Ser C-3, RB
4.800%, 11/01/16 1,400 1,410
6.750%, 05/01/17 1,000 1,105
Health Facilities Authority, Rocky
Mountain Adventist, RB
6.250%, 02/01/04 1,400 1,473
Highlands Ranch,
Metropolitan District No. 3,
Ser B, GO
5.000%, 12/01/06 1,345 1,407
Larimar County, School
District No. R 1, GO (C)
5.500%, 12/15/06 1,285 1,412
Larimar County, Courthouse and
Jail Facilities Project, COP, FSA
5.000%, 12/15/07 3,455 3,654
Obligation Board Authority,
Student Loan Project, Ser L, RB
6.100%, 09/01/02 1,760 1,837
-------
23,265
-------
CONNECTICUT -- 0.2%
Mashantucket, Western Pequot
Tribe Project, Ser A, RB (C)
6.250%, 09/01/03 490 540
State Development Authority,
Pollution Control,
Frito-Lay/Pepsi Project, RB
6.375%, 07/01/04 560 568
-------
1,108
-------
DISTRICT OF COLUMBIA -- 1.9%
District of Columbia,
Ser B, GO, MBIA
6.000%, 06/01/11 4,500 5,091
37
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
District of Columbia, Convention
Center Authority, Senior Lien
Project, RB AMBAC
5.250%, 10/01/12 $ 3,000 $ 3,142
District of Columbia, Hospital
Revenue, Washington Hospital
Center, RB, MBIA
Callable 08/05/02 @ 102
7.000%, 08/15/05 1,500 1,659
District of Columbia, Ser A, GO
5.125%, 06/01/99 1,000 1,000
-------
10,896
-------
FLORIDA -- 4.0%
Dade County, Ser CC
GO, AMBAC
6.900%, 10/01/04 1,125 1,297
6.900%, 10/01/05 1,025 1,199
7.125%, 10/01/08 1,470 1,823
Dade County, Ser DD
GO, AMBAC
7.600%, 10/01/05 1,070 1,292
Florida State, Gas Utility Revenue
Authority, Gas Project No. 1,
RB, FSA
5.000%, 12/01/06 5,000 5,331
Florida, Housing Finance Authority,
Capital Appreciation, Single-
Family Mortgage, RB
Callable 01/15/10 @ 45.469
0.000%, 07/15/16 805 106
Florida State, Board of Education,
Ser B, RB, FGIC
5.750%, 07/01/07 2,750 3,070
Florida State, Finance Department
of General Services,
Environmental Protection-
Preservation 2000 Project,
Ser B, RB, FGIC
5.750%, 07/01/06 1,535 1,706
Hillsborough County, Utility
Authority, RB, MBIA
9.750%, 12/01/03 1,425 1,689
Palm Beach County, Solid
Waste Authority,
Ser A, RB, AMBAC
6.000%, 10/01/08 3,300 3,778
Tampa, Health Systems Authority,
Catholic Health Project,
Ser A-3, RB
5.500%, 11/15/05 1,230 1,342
-------
22,633
-------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
GEORGIA -- 3.4%
College Park, Business & Industrial
Development Authority,
Civic Center Project,
Ser A, RB, FSA
5.200%, 09/01/04 $ 1,105 $ 1,180
5.800%, 09/01/05 1,165 1,286
Georgia State, Ser B, GO
6.250%, 04/01/06 7,700 8,768
Georgia State, Ser E, GO
5.000%, 02/01/06 3,835 4,065
Gwinnett County, School District
Authority, GO
Callable 02/01/01 @ 102
9.500%, 02/01/02 1,000 1,125
Savannah, Hospital Authority,
Saint Joseph's/Candler Health
Systems Project, Ser B, GO, FSA
5.250%, 07/01/09 2,625 2,792
-------
19,216
-------
GUAM -- 0.2%
Guam, Government Limited
Obligation, Infrastructure
Improvement, Ser A, GO, AMBAC
5.250%, 11/01/03 1,000 1,069
-------
HAWAII -- 0.4%
Hawaii State, Housing Finance &
Development, Single-Family
Housing Project,
Ser B, RB, FNMA (E)
Callable 07/01/01 @ 102
6.900%, 07/01/16 2,070 2,194
------
ILLINOIS -- 4.0%
Cook County, GO, MBIA
7.250%, 11/01/07 2,000 2,415
Development Finance Authority,
Community Rehabilitation
Providers, Ser A, RB
5.600%, 07/01/05 2,235 2,308
Health Facility Authority, RB, MBIA
7.900%, 08/15/03 400 405
Hospital Facilities, Metropolitan
Pier & State Exposition
Authority, McCormick Plaza
Convention, RB
6.250%, 07/01/17 450 485
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
38
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Development Authority,
Ser A, RB
Callable 02/01/06 @ 102
5.650%, 02/01/16 $ 480 $ 485
Illinois State, Educational Facility
Authority, Northwestern
University Project, RB
Callable 11/01/12 @ 100
5.150%, 02/01/16 2,000 2,097
Illinois State, Health Facilities
Authority, Centegra Health
Systems Project, RB
5.500%, 09/01/06 2,375 2,506
Illinois State, Health Facilities
Authority, Edgewater Medical
Center Project, Ser A, RB (C)
4.700%, 07/01/31 3,995 3,995
Illinois State, Health Facilities
Authority, Galesburg Cottage
Hospital Project, RB (C)
6.250%, 05/01/11 2,590 2,745
Kane & DeKalb County, Unified
School District #301,
GO, AMBAC
6.300%, 12/01/04 2,640 2,947
McClean County, Public Building
Commission, Lease Receipts,
Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,435
State, GO Callable 08/01/99 @ 102
6.375%, 08/01/00 1,000 1,033
-------
22,856
-------
INDIANA -- 0.2%
Purdue University, Student Fee
Project, Ser P, RB
5.000%, 07/01/05 1,370 1,450
-------
IOWA -- 0.6%
Ceder Rapids, GO
5.000%, 06/01/05 2,090 2,218
Eddyville, Pollution Control,
Cargill Inc. Project, RB
5.400%, 10/01/06 1,000 1,071
-------
3,289
-------
KANSAS -- 1.3%
Johnson County, Unified School
District No. 232, GO, FSA
5.000%, 03/01/05 1,000 1,055
5.000%, 09/01/06 1,000 1,057
Johnson County, Unified School
District No. 233, GO, FGIC
5.250%, 09/01/05 2,585 2,776
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kansas State Turnpike Authority,
RB, AMBAC
5.500%, 09/01/06 $ 1,500 $ 1,633
Shawnee County, Ser A, GO
5.250%, 09/01/09 1,000 1,076
-------
7,597
-------
KENTUCKY -- 1.2%
Kentucky, Infrastructure Authority,
Revolving Funding, Ser L, RB
5.500%, 06/01/07 1,000 1,091
Kentucky State, Property &
Buildings Commission,
Project No. 55, RB
6.250%, 09/01/07 2,100 2,399
6.000%, 09/01/08 2,500 2,828
State Turnpike Authority,
Toll Road Project, Ser A, RB
8.500%, 07/01/04 365 367
-------
6,685
-------
LOUISIANA -- 0.6%
Housing Finance Agency, Single-
Family Housing
Project, RB, MBIA
5.125%, 12/01/10 1,130 1,144
Jefferson Parish, Drain Sales Tax,
RB, AMBAC
5.000%, 11/01/09 1,300 1,357
Louisiana State, Housing Financial
Authority, Single-Family
Housing Project, RB,
GNMA/FNMA (E)
Callable 12/01/07 @ 104
6.650%, 06/01/15 1,000 1,097
-------
3,598
-------
MAINE -- 1.0%
Maine, Health & Higher
Educational Facility Authority, RB
5.250%, 07/01/07 2,270 2,426
Maine State, Financial Authority
Electric Rate Stabilization Project,
Ser A, FSA
5.000%, 07/01/05 1,220 1,287
5.000%, 07/01/07 1,975 2,084
-------
5,797
-------
MARYLAND -- 1.1%
Howard County, Public
Improvement, Ser A, GO
5.000%, 02/15/07 2,000 2,128
39
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Maryland State, Health & Higher
Education Facility Authority,
John Hopkins University
Project, RB
5.500%, 07/01/02 $ 1,815 $ 1,926
Maryland State, Health & Higher
Education Facility Authority, RB
4.600%, 11/01/03 1,970 2,044
-------
6,098
------
MASSACHUSETTS -- 3.7%
Industrial Financing Agency,
RB Mandatory
Put 05/01/02 @ 100 (C)
5.000%, 05/01/26 1,350 1,380
Lowell, GO, FSA
Callable 02/15/01 @ 103
8.300%, 02/15/05 1,855 2,059
Massachusetts Bay, Transportation
Authority, General
Transportation System, Ser A, RB
5.300%, 03/01/05 1,000 1,073
7.000%, 03/01/07 3,000 3,585
Massachusetts Bay, Transportation
Authority, General
Transportation System,
Ser A, RB (C)
5.500%, 03/01/09 1,230 1,353
Massachusetts State, Housing
Finance Agency, Residential
Development, RB
Callable 05/15/02 @ 102
6.875%, 11/15/11 1,935 2,109
Massachusetts State, Ser A, GO
6.000%, 11/01/11 2,500 2,869
Massachusetts State, Grant
Anticipation Notes, Ser A, RB
5.000%, 12/15/05 1,270 1,340
Springfield, GO, AMBAC
6.375%, 08/01/04 1,000 1,123
State Health & Education Facilities
Authority, Faulkner Hospital,
Ser C, RB
5.500%, 07/01/01 1,325 1,375
State Health & Education Facility
Agency, Lowell
General Hospital, Ser B, RB, FSA
Callable 06/01/07 @ 102
5.250%, 06/01/11 1,585 1,666
State Water Resource Authority,
Ser B, RB
5.250%, 03/01/13 1,000 1,024
-------
20,956
-------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MICHIGAN -- 3.6%
Battle Creek, Downtown
Development Authority, RB
Callable 05/01/04 @ 102
7.300%, 05/01/10 $ 1,195 $ 1,406
Detroit, City School District,
Ser B, GO, FGIC
5.000%, 05/01/05 2,500 2,628
5.000%, 05/01/06 2,500 2,631
Greater Detroit, Resource Recovery
Authority, Ser A, RB, AMBAC
5.500%, 12/13/03 1,525 1,632
Jackson County, Hospital Finance
Authority, Foote Memorial
Hospital, Ser A, RB, AMBAC
5.000%, 06/01/06 1,970 2,066
Kent, Hospital Financing Authority,
Blodgett Memorial Medical
Center, Ser A, RB
7.000%, 07/01/01 1,000 1,033
Kent, Hospital Finance Authority,
Spectrun Health Project,
Ser A, RB
5.250%, 01/15/07 1,975 2,098
Michigan State, Hospital Finance
Authority, Hosptial Charity
Project, Ser D, RB Mandatory
Put 11/01/04 @ 100
4.800%, 11/01/17 4,090 4,264
Michigan State, Housing
Development Authority,
Ser A, RB
Callable 06/01/02 @ 102 (C)
6.800%, 12/01/12 1,000 1,058
State Building Authority,
Ser I, RB, AMBAC
5.500%, 10/01/05 1,500 1,628
State Housing Development
Authority, RB
0.000%, 04/01/15 2,550 373
-------
20,817
-------
MINNESOTA -- 0.7%
Maplewood, Healthcare Facilities,
Health East Project, RB
Callable 11/15/01 @ 102
5.700%, 11/15/02 1,740 1,740
Minneapolis, Special School
District No. 1, Special School
Project, GO
5.000%, 02/01/06 2,075 2,200
-------
3,940
-------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
40
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MISSISSIPPI -- 0.7%
Mississippi, Home Corporation,
Single-Family Home Project,
Ser D, RB (C)
5.178%, 07/01/12 $ 1,450 $ 1,615
Mississippi State, Hospital
Equipment & Facility Authority,
Rush Medical Foundation
Project, RB (C)
5.400%, 01/01/07 1,490 1,570
Mississippi State, Single-Family
Housing Authority,
Ser A, RB, GNMA/FNMA (E)
5.125%, 12/01/17 970 986
------
4,171
------
NEW JERSEY -- 1.0%
Camden County, Improvements
Authority, Cooper Healthcare
Redevelopment Project, RB
5.500%, 02/15/02 1,000 855
Jersey City, State Operated School
Districts, COP, MBIA
5.000%, 06/01/02 3,925 4,082
New Jersey State, Housing &
Mortgage Finance Home Buyer,
Ser C, RB, MBIA Callable
10/01/99 @ 102
7.375%, 10/01/17 1,000 1,033
------
5,970
------
NEW MEXICO -- 0.7%
Farmington Hospital,
San Juan Regional Medical
Center, Ser A, RB, AMBAC
5.000%, 06/01/05 1,110 1,167
Mortgage Finance Authority,
Single-Family Mortgage,
Ser A-1, RB
Callable 07/01/02 @ 102 (C)
6.850%, 07/01/10 690 728
New Mexico State, Hospital
Equipment Loan Council,
Memorial Medical Center
Project, RB
4.850%, 06/01/08 1,280 1,291
Santa Fe, Saint Vincent's
Hospital Project, RB, FGIC
Pre-Refunded @ 100 (D)
7.500%, 07/01/02 655 713
------
3,899
------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW YORK -- 19.0%
Long Island, Power Authority,
Electric Systems Revenue
Project, RB, MBIA
5.000%, 04/01/08 $ 5,000 $ 5,275
Long Island, Power Authority,
New York Electric
Systems Project, RB, MBIA
5.000%, 04/01/07 5,975 6,304
Metropolitan Transportation
Authority, Commuter Facilities
Project, Ser A, RB
5.000%, 07/01/06 2,000 2,100
Metropolitan Transportation
Authority, Commuter Facilities
Project, Ser O, RB
5.750%, 07/01/06 4,150 4,555
Municipal Assistance Corporation,
City of New York, Ser I, RB
6.250%, 07/01/06 3,925 4,450
Municipal Assistance Corporation,
City of New York, Ser M, RB
5.250%, 07/01/05 5,000 5,338
New York City, Metropolitan
Transportation Authority, RB
2.500%, 03/01/99 6,800 6,800
New York City, Municipal Assistance
Corporation, Ser I, RB (C)
6.250%, 07/01/08 2,000 2,305
New York City, Municipal
Assistance Corporation,
Ser O, RB (C)
5.250%, 07/01/07 5,000 5,369
New York City, Municipal
Assistance Corporation,
Ser H, RB (C)
6.250%, 07/01/07 2,300 2,628
New York State, Dormitory
Authority, Bronx & Lebanon
Hospital Center Project, Ser E, RB
5.125%, 02/15/06 3,650 3,828
New York State, Dormitory
Authority, Hospital &
Nursing Home Project,
Ser A, RB, AMBAC
5.000%, 08/15/06 1,315 1,387
New York State, Dormitory
Authority, Mental Health
Services Project, Ser B, RB
5.000%, 02/15/06 1,000 1,046
New York State, Dormitory
Authority, Mental Health
Services Project, Ser C, RB
Callable 02/15/08 @ 102
5.375%, 08/15/08 1,150 1,235
41
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Dormitory
Authority, North Shore
University Hospital Authority
Project, RB, MBIA
5.000%, 11/01/08 $ 1,250 $ 1,317
New York State, Dormitory
Authority, NY & Presbyterian
Hospital Project, RB, AMBAC
5.500%, 08/01/08 1,510 1,648
4.400%, 08/01/13 2,070 2,096
New York State, Dormitory
Authority, Sound Shore Project,
RB, MBIA, FHA
4.350%, 02/01/08 4,735 4,735
New York State, Dormitory
Authority, State University
Educational Facilities Project,
Ser B, RB, MBIA
6.250%, 05/15/04 5,930 6,708
New York State, Dormitory
Authority, Staten Island
University Hospital Project,
RB, AMBAC
5.250%, 07/01/06 2,695 2,884
5.250%, 07/01/07 1,200 1,284
New York State, Energy &
Pollution Control, New York
Electric & Gas Company Project, RB
3.250%, 10/01/29 100 100
New York State, Urban
Development Corporation,
Correctional Facilities
Project, Ser B, RB
5.000%, 01/01/06 6,955 7,259
New York State, Ser F, GO
5.000%, 09/15/04 1,900 2,002
New York, Ser A, GO, FGIC
5.250%, 08/01/08 3,300 3,539
New York, Ser I, GO, AMBAC
5.750%, 03/15/07 1,000 1,110
New York, Ser B, GO, MBIA
5.600%, 08/15/06 4,150 4,529
New York, Sub-Ser E4 , GO (A) (B)
3.200%, 03/01/99 400 400
State Dormitory Authority,
Department of Health, RB
5.500%, 07/01/03 1,000 1,060
State Dormitory Authority,
Mental Hospital,
Ser E, RB, AMBAC
6.000%, 08/15/05 2,000 2,220
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State Dormitory Authority,
Beth Israel Medical Center,
Ser A, RB, MBIA
5.000%, 11/01/07 $ 1,065 $ 1,124
State Dormitory Authority,
State University Educational
Facility, Ser A, RB
5.500%, 05/15/09 4,400 4,780
State Medical Care Facility
Finance Agency, Adult Day Care,
Ser C, RB
5.350%, 11/15/05 790 849
State Medical Care Facility Finance
Agency, Ser C, RB, FHA
5.200%, 08/15/05 310 327
State Medical Care Facility
Finance Agency, St. Lukes
Hospital Project, Ser A, RB, FHA
Callable 08/15/03 @ 102
5.600%, 08/15/13 1,960 2,043
State Urban Development
Corporation, Center for
Individual Innovation Project, RB
6.250%, 01/01/09 1,325 1,504
State Urban Development
Corporation, Correctional
Facilities, Ser G, RB
Callable 01/01/00 @ 102
7.100%, 01/01/03 2,500 2,630
--------
108,768
--------
NORTH CAROLINA -- 1.1%
Charlotte, GO
5.250%, 02/01/04 1,830 1,951
North Carolina, Medical Care
Community Hospital,
Bond Pitt County Memorial
Hospital, Ser A, RB
5.000%, 12/01/06 4,100 4,315
--------
6,266
--------
OHIO -- 4.9%
Columbus, Ser B, GO
5.250%, 05/15/07 3,000 3,240
Dayton, Special Facilities,
Air Freight Project, RB
6.050%, 10/01/09 1,000 1,079
Franklin County Health
System, RB (A) (B)
3.250%, 03/01/99 200 200
Lucas County, GO
5.300%, 12/01/05 2,100 2,263
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Ohio State, Air Quality
Development Authority,
Pollution Control Cleveland
Project, RB, FGIC
8.000%, 12/01/13 $ 1,775 $ 2,037
Ohio State, Air Quality
Development Authority,
Pollution Control, Ohio Edison
Project, Ser B, RB, FGIC
7.100%, 06/01/18 1,000 1,060
Ohio State, Building Authority,
Adult Correctional Building
Project, Ser A, RB
5.500%, 04/01/07 4,345 4,731
Ohio State, Building Authority,
Das Data Center Project,
Ser A, RB
5.125%, 10/01/02 1,055 1,104
Ohio State, Building Authority,
Juvenile Corrections Project,
Ser B, RB
5.000%, 10/01/09 2,485 2,619
Ohio State, Building Authority,
State Administration Building
Project, Ser A, RB
5.125%, 10/01/07 2,305 2,461
State Building Authority,
Administration Building
Fund, Ser A, RB
5.500%, 10/01/07 1,700 1,859
State Building Authority,
Correctional Facilities,
Ser A, RB
5.000%, 10/01/03 2,000 2,100
State Elementary & Secondary
Education Facility, RB
5.100%, 12/01/05 1,790 1,911
Strongsville, City School District,
GO, MBIA
5.300%, 12/01/10 1,050 1,138
-------
27,802
-------
OKLAHOMA -- 2.1%
Central Oklahoma Transportation
& Parking Authority,
Ser 1973, RB, ETM
6.000%, 07/01/03 130 136
McAlester Public Works Authority,
RB, FSA
8.100%, 12/01/08 875 1,148
Oklahoma State, Capital
Improvement Authority,
Highway Capital Improvement
Project, RB, MBIA
5.000%, 06/01/06 5,260 5,602
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Oklahoma State, Turnpike
Authority, Turnpike Project,
Ser A, RB, FGIC
5.500%, 01/01/07 $2,000 $ 2,193
State Industrial Development
Authority, Integris Health Project,
RB, AMBAC
5.250%, 08/15/06 1,255 1,355
Tulsa, Industrial Development
Authority, St. Johns Medical
Center, RB, ETM
6.875%, 01/01/02 295 309
Tulsa Port, Industrial Development
Authority, Cargill Inc. Project, RB
5.350%, 09/01/06 1,000 1,066
-------
11,809
-------
OREGON -- 0.4%
Cow Creek Band Umpqua Tribe
of Indians, Ser B, RB, AMBAC
Callable 07/01/03 @ 103
5.100%, 07/01/12 2,000 2,060
-------
PENNSYLVANIA -- 3.6%
Allegheny County, Hospital
Development Authority,
UPMC Health System
Project, RB, MBIA
5.000%, 11/01/06 2,145 2,258
Allegheny County, University
Pennsylvania Medical Center
Project, Ser B, MBIA
5.250%, 07/01/07 1,760 1,877
Delaware County, Health Systems
Authority, Catholic Health East
Project, Ser A, RB, AMBAC
5.500%, 11/15/07 1,635 1,776
Easton Joint School Authority,
RB, ETM
5.350%, 04/15/02 115 118
Erie County, Ser A, GO, FGIC
6.600%, 09/01/01 1,000 1,075
Lehigh County, General Purpose
Authority, Lehigh Valley Hospital
Project, Ser A, RB,
AMBAC (A) (B) (C)
3.250%, 03/01/99 200 200
Lehigh County, General Purpose
Authority, Kidspeace Obligation
Group Project, RB
Callable 11/01/08 @ 102 (C)
5.700%, 11/01/09 1,000 1,088
Montgomery County, Higher
Education & Health Authority,
Abington Memorial Hospital
Project, Ser A, RB, AMBAC
5.000%, 06/01/08 1,000 1,049
43
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Newcastle Hospital Authority,
Jameson Memorial Hospital,
RB, MBIA
5.500%, 07/01/08 $ 1,605 $ 1,745
Pennsylvania, Housing Financial
Authority, Single-Family
Mortgage Project, Ser 34A, RB,
FHA Callable 04/01/02 @ 102
6.850%, 04/01/16 1,000 1,055
Pennsylvania State, Higher
Education Facilities Authority,
University of Pennsylvania
Medical Center Health Systems
Project, Ser A, RB, FSA
5.000%, 08/01/06 2,635 2,767
Scranton-Lackawanna, Health &
Welfare Authority, Hospital
Community Medical Center
Project, RB, MBIA
5.500%, 07/01/07 2,585 2,801
State Higher Education Facility
Authority, Allegheny/Delaware
Valley, Ser A, RB, MBIA
5.500%, 11/15/08 1,000 1,020
State Industrial Development
Authority, RB, AMBAC
7.000%, 07/01/07 1,000 1,184
Westmoreland County, Municipal
Authority, Special Obligation
GO, ETM
9.125%, 07/01/10 370 440
-------
20,453
-------
PUERTO RICO -- 0.2%
Municipal Finance Agency,
Ser A, RB, FSA
6.000%, 07/01/05 1,000 1,116
-------
RHODE ISLAND -- 0.4%
Rhode Island, Housing &
Mortgage Financial Corporation,
Homeownership Opportunity
Project, Ser 25A, RB,
Callable 10/01/07 @ 101.5
4.950%, 10/01/16 2,390 2,426
-------
SOUTH CAROLINA -- 0.7%
Piedmont, Municipal Power
Agency, Ser A, RB, FGIC
6.500%, 01/01/16 1,570 1,845
Public Service Authority, Ser B, RB
Callable 07/01/01 @ 102
6.700%, 07/01/02 1,220 1,322
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Spartanburg County, School
District #5, COP, MBIA
5.400%, 07/01/08 $ 1,000 $ 1,075
-------
4,242
------
SOUTH DAKOTA -- 0.3%
Health & Educational Facilities
Authority, RB, MBIA
Callable 07/01/06 @ 102
6.000%, 07/01/08 1,025 1,156
Housing Development Authority,
Homeownership Mortgage,
Ser A, RB
5.500%, 05/01/10 860 883
-------
2,039
-------
TENNESSEE -- 1.3%
Chattanooga, Health Educational
& Housing Facilities Board,
Catholic Health Initiatives
Project, Ser A, RB
5.000%, 12/01/01 1,000 1,041
Hendersonville, Industrial
Development Authority,
Ashford 83 Association
Project, RB
5.950%, 12/15/08 1,360 1,447
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 2,175
Metropolitan Government
Nashville and Davidson County,
Health & Education Facilities
Board, Vanderbilt University
Project, Ser A, RB
5.500%, 05/01/06 500 543
6.000%, 05/01/07 1,200 1,349
Tennessee, Housing Development
Agency, Homeownership
Program, RB
5.800%, 07/01/00 1,020 1,043
-------
7,598
-------
TEXAS -- 7.5%
Austin Utility Systems, Ser B, RB
Callable 11/15/98 @ 102
7.250%, 11/15/03 80 82
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Austin, Utility Systems Authority,
Combination Project,
Ser A, RB, FSA
5.750%, 11/15/03 $ 3,295 $ 3,575
Brazos, River Authority, Houston
Industries Project, Ser C, RB
Callable 05/01/08 @ 102
5.125%, 05/01/19 1,500 1,502
Cedar Hill, Independent School
District, RB (C)
6.450%, 08/15/03 2,225 2,459
Dallas, GO
5.000%, 02/15/06 4,275 4,521
Deer Park, Independent School
District, GO (C)
6.000%, 02/15/06 1,500 1,673
5.875%, 02/15/08 1,500 1,676
Department of Housing &
Community Affairs, Single-
Family, Ser B-CL2, RB
Callable 09/01/06 @ 102
5.550%, 09/01/11 3,330 3,422
Donna, Independent School
District, GO (C)
5.250%, 02/15/05 1,135 1,207
5.500%, 02/15/06 1,180 1,280
Fort Worth, Water & Sewer
Improvement Authority, RB
5.000%, 02/15/04 2,405 2,519
Fort Worth Water & Sewer
Improvement, RB
5.500%, 02/15/06 1,080 1,168
Grapevine, Industrial Development
Corporation, American
Airlines Inc. Project,
Ser A, RB (A) (B) (C)
3.350%, 03/01/99 200 200
Grapevine, Industrial Development
Corporation, American
Airlines Project,
Ser B1, RB (A) (B) (C)
3.350%, 03/01/99 200 200
Harris County, GO
10.000%, 10/01/00 1,850 2,035
Harris County, Health Facilities
Development Authority,
Memorial Hospital Systems
Project, Ser A, RB
6.000%, 06/01/09 1,825 2,055
Harris County, Health Facilities
Development Corporation,
St. Luke Episcopal Hospital Project,
Ser A, RB (A) (B) (C)
3.350%, 03/01/99 1,240 1,240
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
La Porte, Independent School
District, GO (C)
6.000%, 02/15/03 $ 1,000 $ 1,078
Mission, Independent School
District, GO (C)
6.500%, 02/15/03 1,215 1,330
State Department of Housing &
Community Affairs, Single-
Family Mortgage, Zero Coupon,
RB Callable 09/01/04 @ 49.528
0.000%, 09/01/04 10 3
Texas State, Department Housing
and Community Affairs,
Ser E, RB, MBIA
4.500%, 03/01/07 465 467
Texas State, Public Finance
Authority, Ser A, RB, AMBAC
6.000%, 08/01/02 1,000 1,074
Texas State, Water Finance
Authority, RB, AMBAC
7.500%, 08/15/11 4,855 4,942
Tyler, Health Facilities
Development Corporation,
East Texas Medical Center
Project, Ser C, RB, FSA
5.000%, 11/01/07 1,000 1,054
Tyler, Health Facilities
Development Corporation,
Mother Frances Hospital Project,
Ser A, RB
5.000%, 07/01/99 1,985 1,994
-------
42,756
-------
UTAH -- 0.9%
Alpine, School District,
Utah School Board Project, GO (C)
5.000%, 03/15/13 2,775 2,851
Salt Lake City Airport, RB, FGIC
7.400%, 06/01/00 535 554
State Housing Finance Agency,
Single-Family Mortgage, Issue B,
RB, FHA Callable 07/01/03 @ 102
5.125%, 07/01/24 630 641
Utah State, Board Regents
Authority, University of Utah
Hospital Project, RB
5.250%, 08/01/07 1,360 1,443
-------
5,489
-------
VIRGIN ISLANDS -- 0.4%
Virgin Islands, Public Financial
Authority, Federal Lein Notes,
Ser C, RB
5.500%, 10/01/06 2,375 2,482
-------
45
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Intermediate-Term Municipal Fund--Concluded
VIRGINIA -- 1.9%
Hampton, Sentara Health System,
Ser A, RB
5.375%, 11/01/10 $ 1,000 $ 1,080
Kanawha County, Industrial
Development Authority,
Topvalco Inc. Project
(Kroger Co.), RB
7.125%, 11/01/12 1,160 1,301
Roanoke, Industrial Development
Authority, Carilion Health
Systems Authority,
Ser A, RB (A) (B) (C)
3.250%, 03/01/99 3,500 3,500
State Housing Development
Authority, Multi-Family Housing,
Ser H, RB
5.250%, 05/01/03 685 717
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%, 11/01/17 695 132
Virginia State, Housing
Development Authority,
Commonwealth Mortgage
Project, Sub-Ser C, RB
Callable 01/01/02 @ 102
6.500%, 07/01/07 500 528
Virginia State, Peninsula Port
Authority, Riverside Health
Systems Project, RB
5.000%, 07/01/06 2,030 2,124
-------
10,696
-------
WASHINGTON -- 2.0%
Clark County, Public Utility
District # 001, RB, FGIC
6.000%, 01/01/04 2,525 2,755
Grant County, Public Utility
District #2, RB
5.625%, 01/01/07 2,470 2,680
King County, Ser D, GO
5.250%, 12/01/04 1,000 1,071
Washington State, Public Power
Supply Authority, Nuclear
Project No. 2, Ser A, RB
5.000%, 07/01/05 3,000 3,143
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Washington State, Public Power
Supply Authority, Nuclear
Project Number, Ser A, RB
6.000%, 07/01/07 $ 1,450 $ 1,619
--------
11,268
--------
WISCONSIN -- 2.1%
Housing & Economic Development
Authority, Homeownership,
Ser 1, RB, FHA
Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,375
Wisconsin State, Housing &
Economic Development
Authority, Homeownership
Project, Ser B, RB
Callable 09/01/99 @ 102
7.600%, 03/01/15 2,465 2,552
Wisconsin State, Transportation
Authority, Ser A, RB
5.000%, 07/01/05 4,040 4,252
5.000%, 07/01/06 3,500 3,688
--------
11,867
--------
WYOMING -- 0.2%
Wyoming Student Loan
Corporation, RB
6.250%, 12/01/99 1,000 1,020
--------
Total Municipal Bonds
(Cost $560,499) 574,853
--------
Total Investments-- 100.6%
(Cost $560,499) 574,853
--------
Other Assets and Liabilities, Net -- (0.6%) (3,471)
--------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 51,471,808
outstanding shares of beneficial interest 555,803
Undistributed net investment income 24
Accumulated net realized gain on investments 1,201
Net unrealized appreciation on investments 14,354
--------
Total Net Assets -- 100.0% $571,382
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $11.10
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
46
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
ETM ESCROWED TO MATURITY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AGENCY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GNMA GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TA TAX ALLOCATION
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER 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.
(E) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA/GNMA.
Pennsylvania Municipal Bond Fund
MUNICIPAL BONDS -- 98.4%
PENNSYLVANIA -- 98.4%
Allegheny County, Hospital
Development Authority,
Allegheny General Hospital,
RB (C)
6.750%, 05/01/04 $ 120 $ 129
Allegheny County, Hospital
Development Authority,
Harmarville Rehabilitation
Center, RB (C)
6.000%, 10/01/08 180 195
Allegheny County, Hospital
Development Authority,
Montefiore Hospital, RB (C)
6.875%, 07/01/09 625 702
Allegheny County, Hospital
Development Authority, North
Hills Passavant, RB (C)
6.750%, 07/01/05 80 87
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Allegheny County, Hospital
Development Authority,
St. Margaret Memorial, RB (C)
6.750%, 07/01/10 $ 1,350 $ 1,522
Allegheny County, Industrial
Development Authority,
Environmental Import Project,
Ser A, RB
6.700%, 12/01/20 850 928
Allegheny County, Industrial
Development Authority, RB
Mandatory Put 12/01/00 (B)
5.250%, 12/01/14 25 26
Allegheny County, Industrial
Development Authority,
RB, AMT (B)
6.000%, 10/01/04 150 150
Allegheny County, Hospital
Development Authority,
Health Center Project, Ser B,
RB, MBIA
5.000%, 07/01/09 735 765
Allegheny County, Residential
Financial Authority Mortgage
Revenue, Single-Family,
Ser CC-1, RB, GNMA (D)
4.950%, 05/01/10 280 282
4.950%, 11/01/10 285 287
Allegheny County, Sanitation
Authority, RB (C)
6.800%, 07/01/03 165 179
Allentown Hospital Authority,
Sacred Heart Hospital, RB (C)
8.000%, 03/01/09 275 324
Altoona Area School District
Authority, Blair County, Ser 78,
RB Pre-Refunded @ 100 (A)
6.500%, 07/01/06 265 294
Altoona Area School
District, GO (C)
6.500%, 07/01/04 105 118
Altoona School District, RB (C)
6.250%, 01/01/03 5 5
Armstrong School District,
GO, MBIA (C)
7.750%, 12/01/04 75 85
Baldwin, Whitehall School
Building Revenue, RB (C)
6.625%, 11/15/02 50 50
Baldwin, Whitehall School District,
RB Partially
Pre-Refunded @ 100 (A)
6.699%, 11/15/03 105 122
47
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Pennsylvania Municipal Bond Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Bensalem Township Water &
Sewer Authority, RB (C)
6.750%, 12/01/14 $ 280 $ 321
Berks County, Industrial
Development Authority,
Construction Fasteners Project,
RB AMT (B)
5.400%, 12/01/03 25 25
Berks County, Redevelopment
Multi-Family Authority,
Woodgate Associates Project,
Ser A, RB, FNMA (D)
4.700%, 01/01/09 180 180
Blair County, Hospital Authority,
RB (C)
6.900%, 07/01/08 1,235 1,391
Blairsville-Saltsburg, School
District, GO, AMBAC (C)
9.000%, 05/15/03 50 56
Borough of Tarentum, Electric
Revenue, Ser-A, RB,
Asset Guaranty
5.500%, 09/01/08 645 691
Bucks County, Industrial
Development Authority, RB (C)
8.750%, 09/01/04 125 143
Bucks County, Redevelopment
Authority, Warminster Heights,
Section 8, RB, FHA
6.250%, 08/01/02 225 234
Butler Area Sewer Authority,
Sewer Revenue, RB
Pre-Refunded @ 100 (A)
7.250%, 01/01/04 265 290
Butler County, Industrial
Development Authority, RB (B)
4.900%, 11/01/03 700 721
Cambria County, GO, FGIC
5.000%, 08/15/08 475 501
4.600%, 08/15/09 180 183
Cambria County, Hospital
Authority, Conemaugh Valley
Memorial Hospital, RB (C)
7.625%, 09/01/11 240 288
Central Dauphin, School District,
Ser AA, GO, MBIA
5.000%, 12/01/13 400 406
Chester County, Health &
Educational Facility Authority,
Immaculata College Project, RB
5.250%, 10/15/10 345 347
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Chester County, Health &
Education Facility Authority,
Jefferson Health Systems Project,
Ser B, RB,AMBAC
4.700%, 05/15/05 $ 275 $ 284
Chester County, Hospital Authority,
Paoli Memorial Hospital, RB (C)
5.500%, 02/01/03 115 119
Cresswell Heights, Joint Water
Authority Revenue, RB (C)
7.375%, 03/01/07 85 96
Cumberland Valley, School Project,
RB, MBIA (C)
6.400%, 11/15/01 25 26
Dauphin County, General
Authority, Phoenixville
Hospital Project, Ser A, RB, FGIC
5.900%, 07/01/05 845 939
Dauphin County, General
Authority, RB Mandatory
Put 06/03/02 @ 100
6.600%, 06/01/26 50 50
Dauphin County, General
Authority, Sub-Ser RRR,
RB, AMBAC Mandatory Put
06/01/06 @ 100
4.600%, 06/01/26 550 559
Dauphin County, General School
Authority, Penncrest School
Project, RB Mandatory
Put 06/2/03 @ 100
6.600%, 06/02/26 915 986
Dauphin County, General School
Authority, RB Mandatory
Put 6/1/04 @ 100
6.700%, 06/01/26 1,220 1,319
Delaware County, School Authority,
Haverford School Project, RB
4.450%, 03/15/09 475 467
4.550%, 03/15/10 495 488
4.650%, 03/15/11 520 512
4.750%, 03/15/12 495 488
Delaware County, Revenue
Authority, Elwyn Project,
RB, Connie Lee
6.000%, 06/01/11 3,250 3,612
Delaware County, University
Revenue Authority,
Villanova University, RB (C)
9.625%, 08/01/02 185 206
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
48
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Delaware County, Authority
Hospital, Crozer-Chester
Medical Center Project,
RB, ACA Insured (C)
4.850%, 12/01/07 $ 645 $ 661
4.900%, 12/01/08 550 565
Delaware River, Port Authority of
Pennsylvania and New Jersey,
Delaware Bridges, RB (C)
6.000%, 01/15/10 60 65
6.500%, 01/15/11 140 157
Delaware River Port Authority,
RB (C)
6.000%, 01/15/10 105 114
Derry Township, Sanitation Sewer
Authority, RB (C)
6.250%, 08/01/12 55 60
Downingtown, Area School District
Project, GO, FSA
4.750%, 02/01/13 1,000 999
Downingtown, Municipal Water
Authority, RB, FSA
4.750%, 09/01/10 325 332
Easton, Area School
Authority, GO (C)
6.250%, 04/15/02 85 92
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%, 07/01/11 745 860
Erie County, Hospital Authority,
Geriatric, RB (C)
6.250%, 07/01/11 120 134
Erie County, Hospital Authority,
Hamot Health Project,
RB, AMBAC
5.000%, 05/15/07 1,890 1,980
Erie County, Hospital Authority,
Hamot Medical Center Project,
RB (C)
6.900%, 01/01/05 275 300
Erie, Higher Education Building
Authority, Mercyhurst College
Project, RB
5.650%, 03/15/10 180 189
5.750%, 03/15/13 3,000 3,075
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fayette County, Hospital Authority,
Uniontown Hospital,
RB, Connie Lee
5.100%, 06/15/03 $ 1,065 $ 1,113
5.200%, 06/15/04 100 105
5.300%, 06/15/05 1,000 1,066
5.450%, 06/15/07 740 800
Financing Authority, Municipal
Capital Improvements
Program, RB
6.600%, 11/01/09 1,320 1,455
Franklin Hospital, Special
Obligation, RB (C)
7.125%, 10/01/08 85 97
Greene County, Industrial
Development Authority,
Monongahela Power Company
Project, Ser B, RB, MBIA
4.750%, 02/01/07 935 967
Greene County, Industrial
Development Authority,
West Pennsylvania Power
Company, Ser B, RB, MBIA
4.750%, 02/01/07 2,225 2,300
Harrisburg, GO (C)
7.400%, 06/15/04 225 251
Harrisburg, Ser A, GO, MBIA (C)
9.750%, 04/15/04 110 132
Hazleton, Area School District
Authority, Ser B, GO, FGIC
4.500%, 03/01/05 140 143
4.550%, 03/01/06 155 159
4.750%, 03/01/08 175 181
4.900%, 03/01/09 175 181
Hazleton, Area School District
Authority, Ser A, GO, FGIC
4.900%, 03/01/09 835 864
5.000%, 03/01/10 685 711
5.000%, 03/01/11 545 561
Hazleton, Area School District
Authority, Ser C, GO, FGIC
4.650%, 03/01/07 100 103
Hickory Township, Municipal
Authority, Sewer Revenue, RB (C)
6.250%, 02/01/14 305 339
Higher Education Assistance
Agency, Ser A, RB,
AMT, AMBAC
7.050%, 10/01/16 3,500 3,675
Higher Education Authority,
Ser 1995, RB, Asset Guaranty
4.850%, 09/15/03 250 258
4.950%, 09/15/04 515 534
5.150%, 09/15/06 345 362
49
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Pennsylvania Municipal Bond Fund--Continued
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Higher Education Facilities
Authority, College & University
Revenue, Ser 10, RB (C)
6.900%, 07/01/07 $ 125 $ 138
Higher Education Facilities
Authority, College of Textile &
Science, RB
5.450%, 02/01/07 200 207
Higher Education, College of
Textiles & Science, Ser 1996, RB
6.050%, 04/01/03 240 254
6.150%, 04/01/04 250 267
6.250%, 04/01/05 265 286
6.350%, 04/01/06 285 311
6.450%, 04/01/07 295 321
6.550%, 04/01/08 320 350
6.600%, 04/01/09 340 369
Housing Finance Agency, RB (C)
7.750%, 12/01/07 80 90
Housing Finance Agency, Rental
Housing, Ser 91, RB, FHA/FNMA(D)
5.450%, 07/01/06 2,000 2,115
Housing Finance Agency,
Ser 1991-31A, RB, AMT
6.800%, 10/01/17 435 457
Housing Finance Agency, Single-
Family Mortgage, RB, AMT
7.800%, 10/01/20 5 5
Hummelstown, Municipal
Authority, RB
Pre-Refunded @ 100 (A)
5.700%, 01/01/02 35 37
Jefferson County, Municipal
Authority, RB, MBIA (C)
7.000%, 12/01/02 20 21
Jersey Shore, Area School District,
GO, MBIA (C)
9.375%, 03/01/03 225 256
Lancaster, Sewer Authority, RB (C)
6.000%, 04/01/12 155 168
Lehigh County, General Purpose
Authority, Kidspeace
Corporation Project,
RB, ACAInsured
5.800%, 11/01/12 1,265 1,388
Lehigh County, General Purpose
Authority, Muhlenberg Medical
Center Project, RB (C)
7.000%, 07/01/04 100 109
Lehigh County, General Purpose
Authority Revenue,
Saint Lukes Hospital Bethlehem
Project, RB, AMBAC
5.300%, 11/15/07 450 476
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lehigh County, GO, FGIC
5.100%, 11/15/07 $ 200 $ 209
Lower Pottsgrove Township,
Sewer Authority, RB (C)
6.250%, 05/01/12 130 144
Luzerne County, Ser 91, GO, FGIC
6.800%, 09/15/02 500 537
Lycoming County, Hospital
Authority, Williamsport
Hospital, RB, Connie Lee
5.250%, 11/15/06 1,300 1,391
McCandless Township, Sanitation
Authority, Sewer Project, RB (C)
6.500%, 09/01/05 95 104
6.750%, 11/15/05 310 344
Monroeville, Water Authority,
RB (C)
7.250%, 12/01/08 40 45
Montgomery County, Industrial
Development Authority, Health
Facilities, Ecri Project, RB
6.850%, 06/01/13 2,115 2,239
Montgomery County, GO (C)
9.000%, 08/15/04 30 34
Moon, Area School District, GO,
MBIA (C)
10.000%, 05/15/99 10 10
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 20 21
New Castle, Hospital Authority,
Jameson Memorial Hospital
Project, RB, MBIA
5.500%, 07/01/09 800 869
6.000%, 07/01/10 315 357
Northhampton County, GO
5.125%, 08/15/17 735 744
Northampton County, Industrial
Development Authority,
Moravian Hall Square Project,
Ser A, RB, Asset Guaranty
5.350%, 07/01/10 100 104
Northampton County, Industrial
Development Authority,
Moravian Hall Square Project,
Ser B, RB, Asset Guaranty
5.350%, 07/01/10 1,370 1,428
Northampton, Bucks County
Municipal Authority
Water, RB (C)
6.750%, 11/01/13 50 56
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
50
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Northeast Allegheny
County, RB (C)
6.000%, 05/01/02 $ 40 $ 41
Northeastern Hospital Authority,
Hospital Revenue, RB (C)
7.000%, 06/01/06 395 438
6.375%, 09/15/07 175 192
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%, 05/15/11 100 104
Penn Delco School
District Project, GO, FGIC
4.300%, 02/15/10 85 84
4.600%, 02/15/13 100 98
Pennsylvania Intergovernmental
Co-op Authority, Funding
Program, RB, FGIC
5.500%, 06/15/11 740 788
Pennsylvania State, Higher
Education Authority,
Drexel University Project,
RB, MBIA (C)
10.250%, 05/01/03 90 104
Pennsylvania State, Higher
Education Authority,
Drexel University Project,
Second Ser, RB, MBIA
4.500%, 05/01/06 870 888
Pennsylvania State, Higher
Education Facilities Authority,
Health Services Allegeny
Delaware Valley, Ser A, RB, MBIA
5.600%, 11/15/09 250 251
5.600%, 11/15/10 1,000 1,017
Pennsylvania State, Higher
Education Facilities Authority,
Ursinus College Project, RB
5.850%, 01/01/17 1,480 1,521
Pennsylvania, Housing Finance
Agency, Single-Family Mortgage
Project, Ser 36, RB
5.45%, 10/01/14 500 509
Pennsylvania State, Housing
Finance Agency, Single-Family
Mortgage, Ser 49, RB, AMT
5.800%, 10/01/07 205 213
Pennsylvania State, COP, AMBAC
5.400%, 07/01/09 1,045 1,084
Perkiomen Valley School District,
RB, MBIA (C)
6.500%, 12/01/07 85 99
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Peters Township School District,
GO, MBIA (C)
0.000%, 11/15/07 $ 100 $ 69
Philadelphia Gas Works,
Fourteenth Ser, RB, FSA
6.250%, 07/01/08 1,000 1,112
Philadelphia, Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.100%, 12/01/03 410 453
Philadelphia, Hospital & Higher
Education Facilities,
MR Project, RB
5.500%, 08/01/01 1,175 1,212
Philadelphia, Hospital, Graduate
Hospital Project, RB (C)
7.000%, 07/01/10 1,005 1,151
Philadelphia, Industrial
Development Authority,
National Board of Medical
Examiners Project, RB
6.750%, 05/01/12 950 1,027
Philadelphia, Redevelopment
Authority, Home Improvement
Loan, Ser 95-A, RB, AMT
5.100%, 12/01/01 110 112
Philadelphia, Redevelopment
Authority, Home Improvement,
Ser 95A, RB, AMT
5.100%, 06/01/01 140 142
Philadelphia, Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB, AMT
5.250%, 06/01/02 200 204
5.250%, 12/01/02 220 225
5.400%, 06/01/03 160 164
5.400%, 12/01/03 185 190
5.550%, 06/01/04 65 67
5.650%, 12/01/05 70 73
6.100%, 12/01/10 1,000 1,042
Philadelphia, Redevelopment
Authority, West Philadelphia
Project, RB, FNMA (D)
6.750%, 05/15/04 580 616
Philadelphia, School District,
Ser 91-B, GO, MBIA Partially
Pre-Refunded @ 101 (A)
7.000%, 07/01/01 250 272
Philadelphia, Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,425 6,137
Pittsburgh, Parking Authority,
Ser 92-A, RB, FGIC
5.750%, 12/01/05 500 539
51
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Pennsylvania Municipal Bond Fund--Concluded
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loan Project, Ser B, RB
5.150%, 02/01/17 $ 175 $ 173
Pittsburg, Urban Redevelopment
Authority, Home Improvement
Loan, Ser B, RB
4.700%, 10/01/10 100 100
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loans, RB, MBIA, FHA
7.125%, 08/01/04 480 486
Pittsburgh, Urban Redevelopment
Authority, Mortgage Revenue,
Ser 96 D, RB
5.900%, 04/01/08 285 301
Pittsburgh, Urban Redevelopment
Authority, Mortgage Revenue,
Ser A, RB, AMT
5.750%, 10/01/10 50 51
Pittsburgh, Urban Redevelopment
Authority Mortgage Revenue,
Ser 1996C, RB, AMT
5.700%, 10/01/05 240 250
Pittsburgh, Urban Redevelopment
Authority, Mortgage Revenue,
Ser 1996D, RB
5.900%, 10/01/08 290 307
6.000%, 10/01/09 310 327
6.100%, 10/01/10 330 348
Pittsburgh, Urban Redevelopment
Authority, Multi-Family Housing
Hazlewood Project, Ser A, RB
5.400%, 01/01/22 2,000 2,012
Pittsburgh, Urban Redevelopment
Authority, Ser B, RB
6.700%, 04/01/10 20 21
Pittsburgh, Urban Redevelopment
Authority, Ser B, RB
5.700%, 10/01/11 105 108
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser A, RB (B)
5.750%, 12/01/06 1,980 2,106
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,185 1,258
Pittsburgh, Water and Sewer
Authority, RB, FGIC (C)
7.625%, 09/01/04 160 184
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Potter County, Hospital Authority,
Charles Cole Memorial,
RB, Asset Guaranty
5.200%, 08/01/03 $ 245 $ 255
5.300%, 08/01/04 325 342
5.400%, 08/01/05 320 340
5.500%, 08/01/06 160 171
Pottsville Hospital Authority,
Hospital & Warner Clinic, RB
6.400%, 07/01/03 930 1,028
Pottsville Hospital Authority,
Daughters Of Charity Project, RB
5.000%, 08/15/12 260 263
Quakertown Hospital Authority,
Community Hospital, RB (C)
7.125%, 01/01/11 95 110
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 33 35
Scranton-Lackawanna, Health &
Welfare Authority, Moses Taylor
Hospital, RB
5.550%, 07/01/04 955 991
5.650%, 07/01/09 1,000 1,041
6.000%, 07/01/09 940 999
Scranton-Lackawanna, Health &
Welfare Authority, Moses Taylor
Hospital, RB (C)
6.625%, 07/01/09 655 738
Seneca Valley School District,
Ser A, GO, FGIC
5.250%, 07/01/07 200 214
Shaler School District, RB (C)
6.250%, 04/15/08 95 104
Shaler Township, GO (C)
6.400%, 08/01/01 15 16
Somerset County, Hospital
Authority, Somerset
Community Hospital Project,
Ser B, RB, Asset Guaranty
5.300%, 03/01/11 500 520
Southeastern Greene School
District, GO (C)
9.375%, 07/01/03 140 158
Southeastern Pennsylvania
Transportation Authority,
Ser A, RB, FGIC
5.125%, 03/01/10 500 527
5.125%, 03/01/11 1,500 1,573
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
52
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Steel Valley School District, GO (C)
6.250%, 11/01/06 $ 130 $ 142
Susquehanna Township Sewer
Authority, RB (C)
6.000%, 11/15/13 55 63
Swissvale Area School District,
GO (C)
6.300%, 12/01/03 60 67
Upper Allegheny, Joint Sanitation
Authority, RB, AMBAC (C)
9.000%, 09/01/00 90 95
Upper Allen Township Sewer
Authority, RB (C)
5.750%, 04/01/13 165 183
Upper Gwynedd-Towamencin
Sewer Authority, RB, MBIA (C)
5.850%, 10/15/06 65 69
Upper Perkiomen School District,
GO (C)
6.000%, 05/01/04 30 32
Upper St. Clair Township,
School Building Revenue
Authority, RB
Pre-Refunded @ 100 (A)
6.625%, 05/15/06 215 249
Washington County, Hospital
Authority, Shadyside Project,
Ser 92, RB, AMBAC
5.875%, 12/15/04 1,000 1,083
Westmoreland County, Industrial
Development Authority,
Hospital Revenue,
RB, AMBAC
5.800%, 07/01/04 565 614
Westmoreland County, Industrial
Development Authority,
Hospital Revenue, Ser 92-A,
RB, AMBAC
5.900%, 07/01/05 595 647
Westmoreland County, Municipal
Authority, Special
Obligation, GO (C)
9.125%, 07/01/10 285 339
Windber Area Authority, Hospital
Revenue, RB, FHA
Pre-Refunded @ 102 (A)
5.900%, 08/01/05 295 333
Wyoming County, Hospital
Authority, Tyler Memorial, RB (C)
7.400%, 01/01/05 80 88
Wyoming Valley Sanitation
Authority, RB (C)
5.125%, 07/01/07 100 1
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
York County, Hospital Authority,
Lutheran Social Services, RB
5.400%, 04/01/04 $ 500 $ 517
5.600%, 04/01/05 500 520
5.800%, 04/01/06 500 526
York Township, Water &
Sewer Authority, RB (C)
5.900%, 08/01/13 85 96
--------
Total Municipal Bonds
(Cost $106,825) 110,713
--------
Cash Equivalent -- 0.7%
Provident Money Market
2.590%, 03/01/99 789 789
---------
Total Cash Equivalent
(Cost $789) 789
---------
Total Investments-- 99.1%
(Cost $107,614) 111,502
---------
Other Assets and Liabilities, Net -- 0.9% 1,047
---------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 673,557
outstanding shares of
beneficial interest 7,276
Fund Shares of Class B
(unlimited authorization -- no
par value) based on 9,837,554
outstanding shares of beneficial interest 101,267
Accumulated net realized gain
on investments 118
Net unrealized appreciation
on investments 3,888
---------
Total Net Assets -- 100.0% $ 112,549
=========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.71
=========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS B $10.71
=========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
AMT ALTERNATIVE MINIMUM TAX
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING ADMINISTRATION
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GNMA GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED
DATE.
(B) SECURITIES ARE HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A
MAJOR BANK OR FINANCIAL INSTITUTION.
(C) SECURITY IS ESCROWED TO MATURITY.
(D) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA/GNMA.
53
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
Massachusetts Municipal Bond Fund
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.1%
MASSACHUSETTS -- 95.8%
Andover, GO
5.500%, 12/15/00 $ 750 $ 780
Cambridge, GO
Callable 08/01/2008 @ 101
4.800%, 08/01/12 450 460
Holyoke, GO, FSA
5.500%, 06/15/03 40 43
Lawrence, GO
4.875%, 09/15/01 75 77
Lynn, Water & Sewer Community
General, Ser A, RB, FSA
5.875%, 12/01/06 40 45
Malden, GO, MBIA
Callable 08/01/07 @ 101
5.000%, 08/01/10 45 47
Mashpee, GO, MBIA
6.250%, 02/01/07 155 177
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser A, RB
5.000%, 03/01/02 175 182
5.400%, 03/01/07 45 49
5.875%, 03/01/15 185 207
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB
5.250%, 03/01/06 1,000 1,074
Massachusetts State,
Development Finance Agency,
Williston Northampton
School Project, RB
6.000%, 10/01/13 200 200
Massachusetts State,
Grant Anticipation Notes,
Ser A, RB
5.250%, 12/15/06 45 48
Massachusetts State, Health &
Educational Facilities Authority,
Caregroup Issue Project, Ser A, RB
5.000%, 07/01/04 100 105
Massachusetts State, Health &
Educational Facilities Authority,
Eye & Ear Infirmary Project,
Ser B, RB, ACA Insured
5.000%, 07/01/05 1,195 203
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Health &
Educational Facilities Authority,
Capital Asset Program,
Ser C, RB (A) (B) (C)
3.250%, 03/01/99 $ 200 $ 200
Massachusetts State, Health &
Educational Facilities Authority,
Milford and Whitinsville
Regional Project, Ser C, RB
5.000%, 07/15/01 100 102
Massachusetts State, Health &
Educational Facilities Authority,
North Adams Regional Hospital
Project, Ser C, RB
6.750%, 07/01/09 200 221
Massachusetts State, Health &
Educational Facilities Authority,
Vinfen Corporation Project,
Ser A, RB, ACA Insured
4.125%, 11/15/01 165 166
5.000%, 11/15/08 100 104
Massachusetts State,
Health & Elderly Facilities
Authority, Cape Cod Healthcare
Project, Ser B, RB
5.000%, 11/15/07 200 205
Massachusetts State,
Health & Elderly Facilities
Authority, Harvard Pilgrim
Health Project, Ser A, RB, FSA
5.250%, 07/01/06 40 43
Massachusetts State, Health &
Higher Education Facilities
Authority Capital Asset
Program, Ser B, RB,
AMBAC (A) (B) (C)
3.250%, 03/01/99 200 200
Massachusetts State, Housing
Finance Agency, Residential
Development Project,
Ser E, RB, FNMA (D)
6.250%, 11/15/12 75 81
Massachusetts State, Industrial
Finance Agency,
Museum of Fine Arts Boston
Project, RB, MBIA
5.375%, 01/01/07 45 49
Massachusetts State,
Industrial Finance Agency,
Tufts University Project,
Ser H, RB
5.000%, 02/15/01 45 46
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
54
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Industrial
Finance Agency,
Tufts University Project,
Ser H, RB, MBIA
5.500%, 02/15/05 $ 100 $ 108
5.500%, 02/15/08 200 219
Massachusetts State, Industrial
Finance Agency,
Worcester Polytechnic Institute
Project, RB, MBIA
5.125%, 09/01/12 370 384
Massachusetts State, Industrial
Finance Agency,
Worcester Polytechnic Project,
Ser II, RB, MBIA
5.100%, 09/01/10 100 105
Massachusetts State, Ser A, GO
6.000%, 11/01/06 500 565
6.000%, 11/01/11 150 172
Massachusetts State, Ser B, RB
5.000%, 12/15/08 650 687
Massachusetts State,
Ser C, GO, FGIC
6.000%, 08/01/09 100 114
Massachusetts State,
Special Obligation, Ser A, RB
7.000%, 06/01/02 50 55
Massachusetts State,
Water Pollution Authority,
Pool Loan Program, Ser 4, RB
5.000%, 08/01/06 1,000 1,061
5.125%, 08/01/09 50 53
Massachusetts State,
Water Resource Authority,
Ser C, RB
5.200%, 12/01/05 185 196
New England, Education Loan
Marketing Corporation,
Massachusetts Student Loan
Project, Ser A, RB
5.800%, 03/01/02 25 26
Norton County, GO, FGIC
4.750%, 10/01/18 60 58
Quabbin, Regional School District,
Ser B, GO, FSA
4.250%, 06/15/10 200 201
Springfield, Municipal Purpose
Loan, GO, FSA
5.000%, 11/15/03 275 290
5.000%, 11/15/05 175 186
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Worchester, GO, MBIA
5.750%, 08/01/07 $ 35 $ 39
-------
9,633
-------
PUERTO RICO -- 2.3%
Puerto Rico Commonwealth,
GO, MBIA
5.750%, 07/01/12 100 114
Puerto Rico Commonwealth,
Public Import, GO, FSA
5.500%, 07/01/12 100 111
-------
225
-------
Total Municipal Bonds
(Cost $9,846) 9,858
-------
Total Investments-- 98.1%
(Cost $9,846) 9,858
-------
Other Assets and Liabilities, Net -- 1.9% 194
-------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 994,549
outstanding shares of beneficial interest 10,038
Accumulated net realized gain on investments 2
Net unrealized appreciation on investments 12
-------
Total Net Assets -- 100.0% $10,052
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE-- CLASS A $10.11
=======
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER OF THE MATURITY DATE OR THE PUT DATE.
(C) SECURITIES ARE HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR BAN
OR FINANCIAL INSTITUTION.
(D) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA.
55
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
New Jersey Municipal Bond Fund
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 127.9%
NEW JERSEY -- 126.3%
Atlantic City, GO, AMBAC
4.750%, 08/15/04 $ 50 $ 52
Camden County, Import
Authority, County Guaranteed
Project, Ser B, RB, FGIC
5.000%, 12/01/08 250 266
Delaware River Port Authority of
Pennsylvania & New Jersey,
Port District Project,
Ser B, RB, MBIA
4.000%, 01/01/03 50 50
Edison Township, GO, AMBAC
Callable 01/01/04 @ 102
5.000%, 01/01/04 50 53
Essex County, General
Improvement, GO, AMBAC
4.875%, 11/15/02 50 52
Essex County, Improvement
Authority Lease, County Jail
and Youth House Project,
RB, AMBAC
Callable 12/01/06 @ 102
4.850%, 12/01/06 50 53
Flemington-Raritan, Regional
School District, GO, FGIC
4.000%, 05/01/07 250 247
Greenwich Township, GO
4.000%, 01/15/04 400 401
Hackensack, GO
4.000%, 06/01/04 250 251
Highland Park, School District,
GO, MBIA
6.550%, 02/15/05 300 342
Hopewell Township, General
Import Authority, GO
4.000%, 09/01/01 365 369
Jackson Township, School District,
GO, FSA
4.500%, 12/15/00 500 511
Jersey City, GO, AMBAC
4.500%, 03/01/07 300 307
Jersey City, Municipal Utilities
Authority Water Revenue,
RB, FSA
5.000%, 04/01/07 1,000 1,059
Longport, GO, FSA
4.350%, 08/15/02 50 51
Lower Township Municipality,
Utilities Authority, RB, MBIA
4.200%, 12/01/08 50 50
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lumberton Township,
Board of Education, GO, FSA
4.100%, 02/15/07 $ 245 $ 246
Mercer County, Improvement
Authority, County Golf Course
Project, RB, FGIC
4.300%, 12/01/06 50 51
Middlesex County, COP, MBIA
4.375%, 02/15/08 100 101
Monmouth County, Import
Authority, Pooled Government
Lien Project, RB, AMBAC
4.100%, 12/01/06 400 401
Montgomery County,
Board of Education, COP, MBIA
4.100%, 09/01/07 100 100
Montgomery Township,
Board of Education, COP, MBIA
4.000%, 09/01/06 175 175
New Jersey State, Economic
Development Authority,
Eldorado Terminal Project,
Ser 1984B, RB (A) (B) (C)
3.100%, 03/01/99 2,100 2,100
New Jersey State, Economic
Development Authority
Revenue, Arbor Glen Project,
Ser A, RB
8.750%, 05/15/06 180 234
New Jersey State, Economic
Development Authority, United
Water New Jersey Inc. Project,
Ser B, RB, AMBAC (A) (B) (C)
3.100%, 03/01/99 1,600 1,600
New Jersey State, Educational
Facilities Authority,
Georgian Court College Project,
Ser B, RB
4.625%, 07/01/06 300 303
New Jersey State, Education
Facilities Authority, Seton Hall
University Project,
Ser A, RB, FGIC
6.100%, 07/01/01 450 476
New Jersey State, GO
4.000%, 04/01/01 50 51
New Jersey State, GO
6.800%, 09/15/01 550 602
New Jersey State, Healthcare
Facilities Financing Authority,
Catholic Health East Project,
Ser E, RB, AMBAC
4.200%, 11/15/08 100 99
4.300%, 11/15/09 175 174
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
56
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New Jersey State, Healthcare
Facilities Financing Authority,
Saint Barnabas Hospital Project,
Ser C, RB, MBIA
5.000%, 07/01/08 $ 500 $ 503
New Jersey State, Healthcare Facilities
Financing Authority,
Saint Barnabas Medical Center
Project, Ser A, RB, MBIA
4.500%, 07/01/08 50 51
New Jersey State, Healthcare
Facilities Financing Authority,
Virtua Health Project, RB, FSA
4.200%, 07/01/06 500 503
New Jersey State, Transportation
Authority, Transportation System
Project, Ser A, RB
4.250%, 06/15/00 500 506
New Jersey State, Transportation
Authority, Transportation
Systems Project, Ser B, RB
4.750%, 06/15/02 50 52
Newark, General Import Project,
GO, AMBAC
5.400%, 10/01/07 200 218
North Bergen Township,
GO, AMBAC
4.500%, 11/01/03 125 129
4.500%, 11/01/06 300 310
4.500%, 11/01/08 300 308
Oakland, GO, FSA
4.050%, 12/01/00 225 228
Ocean County, GO
3.950%, 10/01/02 50 50
Passaic County, GO, MBIA
4.625%, 09/01/05 275 286
Pleasantville, School District, GO,
MBIA
4.750%, 02/15/05 50 52
Point Pleasant, Water Sewer Utility
Project, GO, FSA
4.400%, 09/01/07 130 133
Port Authority of New York &
New Jersey, RB
3.875%, 08/01/01 200 201
Port Authority of New York &
New Jersey, Versatile Structure
Obligation Project, Ser 2,
RB (A) (B)(C)
3.150%, 03/01/99 400 400
Readington Township, GO
5.250%, 04/15/03 125 132
Riverside Township, GO, FSA
4.450%, 09/01/05 125 129
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Somerset Raritan Valley,
Sewer Authority,
Ser A, RB, MBIA
4.500%, 07/01/03 $ 50 $ 52
Sussex County, GO, FGIC
4.500%, 04/01/05 1,000 1,029
Trenton, GO, FSA
4.125%, 09/15/06 250 252
Wall Township, School District
Authority, GO, FSA
4.350%, 07/15/03 500 513
-------
16,864
-------
PUERTO RICO -- 1.6%
Puerto Rico, Electric Power
Authority, Ser GG, RB, FSA
5.000%, 07/01/07 200 213
-------
Total Municipal Bonds
(Cost $17,040) 17,077
-------
Total Investments-- 127.9%
(Cost $17,040) 17,077
-------
Other Assets and Liabilities, Net -- (27.9%)
Securities purchased payable (4,183)
Other assets and liabilities, net 455
-------
Total other assets and liabilities, net (3,728)
-------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
1,314,575 outstanding shares of
beneficial interest 13,311
Accumulated net realized gain on investments 1
Net unrealized appreciation on investments 37
-------
Total Net Assets -- 100.0% $13,349
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.15
=======
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER 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.
57
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
New York Municipal Bond Fund
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 104.4%
NEW YORK -- 104.4%
Arlington County, Central School
District Project, Ser B, GO, FGIC
6.000%, 12/15/02 $ 250 $ 271
Erie County, GO, FGIC
5.000%, 11/01/04 200 212
Levittown County, New York
University Authority,
Free School District Project,
GO, FSA
5.300%, 10/01/05 115 124
Long Island County, Power
Authority, New York Electric
Systems Revenue Project, RB, FSA
5.000%, 04/01/06 150 158
Long Island County, Power
Authority, New York Electric
Systems Revenue Project,
Sub-Ser 8, RB, MBIA
5.000%, 04/01/06 200 209
Long Island County, Power
Authority, New York Electric
Systems Project, Sub-Ser 6,
RB (A) (B)(C)
3.200%, 03/01/99 600 600
Nassau County, General Imports
Project, Ser Y, GO, FGIC
5.000%, 03/01/08 200 211
Nassau County, Industrial
Development Agency Authority,
Hofstra University Project, RB
5.250%, 07/01/08 100 108
Nassau County, Ser A, GO, FGIC
5.500%, 07/01/06 60 65
Naussa County, Industrial
Development Agency Authority,
Hofstra University Project,
RB, MBIA
5.250%, 07/01/12 130 140
New York, Ser J, GO, FGIC
5.250%, 08/01/07 190 203
New York City, Health and
Hospital Project, Ser A, RB
6.000%, 02/15/05 45 49
New York City, Metropolitan
Transportation Authority,
Commuter Facilities Project,
Ser C-1, RB, FGIC
6.000%, 07/01/07 140 157
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York City, Municipal
Assistance Corporation
Authority, Ser N, RB, GO
5.000%, 07/01/06 $ 250 $ 264
New York City, Municipal
Assistance Corporation
Authority, Ser G, GO
6.000%, 07/01/07 225 253
New York City, Municipal Water
Finance Authority, Water &
Sewer System Project, Ser D, RB
5.000%, 06/15/08 200 211
New York City, Transitional
Finance Authority, Future Tax
Secured Project, Ser A, RB
5.000%, 11/15/07 325 347
5.000%, 11/15/02 200 210
5.000%, 08/15/11 300 311
New York City, Transitional
Finance Authority, Future Tax
Secured Project, Ser B, RB
5.125%, 11/01/10 200 214
New York City, Transportation
Facilities Authority, Livingston
Plaza Project, RB, FSA
5.400%, 01/01/18 105 112
New York State, Battery
Park City Authority, Ser A, RB
5.000%, 11/01/08 60 62
New York State, Dormitory
Authority, La Salle 1 Project,
Ser B, RB, AMBAC
5.000%, 07/01/06 130 137
New York State, Dormitory
Authority, Mental Health
Services Facilities Project,
Ser D, RB, MBIA
5.000%, 08/15/04 125 131
5.000%, 08/15/05 150 158
New York State, Dormitory
Authority, New York &
Presbyterian Hospital Project,
RB, AMBAC
5.500%, 02/01/09 300 327
5.500%, 08/01/09 500 546
New York State, Dormitory
Authority, Rochester Institute of
Technology Project, RB, MBIA
6.000%, 07/01/07 300 339
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
58
<PAGE>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Dormitory
Authority, 835 Schools Project,
Issue 2, Ser F, RB, AMBAC
5.000%, 07/01/05 $ 220 $ 232
New York State, Dormitory
Authority Revenue,
State University Athletic
Facility Project, RB, MBIA
5.250%, 07/01/13 100 105
New York State, Dormitory
Authority, Saint John's
University Project, RB, MBIA
5.000%, 07/01/10 230 241
New York State, Dormitory
Authority, University of
Rochester Project,
Ser A, RB, MBIA
5.000%, 07/01/04 125 132
New York State,
Energy Research &
Development Authority,
State Electric & Gas Project,
RB (A) (B) (C)
3.250%, 03/01/99 1,400 1,400
New York State, Environment
Facility Corporation,
Pollution Control Revenue,
State Water, Revolving Fund
Pooled, RB
Callable 05/15/04 @ 102
5.300%, 11/15/05 50 54
New York State, Environmental
Facilities Corporation,
State Water Project, RB
5.750%, 06/15/08 385 432
New York State, GO
6.500%, 03/15/05 100 113
5.200%, 07/15/07 100 107
New York State, GO, FGIC
5.250%, 08/01/06 100 107
New York State, Housing Finance,
Hospital and Healthcare
Project, Ser A, RB, MBIA
5.000%, 11/01/11 100 103
New York State, Local
Government Assistance
Corporation, Ser A, GO
6.000%, 04/01/06 150 167
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Local
Government Assistance
Corporation, Ser A,
RB, AMBAC
5.000%, 04/01/04 $ 325 $ 342
New York State, Local
Government Assistance
Corporation, Ser C, GO
5.700%, 04/01/03 150 161
New York State, Medical Care
Facility Finance Agency,
Mental Health Services
Facilities Project,
Ser C, RB, MBIA
5.250%, 08/15/03 375 396
New York State,
Ser D, GO, AMBAC
5.000%, 07/15/12 150 154
New York State, Ser F, GO
5.000%, 09/15/06 100 106
New York State, Thruway
Authority, Highway and
Bridge Transportation Project,
Ser A, RB, MBIA
6.250%, 04/01/04 100 111
New York State, Thruway
Authority, Highway and
Bridge Transportation Project,
Ser B, RB, FSA
5.000%, 04/01/17 150 150
New York State, Thruway
Authority, Highway & Bridge
Transportation Project,
Ser B, RB, MBIA
6.000%, 04/01/05 225 249
New York State, Triborough
Bridge and Tunnel Authority,
General Purpose Project,
Ser Y, RB
5.800%, 01/01/06 175 193
New York State, Triborough
Bridge & Tunnel Authority,
Special Obligation Project,
Ser A, RB, MBIA
5.125%, 01/01/14 175 181
New York State, Urban
Development Corporation,
Community Enhancement
Facilities Project, RB, AMBAC
5.000%, 04/01/07 300 314
59
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
New York Municipal Bond Fund--Concluded
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Urban
Development Corporation,
Correctional Facilities Services
Contract Project,
Ser B, RB, AMBAC
5.000%, 01/01/08 $ 200 $ 211
New York State, Urban
Development Corporation,
State Facilities Project, RB
6.250%, 04/01/03 100 108
New York State, Urban
Development Authority,
Correctional Capital Facilities
Project, Ser 4, RB
6.250%, 04/01/05 100 111
New York State, Urban
Development Corporation,
State Facilities Project,
RB, AMBAC
5.500%, 01/01/09 200 219
New York State, Urban
Development Corporation,
Higher Education Technology
Grants, RB, MBIA
5.100%, 04/01/01 100 103
Suffolk County, Industrial
Development Agency,
Southwest Sewer Systems
Project, RB, MBIA
5.000%, 02/01/03 200 208
Syracuse County, Ser B, GO, FSA
5.000%, 10/01/05 200 211
Yonkers County, GO, AMBAC
5.000%, 12/01/10 390 407
Westchester County, Dormitory
Authority, Lease Revenue Court
Facilities Project, RB, AMBAC
5.000%, 08/01/08 140 148
-------
Total Municipal Bonds
(Cost $13,370) 13,405
-------
Total Investments-- 104.4%
(Cost $13,370) 13,405
-------
Other Assets and Liabilities, Net -- (4.4%) (559)
-------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 1,265,049
outstanding shares of
beneficial interest $ 12,815
Accumulated net realized loss
on investments (4)
Net unrealized appreciation
on investments 35
--------
Total Net Assets -- 100.0% $ 12,846
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.15
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1999.
(B) PUT AND DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS
IS THE EARLIER 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.
California Municipal
Bond Fund
MUNICIPAL BONDS -- 114.1%
CALIFORNIA -- 113.2%
Abag, Financial Authority for
Non-Profit Corporations,
YMCA San Francisco
Refinancing Project,
Ser A, COP, ACA Insured
4.200%, 10/01/04 $ 100 $ 100
4.300%, 10/01/05 100 100
4.400%, 10/01/06 100 100
Alameda, Public Financing
Authority, RB
4.600%, 09/02/03 500 503
Brea, Public Financing Authority,
Lease Revenue Project, RB, MBIA
4.000%, 07/01/07 585 582
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
60
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Bret Harte, Unified High School
District, Capital Improvements
Project, RB, FSA
3.900%, 09/01/03 $ 80 $ 81
Calabasas, Community Facilities
District 98-1, GO
5.000%, 09/01/05 200 199
5.100%, 09/01/06 100 100
5.200%, 09/01/07 150 149
California Educational Facilities
Authority, University of
San Diego Project, RB, AMBAC
0.000%, 10/01/09 725 459
California Health Facilities
Finance Authority, St. Joseph's
Health Systems Project,
Ser A, RB (A) (B) (C)
3.000%, 03/01/99 3,000 3,000
California Health Facilities
Finance Authority, Summit
Medical Center Project,
Ser A, RB, FSA
5.250%, 05/01/03 50 53
California Health Facilities
Financial Authority,
Catholic Healthcare West Project,
Ser A, RB, MBIA
5.500%, 07/01/06 150 164
California Health Facilities
Financing Authority,
Downey Community Hospital
Project, RB
5.100%, 05/15/02 155 161
California Pollution Control
Financing Authority,
Pacific Gas and Electric
Project, RB (A) (B) (C)
3.050%, 03/01/99 2,100 2,100
California State, GO
5.500%, 10/01/06 100 110
California State Public Works
Board, Energy Efficiency Project,
Ser A, RB, AMBAC
4.000%, 10/01/06 715 717
California State Public Works
Board, University of California
Project, Ser C, RB, AMBAC
5.250%, 09/01/07 250 271
California State Public Works
Board, University of California
Project, Ser F, RB
5.250%, 12/01/06 500 542
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State, University
Revenue and Colleges Authority,
Housing Systems Project,
RB, FGIC
4.700%, 11/01/01 $ 50 $ 52
Central Valley, School District
Financing Authority,
Ser A, RB, MBIA
5.800%, 08/01/03 250 272
0.000%, 02/01/08 250 172
Chaffey, Community College
District, COP
4.300%, 09/01/06 295 300
Coalinga, Public Financing
Authority, Senior Lien Project,
Ser A, RB, AMBAC
5.500%, 09/15/08 625 693
El Monte, Department of Public
Social Services Facilities,
COP, AMBAC
4.100%, 06/01/08 500 499
4.200%, 06/01/09 500 499
El Rancho, Unified School District,
Capital Appreciation Project,
Ser B, GO, FGIC
0.000%, 08/01/05 285 221
El Rancho, Unified School District,
Ser B, GO, FGIC
0.000%, 08/01/04 200 162
Elk Grove, Unified School Disrict,
Community Facilities District
No. 1 Project, GO, AMBAC
6.500%, 12/01/06 75 88
Fairfield, Housing Authority,
Creekside Estates Mobile
Project, RB
5.050%, 09/01/06 265 266
5.150%, 09/01/07 220 222
Folsom, Public Financing
Authority, 1998 Water Project,
RB, FGIC
3.650%, 11/01/03 390 390
Fontana, Redevelopment Agency,
Southwest Industrial Park
Project, GO, MBIA
4.000%, 09/01/01 85 86
Fowler, Unified School District,
GO, MBIA
4.650%, 01/01/08 140 145
4.700%, 01/01/09 145 150
Fresno, Joint Powers Financing
Authority, RB, AMBAC
0.000%, 09/01/07 250 176
61
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
California Municipal Bond Fund--Concluded
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Golden West, Schools Financing
Authority, Refunding Project,
Ser A, RB, MBIA
6.450%, 08/01/09 $ 250 $ 296
Hawthorne, California School
District, Ser B, GO, FGIC
0.000%, 11/01/09 500 316
HI Desert, Memorial Healthcare
District, RB
5.000%, 10/01/05 250 250
Holtville, Public Financing
Authority, Water Revitalization
Project, RB, FSA
3.850%, 12/01/04 140 141
3.950%, 12/01/05 145 146
4.050%, 12/01/06 145 146
4.150%, 12/01/07 155 156
4.200%, 12/01/08 160 161
Inglewood, Redevelopment
Agency, Merged Redevelopment
Project, Ser A, GO, AMBAC
3.875%, 05/01/05 600 600
4.000%, 05/01/06 500 501
Irvine Ranch, Water District,
RB (A) (B)(C)
3.100%, 03/01/99 1,400 1,400
Lake Elsinore, Public Financing
Authority, Local Agency Project,
Ser G, RB
5.100%, 09/02/04 200 199
Lake Elsinore, Unified School
District, Refunding Project,
COP, MBIA
3.900%, 02/01/06 245 243
4.000%, 02/01/08 200 198
Le Habra, Viewpark
Project, Ser A, COP, FSA
4.000%, 09/01/06 200 200
Los Angeles County, Metropolitan
Transportation Authority,
1st Tier Project, Ser A, RB, FSA
5.000%, 07/01/04 300 318
5.250%, 07/01/09 1,100 1,192
Los Angeles County, Schools
Regionalized Business Services,
Pooled Financing Project,
Ser B, COP, MBIA
4.000%, 09/01/07 140 139
Los Angeles, Regional Airport
Improvement, American
Airlines Project, Ser F, RB
3.350%, 03/01/99 400 400
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles, Regional Airport
Improvement Corporation Lease,
Sublease Los Angeles
International Airport (LAX),
RB (A) (B) (C)
3.350%, 03/01/99 $ 500 $ 500
Madera County, Valley Childrens
Hospital Project, COP, MBIA
6.250%, 03/15/07 50 57
Metropolitan Water District
Southern California, Waterworks
Authority, Ser A, RB
5.500%, 07/01/05 100 109
Midpeninsula, Regional Open
Space District, Financing
Authority, RB, AMBAC
4.200%, 09/01/09 1,005 1,002
Mountain Empire, Unified School
District, Ser A, GO, MBIA
3.950%, 09/01/06 65 65
Natomas, Unified School District,
1999 Refunding Project,
GO, MBIA
5.550%, 09/01/08 150 167
5.600%, 03/01/09 225 250
5.600%, 09/01/09 370 413
Northern California Power Agency,
Multiple Capital Facilities Project,
Ser A, RB, AMBAC
4.000%, 08/01/07 130 129
Northern California Power Agency,
Transmission Project No. 1,
Ser A, RB, AMBAC
4.000%, 08/15/05 365 368
4.000%, 08/15/06 300 301
Orange County,
Recovery Authority,
Ser A, COP, MBIA
6.000%, 07/01/08 500 570
Orange County, Sanitation District,
COP, AMBAC (A) (B) (C)
3.100%, 03/01/99 800 800
Pasadena, Unified School District,
Ser A, GO, FGIC
5.625%, 05/01/08 255 284
Pomona, Unified School District,
Ser A, GO, FGIC
5.450%, 02/01/06 195 212
Richgrove, Elementary School
District, Construction and
Refinancing Project, COP, FSA
4.150%, 12/01/08 105 105
4.150%, 12/01/09 110 109
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
62
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Riverside County, Community
Facilities District No. 84-2, GO
3.850%, 09/01/99 $ 125 $ 125
4.050%, 09/01/00 300 300
Rohnert Park, Capital Facilities
Project, COP, AMBAC
4.100%, 07/01/09 165 163
Sacramento County, Public
Facilities, Gas to Energy Project,
COP, MBIA
4.000%, 12/01/04 300 303
Salinas, Ser A, COP, AMBAC
4.000%, 09/01/07 165 164
San Diego, Public Facility
Financing Authority,
Lein Reassessment Project,
Ser A, AMBAC
4.100%, 09/02/09 730 722
San Diego, Redevelopment
Agency, Center City
Redevelopment Project,
Ser A, GO, AMBAC
5.000%, 09/01/09 300 319
San Francisco City & County,
Airport Authority International
Airport, Ser 20, RB
5.000%, 05/01/08 300 320
Torrance, United School District,
Ser A, GO
4.750%, 08/01/08 500 524
Tustin, Unified School District,
Community Facilities
District No. 88-1, RB
4.000%, 09/01/06 350 351
University of California, Multiple
Purpose Projects, RB, AMBAC
10.000%, 09/01/02 1,300 1,568
Walnut, Import Agency,
Ser A, GO, MBIA
4.000%, 09/01/07 245 244
4.000%, 09/01/08 255 253
-------
31,683
-------
PUERTO RICO -- 0.9%
Puerto Rico, Electric Power
Authority, Ser GG, RB, FSA
5.000%, 07/01/07 250 266
-------
Total Municipal Bonds
(Cost $31,897) 31,949
-------
Total Investments -- 114.1%
(Cost $31,897) 31,949
-------
Other Assets and Liabilities, Net -- (14.1%) (3,953)
-------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A
(unlimited authorization -- no
par value) based on 2,733,634
outstanding shares of beneficial
interest $ 27,903
Distribution in excess of net
investment income (1)
Accumulated net realized gain
on investments 42
Net unrealized appreciation on investments 52
--------
Total Net Assets -- 100.0% $ 27,996
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.24
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 28, 1999.
(B) PUT AND DEMAND FEATURE -- THE
DATE REPORTED ON THE STATEMENT OF NET ASSETS IS THE EARLIER 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.
63
<PAGE>
STATEMENT OF OPERATIONS (000)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
------------- ----------------- ---------------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
------------- ----------------- ---------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $ 9,660 $ 8,695 $16,495
-------- ------- -------
EXPENSES:
Management Fees 1,033 672 1,755
Waiver of Management Fees -- (49) (487)
Investment Advisory Fees 112 114 190
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 29 22 42
Professional Fees 21 22 32
Pricing Fees 2 2 3
Registration Fees 26 10 38
Trustee Fees 6 6 10
Shareholder Servicing Fees (1) 718 2,048 1,279
Shareholder Servicing Fee Waivers (672) (730) (1,065)
Printing Fees 9 12 17
Insurance Fees 2 2 4
Other Expenses 5 6 5
-------- ------- -------
Total Expenses 1,291 2,137 1,823
-------- ------- -------
NET INVESTMENT INCOME 8,369 6,558 14,672
-------- ------- -------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Gain (Loss) on Investments (11) -- (5)
-------- ------- -------
Net Realized and Unrealized
Depreciation on Investments -- -- --
-------- ------- -------
Net Realized and Unrealized Gain (Loss)
on Investments (11) -- (5)
-------- ------- -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 8,358 $ 6,558 $14,667
======== ======= =======
<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.
64
<PAGE>
------------------ ---------------- --------------------
PENNSYLVANIA INTERMEDIATE- PENNSYLVANIA
TAX FREE TERM MUNICIPAL MUNICIPAL
FUND FUND BOND FUND
------------------ ---------------- --------------------
$ 952 $12,158 $ 2,738
------- ------- -------
100 629 187
(21) (30) (46)
11 864 107
-- -- --
2 24 3
1 23 1
-- 17 1
1 27 1
1 5 1
70 655 160
(70) (655) (156)
1 4 1
1 4 --
1 4 1
------- ------- -------
98 1,571 261
------- ------- -------
854 10,587 2,477
------- ------- -------
(2) 2,271 122
------- ------- -------
-- (589) (92)
------- ------- -------
(2) 1,682 30
------- ------- -------
$ 852 $12,269 $ 2,507
======= ======= =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
65
<PAGE>
STATEMENT OF OPERATIONS (000) (concluded)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
-------------------- ----------------- -------------- ----------------
MASSACHUSETTS NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
BOND BOND BOND BOND
FUND FUND FUND FUND
------------------- ----------------- ------------- ---------------
<S> <C> <C> <C> <C>
Interest Income $ 118 $ 126 $ 133 $ 261
----- ------- ------ ------
EXPENSES:
Management Fees 7 8 8 17
Waiver of Management Fees (1) (1) (1) (2)
Investment Advisory Fees 10 11 11 23
Waiver of Investment Advisory Fees -- -- -- --
Custodian/Wire Agent Fees -- -- -- --
Professional Fees -- -- -- 1
Pricing Fees -- -- -- --
Registration Fees 1 1 1 2
Trustee Fees -- -- -- --
Shareholder Servicing Fees (1) 7 8 8 17
Shareholder Servicing Fee Waivers (7) (8) (8) (17)
Printing Fees -- -- -- --
Insurance Fees -- -- -- --
Other Expenses 1 1 -- 1
----- ------- ------ ------
Total Expenses 18 20 19 42
----- ------- ------ ------
NET INVESTMENT INCOME 100 106 114 219
----- ------- ------ ------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Gain (Loss) on Investments 1 1 (4) 69
Net Change in Unrealized Appreciation
of Investments 7 33 28 44
----- ------- ------ ------
Net Realized and Unrealized Gain
on Investments 8 34 24 113
----- ------- ------ ------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 108 $ 140 $ 138 $ 332
===== ======= ====== ======
<FN>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
66
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1999
(UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1998
<TABLE>
<CAPTION>
------------------ --------------------- -------------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
------------------ --------------------- -------------------
1999 1998 1999 1998 1999 1998
------- --------- ---------- --------- -------- ----------
INVESTMENT ACTIVITIES:
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 8,369 $ 16,717 $ 6,558 $ 13,886 $ 14,672 $ 34,816
Net realized loss on Investments (11) (8) -- (45) (5) (15)
--------- --------- -------- ---------- --------- ---------
Net increase in Net Assets Resulting
from Operations 8,358 16,709 6,558 13,841 14,667 34,801
--------- --------- -------- ---------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (8,361) (16,717) (759) (1,653) (12,999) (31,995)
Class B -- (1) -- (1,307) (2,287)
Class C -- -- (367) (652)
Class D -- -- -- -- --
Class CNI (1) -- (5,794) (12,243) -- --
Net Capital Gains
Class A -- -- -- -- --
Class B -- -- -- -- --
--------- --------- -------- ---------- --------- ---------
Total Distributions (8,361) (16,717) (6,554) (13,896) (14,673) (34,934)
--------- --------- -------- ---------- --------- ---------
TRANSACTIONS (2):
Class A:
Proceeds from Shares Issued 1,565,514 2,868,542 228,810 471,131 2,309,013 4,812,267
Reinvestment of Cash Distributions 1,427 2,527 97 76 785 1,150
Cost of Shares Redeemed (1,462,018 (2,758,801) (206,303) (483,007) (2,210,257)(4,999,980)
---------- --------- -------- ---------- --------- ---------
Total Class A Share Transactions 104,923 112,268 22,604 (11,800) 99,541 (186,563)
---------- --------- -------- ---------- --------- ---------
Class B:
Proceeds from Shares Issued -- -- 590 -- 119,351 404,501
Reinvestment of Cash Distributions -- -- -- -- 759 857
Cost of Shares Redeemed -- -- (359) -- (128,217) (345,134)
---------- --------- -------- ---------- --------- ---------
Total Class B Share Transactions -- -- 231 -- (8,107) 60,224
---------- --------- -------- ---------- --------- ---------
Class C:
Proceeds from Shares Issued -- -- -- -- 83,461 169,692
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- -- -- (72,687) (156,390)
---------- --------- -------- ---------- --------- ---------
Total Class C Share Transactions -- -- -- -- 10,774 13,302
---------- --------- -------- ---------- --------- ---------
Class D:
Proceeds from Shares Issued -- -- -- -- -- --
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- -- -- -- --
---------- --------- -------- ---------- --------- ---------
Total Class D Share Transactions -- -- -- -- -- --
---------- --------- -------- ---------- --------- ---------
Class CNI (1):
Proceeds from Shares Issued -- -- 669,341 1,076,760 -- --
Reinvestment of Cash Distributions -- -- 2,959 9,619 -- --
Cost of Shares Redeemed -- -- (640,254)(1,024,432) -- --
---------- --------- -------- ---------- --------- ---------
Total Class CNI Share Transactions -- -- 32,046 61,947 -- --
---------- --------- -------- ---------- --------- ---------
Increase (Decrease) in Net Assets
from Share Transactions 104,923 112,268 54,881 50,147 102,208 (113,037)
---------- --------- -------- ---------- --------- ---------
Total Increase (Decrease) in Net Assets 104,920 112,260 54,885 50,092 102,202 (113,170)
---------- --------- -------- ---------- --------- ---------
NET ASSETS:
Beginning of period 543,277 431,017 513,548 463,456 930,941 1,044,111
---------- --------- -------- ---------- --------- ---------
End of period $ 648,197 $ 543,277 $568,433 $ 513,548 $1,033,143 $ 930,941
========== ========= ======== ========== ========== =========
(1) FORMERLY CLASS G SHARES.
(2) 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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
67
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1999
(UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1998
-------------------------------------------------------------------------
PENNSYLVANIA INTERMEDIATE-TERM PENNSYLVANIA
TAX FREE MUNICIPAL MUNICIPAL BOND
FUND FUND FUND
-------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998
----------- ---------- ---------- --------- --------- ---------
INVESTMENT ACTIVITIES:
Net investment income $ 854 $ 1,363 $ 10,587 $ 15,651 $ 2,477 $ 4,810
Net realized gain (loss) on Investments (2) (4) 2,271 464 122 583
Net Change in Unrealized Appreciation
(Depreciation) of Investments -- -- (589) 10,070 (92) 1,465
---------- --------- -------- ---------- --------- ---------
Net increase in Net Assets Resulting
from Operations 852 1,359 12,269 26,185 2,507 6,858
---------- --------- -------- ---------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (855) (1,358) (10,634) (15,609) (87) --
Class B -- -- -- -- (2,410) (4,798)
Net Capital Gains
Class A -- -- (637) -- (22) --
Class B -- -- -- -- (530) (365)
---------- --------- -------- ---------- --------- ---------
Total Distributions (855) (1,358) (11,271) (15,609) (3,049) (5,163)
---------- --------- -------- ---------- --------- ---------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 133,434 322,613 183,003 327,207 6,913 332
Reinvestment of Cash Distributions 147 77 7,384 10,973 83 --
Cost of Shares Redeemed (143,235) (322,186) (136,327) (91,670) (52) --
---------- --------- -------- ---------- --------- ---------
Total Class A Share Transactions (9,654) 504 54,060 246,510 6,944 332
---------- --------- -------- ---------- --------- ---------
Class B (2):
Proceeds from Shares Issued -- -- -- -- 13,272 19,813
Reinvestment of Cash Distributions -- -- -- -- 295 469
Cost of Shares Redeemed -- -- -- -- (8,782) (19,026)
---------- --------- -------- ---------- --------- ---------
Total Class B Share Transactions -- -- -- -- 4,785 1,256
---------- --------- -------- ---------- --------- ---------
Increase (Decrease) in Net Assets from
Share Transactions (9,654) 504 54,060 246,510 11,729 1,588
---------- --------- -------- ---------- --------- ---------
Total Increase (Decrease) in Net Assets (9,657) 505 55,058 257,086 11,187 3,283
---------- --------- -------- ---------- --------- ---------
NET ASSETS:
Beginning of period 50,068 49,563 516,324 259,238 101,362 98,079
---------- --------- -------- ---------- --------- ---------
End of period $ 40,411 $ 50,068 $571,382 $ 516,324 $ 112,549 $ 101,362
========== ========= ======== ========== ========= =========
(1) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 8 IN THE NOTES TO THE
FINANCIAL STATEMENTS.
(2) THE PENNSYLVANIA TAX FREE FUND--CLASS B COMMENCED OPERATIONS ON
AUGUST 25, 1998.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
68
<PAGE>
---------------- ----------------- ----------------- -----------------
MASSACHUSETTS NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL BOND
FUND (2) FUND (3) FUND (3) FUND (2)
---------------- ----------------- ----------------- ----------------
1999 1998 1999 1998 1999 1998 1999 1998
------- ------- ------- -------- -------- ------- ------- --------
INVESTMENT ACTIVITIES:
Net investment income $ 100 $ -- $ 106 $ 1 $ 114 $ 1 $ 219 $ 1
Net realized gain (Loss) on Investments 1 1 1 -- (4) -- 69 --
Net Change in Unrealized Appreciation
of Investments 7 5 33 4 28 7 44 8
------- ------ ------- ------- ------- ------ ------- -------
Net increase in Net Assets Resulting
from Operations 108 6 140 5 138 8 332 9
------- ------ ------- ------- ------- ------ ------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (100) -- (106) (1) (114) (1) (220) (1)
Net Capital Gains
Class A -- -- -- -- -- -- (27) --
------- ------ ------- ------- ------- ------ ------- -------
Total Distributions (100) -- (106) (1) (114) (1) (247) (1)
------- ------ ------- ------- ------- ------ ------- -------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 10,739 1,034 13,987 1,100 12,497 1,367 28,106 2,161
Reinvestment of Cash Distributions 72 -- 81 1 82 1 167 1
Cost of Shares Redeemed (1,807) -- (1,858) -- (1,132) -- (2,520) (12)
------- ------ ------- ------- ------- ------ ------- -------
Total Class A Share Transactions 9,004 1,034 12,210 1,101 11,447 1,368 25,753 2,150
------- ------ ------- ------- ------- ------ ------- -------
Increase in Net Assets from
Share Transactions 9,004 1,034 12,210 1,101 11,447 1,368 25,753 2,150
------- ------ ------- ------- ------- ------ ------- -------
Total Increase in Net Assets 9,012 1,040 12,244 1,105 11,471 1,375 25,838 2,158
------- ------ ------- ------- ------- ------ ------- -------
NET ASSETS:
Beginning of period 1,040 -- 1,105 -- 1,375 -- 2,158 --
------- ------ ------- ------- ------- ------ ------- -------
End of period $10,052 $1,040 $13,349 $1,105 $12,846 $1,375 $27,996 $ 2,158
======= ====== ======= ======= ======= ====== ======= =======
<FN>
(1) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 8 IN THE NOTES TO THE
FINANCIAL STATEMENTS.
(2) COMMENCED OPERATIONS ON AUGUST 19, 1998.
(3) COMMENCED OPERATIONS ON AUGUST 18, 1998.
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.
69
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT PERIOD OR YEAR
<TABLE>
<CAPTION>
NET RATIO
REAL- OF
IZED NET
AND RATIO RATIO INVEST-
UNREAL- OF EX- OF MENT
INVEST- IZED PENSES NET INCOME
MENT GAIN TO INVEST- TO
NET ACTIVI- (LOSS) AVERAGE MENT AVERAGE
ASSET TIES DISTRIBUTIONS ON RATIO OF NET INCOME NET
VALUE ------ ----------------------- INVEST- NET NET EXPENSES ASSETS TO ASSETS
BEGIN- NET NET NET TOTAL MENTS ASSET ASSETS, TO EXCLUD- AVER- EXCLUD-
NING INVEST- INVEST- REAL- DIS- AND CAP- VALUE, END OF AVERAGE ING AGE ING PORTFOLIO
OF MENT MENT IZED TRIBU- ITAL TRANS- END OF TOTAL PERIOD NET FEE NET FEE TURNOVER
PERIOD INCOME INCOME GAIN TIONS ACTIONS PERIOD RETURN (000) ASSETS WAIVERS ASSETS WAIVERS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------
TAX FREE FUND
- --------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999 $1.00 $0.015 $(0.015) -- $(0.015) -- $1.00 1.46%+ $ 648,196 0.45%* 0.68%* 2.92%* 2.69%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.30 543,276 0.45 0.68 3.25 3.02 --
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.31 431,016 0.45 0.69 3.26 3.02 --
1996 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.35 339,906 0.45 0.50 3.30 3.25 --
1995 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.48 377,152 0.45 0.51 3.43 3.37 --
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.20 358,299 0.45 0.53 2.17 2.09 --
CLASS D
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.43%+ $ 1 0.56%* 0.56%* 2.84%* 2.84%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.91 1 0.59 0.59 3.13 3.13 --
1997 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.86 1 0.74 0.74 3.04 3.04 --
1996 1.00 0.030 (0.030) -- (0.030) -- 1.00 2.99 6 0.80 0.88 3.18 3.10 --
1995 (1) 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.68 272 0.80* 0.86* 3.13* 3.07* --
- ---------------------------
CALIFORNIA TAX EXEMPT FUND
- ---------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.013 $(0.013) -- $(0.013) -- $1.00 1.35%+ $ 62,112 0.28%* 0.55%* 2.67%* 2.40%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.20 39,508 0.28 0.55 3.17 2.90 --
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.30 51,314 0.28 0.57 3.26 2.97 --
1996 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.41 44,729 0.28 0.36 3.33 3.25 --
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.49 30,921 0.28 0.42 3.43 3.29 --
1994 1.00 0.023 (0.023) -- (0.023) -- 1.00 2.32 32,015 0.27 0.38 2.28 2.17 --
CLASS B
FOR THE PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 (2) $1.00 $0.002 $(0.002) -- $(0.002) -- $1.00 0.14%+ $ 231 0.58%* 0.60%* 1.98%* 1.96%* --
CLASS CNI***
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.011 $(0.011) -- $(0.011) -- $1.00 1.10%+ $ 506,090 0.78%* 1.05%* 2.20%* 1.93%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.027 (0.027) -- (0.027) -- 1.00 2.69 474,040 0.78 1.05 2.64 2.62 --
1997 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.79 412,142 0.78 1.06 2.75 2.47 --
1996 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.90 350,684 0.78 0.86 2.84 2.76 --
1995 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.97 328,035 0.78 0.93 2.93 2.78 --
1994 (3) 1.00 0.006 (0.006) -- (0.006) -- 1.00 2.14* 318,122 0.67* 0.87* 2.06* 1.86* --
- -----------------------------
INSTITUTIONAL TAX FREE FUND
- -----------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.015 $(0.015) $(0.015) -- $1.00 1.53%+ $ 912,797 0.33%* 0.68%* 3.05%* 2.70%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.46 813,261 0.33 0.68 3.39 3.04 --
1997 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44 999,946 0.33 0.69 3.39 3.03 --
1996 1.00 0.035 (0.035) -- (0.035) -- 1.00 3.52 835,388 0.33 0.49 3.46 3.30 --
1995 1.00 0.036 (0.036) -- (0.036) -- 1.00 3.70 788,877 0.33 0.52 3.64 3.45 --
1994 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.51 835,516 0.33 0.50 2.48 2.31 --
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.014 $(0.014) $(0.014) -- $1.00 1.38%+ $ 86,896 0.63%* 0.73%* 2.77%* 2.67%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.031 (0.031) -- (0.031) -- 1.00 3.15 95,004 0.63 0.73 3.06 2.96 --
1997 1.00 0.031 (0.031) -- (0.031) -- 1.00 3.13 34,783 0.63 0.73 3.10 3.00 --
1996 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.21 14,156 0.63 0.80 3.16 2.99 --
1995 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.39 15,084 0.63 0.82 3.32 3.13 --
1994 1.00 0.022 (0.022) -- (0.022) -- 1.00 2.21 21,725 0.63 0.81 2.31 2.13 --
CLASS C
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.013 $(0.013) -- $(0.013) -- $1.00 1.28%+ $ 33,450 0.83%* 0.93%* 2.54% *2.44%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.94 22,676 0.83 0.93 2.89 2.79 --
1997 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.93 9,382 0.83 0.95 2.85 2.73 --
1996 (4) 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.92 19,208 0.83* 0.96* 2.89* 2.76* --
- ---------------------------
PENNSYLVANIA TAX FREE FUND
- ---------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $1.00 $0.015 $(0.015) -- $(0.015) -- $1.00 1.53%+ $ 40,411 0.35%* 0.68%* 3.07%* 2.74%* --
FOR THE YEARS ENDED JANUARY 31,:
1998 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.41 50,068 0.35 0.68 3.36 3.03 --
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.39 49,563 0.35 0.71 3.33 2.97 --
1996 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.40 42,971 0.35 0.49 3.33 3.19 --
1995 1.00 0.035 (0.035) -- (0.035) -- 1.00 3.60 26,058 0.35 0.51 3.54 3.38 --
1994 (5) 1.00 0.014 (0.014) -- (0.014) -- 1.00 2.37* 18,712 0.35* 0.65* 2.37* 2.07* --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
70
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
NET RATIO
REAL- OF
IZED NET
AND RATIO RATIO INVEST-
UNREAL- OF EX- OF MENT
INVEST- IZED PENSES NET INCOME
MENT GAIN TO INVEST- TO
NET ACTIVI- (LOSS) AVERAGE MENT AVERAGE
ASSET TIES DISTRIBUTIONS ON RATIO OF NET INCOME NET
VALUE ------ ----------------------- INVEST- NET NET EXPENSES ASSETS TO ASSETS
BEGIN- NET NET NET TOTAL MENTS ASSET ASSETS, TO EXCLUD- AVER- EXCLUD-
NING INVEST- INVEST- REAL- DIS- AND CAP- VALUE, END OF AVERAGE ING AGE ING PORTFOLIO
OF MENT MENT IZED TRIBU- ITAL TRANS- END OF TOTAL PERIOD NET FEE NET FEE TURNOVER
PERIOD INCOME INCOME GAIN TIONS ACTIONS PERIOD RETURN (000) ASSETS WAIVERS ASSETS WAIVERS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------
INTERMEDIATE-TERM MUNICIPAL FUND
- ---------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999 $11.08 $0.22 $(0.22)$(0.01) $(0.23) $0.03 $11.10 2.34%+ $571,382 0.60%* 0.86%* 4.04%* 3.78%* 17.66%
FOR THE YEARS ENDED JANUARY 31,:
1998 10.77 0.46 (0.46) -- (0.46) 0.31 11.08 7.20 516,324 0.60 0.88 4.23 3.95 8.98
1997 10.45 0.48 (0.48) -- (0.48) 0.32 10.77 7.93 259,238 0.60 0.88 4.53 4.25 16.02
1996 10.59 0.49 (0.53) -- (0.53) (0.10) 10.45 3.76 134,563 0.59 0.66 4.66 4.59 40.66
1995 10.36 0.52 (0.52) -- (0.52) 0.23 10.59 7.53 95,675 0.55 0.72 4.96 4.79 36.05
1994 10.84 0.49 (0.49) (0.06) (0.55) (0.42) 10.36 0.65 127,509 0.53 0.71 4.65 4.47 58.90
CLASS D**
1996 (6) $10.59 $0.38 $(0.41)$ -- $(0.41) $(0.10) $10.46 3.22%* $ -- 0.98%* 1.08%* 4.26%* 4.16%* 40.66%
1995 10.36 0.48 (0.48) -- (0.48) 0.23 10.59 7.11 548 0.95 1.12 4.57 4.40 36.05
1994 (7) 10.90 0.45 (0.42) (0.06) (0.48) (0.51) 10.36 (0.93)* 1,105 0.93* 1.07* 4.34* 4.20* 58.39
- ---------------------------------
PENNSYLVANIA MUNICIPAL BOND FUND
- ---------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $10.75 $0.24 $(0.24) $(0.05) $(0.29) $0.01 $10.71 2.41%+ $ 7,213 0.60%* 0.81%* 4.54%* 4.33%* 8.25%
FOR THE YEARS ENDED JANUARY 31,:
1998 (8) 10.72 0.25 (0.25) (0.30) (0.01) 0.03 10.75 0.26 333 0.60* 0.79* 4.56* 4.25* 26.85
CLASS B
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $10.76 $0.25 $(0.25) $(0.05) $(0.30) $ -- $10.71 2.38%+ $105,336 0.48% 0.86% 4.60% 4.22% 8.25%
FOR THE YEARS ENDED JANUARY 31,:
1998 10.58 0.52 (0.52) (0.04) (0.56) 0.22 10.76 7.24 101,029 0.48 0.86 4.87 4.49 26.85
1997 10.48 0.53 (0.53) (0.19) (0.72) 0.29 10.58 8.08 98,079 0.48 0.86 5.08 4.70 34.48
1996 10.66 0.55 (0.59) -- (0.59) (0.14) 10.48 3.96 97,228 0.48 0.65 5.15 4.98 65.75
1995 10.52 0.55 (0.55) -- (0.55) 0.14 10.66 6.81 104,094 0.48 0.72 5.21 4.97 22.62
1994 10.94 0.53 (0.53) -- (0.53) (0.42) 10.52 1.14 125,081 0.47 0.71 4.90 4.66 25.13
- ----------------------------------
MASSACHUSETTS MUNICIPAL BOND FUND
- ----------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $10.05 $0.16 $(0.16) $ -- $(0.16) $0.06 $10.11 2.20%+ $ 10,052 0.60%* 0.86% 3.36%* 3.10%* 6.60%
FOR THE YEARS ENDED JANUARY 31,:
1998 (9) 10.00 -- -- -- -- 0.05 10.05 0.53+ 1,040 0.60* 0.87* 1.13* 0.86* 11.35
- -------------------------------
NEW JERSEY MUNICIPAL BOND FUND
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $10.05 $0.16 $(0.16) $ -- $(0.16) $0.10 $10.15 2.58%+ $ 13,349 0.60%* 0.88%* 3.18%* 2.90%* 15.99%
FOR THE YEARS ENDED JANUARY 31,:
1998 (10) 10.00 0.01 (0.01) -- (0.01) 0.05 10.05 0.58+ 1,105 0.60* 0.87* 2.93* 2.66* 0.00
- -----------------------------
NEW YORK MUNICIPAL BOND FUND
- -----------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $10.05 $0.17 $(0.17)$ -- $(0.17) $0.10 $10.15 2.70%+ $ 12,846 0.60%* 0.87%* 3.45%* 3.18%* 11.11%
FOR THE YEARS ENDED JANUARY 31,:
1998 (11) 10.00 -- -- -- -- 0.05 10.05 0.55+ 1,375 0.60* 0.87* 2.27* 2.00* 0.92
- -------------------------------
CALIFORNIA MUNICIPAL BOND FUND
- -------------------------------
CLASS A
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, (UNAUDITED):
1999 $10.07 $0.16 $(0.16) $(0.02) $(0.18) $0.19 $10.24 3.47%+ $ 27,996 0.60% 0.88%* 3.14%* 2.86%* 63.39%
FOR THE YEARS ENDED JANUARY 31,:
1998 (12) 10.00 0.01 (0.01) -- (0.01) 0.07 10.07 0.78+ 2,158 0.60* 0.87* 2.73* 2.46* 0.00
<FN>
*ANNUALIZED.
**TOTAL RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D SHARES.
***FORMERLY CLASS G SHARES.
+ TOTAL RETURN IS FOR THE PERIOD INDICATED AND HAS NOT BEEN ANNUALIZED.
(1)THE TAX FREE FUND--CLASS D COMMENCED OPERATIONS ON NOVEMBER 1, 1994.
(2)THE CALIFORNIA TAX EXEMPT FUND -- CLASS B COMMENCED OPERATIONS ON JANUARY 27, 1999.
(3)THE CALIFORNIA TAX EXEMPT FUND--CLASS G COMMENCED OPERATIONS ON MAY 11,
1994.
(4)THE INSTITUTIONAL TAX FREE FUND--CLASS C COMMENCED OPERATIONS ON
SEPTEMBER 11, 1995.
(5)THE PENNSYLVANIA TAX FREE FUND--CLASS A COMMENCED OPERATIONS ON JANUARY 21, 1994.
(6)THE INTERMEDIATE-TERM MUNICIPAL FUND--CLASS D CLOSED ON JUNE 30, 1996.
(7)THE INTERMEDIATE-TERM MUNICIPAL FUND--CLASS D COMMENCED OPERATIONS ON SEPTEMBER 28, 1993.
(8)THE PENNSYLVANIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 25, 1998.
(9)THE MASSACHUSETTS MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 19, 1998.
(10)THE NEW JERSEY MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 18, 1998.
(11)THE NEW YORK MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON
AUGUST 18, 1998.
(12)THE CALIFORNIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 19, 1998.
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.
71
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (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 eleven funds: the Tax
Free Fund, the California Tax Exempt Fund, the Institutional Tax Free Fund, the
Pennsylvania Tax Free Fund, Ohio Tax Free Fund (collectively "the Money Market
Funds"), the Intermediate-Term Municipal Fund, the Pennsylvania Municipal Bond
Fund, the Massachusetts Municipal Bond Fund, the New Jersey Municipal Bond Fund,
the New York Municipal Bond Fund, and the California Municipal Bond Fund
(collectively "the Fixed Income Funds"). The Ohio Tax Free Fund had not
commenced operations as of February 28, 1999. the Trust is registered to offer
five classes of shares: Class A, Class B, Class C, Class D and Class CNI. The
Funds' prospectus provides a description of each Fund's investment objectives,
policies and strategies. The assets of each fund are segregated and a
shareholder's interest is limited to the fund in which shares are held.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Funds.
SECURITY VALUATION -- Investment securities of each Money Market Fund 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 Fund 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 Fund'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.
RECLASSIFICATION OF COMPONENTS OF NET ASSETS -- The timing and
characterization of certain income and capital gains distributions are
determined annually in accordance with federal tax regulations which may differ
from generally accepted accounting principles. As a result, net investment
income (loss) and net realized gain (loss) on investment transactions for the
reporting period may differ significantly from distributions during such period.
These book/tax differences may be temporary or permanent in nature. To the
extent these differences are permanent, they are charged or credited to
paid-in-capital or accumulated net realized gain, as appropriate, in the period
that the differences arise. Accordingly, the following permanent differences,
have been reclassified to/from the following accounts:
Accumulated
Paid-In-Capital Realized Gain
Fund (000) (000)
-------------- -------------- --------------
Institutional Tax Free (7) 7
NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is
calculated on each business day. In general, it is computed by dividing the
assets of each fund, less its liabilities, by the number of outstanding shares
of the Fund.
CLASSES -- Class-specific expenses are borne by that class. Income,
expenses, and realized and unrealized gains/losses are allocated to the
respective class on the basis of relative net asset value each day.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the trade date of the security purchase or sale. Costs used in
determining net realized capital gains and losses on the sale of investment
securities are those of the specific securities sold. Interest income is
recognized on the accrual basis. Purchase discounts and premiums on securities
held by the Fixed Income Funds 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
72
<PAGE>
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 Bond Funds. Any net realized capital gain on sales of
securities after capital loss carryovers is distributed to the shareholders of
the Funds at least annually.
3. Transactions with Affiliates
The Trust and SEI Investments 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 Funds for an annual
fee of .36% each of the average daily net assets of the Tax Free, Institutional
Tax Free and Pennsylvania Tax Free Funds, .23% of the average daily net asset
value of the California Tax Exempt Fund, .24% of the average daily net asset
value of the Intermediate-Term Municipal, Massachusetts Municipal Bond, New
Jersey Municipal Bond, New York Municipal Bond, and California Municipal Bond
Funds, .35% of the average daily net asset value of the Pennsylvania Municipal
Bond Fund. However, the Manager has voluntarily agreed to waive a portion of its
fee so that total expenses of each Fund 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
Investments 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 Funds 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 Funds. 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
73
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
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 Funds.
Prior to January 1, 1996, WPG also served as the Investment Adviser on behalf of
the Intermediate-Term Municipal Fund. 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 Fund. Commencing April 16, 1996, SEI
Investments Management Corporation ("SIMC") was appointed as the Investment
Adviser of the Intermediate-Term Municipal Fund. For its services, SIMC is
entitled to a fee, which is calculated daily and paid monthly, at an annual rate
of .33% of the Fund's average daily net assets. Sub-Advisory services are
provided to SIMC for the Intermediate-Term Municipal Fund by SAW pursuant to a
sub-advisory agreement dated April 16, 1996. SIMC 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 Bond Fund. For its services,
MGCM receives a monthly fee equal to an annual rate of .20% of the average daily
net assets of the Fund.
SIMC acts as the Investment Adviser to the New York, New Jersey,
Massachusetts and California Municipal Bond Funds. For its services, SIMC
receives a monthly fee equal to an annual rate of .33% of the average daily net
assets of the Funds.
Van Kampen Management Inc. ("Van Kampen"), acts as investment sub-adviser
on behalf of the New Jersey and the California Municipal Bond Funds and is party
to an investment sub-advisory agreement with the Trust and SIMC dated June 25,
1998.
SAW acts as an investment sub-adviser on behalf of the New York and
Massachusetts Municipal Bond Funds and is party to an investment sub-advisory
agreement with the Trust and SIMC dated June 25, 1998.
SIMC is responsible for the supervision of, and payment of fees, to Van
Kampen and SAW in connection with their services to these Funds.
5. Investment Transactions
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments for the period ended February 28, 1999, were
as follows:
INTERMEDIATE-
TERM PENNSYLVANIA MASSACHUSETTS
MUNICIPAL MUNICIPAL MUNICIPAL
FUND BOND FUND BOND FUND
(000) (000) (000)
----------- ----------- -------------
Purchases ...... $133,000 $19,320 $8,951
Sales .......... 89,803 8,707 355
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
(000) (000) (000)
---------- ---------- --------------
Purchases ...... $13,035 $10,545 $30,448
Sales .......... 995 654 7,883
Subsequent to October 31, 1997, the Funds recognized net capital losses for
tax purposes that have been deferred and can be used to offset future capital
gains at August 31, 1998. the Funds also had capital loss carryforwards at
August 31, 1998, as follows:
TOTAL
CAPITAL
LOSS
CARRYOVER
AUGUST 31, EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES
FUND 1998 2002 2003 2004 2005 2006
- ------- ------------- -------- ------- ------- ------- --------
Tax Free
Fund $ 21,748 $17,406 $ 93 $ -- $2,889 $1,360
California
Tax Exempt
Fund 6,636 -- -- -- 6,636 --
Institutional
Tax Free
Fund 4,408 -- -- -- 4,407 1
Intermediate-
Term
Municipal
Fund 433,012 -- 196,956 236,056 -- --
Pennsylvania
Tax Free
Fund 11,751 -- -- -- 11,751 --
For tax purposes, the losses in the Funds can be carried forward for a
maximum of eight years to offset any net realized capital gains.
74
<PAGE>
- --------------------------------------------------------------------------------
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, 1999,
for each Fund are as follows:
INTERMEDIATE-
TERM PENNSYLVANIA MASSACHUSETTS
MUNICIPAL MUNICIPAL MUNICIPAL
FUND BOND FUND BOND FUND
(000) (000) (000)
----------- --------- -----------
Aggregate gross
unrealized
appreciation $15,087 $4,039 $ 37
Aggregate gross
unrealized
depreciation (733) (151) (25)
------- ------ -----
Net unrealized
appreciation $14,354 $3,888 $ 12
======= ====== =====
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
(000) (000) (000)
---------- --------- -----------
Aggregate gross
unrealized
appreciation $ 51 $ 49 $104
Aggregate gross
unrealized
depreciation (14) (14) (52)
---- ---- ----
Net unrealized
appreciation $ 37 $ 35 $152
==== ==== ====
6. Line of Credit
The Funds have a bank line of credit. Borrowings under the line of credit are
secured by investment securities of the Funds equal to 110% of such borrowings
which may not exceed 10% of the Funds' total assets. During the six month period
ended February 28, 1999, no borrowings were made from this line of credit.
7. Concentration of Credit Risk The Funds invest in debt instruments of muni-
cipal 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).
75
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 28, 1999 (UNAUDITED)
8. Share Transactions (000):
<TABLE>
<CAPTION>
---------------- --------------- -----------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
---------------- --------------- -----------------
1999 1998 1999 1998 1999 1998
---------------- --------------- ------------------
SHARES ISSUED AND REDEEMED:
Class A:
<S> <C> <C> <C> <C> <C> <C>
Shares Issued 1,565,514 2,868,542 228,810 471,131 2,309,013 4,812,267
Shares Issued in Lieu of Cash Distributions 1,427 2,527 97 76 785 1,150
Shares Redeemed (1,462,018) (2,758,801) (206,303) (483,007) (2,210,257) (4,999,980)
---------- ---------- -------- -------- --------- ----------
Total Class A Transactions 104,923 112,268 22,604 (11,800) 99,541 (186,563)
---------- ---------- -------- -------- --------- ----------
Class B:
Shares Issued -- -- 590 -- 119,351 404,501
Shares Issued in Lieu of Cash Distributions -- -- -- -- 759 857
Shares Redeemed -- -- (359) -- (128,217) (345,134)
---------- ---------- -------- -------- --------- ----------
Total Class B Transactions -- -- 231 -- (8,107) 60,224
---------- ---------- -------- -------- --------- ----------
Class C:
Shares Issued -- -- -- -- 83,461 169,692
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- (72,687) (156,390)
---------- ---------- -------- -------- --------- ----------
Total Class C Transactions -- -- -- -- 10,774 13,302
---------- ---------- -------- -------- --------- ----------
Class D:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- -------- --------- ----------
Total Class D Transactions -- -- -- -- -- --
---------- ---------- -------- -------- --------- ----------
Class CNI (1):
Shares Issued -- -- 669,341 1,076,760 -- --
Shares Issued in Lieu of Cash Distributions -- -- 2,959 9,619 -- --
Shares Redeemed -- -- (640,254)(1,024,432) -- --
---------- ---------- -------- -------- --------- ----------
Total CNI Class Transactions -- -- 32,046 61,947 -- --
---------- ---------- -------- -------- --------- ----------
Increase (Decrease) in Capital Shares 104,923 112,268 54,881 50,147 102,208 (113,037)
========== ========== ======== ======== ========= ==========
<FN>
(1) FORMERLY CLASS G SHARES.
</FN>
</TABLE>
<TABLE>
<CAPTION>
----------------- -------------------- ------------------ ---------------- ------------- ------------ ------------
PENNSYLVANIA MASSACHUSETTS NEW JERSEY NEW YORK CALIFORNIA
PENNSYLVANIA INTERMEDIATE-TERM MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
TAX FREE FUND MUNICIPAL FUND BOND FUND BOND FUND BOND FUND BOND FUND BOND FUND
----------------- -------------------- ------------------ ---------------- ------------- ------------ ------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
------ --------- --------- ---------- ------- ---------- ------- -------- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
133,434 322,613 16,457 29,899 640 31 1,062 103 1,380 110 1,231 137 2,750 215
147 77 662 1,001 8 -- 7 -- 8 -- 8 -- 16 --
(143,235) (322,186) (12,246) (8,369) (5) -- (178) -- (183) -- (111) -- (247) (1)
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
(9,654) 504 4,873 22,531 643 31 891 103 1,205 110 1,128 137 2,519 214
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- 1,233 1,858 -- -- -- -- -- -- -- --
-- -- -- -- 27 44 -- -- -- -- -- -- -- --
-- -- -- -- (816) (1,783) -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- 444 119 -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- -------- -------- -------- ------ ------ ------ ----- --- ------ ---- ------ ---- ----- ----
(9,654) 504 4,873 22,531 1,087 150 891 103 1,205 110 1,128 137 2,519 214
======= ======== ======== ====== ====== ====== ===== === ====== ==== ====== ==== ===== ====
</TABLE>
76 and 77
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
- --------------------
SEI TAX EXEMPT TRUST
- --------------------
SEMI-ANNUAL REPORT
- --------------------
FEBRUARY 28, 1999
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
Frank E. Morris
James M. Storey
George J. Sullivan, Jr.
OFFICERS
Edward D. Loughlin
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Mark Nagle
CONTROLLER, CHIEF FINANCIAL OFFICER
Todd Cipperman
VICE PRESIDENT, ASSISTANT SECRETARY
Kathy Heilig
VICE PRESIDENT, ASSISTANT SECRETARY
Joseph M. O'Donnell
VICE PRESIDENT, ASSISTANT SECRETARY
Cynthia M. Parrish
VICE PRESIDENT, ASSISTANT SECRETARY
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Kathryn L. Stanton
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
John H. Grady, Jr.
ASSISTANT SECRETARY
INVESTMENT ADVISERS
Morgan Grenfell Capital Management Incorporated
PENNSYLVANIA MUNICIPAL BOND FUND
SEI Investments Management Corporation:
INTERMEDIATE-TERM MUNICIPAL FUND
MASSACHUSETTS MUNICIPAL BOND FUND
NEW JERSEY MUNICIPAL BOND FUND
NEW YORK MUNICIPAL BOND FUND
CALIFORNIA MUNICIPAL BOND FUND
Weiss, Peck & Greer L.L.C.:
TAX FREE FUND
CALIFORNIA TAX EXEMPT FUND
INSTITUTIONAL TAX FREE FUND
PENNSYLVANIA TAX FREE FUND
SUB-ADVISERS
Standish, Ayer & Woods, Inc.
INTERMEDIATE-TERM MUNICIPAL FUND
MASSACHUSETTS MUNICIPAL BOND FUND
NEW YORK MUNICIPAL BOND FUND
Van Kampen Management Inc.
CALIFORNIA MUNICIPAL BOND FUND
NEW JERSEY MUNICIPAL BOND FUND
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Investments 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(Bullet)800(Bullet)DIAL(Bullet)
SEI/1(Bullet)800(Bullet)342(Bullet)5734
<PAGE>
[LOGO OMITTED]
Investments
Distribution
Co.
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-090-06
