Annual Report as of
August 31, 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 -- AUGUST 31, 1999
LETTER TO SHAREHOLDERS .............................................. 1
MUNICIPAL BOND MARKET OVERVIEW ...................................... 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FUND PERFORMANCE ............................................ 3
STATEMENT OF NET ASSETS.............................................. 9
STATEMENT OF OPERATIONS.............................................. 74
STATEMENT OF CHANGES IN NET ASSETS................................... 77
FINANCIAL HIGHLIGHTS................................................. 80
NOTES TO FINANCIAL STATEMENTS........................................ 82
NOTICE TO SHAREHOLDERS .............................................. 88
REPORT OF INDEPENDENT ACCOUNTANTS ................................... 89
<PAGE>
LETTER TO SHAREHOLDERS
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SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TO OUR SHAREHOLDERS:
In the first half of fiscal 1999 performance in the municipal markets was
strong. The declining yields were attributable to the global financial crisis
that had spread from Asia to Russia creating a flight to quality. The Fed was
also a factor, as it intervened three times to ease short term rates a total of
75 basis points from September through November.
As the economy heated up in January and February inflation became more of a
concern for the Fed. Gross Domestic Product and the Employment Cost Index became
more meaningful as the Bond Market and the Fed looked more toward the domestic
economy. Light issuance and fears of a Fed tightening allowed municipals to
outperform Treasuries in the first quarter of the calendar year.
Municipals began to give up ground to Treasuries through the summer of 1999, as
the Fed became increasingly hawkish. The Fed tightening in June led into a round
of huge corporate deals priced attractively enough to engage crossover buying.
As municipal demand remained weak the Fed tightened short term rates again in
August resulting in higher yields.
In contrast to 1998's stable short term interest rates, the Fed moved rates in
fiscal 1999 four times in nine meetings with one move coming between meetings.
With the continued threat of inflation and Y2K coming to a head, liquidity will
be a key concern for our advisors as they position the funds for fiscal 2000.
Thank you for your continued confidence in the SEI Tax Exempt Trust.
Sincerely,
/s/ SIGNATURE OMITTED
Edward D. Loughlin
PRESIDENT
1
<PAGE>
MUNICIPAL BOND MARKET OVERVIEW
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SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
The fiscal year began with the fixed income markets focused on the Asian and
Russian financial crises. Most participants were concerned about a global
financial meltdown. With this backdrop, the U.S. fixed income markets enjoyed
positive performance as yields fell precipitously during the first part of the
fiscal year. During September, a prominent hedge fund disclosed that they were
in need of financial rescue. This disclosure further stoked the fears of an
imminent financial crisis. The Fed helped ease the liquidity concerns of the
market by lowering short-term interest rates 25 basis points in September.
Municipal yields fell, but performance lagged that of Treasuries, as investors
flocked to the Treasury market in a flight to quality amid the financial
uncertainty. Evidence of the demand for Treasuries was reflected in the yield on
the long-term Treasury piercing 5.00% and falling as low as 4.90% in September.
As the year progressed, concerns over the financial health of the global economy
persisted. On October 15th, the Fed caught the markets off guard by lowering
short-term rates another 25 basis points; the first time an "inter-meeting" rate
changed occurred since 1994. Treasury yields continued to fall, reaching a level
as low as 4.72%. Municipal yields fell also, but not at the magnitude of their
Treasury counterparts. Ratio's of the yields on municipal bonds versus
Treasuries reached historically high levels. For example, the yield on a
ten-year municipal bond was over 90% of a comparable Treasury yield. For the
rest of the calendar year, municipals remained cheap relative to Treasuries.
Calendar year 1998 was a record year of supply in the municipal market and this
contributed to the relative underperformance of municipals versus Treasuries.
Beginning in January, the economic growth picture turned positive. GDP and
employment growth figures rose dramatically. The U.S. fixed income market turned
its concerns away from a financial calamity, and began to focus on the expanding
domestic economy. Yields on Treasuries backed up in the beginning of 1999 and
Fed rhetoric indicated a stance towards being preemptive against inflation.
Despite the stronger than anticipated economic growth figures, inflation was
subdued with the CPI at its lowest level in ten-years. Because of their
historically cheap valuations, municipal bonds fared better than their Treasury
counterparts for the first part of the calendar year. Fears of a Fed tightening
began to surface in February and bond yields continued their ascent. In February
alone, yield's on Treasuries rose nearly 50 basis points. With municipal
issuance down close to 20%, municipals continued to be among the best performing
fixed income asset class.
Moving into the second quarter of 1999, fears of inflation continued to mount as
the economic statistics showed accelerating growth. Fears of a Fed tightening
became apparent with the May release of a stronger than expected CPI number and
the Fed's announcement of a bias towards tighter monetary policy. Municipals
began to give up their performance relative to Treasuries and by June were
beginning to underperform. On June 30th, the Fed raised short-term interest
rates 25 basis points to contain inflation pressures.
Progressing into the summer months, municipals suffered from weak technicals.
Institutions, which typically purchase municipal bonds, were selling municipals
to purchase attractively priced corporate bonds. Corporate issuers began
bringing deals to market early in an attempt to avoid year-end Y2K liquidity
concerns. With this increased level of issuance, corporate bonds offered better
after-tax returns for institutions and the resulting lack of demand for
municipals hurt performance. Issuance of municipal bonds continued to be down
over 20%, but even the reduced level of supply was not enough to offset the
negative forces from the lack of demand. The Fed raised short-term interest
rates another 25 basis points in August, and this resulted in bond yields
trending upward into the fiscal year-end.
2
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM
MUNICIPAL FUND
OBJECTIVES. The Intermediate-Term Municipal Fund seeks the highest level of
income exempt from Federal income taxes consistent with the preservation of
capital.
STRATEGY. The Intermediate-Term Municipal Fund invests primarily in
municipal notes and bonds rated A or better. The Fund will maintain an average
weighted maturity of three to ten years, although typically the average maturity
will tend towards the shorter end of this maturity range. The Fund invests in
securities which are viewed as attractively priced due to the inefficiencies of
the municipal market.
ANALYSIS. For the fiscal year ended August 31, 1999, the Intermediate-Term
Municipal Fund, Class A (the "Fund") posted a total return of 0.67% versus a
total return of 2.21% for the Lehman 5-Year G.O. Index (the "Benchmark") and
1.82% for the Lehman 3- to 10-Year Blend Municipal Index.
The primary driver of underperformance versus the Lehman 5 Year G.O. Index
was the Fund's longer duration posture. Yields fell at the beginning of the year
due to the Asian financial crisis, but actually ended the year higher than where
they began due to inflation concerns. In a period of rising rates, the fund's
longer duration posture detracted from relative returns. Additionally, the
fund's sizable exposure to insured bonds hurt relative performance, as these
bonds typically trade-off first in a volatile environment due to their higher
liquidity. An underweight to pre-refunded securities also dampened performance,
as the high coupon structure of these securities cushion returns in a rising
rate environment. Investments in the housing sector, which are defensive in
nature, aided positive performance.
In a like manner, a longer relative duration posture explained much of the
Fund's underperformance versus the Lehman 3- to 10-Year Blend Municipal Index.
During the second half of the fiscal year, the Federal Reserve Board raised
short-term interest rates twice in two 25 basis point increments. With a
heightened focus on inflation, bonds with a higher credit quality were hurt more
initially, due to their increased liquidity. For reasons stated above, the
Fund's investment in insured bonds subtracted from relative performance for the
12-month period. Likewise, an underweight to pre-refunded bonds hurt performance
and overweight to housing bonds helped performance.
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INTERMEDIATE-TERM MUNICIPAL
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Annualized Annualized Cumulative
Year 3-Year 5-Year Inception Inception
Return Return Return to Date to Date
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Intermediate-Term
Municipal 0.67% 5.21% 5.38% 5.86% 76.60%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
SEI TAX EXEMPT TRUST INTERMEDIATE-TERM MUNICIPAL FUND, VERSUS
THE LEHMAN BROTHERS 5-YEAR G.O. INDEX
[GRAPH OMITTED]
PLOT POINTS FOLLOWS:
SEI TAX EXEMPT LEHMAN 5 YR.
9/30/89 10,000 10,000
8/90 10,522 10,670
8/91 11,450 11,747
8/92 12,430 12,912
8/93 13,502 14,053
8/94 13,589 14,284
8/95 14,613 15,442
8/96 15,162 16,029
8/97 16,365 17,100
8/98 17,543 18,266
8/99 17,660 18,669
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
3
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
PENNSYLVANIA MUNICIPAL
BOND FUND
OBJECTIVES. The Pennsylvania Municipal Bond Fund seeks to provide current
income exempt from both Federal and Pennsylvania income taxes consistent with
the preservation of capital.
STRATEGY. While the Fund is permitted to purchase investment-grade
municipal bonds, a large percentage of the assets are currently in AAA-rated,
insured Pennsylvania municipal securities. As principal stability is a primary
objective of the Fund, the weighted average maturity of the Fund is typically in
a narrow band of five to seven years. While the Adviser does not attempt to
forecast interest rates, the maturity of the Fund is extended when interest
rates are stable or in decline, and is shortened during periods of rising
interest rates.
ANALYSIS. For the Fiscal year ended August 31, 1999, the Pennsylvania
Municipal Bond Fund, (the "Fund") Class A posted a total return of 0.65% versus
a total return of 2.21% the Lehman 5-Year G.O. Municipal Bond Index (the
"Benchmark") and 1.43% for the Lehman M.F. Pennsylvania Intermediate Municipal
Index.
The primary driver of underperformance versus the Lehman 5 Year G.O. Index
was the Fund's longer duration posture. Yields fell at the beginning of the year
due to the Asian financial crisis, but actually ended the year higher than where
they began due to inflation concerns. In a period of rising rates, the Fund's
longer duration posture detracted from relative returns. Additionally, the
Fund's exposure to bonds maturing in more than 9 years served to further dampen
performance. In broad terms, the Fund's yield advantage versus the Benchmark
served to enhance results.
The underperformance versus the Lehman M.F. Pennsylvania Intermediate
Municipal Index was mainly the result of the Fund's sector and maturity
selection. Negative effects of the Balanced Budget Act of 1997 have put
hospitals under financial pressure. The Fund's exposure to hospital credits
detracted from relative performance. In addition, the Fund's exposure to bonds
maturing in more than 9 years hurt relative performance. Investments in revenue
bonds, such as housing, education and water and sewer, contributed to positive
performance for the year.
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PENNSYLVANIA MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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Pennsylvania
Municipal Bond 0.65% 0.90% 0.92%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI
TAX EXEMPT TRUST PENNSYLVANIA MUNICIPAL BOND FUND, CLASS A, VERSUS THE
LEHMAN BROTHERS 5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS MF PA
INTERMEDIATE INDEX
[GRAPH OMITTED]
PLOT POINTS FOLLOWS:
SEI LEHMAN LEHMAN
TAX-EXEMPT 5 YR MF PA
8/98 10,000 10,000 10,000
8/99 10,067 10,221 10,143
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Annualized Annualized Annualized Cumulative
Year 3-Year 5-Year 10-Year Inception Inception
Return Return Return Return to Date to Date
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Pennsylvania
Municipal Bond 0.68% 5.28% 5.32% 6.04% 6.00% 79.70%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI TAX EXEMPT
TRUST PENNSYLVANIA MUNICIPAL BOND FUND, CLASS B, VERSUS THE LEHMAN BROTHERS
5-YEAR G.O. INDEX
[GRAPH OMITTED]
PLOT POINTS FOLLOWS:
SEI LEHAMN
TAX-EXEMPT 5 YR
8/31/89 10,000 10,000
8/90 10,527 10,675
8/91 11,559 11,752
8/92 12,584 12,918
8/93 13,706 14,060
8/94 13,862 14,290
8/95 14,806 15,449
8/96 15,392 16,036
8/97 16,636 17,108
8/98 17,840 18,275
8/99 17,965 18,679
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
4
<PAGE>
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MASSACHUSETTS
MUNICIPAL BOND FUND
OBJECTIVES. The Massachusetts Municipal Bond Fund seeks the highest level
of current income exempt from Federal and Massachusetts income taxes while
preserving capital.
STRATEGY. The Massachusetts Municipal Bond Fund invests primarily in
municipal notes and bonds rated A or better. The Fund will maintain an average
weighted maturity of three to ten years, although typically the average maturity
will tend towards the shorter end of this maturity range. The Fund invests in
securities which are viewed as attractively priced due to the inefficiencies of
the municipal market.
ANALYSIS. For the fiscal year ended August 31, 1999, the Massachusetts
Municipal Bond Fund, (the "Fund") posted a total return of 0.07% versus a total
return of 2.21% for the Lehman 5-Year G.O. Index (the "Benchmark") and 1.64% for
the Lehman M.F. Massachusetts Intermediate Municipal Index.
The primary driver of underperformance versus the Lehman 5 Year G.O. Index
was the Fund's longer duration posture. Yields fell at the beginning of the year
due to the Asian financial crisis, but actually ended the year higher than where
they began due to inflation concerns. In a period of rising rates, the Fund's
longer duration posture detracted from relative returns. With rates trending
higher for the year, pre-refunded bonds, which are defensive in nature,
performed well and the Fund's lack of exposure to that sector hurt relative
performance. Yield curve positioning on the long-end of the curve also dampened
performance.
The Fund's modestly longer duration posture versus the Lehman M.F.
Massachusetts Intermediate Municipal Index was the primary source of
underperformance. Again, the lack of exposure to pre-refunded bonds, for the
reasons stated above, hurt relative performance. With the pick-up in economic
activity, bonds issued by the Commonwealth of Massachusetts performed admirably
and the Fund's small position in these credits detracted from relative
performance. Exposure to defensive credits, such as housing bonds, aided
positive performance.
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MASSACHUSETTS MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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Massachusetts
Municipal Bond 0.07% 0.56% 0.61%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
SEI TAX EXEMPT TRUST MASSACHUSETTS MUNICIPAL BOND FUND, VERSUS THE LEHMAN
BROTHERS 5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS MF MA INTERMEDIATE INDEX
[GRAPH OMITTED]
PLOT FOLLOWS:
SEI
TAX EXEMPT LEHMAN 5 YR LEHMAN MF MA
8/31/98 10,000 10,000 10,000
8/99 10,007 10,221 10,164
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
NEW JERSEY
MUNICIPAL BOND FUND
OBJECTIVES. The New Jersey Municipal Bond Fund seeks the highest level of
current income exempt from Federal and New
Jersey income taxes while preserving capital.
STRATEGY. The New Jersey Municipal Bond Fund invests primarily in municipal
notes and bonds rated A or better. The Fund will maintain an average weighted
maturity of three to ten years, although typically the average maturity will
tend towards the shorter end of this maturity range. The Fund invests in
securities which are viewed as attractively priced due to the inefficiencies of
the municipal market.
ANALYSIS. For the fiscal year ended August 31, 1999, the New Jersey
Municipal Bond Fund, (the "Fund") posted a total return of 1.29% versus a total
return of 2.21% for the Lehman 5-Year G.O. Index (the "Benchmark") and 1.82% for
the Lehman 3- to 10-Year Blend Municipal Index.
The primary driver of underperformance versus the Lehman 5 Year G.O. Index
was the Fund's longer duration posture. Yields fell at the beginning of the year
due to the Asian financial crisis, but actually ended the year higher than where
they began due to inflation concerns. In a period of rising rates, the Fund's
longer duration posture detracted from relative returns. Strong security
selection in the general obligation and education sectors aided positive
performance.
In a similar manner, the underperformance versus the Lehman 3- to 10-Year
Blend Municipal Index can be explained by a slightly longer duration posture.
Nevertheless, the underperformance was mitigated by the aforementioned strong
security selection. Additionally, the economic expansion strengthened the
general credit quality bonds in New Jersey. Another result of the strong economy
is the resultant decline in need for issuers to tap the capital markets through
debt issuance and the reduced supply acted to support bond prices.
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NEW JERSEY MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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New Jersey
Municipal Bond 1.29% 1.74% 1.87%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI TAX EXEMPT
TRUST NEW JERSEY MUNICIPAL BOND FUND, VERSUS THE LEHMAN BROTHERS 5-YEAR G.O.
INDEX, AND THE LEHMAN BROTHERS 3-10 YEAR MUNICIPAL BLEND INDEX
[GRAPH OMITTED]
PLOT POINTS FOLLOWS:
SEI LEHMAN 3-10 YR
TAX EXEMPT LEHMAN 5 YR MUNICIPAL BLEND
8/31/98 10,000 10,000 10,000
8/99 10,127 10,221 10,182
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
6
<PAGE>
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NEW YORK
MUNICIPAL BOND FUND
OBJECTIVES. The New York Municipal Bond Fund seeks the highest level of
current income exempt from Federal and New York State and City income taxes
consistent with the preservation of capital.
STRATEGY. The New York Municipal Bond Fund invests primarily in municipal
notes and bonds rated A or better. The Fund will maintain an average weighted
maturity of three to ten years, although typically the average maturity will
tend towards the shorter end of this maturity range. The Fund invests in
securities which are viewed as attractively priced due to the inefficiencies of
the municipal market.
ANALYSIS. For the fiscal year ended August 31, 1999, the New York Municipal
Bond Fund, (the "Fund") posted a total return of 0.68% versus a total return of
2.21% for the Lehman 5 Year G.O. Index (the "Benchmark") and 1.56% for the
Lehman M.F. New York Intermediate Municipal Index.
The primary driver of underperformance versus the Lehman 5 Year G.O. Index
was the Fund's longer duration posture. Yields fell at the beginning of the year
due to the Asian financial crisis, but actually ended the year higher than where
they began due to inflation concerns. In a period of rising rates, the Fund's
longer duration posture detracted from relative returns. With rates trending
higher, exposure to bonds maturing in more than 6 years also disadvantaged the
Fund's relative performance. Lack of exposure to pre-refunded bonds, which are
defensive in nature, hurt relative performance. The Fund's holdings in general
obligation bonds aided positive performance.
In a like manner, a relatively longer duration posture explained much of
the underperformance versus the Lehman M.F. New York Intermediate Municipal
Index. Again, lack of exposure to defensive credits such as pre-refunded bonds
hurt relative performance. New York City bonds performed well, given their
reliance on the brokerage and financial services industry, which are enjoying
strong results. The Fund's lack of exposure to New York City bonds stems form a
belief that should the economy slow, New York City bonds will be particularly
hard hit. As mentioned previously, the Fund's holdings in general obligation
bonds aided positive performance.
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NEW YORK MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
- --------------------------------------------------------------------------------
One Annualized Cumulative
Year Inception Inception
Return to Date to Date
- --------------------------------------------------------------------------------
Municipal Bond 0.68% 1.15% 1.24%
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI TAX EXEMPT
TRUST NEW YORK MUNICIPAL BOND FUND, VERSUS THE LEHMAN BROTHERS 5-YEAR G.O.
INDEX, AND THE LEHMAN BROTHERS MF NY INTERMEDIATE INDEX
[GRAPH OMITTED]
PLOT POINTS FOLLOWS:
SEI
TAX EXEMPT LEHMAN 5 YR LEHMAN MF NY
8/31/98 10,000 10,000 10,000
8/99 10,127 10,221 10,182
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
CALIFORNIA
MUNICIPAL BOND FUND
OBJECTIVES. The California Municipal Bond Fund seeks the highest level of
current income exempt from Federal and California income taxes consistent with
the preservation of capital.
STRATEGY. The California Municipal Bond Fund invests primarily in municipal
notes and bonds rated A or better. The Fund will maintain an average weighted
maturity of three to ten years, although typically the average maturity will
tend towards the shorter end of this maturity range. The Fund invests in
securities which are viewed as attractively priced due to the inefficiencies of
the municipal market.
ANALYSIS. For the fiscal year ended August 31, 1999, the California
Municipal Bond Fund, (the "Fund") posted a total return of 2.40% versus a total
return of 2.21% for the Lehman 5-Year G.O. Index (the "Benchmark") and 1.76% for
the Lehman M.F. California Intermediate Municipal Index.
The primary driver of outperformance versus the Lehman M.F. California
Intermediate Municipal Index was the Fund's lack of exposure to the long-end of
the yield curve. Long maturity bond prices are the most sensitive to changes in
interest rates, and with rates rising during the fiscal year, the fund benefited
from a lack of exposure to this part of the yield curve. In addition, the fund
enjoyed positive relative performance due to strong security selection in the
revenue and BBB sectors. The Fund was able to utilize its credit research
capabilities to add value in water and sewer bonds, and land secured financings.
In a like manner, the lack of exposure to the long-end of the yield curve
explained most of the Fund's outperformance versus the Lehman M.F. California
Intermediate Municipal Index. As previously mentioned, the Fund benefited from
strong security selection. Additionally, the California economy continues to be
robust and this helped the credit quality of California credits in general.
During the fiscal year, both Moody's and S&P raised their ratings on the state
of California's general obligation bonds. Supply of new bonds was down, demand
for bonds was strong, and this served to help support bond prices.
- --------------------------------------------------------------------------------
CALIFORNIA MUNICIPAL BOND
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN1
- --------------------------------------------------------------------------------
One Annualized Cumulative
Year Inception Inception
Return to Date to Date
- --------------------------------------------------------------------------------
California
Municipal Bond 2.40% 2.97% 3.20%
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI TAX EXEMPT
TRUST CALIFORNIA MUNICIPAL BOND FUND, VERSUS THE LEHMAN BROTHERS 5-YEAR G.O.
INDEX, AND THE LEHMAN BROTHERS MF CA INTERMEDIATE INDEX
[GRAPH OMITTED]
PLOT POINTS FOLLOWS:
SEI
TAX EXEMPT LEHMAN 5 YR LEHMAN MF CA
8/31/98 10,000 10,000 10,000
8/99 10,241 10,221 10,176
1 FOR THE PERIODS ENDED AUGUST 31, 1999. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
8
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 100.7%
ALABAMA -- 0.1%
Tuscaloosa County, Industrial
Development Authority, Field
Container Corporation Service
Project, RB (A) (B) (C)
3.300%, 09/08/99 $ 850 $ 850
-------
ARIZONA -- 2.2%
Arizona State, Educational Loan
Marketing Corporation,
Ser A, RB, MBIA
6.850%, 09/01/99 2,500 2,500
Chandler County, Industrial
Development Authority,
Parsons Municipal Service
Project, RB (A) (B) (C)
3.400%, 09/01/99 4,900 4,900
Mesa, Industrial Development
Authority, Lutheran Health
Systems Project, Ser A-1, RB, MBIA
4.000%, 01/01/00 555 556
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking Project, Ser A,
RB (A) (B) (C)
3.325%, 12/01/99 3,800 3,800
Tucson, Multi-Family Housing
Authority, Lincoln Garden
Project, RB (A) (B) (C)
3.150%, 09/08/99 2,625 2,625
-------
14,381
-------
ARKANSAS -- 1.0%
Crossett, Pollution Control
Authority, Pacific Corporation
Project, RB (A) (B) (C)
3.300%, 09/08/99 6,500 6,500
-------
CALIFORNIA -- 1.5%
Los Angeles, Multi-Family Housing
Authority, Promonade Towers
Project, RB (A) (B) (C)
2.950%, 09/08/99 5,000 5,000
San Bernadino County, Multi-
Family Housing Authority,
Montclair Heritage Project,
Ser A, RB (A) (B)
2.900%, 09/08/99 4,620 4,620
-------
9,620
-------
COLORADO -- 2.3%
Adams and Weld, School District
No. 27, Ser B, GO, FGIC
4.550%, 12/01/99 695 698
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Boulder County, Development
Authority, Geological Society of
America Inc. Project, Ser 92,
RB (A) (B) (C)
3.350%, 12/01/99 $1,770 $ 1,770
Colorado State, Housing Finance
Authority, Multi-Family
Housing, Woodstream Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,500 2,500
Denver City & County, Multi-
Family Housing Authority,
Ogden Residence Project,
Ser 85-B, RB (A) (B) (C)
3.050%, 09/01/99 245 245
Dove Valley, Metropolitan
District Arapahoe County,
Ser C, GO (C)
3.375%, 11/01/99 2,425 2,425
Eagle Ranch, Metropolitan
District, Ser A, RB (A) (B) (C)
2.950%, 09/08/99 5,000 5,000
Fraser, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.350%, 12/01/99 1,200 1,200
Panorama Metropolitan District,
Ser B, RB (A) (B) (C)
3.400%, 12/01/99 1,000 1,000
-------
14,838
-------
DELAWARE -- 0.6%
Delaware State, Economic
Development Authority, School
House Project, RB (A) (B) (C)
3.350%, 09/08/99 3,800 3,800
-------
DISTRICT OF COLUMBIA -- 0.3%
District of Columbia, Abraham and
Laura Lisner Project,
RB (A) (B) (C)
3.350%, 09/08/99 2,100 2,100
-------
FLORIDA -- 5.8%
Alachua County, Industrial
Development Authority,
Convention Centers Project,
RB (A) (B) (C)
3.400%, 09/01/99 850 850
Broward County, Housing Finance
Authority, Sanctuary Apartments
Project, RB (A) (B) (C)
3.400%, 09/08/99 8,900 8,900
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
9
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Florida State, Housing Finance
Authority, Buena Vista Project,
RB (A) (B) (C)
3.000%, 11/01/99 $2,500 $ 2,500
Fort Pierce, Health Facilities
Authority, New Horizons
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,000 2,000
Highlands County, Health
Facility Authority, Adventist/
Sunbelt Project , Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 2,900 2,900
Hillsborough County,
Aviation Authority, Tampa
International Airport Project,
Ser A, RB Pre-Refunded
@ 102 FGIC (D)
6.850%, 10/01/99 450 460
Housing Finance Agency, Multi-
Family Housing Authority,
Lakeside South Association
Project, RB (A) (B) (C)
3.425%, 09/08/99 1,130 1,130
Jacksonville, Industrial
Development Authority, Trailer
Marine Project, RB (A) (B) (C)
3.200%, 09/01/99 3,600 3,600
Orange County, Educational
Facilities Authority, Rollins
College Project, RB (A) (B) (C)
3.300%, 09/08/99 3,000 3,000
Orange County, Industrial
Development Authority, Central
Florida YMCA Project,
RB (A) (B) (C)
3.300%, 09/08/99 5,925 5,925
Orange County, Multi-Family
Housing Authority, Post Lake
Apartments Project, RB,
FNMA (A)(B)(C) (E)
3.300%, 09/08/99 3,500 3,500
Pasco County, Multi-Family
Housing Authority, Carlton Arms
of Magnolia Valley Project,
RB (A) (B) (C)
3.325%, 09/08/99 1,000 1,000
Sarasota, Education Facilities
Authority, Ringling School of
Art & Design, RB (A) (B) (C)
3.300%, 09/01/99 1,500 1,500
Volusia County, Housing Finance
Authority, Sun Pointe Apartments
Project, RB (A) (B) (C)
3.300%, 09/08/99 250 250
-------
37,515
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
GEORGIA -- 10.1%
Atlanta, Urban Residential
Finance Authority, Sylvan Circle
Apartments Project,
RB (A) (B) (C)
3.300%, 09/08/99 $1,410 $ 1,410
Bibb County, Development
Authority, Baptist Village Project,
RB (A) (B) (C)
3.300%, 09/08/99 4,700 4,700
Bibb County, Development
Authority, Stratford Academy
Project, RB (A) (B) (C)
3.300%, 09/08/99 5,000 5,000
Brooks County, Development
Authority, Presbyterian Home
Quitman Inc. Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,600 2,600
Catoosa County, Industrial
Development Authority, Galaxy
Carpet Project, RB (A) (B) (C)
3.350%, 09/08/99 6,500 6,500
Clayton County, Hospital Authority,
Southern Regional Medical
Center Project, Ser B,
RB (A) (B) (C)
3.300%, 09/08/99 3,775 3,775
Clayton County, Multi-Family
Housing Authority, Rainwood
Development Project,
RB (A) (B) (C)
3.325%, 09/08/99 2,000 2,000
Cobb County, Healthcare Facilities
For The Elderly, Presbyterian
Village Project, RB (A) (B) (C)
3.300%, 09/08/99 2,870 2,870
Cobb County, Housing Authority,
Post Mill Project, RB (A) (B) (C)
3.300%, 09/08/99 400 400
DeKalb County, Development
Authority, American Cancer
Society Project, RB (A) (B) (C)
3.300%, 09/08/99 1,400 1,400
DeKalb County, Industrial
Development Authority,
Dart Container Project,
RB (A) (B)
3.500%, 09/01/99 1,000 1,000
DeKalb County, Multi-Family
Housing Authority, Post Walk
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,300 2,300
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
10
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Floyd County, Development
Authority, Berry College
Income Project, RB (A) (B) (C)
3.300%, 09/08/99 $1,800 $ 1,800
Garden County, Hospital Authority,
Adventist Health System Project,
Ser A, RAN (A) (B) (C)
3.300%, 09/08/99 1,305 1,305
Georgia State, Municipal Election
Authority Project One, Ser D,
RB (A) (B) (C)
3.150%, 09/08/99 3,000 3,000
Gordon, Industrial Development
Authority, Federal Paper Board
Incorporated Project, Ser 92,
RB (A) (B) (C)
3.400%, 09/08/99 2,000 2,000
Gwinnett County, Industrial
Development Authority, Wesleyan
School Project, RB (A) (B) (C)
3.300%, 09/08/99 800 800
Gwinnett County, Multi-Family
Housing Authority, Post Corners
Project, RB (A) (B) (C)
3.300%, 09/08/99 3,000 3,000
Marietta, Housing Authority,
Franklin Walk Apartments Project,
RB (A) (B) (C)
3.425%, 09/08/99 1,600 1,600
Marietta, Multi-Family Housing
Finance Authority, Falls at Bells
Ferry Project, RB (A) (B)
3.200%, 01/15/00 6,500 6,500
Monroe County, Development
Authority, Baptist Village
Income Project, RB (A) (B) (C)
3.300%, 09/08/99 1,600 1,600
Newton, Industrial Development
Authority, H.B. Fuller Project,
Ser 84, RB (A) (B)
3.350%, 09/08/99 3,100 3,100
Richmond County, Industrial
Development Authority,
Federal Paper Board Project,
Ser 92, RB (A) (B) (C)
3.400%, 09/08/99 1,000 1,000
Roswell, Housing Authority,
Post Canyon Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,900 1,900
Savannah, Housing Authority,
Somerset Wharf Project,
Ser B, RB (A) (B) (C)
3.300%, 09/08/99 2,000 2,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Thomasville, Hospital Authority,
J.D. Archbold Project,
RB (A) (B) (C)
3.300%, 09/08/99 $ 2,200 $ 2,200
-------
65,760
-------
HAWAII -- 0.2%
Hawaii State, Department of
Budget & Finance Authority,
Kuakini Medical Center Project,
RB (A) (B) (C)
3.400%, 09/01/99 1,260 1,260
-------
IDAHO -- 0.3%
Health Facilities Authority,
St. Luke's Medical Center Project,
RB (A) (B) (C)
2.950%, 09/01/99 2,100 2,100
-------
ILLINOIS -- 14.5%
Chicago, Tax Increment Authority,
Near North Project, Ser A ,
RB (A) (B) (C)
3.250%, 09/08/99 19,900 19,900
Cook County, Catholic Charities
Project, Ser A-1, RB (A) (B)
3.300%, 09/08/99 3,700 3,700
Cook County, Community
Consolidated School
District No. 021, TAW
3.625%, 11/01/99 2,000 2,000
Cook County, Community
Consolidated School District, TAW
3.625%, 11/01/99 1,200 1,200
Cook County, School District,
GO, FSA
9.000%, 12/01/99 200 203
East Peoria, Multi-Family Housing
Authority, Radnor East Project,
RB (A) (B)
3.450%, 09/08/99 1,395 1,395
Illinois State, Anti-Pollution
Project, GO
4.000%, 01/01/00 990 992
Illinois State, Development
Finance Authority, McCormick
Theological Project, Ser A,
RB (A) (B)
3.300%, 09/08/99 3,780 3,780
Illinois State, Development
Financial Authority, North
Shore Senior Center Project,
RB (A) (B)
3.300%, 09/08/99 3,600 3,600
11
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Illinois State, Educational Facilities
Authority, Robert Morris College
Project, RB, MBIA
4.625%, 06/01/00 $ 780 $ 788
Illinois State, Development
Finance Authority, Decator
Mental Health Center Project,
RB (A) (B) (C)
3.300%, 09/08/99 3,280 3,280
Illinois State, Health Facilities
Authority, Ingalls Memorial
Hospital Project, RB, MBIA
Pre-Refunded @ 102 (D)
7.000%, 01/01/00 2,505 2,586
Illinois State, Health Facilities
Authority, Lifelink Corporation
Project, Ser A, RB (A) (B)
3.300%, 09/08/99 5,000 5,000
Illinois State, Health Facilities
Authority, Riverside Health
Systems Project, RB (A) (B) (C)
3.300%, 09/08/99 1,800 1,800
Illinois State, Pollution Control
Authority, Illinois Gas and
Electric Project, RB (A) (B)
3.300%, 09/08/99 4,200 4,200
Illinois, Development Financing
Authority, Dart Container
Project, RB (A) (B)
3.400%, 09/08/99 1,300 1,300
Illinois, Health Facilities
Authority, Advocate Healthcare
Network Project, Ser B,
RB (A) (B)
3.350%, 09/08/99 14,400 14,400
Kane County, Community Unit
School District No. 304
Geneva Project, TAW
3.950%, 01/27/00 2,000 2,003
Kane County, School District
No. 131 Aurora East Side, TAW
3.875%, 09/30/99 1,000 1,000
Kendall & Kane Counties,
Community Unit School
District No. 115 York Village, TAW
3.800%, 01/13/00 1,000 1,001
Lake County, Adlai E. Stevenson
High School District No. 125, TAW
4.550%, 01/01/00 1,000 1,005
Lake County, High School District
Authority, Greyslake Project
No. 127, GO
3.790%, 10/28/99 1,000 1,001
Orland Hills, Multi-Family
Housing Project, Ser 88-A,
RB (A) (B) (C)
3.300%, 09/08/99 4,000 4,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Saint Clair County, Industrial
Building Authority, Winchester
Apartments Project, Ser 94,
RB (A) (B) (C)
3.450%, 09/08/99 $3,000 $ 3,000
Skokie, Economic Development
Authority, Skokie Fashion Square
Project, RB (A) (B) (C)
3.575%, 09/08/99 4,350 4,350
Winnebago & Boone Counties,
School District No. 205, TAW
5.400%, 10/29/99 6,900 6,910
-------
94,394
-------
INDIANA -- 5.8%
Avon, Community School
Corporation, TAW
3.500%, 12/31/99 2,500 2,502
Crown Point, TAW
4.000%, 12/31/99 1,400 1,402
Duneland, Chesterton School
Corporation Authority, TAW
3.400%, 12/31/99 2,000 2,001
Indiana, Health Facilities Finance
Authority, Lutherwood Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,070 1,070
Indiana State, Health Facilities
Financing Authority, Capital
Asset Project, RB (A) (B) (C)
3.250%, 09/08/99 3,200 3,200
Indiana State, Health Facilities
Financing Authority,
RB (A) (B) (C)
3.250%, 09/08/99 3,150 3,150
Indiana State, Health Facility
Financing Authority, Hospital
of the Sisters of St. Francis Health
Services Project, RB
Pre-Refunded @ 100 (D)
7.100%, 09/01/99 1,625 1,625
Indiana State, Industrial
Development Finance Authority,
Goodwill Industries Center
Project, RB (A) (B)
3.300%, 09/08/99 1,500 1,500
Indianapolis, Economic
Develpoment Authority,
Morningside College Park
Project, RB (A) (B) (C)
3.310%, 09/08/99 2,050 2,050
Indianapolis, Industrial
Development Authority, Local
Public Improvements Project,
Ser B, RB, MBIA
3.350%, 06/01/00 1,550 1,550
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
12
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lake Central, Indiana School
District, TAW
3.600%, 12/31/99 $2,500 $ 2,501
Madison, Conservative School
Building Authority, BAN
3.500%, 03/31/00 1,000 1,000
Merrillville, Community School
Corporation, TAW
3.650%, 12/31/99 1,500 1,501
Michigan City, Area Schools, TAW
3.390%, 12/31/99 1,600 1,600
Plymouth, Community School
Corporation Authority, TAW
3.600%, 12/30/99 1,000 1,001
Portage, Economic Development
Authority, RB (A) (B) (C)
3.410%, 09/08/99 465 465
Portage Township, Schools District
Authority, TAW
3.875%, 12/31/99 1,500 1,503
Southwest Allen County,
Metropolitan School District
Authority, TAW
3.500%, 12/31/99 2,902 2,903
Washington Township,
Metropolian School District
Authority, TAW
4.000%, 12/31/99 2,500 2,501
Wawasee Community, School
Corporation, TAW
3.400%, 12/31/99 2,700 2,701
-------
37,726
-------
IOWA -- 1.1%
Cedar Rapids, Pollution Control
Authority, Electric Light & Power
Project, RB (A) (B)
3.300%, 09/08/99 1,100 1,100
Chillicothe, Pollution Control
Authority, Gas and Electric
Project, RB (A) (B)
3.300%, 09/08/99 3,000 3,000
Chillicothe, Pollution Control
Authority, Midwest Power
Systems Project, Ser A,
RB (A) (B)
3.300%, 09/08/99 1,600 1,600
Iowa State, Higher Education
Authority, St. Ambrose University
Project, RB (A) (B) (C)
3.400%, 09/08/99 1,500 1,500
-------
7,200
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
KANSAS -- 2.1%
Derby, Waterworks Utility Systems
Authority, Ser 1, RB
4.500%, 01/15/00 $2,000 $ 2,000
Hays, Ser A, GO, FSA
4.000%, 09/01/99 690 690
Lenexa, Healthcare Facility
Authority, Lakeview Village
Project, Ser A, RB (A) (B) (C)
3.300%, 09/08/99 6,660 6,660
Salina, Central Mall Dillard,
Ser 84, RB (A) (B) (C)
3.450%, 09/08/99 495 495
Wyandotte County,
United Government Project,
Ser N, TAN
3.750%, 08/01/00 2,563 2,563
Wyandotte County,
United Government Project,
Ser S, TAN
3.750%, 08/01/00 1,050 1,050
-------
13,458
-------
KENTUCKY -- 1.0%
Jefferson County, Industrial
Development Authority, BelKnap
Project, RB (A) (B) (C)
3.350%, 09/01/99 2,361 2,361
Kentucky State, Economic
Development Finance Authority,
Adventist Health Systems,
Ser A, RB (A) (B) (C)
3.300%, 09/01/99 1,460 1,460
Lexington-Fayette Urban County,
Government Industrial Building
Authority, American Horse Shows
Association Project, RB (A) (B) (C)
3.310%, 09/08/99 2,765 2,765
-------
6,586
-------
LOUISIANA -- 1.9%
Calcasieu Parish, Pollution Control
Authority, Citgo Petroleum
Corporation Project,
RB (A) (B) (C)
3.350%, 09/08/99 2,300 2,300
Jefferson Parish, GO, FGIC
6.150%, 09/01/99 1,500 1,500
Louisiana State, Public Finance
Authority, Tiger Athletic Project,
RB (A) (B) (C)
3.290%, 09/08/99 5,000 5,000
13
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lousiana State, OffShore Terminal
Authority, Deep Water Project,
Ser E, RB
7.200%, 09/01/99 $1,000 $ 1,000
New Orleans, Aviation Board,
Ser C, GO, MBIA (A) (B)
3.300%, 09/08/99 1,135 1,135
New Orleans, Industrial
Development Authority, Spectrum
Control Technology Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,800 1,800
-------
12,735
-------
MARYLAND -- 1.3%
Annapolis Forest, Gemini Facilities
Project, RB (A) (B) (C)
3.450%, 09/01/99 850 850
Anne Arundel County, Kellington
Association Project,
RB (A) (B)
3.350%, 09/01/99 1,250 1,250
Anne Arundel County, Pollution
Control Authority, Baltimore
Gas & Electric Project,
Ser 84, RB (A) (B)
3.520%, 01/01/00 1,500 1,500
Howard County, Conservative
Public Improvement Authority,
Ser A, RB Pre-Refunded @ 100 (D)
5.900%, 02/15/00 1,400 1,415
Maryland State, Health and Higher
Education Authority, Johns
Hopkins Hospital Project,
Ser A, RB (A) (B) (C)
3.150%, 09/08/99 2,800 2,800
University of Maryland, Revolving
Equipment Loan Program,
Ser B, RB (A) (B) (C)
3.200%, 09/08/99 600 600
-------
8,415
-------
MASSACHUSETTS -- 0.2%
New England, Educational Loan
Marketing Group,
Massaschusetts Student Loan
Authority, Ser D, RB
6.000%, 09/01/99 1,115 1,115
-------
MICHIGAN -- 2.6%
Bay City, School District Authority,
State Aid Project, TRAN
4.500%, 02/23/00 1,000 1,002
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Delta County, Economic
Development Authority,
RB, MBIA (A) (B) (C)
3.000%, 09/01/99 $3,000 $ 3,000
Garden City, Hospital Finance
Authority, Garden City Hospital
Project, Ser A, RB (A) (B) (C)
3.250%, 09/08/99 1,560 1,560
Jackson County, Economic
Development Authority, Limited
Thrifty Leoni Project,
RB (A) (B) (C)
3.325%, 09/08/99 800 800
Michigan State University,
Hospital Authority,
Ser A, RB (A) (B)
2.750%, 09/01/99 1,800 1,800
Michigan State, Job Development
Authority, East Lansing
Residential Project,
RB (A) (B) (C)
3.400%, 09/01/99 1,000 1,000
Northville Township, Economic
Development Authority, Thrifty
Northville Project, RB (A) (B) (C)
3.425%, 09/08/99 1,000 1,000
Sterling Heights, Economic
Development Authority, Sterling
Shopping Center Project,
RB (A) (B)
3.300%, 09/08/99 5,575 5,575
Walled Lake, Conservative School
District Authority, Ser II,
RB Pre-Refunded @ 102 (D)
7.000%, 05/01/00 1,000 1,041
-------
16,778
-------
MINNESOTA -- 0.6%
Eagan County, Yankee Square Inn
Project, RB (A) (B) (C)
3.300%, 09/08/99 925 925
Mendota Height, Multi-Family
Housing Authority, Lexington
Height Apartment Projects,
RB (A) (B) (C)
3.250%, 09/08/99 3,000 3,000
-------
3,925
-------
MISSISSIPPI -- 0.1%
Mississippi State, Municipal
Facilities Authority, Mississippi
Natural Gas Project, RB, MBIA
4.000%, 01/01/00 1,000 1,003
-------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
14
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MISSOURI -- 3.4%
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B)
3.500%, 09/08/99 $1,500 $ 1,500
Kansas City, Industrial
Development Authority, Ewing
Marion Kauffman Project,
Ser A, RB (A) (B)
2.950%, 09/01/99 800 800
Missouri State, Health and
Education Facilities Authority,
Francis Howell R III Project,
Ser E, RB
4.250%, 09/19/00 3,000 3,015
Missouri State, Health and
Education Facilities Authority,
Pooled Hospital Loan Program,
Ser A , RB (A) (B)
3.350%, 09/08/99 6,000 6,000
Missouri State, Health and
Education Facilities Authority,
Saint Louis University Project,
Ser A, RB (A) (B)
2.950%, 09/01/99 2,850 2,850
Missouri State, Health and
Education Facilities Authority,
Saint Louis University Project,
Ser B, RB (A) (B) (C)
2.950%, 09/01/99 5,300 5,300
Saint Louis, Grantor Trust Authority,
Ser 96-A, RB (A) (B) (C)
3.450%, 09/08/99 2,605 2,605
-------
22,070
-------
NEBRASKA -- 0.5%
Nebraska State, Educational
Finance Authority, Creighton
University Project, Ser A,
RB, AMBAC (A) (B)
3.400%, 09/08/99 3,450 3,450
-------
NEVADA -- 0.1%
Washoe County, Public
Improvements Authority,
GO, MBIA
8.250%, 06/01/00 400 414
-------
NEW HAMPSHIRE -- 0.7%
Dover, TAN
4.350%, 06/21/00 1,500 1,505
Higher Education & Health Facilities
Authority, Dartmouth Education
Loan Project, RB (A) (B)
3.300%, 12/01/99 1,280 1,280
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Higher Education & Health
Facilities Authority, Havenwood/
Heritage Heights Project,
RB Pre-Refunded @ 103 (D)
9.750%, 12/01/99 $1,500 $ 1,566
-------
4,351
-------
NEW JERSEY -- 1.0%
Economic Development Authority,
Industrial & Economic
Development Authority,
Carolina Freight Project,
RB (A) (B) (C)
3.440%, 09/08/99 940 940
New Jersey State, Industrial &
Economic Development
Authority, Dates-Tru Urban
Renewal Project, RB (A) (B) (C)
3.450%, 09/01/99 1,000 1,000
New Jersey State, Wastewater
Treatment Trust Authority,
RB Pre-Refunded @ 101.50 (D)
6.875%, 06/15/00 1,215 1,264
North Hudson, Sewer
Authority, RB
4.250%, 03/31/00 3,100 3,100
-------
6,304
-------
NEW MEXICO -- 0.0%
Albuquerque, Industrial
Development Authority, Plastech
Corporation Project, Ser 94-B,
RB (A) (B) (C)
3.300%, 09/08/99 50 50
-------
NEW YORK -- 0.8%
Nassau County, BAN
4.250%, 05/16/00 5,500 5,521
-------
NORTH CAROLINA -- 0.4%
Beaufort, Pollution Control
Authority, Texas Gulf
Corporation Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,575 1,575
North Carolina State, Medical Care
Community Authority, Carolina
Meadows Income Project,
RB (A) (B) (C)
2.900%, 09/01/99 1,300 1,300
-------
2,875
-------
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NORTH DAKOTA -- 0.8%
Grand Forks, Housing Facilities
Authority, Grand Forks Homes
Inc. Project, RB (A) (B) (C)
3.350%, 09/08/99 $5,050 $ 5,050
-------
OHIO -- 3.3%
Cincinnati & Hamilton County,
Port Authority, CEI Realty Project,
RB (A) (B) (C)
3.100%, 09/01/99 970 970
Clinton County, Hospital Authority,
Ohio Hospital Capital Project,
RB (A) (B) (C)
3.350%, 09/08/99 6,000 6,000
Highland County, Industrial
Development Authority, Lancaster
Colony Corporation Project,
RB (A) (B) (C)
2.900%, 09/01/99 700 700
Lima, Refunding and Improvement
Authority, Lima Memorial
Hospital Project, RB (A) (B) (C)
3.300%, 09/08/99 2,000 2,000
Lorain County, Hospital Authority,
Elyria United Methodist Village
Project, Ser 1996B, RB (A) (B) (C)
3.300%, 09/08/99 1,000 1,000
Lorain County, Independent Living
Facilities Authority, Elyria United
Methodist Project, Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 5,700 5,700
Marysville, Village School
District Authority, BAN
3.610%, 06/01/00 1,400 1,403
Ohio State, Southwest Local School
District, GO
Pre-Refunded @ 103 (D)
7.650%, 12/01/99 715 743
Summit County, Industrial
Development Authority, Arlington
Plaza Project, RB (A) (B) (C)
2.900%, 09/01/99 2,070 2,070
Westlake, Industrial Development
Authority, Mordson Corporation
Project, RB (A) (B)
3.350%, 09/08/99 1,250 1,250
-------
21,836
-------
OKLAHOMA -- 1.3%
Bartlesville, Development
Authority, Heritage Villa Nursing
Center Project, RB (A) (B) (C)
3.450%, 09/08/99 3,000 3,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tulsa City, Industrial Development
Authority, Healthcare Authority,
Laureate Psychiatric Project,
RB (A) (B)
3.350%, 12/15/99 $ 3,500 $ 3,500
Tulsa, Parking Authority,
Refunding First Mortgage
Williams Project,
Ser A, RB (A) (B) (C)
3.300%, 11/15/99 1,900 1,900
-------
8,400
-------
OREGON -- 0.6%
Medford, Hospital Facility
Authority, Rogue Valley Continued
Care Retirement Project,
RB (A) (B) (C)
3.450%, 09/08/99 4,200 4,200
-------
PENNSYLVANIA -- 10.6%
Allegheny County, Industrial
Development Authority,
Longwood At Oakmont Project,
Ser B, RB (A) (B) (C)
2.900%, 09/01/99 1,000 1,000
Allegheny County, Industrial
Development Authority, Watson
Rhenania Project, RB (A) (B) (C)
3.400%, 09/08/99 1,200 1,200
Bucks County, Industrial
Development Authority, CPC
International Incorporated
Project, Ser 85, RB (A) (B)
3.600%, 09/01/99 500 500
Chester County, Industrial
Development Authority,
Archdiocese of Philadelphia
Project, Ser 1997, RB (A) (B) (C)
2.950%, 09/01/99 1,000 1,000
Clarion County, Industrial
Development Authority, Meritcare
Project, Ser A, RB (A) (B) (C)
3.300%, 09/08/99 800 800
Cumberland Valley, School District
Authority, Ser B, GO, FSA
6.000%, 09/01/99 1,035 1,035
Dauphin County, General
Authority, Allhealth Pooled
Finance Program, Ser B,
RB, FSA (A) (B)
3.350%, 09/08/99 15,000 15,000
Easton, City School District
Authority, GO, FGIC (A) (B)
3.320%, 09/08/99 1,600 1,600
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
16
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Elizabeth Forward, School District,
GO, AMBAC
Pre-Refunded @ 100 (D)
7.250%, 01/15/00 $1,000 $ 1,015
Erie, Higher Education Building
Authority, Gannon University
Project, Ser F, RB (A) (B) (C)
3.350%, 09/08/99 1,500 1,500
Lancaster County, Higher Education
Authority, Franklin & Marshall
College Project, RB (A) (B)
3.340%, 09/08/99 1,645 1,645
Lancaster, Hospital Authority,
Luthercare Project,
RB (A) (B)
3.340%, 09/08/99 6,000 6,000
Lebanon County, Industrial
Development Authority,
Aluminum of America Project,
Ser 92, RB (A) (B)
3.450%, 09/08/99 1,020 1,020
Montgomery County, Higher
Education & Health Authority,
Higher Education & Health Loan
Project, Ser 96-A, RB (A) (B) (C)
3.400%, 09/08/99 1,000 1,000
Montgomery County, Higher
Education & Health Authority,
Ser A, RB (A) (B) (C)
3.400%, 09/08/99 1,000 1,000
Montgomery County, Higher
Education and Health Authority,
Golden Farms Project, Ser A, RB
Pre-Refunded @ 102 (D)
9.500%, 01/01/00 1,400 1,454
Montgomery County, Higher
Education and Health Authority,
United Hospital Project, Ser A,
RB Pre-Refunded @ 102 (D)
8.375%, 11/01/99 2,000 2,056
Montgomery County, Higher
Education and Health Authority,
Higher Education and Loan
Project, Ser A, RB (A) (B) (C)
3.400%, 09/08/99 200 200
Montgomery County, Industrial
Development Authority, IKEA
Property Project, RB (A) (B) (C)
3.300%, 09/08/99 4,400 4,400
North Umberland County,
Industrial Development Authority,
Atlas Development Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,615 1,615
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
North Umberland County,
Industrial Development Authority,
Atlas Development Project,
RB (A) (B)
3.550%, 09/08/99 $ 300 $ 300
Northhampton County, Industrial
Development Authority, Moravian
Academy Project, RB (A) (B) (C)
3.300%, 09/08/99 2,150 2,150
Pennsylvania State, Higher
Education Authority, Carnegie
Mellon University Project,
Ser 1995, RB (A) (B)
3.000%, 09/01/99 1,800 1,800
Pennsylvania State, Philadelphia
Hospital and Higher Education
Facilities Authority, Childrens
Hospital Project, Ser A,
RB (A) (B) (C)
3.000%, 09/01/99 4,600 4,600
Pennsylvania State, Ser A,
COP, AMBAC
4.625%, 07/01/00 3,000 3,028
Philadelphia, Industrial
Development Authority, Inglis
Housing Project, RB (A) (B)
3.000%, 09/01/99 7,000 7,000
Pittsburgh, GO, AMBAC
4.500%, 09/01/99 1,155 1,155
Union County, Hospital Authority,
United Methodist Continuing
Care Project, Ser B,
RB (A) (B) (C)
3.450%, 09/08/99 2,575 2,575
York, General Pooled Finance
Authority, City of Reading Project,
Ser 96-A, RB, AMBAC (A) (B)
3.250%, 09/08/99 1,300 1,300
-------
68,948
-------
RHODE ISLAND -- 0.2%
Rhode Island State, Capital
Development Loan Project, Ser B,
RB Pre-Refunded @ 102 MBIA (D)
6.250%, 05/15/00 1,000 1,040
-------
SOUTH CAROLINA -- 0.8%
Florence County, Industrial
Development Project, La-Z-Boy
Chair Project, RB (A) (B)
3.354%, 09/08/99 5,000 5,000
-------
17
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TENNESSEE -- 4.4%
Hamilton County, Industrial
Development Authority, Trade
Center Hotel Project, Ser C,
RB (A) (B) (C)
3.400%, 09/08/99 $ 4,852 $ 4,852
Hamilton County, Industrial
Development Authority, Trade
Center Hotel Project, Ser D,
RB (A) (B) (C)
3.400%, 09/08/99 3,598 3,598
Jacksonville, Industrial
Development Board, Esselte
Project, Ser B, RB (A) (B) (C)
3.050%, 09/01/99 900 900
Knox County, Health &
Educational Housing Facilities
Authority, Mercy Health System
Project, Ser A, RB, AMBAC
Pre-Refunded @ 102 (D)
7.600%, 09/01/99 1,500 1,530
Knox County, Health & Educational
Housing Facilities Authority,
THA Solutions Group Project,
RB (A) (B)
3.350%, 09/08/99 10,000 10,000
Knox County, Industrial Development
Board, Professional Plaza Project,
RB (A) (B) (C)
3.450%, 09/01/99 2,300 2,300
Memphis, Electric System
Authority, RB
Pre-Refunded @ 102 (D)
6.750%, 01/01/00 1,500 1,547
Nashville & Davidson County,
Health & Education Facilities
Board, Adventist/Sunbelt
Project, Ser A, RB (A) (B) (C)
3.300%, 09/08/99 1,900 1,900
Nashville & Davidson County,
Health & Education Facilities
Board, Dede Wallace Healthcare
System Project, RB (A) (B) (C)
3.300%, 09/08/99 1,500 1,500
Nashville & Davidson County,
Health & Education Facilities
Board, Franklin Road Project,
RB (A) (B) (C)
3.300%, 09/08/99 840 840
-------
28,967
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TEXAS -- 3.8%
Amarillo, Independent School
District, GO
4.000%, 02/01/00 $1,910 $ 1,917
Amarillo, Industrial Development
Authority, Safeway Project,
RB (A) (B)
3.000%, 09/01/99 1,145 1,145
Austin, Convention Center
Authority, Ser B, RB
Pre-Refunded @ 102 (D)
8.250%, 11/15/99 2,920 3,006
Bexar County, GO
4.250%, 06/15/00 980 983
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
3.425%, 09/08/99 1,000 1,000
Denton County, GO
5.500%, 09/01/99 970 970
Fort Worth, Ser A, GO
5.500%, 03/01/00 1,000 1,011
Gulf Coast, Industrial Development
Authority, Petrounited Project,
RB (A) (B) (C)
3.310%, 09/08/99 1,500 1,500
Harris County, Flood Control
Authority, Ser B, GO
7.000%, 10/01/99 500 502
Harris County, Health Facilities
Authority, Greater Houston
Pooled Health Project, Ser A,
RB (A) (B) (C)
3.350%, 09/08/99 3,700 3,700
Harris County, Health Facilities
Development Authority, Young
Mens Christian Association
Project, RB (A) (B) (C)
3.000%, 09/01/99 1,900 1,900
Harris County, Multi-Family
Housing Authority, Greenhouse
Development Project,
RB (A) (B) (C)
3.675%, 09/08/99 1,900 1,900
Texas State, Department Housing
and Community Authority,
Ser E, RB, MBIA
4.450%, 09/01/99 875 875
Texas State, GO
Pre-Refunded @ 100 (D)
8.300%, 12/01/99 1,230 1,246
Texas State, Ser A, GO
5.125%, 10/01/99 500 501
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Trinity River, Industrial
Development Authority, Trinity
River Project, RB (A) (B) (C)
3.425%, 09/08/99 $2,900 $ 2,900
-------
25,056
-------
UTAH -- 1.1%
Castle Dale, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.550%, 02/01/00 1,250 1,250
Nephi, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.800%, 09/01/99 1,560 1,560
Tremonton City, Industrial
Development Authority, Safeway
Project, RB (A) (B) (C)
3.350%, 12/01/99 715 715
West Valley, Industrial Development
Authority, Johnson Matthey
Project, RB (A) (B) (C)
3.050%, 09/01/99 3,400 3,400
-------
6,925
-------
VERMONT -- 2.8%
Student Assistance Authority,
Student Loan Bonds, Ser 85,
RB (A) (B) (C)
3.500%, 09/01/99 5,025 5,025
Vermont State, Educational and
Health Buildings Financing
Authority, Capital Asset
Financing Project, Ser 1,
RB (A) (B)
3.400%, 09/08/99 10,010 10,010
Vermont State, Educational and
Health Buildings Financing
Authority, Capital Asset
Financing Project, Ser 1,
RB (A) (B) (C)
3.300%, 09/08/99 1,478 1,478
Vermont State, Educational and
Health Buildings Financing
Authority, Capital Asset
Financing Project, Ser 2,
RB (A) (B) (C)
3.300%, 09/08/99 500 500
Vermont State, Ser A, GO
5.700%, 01/15/00 1,500 1,512
-------
18,525
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
VIRGINIA -- 0.5%
Harrisonburg, Multi-Family
Housing Authority, Rolling Brook
Village Apartment Project,
RB (A) (B) (C)
3.200%, 02/01/00 $2,000 $ 2,000
Stafford County, Industrial
Development Authority, Safeway
Project, RB (A) (B) (C)
3.350%, 12/01/99 1,310 1,310
-------
3,310
-------
WASHINGTON -- 2.6%
Housing Finance Commission, Mill
Plains Crossing Project,
RB (A) (B) (C)
3.200%, 09/08/99 2,100 2,100
Housing Finance Community,
Pioneer Human Services Project,
Ser 91, RB (A) (B) (C)
3.250%, 09/08/99 915 915
Port Moses Lake, Public
Industrial Authority, Basic
American Foods Project,
RB (A) (B) (C)
3.650%, 09/01/99 4,200 4,200
Washington State, Non-Profit
Housing Authority, YMCA
Snohomish County Project,
RB (A) (B) (C)
3.450%, 09/01/99 2,300 2,300
Washington State, Public Power
Supply System Authority,
Nuclear Project No. 1, Ser B,
RB Pre-Refunded @ 102 (D)
7.250%, 01/01/00 2,400 2,478
Washington State, Public Power
Supply System Authority, Nuclear
Project No. 2, RB, FGIC
Pre-Refunded @ 102 (D)
7.250%, 07/01/00 1,000 1,049
Washington State, Non-Profit
Housing Authority, YMCA
Greater Seattle Project,
RB (A) (B) (C)
3.000%, 09/01/99 2,175 2,175
Washington State, Public Power
Supply System Authority,
Nuclear Project No. 3, Ser B, RB,
FGIC Pre-Refunded @ 102 (D)
7.000%, 01/01/00 2,000 2,064
-------
17,281
-------
19
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
TAX FREE FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WEST VIRGINIA -- 0.2%
Kanawha County, Building
Commission, Charleston Area
Medical Center Project, Ser A,
RB, AMBAC
Pre-Refunded @ 102 (D)
7.500%, 11/01/99 $1,000 $ 1,027
-------
WISCONSIN -- 2.4%
Genoa City, Joint School District,
BAN
3.720%, 10/15/99 2,560 2,560
Howard Suamico, School
District Authority, TRAN
4.010%, 08/23/00 1,000 1,001
Jefferson, School District Authority,
TRAN
3.850%, 09/08/99 1,600 1,600
Monroe, School District Authority,
TRAN
3.790%, 10/15/99 1,975 1,975
New Richmond, School District
Authority, TRAN
3.560%, 11/01/99 825 825
Northland Pines,
School District Authority, TRAN
4.000%, 09/08/00 2,000 2,001
Pulaski, Community School
District Authority, TRAN
3.900%, 08/30/00 1,500 1,500
Village of Menomonee, Industrial
Development Authority,
Maysteel Corporation Project,
RB (A) (B) (C)
3.400%, 09/08/99 1,900 1,900
Wisconsin State, Health and
Educational Facilities Authority,
Marshfield Clinic Project, Ser B,
RB (A) (B) (C)
3.350%, 09/08/99 1,300 1,300
Wisconsin State, Health and Elderly
Facilities Authority, Cedar Crest
Project, RB (A) (B) (C)
3.310%, 09/08/99 1,000 1,000
-------
15,662
-------
WYOMING -- 0.5%
Natrona County, School District
No. 1, Casper School Building
Guarantee Program, RB (C)
4.000%, 06/15/00 515 518
Sweetwater County, Pollution
Control Authority, Idaho Power
Project, Ser C, RB (A) (B) (C)
2.750%, 09/01/99 400 400
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Wyoming Student Loan
Corporation, Student Loan
Authority, RB
6.250%, 12/01/99 $ 2,530 $ 2,547
--------
3,465
--------
MULTI-STATE -- 2.3%
Greystone, Tax-Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A)(B)(C)
3.400%, 09/08/99 15,170 15,170
--------
Total Municipal Bonds
(Cost $656,956) 656,956
--------
Total Investments -- 100.7%
(Cost $656,956) 656,956
--------
Other Assets and Liabilities, Net -- (0.7%) (4,746)
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 652,425,984 outstanding shares of
beneficial interest 652,293
Distribution in excess of net
investment income (34)
Accumulated net realized loss on
investments (49)
--------
Total Net Assets -- 100.0% $652,210
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $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
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
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 AUGUST 31, 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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
20
<PAGE>
- --------------------------------------------------------------------------------
CALIFORNIA TAX EXEMPT FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.8%
CALIFORNIA -- 98.3%
Alameda County, Contra-Costa
Schools Financing Authority,
Improvements Financing Project,
Ser B, COP (A) (B) (C)
2.950%, 09/08/99 $ 550 $ 550
Alameda County, Transportation
Authority, RB, AMBAC
4.100%, 11/01/99 100 100
Alhambra, Industrial Development
Authority, Sunclipse Project,
RB (A) (B) (C)
3.200%, 09/08/99 100 100
Anaheim, Housing Authority,
Heritage Village Apartments
Project, Ser A, RB (A) (B) (C)
2.950%, 09/08/99 615 615
Antioch, University School District
Authority, TRAN
3.700%, 09/15/99 324 325
Auburn, University School
District, TRAN
4.000%, 09/21/99 165 165
California State, Health Facilities
Financial Authority, Adventist
Health System Project,
Ser A, RB, MBIA (A) (B)
2.650%, 09/01/99 1,000 1,000
California State, Health Facilities
Finance Authority, Alexian
Brothers Project, RB, MBIA
Pre-Refunded @ 102 (D)
7.125%, 01/01/00 100 103
California State, Health Facilities
Finance Authority, Pomona Valley
Hospital Project, RB, MBIA
Pre-Refunded @ 102 (D)
6.750%, 01/01/00 105 108
California State, Health Facilities
Finance Authority, St. Joseph
Hospital Project, RB (A) (B)
2.400%, 09/01/99 200 200
California State, Health Facilities
Financial Authority, Sisters
Providence Project, RB
4.250%, 10/01/99 185 185
California State, Multiple Purpose
Project, Ser A, RB, MBIA
10.000%, 09/01/99 72 72
California State, Pollution
Control Financing Authority,
Pacific Gas & Electric Project,
RB (A) (B) (C)
2.650%, 09/01/99 1,000 1,000
California State, Public Works Board,
University Project, Ser A, RB
5.700%, 10/01/99 180 181
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State, Watereuse Finance
Authority, RB, FSA (A) (B) (C)
2.900%, 09/08/99 $ 1 $ 1
California Statewide, Communities
Development Authority,
St. Joseph Health Systems Group,
COP (A) (B)
2.400%, 09/01/99 400 400
California Statewide, Community
Development Authority,
Covenant Retirement Communities
Project, COP (A) (B)
3.125%, 09/08/99 700 700
Chico, Public Financial Authority,
Southeast Chico Redevelopment
Project, Ser B, RB
Pre-Refunded @ 102 (D)
7.400%, 04/01/00 165 172
Community Development Authority,
North California Retirement
Project, RB (A) (B) (C)
2.250%, 09/01/99 1,000 1,000
Contra Costa County, Multi-Family
Housing Authority, Delta Square
Project, Ser A, RB (A) (B) (C)
3.300%, 09/08/99 200 200
Corona, Multi-Family Housing
Authority, County Hills Project,
Ser B, RB (A) (B) (C)
2.950%, 09/08/99 500 500
Corona, Redevelopment Agency
Authority, Crown Point Project,
Ser 85, RB (A) (B) (C)
3.250%, 05/01/00 505 505
Duarte, Redevelopment Agency
Authority, Merged Redevelopment
Project, TA
3.500%, 10/01/99 75 75
Escondido, Community
Development Authority,
Heritage Park Apartment Project,
Ser A, RB (A) (B) (C)
2.950%, 09/08/99 415 415
Fontana, Gaf Tax Exempt Bond
Grantor Trust, Ser GA-7,
RB (A) (B) (C)
3.750%, 09/08/99 440 440
Fullerton, Industrial Development
Authority, Sunclipse Project,
Ser A, RB (A) (B) (C)
3.200%, 09/08/99 200 200
Huntington Park, Public Fianancing
Authority Lease, Parking Project,
Ser A, RB (A) (B) (C)
4.250%, 09/01/99 325 325
Irwindale, Industrial Development
Authority, Toys "R" Us Project,
RB (A) (B) (C)
3.325%, 09/08/99 325 325
21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
CALIFORNIA TAX EXEMPT FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Jurupa, Community Service,
Community Facilities
District No. 1, GO, FSA
3.750%, 09/01/99 $ 42 $ 43
Lancaster, Multi-Family Housing
Authority, 20 Street Apartments
Project, Ser C, RB (A) (B) (C)
2.900%, 09/08/99 225 225
Lancaster, Multi-Family Housing
Authority, Household Bank
Project, Ser A, RB (A) (B)
3.000%, 09/08/99 190 190
Los Angeles, Community
Redevelopment Authority,
Central Business District
Project, GO
5.000%, 11/15/99 1,350 1,355
Los Angeles, Metropolitan
Transportation Sales Tax Authority,
First Tier Project, Ser B, RB
4.500%, 07/01/00 1,000 1,008
Los Angeles, Multi-Family
Housing Authority, Ser K,
RB (A) (B) (C)
2.700%, 09/08/99 410 410
Los Angeles County, Housing
Authority, Malibu Meadows
Project, Ser B, RB, FNMA (A) (B) (E)
2.750%, 09/08/99 345 345
Los Angeles County, Mortgage
Authority, Crescent Gardens
Project, Ser A, RB (A) (B)
2.400%, 09/08/99 650 650
Metropolitan Water District,
Waterworks Project, Ser C,
RB (A) (B) (C)
2.700%, 09/08/99 300 300
Mount Diablo, School District
Authority, GO
3.500%, 01/28/00 216 217
North City, School Facilities
Finance Authority, Community
Facility District No. 1, Ser A,
GO Pre-Refunded @ 102 (D)
7.850%, 09/01/99 108 111
Oakland, Liquidity Facilities
Authority, Revenue Assessment
Bay Area Government Project,
RB (A) (B) (C)
3.200%, 09/08/99 135 135
Oakland, School District
Authority, GO
3.250%, 11/09/99 288 289
Orange County, Apartment
Development Authority,
Hidden Hills Project, Ser C,
RB (A) (B)
2.500%, 09/08/99 365 365
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Orange County, Apartment
Development Authority, Radnor/
Aragon Corporation Project,
Ser D, RB (A) (B) (C)
3.425%, 09/08/99 $ 240 $ 240
Oxnard, Community Redevelopment
Agency, Channel Islands
Business Project, RB (A) (B) (C)
3.675%, 09/08/99 310 310
Panama-Buena Vista,
Union School District Authority,
Capital Improvements
Finance Project, COP (A) (B) (C)
3.450%, 09/08/99 650 650
Pasadena, School District, GO
4.750%, 05/01/00 33 34
Placer Hills, Elementary School
Authority, TRAN
4.000%, 09/21/99 100 100
Porterville, GO
3.600%, 11/29/99 100 100
Richmond, Joint Powers Financial
Authority, Ser B, RB
Pre-Refunded @ 102 (D)
7.250%, 05/15/00 144 151
Riverside, Multi-Family Housing
Authority, Countrywood & IA
Apartments Project,
Ser E, RB (A) (B)
3.000%, 09/08/99 190 190
Riverside County, Multi-Family
Housing Authority, De Anza
Villas Project, RB (A) (B) (C)
2.800%, 09/08/99 230 230
Riverside County, Multi-Family
Housing Authority, Polk
Apartments Project, Ser O,
RB (A) (B) (C)
3.000%, 09/08/99 550 550
Roseville, City School Project, GO
4.000%, 09/21/99 180 180
San Bernadino County, Multi-Family
Housing Authority, Alta Loma
Heritage Project, Ser A,
RB (A) (B) (C)
2.900%, 09/08/99 160 160
San Bernadino County, Multi-Family
Housing Authority, Indian Knoll
Apartment Project,
Ser A, RB (A) (B)
3.000%, 09/08/99 270 270
San Bernadino County,
Multi-Family Housing Authority,
Mountain View Apartments,
RB (A) (B) (C)
2.900%, 09/08/99 150 150
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
22
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
San Bernadino County, Multi-Family
Housing Authority, Parkview Place,
Ser A, RB (A) (B) (C)
2.900%, 09/08/99 $ 365 $ 365
San Bernadino County,
Multi-Family Housing Authority,
Village Crossing Project,
Ser A, RB (A) (B) (C)
2.900%, 09/08/99 260 260
San Diego, Multi-Family Housing
Authority, University Town
Center Apartments Project,
RB (A) (B) (C)
2.800%, 09/08/99 100 100
San Francisco, City and County
Finance Authority, Yerba Buena
Garden Project, RB (A) (B) (C)
2.950%, 09/08/99 100 100
San Marcos, Industrial Development
Authority, Amistar Project,
RB (A) (B) (C)
3.300%, 09/08/99 324 325
Santa Clara, High School District
Project, GO, FGIC
3.700%, 09/01/99 62 63
Santa Clara County, El Camino
Hospital District Lease Authority,
Valley Medical Center Project,
Ser 85A, RB (A) (B) (C)
2.500%, 09/08/99 500 500
Santa Clara County, Multi-Family
Housing Authority, Briarwood
Apartments Project, Ser B, RB,
FNMA (A) (B) (E)
2.750%, 09/08/99 180 180
Simi Valley, Industrial & Economic
Development Authority,
Wambold Furniture Project,
RB (A) (B) (C)
3.450%, 09/01/99 160 160
Simi Valley, Multi-Family Housing
Authority, Ser A, RB (A) (B)
2.750%, 09/08/99 160 160
Simi Valley, Public Finance Authority,
Lease Revenue, RB (A) (B) (C)
2.950%, 09/08/99 500 500
Tehachapi, Community Facilities
Authority, TA
Pre-Refunded @ 103 (D)
7.400%, 10/01/99 100 103
Vallejo, Multi-Family Housing
Authority, Highlands Apartments
Project, Ser A, RB (A) (B) (C)
2.600%, 09/08/99 425 425
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westminster, Redevelopment
Authority, Commercial
Redevelopment Project, RB,
AMBAC (A) (B) (C)
2.900%, 09/08/99 $ 310 $ 310
-------
22,471
-------
VIRGIN ISLANDS -- 0.5%
Virgin Islands, Public Financial
Authority, Highway Transportation
Project, RB Pre-Refunded @ 102 (D)
7.700%, 10/01/99 120 123
-------
Total Municipal Bonds
(Cost $22,594) 22,594
-------
TOTAL INVESTMENTS -- 98.8%
(Cost $22,594) $22,594
-------
Other Assets and Liabilities, Net -- (1.2%) 270
-------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 22,365,114 outstanding shares of
beneficial interest 22,365
Fund Shares of Class B (unlimited
authorization -- no par value) based
on 507,250 outstanding shares of
beneficial interest 507
Accumulated net realized loss on investments (8)
-------
Total Net Assets -- 100.0% $22,864
=======
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
=======
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
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 AUGUST 31, 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.
23
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.8%
ALABAMA -- 1.6%
Birmingham, Medical Clinic
Authority, St. Martins in the
Pines Project, Ser 89,
RB (A) (B) (C)
3.400%, 09/08/99 $2,470 $ 2,470
Birmingham, Private Educational
Building Authority, Altamont
School Project, RB (A) (B) (C)
3.300%, 09/08/99 3,750 3,750
Indian Springs Village, Educational
Building Authority, Indian
Springs School Project,
RB (A) (B) (C)
3.400%, 09/08/99 5,000 5,000
Russelville, Industrial Development
Authority, Clark Pulley Project,
Ser 94, RB (A) (B) (C)
3.400%, 09/08/99 1,675 1,675
Tuscaloosa County, Industrial
Development Authority,
Field Container Corporation
Project, RB (A) (B) (C)
3.300%, 09/08/99 1,100 1,100
-------
13,995
-------
ALASKA -- 0.6%
Alaska State, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.300%, 12/01/99 3,860 3,860
Courthouse Project, COP,
AMBAC
5.000%, 01/01/00 1,440 1,449
-------
5,309
-------
ARIZONA -- 1.5%
Chandler County, Industrial
Development Authority,
Parsons Municipal Service Project,
RB (A) (B) (C)
3.400%, 09/08/99 4,225 4,225
Maricopa County, Industrial
Development Authority,
Arcadia Vista Apartments
Project, Ser A, RB (A) (B) (C)
3.370%, 09/08/99 4,745 4,745
Maricopa County, Industrial
Development Authority,
McLane Company Project,
RB (A) (B) (C)
3.800%, 09/08/99 520 520
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking Project, Ser A,
RB (A) (B) (C)
3.325%, 09/08/99 $3,500 $ 3,500
-------
12,990
-------
COLORADO -- 3.2%
Colorado State, Housing Finance
Authority, Multi-Family Housing
Woodstream Project, RB (A) (B) (C)
3.300%, 09/08/99 1,860 1,860
Dove Valley, Metropolitan District
Arapahoe County Authority,
Ser C, GO (A) (B)
3.375%, 11/01/99 5,000 5,000
Englewood, Industrial
Development Authority,
Safeway Incorporated Project,
RB (A) (B) (C)
3.350%, 12/01/99 1,925 1,925
Idaho Springs, Safeway Project,
Ser 93, RB (A) (B) (C)
3.350%, 12/01/99 1,800 1,800
Jefferson County, Industrial
Development Authority,
Kinder Care Centers Project,
Ser C, RB (A) (B) (C)
3.400%, 09/08/99 1,700 1,700
Panorama Metropolitan District,
Ser B, RB (A) (B) (C)
3.400%, 12/01/99 2,425 2,425
Panorama, Metropolitan District,
Ser 1998, RB (A) (B) (C)
3.400%, 12/01/99 1,680 1,680
Pitkin County, Multi-Family
Housing Authority, Centennial
Project, Ser A, RB (A) (B) (C)
3.300%, 09/08/99 3,125 3,125
Post-Secondary Educational
Facilities Authority, American
Water Works Association Project,
RB (A) (B) (C)
3.310%, 09/08/99 3,810 3,810
Summit County, Recreational
Facilities Authority, Copper
Mountain Project, RB (A) (B) (C)
3.450%, 09/01/99 2,300 2,300
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
24
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Summit County, Recreational
Facilities Authority, Copper
Mountain Project, RB (A) (B) (C)
3.450%, 09/01/99 $2,225 $ 2,225
--------
27,850
--------
DELAWARE -- 0.8%
Economic Development Authority,
Congoleum Development Project,
RB (A) (B) (C)
3.400%, 09/08/99 1,000 1,000
Sussex County, Economic
Development Authority,
Route 113 Limited Partnership
Project, RB (A) (B) (C)
3.500%, 09/01/99 6,000 6,000
--------
7,000
--------
DISTRICT OF COLUMBIA -- 0.2%
Washington, Laboratory
School Project, RB (A) (B) (C)
3.350%, 09/08/99 1,500 1,500
--------
FLORIDA -- 3.3%
Alachua County, Industrial
Development Authority,
Oak Hall School Project,
RB (A) (B) (C)
3.350%, 09/08/99 1,500 1,500
Broward County, Housing Finance
Authority, Landings Inverray
Apartments Project,
RB (A) (B) (C)
3.400%, 09/08/99 4,400 4,400
Coral Springs, Improvement
District Authority, Water and
Sewer Project, Ser C, RB MBIA
Pre-Refunded @ 102 (D)
7.600%, 12/01/99 2,165 2,231
Florida State, Multi-Family Health
Finance Agency, Buena
Vista Project, RB (A) (B) (C)
3.000%, 11/01/99 4,530 4,530
Highlands County, Health Facility
Authority, Adventist/
Sunbelt Project, Ser A,
RB (A) (B)
3.300%, 09/08/99 6,100 6,100
Housing Finance Agency,
Multi-Family Housing Authority,
Lakeside South Association
Project, RB (A) (B) (C)
3.425%, 09/08/99 1,470 1,470
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Jacksonville, Industrial
Development Authority,
University of Florida Health
Science Center Project, Ser 89,
RB (A) (B) (C)
3.550%, 09/08/99 $1,000 $ 1,000
Lake Bernadette, Community
Development Authority,
Special Assessment Project,
Ser B, RB (A) (B) (C)
3.350%, 09/08/99 785 785
Miami-Dade County, Industrial
Development Authority,
Saral Publications Project,
RB (A) (B)
3.300%, 09/08/99 2,750 2,750
Orange County, Industrial
Development Authority,
Central Florida YMCA Project,
RB (A) (B) (C)
3.300%, 09/08/99 825 825
Palm Beach County, Economic
Development Authority,
YMCA Boynton Beach Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,700 1,700
Pasco City, Multi-Family Housing
Finance Authority, Carlton
Arms of Magnolia Valley Project,
Ser 85, RB (A) (B) (C)
3.325%, 09/08/99 2,000 2,000
--------
29,291
--------
GEORGIA -- 10.0%
Albany-Dougherty County,
Hospital Authority, Phoebe
Putney Memorial Hospital
Project, Ser 1996, RB,
AMBAC (A) (B) (C)
3.350%, 09/08/99 1,800 1,800
Athens, Multi-Family Housing
Authority, Georgian Apartments
Project, RB (A) (B) (C)
3.675%, 09/08/99 1,400 1,400
Bibb County, Development
Authority, Baptist Village
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,900 2,900
Cherokee County, Industrial
Development Authority,
Seabord Farms Project,
RB (A) (B) (C)
3.350%, 09/08/99 3,000 3,000
25
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Clayton County, Multi-Family
Housing Authority, Rainwood
Development Project,
RB (A) (B) (C)
3.325%, 09/08/99 $2,700 $ 2,700
Clayton County, Multi-Family
Housing Authority, Rivers Edge
Project, RB (A) (B) (C)
3.350%, 09/08/99 2,000 2,000
Cobb County, Industrial
Development Authority,
Institute Nuclear Power
Operations Project, RB (A) (B) (C)
3.300%, 09/08/99 2,700 2,700
Cobb County, Multi-Family
Housing Authority, Tibarron
Associates Project, Ser 85-D,
RB (A) (B) (C)
3.500%, 09/08/99 8,600 8,600
DeKalb County, Industrial
Development Authority,
Dart Container Project,
RB (A) (B) (C)
3.600%, 09/01/99 900 900
DeKalb County, Industrial
Development Authority,
Weyerhaeuser County Project,
RB (A) (B)
3.304%, 09/08/99 3,500 3,500
DeKalb County, Multi-Family
Housing Authority, Post Walk
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,000 2,000
Downtown Athens, Housing
Development Authority,
Georgian Apartments Association
Project, RB (A) (B) (C)
3.800%, 09/08/99 1,000 1,000
Federal Paper Board, Tax Exempt
Bond Grantor Trust,
RB (A) (B) (C)
3.850%, 09/01/99 7,200 7,200
Fulton County, Arthritis
Foundation Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,700 2,700
Fulton County, Development
Authority, Robert W. Woodruff
Arts Center Project, RB (A) (B) (C)
3.300%, 09/08/99 3,300 3,300
Fulton County, Industrial
Development Authority,
ADP Corporation Project,
RB (A) (B)
3.400%, 09/15/99 2,765 2,765
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fulton County, Industrial
Development Authority,
Epstein School Project,
RB (A) (B) (C)
3.300%, 09/08/99 $ 2,000 $ 2,000
Fulton County, Industrial
Development Authority,
Holy Innocents School Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,500 2,500
Fulton County, Industrial
Development Authority,
Morehouse School of Medicine
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,400 2,400
Fulton County, Residential Care
Facilities Authority, Canterbury
Court Project, Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 2,400 2,400
Gwinnett County, Industrial
Development Authority,
Wesleyan School Project,
RB (A) (B) (C)
3.300%, 09/08/99 700 700
Gwinnett County, Multi-Family
Housing Authority, Post Corners
Project, RB (A) (B) (C)
3.300%, 09/08/99 1,500 1,500
Macon-Bibb County, Hospital
Authority, Medical Center
Control Project, RB (A) (B) (C)
3.300%, 09/08/99 2,900 2,900
Marietta, Multi-Family Housing
Finance Authority, Falls At Bells
Ferry Project, RB (A) (B)
3.200%, 01/15/00 6,885 6,885
Marietta, Multi-Family Housing
Finance Authority, Franklin
Walk Apartments Project,
RB (A) (B) (C)
3.425%, 09/08/99 3,540 3,540
Monroe County, Development
Authority, Baptist Village
Income Project, RB (A) (B) (C)
3.300%, 09/08/99 2,200 2,200
Roswell, Multi-Family Housing
Authority, Belcourt Limited
Project, RB (A) (B) (C)
3.450%, 09/08/99 9,000 9,000
Thomasville, Hospital Authority,
J.D. Archbold Project,
RB (A) (B) (C)
3.300%, 09/08/99 3,650 3,650
--------
88,140
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
26
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
HAWAII -- 0.1%
Hawaii State, Department of
Budget & Finance Authority,
Kuakini Medical Center Project,
RB (A) (B) (C)
3.400%, 09/01/99 $ 900 $ 900
--------
IDAHO -- 1.5%
Ammon, Urban Renewal Agency
Authority, Tax Increment Project,
Ser A, RB (A) (B) (C)
3.440%, 09/08/99 1,635 1,635
Boise State, University Authority,
Engineering Technology Project,
RB (A) (B) (C)
3.350%, 09/08/99 3,500 3,500
Twin Falls, Urban Renewal Agency
Project, Ser A, RB (A) (B) (C)
3.440%, 09/08/99 7,925 7,925
--------
13,060
--------
ILLINOIS -- 9.4%
Cook County, Community
Consolidated School District
Authority, TAW (C)
3.625%, 11/01/99 6,000 6,000
Development Finance Authority,
Catholic Charities Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,830 2,830
Development Finance Authority,
Rest Haven Illinan Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,000 2,000
Finance Authority, Adventist
Health System Project, Series A,
RB, MBIA (A) (B) (C)
3.300%, 09/08/99 18,500 18,500
Health Facilities Authority,
Lifelink Corporation Project,
Ser A, RB (A) (B) (C)
3.300%, 09/08/99 4,900 4,900
Health Facilities Authority, Ingalls
Memorial Hospital Project, RB,
MBIA Pre-Refunded @ 102 (D)
7.000%, 01/01/00 6,000 6,185
Illinios State, GO
5.600%, 10/01/99 500 501
Kane County, Community
Unit School District Authority,
No. 304 Geneva Project, TAW
3.950%, 01/27/00 2,205 2,208
Kane County, First Preserve
District, GO (C)
6.625%, 12/01/99 1,650 1,664
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kane County, School District
No. 131 Aurora East Side, TAW
3.875%, 09/30/99 $ 4,100 $ 4,102
Kendall & Kane Counties,
Community Unit School
District No. 115 York Village, TAW
3.800%, 01/13/00 1,000 1,001
Lake County, Adlai E. Stevenson
High School District, No. 125, GO
4.550%, 01/01/00 1,000 1,005
Lake County, High School
District Authority, Greyslake
Project No. 127, TAW
3.790%, 10/28/99 1,000 1,001
Municipal Electric Power Supply
Agency, RB, FSA
4.500%, 02/01/00 1,415 1,421
Paxton, Industrial Development
Authority, Merck & Aircoil
Project, RB (A) (B) (C)
3.800%, 09/08/99 900 900
Saint Clair, Industrial Building
Authority, Winchester Apartments
Project, Ser 94, RB (A) (B) (C)
3.450%, 09/08/99 8,000 8,000
Springfield, Multi-Family Housing
Authority, Oak Center Limited
Project, RB (A) (B)
3.500%, 09/08/99 4,900 4,900
Streamwood Village, Industrial
Development Revenue,
Authority Poplar Creek Project,
RB Pre-Refunded @ 100 (D)
3.400%, 10/01/99 4,000 4,000
Winnebago & Boone Counties,
School District No. 205, TAW
5.400%, 10/29/99 12,000 12,017
--------
83,135
--------
INDIANA -- 7.9%
Bartholomew County,
Consolidated School
Corporation Authority, TAW
3.430%, 12/31/99 5,560 5,561
Benton, Community School
Corporation Authority, TAW
3.500%, 12/31/99 3,645 3,646
Crawfordsville, Economic
Development Authority,
Autumn Woods Apartments
Project, Ser A, RB (A) (B) (C)
3.310%, 09/08/99 3,500 3,500
Duneland, Chesterton School
Corporation Authority, TAW
3.400%, 12/31/99 4,000 4,001
27
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
East Porter County, School
Authority, TAW
3.750%, 12/31/99 $ 1,400 $ 1,402
Fort Wayne, Industrial Economic
Development Authority, Avery
International Project,
RB (A) (B) (C)
3.325%, 09/08/99 3,750 3,750
Gaf Tax Exempt Bond Grantor Trust,
Ser A, RB (A) (B) (C)
4.050%, 09/01/99 2,520 2,520
Health Facilities Financing
Authority, Hartsfield Village
Project, Ser B, RB (A) (B) (C)
3.300%, 09/08/99 5,000 5,000
Highland, School Township
Authority, TAW
3.500%, 12/31/99 2,700 2,701
Indianapolis, Economic
Develpoment Authority,
Morningside College Park
Project, RB (A) (B) (C)
3.310%, 09/08/99 3,910 3,910
Madison, Conservative School
Building Authority, BAN
3.500%, 03/31/00 1,750 1,750
Michigan City, Area Schools, TAW
3.390%, 12/31/99 2,800 2,800
Michigan City, Economic
Development Authority,
Marley Company Project,
RB (A) (B) (C)
3.325%, 09/08/99 2,750 2,750
Penn Harris, Madison Indiana
School Authority, TAW
3.700%, 12/31/99 1,080 1,081
3.750%, 12/31/99 7,915 7,920
Plymouth, Community School
Corporation Authority, TAW
3.600%, 12/30/99 1,766 1,768
Portage Township, School District
Authority, TAW
3.875%, 12/31/99 2,250 2,254
Southwest Allen County,
Metropolitan School District
Authority, TAW
3.500%, 12/31/99 5,000 5,002
St. Joseph County, Industrial
Economic Development,
South Bend Medical Center
Project, RB (A) (B) (C)
3.400%, 09/08/99 3,200 3,200
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Washington Township,
Metropolitan School District
Authority, TAW
4.000%, 12/31/99 $ 3,000 $ 3,001
West Lafayette, Community
School Authority, TAW
3.500%, 12/31/99 1,800 1,801
--------
69,318
--------
IOWA -- 1.6%
Cedar Rapids, Pollution Control
Authority, Electric Light & Power
Project, RB (A) (B)
3.300%, 09/08/99 1,300 1,300
Chillicothe, Pollution Control
Authority, Gas and Electric
Project, RB (A) (B)
3.300%, 09/08/99 2,000 2,000
Chillicothe, Pollution Control
Authority, Iowa Southern
Utilities Project, Ser A, RB (A) (B)
3.300%, 09/08/99 2,300 2,300
Higher Education Authority, St.
Ambrose University Project,
RB (A) (B) (C)
3.400%, 09/08/99 1,075 1,075
Higher Education Loan Authority,
Education Loan Private College
Facilities Project, RB, MBIA (A) (B)
3.350%, 09/08/99 2,000 2,000
Housing Healthcare Authority,
Wesley Retirement Services
Project, RB (A) (B) (C)
3.400%, 09/08/99 1,155 1,155
Student Loan Liquidity Authority,
Ser A, RB
6.250%, 03/01/00 1,000 1,015
Student Loan Liquidity Authority,
Ser C, RB, AMBAC
6.500%, 12/01/99 3,000 3,025
--------
13,870
--------
KANSAS -- 0.3%
Derby, Waterworks Utility Systems
Authority, Ser 1, RB
4.500%, 01/15/00 1,000 1,000
Wichita, Pollution Control Authority,
CIC Industries Incorporated
Project, RB (A) (B) (C)
3.575%, 09/08/99 1,590 1,590
--------
2,590
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
KENTUCKY -- 0.7%
Covington, Industrial Building
Authority, Atkins & Pearce
Incorporated Project, Ser 95,
RB (A) (B) (C)
3.300%, 09/08/99 $ 2,100 $ 2,100
Georgetown, Educational
Institution Improvement
Authority, Georgetown College
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,000 2,000
Newport City, Multi-Family
Housing Authority, RB (A) (B) (C)
3.900%, 12/01/99 1,670 1,670
--------
5,770
--------
LOUISIANA -- 0.9%
Public Facilities Authority,
Kingston Village Limited Project,
RB (A) (B)
3.310%, 09/08/99 7,700 7,700
--------
MAINE -- 0.1%
Portland, Industrial Development
Authority, W.W. Grainger Project,
Ser 85, RB (A) (B) (C)
3.450%, 09/08/99 1,315 1,315
--------
MARYLAND -- 1.7%
Annapolis, Forest Gemini Facilities
Authority, RB (A) (B) (C)
3.450%, 09/01/99 2,250 2,250
Anne Arundel County, Pollution
Control Authority, Baltimore
Gas & Electric Project, Ser 84,
RB (A) (B)
3.520%, 07/01/00 2,500 2,500
Frederick, GO (A) (B) (C)
3.400%, 09/08/99 6,000 6,000
Health & Higher Education
Facilities Authority, Kennedy
Krieger Project, RB (A) (B) (C)
3.300%, 09/08/99 1,300 1,300
Health & Higher Education
Facilities Authority, Pooled
Loan Program Project, Ser B,
RB (A) (B) (C)
3.200%, 09/08/99 1,400 1,400
Hyattsville, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.350%, 12/01/99 1,995 1,995
--------
15,445
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MASSACHUSETTS -- 0.5%
Development Finance Agency
Authority, Scandinavian Living
Center Project, RB (A) (B) (C)
3.400%, 09/08/99 $ 4,100 $ 4,100
--------
MICHIGAN -- 1.6%
Bay City, School District Authority,
State Aid Project, TRAN
4.500%, 02/23/00 1,700 1,704
Birmingham, Economic
Development Authority
Project, Brown Street Project,
Ser 83, RB (A) (B) (C)
3.575%, 09/08/99 1,140 1,140
Farmington Hills, Economic
Development Authority,
Brookfield Building Association
Project, RB (A) (B) (C)
3.550%, 09/08/99 2,165 2,165
Garden City, Hospital Finance
Authority, Garden City Hospital
Project, Ser A, RB (A) (B) (C)
3.250%, 09/08/99 2,800 2,800
Job Development Authority,
Kentwood Residence Project,
RB (A) (B) (C)
3.400%, 09/01/99 2,400 2,400
Northville Township, Economic
Development Authority,
Thrifty Northville Project,
RB (A) (B) (C)
3.425%, 09/08/99 1,500 1,500
Plymouth Township, Economic
Development Authority,
Key International Project,
RB (A) (B) (C)
3.250%, 09/01/99 2,150 2,150
--------
13,859
--------
MINNESOTA -- 1.3%
Bloomington, Commercial
Development Authority,
ATS II Project, RB (A) (B) (C)
3.520%, 09/01/99 3,520 3,520
Brooklyn, Center Development
Authority, Brookdale Office
Park Project, Ser 84,
RB (A) (B) (C)
3.370%, 09/08/99 2,860 2,860
Capital Realty Trust Authority,
RB (A) (B) (C)
3.520%, 09/08/99 1,150 1,150
29
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Plymouth, Industrial Development
Authority, Banner Engineering
Project, RB (A) (B) (C)
3.300%, 09/08/99 $ 1,800 $ 1,800
Roseville, Multi-Family Housing
Authority, Rosepointe II Project,
RB (A) (B) (C)
3.370%, 09/08/99 1,490 1,490
Saint Paul, Housing &
Redevelopment Authority,
Lutheran Social Service Project,
RB (A) (B) (C)
3.300%, 09/08/99 525 525
--------
11,345
--------
MISSISSIPPI -- 1.2%
Desoto County, Industrial
Development Authority,
American Soap Company Project,
RB (A) (B) (C)
4.720%, 09/08/99 900 900
Development Bank, Special
Obligation Municipal Facilities
Authority, Mississippi Natural
Gas Project, RB, MBIA
4.000%, 01/01/00 1,415 1,419
Flowood, Multi-Family Housing
Authority, Reflection Pointe
Project, RB (A) (B) (C)
3.400%, 09/08/99 5,880 5,880
Prentiss County, Industrial
Development Authority,
Heidelberg Eastern Project,
Ser A, RB (A) (B) (C)
3.650%, 09/01/99 2,500 2,500
--------
10,699
--------
MISSOURI -- 6.8%
Bi State, Development Agency
Facilities Authority, American
Commercial Project, RB
Pre-Refunded @ 103 (D)
7.750%, 06/01/00 3,000 3,176
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
3.500%, 09/08/99 2,900 2,900
Health and Education Facilities
Authority, Francis R. Howell III
Project, Ser E, RB
4.250%, 09/19/00 5,000 5,025
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Health and Education Facilities
Authority, Pooled Hospital Loan
Program, Ser A, RB (A) (B)
3.350%, 09/08/99 $ 8,500 $ 8,500
Howell County, Industrial
Development Authority, Safeway
Incorporated Project,
RB (A) (B) (C)
3.550%, 02/01/00 3,315 3,315
Macon City, Industrial
Development Authority,
Healthcare Realty Macon Project,
RB (A) (B) (C)
3.550%, 09/01/99 2,140 2,140
Osage Beach, Industrial
Development Authority,
Healthcare Realty Project,
RB (A) (B) (C)
3.550%, 09/01/99 2,065 2,065
Saint Charles County, Industrial
Development Authority,
Sun River Village Project,
RB (A) (B)
3.340%, 09/08/99 11,300 11,300
Saint Louis County, Industrial
Development Authority,
Schnuck Markets Kirkwood
Incorporated Project,
RB (A) (B) (C)
3.325%, 09/08/99 4,350 4,350
Saint Louis, Grantor Trust
Authority, Ser 96-A,
COP (A) (B) (C)
3.450%, 09/08/99 12,825 12,825
St. Louis County, Industrial
Development Authority,
Friendship Village Project,
Ser B, RB (A) (B) (C)
3.300%, 09/08/99 4,725 4,725
--------
60,321
--------
MONTANA -- 0.2%
Great Falls, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
3.350%, 12/01/99 1,805 1,805
--------
NEVADA -- 0.4%
Reno, Hospital Authority,
Saint Mary's Hospital Project, Ser C,
RB Pre-Refunded @ 102 (C) (D)
7.750%, 01/01/00 3,225 3,329
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
30
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW HAMPSHIRE -- 1.2%
Dover, TAN
4.350%, 06/21/00 $ 2,500 $ 2,509
Higher Education & Health
Facilities Authority, RB
Pre-Refunded @ 103 (D)
9.750%, 12/01/99 4,000 4,177
Higher Education & Health Facilities
Authority, Dartmouth Education
Loan Project, RB (A) (B)
3.300%, 06/01/00 3,705 3,705
--------
10,391
--------
NEW JERSEY -- 1.0%
New Jersey State, Industrial &
Economic Development Authority,
Dates-Tru Project, RB (A) (B) (C)
3.450%, 09/01/99 2,000 2,000
North Hudson, Sewer
Authority, BAN
4.250%, 03/31/00 7,000 7,000
--------
9,000
--------
NEW MEXICO -- 0.5%
Albuquerque, Industrial
Development Authority,
Plastech Corporation Project,
Ser 94-B, RB (A) (B) (C)
3.300%, 09/08/99 1,355 1,355
Albuquerque, Metropolitan
Redevelopment Authority,
Springer Square Project,
RB (A) (B) (C)
3.800%, 09/08/99 3,000 3,000
--------
4,355
--------
NEW YORK -- 1.8%
Letchworth, Central School
District Authority, Gainesville
Project, BAN
3.500%, 01/14/00 2,000 2,001
Monroe County, Industrial
Development Authority,
Rochester District Project,
RB (A) (B) (C)
3.150%, 09/01/99 1,500 1,500
Nassau County, BAN
4.250%, 05/16/00 8,250 8,281
New York City, Housing
Development Corporation
Authority, Multi-Family
Housing Project, Ser A, RB
4.400%, 11/01/99 1,450 1,453
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Suffolk, Cooperative Library
System Authority, RAN
3.500%, 12/30/99 $ 3,000 $ 3,000
--------
16,235
--------
NORTH CAROLINA -- 0.1%
Beauforts, Industrial Facilities
Authority, Texas Gulf Corporation
Pollution Control Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,025 1,025
--------
NORTH DAKOTA -- 0.1%
Fargo, Kelly Inn Authority, Fargo
Project, Ser 93, RB (A) (B) (C)
3.300%, 09/08/99 1,120 1,120
--------
OHIO -- 3.6%
Clermont County, Hospital
Facilities Revenue,
Mercy Health Project, Ser A, RB,
AMBAC Pre-Refunded @ 102 (D)
7.500%, 09/01/99 1,000 1,020
Clinton County, Hospital
Authority, Ohio Hospital
Capital Project, RB (A) (B) (C)
3.350%, 09/08/99 9,000 9,000
Franklin County, Industrial
Development Authority,
Leveque & Associates Project,
RB (A) (B) (C)
3.250%, 12/01/99 1,325 1,325
Higher Educational Facilities
Community Authority,
Oberlin College Project, RB
Pre-Refunded @ 102 (D)
7.100%, 10/01/99 2,415 2,469
Highland County, Industrial
Development Authority,
Lancaster Colony Corporation
Project, RB (A) (B) (C)
2.900%, 09/01/99 1,300 1,300
Lorain County, Leving & Hospital
Facilities Authority, United
Methodist Village Project,
Ser 1996B, RB (A) (B) (C)
3.300%, 09/08/99 6,745 6,745
Marion County, Hospital Authority,
Pooled Lease Program Project,
Ser 91, RB (A) (B) (C)
3.310%, 09/08/99 2,055 2,055
Marysville, Village School District
Authority, BAN
3.610%, 06/01/00 3,000 3,007
31
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Scioto County, Healthcare Facilities
Authority, Hill View Retirement
Project, RB (A) (B) (C)
3.850%, 12/01/99 $1,760 $ 1,760
Stark County, Healthcare Facilities
Authority, Canton Christian
Home Project, Ser 90,
RB (A) (B) (C)
2.900%, 09/01/00 1,215 1,215
Stark County, Healthcare Facilities
Authority, Christian Home
Project, RB (A) (B) (C)
3.050%, 09/15/99 1,500 1,500
Trumbull County, Industrial
Revenue Authority, Howland
Association Project, RB (A) (B) (C)
3.300%, 09/08/99 350 350
--------
31,746
--------
OKLAHOMA -- 1.3%
Claremore, Industrial and
Redevelopment Authority,
Worthington Cylinder Project,
RB (A) (B) (C)
3.350%, 09/08/99 970 970
Tulsa, Parking Authority,
Refunding First Mortgage
Williams Project, Ser A,
RB (A) (B) (C)
3.300%, 11/15/99 2,500 2,500
Tulsa City, Industrial Development
Authority, Healthcare Laureate
Psychiatric Project, RB (A) (B)
3.350%, 12/15/99 8,500 8,500
--------
11,970
--------
OREGON -- 0.3%
Medford, Hospital Facility
Authority, Rogue Valley Manor
Continued Care Retirement
Project, RB (A) (B) (C)
3.450%, 09/08/99 2,500 2,500
--------
PENNSYLVANIA -- 5.5%
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
3.325%, 09/08/99 1,950 1,950
Chester County, Health &
Education Facilities Authority,
Barclay Friends Project, Ser A,
RB (A) (B) (C)
3.250%, 09/08/99 1,485 1,485
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Chester County, Industrial
Development Authority,
The Woods Project, RB (A) (B) (C)
3.300%, 09/08/99 $ 1,000 $ 1,000
Clarion County, Industrial
Development Authority,
Meritcare Project, Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 2,100 2,100
Delaware County, Health
System Authority, Catholic
Health East Project, Ser A, RB
4.500%, 11/15/99 2,000 2,003
Lancaster, Hospital Authority,
Luthercare Project, RB (A) (B) (C)
3.340%, 09/08/99 7,500 7,500
Lancaster County, Higher
Education Authority,
Franklin & Marshall College
Project, RB (A) (B) (C)
3.340%, 09/08/99 5,665 5,665
McCandless, Industrial
Development Authority,
Bradford Foundation Project,
Ser A, RB (A) (B) (C)
3.300%, 09/08/99 1,730 1,730
Mercersburg Boro, Educational
Facility Authority, Mercersburg
College Project, RB (A) (B) (C)
3.250%, 09/08/99 1,000 1,000
Montgomery County, Higher
Education & Health Authority,
William Penn Charter School
Project, RB (A) (B) (C)
3.300%, 09/08/99 2,600 2,600
Montgomery County, Industrial
Development Authority,
IKEA Property Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,500 1,500
North Umberland County,
Industrial Development
Authority, RB (A) (B)
3.550%, 09/08/99 1,000 1,000
Pennsylvania State, Ser A, COP,
AMBAC
4.625%, 07/01/00 3,400 3,431
Philadelphia, Industrial
Development Authority, Inglis
Housing Project, RB (A) (B) (C)
3.000%, 09/01/99 13,000 13,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
32
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Upper Dauphin,
Industrial Development Authority,
Association of Independent
Colleges and Universities
Project, RB (A) (B) (C)
3.350%, 09/08/99 $ 1,100 $ 1,100
Washington County, Ear Project,
Ser B-1, RB (A) (B) (C)
3.350%, 09/08/99 1,385 1,385
--------
48,449
--------
SOUTH CAROLINA -- 1.0%
Educational Facilities Authority,
Morris College Project,
RB (A) (B) (C)
3.350%, 09/08/99 3,000 3,000
Sumter County, Industrial
Authority, Bendix Corporation
Project, RB (A) (B) (C)
3.325%, 09/08/99 4,000 4,000
Walhalla, Revenue Authority,
Avondale Mills Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,700 1,700
--------
8,700
--------
SOUTH DAKOTA -- 0.2%
State Health and Educational
Facilities Authority, Avera
Mckennan Issue Project,
RB, MBIA
3.900%, 07/01/00 1,555 1,559
--------
TENNESSEE -- 6.9%
GAF Tax-Exempt Bond Grantor
Trust, Ser A, RB (A) (B) (C)
4.050%, 09/01/99 4,480 4,480
Hamilton County, Industrial
Development Board,
Trade Center Hotel Project,
Ser A, RB (A) (B) (C)
3.400%, 09/08/99 5,548 5,548
Hamilton County, Industrial
Development Board,
Trade Center Hotel Project,
Ser B, RB (A) (B) (C)
3.400%, 09/08/99 4,852 4,852
Jackson County, Industrial
Development Board,
Esselte Project, Ser B,
RB (A) (B) (C)
3.050%, 09/01/99 3,600 3,600
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Knox County, Health & Education
Housing Facilities Authority,
Child and Family Services
Project, RB (A) (B) (C)
3.300%, 09/08/99 $ 1,000 $ 1,000
Knox County, Health & Educational
Housing Facilities Authority,
Mercy Health System Project,
Ser A, RB, AMBAC
Pre-Refunded @ 102 (D)
7.600%, 09/01/99 1,000 1,020
Knox County, Health & Education
Housing Facilities Authority,
THA Solutions Group Project,
RB (A) (B) (C)
3.350%, 09/08/99 10,000 10,000
Knox County, Industrial
Development Authority,
Center Square 11 Limited
Project, RB (A) (B)
3.450%, 09/01/99 5,000 5,000
Knox County, Industrial
Development Authority,
Weisgarber Partners
Project, RB (A) (B) (C)
3.450%, 09/01/99 1,800 1,800
Memphis, Ser A, GO (A) (B) (C)
3.350%, 09/08/99 2,600 2,600
Memphis-Shelby County,
Industrial Development Board,
United Medical Group
Project, RB (A) (B) (C)
3.300%, 09/08/99 6,000 6,000
Nashville & Davidson County,
Health & Education Facilities
Authority, Adventist/
Sunbelt Project, Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 3,395 3,395
Nashville & Davidson County,
Health & Education Facilities
Authority, Belmont University
Project, RB (A) (B) (C)
3.300%, 09/08/99 3,200 3,200
Nashville & Davidson County,
Metropolitan Government
Industrial Development Board,
Nashville Office Building Project,
RB (A) (B) (C)
3.450%, 09/01/99 4,300 4,300
33
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Nashville, Metropolitan
Government Authority,
Toys "R" Us Project, Ser 84,
RB (A) (B) (C)
3.450%, 09/08/99 $ 1,030 $ 1,030
Shelby County, Health Education
and Housing Facilities Authority,
Saint Peter Villa Project,
RB (A) (B) (C)
3.400%, 09/08/99 3,035 3,035
--------
60,860
--------
TEXAS -- 3.0%
Austin, Convention Center
Authority, Ser B, RB
Pre-Refunded @ 102 (D)
8.250%, 11/15/99 3,705 3,813
Austin, Ser B, GO
Pre-Refunded @ 100 (D)
7.000%, 09/01/99 2,000 2,000
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
3.425%, 09/08/99 1,000 1,000
Corpus Christi, Industrial
Development Authority,
Texas-Air Project, RB (A) (B) (C)
3.750%, 02/01/00 4,385 4,385
Harris County, Health Facilities
Development Authority,
Texas Medical Center Project,
RB, MBIA Pre-Refunded @ 102 (D)
7.250%, 05/15/00 1,000 1,044
Harris County, Multi-Family
Housing Authority, Glenhollow
Project, RB (A) (B) (C)
3.675%, 09/08/99 1,600 1,600
Harris County, Multi-Family
Housing Authority, Greenhouse
Project, RB (A) (B) (C)
3.675%, 09/08/99 1,985 1,985
Nacogdocles, Health Finance
Development Committee
Authority, South Central Health
Services Project, RB (A) (B) (C)
3.400%, 09/01/99 2,100 2,100
Tarrant County, Housing Finance
Corporation Authority, Amherst
Association Project, RB (A) (B) (C)
3.350%, 09/08/99 535 535
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Texas State, GO
Pre-Refunded @ 100 (D)
8.300%, 12/01/99 $ 3,000 $ 3,039
Trinity River, Industrial
Development Authority,
Trinity River Project, RB (A) (B)
3.425%, 09/08/99 2,000 2,000
Water Development Board,
State Revolving Fund Project, RB
5.500%, 07/15/00 1,265 1,287
Waxahachie, Industrial
Development Authority,
Dart Container Project,
RB (A) (B) (C)
3.400%, 09/08/99 1,800 1,800
--------
26,588
--------
UTAH -- 0.8%
Sandy City, Industrial Development
Authority, Boyer 106 S Project,
RB (A) (B) (C)
3.310%, 09/08/99 2,445 2,445
Sandy City, Industrial Development
Authority, Boyer Alta View
Project, RB (A) (B) (C)
3.310%, 09/08/99 1,505 1,505
University of Utah, Industrial
Development Authority,
University of Utah Project,
RB (A) (B)(C)
3.600%, 09/01/99 1,200 1,200
West Valley, Industrial
Development Authority,
Johnson Matthey Project,
RB (A) (B) (C)
3.050%, 09/01/99 1,950 1,950
--------
7,100
--------
VERMONT -- 0.3%
Educational & Health Financing
Authority, Capital Asset
Financing Program Project,
Ser 2, RB (A) (B)
3.300%, 09/08/99 400 400
Student Loan Authority,
RB (A) (B) (C)
3.400%, 09/01/99 2,050 2,050
--------
2,450
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
VIRGINIA -- 1.9%
Harrisonburg, Multi-Family Housing
Authority, Rolling Brook Village
Apartment Project, RB (A) (B) (C)
3.200%, 02/01/00 $ 7,000 $ 7,000
Norfolk, Industrial Development
Authority, Toys "R" Us Project,
Ser 1984, RB (A) (B) (C)
3.325%, 09/08/99 1,425 1,425
Resource Authority, Henrico
County Project, RB (A) (B) (C)
3.350%, 09/08/99 5,100 5,100
Winchester, Industrial
Development Hospital Authority,
Winchester Medical Center
Project, RB, AMBAC
Pre-Refunded @ 102 (D)
7.250%, 01/01/00 3,450 3,565
--------
17,090
--------
WASHINGTON -- 0.9%
Healthcare Facilities Authority,
Sisters of Providence Project, RB
Pre-Refunded @ 102 (D)
7.875%, 10/01/99 1,650 1,683
HFC Non-Profit Housing Authority,
YMCA Snohomish County Project,
RB (A) (B) (C)
3.450%, 09/01/99 1,000 1,000
Housing Finance Commission
Authority, YMCA Greater Seatle
Project, RB (A) (B) (C)
3.000%, 09/01/99 1,360 1,360
Kent, Economic Development
Authority, Northwest Aluminum
Products Project, RB (A) (B) (C)
3.550%, 09/01/99 1,300 1,300
Public Power Supply System
Authority, Nuclear Project No. 2,
Ser A, RB Pre-Refunded @ 102 (D)
7.375%, 07/01/00 2,500 2,627
--------
7,970
--------
WEST VIRGINIA -- 2.5%
Charleston, Building Common
Parking Facility Authority,
Charleston Town Center Project,
Ser A, RB (A) (B) (C)
3.350%, 09/08/99 12,525 12,525
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000
- --------------------------------------------------------------------------------
Parkersburg, Industrial
Development Authority,
B-H Associates Project,
RB (A) (B) (C)
3.675%, 09/08/99 $3,500 $ 3,500
Putnam County, Industrial
Development Authority,
Bond for FMC Corporation
Project, RB (A) (B) (C)
3.300%, 09/01/99 3,400 3,400
State Hospital Finance Authority,
St. Joseph's Hospital Project,
RB (A) (B) (C)
3.310%, 09/08/99 2,300 2,300
--------
21,725
--------
WISCONSIN -- 2.9%
Altoona, School District
Authority, TRAN
3.600%, 10/29/99 1,000 1,000
Augusta, Industrial Development
Authority, Ball Project,
RB (A) (B) (C)
3.300%, 09/08/99 2,650 2,650
De Pere, Unified School District
Authority, TRAN
3.900%, 10/04/99 1,500 1,500
Genoa City, Joint School District
Authority, BAN
3.720%, 10/15/99 5,000 5,001
Monroe County, School District
Authority, TRAN
3.790%, 10/15/99 3,000 3,000
Northland Pines, School District
Authority, TRAN
4.000%, 09/08/00 3,000 3,001
Omro, School District
Authority, TRAN
3.570%, 09/30/99 1,300 1,300
Pulaski, Community School
District Authority, TRAN (C)
3.900%, 08/30/00 2,000 2,000
Village of Menomonee, Industrial
Development Authority,
Maysteel Corporation Project,
RB (A) (B) (C)
3.400%, 09/08/99 3,000 3,000
West de Pere, School District
Authority, TRAN
4.000%, 10/01/99 2,900 2,901
--------
25,353
--------
35
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INSTITUTIONAL TAX FREE FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
WYOMING -- 0.8%
Cheyenne County, Revenue
Refunding Authority,
Holiday Inn Project,
RB (A) (B) (C)
3.550%, 10/01/99 $ 1,120 $ 1,120
Evanston, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.350%, 12/01/99 3,700 3,700
Student Loan Corporation
Authority, RB
6.250%, 12/01/99 2,500 2,517
--------
7,337
--------
MULTI-STATE -- 3.8%
Greystone, Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A) (B) (C)
3.400%, 09/08/99 31,475 31,475
McDonald Tax-Exempt Mortgage
Trust No. 1, RB (A) (B) (C)
3.450%, 09/15/99 2,075 2,075
Northwest Mutual Life Authority,
Tax-Exempt Mortgage Trust
Project, RB (A) (B) (C)
4.500%, 02/15/00 421 421
--------
33,971
--------
Total Municipal Bonds
(Cost $862,130) 862,130
--------
Total Investments -- 97.8%
(Cost $862,130) 862,130
--------
Other Assets and Liabilities, Net -- 2.2% 19,156
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 786,213,895 outstanding shares of
beneficial interest $786,038
Fund Shares of Class B (unlimited
authorization -- no par value) based
on 57,308,880 outstanding shares of
beneficial interest 57,309
Fund Shares of Class C (unlimited
authorization -- no par value) based
on 38,028,691 outstanding shares of
beneficial interest 38,028
Distribution in excess of net
investment income (42)
Accumulated net realized loss
on investments (47)
--------
Total Net Assets -- 100.0% $881,286
========
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
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 AUGUST 31, 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.
36
<PAGE>
- --------------------------------------------------------------------------------
PENNSYLVANIA TAX FREE FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.8%
PENNSYLVANIA -- 99.1%
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
3.325%, 09/08/99 $1,300 $ 1,300
Bucks County, Industrial
Development Authority,
CPC International Incorporated
Project, Ser 85, RB (A) (B)
3.600%, 09/01/99 1,500 1,500
Bucks County, Industrial
Development Authority,
Edgecomb Metals Project,
RB (A) (B) (C)
3.300%, 09/08/99 1,400 1,400
Butler County, Industrial
Development Authority,
Pennzoil Project, RB (A) (B) (C)
3.500%, 09/08/99 600 600
Chartiers Valley, Industrial &
Commercial Development
Authority, Parkay Center
West Project, Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 1,170 1,170
Clarion County, Industrial
Development Authority,
Meritcare Project, Ser A,
RB (A) (B) (C)
3.300%, 09/08/99 700 700
Delaware County, Health System
Authority, Catholic Health East
Project, Ser A, RB
4.500%, 11/15/99 355 356
Delaware County, Industrial
Development Authority,
Henderson/Radnor Joint
Venture Project, RB (A) (B) (C)
3.550%, 09/08/99 985 985
Delaware Valley, Regional
Government Finance, Ser A,
RB (A) (B) (C)
3.250%, 09/08/99 1,500 1,500
Emmaus, General Authority, RB,
FSA (A) (B)
3.250%, 09/08/99 200 200
Hermitage, Sewer Municipal
Authority, RB, MBIA
3.350%, 02/01/00 500 500
Lancaster, Hospital Authority,
Luthercare Project, RB (A) (B) (C)
3.340%, 09/08/99 1,500 1,500
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lebanon County, Health Facility
Center Authority, United Church
Christ Homes Project,
RB (A) (B) (C)
3.400%, 09/08/99 $ 700 $ 700
Lebanon County, Industrial
Development Authority,
Aluminum Company of America
Project, Ser 92, RB (A) (B)
3.450%, 09/08/99 1,000 1,000
Lehigh County, General Purpose
Authority, Wiley House Project,
RB Pre-Refunded @ 102 (D)
8.650%, 11/01/99 1,475 1,515
Lehigh County, Industrial
Development Authority, Pollution
Control, Allegheny Electric
Corporation Project, RB (A) (B) (C)
3.400%, 09/01/99 100 100
Lehigh County, Water & Sewer
Authority, Ser B, RB, FGIC (A) (B)
3.300%, 09/08/99 265 265
Lehigh County, Water Authority,
RB, FGIC (A) (B)
3.200%, 09/08/99 585 585
Luzerne County, Convention
Center Authority, Hotel Room
Rent Tax Project, Ser A,
RB (A) (B) (C)
3.250%, 09/08/99 1,500 1,500
Mercersburg Boro, Educational
Facility Authority, Mercersburg
College Project, RB (A) (B) (C)
3.250%, 09/08/99 1,000 1,000
Monroe County, GO, FGIC
3.600%, 10/01/99 850 850
Monroe County, Hospital Authority,
Pocono Medical Center Project,
Ser C, RB (A) (B) (C)
3.300%, 09/08/99 1,000 1,000
Montgomery County, Higher
Education & Health Authority,
Golden Farms Project, Ser A, RB
Pre-Refunded @ 102 (D)
9.500%, 01/01/00 1,275 1,325
Montgomery County, Higher
Education & Health Authority,
Higher Education and Loan
Project, Ser A, RB (A) (B) (C)
3.400%, 09/08/99 1,200 1,200
Montgomery County, Higher
Education & Health Authority,
United Hospital Project, Ser A, RB
Pre-Refunded @ 100 (D)
7.500%, 11/01/99 1,055 1,062
37
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
PENNSYLVANIA TAX FREE FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Montgomery County, Industrial
Development Authority, Merck
Industrial Development Project,
RB (A) (B)
3.800%, 09/08/99 $1,000 $ 1,000
Pennsylvania State, Ser A, COP,
AMBAC
4.625%, 07/01/00 1,265 1,277
Pennsylvania State, Turnpike
Commission, Ser E, RB, FGIC
Pre-Refunded @ 102 (D)
7.550%, 12/01/99 500 515
Philadelphia, Housing Authority,
Inglis Housing Project,
RB (A) (B) (C)
3.000%, 11/01/99 1,000 1,000
Philadelphia, Industrial
Development Authority,
City Line Holiday Inn Project,
Ser 96, RB (A) (B)
3.350%, 09/08/99 1,500 1,500
Philadelphia, Redevelopment
Authority, Rivers Edge Project,
RB (A) (B) (C)
3.600%, 09/08/99 1,400 1,400
Pittsburgh, GO, AMBAC
4.500%, 09/01/99 1,000 1,000
Washington County, Municipal
Lease Authority, RB, AMBAC
Pre-Refunded @ 103.00 (D)
7.300%, 06/15/00 820 867
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)
3.400%, 09/08/99 755 755
-------
33,777
-------
VIRGIN ISLANDS -- 0.7%
Virgin Islands, Public Financial
Authority, Highway
Transportation Trust, RB
Pre-Refunded @ 102 (D)
7.700%, 10/01/99 250 256
-------
Total Municipal Bonds
(Cost $34,033) 34,033
-------
Total Investments -- 99.8%
(Cost $34,033) 34,033
-------
Other Assets and Liabilities, Net -- 0.2% 65
-------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 34,123,999 outstanding shares
of beneficial interest $34,124
Distribution in excess of net
investment income (6)
Accumulated net realized loss
on investments (20)
-------
Total Net Assets -- 100.0% $34,098
=======
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $1.00
=======
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
TAN TAX ANTICIPATION NOTES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 1999.
(B) PUT & DEMAND FEATURE -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE EARLIER OF THE MATURITY DATE OR PUT DATE.
(C) SECURITIES ARE HELD IN CONNECTION WITH LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
(D) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PREREFUNDED DATE.
INTERMEDIATE-TERM
MUNICIPAL FUND
MUNICIPAL BONDS -- 99.7%
ALABAMA -- 1.4%
Agricultural and Mechanical
University Project, RB, MBIA
Callable 05/01/08 @ 102
5.000%, 11/01/08 $1,140 $ 1,141
Baldwin County, Eastern Shore
Healthcare Authority,
RB, AMBAC
5.000%, 04/01/06 1,025 1,031
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
38
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Docks Department, Docks
Facility, RB, MBIA
6.000%, 10/01/08 $1,000 $ 1,074
Special Care Facilities, Financing
Authority, Charity Obligation
Group Project, Ser A, RB
5.000%, 11/01/06 2,700 2,697
State Private Colleges and Tuskegee
University Project, Ser A, RB
Callable 09/01/06 @ 102 (E)
5.700%, 09/01/10 825 855
5.700%, 09/01/11 870 890
Water Pollution Control Authority,
Revolving Flood Line, Ser A, RB,
AMBAC Callable 02/15/08 @ 100
4.750%, 08/15/08 1,105 1,086
--------
8,774
--------
ALASKA -- 1.2%
Anchorage Electric Utility,
RB, MBIA
8.000%, 12/01/06 1,775 2,101
8.000%, 12/01/07 1,310 1,569
Energy Authority, Bradley Lake
Project, Ser 3, RB, FSA
6.000%, 07/01/12 3,980 4,219
--------
7,889
--------
ARIZONA -- 1.7%
Maricopa County, Community
College District, GO
5.000%, 07/01/07 5,500 5,569
Maricopa County, High School
District No. 210, GO
5.000%, 07/01/08 3,745 3,768
Tempe, GO
8.000%, 07/01/01 735 784
Yuma County, Jail Revenue,
RB, AMBAC
6.000%, 07/01/03 1,025 1,083
--------
11,204
--------
ARKANSAS -- 0.3%
Baxter County, Hospital Revenue
Authority, Refunding and
Improvement, Ser A, RB
Callable 09/01/09 @ 100
5.375%, 09/01/14 2,000 1,880
--------
CALIFORNIA -- 11.5%
Abag, Finance Authority for
Non-Profit Corporations,
Episcopal Homes Foundation
Project, COP
5.000%, 07/01/07 1,000 987
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Anaheim, Public Finance
Authority, Public Improvements
Project, Ser C, RB, FSA
6.000%, 09/01/13 $2,325 $ 2,508
California State, GO
5.500%, 10/01/05 2,000 2,112
7.000%, 08/01/06 1,525 1,742
5.500%, 10/01/06 2,000 2,117
6.600%, 02/01/09 1,000 1,127
5.250%, 10/01/09 2,000 2,065
California State, GO
Callable 06/01/06 @ 101
5.250%, 06/01/12 2,645 2,658
California Statewide, Communities
Development Authority, John
Muir/Mount Diablo Health
Project, COP, AMBAC (A) (B)
2.850%, 09/01/99 3,100 3,100
California Statewide, Communities
Development Authority,
St. Joseph Health System, COP
5.000%, 07/01/05 2,765 2,779
Community Development
Authority, St. Josephs
Health System Obligation
Group, COP
Callable 07/01/08 @ 101
5.250%, 07/01/09 5,170 5,144
Community Development
Revenue Authority, Citrus Valley
Health Partners Project,
COP (A) (B) (E)
2.850%, 09/01/99 2,000 2,000
Compton, Civic Center & Capital
Improvement, Ser A, COP
5.000%, 09/01/00 1,000 1,009
Elk Grove, Unified School District
Special Tax, Community
Facilities District No. 1, GO,
AMBAC
6.500%, 12/01/07 1,000 1,124
Health Facilities Finance
Authority, E24 Sisters of
Providence, RB
5.500%, 10/01/05 1,100 1,133
Health Facilities Finance Authority,
Kaiser Permanente Project,
Ser A, RB, FSA
5.000%, 06/01/06 5,325 5,458
39
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Health Facilities Finance Authority,
Summit Medical Center,
Ser A, RB, FSA
5.250%, 05/01/04 $1,500 $ 1,556
Housing Finance Agency, Ser A,
RB, MBIA
Callable 08/01/06 @ 102
5.300%, 08/01/14 255 251
Housing Finance Agency,
Single-Family Mortgage,
Ser C-4-Cl I, RB, FHA
Callable 08/01/07 @ 101.5
5.050%, 02/01/17 2,275 2,261
Intercommunity Hospital
Financing Authority, COP (E)
5.000%, 11/01/04 2,000 2,022
Los Angeles, Community
Redevelopment Agency,
Central Business
District Project, TA
5.000%, 11/15/00 500 505
Los Angeles, Department of
Water & Power Electric Plant, RB
9.000%, 10/15/02 2,000 2,277
Los Angeles, Regional Airport,
Ser B, RB (A) (B)
3.100%, 09/01/99 1,000 1,000
Los Angeles, Unified School
District, Multiple Property
Project, Ser A, COP, FSA
5.100%, 10/01/06 1,050 1,087
Los Angeles, Unified School
District, Ser A, GO, FGIC
6.000%, 07/01/12 1,880 2,033
Los Angeles County, Capital
Asset Leasing Corporation,
RB, AMBAC
6.000%, 12/01/06 1,000 1,090
Mojave Water Agency, GO,
FGIC Callable 09/01/06 @ 102
5.600%, 09/01/12 1,000 1,030
Multi-Family Community
Development Authority,
Equity Residential Project,
Ser C, RB (A) (B)
5.200%, 12/15/99 2,750 2,698
Oakland Health Facilities
Authority, Children's Hospital
Project, Ser A, RB
Callable 03/06/01 @ 102 (E)
5.000%, 07/01/01 1,175 1,196
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Orange County, Ser A, COP,
MBIA Callable 07/01/06 @ 102
5.800%, 07/01/16 $1,000 $ 1,027
Orange County, Water District
Authority, Ser B,
COP (A) (B) (E)
2.850%, 09/01/99 300 300
Orville, Orville Hospital, Ser A,
RB Callable 12/01/05 @ 102 (E)
5.500%, 12/01/06 1,000 1,044
Public Works Board Authority,
Regents University Project,
Ser A, RB
5.250%, 12/01/07 1,000 1,042
Public Works, California State
University Project, Ser A, RB
5.500%, 10/01/07 2,000 2,105
St. Tammany Parish of Los Angeles,
California Hospital Service
District No. 1, RB, ACA Insured
5.000%, 07/01/08 1,495 1,463
Stanislaus, Waste to Energy
Finance Authority, Ogden
Martin Systems Project, RB
Callable 01/01/00 @ 102
7.625%, 01/01/10 3,805 3,914
State Educational Facilities,
University of Southern
California, Ser A, RB
5.600%, 10/01/05 1,140 1,211
Statewide Communities
Development Authority,
San Gabriel Valley,
Ser A, COP
6.000%, 09/01/06 1,000 1,072
Torrance, Redevelopment Agency,
Senior Lien, Ser C, TA, MBIA
5.000%, 09/01/08 2,980 3,040
University of California,
Board of Regents, Ser B, RB
6.500%, 09/01/02 1,995 2,117
--------
74,404
--------
COLORADO -- 4.5%
Denver, City and County Airport
Revenue Refunded, Ser A,
RB Pre-Refunded @ 102 (C)
7.250%, 11/15/02 3,590 3,971
Health Facilities Authority,
Catholic Health Initiatives
Project, Ser A, RB
5.500%, 12/01/06 1,000 1,017
5.500%, 12/01/07 1,000 1,014
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
40
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Health Facilities Authority, Rocky
Mountain Adventist, RB
6.250%, 02/01/04 $1,400 $ 1,374
Highland Ranch,
Metropolitan District
No. 3, Ser A, GO (E)
5.000%, 12/01/06 630 630
Highland Ranch, Metropolitan
District No. 3, Ser B, GO (E)
5.000%, 12/01/06 1,345 1,345
Housing Finance Authority,
Ser A-3, RB
Callable 05/01/08 @ 105
6.500%, 05/01/16 1,000 1,061
Housing Finance Authority,
Single-Family Housing Project,
Ser A-3, RB
Callable 05/01/07 @ 105
7.000%, 11/01/16 1,750 1,897
Housing Finance Authority,
Single-Family Housing Project,
Ser A-3, RB
Callable 05/01/08 @ 102
4.600%, 11/01/16 1,350 1,345
Housing Finance Authority,
Single-Family Housing
Project, Ser D-3, RB
Callable 11/01/08 @ 105
6.125%, 11/01/23 1,000 1,042
Housing Finance Authority,
Single-Family Housing Project,
Ser B-3, RB
Callable 05/01/08 @ 105
6.550%, 05/01/25 2,000 2,125
Housing Finance Authority,
Single-Family Housing Project,
Ser A, RB Callable 05/01/08 @ 105
6.500%, 11/01/29 1,000 1,054
Housing Finance Authority,
Single-Family Housing Project,
Ser C-3, RB
Callable 11/01/07 @ 102
4.800%, 11/01/16 1,400 1,395
Housing Finance Authority,
Single-Family Housing Project,
Ser C-3, RB
Callable 11/01/07 @ 105
6.750%, 05/01/17 1,000 1,079
Jefferson County, School District
Authority No. R-001, GO, MBIA
6.500%, 12/15/07 4,750 5,261
Larimar County, School District
Authority No. R 1, GO
5.500%, 12/15/06 1,285 1,344
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Obligation Board Authority,
Student Loan Project, Ser L, RB
6.100%, 09/01/02 $1,760 $ 1,800
--------
28,754
--------
CONNECTICUT -- 0.3%
Housing Finance Authority,
Housing Finance
Program, Ser B, RB
Callable 11/15/02 @ 102
6.150%, 11/15/04 1,000 1,060
Mashantucket, Western Pequot
Tribe Project, Ser A, RB (D)
6.250%, 09/01/03 490 524
State Development Authority,
Pollution Control, Frito-Lay/
Pepsi Project, RB
Callable 08/23/99 @ 100
6.375%, 07/01/04 560 567
--------
2,151
--------
DISTRICT OF COLUMBIA -- 1.5%
Convention Center Authority,
Senior Lien Project, RB, AMBAC
Callable 10/01/08 @ 101
5.250%, 10/01/12 3,000 2,959
District of Columbia,
Ser B, GO, MBIA
6.000%, 06/01/11 4,750 5,011
Hospital Revenue, Washington
Hospital Center, RB, MBIA
Pre-Refunded @ 102 (C)
7.000%, 08/15/02 1,500 1,607
--------
9,577
--------
FLORIDA -- 2.0%
Board of Education,
Capital Outlay, Ser A, GO
Callable 06/01/00 @ 102
7.250%, 06/01/23 1,000 1,046
Collier County, Health Facility
Authority, RB (A) (B) (E)
3.100%, 09/01/99 1,000 1,000
Dade County, Ser CC
GO, AMBAC
6.900%, 10/01/04 1,125 1,246
6.900%, 10/01/05 1,025 1,144
7.125%, 10/01/08 1,470 1,714
Dade County, Ser DD
GO, AMBAC
7.600%, 10/01/05 1,070 1,235
41
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Hillsborough County, Utility
Authority, RB, MBIA
Callable 08/23/99 @ 100 (D)
9.750%, 12/01/03 $1,425 $ 1,630
Housing Finance Authority,
Capital Appreciation,
Single-Family Mortgage,
Zero Coupon, RB
0.000%, 07/15/16 525 73
Palm Beach County,
Solid Waste Authority,
Ser A, RB, AMBAC
6.000%, 10/01/08 3,300 3,556
--------
12,644
--------
GEORGIA -- 2.8%
College Park, Business &
Industrial Development
Authority, Civic Center Project,
Ser A, RB, FSA
5.200%, 09/01/04 1,105 1,137
5.800%, 09/01/05 1,165 1,231
Georgia State, Ser B, GO
6.250%, 04/01/06 7,700 8,364
Georgia State, Ser E, GO
5.000%, 02/01/06 3,835 3,902
Gwinett County, School District
Authority, GO
Callable 02/01/01 @102
9.500%, 02/01/02 1,000 1,089
Savannah, Hospital Authority,
Saint Josephs/Candler
Health Systems Project,
Ser B, RB, FSA
Callable 01/01/09 @ 101
5.250%, 07/01/09 2,625 2,655
--------
18,378
--------
HAWAII -- 1.5%
Hawaii State, GO, FSA
6.000%, 11/01/08 7,000 7,516
Housing Finance & Development
Authority, Single-Family
Housing Project, Ser B, RB, FNMA
Callable 07/01/01 @ 102 (F)
6.900%, 07/01/16 2,070 2,161
--------
9,677
--------
ILLINOIS -- 4.8%
Chicago, Metropolitan Water
Reclamation District, Greater
Chicago Capital
Improvements, RB
7.000%, 12/01/07 3,150 3,591
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Chicago, Water Reclamation
District of Greater Chicago,
Capital Improvement Bonds, RB
6.900%, 01/01/07 $3,500 $ 3,911
Cook County, GO, MBIA
7.250%, 11/01/07 2,000 2,302
Development Finance Authority,
Community Rehabilitation
Providers, Ser A, RB
5.600%, 07/01/05 2,235 2,260
Educational Facility Authority,
Northwestern University
Project, RB (A) (B)
5.150%, 11/01/99 2,000 1,960
Health Facilities Authority, RB,
MBIA Callable 08/23/99 @ 100
7.900%, 08/15/03 400 401
Health Facilities Authority,
Edgewater Medical Center
Project, Ser A, RB (E)
4.700%, 07/01/31 3,950 3,950
Health Facilities Authority,
Galesburg Cottage Hospital
Project, RB
Callable 05/01/02 @ 102
6.250%, 05/01/11 2,590 2,677
Hospital Facilities Authority,
Metropolitan Pier & State
Exposition Authority, McCormick
Plaza Convention, RB
Pre-Refunded @ 102 (D)
6.250%, 07/01/06 450 463
Housing Development Authority,
Ser A, RB Callable 02/01/06 @ 102
5.650%, 02/01/16 295 292
Illinois State, GO
Callable 08/17/99 @ 102
6.375%, 08/01/00 1,000 1,023
Illinois State, Health Facilities
Authority, Centegra Health
Systems Project, GO
5.500%, 09/01/06 2,375 2,381
Kane & DeKalb County,
Unified School District Authority
No. 301, GO, AMBAC
6.300%, 12/01/04 2,640 2,848
McClean County, Public Building
Commission, Lease Receipts,
Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,390
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Toll Highway Authority,
Toll Highway Priority, Ser A, RB
6.300%, 01/01/11 $1,500 $ 1,627
--------
31,076
--------
INDIANA -- 0.2%
Purdue University, Student Fee
Project, Ser P, RB
5.000%, 07/01/05 1,370 1,399
--------
IOWA -- 0.5%
Ceder Rapids, GO
5.000%, 06/01/05 2,090 2,132
Eddyville Pollution Control,
Cargill Incorporated Project, RB
5.400%, 10/01/06 1,000 1,026
--------
3,158
--------
KANSAS -- 0.3%
Johnson County, Unified
School District No. 232, GO, FSA
5.000%, 03/01/05 1,000 1,016
Shawnee County, Ser A, GO
5.250%, 09/01/09 1,000 1,016
--------
2,032
--------
KENTUCKY -- 0.9%
Infrastructure Authority,
Revolving Funding, Ser L, RB
5.500%, 06/01/07 1,000 1,036
Property and Buildings
Commission, Project No. 55, RB
6.000%, 09/01/08 2,500 2,669
Property and Buildings
Commission, Project No. 55,
RB, MBIA
6.250%, 09/01/07 2,100 2,289
State Turnpike Authority,
Toll Road Project, Ser A, RB
Callable 08/23/99 @ 100
8.500%, 07/01/04 45 45
--------
6,039
--------
LOUISIANA -- 0.9%
Housing Finance Authority,
Single-Family Housing Project,
RB, GNMA/FNMA
Callable 12/01/07 @ 104 (F)
6.650%, 06/01/15 1,000 1,069
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Finance Authority,
Single-Family Housing
Project, RB, MBIA
Callable 06/01/06 @ 102
5.125%, 12/01/10 $ 845 $ 841
Jefferson Parish, Drain Sales Tax,
RB, AMBAC
5.000%, 11/01/09 1,300 1,293
Office Facility Lease Revenue,
Ser A, RB, MBIA
Callable 03/01/02 @ 100
5.000%, 03/01/09 1,510 1,504
Office Facility Lease Revenue,
Ser B, RB, MBIA
Callable 03/01/02 @ 100
5.000%, 03/01/10 1,330 1,315
--------
6,022
--------
MAINE -- 0.9%
Finance Authority, Electric Rate
Stabilization Project, Ser A, RB, FSA
5.000%, 07/01/05 1,220 1,238
5.000%, 07/01/07 1,975 1,990
Maine, Health & Higher
Educational Facility Authority,
GO, MBIA
5.250%, 07/01/07 2,270 2,315
--------
5,543
--------
MARYLAND -- 0.6%
Health and Higher Education
Facility Authority, RB (A) (B)
4.600%, 11/01/99 1,970 1,963
Health and Higher Education
Facility Authority, Johns Hopkins
University Project, RB
5.500%, 07/01/02 1,815 1,876
--------
3,839
--------
MASSACHUSETTS -- 5.8%
Health and Higher Education
Facilities Authority, Capital
Asset Program, Ser C, RB,
MBIA (A) (B)
2.900%, 09/01/99 1,720 1,720
43
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Health and Higher Education
Facilities Authority, Captial
Asset Program, Ser B, RB,
MBIA (A) (B)
2.900%, 09/01/99 $ 800 $ 800
Housing Finance Agency,
Residential Development,
RB, FNMA
Callable 05/15/02 @ 102 (F)
6.875%, 11/15/11 1,935 2,063
Industrial Financing Agency,
RB (B) (E)
5.000%, 05/01/26 1,350 1,357
Lowell, GO, FSA
Callable 02/15/01 @ 103
8.300%, 02/15/05 1,855 1,999
Massachusetts, Bay Transportation
Authority, General
Transportation System, Ser A, RB
5.300%, 03/01/05 1,000 1,033
Massachusetts, Bay Transportation
Authority, General Transportation
System, Ser A, RB (E)
7.000%, 03/01/07 3,000 3,401
Massachusetts, Bay Transportation
Authority, General Transportation
System, Ser A, RB
5.500%, 03/01/09 1,230 1,279
Massachusetts State, Ser A, GO
Callable 02/01/03 @ 102
5.250%, 02/01/08 3,550 3,603
Massachusetts State, Ser A, GO
6.000%, 11/01/11 2,500 2,691
Massachusetts State,
Ser A, GAN
5.000%, 12/15/05 1,270 1,292
Massachusetts State, Consolidated
Loans, Ser A, RB
5.500%, 11/01/08 3,550 3,701
Massachusetts State, Consolidated
Loans, Ser B, GO, MBIA
4.750%, 04/01/18 2,500 2,203
Massachusetts State, Construction
Loans, Ser A, RB
Pre-Refunded @ 102 (C)
7.625%, 06/01/01 2,000 2,158
Springfield, GO, AMBAC
6.375%, 08/01/04 1,000 1,080
State Health and Education
Facilities Authority, Faulkner
Hospital, Ser C, RB
5.500%, 07/01/01 1,325 1,356
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State, Health and Education
Facilities Authority, Lowell
General Hospital, Ser B, RB,
FSA Callable 06/01/07 @ 102
5.250%, 06/01/11 $1,585 $ 1,581
State, Water Resource Authority,
Ser B, RB Callable 03/01/03 @ 102
5.250%, 03/01/13 1,000 984
Turnpike Authority, Metropolitan
Highway System, Ser A, RB,
AMBAC
5.125%, 01/01/09 3,000 3,023
--------
37,324
--------
MICHIGAN -- 2.6%
Battle Creek, Downtown
Development Authority, RB
7.300%, 05/01/10 1,195 1,352
Detroit, City School District,
Ser B, GO, FGIC
5.000%, 05/01/05 2,500 2,538
5.000%, 05/01/06 2,500 2,528
Greater Detroit Resource Recovery
Authority, Ser A, RB, AMBAC
5.500%, 12/13/03 1,525 1,578
Hospital Finance Authority,
Hosptial Charity Project,
Ser D, RB (A) (B)
4.800%, 11/01/99 4,090 4,095
Housing Development Authority,
Ser A, RB
Callable 06/01/02 @ 102 (E)
6.800%, 12/01/12 1,000 1,039
Jackson County, Hospital Finance
Authority, Foote Memorial
Hospital, Ser A, RB, AMBAC
5.000%, 06/01/06 1,970 1,985
Kent, Hospital Finance Authority,
Spectrum Health Project, Ser A, RB
5.250%, 01/15/07 1,975 1,982
--------
17,097
--------
MINNESOTA -- 1.7%
Dakota County, Capital
Improvements, Ser C, GO
4.650%, 02/01/08 3,275 3,222
Minneapolis, Special School
District No. 1, Special School
Project, GO (E)
5.000%, 02/01/06 2,075 2,111
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Minnesota, Rural Water Finance
Authority, Public Project
Construction Notes, RB
Callable 08/02/99 @ 100 (E)
4.250%, 09/01/00 $5,600 $ 5,635
--------
10,968
--------
MISSISSIPPI -- 0.6%
Hospital Equipment and Facility
Authority, Rush Medical
Foundation Project, RB (E)
5.400%, 01/01/07 1,490 1,503
Mississippi, Home Corporation,
Single-Family Home Project,
Ser D, RB, GNMA (A) (B) (F)
6.650%, 09/01/99 1,450 1,559
Single-Family Housing Authority,
Ser A, RB, GNMA/FNMA
Callable 06/01/08 @ 102 (F)
5.125%, 12/01/17 865 829
--------
3,891
--------
MISSOURI -- 0.2%
Health and Educational Facilities
Authority, Sisters of Mercy
Health System Ser 95B,
RB (A) (B) (E)
3.250%, 09/08/99 1,200 1,200
--------
NEW HAMPSHIRE -- 1.0%
Higher Education and Health
Facilities Authority, 1st
Mortgage River Woods Exeter
Project, RB Pre-Refunded @ 103 (C)
9.000%, 03/01/03 5,550 6,507
--------
NEW JERSEY -- 1.1%
Camden County, Improvements
Authority, Cooper Health
Care Redevelopment Project, RB
5.500%, 02/15/02 1,000 831
Economic Development Authority,
The Evergreens Project, RB
Pre-Refunded @ 102 (C)
9.250%, 10/01/02 1,000 1,149
Housing and Mortgage Finance
Home Buyer, Ser C, RB, MBIA
Callable 10/01/99 @ 102
7.375%, 10/01/17 1,000 1,021
Transportation Funding Authority,
Transportation Systems,
Ser A, RB
5.500%, 06/15/09 3,725 3,865
--------
6,866
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW MEXICO -- 0.5%
Farmington Hospital, San Juan
Regional Medical Center,
Ser A, RB, AMBAC
5.000%, 06/01/05 $1,110 $ 1,124
Hospital Equipment Loan
Council, Memorial Medical
Center Project, RB
4.850%, 06/01/08 1,265 1,200
Mortgage Finance Authority,
Single-Family Mortgage,
Ser A-1, RB
Callable 07/01/02 @ 102 (E)
6.850%, 07/01/10 410 424
Santa Fe, Saint Vincent's Hospital
Project, RB, FGIC
Pre-Refunded @ 100 (C)
7.500%, 07/01/02 570 603
--------
3,351
--------
NEW YORK -- 19.1%
Dormitory Authority, Beth Israel
Medical Center, Ser A, RB, MBIA
5.000%, 11/01/07 1,065 1,074
Dormitory Authority, Bronx &
Lebanon Hospital Center Project,
Ser E, RB
5.125%, 02/15/06 3,650 3,641
Dormitory Authority, Department
of Health, RB
5.500%, 07/01/03 1,000 1,031
Dormitory Authority, Hospital
and Nursing Home Project,
Ser A, RB, AMBAC
5.000%, 08/15/06 1,315 1,333
Dormitory Authority, Mental
Health Services Project, Ser B, RB
5.000%, 02/15/06 1,000 1,006
Dormitory Authority, Mental
Health Services Project, Ser C, RB
5.375%, 08/15/08 1,150 1,173
Dormitory Authority, Mental
Hospital, Ser E, RB, AMBAC
6.000%, 08/15/05 2,000 2,138
Dormitory Authority, North Shore
University Hospital Authority
Project, RB, MBIA
Callable 02/15/08 @ 102
5.000%, 11/01/08 1,250 1,253
Dormitory Authority, New York
and Presbyterian Hospital
Project, RB, AMBAC
5.500%, 08/01/08 1,510 1,567
45
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Dormitory Authority, New York
and Presbyterian Hospital
Project, RB, AMBAC
Callable 02/01/08 @ 101
4.400%, 08/01/13 $2,070 $ 1,933
Dormitory Authority, Sound
Shore Project, RB, MBIA/FHA
4.350%, 02/01/08 4,380 4,314
Dormitory Authority, State
University Educational Facilities
Project, Ser B, RB, MBIA
Pre-Refunded @ 102 (C) (E)
6.250%, 05/15/04 5,930 6,479
Dormitory Authority, Staten
Island University Hospital
Project, RB, AMBAC
5.250%, 07/01/07 1,200 1,230
Dormitory Authority, State
University Educational
Facility, Ser A, RB
5.500%, 05/15/09 4,400 4,505
Energy & Pollution Control,
Electric & Gas Company
Project, RB (A) (B) (E)
3.000%, 09/01/99 1,800 1,800
Long Island Power Authority,
New York Electric Systems
Revenue Project, Sub Ser 8-F, RB,
MBIA, (A) (B)
5.000%, 04/01/06 2,500 2,522
Long Island Power Authority,
Electric Systems Project,
Sub Ser 6, RB, MBIA (A) (B)
3.100%, 09/01/99 900 900
Long Island Power Authority,
Electric Systems Revenue
Project, RB, MBIA
5.000%, 04/01/08 5,000 5,031
Long Island Power Authority,
New York Electric Systems
Project, RB, MBIA
5.000%, 04/01/07 5,975 6,042
Metropolitan Transportation
Authority, Commuter
Facilities Project, Ser A, RB
5.000%, 07/01/06 2,000 2,010
Metropolitan Transportation
Authority, Commuter
Facilities Project, Ser O, RB
5.750%, 07/01/06 4,150 4,352
Municipal Assistance Corporation,
City of New York, Ser I, GO (E)
6.250%, 07/01/06 3,925 4,273
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Municipal Assistance Corporation,
City of New York, Ser M, GO (E)
5.250%, 07/01/05 $5,000 $ 5,156
New York, GO, Ser A, FGIC
5.250%, 08/01/08 3,300 3,358
New York, Ser B, GO, MBIA (E)
5.600%, 08/15/06 4,150 4,342
New York, Ser I, GO, AMBAC
Callable 03/15/06 @ 102
5.750%, 03/15/07 1,000 1,053
New York, Sub Ser E6, GO,
FGIC (A) (B)
3.000%, 09/01/99 2,000 2,000
New York City, Municipal
Assistance Corporation,
Ser H, RB (E)
6.250%, 07/01/07 2,300 2,513
New York City, Municipal
Assistance Corporation,
Ser O, RB (E)
5.250%, 07/01/07 5,000 5,138
New York City, New York
Municipal Assistance
Corporation, Ser I, RB
Callable 07/01/07 @ 102 (E)
6.250%, 07/01/08 2,000 2,190
New York City, Sub Ser A-4,
GO, RB (A) (B) (E)
2.850%, 09/01/99 1,550 1,550
New York City, Metropolitan
Transportation Authority,
Ser C, RB, FSA
4.750%, 07/01/16 3,000 2,689
New York & New Jersey Port
Authority, Seventy-Second,
RB Callable 10/01/02 @ 101 (E)
7.350%, 10/01/27 4,000 4,335
New York State, Dormitory
Authority, Staten Island
University Hospital Project,
RB, AMBAC
5.250%, 07/01/06 2,695 2,769
New York State, Ser F, GO, AMBAC
5.500%, 09/15/08 9,250 9,666
State Energy Research and
Development Authority,
Pollution Control Project,
RB (A) (B) (E)
3.000%, 09/01/99 3,470 3,470
State Medical Care Facility
Finance Agency, Adult Day Care,
Ser C, RB
5.350%, 11/15/05 790 808
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
46
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
State Medical Care Facility
Finance Agency, Ser C, RB, FHA
5.200%, 08/15/05 $ 245 $ 245
State Medical Care Facility
Finance Agency, St. Lukes Project,
Ser A, RB, FHA
Callable 08/15/03 @ 102
5.600%, 08/15/13 1,945 1,960
State Urban Development
Corporation, Center for
Individual Innovation Project, RB
6.250%, 01/01/09 1,325 1,428
State Urban Development
Corporation, Correctional
Facilities, Ser G, RB
Pre-Refunded @ 102 (C)
7.100%, 01/01/00 2,500 2,576
Urban Development Corporation,
Correctional Facilities Project,
Ser B, RB (E)
5.000%, 01/01/06 6,955 6,990
--------
123,843
--------
NORTH CAROLINA -- 0.6%
Medical Care Community
Hospital, Bond Pitt County
Memorial Hospital, Ser A, RB
5.000%, 12/01/06 4,100 4,105
--------
NORTH DAKOTA -- 0.1%
Grand Forks, Healthcare
Facilities Revenue, United
Hospital Obligation Group,
Ser A, RB (A) (B)
3.100%, 09/01/99 700 700
--------
OHIO -- 4.0%
Air Quality Development
Authority, Pollution Control
Cleveland Project, RB, FGIC
Callable 06/01/02 @ 103
8.000%, 12/01/13 4,775 5,288
Air Quality Development
Authority, Pollution Control
Ohio Edison Project, Ser B, RB,
FGIC Callable 06/01/00 @ 102
7.100%, 06/01/18 1,000 1,038
Building Authority, Adult
Correctional Building Project,
Ser A, RB
5.500%, 04/01/07 4,345 4,508
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Building Authority, Juvenile
Corrections Project, Ser B, RB
Callable 04/01/09 @ 101
5.000%, 10/01/09 $2,485 $ 2,479
Building Authority, State
Administration Building
Project, Ser A, RB
5.125%, 10/01/07 2,305 2,340
Building Authority,
Administration Building
Fund, Ser A, RB
5.500%, 10/01/07 1,700 1,768
Columbus, Ser B, GO
5.250%, 05/15/07 3,000 3,086
Dayton, Special Facilities,
Air Freight Project, RB
6.050%, 10/01/09 1,000 1,038
Erie County, Hospital
Improvements Authority,
Firelands Community
Hospital Project, RB
Callable 01/01/02 @ 102
6.750%, 01/01/15 1,110 1,152
Lucas County, GO
5.300%, 12/01/05 2,100 2,163
Strongsville, City School District,
GO, MBIA
5.300%, 12/01/10 1,050 1,066
--------
25,926
--------
OKLAHOMA -- 1.4%
Capital Improvements Authority,
Highway Capital Improvements
Project, RB, MBIA
5.000%, 06/01/06 5,260 5,359
Central Transportation
and Parking Authority,
Ser 1973, RB
Callable 08/23/99 @ 100 (D)
6.000%, 07/01/03 110 112
McAlester Public Works
Authority, RB, FSA
8.100%, 12/01/08 875 1,083
State Industrial Development
Authority, Integris Health,
RB, AMBAC
5.250%, 08/15/06 1,255 1,293
Tulsa Port, Industrial Development
Authority, Cargill Incorporated
Project, RB
5.350%, 09/01/06 1,000 1,023
47
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tulsa, Industrial Development
Authority, St Johns Medical
Center, RB
Callable 01/01/00 @ 100 (D)
6.875%, 01/01/02 $ 250 $ 256
--------
9,126
--------
OREGON -- 0.5%
Cow Creek Band Umpqua
Tribe of Indians, Ser B, RB,
AMBAC Callable 07/01/03 @ 103
5.100%, 07/01/12 2,000 1,973
Washington Multnomah and
Yamhill Counties, School
District Authority No. 1J, GO
5.000%, 06/01/05 1,495 1,519
--------
3,492
--------
PENNSYLVANIA -- 3.6%
Allegheny County, Hospital
Development Authority, UPMC
Health System Project, RB, MBIA
5.000%, 11/01/06 2,145 2,166
Allegheny County, University
Pennsylvania Medical Center
Project, Ser B, RB, MBIA
5.250%, 07/01/07 1,760 1,795
Delaware County, Airport Facility,
UPS Project, Ser 85, RB (A) (B) (E)
3.050%, 09/01/99 1,000 1,000
Delaware County, Health Systems
Authority, Catholic Health East
Project, Ser A, RB, AMBAC
5.500%, 11/15/07 1,635 1,696
Easton Joint School Authority,
GO (D)
5.350%, 04/15/02 90 90
Erie County, Ser A, GO, FGIC
6.600%, 09/01/05 1,000 1,048
Higher Education Facilities
Authority, Allegheny/
Delaware Valley, Ser A, RB, MBIA
5.500%, 11/15/08 1,000 996
Higher Education Facilities
Authority, University of
Pennsylvania Medical Center
Health Systems Project,
Ser A, RB, FSA
5.000%, 08/01/06 2,635 2,658
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Financial Authority,
Single-Family Morgage Project,
Ser 34A, RB, FHA
Callable 04/01/02 @ 102
6.850%, 04/01/16 $1,000 $ 1,036
Industrial Development
Authority, RB, AMBAC
7.000%, 07/01/07 1,000 1,129
Intergovernmental Cooperative
Authority, Philadelphia
Funding Program, RB, FGIC
5.000%, 06/15/08 3,050 3,061
Lehigh County, General Purpose
Authority, Kidspeace Obligation
Group Project, RB
Callable 11/01/08 @ 102 (E)
5.700%, 11/01/09 1,000 1,004
Montgomery County, Higher
Education and Health Authority,
Abington Memorial
Hospital Project, Ser A, RB,
AMBAC
5.000%, 06/01/08 1,000 998
Newcastle Hospital Authority,
Jameson Memorial Hospital,
RB, MBIA
5.500%, 07/01/08 1,605 1,657
Scranton-Lackawanna, Health and
Welfare Authority, Hospital
Community Medical Center
Project, RB, MBIA
5.500%, 07/01/07 2,585 2,679
Westmoreland County, Municipal
Authority, GO (D)
9.125%, 07/01/10 345 390
--------
23,403
--------
RHODE ISLAND -- 0.6%
Housing and Mortgage Finance
Corporation, Homeownership
Opportunity Project, Ser 25A, RB
Callable 10/01/07 @ 101.5
4.950%, 10/01/16 2,175 2,167
Housing and Mortgage Finance
Corporation, Rental Housing
Project, Ser A, RB (E)
5.050%, 10/01/01 1,500 1,494
--------
3,661
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
48
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
SOUTH CAROLINA -- 1.1%
Hospital Facilities Authority,
Medical University, RB
5.625%, 07/01/11 $2,885 $ 2,849
Jobs Economic Development
Authority, St. Francis Hospital,
RB (A) (B) (E)
3.100%, 09/01/99 465 465
Piedmont, Municipal Power
Agency, Ser A, RB, FGIC
6.500%, 01/01/16 1,570 1,727
Public Service Authority, Ser B, RB
Callable 07/01/01 @ 102
6.700%, 07/01/02 1,220 1,293
Spartanburg County, School District
Authority No. 5, COP, MBIA
Callable 07/01/05 @ 102
5.400%, 07/01/08 1,000 1,026
--------
7,360
--------
SOUTH DAKOTA -- 0.3%
Health and Educational Facilities
Authority, RB, MBIA
6.000%, 07/01/08 1,025 1,098
Housing Development Authority,
Homeownership Mortgage,
Ser A, RB Callable 05/01/06 @ 102
5.500%, 05/01/10 775 782
--------
1,880
--------
TENNESSEE -- 0.8%
Chattanooga, Health Education
and Housing Facilities Board,
Catholic Health Initiatives
Project, Ser A, RB
5.000%, 12/01/01 1,000 1,010
Hendersonville, Industrial
Development Authority,
Ashford 83 Association
Project, RB
Callable 12/15/06 @ 102
5.950%, 12/15/08 1,360 1,372
Metropolitan Government
Nashville and Davidson County,
Health and Education Facilities
Board, Vanderbilt University
Project, Ser A, RB
5.500%, 05/01/06 500 519
6.000%, 05/01/07 1,200 1,283
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tennessee, Housing Development
Agency, Homeownership
Program, RB
5.800%, 07/01/00 $1,020 $ 1,032
--------
5,216
--------
TEXAS -- 8.7%
Austin, Independent
School District, GO (E)
4.750%, 08/01/15 4,000 3,610
Austin, Utility Systems Authority,
Combination Project,
Ser A, RB, FSA
5.750%, 11/15/03 3,295 3,452
Austin, Utility System, Ser B, RB
Callable 11/15/99 @ 101
7.250%, 11/15/03 80 89
Brazos, River Authority, Houston
Industries Project, Ser C, RB
Callable 05/01/08 @ 102
5.125%, 05/01/19 1,500 1,388
Cedar Hill, Independent
School District, RB (E)
6.450%, 08/15/03 2,225 2,386
Dallas, GO
5.000%, 02/15/06 4,275 4,344
Deer Park, Independent
School District, GO (E)
6.000%, 02/15/06 1,500 1,601
5.875%, 02/15/08 1,500 1,598
6.000%, 02/15/08 2,000 2,148
Department of Housing and
Community Affairs, Single-Family
Housing, Ser B-CL2, RB
Callable 09/01/06 @ 102
5.550%, 09/01/11 2,540 2,499
Donna, Independent
School District, GO (E)
5.250%, 02/15/05 1,135 1,168
5.500%, 02/15/06 1,180 1,227
Fort Worth, Water and Sewer
Improvement Authority, RB
5.000%, 02/15/04 2,405 2,447
5.500%, 02/15/06 1,080 1,121
Grapevine, Industrial
Development Corporation,
American Airlines Project,
Ser B1, RB (A) (B) (E)
3.100%, 09/01/99 100 100
Harris County, GO
10.000%, 10/01/00 1,850 1,972
49
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
INTERMEDIATE-TERM MUNICIPAL FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Harris County, Health Facilities
Development Authority,
Memorial Hospital Systems
Project, Ser A, RB
6.000%, 06/01/09 $1,825 $ 1,962
Harris County, Health Facilities
Revenue Authority, Christus
Health Project, Ser A, RB, MBIA
5.375%, 07/01/08 3,845 3,927
Houston, Water and Sewer
Systems Revenue, Jr. Lien Project,
Ser A, RB, MBIA
Pre-Refunded @ 100 (C)
6.200%, 12/01/05 11,150 12,098
La Porte, Independent
School District, GO (E)
6.000%, 02/15/03 1,000 1,050
Lone Stars, Airport Improvement
Authority, RB (A) (B) (E)
3.100%, 09/01/99 100 100
Mission, Independent
School District, GO (E)
6.500%, 02/15/03 1,215 1,295
Pflugerville, Independent
School District, GO (E)
4.500%, 08/15/06 1,000 984
Public Finance Authority,
Ser A, RB, AMBAC
6.000%, 08/01/02 1,000 1,043
Water Financial Assistance
A&C, GO
5.000%, 08/01/05 2,500 2,550
--------
56,159
--------
UTAH -- 1.0%
Alpine, School District Authority,
Utah School Board Project, GO
Callable 09/15/08 @ 100
5.000%, 03/15/13 2,775 2,699
Board Regents Authority,
University of Utah Hopsital
Project, RB
5.250%, 08/01/07 1,360 1,363
Housing Finance Authority,
Single-Family Mortgage, Issue B,
RB, FHA Callable 07/01/03 @ 102
5.125%, 07/01/24 515 517
Salt Lake City Airport, RB, FGIC
7.400%, 06/01/00 265 270
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Salt Lake City, Revenue Authority
Pooled Project, RB (A) (B) (E)
3.250%, 09/08/99 $1,550 $ 1,550
--------
6,399
--------
VIRGIN ISLANDS -- 0.4%
Public Financial Authority,
Federal Lein Notes, Ser C, RB
5.500%, 10/01/06 2,375 2,399
--------
VIRGINIA -- 2.2%
Hampton, Sentara Health
System, Ser A, RB
5.375%, 11/01/10 1,000 995
Housing Development Authority,
Commonwealth Mortgage Project,
Sub Ser C, RB
Callable 01/01/02 @ 102
6.500%, 07/01/07 500 519
Kanawha County, Industrial
Development Authority,
Topvalco Inc. Project (Kroger Co.),
RB Callable 11/01/03 @ 102
7.125%, 11/02/12 1,160 1,267
Loudoun County, Industrial
Development Authority,
Residential Care Facility Falcons
Landing Project Ser A, RB
Pre-Refunded @ 103 (C) (E)
8.750%, 11/01/04 6,000 7,313
Peninsula Port Authority,
Riverside Health Systems
Project, RB
5.000%, 07/01/06 2,030 2,027
State Housing Development
Authority, Multi-Family
Housing, Ser H, RB
5.250%, 05/01/03 685 700
State Housing Development
Authority, Ser A, RB
Callable 01/01/02 @ 102
7.100%, 01/01/22 1,250 1,289
State Housing Development
Authority, Zero Coupon, RB
Callable 11/01/99 @ 19.4332
0.000%, 11/01/17 695 134
--------
14,244
--------
WASHINGTON -- 1.9%
Clark County, Public Utility
District 001, RB, FGIC
6.000%, 01/01/04 2,525 2,667
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
50
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Grant County, Public Utility
District No. 2, RB
5.625%, 01/01/07 $2,470 $ 2,569
Healthcare Facilities Authority,
Virginia Mason Medical
Center Project, Ser B, RB,
MBIA (A) (B)
3.100%, 09/01/99 450 450
King County, Ser D, GO
5.250%, 12/01/04 1,000 1,031
Public Power Supply Authority,
Nuclear Project No. 2, Ser A, RB
5.000%, 07/01/05 3,000 3,011
Public Power Supply Authority,
Nuclear Project No. 2,
Ser A, RB
6.000%, 07/01/07 1,450 1,530
Washington State, Ser B, RB
Pre-Refunded @ 100 (C)
6.700%, 06/01/01 1,000 1,044
--------
12,302
--------
WISCONSIN -- 1.8%
Housing and Economic
Development Authority,
Homeownership, Ser 1, RB, FHA
Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,350
Housing and Economic
Development Authority,
Homeownership Project, Ser B,
RB Callable 09/01/99 @ 102
7.600%, 03/01/15 2,465 2,514
Transportation Authority,
Ser A, RB
5.000%, 07/01/05 4,040 4,085
5.000%, 07/01/06 3,500 3,526
--------
11,475
--------
WYOMING -- 0.3%
Lincoln County, Pollution
Control Revenue Bond,
Ser 1984 B, RB (A) (B) (E)
3.050%, 09/01/99 800 800
Wyoming Student Loan
Corporation, RB
6.250%, 12/01/99 1,000 1,005
--------
1,805
--------
Total Municipal Bonds
(Cost $652,696) 645,139
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
Total Investments -- 99.7%
(Cost $652,696) $645,139
--------
Other Assets and Liabilities, Net -- 0.3% 2,101
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 60,496,031 outstanding shares
of beneficial interest 654,123
Undistributed net investment income 25
Accumulated net realized gain
on investments 649
Net unrealized depreciation
on investments (7,557)
--------
Total Net Assets -- 100.0% $647,240
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.70
========
ACA AMERICAN CAPITAL ACCESS
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AGENCY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GAN GRANT ANTICIPATION NOTE
GNMA GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
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 AUGUST 31, 1999.
(B) MANDATORY REDEMPTION -- THE DATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE MANDATORY REDEMPTION DATE.
(C) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
(D) SECURITY IS ESCROWED TO MATURITY.
(E) SECURITIES ARE HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR
COMMERCIAL BANK OR FINANCIAL INSTITUTION.
(F) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA/GNMA.
51
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
PENNSYLVANIA MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 100.8%
PENNSYLVANIA -- 92.3%
Allegheny County, Hospital
Development Authority, Allegheny
General Hospital, RB (C)
6.750%, 05/01/04 $ 185 $ 193
Allegheny County, Hospital
Development Authority,
Harmarville Rehabilitation
Center, RB (C)
6.000%, 10/01/08 200 205
Allegheny County, Hospital
Development Authority, Health
Center Project, Ser B, RB, MBIA
5.000%, 07/01/09 735 719
Allegheny County, Hospital
Development Authority,
Montefiore Hospital, RB (C)
6.875%, 07/01/09 605 644
Allegheny County, Hospital
Development Authority,
North Hills Passavant, RB (C)
6.750%, 07/01/05 85 90
Allegheny County, Hospital
Development Authority,
St. Margaret Memorial, RB (C)
6.750%, 07/01/10 1,280 1,370
Allegheny County,
Higher Education Building
Authority, Thiel College Project,
Ser A, RB, ACA Insured
4.850%, 11/15/07 225 219
4.550%, 11/15/04 190 186
4.750%, 11/15/06 215 209
5.000%, 11/15/08 240 233
4.650%, 11/15/05 200 195
5.000%, 11/15/09 300 290
5.300%, 11/15/12 350 337
5.350%, 11/15/13 370 352
5.400%, 11/15/14 390 371
Allegheny County, Industrial
Development Authority, RB
AMT (B)
6.000%, 10/01/04 150 150
Allegheny County, Industrial
Development Authority,
Environmental Improvement
Project, Ser A, RB
6.700%, 12/01/20 850 894
Allegheny County, Industrial
Development Authority, RB
Mandatory Put 12/01/00 (B)
5.250%, 12/01/14 25 25
- --------------------------------------------------------------------------------
Face
Amount (000) Value (000)
- --------------------------------------------------------------------------------
Allegheny County, Residential
Financial Authority, Mortgage
Revenue, Single-Family, Ser CC-1,
RB, GNMA (D)
4.950%, 05/01/10 $ 245 $ 236
Allegheny County, Residential
Financial Authority, Mortgage
Revenue, Single-Family,
Ser CC-1, RB, GNMA (D)
4.950%, 11/01/10 255 246
Allegheny County, Sanitation
Authority, RB (C)
6.800%, 07/01/03 165 174
Allentown Hospital Authority,
Sacred Heart Hospital
Project, RB (C)
8.000%, 03/01/09 260 292
Altoona Area, School District
Authority, GO (C)
6.500%, 07/01/04 200 217
Altoona Area, School District
Authority, Blair County, Ser 78,
RB Pre-Refunded @ 100 (A)
6.500%, 01/01/08 315 335
Armstrong School District, GO,
MBIA Pre-Refunded @ 100 (A)
7.750%, 06/01/03 65 71
Baldwin, Whitehall School
Building, RB (C)
6.625%, 11/15/02 50 50
Baldwin, Whitehall School District,
RB Partially
Pre-Refunded @ 100 (A)
6.699%, 11/15/07 190 211
Bensalem Township, Water &
Sewer Authority, RB (C)
6.750%, 12/01/14 280 303
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%, 01/01/09 180 173
Blair County, Hospital
Authority, RB (C)
6.900%, 07/01/08 1,155 1,236
Blairsville-Saltsburg,
School District, GO, AMBAC (C)
9.000%, 05/15/03 40 44
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
52
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Borough of Tarentum,
Electric Revenue, Ser A, RB,
Asset Guaranty
Pre-Refunded @ 100 (A)
5.500%, 09/01/03 $ 645 $ 670
Bucks County, Industrial
Development Authority, RB (C)
8.750%, 09/01/04 145 160
Bucks County, Redevelopment
Authority, Warminster Heights,
Section 8, RB, FHA
6.250%, 08/01/02 195 199
Butler Area, Sewer Authority,
Sewer Revenue, RB
Pre-Refunded @ 100 (A)
7.250%, 01/01/04 355 383
Butler County, Industrial
Development Authority, RB (B)
4.900%, 11/01/03 700 702
Cambria County, GO, FGIC
5.000%, 08/15/08 475 476
4.600%, 08/15/09 180 174
Cambria County, Hospital
Authority, Conemaugh Valley
Memorial Hospital, RB (C)
7.625%, 09/01/11 235 267
Central Dauphin, School District,
Ser AA, GO, MBIA
5.000%, 12/01/13 400 384
Chester County, Health &
Educational Facility Authority,
Immaculata College Project, RB
5.250%, 10/15/10 345 329
Chester County, Health &
Educational Facility Authority,
Jefferson Health Systems Project,
Ser B, RB, AMBAC
4.700%, 05/15/05 275 274
Chester County, Hospital Authority,
Paoli Memorial Hospital, RB (C)
5.500%, 02/01/03 115 116
Coatesville, School District,
GO, FSA
4.600%, 10/01/12 3,360 3,133
Cresswell Heights, Joint Water
Authority, RB (C)
7.375%, 03/01/07 80 87
Cumberland Valley, School Project,
GO, MBIA (C)
6.400%, 11/15/01 25 25
Dauphin County, General
Authority, Phoenixville
Hospital Project, Ser A, RB, FGIC
5.900%, 07/01/05 845 900
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Dauphin County, General
Authority, RB Mandatory
Put 06/03/02 @ 100
6.600%, 06/01/26 $ 50 $ 53
Dauphin County, General
Authority, Sub Ser RRR, RB,
AMBAC Mandatory
Put 06/01/06 @ 100
4.600%, 06/01/26 550 530
Dauphin County, General School
Authority, Penncrest School
Project, RB Mandatory
Put 06/02/03 @ 100
6.600%, 06/02/26 915 961
Dauphin County, General School
Authority, RB
Mandatory Put 06/01/04 @ 100
6.700%, 06/01/26 1,220 1,284
Dauphin County, General School
Authority, RB
4.900%, 06/01/26 330 330
Dauphin County, General School
Authority, RB
4.700%, 06/01/26 460 460
Delaware County, Hospital
Authority, Crozer-Chester
Medical Center Project, RB,
ACA Insured (C)
4.850%, 12/01/07 645 633
Delaware County, Hospital
Authority, Crozer-Chester
Medical Center Project, RB (C)
4.900%, 12/01/08 550 536
Delaware County, School
Authority, Haverford
School Project, RB
4.450%, 03/15/09 475 441
4.550%, 03/15/10 495 460
Delaware County, Elwyn Project,
RB, Connie Lee
6.000%, 06/01/11 3,250 3,433
Delaware County, School
Authority, Haverford School
Project, RB
4.750%, 03/15/12 495 457
Delaware County, University
Authority, Villanova
University, RB (C)
9.625%, 08/01/02 145 156
Delaware River, Port Authority of
Pennsylvania & New Jersey,
Delaware Bridges, RB (C)
6.000%, 01/15/10 165 173
6.500%, 01/15/11 140 149
53
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
PENNSYLVANIA MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Delaware County, School Authority,
Haverford School Project, RB
4.650%, 03/15/11 $ 520 $ 482
Derry Township, Sanitation Sewer
Authority, RB (C)
6.250%, 08/01/12 50 51
Downingtown, Municipal Water
Authority, RB, FSA
4.750%, 09/01/10 325 314
Easton, Area School
Authority, GO (C)
6.250%, 04/15/02 65 68
Economy Municipal Authority,
Sewer, RB Pre-Refunded @ 100 (A)
6.000%, 12/15/99 55 55
Erie County, Higher Education
Authority, Mercyhurst
College Project, RB
5.700%, 03/15/11 85 85
Erie County, Hospital Authority,
Erie County Geriatric, RB (C)
6.750%, 07/01/11 770 840
Erie County, Hospital Authority,
Geriatric, RB (C)
6.250%, 07/01/11 120 126
Erie County, Hospital Authority,
Hamot Health Project, RB,
AMBAC
5.000%, 05/15/07 1,890 1,897
Erie County, Hospital Authority,
Hamot Medical Center
Project, RB (C)
6.900%, 01/01/05 275 289
Erie, Higher Education Building
Authority, Mercyhurst College
Project, RB
5.650%, 03/15/10 180 180
Erie, Higher Education Building
Authority, Mercyhurst College
Project, RB
5.750%, 03/15/13 3,000 2,929
Fayette County, Hospital
Authority, Uniontown
Hospital, RB, Connie Lee
5.200%, 06/15/04 100 102
5.300%, 06/15/05 1,000 1,027
Fayette County, Hospital
Authority, Uniontown Hospital
Project, RB, Connie Lee
5.100%, 06/15/03 65 66
5.450%, 06/15/07 740 760
Financing Authority, Municipal
Capital Improvements
Program, RB
6.600%, 11/01/09 1,320 1,424
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Franklin County, Industrial
Development Authority,
Chambersburg Hospital
Project, RB, AMBAC
5.000%, 07/01/08 $1,000 $ 997
Franklin Hospital, Special
Obligation, RB (C)
7.125%, 10/01/08 110 119
Greene County, Industrial
Development Authority,
Monongahela Power Company
Project, Ser B, RB, MBIA
4.750%, 02/01/07 935 927
Greene County, Industrial
Development Authority,
West Pennsylvania Power
Company, Ser B, RB, MBIA
4.750%, 02/01/07 2,225 2,206
Harrisburg, GO (C)
7.400%, 06/15/04 235 253
Harrisburg, Ser A, GO, MBIA (C)
9.750%, 04/15/04 110 127
Hazleton, Area School District
Authority, Ser B, GO, FGIC
4.550%, 03/01/06 155 153
Hazleton, Area School District
Authority, Ser C, GO, FGIC
4.650%, 03/01/07 100 99
Hazleton, Area School District
Authority, Ser A, GO, FGIC
5.000%, 03/01/10 685 677
5.000%, 03/01/11 545 533
Hazleton, Area School District
Authority, Ser B, GO, FGIC
4.750%, 03/01/08 175 172
4.900%, 03/01/09 175 173
Hickory Township, Municipal
Authority, RB (C)
6.250%, 02/01/14 305 321
Higher Education Assistance
Agency, Ser A, RB, AMBAC AMT
7.050%, 10/01/16 3,500 3,701
Higher Education Authority,
Ser 1995, RB, Asset Guaranty
4.850%, 09/15/03 250 252
4.950%, 09/15/04 515 519
5.150%, 09/15/06 345 348
Higher Education Facilities
Authority, College & University,
Ser 10, RB (C)
6.900%, 07/01/07 115 121
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
54
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Higher Education Facilities
Authority, College of
Textile & Science, RB
5.450%, 02/01/07 $ 200 $ 198
Higher Education Facilities
Authority, College of
Textiles & Science, Ser 1996, RB
6.250%, 04/01/05 265 275
6.350%, 04/01/06 285 298
6.450%, 04/01/07 295 306
6.550%, 04/01/08 320 334
6.600%, 04/01/09 340 353
Higher Education, Philadelphia
College of Textiles & Science,
Ser 1996, RB
6.050%, 04/01/03 240 247
6.150%, 04/01/04 250 258
Housing Finance Agency,
Ser 1991-31A, RB AMT
6.800%, 10/01/17 350 362
Housing Finance Agency, RB (C)
7.750%, 12/01/07 80 87
Housing Finance Agency,
Rental Housing, Ser 91, RB,
FHA/FNMA (D)
5.450%, 07/01/06 2,000 2,055
Hummelstown, Municipal
Authority, RB
Pre-Refunded @ 100 (A)
5.700%, 01/01/02 35 36
Jefferson County, Municipal
Authority, RB, MBIA (C)
7.000%, 12/01/02 25 26
Jersey Shore, Area School District,
GO, MBIA (C)
9.375%, 03/01/03 205 226
Lancaster, Sewer Authority, RB (C)
6.000%, 04/01/12 145 149
Lehigh County, General Purpose
Authority, Kidspeace
Corporation Project, RB,
ACA Insured
5.800%, 11/01/12 1,265 1,268
Lehigh County, General Purpose
Authority, Kidspeace
Obligation Group Project, RB
5.700%, 11/01/09 2,485 2,494
Lehigh County, General Purpose
Authority, Muhlenberg Medical
Center Project, RB (C)
7.000%, 07/01/04 85 90
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lehigh County, General Purpose
Authority, Saint Lukes Hospital
Bethlehem Project, RB, AMBAC
5.300%, 11/15/07 $ 450 $ 457
Lehigh County, GO, FGIC
5.100%, 11/15/07 200 202
Lower Pottsgrove Township,
Sewer Authority, RB (C)
6.250%, 05/01/12 130 136
Luzerne County, GO, FGIC
Pre-Refunded @ 100 (A)
6.800%, 09/15/01 130 137
Luzerne County, Ser 91, GO, FGIC
6.800%, 09/15/02 370 387
Lycoming County, Hospital
Authority, Williamsport
Hospital, RB, Connie Lee
5.250%, 11/15/06 1,300 1,326
McCandless Township, Sanitation
Authority, Sewer Authority, RB (C)
6.750%, 11/15/05 320 342
McCandless Township, Sanitation
Authority, Sewer Project, RB (C)
6.500%, 09/01/05 100 105
Monroeville, Water Authority, RB (C)
7.250%, 12/01/08 45 48
Montgomery County, GO (C)
9.000%, 08/15/04 25 27
Montgomery County, Industrial
Development Authority,
Health Facilities, Ecri Project, RB
6.850%, 06/01/13 2,115 2,184
Mount Lebanon, Hospital
Authority, RB (C)
7.000%, 07/01/06 531 567
New Brighton, Area School
Authority, RB, MBIA (C)
5.850%, 11/15/02 15 15
New Castle, Area Hospital
Authority, Jameson Memorial
Hospital Project, RB
5.500%, 07/01/09 800 823
New Castle, Hospital Authority,
Jameson Memorial Hospital
Project, RB, MBIA
6.000%, 07/01/10 315 334
Northampton County, GO
5.125%, 08/15/17 735 696
Northampton County, Industrial
Development Authority,
Moravian Hall Square Project,
Ser A, RB, Asset Guaranty
5.350%, 07/01/10 100 99
55
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
PENNSYLVANIA MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Northampton County, Industrial
Development Authority, Moravian
Hall Square Project, Ser B, RB,
Asset Guaranty
5.350%, 07/01/10 $1,370 $ 1,361
Northampton, Bucks County,
Municipal Water Authority, RB (C)
6.750%, 11/01/13 50 53
Northeast Allegheny County, RB (C)
6.000%, 05/01/02 30 30
Northeastern Hospital Authority,
Hospital Authority, RB (C)
7.000%, 06/01/06 370 394
6.375%, 09/15/07 175 177
Northgate, School Authority,
School Building, RB, MBIA (C)
6.375%, 02/15/07 95 104
Owen J. Roberts School
District, Ser A, GO, MBIA
5.150%, 05/15/11 100 99
Pennsylvania, Delco School
District Project, GO, FGIC
4.300%, 02/15/10 85 79
4.600%, 02/15/13 100 92
Pennsylvania, Housing Finance
Agency, Single-Family Mortgage
Project, Ser 36, RB (B)
5.450%, 10/01/14 500 489
Pennsylvania, Intergovernmental
Cooperative Authority, Funding
Program Project, RB, FGIC
5.500%, 06/15/11 740 751
Pennsylvania State, Higher
Education Facilities Authority,
Health Services Allegeny
Delaware Valley, Ser A, RB
5.600%, 11/15/10 1,000 988
Pennsylvania State, Higher
Education, Health Facilities
Authority, Allegheny Delaware
Valley Obligation Project,
Ser C, RB
5.875%, 11/15/18 3,200 3,116
Pennsylvania State, Higher
Educational Facilities
Authority, University
Pennsylvania Health Project,
Ser A, RB
5.375%, 01/01/14 2,000 1,978
Pennsylvania State, COP, AMBAC
5.400%, 07/01/09 1,045 1,037
Pennsylvania State, Higher
Education Authority, Drexel
University Project, RB, MBIA (C)
10.250%, 05/01/03 80 90
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania State, Higher
Education Authority, Drexel
University Project,
Second Ser, RB, MBIA
4.500%, 05/01/06 $ 870 $ 856
Pennsylvania State, Higher
Education Facilities Authority,
Health Services Allegeny
Delaware Valley, Ser A, RB, MBIA
5.600%, 11/15/09 250 249
Pennsylvania State, Higher
Education Facilities Authority,
Ursinus College Project, RB
5.850%, 01/01/17 1,480 1,445
Pennsylvania State, Housing
Finance Agency, Single-Family
Mortgage, Ser 49, RB AMT
5.800%, 10/01/07 205 208
Perkiomen Valley School District,
RB, MBIA (C)
6.500%, 12/01/07 85 95
Peters Township School District,
Zero Coupon, GO, MBIA (C)
0.000%, 11/15/07 100 66
Philadelphia Gas Works,
Fourteenth Ser, RB, FSA
6.250%, 07/01/08 1,000 1,068
Philadelphia, Graduate Hospital
Project, RB (C)
7.000%, 07/01/10 1,200 1,304
Philadelphia, Industrial
Development Authority,
National Board of Medical
Examiners Project, RB
Pre-Refunded @ 102
6.750%, 05/01/02 950 1,025
Philadelphia, Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB AMT
5.100%, 06/01/01 85 85
5.100%, 12/01/01 65 65
5.250%, 06/01/02 120 121
5.250%, 12/01/02 130 131
5.400%, 06/01/03 95 96
5.400%, 12/01/03 110 111
5.550%, 06/01/04 40 40
5.650%, 12/01/05 40 41
6.100%, 12/01/10 610 618
Philadelphia, Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.100%, 12/01/03 410 437
Philadelphia, Redevelopment
Authority, West Philadelphia
Project, RB, FNMA (D)
6.750%, 05/15/04 540 563
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
56
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia, School District,
Ser 91-B, GO, MBIA Partially
Pre-Refunded @ 101 (A)
7.000%, 07/01/05 $ 250 $ 265
Philadelphia, Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,425 5,927
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loan, Ser B, RB
4.700%, 10/01/10 100 95
Pittsburgh, Parking Authority,
Ser 92-A, RB, FGIC
5.750%, 12/01/05 500 524
Pittsburgh, School District, Ser A,
GO, AMBAC
5.500%, 09/01/11 200 203
Pittsburgh, Urban Redevelopment
Authority, Ser B, RB
6.700%, 04/01/10 20 20
Pittsburgh, Urban Redevelopment
Authority, Ser 1996C, RB
5.700%, 10/01/05 240 245
Pittsburgh, Urban Redevelopment
Authority, Ser 1996D, RB
6.000%, 10/01/09 310 316
6.100%, 10/01/10 330 338
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loan Project, Ser B, RB
5.150%, 02/01/17 175 164
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loans, RB, MBIA/FHA
7.125%, 08/01/04 225 227
Pittsburgh, Urban Redevelopment
Authority, Ser 1996D, RB
5.900%, 04/01/08 285 292
5.900%, 10/01/08 290 297
Pittsburgh, Urban Redevelopment
Authority, Ser A, RB AMT
5.750%, 10/01/10 50 50
Pittsburgh, Urban Redevelopment
Authority, Multi-Family Housing
Hazlewood Project, Ser A, RB
5.400%, 01/01/22 1,990 1,913
Pittsburgh, Urban Redevelopment
Authority, Ser B, RB
5.700%, 10/01/11 105 103
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,185 1,215
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser A, RB (B)
5.750%, 12/01/06 $ 1,980 $ 2,030
Pittsburgh, Water and Sewer
Authority, RB, FGIC (C)
7.625%, 09/01/04 185 205
Potter County, Hospital Authority,
Charles Cole Memorial, RB,
Asset Guaranty
5.200%, 08/01/03 245 250
5.300%, 08/01/04 325 332
5.400%, 08/01/05 320 327
5.500%, 08/01/06 160 164
Pottsville, Hospital Authority,
Daughters of Charity Project, RB
5.000%, 08/15/12 260 245
Pottsville, Hospital Authority,
Hospital & Warner Clinic, RB
6.400%, 07/01/03 930 992
Quakertown, Hospital Authority,
Community Hospital, RB (C)
7.125%, 01/01/11 105 116
Radnor Township, School Authority,
Ser A, RB (C)
9.000%, 10/15/03 25 27
Robinson Township, Water
Authority, RB (C)
5.625%, 05/01/06 34 35
Scranton-Lackawanna, Health &
Welfare Authority,
Moses Taylor Hospital, RB
6.000%, 07/01/09 940 911
Scranton-Lackawanna,
Health & Welfare Authority,
Moses Taylor Hospital, RB (C)
6.625%, 07/01/09 655 702
Seneca, Valley School District,
Ser A, GO, FGIC
5.250%, 07/01/07 200 205
Shaler, School District, RB (C)
6.250%, 04/15/08 85 89
Shaler Township, GO (C)
6.400%, 08/01/01 10 10
Somerset County, Hospital
Authority, Somerset Community
Hospital Project, Ser B, RB,
Asset Guaranty
5.300%, 03/01/11 500 489
Southeastern, Greene
School District, GO (C)
9.375%, 07/01/03 115 126
57
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
PENNSYLVANIA MUNICIPAL BOND FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Southeastern, Transportation
Authority, Ser A, RB, FGIC
5.125%, 03/01/10 $ 500 $ 497
5.125%, 03/01/11 1,500 1,478
Steel Valley, School District, GO (C)
6.250%, 11/01/06 125 130
Susquehanna Township,
Sewer Authority, RB (C)
6.000%, 11/15/13 55 59
Swarthmore Boro, College
Revenue Authority, RB
6.000%, 09/15/12 615 647
Swissvale, Area School District,
GO (C)
6.300%, 12/01/03 85 91
Uniontown Area, School Authority,
School Building Revenue, RB
6.300%, 10/01/07 200 215
Upper Allegheny,
Joint Sanitation Authority,
RB, AMBAC (C)
9.000%, 09/01/00 90 92
Upper Allen Township, Sewer
Authority, RB (C)
5.750%, 04/01/13 170 178
Upper Gwynedd-Towamencin,
Sewer Authority, RB, MBIA (C)
5.850%, 10/15/06 95 97
Upper Perkiomen, School District,
GO (C)
6.000%, 05/01/04 25 26
Upper St. Clair Township,
School Building Authority, RB
Pre-Refunded @ 100 (A)
6.625%, 05/15/06 215 237
Westmoreland County, Industrial
Development Authority,
Hospital Project, RB, AMBAC
Callable 07/01/03 @ 102
5.800%, 07/01/04 565 593
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westmoreland County, Industrial
Development Authority,
Hospital Project, Ser 92-A, RB,
AMBAC Callable 07/01/03 @ 102
5.900%, 07/01/05 $ 595 $ 626
Westmoreland County, Municipal
Authority, Special Obligation,
GO (C)
9.125%, 07/01/10 265 299
Windber Area Authority, Hospital
Project, RB, FHA
Pre-Refunded @ 102 (A)
5.900%, 08/01/05 240 260
Wyoming County, Hospital
Authority, Tyler Memorial, RB (C)
7.400%, 01/01/05 80 85
Wyoming Valley, Sanitation
Authority, RB (C)
5.125%, 07/01/07 95 94
York County, Hospital Authority,
Lutheran Social Services, RB
5.400%, 04/01/04 500 498
5.600%, 04/01/05 500 498
5.800%, 04/01/06 500 500
York Township, Water & Sewer
Authority, RB (C)
5.900%, 08/01/13 85 89
--------
Total Municipal Bonds
(Cost $114,896) 114,170
--------
CASH EQUIVALENTS -- 8.5%
Provident Tax Free Money Market 4,412 4,412
Vanguard Tax Free Money Market 6,050 6,050
--------
Total Cash Equivalents
(Cost $10,462) 10,462
--------
Total Investments -- 100.8%
(Cost $125,358) 124,632
--------
Other Assets and Liabilities, Net -- (0.8%) (978)
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
58
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 1,825,036 outstanding shares
of beneficial interest $ 19,412
Fund Shares of Class B (unlimited
authorization -- no par value) based
on 10,190,317 outstanding shares
of beneficial interest 104,835
Undistributed net investment income 1
Accumulated net realized gain
on investments 132
Net unrealized depreciation
on investments (726)
--------
Total Net Assets -- 100.0% $123,654
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.29
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS B $10.29
========
ACA AMERICAN CAPITAL ACCESS
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.
- --------------------------------------------------------------------------------
MASSACHUSETTS MUNICIPAL
BOND FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.0%
MASSACHUSETTS -- 96.2%
Boston, Ser A, GO, FGIC
Callable 01/01/08 @100
4.500%, 01/01/18 $ 500 $ 430
Cambridge, GO Callable
08/01/08 @ 101
4.800%, 08/01/12 350 335
Dudley Charlton Regional School
District, Ser A, GO, FGIC
5.125%, 06/15/12 380 377
Falmouth, GO
5.000%, 02/01/02 180 183
Holyoke, GO, FSA
5.500%, 06/15/03 40 41
Lawrence, GO
4.875%, 09/15/01 250 253
Lowell, GO, AMBAC
6.000%, 12/15/05 150 161
Lynn, Water & Sewer Community
General, Ser A, RB, FSA
5.875%, 12/01/06 40 43
Malden, GO, MBIA Callable
08/01/07 @ 101
5.000%, 08/01/10 45 45
Marlborough, GO, FGIC
6.750%, 06/15/07 250 281
Mashpee, GO, MBIA
6.250%, 02/01/07 155 168
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser A, RB
5.000%, 03/01/02 175 178
6.250%, 03/01/04 70 75
5.400%, 03/01/07 45 47
5.875%, 03/01/15 185 193
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB
5.250%, 03/01/06 1,000 1,030
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB, FGIC
5.750%, 03/01/10 305 322
Massachusetts State, Development
Finance Authority, Williston
Northampton School Project,
RB Callable 10/01/08 @ 102
6.000%, 10/01/13 200 192
59
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
MASSACHUSETTS MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Electric Power
Supply System Project, Ser C,
RB, MBIA (A) (B)
3.150%, 09/08/99 $700 $ 700
Massachusetts State, GO, AMBAC
5.750%, 08/01/09 150 160
Massachusetts State, Health &
Educational Facilities Authority,
Brigham and Womens Hospital
Project, Ser A, RB (A) (B) (C)
3.150%, 09/08/99 100 100
Massachusetts State, Health &
Educational Facilities Authority,
Capital Asset Program, Ser C,
RB (A) (B) (C)
2.900%, 09/01/99 100 100
Massachusetts State, Health &
Educational Facilities Authority,
Caregroup Issue Project, Ser A, RB
5.000%, 07/01/04 100 102
Massachusetts State, Health &
Educational Facilities Authority,
Children's Hospital Project, Ser E,
RB Callable 10/01/02 @ 102
6.125%, 10/01/12 150 155
Massachusetts State, Health &
Educational Facilities Authority,
Eye & Ear Infirmary Project, Ser B,
RB, ACA Insured
5.000%, 07/01/05 195 196
Massachusetts State, Health &
Educational Facilities Authority,
Milford Whitinsville Regional,
Ser C, RB
5.000%, 07/15/02 405 404
Massachusetts State, Health &
Educational Facilities Authority,
Milford and Whitinsville Regional
Project, Ser C, RB
5.000%, 07/15/01 100 100
Massachusetts State, Health &
Educational Facilities Authority,
North Adams Regional Hospital
Project, Ser C, RB Callable
07/01/06 @ 102
6.750%, 07/01/09 200 214
Massachusetts State, Health &
Educational Facilities Authority,
Partners Healthcare System,
Ser B, RB
5.000%, 07/01/09 400 384
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Health &
Educational Facilities Authority,
Southcoast Health System Project,
Ser A, RB, MBIA
5.000%, 07/01/05 $200 $ 203
Massachusetts State, Health &
Educational Facilities Authority,
Wakefield Hospital Project, Ser B,
RB Callable 07/01/02 @ 102
6.125%, 07/01/04 130 138
Massachusetts State, Health &
Educational Facilities Authority,
Vinfen Corporation Project, Ser A,
RB, ACA Insured
4.125%, 11/15/01 165 164
Massachusetts State, Health &
Educational Facilities Authority,
Vinfen Corporation Project, Ser A,
RB, ACA Insured
5.000%, 11/15/08 100 98
Massachusetts State, Health &
Educational Facilities Authority,
Youville Hospital Project, Ser B,
RB Callable 02/15/04 @ 102
6.125%, 02/15/15 135 139
Massachusetts State, Health &
Elderly Facilities Authority,
Cape Cod Healthcare Project,
Ser B, RB
5.000%, 11/15/07 200 193
Massachusetts State, Health &
Elderly Facilities Authority,
Harvard Pilgrim Health Project,
Ser A, RB, FSA
5.250%, 07/01/06 40 41
Massachusetts State, Housing
Finance Agency, Residential
Development Project, Ser E, RB,
FNMA Callable
11/15/02 @ 102 (D)
6.250%, 11/15/12 175 184
Massachusetts State, Industrial
Finance Agency, Museum of Fine
Arts Boston Project, RB, MBIA
5.375%, 01/01/07 45 46
Massachusetts State, Industrial
Finance Agency, Pollution Control
Authority, Boston Edison Project,
Ser A, RB Callable 02/01/04 @ 102
5.750%, 02/01/14 175 173
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
60
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Industrial
Finance Agency, Restoration
Recovery Authority Odgen,
Ser A, RB
4.800%, 12/01/04 $150 $ 148
Massachusetts State, Industrial
Finance Agency, Springfield
College Project, RB Callable
09/15/03 @ 102
5.625%, 09/15/10 100 98
Massachusetts State, Industrial
Finance Agency, Suffolk
University Project, RB, AMBAC
Callable 07/01/07 @ 102
5.500%, 07/01/08 150 156
Massachusetts State, Industrial
Finance Agency, Tufts University
Project, Ser H, RB
5.000%, 02/15/01 45 46
Massachusetts State, Industrial
Finance Agency, Tufts University
Project, Ser H, RB, MBIA
5.500%, 02/15/08 200 208
5.500%, 02/15/05 100 104
Massachusetts State, Industrial
Finance Agency, Worcester
Polytechnic Institute Project, RB,
MBIA Callable 09/01/07 @ 102
5.125%, 09/01/12 370 364
Massachusetts State, Industrial
Finance Agency, Worcester
Polytechnic Institute Project,
Ser II, RB, MBIA Callable
09/01/07 @ 102
5.100%, 09/01/10 100 100
Massachusetts State, Port Authority
Revenue, Ser A, RB
5.750%, 07/01/11 175 182
Massachusetts State, Ser A, GAN
5.250%, 06/15/08 250 255
Massachusetts State, Ser A, GAN
5.250%, 12/15/06 45 46
Massachusetts State, Ser B, GAN
5.000%, 12/15/08 650 651
Massachusetts State, Ser A, GO
Pre-Refunded @ 101 (E)
6.500%, 06/01/02 85 91
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Ser A, GO
7.000%, 06/01/02 $ 50 $ 53
6.250%, 07/01/03 350 372
6.000%, 11/01/06 500 539
6.000%, 11/01/08 245 264
6.000%, 11/01/11 150 161
Massachusetts State, Ser C, GO, FGIC
6.000%, 08/01/09 100 108
Massachusetts State, Turnpike
Authority, Metropolitan Highway
System, Ser A, RB, AMBAC
5.125%, 01/01/09 300 302
Massachusetts State, Water Pollution
Abatement Authority, New
Bedford Project, Ser A, RB
6.000%, 02/01/05 300 319
Massachusetts State, Water
Restoration Authority, Ser A, RB
Pre-Refunded @ 102
7.625%, 04/01/00 200 209
Massachusetts State, Water Pollution
Authority, Pool Loan Program,
Ser 4, RB Callable 08/01/08 @ 101
5.125%, 08/01/09 50 50
Massachusetts State, Water Pollution
Authority, Pool Loan Program,
Ser 4, RB
5.000%, 08/01/06 1,000 1,017
Massachusetts State, Water
Resource Authority, Ser C, RB
5.200%, 12/01/05 185 190
Massachusetts State, Water Resource
Authority, Ser B, RB Callable
03/01/03 @ 102
5.250%, 03/01/13 225 221
New England, Education Loan
Marketing Corporation,
Massachusetts Student Loan
Project, Ser A, RB
5.800%, 03/01/02 25 26
North Andover, Municipal Purpose
Loan, RB, FGIC Callable
01/15/08 @ 101
5.375%, 01/15/09 300 308
Norton County, GO, FGIC Callable
10/01/08 @ 101
4.750%, 10/01/18 60 53
Plymouth County, Correctional
Facility Project, COP, AMBAC
5.000%, 04/01/07 400 404
5.000%, 10/01/07 140 142
61
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
MASSACHUSETTS MUNICIPAL
BOND FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Quabbin, Regional School District,
Ser B, GO, FSA
4.250%, 06/15/10 $200 $ 186
Springfield, Municipal Purpose
Loan, GO, FSA
5.000%, 11/15/03 275 281
5.000%, 11/15/05 190 194
University Massachusetts,
Building Authority, Ser B, RB
6.625%, 05/01/07 150 166
Upper Blackstone, Water Pollution
Abatement District, RB, AMBAC
6.500%, 08/01/04 410 445
Worcester, Municipal Purpose
Loan, Ser A, GO, FSA
5.500%, 04/01/10 300 309
Worchester, GO, MBIA
5.750%, 08/01/07 35 37
--------
17,153
--------
PUERTO RICO -- 2.8%
Puerto Rico Commonwealth,
GO, MBIA
5.750%, 07/01/12 100 107
Puerto Rico Commonwealth, Public
Improvement, GO, FSA
5.500%, 07/01/12 100 105
Puerto Rico, Medical &
Environmental Control Facilities,
Ana G Mendez University
System Project, RB Callable
02/01/09 @ 101
5.000%, 02/01/10 300 289
--------
501
--------
Total Municipal Bonds
(Cost $18,156) 17,654
--------
TOTAL INVESTMENTS -- 99.0%
(Cost $18,156) 17,654
--------
Other Assets and Liabilities, Net -- 1.0% 186
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 1,834,803 outstanding shares of
beneficial interest $18,340
Undistributed net investment income 2
Net unrealized depreciation on investments (502)
--------
Total Net Assets -- 100.0% $17,840
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $9.72
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GAN GRANT ANTICIPATION NOTE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE ON THE STATEMENT OF NET ASSETS IS THE
RATE IN EFFECT ON AUGUST 31, 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) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA.
(E) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
62
<PAGE>
- --------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 103.5%
NEW JERSEY -- 102.7%
Atlantic City, Board of Education
Authority, COP, MBIA
4.500%, 05/01/06 $ 775 $ 764
Camden County, Improvement
Authority, County Guaranteed
Project, Ser B, RB, FGIC
5.000%, 12/01/08 250 252
Essex County, Improvement Lease
Authority, City of Newark
Project, RB, AMBAC
4.450%, 04/01/09 750 714
Essex County, Improvement Lease
Authority, City of Newark Project,
RB, AMBAC Callable 04/01/09 @ 101
4.550%, 04/01/10 785 747
Essex County, General Improvement,
GO, AMBAC
4.875%, 11/15/02 50 51
Essex County, Improvement
Authority Lease, County Jail and
Youth House Project, RB, AMBAC
Callable 12/01/06 @ 102
4.850%, 12/01/07 50 50
Flemington-Raritan, Regional School
District, GO, FGIC
4.000%, 05/01/07 250 237
Hackensack, GO
4.000%, 06/01/04 250 244
Highland Park, School District, GO,
MBIA Pre-Refunded @ 102 (C)
6.550%, 02/15/05 300 332
Hopewell Township, General
Improvement Authority, GO
4.000%, 09/01/01 365 364
Jackson Township, School District,
GO, FSA
4.500%, 12/15/00 500 504
Jersey City, Ser A, GO, AMBAC
5.000%, 10/01/02 500 511
Jersey City, GO, AMBAC
4.500%, 03/01/07 300 295
Jersey City, Municipal Utilities
Authority, Water Revenue
Project, RB, FSA
5.000%, 04/01/07 1,000 1,014
Lower Township Municipality
Utilities Authority, RB, MBIA
4.200%, 12/01/08 50 47
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Lumberton Township, Board of
Education, GO, FSA Callable
02/15/06 @ 100
4.100%, 02/15/07 $ 245 $ 234
Middlessex County, COP, MBIA
4.375%, 02/15/08 100 96
Monmouth County, Improvement
Authority, Pooled Government
Lien Project, RB, AMBAC
4.100%, 12/01/06 400 384
Montgomery County, Board of
Education, COP, MBIA
4.100%, 09/01/07 100 95
New Brunswick, GO, MBIA
3.500%, 07/15/00 90 90
3.600%, 07/15/01 800 794
New Jersey, Economic Development
Authority, Harrogate Project,
Ser A, RB Callable
12/01/07 @ 102
5.650%, 12/01/08 200 202
New Jersey, Healthcare Facilities
Financing Authority, Burdette
Tomlin Memorial Hospital Project,
RB Callable 07/01/09 @ 101
5.250%, 07/01/11 595 580
New Jersey, Healthcare Facilities
Financing Authority, Virtua
Health Project, RB, FSA
5.000%, 07/01/08 500 502
New Jersey State, Economic
Development Authority, Arbor
Glen Project, Ser A, RB Pre-
Refunded @ 102 (C)
8.750%, 05/15/06 870 1,083
New Jersey State, Economic
Development Authority,
Harrogate Project, Ser A, RB
5.550%, 12/01/07 400 404
New Jersey State, Economic
Development Authority,
Transportation Sublease Project,
Ser A, RB, FSA
5.500%, 05/01/07 1,000 1,041
New Jersey State, Economic
Development Authority, United
Water New Jersey Inc. Project,
Ser B, RB, AMBAC (A) (B)
2.600%, 09/01/99 3,000 3,000
New Jersey State, Educational
Facilities Authority, Georgian
Court College Project, Ser B, RB
4.625%, 07/01/06 300 290
63
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
NEW JERSEY MUNICIPAL
BOND FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New Jersey State, Educational
Facilities Authority, Higher
Education Facilities Project,
Ser A, RB, AMBAC
5.125%, 09/01/03 $ 500 $ 514
New Jersey State, Educational
Facilities Authority, Seton Hall
University Project, Ser A,
RB, FGIC
6.100%, 07/01/01 450 466
New Jersey State, GO
Pre-Refunded @ 101.5 (C)
6.800%, 09/15/01 550 586
New Jersey State, Healthcare
Facilities Financing Authority,
Catholic Health East Project,
Ser E, RB, AMBAC
4.200%, 11/15/08 100 94
New Jersey State, Healthcare
Facilities Financing Authority,
Catholic Health East Project,
Ser E, RB, AMBAC Callable
05/15/09 @ 101
4.300%, 11/15/09 125 117
New Jersey State, Healthcare
Facilities Financing Authority,
Palisades Medical Center Project,
RB Callable 07/01/09 @ 101
4.800%, 07/01/10 660 630
New Jersey State, Healthcare
Facilities Financing Authority,
Saint Barnabas Hospital Project,
Ser C, RB, MBIA
5.000%, 07/01/08 500 493
New Jersey State, Healthcare
Facilities Financing Authority,
Virtua Health Project, RB, FSA
4.200%, 07/01/06 205 198
New Jersey State, Transportation
Certificates Authority, Ser A, RB,
AMBAC
5.000%, 09/15/01 500 508
New Jersey State, Transportation
Authority, Transportation System
Project, Ser A, RB
5.250%, 06/15/07 1,000 1,028
New Jersey State, Transportation
Authority, Transportation System
Project, Ser A, RB
4.250%, 06/15/00 500 502
Newark, General Improvement
Project, GO, AMBAC
5.400%, 10/01/07 200 209
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
North Bergen Township, GO,
AMBAC
4.500%, 11/01/03 $ 125 $ 126
4.500%, 11/01/06 300 298
North Bergen Township, GO,
AMBAC Callable 11/01/07 @ 101
4.500%, 11/01/08 300 291
Oakland, GO, FSA
4.050%, 12/01/00 225 226
Passaic County, GO, MBIA
Callable 09/01/04 @ 101
4.625%, 09/01/05 275 276
Passaic County, Utilities Authority,
Solid Waste Systems Project, RB,
FSA Callable 03/01/04 @ 100
4.500%, 03/01/05 855 852
Pennsylvania & New Jersey State,
Delaware River Port Authority,
Ser B, RB, AMBAC
5.250%, 01/01/06 500 514
Point Pleasant, Water Sewer
Utility Project, GO, FSA
4.400%, 09/01/07 130 127
Port Authority of New York &
New Jersey, RB
3.875%, 08/01/01 200 199
Readington Township, GO
5.250%, 04/15/03 125 129
Riverside Township, GO, FSA
4.450%, 09/01/05 125 125
Sussex County, GO, FGIC
4.500%, 04/01/05 1,000 999
Trenton, GO, FSA
4.125%, 09/15/06 250 242
Wall Township, School District
Authority, GO, FSA
4.350%, 07/15/03 500 500
--------
25,170
--------
PUERTO RICO -- 0.8%
Puerto Rico, Electric Power
Authority, Ser GG, RB, FSA
5.000%, 07/01/07 200 205
--------
Total Municipal Bonds
(Cost $25,820) 25,375
--------
Total Investments -- 103.5%
(Cost $25,820) 25,375
--------
Other Assets and Liabilities -- (3.5%)
Securities Purchased Payable (1,526)
Other Assets and Liabilities, Net 664
--------
Total Other Assets and Liabilities (862)
--------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
64
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 2,485,676 outstanding shares of
beneficial interest $25,034
Undistributed net investment income 1
Accumulated net realized loss on
investments (77)
Net unrealized depreciation
on investments (445)
--------
Total Net Assets -- 100.0% $ 24,513
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $9.86
========
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 AUGUST 31, 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) PRE-REFUNDED SECURITY -- THE MATURITY DATE SHOWN IS THE PRE-REFUNDED DATE.
NEW YORK MUNICIPAL
BOND FUND
MUNICIPAL BONDS -- 99.2%
NEW YORK -- 97.3%
Arlington County, Central School
District Project, Ser B, GO, FGIC
6.000%, 12/15/02 $250 $ 263
Erie County, GO, FGIC
5.000%, 11/01/04 200 205
Long Island, Power Authority,
New York Electric Systems
Project, Sub Ser 6, RB (A) (B)
3.100%, 09/01/99 700 700
Long Island, Power Authority,
New York Electric Systems Revenue
Project, Sub Ser 8, RB, MBIA
5.000%, 04/01/06 200 202
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Nassau County, Industrial
Development Authority, Civic
Facilities Revenue Project, RB
5.250%, 07/01/10 $475 $ 482
Nassau County, General
Improvement, Ser Y, GO, FGIC
5.000%, 03/01/08 200 200
Nassau County, Industrial
Development Agency Authority,
Hofstra University Project, RB
5.250%, 07/01/08 100 102
Naussa County, Industrial
Development Agency Authority,
Hofstra University Project,
RB, MBIA
5.250%, 07/01/12 130 131
Nassau County, Ser A, GO, FGIC
5.500%, 07/01/06 60 62
New York City, Health and Hospital
Project, Ser A, RB Callable
02/15/03 @ 102
6.000%, 02/15/05 45 48
New York City, Metropolitan
Transportation Authority,
Commuter Facilities Project,
Ser C-1, RB, FGIC
6.000%, 07/01/07 140 151
New York City, Municipal Assistance
Authority, GO
6.000%, 07/01/05 475 508
New York City, Municipal Assistance
Authority, Ser G, GO
6.000%, 07/01/06 425 456
6.000%, 07/01/07 225 242
New York City, Municipal Assistance
Authority, Ser N, GO
5.000%, 07/01/06 250 254
New York City, Municipal Water
Finance Authority, Water & Sewer
System Project, Ser D, RB
5.000%, 06/15/08 200 199
New York City, Ser C, Sub Ser C-1, GO
Pre-Refunded @ 101.5 (D)
7.500%, 08/01/02 185 204
New York City, Ser C, Sub Ser
C-1, GO, FSA Pre-Refunded
08/01/02 @ 101.5
6.250%, 08/01/10 105 112
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser A, RB
5.000%, 11/15/07 325 329
65
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
NEW YORK MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York City, Transitional
Finance Authority, Future
Tax Secured Project, Ser A,
RB Callable 08/15/07 @ 101
5.000%, 08/15/11 $300 $ 293
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB Callable
05/01/09 @ 101
5.125%, 11/01/10 300 299
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB Callable
05/15/08 @ 101
5.000%, 11/15/09 305 305
New York City, Transitional Finance
Authority, Future Tax Secured,
Ser C, RB Callable
05/01/09 @ 101
5.250%, 05/01/12 125 124
New York City, Transportation
Facilities Authority, Livingston
Plaza Project, RB, FSA
5.400%, 01/01/18 105 104
New York State, Battery Park City,
Ser A, RB Callable
11/01/03 @ 102
5.000%, 11/01/08 60 59
New York State, Commander
General Services Executive
Department, COP
5.000%, 02/01/04 300 304
New York State, Dormitory
Authority, Culinary Institute
of America, RB, MBIA
5.000%, 07/01/06 545 554
New York State, Dormitory
Authority, La Salle 1 Project,
Ser B, RB, AMBAC
5.000%, 07/01/06 130 132
New York State, Dormitory
Authority, Mental Health
Services Facilities,
Ser B, RB
6.500%, 08/15/09 400 441
New York State, Dormitory
Authority, Mental Health
Services Facilities
Project, RB, AMBAC
5.250%, 08/15/09 385 391
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Dormitory Authority,
Mental Health Services Facilities
Project, Ser D, RB, MBIA
5.000%, 08/15/05 $150 $ 152
New York State, Dormitory
Authority, Montefiore Medical
Center Project, RB, AMBAC
5.750%, 08/01/07 500 529
New York State, Dormitory
Authority, Municipal Health
Facilities Improvement Project,
Ser 1, RB, FSA
5.000%, 01/15/08 590 591
New York State, Dormitory
Authority, New York University
Project, Ser A, RB, MBIA
6.000%, 07/01/19 100 106
New York State, Dormitory
Authority, Presbyterian Hospital
Project, RB, AMBAC
5.500%, 08/01/09 500 518
New York State, Dormitory
Authority, Presbyterian Hospital
Project, RB, AMBAC
5.500%, 02/01/09 300 310
New York State, Dormitory
Authority, Rochester Institute of
Technology Project, RB, MBIA
6.000%, 07/01/07 300 323
New York State, Dormitory
Authority, Saint John's University
Project, RB, MBIA Callable
07/01/08 @ 101
5.000%, 07/01/10 230 228
New York State, Dormitory
Authority, Secondary Hospital
Project, Ser F, RB, MBIA
5.125%, 02/15/08 250 253
New York State, Dormitory
Authority, State University
Athletic Facility Project, RB,
MBIA Callable 07/01/08 @ 101
5.250%, 07/01/13 100 99
New York State, Environmental
Facilities Authority, Corporate
Pollution Control Revenue
Project, RB
5.750%, 06/15/09 400 422
New York State, Environmental
Facilities Authority, Pollution
Control, State Water Project,
Ser E, RB
6.100%, 06/15/00 200 204
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
66
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Environmental
Facilities Authority, State Water
Project, RB
5.750%, 06/15/08 $385 $ 408
New York State, GO
6.500%, 03/15/05 100 109
New York State, GO Callable
07/15/06 @ 101
5.200%, 07/15/07 100 102
New York State, GO, FGIC
5.250%, 08/01/06 100 103
New York State, Government
Assistance, Ser C, GO
Pre-Refunded @ 102 (D)
6.250%, 04/01/02 500 534
New York State, Government
Assistance, Ser B, GO
Pre-Refunded @102 (D)
6.000%, 04/01/02 150 159
New York State, Housing Finance,
Hospital and Healthcare Project,
Ser A, RB, MBIA Callable
11/01/08 @ 101
5.000%, 11/01/11 100 98
New York State, Local Government
Assistance, Ser A, GO, AMBAC
5.000%, 04/01/04 325 332
New York State, Local Government
Assistance, Ser A, GO
6.000%, 04/01/06 150 160
New York State, Local Government
Assistance, Ser C, GO Callable
04/01/02 @102
5.700%, 04/01/03 150 156
New York State, Medical Care
Facility Finance Agency, Mental
Health Services Facilities Project,
Ser C, RB, MBIA
5.250%, 08/15/03 375 385
New York State, Metropolitan
Transportation Authority,
New York Service Contract,
Ser N, RB Callable
07/01/02 @ 102
7.125%, 07/01/09 250 269
New York State, Metropolitan
Transportation Authority, Ser A,
GO Pre-Refunded @ 101.5 (D)
6.375%, 07/01/04 500 548
New York State, Urban
Development, State Facilities, RB
6.250%, 04/01/05 100 107
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Ser D, GO,
AMBAC Callable
07/15/08 @101
5.000%, 07/15/12 $150 $ 147
New York State, Ser F, GO
5.000%, 09/15/06 100 102
New York State, Ser F, GO, AMBAC
5.500%, 09/15/08 750 784
New York State, Thruway Authority,
Highway and Bridge
Transportation Project,
Ser B, RB, MBIA
6.000%, 04/01/05 225 240
New York State, Thruway
Authority, Highway and Bridge
Transportation Project,
Ser A, RB, MBIA
6.250%, 04/01/04 100 107
New York State, Thruway Authority,
Highway and Bridge
Transportation Project, Ser B, RB,
FSA Callable 04/01/07 @ 101
5.000%, 04/01/17 150 140
New York State, Triborough Bridge and
Tunnel Authority, Ser X, RB
Callable 01/01/11 @ 100
6.625%, 01/01/12 160 179
New York State, Triborough Bridge
and Tunnel Authority, Special
Obligation Project, Ser A, RB,
MBIA Callable 01/01/09 @ 101
5.125%, 01/01/14 175 169
New York State, Triborough Bridge
and Tunnel Authority, General
Purpose Project, Ser Y, RB
5.800%, 01/01/06 175 185
New York State, Urban
Development, Community
Enhancement Facilities Project,
RB, AMBAC
5.000%, 04/01/07 300 303
New York State, Urban Development,
Community Enhancement
Facilities, Ser A, RB
5.000%, 04/01/05 250 252
New York State, Urban Development,
Corporate Revenue Correctional
Capital Facilities, RB, AMBAC
5.500%, 01/01/09 200 208
New York State, Urban Development,
Correctional Facilities Services
Contract Project, Ser B, RB, AMBAC
5.000%, 01/01/08 200 201
67
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
NEW YORK MUNICIPAL
BOND FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Urban
Development, State Facilities
Project, RB
6.250%, 04/01/03 $100 $ 105
New York, Ser A, GO
5.250%, 08/01/08 500 506
New York, Ser A, GO
Pre-Refunded @ 101.5 (D)
7.750%, 08/15/01 250 271
New York, Ser J, GO, FGIC
5.250%, 08/01/07 190 194
New York, Sub Ser E6, GO
FGIC (A) (B)
3.000%, 09/01/99 200 200
Oneida County, New York Public
Improvement Authority, RB,
AMBAC Callable
04/15/08 @ 101.00
5.000%, 04/15/09 700 703
Steuben County, Public Improvement
Authority, RB, AMBAC
5.375%, 05/01/01 200 204
Syracuse County, Ser B, GO, FSA
5.000%, 10/01/05 200 204
Westchester County, Dormitory
Authority, Lease Revenue Court
Facilities Project, RB, AMBAC
5.000%, 08/01/08 140 141
Yonkers County, GO, AMBAC
Callable 06/01/09 @ 101
5.000%, 12/01/10 390 385
--------
20,991
--------
PUERTO RICO -- 1.9%
Puerto Rico, Industrial Educational,
Medical and Enviromental Control
Facilities Authority, Ana G. Mendez
University Systems Project, RB
5.000%, 02/01/03 400 403
--------
Total Municipal Bonds
(Cost $21,989) 21,394
--------
Total Investments -- 99.2%
(Cost $21,989) 21,394
--------
Other Assets and Liabilities, Net -- 0.8% 168
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 2,206,056 outstanding shares of
beneficial interest $22,184
Undistributed net investment income 1
Accumulated net realized loss on
investments (28)
Net unrealized depreciation on investments (595)
--------
Total Net Assets -- 100.0% $21,562
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $9.77
========
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 AUGUST 31, 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 MUNICIPAL
BOND FUND
MUNICIPAL BONDS -- 105.2%
CALIFORNIA -- 103.3%
Abag, Financial Authority for
Non-Profit Corporations,
Channing House Project, RB
4.649%, 02/15/06 $ 585 $ 572
4.900%, 02/15/09 780 752
Abag, Financial Authority for
Non-Profit Corporations, YMCA
San Francisco Refinancing Project,
Ser A, COP, ACA Insured
4.200%, 10/01/04 100 98
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
68
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Abag, Financial Authority For
Non-Profit Corporations, YMCA
San Francisco Refinancing Project,
Ser A, COP, ACA Insured
4.300%, 10/01/05 $ 100 $ 97
4.400%, 10/01/06 100 97
Alameda, Public Financing
Authority, RB Callable
09/02/99 @ 102
4.600%, 09/02/03 500 494
Bret Harte, Unified High School
District Authority, Capital
Improvements Project, RB, FSA
3.900%, 09/01/03 80 79
Calabasas, Special Tax, Community
Facilities District 98-1, GO
5.000%, 09/01/05 200 197
5.100%, 09/01/06 100 98
5.200%, 09/01/07 150 147
California, Educational Facilities
Authority, Heald Colleges
Project, RB
4.400%, 02/15/04 245 241
4.500%, 02/15/05 280 274
4.600%, 02/15/06 295 287
California, Educational Facilities
Authority, Heald Colleges Project,
RB Callable 02/15/06 @ 102
4.700%, 02/15/07 305 296
California, Educational Facilities
Authority, Pooled Colleges &
Universities Project, Ser B, RB
4.300%, 04/01/04 1,000 977
4.500%, 04/01/06 480 465
4.600%, 04/01/07 250 241
California, Educational Facilities
Authority, University of San Diego
Project, Zero Coupon, RB, AMBAC
0.000%, 10/01/09 725 437
California, Health Facilities, Finance
Authority, St. Josephs Health
Systems Project, Ser A,
RB (A) (B) (C)
2.300%, 09/01/99 400 400
California, Health Facilities, Finance
Authority, Summit Medical Center
Project, Ser A, RB, FSA
5.250%, 05/01/03 50 52
California, Health Facilities, Financial
Authority, Catholic Healthcare
West Project, Ser A, RB, MBIA
5.500%, 07/01/06 150 158
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California, Health Facilities,
Financing Authority, Downey
Community Hospital Project, RB
5.100%, 05/15/02 $ 155 $ 157
California, Housing Financing
Agency, Single-Family Mortgage
Project, Ser D-1, RB
4.650%, 08/01/08 545 537
California, Pollution Control
Finance Authority, Southern
California Edison,
Ser A, RB (A) (B) (C)
2.600%, 09/01/99 1,000 1,000
California, Pollution Control
Finance Authority, Southern
California Edison,
Ser B, RB (A) (B) (C)
2.600%, 09/01/99 100 100
California State, GO, MBIA
5.500%, 04/01/10 1,000 1,042
California State, GO
5.500%, 10/01/06 100 106
California State, Public Works Board,
California Community Colleges
Project, Ser A, RB
5.000%, 12/01/10 225 224
California State, Public Works Board,
Community Colleges Project,
Ser D, RB
5.250%, 10/01/10 2,200 2,252
California State, Public Works Board,
University of California Project,
Ser C, RB, AMBAC
5.250%, 09/01/07 250 260
California State, Public Works Board,
University of California Project,
Ser F, RB
5.250%, 12/01/06 500 522
California State, Public Works
Board, Lease Community Colleges
Project, Ser B, RB, MBIA
4.400%, 09/01/07 1,000 987
California State, University Revenue
and Colleges Authority, Housing
Systems Project, RB, FGIC
4.700%, 11/01/01 50 51
Carpinteria, Capital Improvement
Refinancing Project, COP, MBIA
4.200%, 03/01/07 100 97
Central Valley, School District
Financing Authority,
Ser A, RB, MBIA
5.800%, 08/01/03 250 264
69
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
CALIFORNIA MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Central Valley, School District
Financing Authority,
Ser A, Zero Coupon, RB, MBIA
0.000%, 02/01/08 $ 250 $ 165
Chaffey, Community College
District, COP
4.300%, 09/01/06 295 289
Coalinga, Public Financing
Authority, Senior Lien Project,
Ser A, RB, AMBAC
5.500%, 09/15/08 625 661
Duarte, Ser A, COP
4.625%, 04/01/07 150 143
El Monte, Department of Public
Social Services Facilities, COP,
AMBAC
4.100%, 06/01/08 500 476
El Rancho, Unified School District,
Capital Appreciation Project,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/05 285 217
El Rancho, Unified School District,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/04 200 160
Elk Grove, Unified School Disrict,
Community Facilities
District No. 1, GO, AMBAC
6.500%, 12/01/06 75 84
Fairfield, Housing Authority,
Creekside Estates Mobile Project, RB
5.050%, 09/01/06 265 259
5.150%, 09/01/07 220 215
Folsom, Community
Correctional Facility, COP
5.000%, 10/01/06 1,000 992
Fontana, Community Facility
District, Ser A, RB, FSA
4.700%, 09/01/08 675 674
4.800%, 09/01/09 1,110 1,106
Fontana, Redevelopment Agency,
Jurupa Hills Redevelopment
Project, Ser A, TA
4.900%, 10/01/07 1,345 1,343
5.100%, 10/01/09 360 359
Fontana, Redevelopment Agency,
Southwest Industrial Park
Project, TA, MBIA
4.000%, 09/01/01 40 40
Foothill, Eastern Corridor Agency,
Toll Road Project, RB, MBIA
4.375%, 01/15/07 1,000 985
Fowler, Unified School District,
GO, MBIA
4.650%, 01/01/08 140 139
4.700%, 01/01/09 145 144
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fresno, Joint Powers Financing
Authority, Cab's Project, Zero
Coupon, RB, AMBAC
0.000%, 09/01/07 $ 250 $ 170
Fresno, Multi-Family Housing
Revenue, Maple Leaf
Apartments, Ser B, RB
5.000%, 04/01/00 1,000 1,000
Golden West, Schools Financing
Authority, Capital Appreciation
Project, Ser A, Zero Coupon,
GO, MBIA
0.000%, 02/01/10 640 374
Golden West, Schools Financing
Authority, Ser A, Zero Coupon,
GO, MBIA
5.100%, 08/01/04 1,060 1,097
Golden West, Schools Financing
Authority, Refunding Project,
Ser A, GO, MBIA
6.450%, 08/01/09 250 281
Hawthorne, School District, Ser B,
Zero Coupon, GO, FGIC
0.000%, 11/01/09 500 300
HI Desert, Memorial Healthcare
District, RB
5.000%, 10/01/05 250 244
Irvine Ranch, Water District
No. 105, RB (A) (B) (C)
2.400%, 09/01/99 100 100
2.400%, 09/01/99 1,600 1,600
Lake Elsinore, Public Financing
Authority, Local Agency Project,
Ser G, RB
5.100%, 09/02/04 200 197
Lodi, Electric Systems
Revenue Authority,
Ser B, Zero Coupon, COP, MBIA
Callable 01/15/09 @ 90.350
0.000%, 01/15/11 1,000 531
Long Beach, Building Financing
Authority, Rainbow Harbor
Refinancing Project,
Ser A, RB, AMBAC
4.750%, 05/01/08 1,140 1,143
Los Angeles County, Metropolitan
Transportation Authority, 1st Tier
Project, Ser A, RB, FSA
5.250%, 07/01/07 500 521
Los Angeles County, Metropolitan
Transportation Authority, 2nd Tier
Project, Ser A, RB, FSA
5.500%, 07/01/10 1,000 1,044
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
70
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles County, Schools
Regionalized Business Services,
Pooled Financing, Ser A,
Zero Coupon, GO, AMBAC
0.000%, 08/01/10 $1,915 $ 1,084
Los Angeles, Department of Public
Social Services, Ser A,
COP, AMBAC Callable
08/01/09 @ 101
5.000%, 08/01/10 600 601
Los Angeles, Department of Public
Social Services,
Ser A, COP, AMBAC
4.750%, 08/01/07 715 721
Los Angeles, Municipal
Improvement Corporate Lease,
Police Emergency, Ser D, TA
Callable 09/01/07 @ 100
4.125%, 09/01/08 400 382
Los Angeles, Regional Airport
Improvement Corporation Lease,
Sublease Los Angeles
International Airport
(LAX), RB (A) (B) (C)
3.100%, 09/01/99 300 300
Los Angeles, Unified School
Districts, Ser C, GO
4.375%, 07/01/07 1,000 984
Madera County, Valley Childrens
Hospital Project, COP, MBIA
6.250%, 03/15/07 50 55
Metropolitan Water District,
Southern California Waterworks
Authority, Ser A, RB
5.500%, 07/01/05 100 106
Midpeninsula, Regional Open Space
District, California Financing
Authority, Second Issue,
RB, AMBAC
4.600%, 08/01/07 515 514
Midpeninsula, Regional Open Space
District, Financing Authority,
RB, AMBAC
4.200%, 09/01/09 1,005 953
Mountain Empire, Unified School
District, Ser A, GO, MBIA
3.950%, 09/01/06 65 63
Orange County, Local
Transportation Authority, Sales
Tax Revenue Measure, Ser A, RB
5.500%, 02/15/11 1,300 1,347
Orange County, Recovery
Authority, Ser A, COP, MBIA
6.000%, 07/01/08 500 546
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Orange County,
Sanitation District 1, 2 & 3-
Capital Improvement, COP (A) (B)
2.400%, 09/01/99 $ 700 $ 700
Orange County, Sanitation District,
COP, AMBAC (A) (B) (C)
2.400%, 09/01/99 1,000 1,000
Palomar, Pomerado Health System,
RB, MBIA
4.375%, 11/01/06 1,000 988
Pasadena, Unified School District,
Ser A, GO, FGIC
5.625%, 05/01/08 255 272
Pinole, Redevelopment Agency,
Pinole Vista Redevelopment
Project, RB, FSA
4.700%, 08/01/08 835 834
4.800%, 08/01/09 720 717
Pomona, Unified School District,
Ser A, GO, FGIC
5.450%, 02/01/06 195 205
Poway, Redevelopment Agency,
Paguay Redevelopment Project,
RB Callable 06/15/00 @ 100.5
4.750%, 12/15/03 2,000 1,968
Rancho Cucamonga, Public
Financing Authority, Senior Lien,
Ser A, RB, MBIA
4.400%, 09/02/05 1,000 999
Redlands, Wastewater Finance
Authority, Ser A, RB, FSA
4.500%, 09/01/08 745 733
Richmond, Joint Powers Financing
Authority, Port Terminal Lease
Project, RB
4.250%, 06/01/05 585 570
4.350%, 06/01/06 630 611
Riverside County, Community
Facilities District No. 84-2, TA
3.850%, 09/01/99 125 125
4.050%, 09/01/00 300 299
Riverside County, Public Financing
Authority, RB
5.400%, 05/15/09 1,000 1,000
Riverside, Redevelopment Authority,
Casa Blanca Redevelopment
Project, Ser A, TA, AMBAC
4.100%, 08/01/08 385 367
Riverside, Redevelopment Authority,
Casa Blanca Redevelopment
Project, Ser A, TA, AMBAC
Callable 08/01/08 @ 102
4.300%, 08/01/10 305 286
71
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
CALIFORNIA MUNICIPAL BOND FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Riverside, Redevelopment Authority,
University Corridor Project,
Ser A, TA, AMBAC
4.000%, 08/01/07 $ 175 $ 167
4.100%, 08/01/08 300 286
Riverside, Redevelopment Authority,
University Corridor Project,
Ser A, TA, AMBAC Callable
08/01/08 @ 102
4.200%, 08/01/09 335 318
Riverside, Redevelopment Authority,
University Corridor Project,
Ser A, TA, AMBAC
Callable 08/01/08 @ 102
4.300%, 08/01/10 380 357
Sacramento County, Public Facilities,
Gas to Energy Project, COP, MBIA
4.000%, 12/01/04 300 295
San Bernadino, United School District,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/07 915 626
San Diego County, Burham Institute
Project, COP
4.700%, 09/01/02 200 200
4.800%, 09/01/03 200 200
5.150%, 09/01/06 700 701
San Diego, Unified School District,
Ser A, Zero Coupon, GO, FGIC
0.000%, 07/01/05 1,000 764
San Diego, Public Facility Financing
Authority, Lein Reassessment
Project, Ser A, RB, AMBAC
4.100%, 09/02/09 730 687
San Diego, Redevelopment Agency,
Center City Redevelopment
Project, Ser A, TA, AMBAC
5.000%, 09/01/09 300 304
San Francisco Bay Area, Bridge Toll,
TRAN, ACA Insured
4.900%, 02/01/05 750 750
5.000%, 02/01/06 500 499
San Francisco State, University
Foundation Student Housing,
RB, ACA Insured
4.400%, 07/01/06 425 417
4.500%, 07/01/07 365 357
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
San Joaquin County, General
Hospital Project, RB, MBIA
4.250%, 09/01/08 $1,000 $ 959
San Rafael, Redevelopment Agency,
San Rafael Redevelopment
Project, TA, AMBAC
4.750%, 12/01/06 285 289
Sanger, Unified School District,
GO, MBIA
5.200%, 02/01/06 720 745
5.200%, 08/01/06 180 187
5.200%, 08/01/07 190 197
5.250%, 08/01/08 200 207
5.250%, 08/01/09 210 216
5.250%, 08/01/10 225 230
Saratoga, Unified School District, GO
4.200%, 09/01/08 200 192
Sartoga, Unified School District,
GO, MBIA
4.100%, 09/01/07 150 144
South Orange County, Public
Financing Authority,
Ser A, RB, FSA
4.400%, 08/15/06 1,200 1,191
4.750%, 08/15/09 1,000 993
Tustin, Unified School District,
Community Facilities District
No. 88-1, GO
4.000%, 09/01/06 350 338
Vallejo, Public Financing Authority,
RB, MBIA
4.600%, 07/15/07 100 100
4.750%, 07/15/08 105 105
Walnut, Improvement Agency,
Ser A, GO, MBIA
4.000%, 09/01/08 255 241
Wasco, Sewer Revenue Project,
RB, MBIA
3.850%, 05/01/04 170 166
3.950%, 05/01/05 175 170
4.050%, 05/01/06 185 179
4.150%, 05/01/07 190 184
4.200%, 05/01/08 200 192
4.300%, 05/01/09 205 196
4.400%, 05/01/10 215 204
Washington Township, Healthcare
Project, RB
4.400%, 07/01/06 1,010 967
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
72
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westlands, Water District,
Ser A, RB, AMBAC
4.000%, 03/01/07 $ 150 $ 144
4.125%, 03/01/08 275 263
4.250%, 03/01/09 240 228
--------
66,596
--------
OTHER -- 1.9%
Guam, Power Authority, Ser A
4.000%, 10/01/04 1,000 966
Puerto Rico, Electric Power
Authority, Ser GG, RB, FSA
5.000%, 07/01/07 250 256
--------
1,222
--------
Total Municipal Bonds
(Cost $69,016) 67,818
--------
Total Investments -- 105.2%
(Cost $69,016) 67,818
--------
Other Assets and Liabilities -- (5.2%)
Securities Purchased Payable (6,761)
Other Assets and Liabilities, Net 3,412
--------
Total Other Assets and Liabilities (3,349)
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 6,474,643 outstanding shares of
beneficial interest 65,721
Accumulated net realized loss on
investments (54)
Net unrealized depreciation on investments (1,198)
--------
Total Net Assets -- 100.0% $64,469
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $9.96
========
ACA AMERICAN CAPITAL ACCESS
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
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 AUGUST 31, 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.
73
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000)
- ---------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE YEAR ENDED AUGUST 31, 1999
-------- ------------ ---------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
-------- ------------ ---------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $20,388 $13,898 $33,588
------- ------- -------
EXPENSES:
Management Fees 2,198 1,058 3,599
Waiver of Management Fees -- (100) (972)
Investment Advisory Fees 226 170 371
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 42 23 46
Professional Fees 52 46 71
Pricing Fees 4 3 7
Registration Fees 30 14 18
Trustee Fees 15 12 24
Shareholder Servicing Fees (1) 1,526 3,197 2,617
Shareholder Servicing Fee Waivers (1,432) (1,149) (2,229)
Printing Fees 69 50 118
Insurance Fees 6 4 8
Other Expenses 10 7 10
------- ------- -------
Total Expenses 2,746 3,335 3,688
------- ------- -------
NET INVESTMENT INCOME 17,642 10,563 29,900
------- ------- -------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Gain (Loss) on Investments (20) 43 (28)
------- ------- -------
Net Change in Unrealized Depreciation
on Investments -- -- --
------- ------- -------
Net Realized and Unrealized Gain (Loss)
on Investments (20) 43 (28)
------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $17,622 $10,606 $29,872
======= ======= =======
</TABLE>
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
74
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
- ------------ --------------- ------------- -------------
PENNSYLVANIA INTERMEDIATE- PENNSYLVANIA MASSACHUSETTS
TAX FREE TERM MUNICIPAL MUNICIPAL MUNICIPAL
FUND FUND BOND FUND BOND FUND
- ------------ --------------- ------------- -------------
<S> <C> <C> <C>
$1,600 $26,403 $5,709 $ 406
------ ------- ------ -----
170 1,369 392 23
(40) (110) (101) (7)
17 1,883 224 32
-- -- -- --
3 58 8 1
2 45 1 1
-- 46 5 1
2 77 1 6
1 11 2 --
118 1,426 332 24
(118) (1,426) (322) (24)
9 32 4 1
1 5 1 --
-- 7 1 --
------ ------- ------ -----
165 3,423 548 58
------ ------- ------ -----
1,435 22,980 5,161 348
------ ------- ------ -----
(2) 1,719 136 --
------ ------- ------ -----
-- (22,500) (4,706) (507)
------ ------- ------ -----
(2) (20,781) (4,570) (507)
------ ------- ------ -----
$1,433 $ 2,199 $ 591 $(159)
====== ======= ====== =====
75
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000) (concluded)
- ---------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE PERIOD ENDED AUGUST 31, 1999
------------ ------------ -------------
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND BOND BOND
FUND FUND FUND
------------ ------------ -------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $ 500 $ 497 $1,235
----- ----- ------
EXPENSES:
Management Fees 31 28 74
Waiver of Management Fees (7) (8) (16)
Investment Advisory Fees 43 39 101
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 1 1 2
Professional Fees 1 1 2
Pricing Fees 1 1 2
Registration Fees 6 8 16
Trustee Fees -- -- --
Shareholder Servicing Fees (1) 32 30 77
Shareholder Servicing Fee Waivers (32) (30) (77)
Printing Fees 1 1 3
Insurance Fees -- -- --
Other Expenses -- -- --
----- ----- ------
Total Expenses 77 71 184
----- ----- ------
NET INVESTMENT INCOME 423 426 1,051
----- ----- ------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Loss on Investments (77) (28) (27)
Net Change in Unrealized Depreciation
of Investments (450) (602) (1,206)
----- ----- ------
Net Realized and Unrealized Loss
on Investments (527) (630) (1,233)
----- ----- ------
NET DECREASE IN NET ASSETS RESULTING FROM
OPERATIONS $(104) $(204) $ (182)
===== ===== ======
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
76
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
- ---------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE YEARS ENDED AUGUST 31,
----------------------- ----------------------- -----------------------
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 $ 17,642 $ 16,717 $ 10,563 $ 13,886 $ 29,900 $ 34,816
Net realized Gain (loss) on Investments (20) (8) 43 (45) (28) (15)
----------- ---------- ---------- ------------ ---------- -----------
Net increase in Net Assets Resulting
from Operations 17,622 16,709 10,606 13,841 29,872 34,801
----------- ---------- ---------- ------------ ---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (17,656) (16,717) (1,361) (1,653) (27,050) (31,995)
Class B -- -- (7) -- (2,091) (2,287)
Class C -- -- -- -- (803) (652)
Class D -- -- -- -- -- --
Class CNI (1) -- -- (9,194) (12,243) -- --
Net Capital Gains
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
----------- ---------- ---------- ------------ ---------- -----------
Total Distributions (17,656) (16,717) (10,562) (13,896) (29,944) (34,934)
----------- ---------- ---------- ------------ ---------- -----------
TRANSACTIONS (2):
Class A:
Proceeds from Shares Issued 3,657,826 2,868,542 418,028 471,131 4,535,456 4,812,267
Reinvestment of Cash Distributions 4,222 2,527 191 76 2,794 1,150
Cost of Shares Redeemed (3,553,080) (2,758,801) (435,351) (483,007) (4,565,492) (4,999,980)
----------- ---------- ---------- ------------ ---------- -----------
Total Class A Share Transactions 108,968 112,268 (17,132) (11,800) (27,242) (186,563)
----------- ---------- ---------- ------------ ---------- -----------
Class B:
Proceeds from Shares Issued -- -- 1,398 -- 213,631 404,501
Reinvestment of Cash Distributions -- -- -- -- 1,300 857
Cost of Shares Redeemed -- -- (891) -- (252,619) (345,134)
----------- ---------- ---------- ------------ ---------- -----------
Total Class B Share Transactions -- -- 507 -- (37,688) 60,224
----------- ---------- ---------- ------------ ---------- -----------
Class C:
Proceeds from Shares Issued -- -- -- -- 184,115 169,692
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- -- -- (168,768) (156,390)
----------- ---------- ---------- ------------ ---------- -----------
Total Class C Share Transactions -- -- -- -- 15,347 13,302
----------- ---------- ---------- ------------ ---------- -----------
Class D:
Proceeds from Shares Issued -- -- -- -- -- --
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed (1) -- -- -- -- --
----------- ---------- ---------- ------------ ---------- -----------
Total Class D Share Transactions (1) -- -- -- -- --
----------- ---------- ---------- ------------ ---------- -----------
Class CNI (1):
Proceeds from Shares Issued -- -- 1,050,353 1,076,760 -- --
Reinvestment of Cash Distributions -- -- 5,539 9,619 -- --
Cost of Shares Redeemed -- -- (1,529,995) (1,024,432) -- --
----------- ---------- ---------- ------------ ---------- -----------
Total Class CNI Share Transactions -- -- (474,103) 61,947 -- --
----------- ---------- ---------- ------------ ---------- -----------
Increase (Decrease) in Net Assets from
Share Transactions 108,967 112,268 (490,728) 50,147 (49,583) (113,037)
----------- ---------- ---------- ------------ ---------- -----------
Total Increase (Decrease) in Net Assets 108,933 112,260 (490,684) 50,092 (49,655) (113,170)
----------- ---------- ---------- ------------ ---------- -----------
NET ASSETS:
Beginning of period 543,277 431,017 513,548 463,456 930,941 1,044,111
----------- ---------- ---------- ------------ ---------- -----------
End of period $ 652,210 $ 543,277 $ 22,864 $ 513,548 $ 881,286 $ 930,941
=========== ========== ========== ============ ========== ===========
<FN>
(1) FORMERLY CLASS G SHARES.
(2) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 9 IN THE NOTES TO THE FINANCIAL STATEMENTS.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
77
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
- ----------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE YEARS ENDED AUGUST 31,
-------------------- ----------------------- ------------------
PENNSYLVANIA INTERMEDIATE-TERM PENNSYLVANIA
TAX FREE MUNICIPAL MUNICIPAL BOND
FUND FUND FUND
-------------------- ----------------------- ------------------
1999 1998 1999 1998 1999 1998
-------- -------- --------- -------- ------- -------
INVESTMENT ACTIVITIES:
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 1,435 $ 1,363 $ 22,980 $ 15,651 $ 5,161 $ 4,810
Net realized gain (loss) on Investments (2) (4) 1,719 464 136 583
Net Change in Unrealized Appreciation
(Depreciation) of Investments -- -- (22,500) 10,070 (4,706) 1,465
-------- -------- --------- -------- -------- --------
Net increase in Net Assets Resulting from
Operations 1,433 1,359 2,199 26,185 591 6,858
-------- -------- --------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (1,442) (1,358) (23,026) (15,609) (381) --
Class B -- -- -- -- (4,799) (4,798)
Net Capital Gains
Class A -- -- (637) -- (22) --
Class B -- -- -- -- (530) (365)
-------- -------- --------- -------- -------- --------
Total Distributions (1,442) (1,358) (23,663) (15,609) (5,732) (5,163)
-------- -------- --------- -------- -------- --------
TRANSACTIONS (1):
Class A (2):
Proceeds from Shares Issued 216,649 322,613 371,411 327,207 19,564 332
Reinvestment of Cash Distributions 366 77 18,663 10,973 386 --
Cost of Shares Redeemed (232,976) (322,186) (237,694) (91,670) (870) --
-------- -------- --------- -------- -------- --------
Total Class A Share Transactions (15,961) 504 152,380 246,510 19,080 332
-------- -------- --------- -------- -------- --------
Class B:
Proceeds from Shares Issued -- -- -- -- 29,041 19,813
Reinvestment of Cash Distributions -- -- -- -- 657 469
Cost of Shares Redeemed -- -- -- -- (21,345) (19,026)
-------- -------- --------- -------- -------- ---------
Total Class B Share Transactions -- -- -- -- 8,353 1,256
-------- -------- --------- -------- -------- --------
Increase (Decrease) in Net Assets from
Share Transactions (15,961) 504 152,380 246,510 27,433 1,588
-------- -------- --------- -------- -------- --------
Total Increase (Decrease) in Net Assets (15,970) 505 130,916 257,086 22,292 3,283
-------- -------- --------- -------- -------- --------
NET ASSETS:
Beginning of period 50,068 49,563 516,324 259,238 101,362 98,079
-------- -------- --------- -------- -------- --------
End of period $ 34,098 $ 50,068 $ 647,240 $516,324 $123,654 $101,362
======== ======== ========= ======== ======== ========
<FN>
(1) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 9 IN THE NOTES TO THE FINANCIAL STATEMENTS.
(2) THE PENNSYLVANIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 25, 1998.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
78
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
------------------ ------------------ ---------------- ------------------
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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income $ 348 $ -- $ 423 $ 1 $ 426 $ 1 $ 1,051 $ 1
Net realized gain (Loss) on Investments -- 1 (77) -- (28) -- (27) --
Net Change in Unrealized Appreciation
(Depreciation) of Investments (507) 5 (450) 4 (602) 7 (1,206) 8
------- ------ ------- ------ ------- ------ ------- ------
Net increase (Decrease) in Net Assets
Resulting from Operations (159) 6 (104) 5 (204) 8 (182) 9
------- ------ ------- ------ ------- ------ ------- ------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (347) -- (421) (1) (425) (1) (1,051) (1)
Net Capital Gains
Class A -- -- -- -- -- -- (27) --
------- ------ ------- ------ ------- ------ ------- ------
Total Distributions (347) -- (421) (1) (425) (1) (1,078) (1)
------- ------ ------- ------ ------- ------ ------- ------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 21,110 1,034 29,241 1,100 25,519 1,367 71,723 2,161
Reinvestment of Cash Distributions 346 -- 406 1 423 1 995 1
Cost of Shares Redeemed (4,150) -- (5,714) -- (5,126) -- (9,147) (12)
------- ------ ------- ------ ------- ------ ------- ------
Total Class A Share Transactions 17,306 1,034 23,933 1,101 20,816 1,368 63,571 2,150
------- ------ ------- ------ ------- ------ ------- ------
Increase in Net Assets from Share
Transactions 17,306 1,034 23,933 1,101 20,816 1,368 63,571 2,150
------- ------ ------- ------ ------- ------ ------- ------
Total Increase in Net Assets 16,800 1,040 23,408 1,105 20,187 1,375 62,311 2,158
------- ------ ------- ------ ------- ------ ------- ------
NET ASSETS:
Beginning of period 1,040 -- 1,105 -- 1,375 -- 2,158 --
------- ------ ------- ------ ------- ------ ------- ------
End of period $17,840 $1,040 $24,513 $1,105 $21,562 $1,375 $64,469 $2,158
======= ====== ======= ====== ======= ====== ======= ======
<FN>
(1) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 9 IN THE NOTES TO THE FINANCIAL STATEMENTS.
(2) COMMENCED OPERATIONS ON AUGUST 19, 1998.
(3) COMMENCED OPERATIONS ON AUGUST 18, 1998.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
79
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
1999 $1.00 $0.029 $(0.029) -- $(0.029) -- $1.00 2.94% $652,210 0.45% 0.67% 2.89% 2.67% --
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 --
CLASS D
1999 (1) $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.40% $ -- 0.56% 0.56% 2.82% 2.82% --
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 (2) 1.00 0.026 (0.026) -- (0.026) -- 1.00 2.68 272 0.80* 0.86* 3.13* 3.07* --
- --------------------------
CALIFORNIA TAX EXEMPT FUND
- --------------------------
CLASS A
1999 $1.00 $0.027 $(0.027) -- $(0.027) -- $1.00 2.78% $ 22,356 0.28% 0.56% 2.70% 2.42% --
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 --
Class B
1999 (3) $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.43% $ 508 0.58%* 0.60%* 2.42%* 2.40%* --
CLASS CNI***
1999 (4) $1.00 $0.018 $(0.018) -- $(0.018) -- $1.00 1.83% $ -- 0.78%* 1.05%* 2.25%* 1.98%* --
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 --
- ---------------------------
INSTITUTIONAL TAX FREE FUND
- ---------------------------
CLASS A
1999 $1.00 $0.030 $(0.030) -- $(0.030) -- $1.00 3.08% $ 785,954 0.33% 0.68% 3.03% 2.68% --
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 --
CLASS B
1999 $1.00 $0.027 $(0.027) -- $(0.027) -- $1.00 2.78% $ 57,310 0.63% 0.73% 2.74% 2.64% --
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 --
CLASS C
1999 $1.00 $0.025 $(0.025) -- $(0.025) -- $1.00 2.57% $ 38,022 0.83% 0.93% 2.52% 2.42% --
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 (5) 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
1999 $1.00 $0.030 $(0.030) -- $(0.030) -- $1.00 3.10% $ 34,098 0.35% 0.69% 3.04% 2.70% --
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 --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
80
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
1999 $11.08 $0.44 $(0.44) $(0.01) $(0.45) $(0.37) $10.70 0.67% $647,240 0.60% 0.87% 4.03% 3.76% 30.25%
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
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
- --------------------------------
PENNSYLVANIA MUNICIPAL BOND FUND
- --------------------------------
CLASS A
1999 $10.75 $0.48 $(0.48) $(0.05) $(0.53) $(0.41) $10.29 0.65% $ 18,785 0.60% 0.83% 4.53% 4.30% 16.64%
1998 (7) 10.72 0.01 (0.01) -- (0.01) 0.03 10.75 0.26 333 0.60 0.79 4.56 4.25 26.85
CLASS B
1999 $10.76 $0.49 $(0.49) $(0.05) $(0.54) $(0.42) $10.29 0.68% $104,869 0.48% 0.87% 4.61% 4.22% 16.64%
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
- ---------------------------------
MASSACHUSETTS MUNICIPAL BOND FUND
- ---------------------------------
CLASS A
1999 $10.05 $0.34 $(0.34) $ -- $(0.34) $(0.33) $ 9.72 0.07% $ 17,840 0.60% 0.93% 3.57% 3.24% 13.76%
1998 (8) 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
1999 $10.05 $0.32 $(0.32) $ -- $(0.32) $(0.19) $ 9.86 1.29% $ 24,513 0.60% 0.91% 3.26% 2.95% 25.41%
1998 (9) 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
1999 $10.05 $0.35 $(0.35) $ -- $(0.35) $(0.28) $ 9.77 0.68% $ 21,562 0.60% 0.92% 3.60% 3.28% 17.85%
1998 (10 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
1999 $10.07 $0.33 $(0.33) $(0.02) $(0.35) $(0.09) $ 9.96 2.40% $ 64,469 0.60% 0.90% 3.43% 3.13% 105.21%
1998 (11) 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 CLOSED ON MARCH 1, 1999.
(2) THE TAX FREE FUND--CLASS D COMMENCED OPERATIONS ON NOVEMBER 1, 1994.
(3) THE CALIFORNIA TAX EXEMPT FUND -- CLASS B COMMENCED OPERATIONS ON JANUARY 27, 1999.
(4) THE CALIFORNIA TAX EXEMPT FUND--CLASS G CLOSED ON JUNE 21, 1999.
(5) THE INSTITUTIONAL TAX FREE FUND--CLASS C COMMENCED OPERATIONS ON SEPTEMBER 11, 1995.
(6) THE INTERMEDIATE-TERM MUNICIPAL FUND--CLASS D CLOSED ON JUNE 30, 1996.
(7) THE PENNSYLVANIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 25, 1998.
(8) THE MASSACHUSETTS MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 19, 1998.
(9) THE NEW JERSEY MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 18, 1998.
(10) THE NEW YORK MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 18, 1998.
(11) 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.
81
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
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 August 31, 1999. the Trust is registered to offer
five classes ofshares: 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:
UNDISTRIBUTED ACCUMULATED
NET INVESTMENT INCOME REALIZED GAIN
FUND (000) (000)
-------------- -------------- --------------
California Tax Exempt 1 (1)
Massachusetts
Municipal Bond 1 (1)
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 state-
82
<PAGE>
- --------------------------------------------------------------------------------
ments, in conformity with generally accepted accounting principles, requires
management to make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those
estimates.
Distributions to Shareholders -- Distributions from net investment income
are declared on a daily basis and are payable on the first business day of the
following month for the Tax Free, the California Tax Exempt, the Institutional
Tax Free, the Pennsylvania Tax Free, the Intermediate-Term Municipal, and the
Pennsylvania Municipal 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%, respectively, 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. 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") acts 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 and .03% of such assets in excess of $1 billion of
the Tax Free, the California Tax Exempt, the Institu-
83
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
ional 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 August 31, 1999, were as
follows:
INTERMEDIATE-
TERM PENNSYLVANIA MASSACHUSETTS
MUNICIPAL MUNICIPAL MUNICIPAL
FUND BOND FUND BOND FUND
(000) (000) (000)
------------ ------------ -------------
Purchases $296,498 $36,989 $17,692
Sales 163,675 18,081 1,237
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
(000) (000) (000)
------------ ------------ -------------
Purchases $25,434 $21,645 $89,452
Sales 3,122 1,971 28,139
Subsequent to October 31, 1998, 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, 1999. the Funds also had capital loss carryforwards at
August 31, 1999, as follows:
<TABLE>
<CAPTION>
TOTAL
CAPITAL
LOSS
CARRYOVER
AUGUST 31, EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES
FUND 1999 2002 2003 2004 2005 2006 2007
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Tax Free
Fund $28,579 $17,406 $ 93 $ -- $2,889 $1,360 $6,831
California
Tax Exempt
Fund 8,286 -- -- -- 6,636 -- 1,650
Institutional
Tax Free
Fund 19,685 -- -- -- 4,407 1 15,277
Pennsylvania
Tax Free
Fund 15,621 -- -- -- 11,751 -- 3,870
New Jersey
Municipal
Bond Fund 945 -- -- -- -- -- 945
</TABLE>
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.
84
<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 August 31, 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 $ 3,036 $1,290 $ 10
Aggregate gross
unrealized
depreciation (10,593) (2,016) (512)
------- ------ -----
Net unrealized
depreciation $(7,557) $ (726) $(502)
======= ====== =====
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
(000) (000) (000)
---------- ---------- ----------
Aggregate gross
unrealized
appreciation $ 29 $ 3 $ 82
Aggregate gross
unrealized
depreciation (474) (598) (1,280)
------- ----- -------
Net unrealized
depreciation $(445) $(595) $(1,198)
======= ===== =======
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
year ended August 31, 1999, no borrowings were made from this line of
credit.
7. CONCENTRATION OF CREDIT RISK
The Funds invest in debt instruments of municipal issuers. The issuers'
abilities to meet their obligations may be affected by economic
developments in a specific state or region.
The Trust invests in securities which include revenue bonds, tax exempt
commercial paper, tax and revenue anticipation notes, and general
obligation bonds.
Many municipalities insure their obligations with insurance underwritten
by insurance companies which undertake to pay a holder, when due, the
interest and principal amount of an obligation if the issuer defaults on
its obligation. Although bond insurance reduces the risk of loss due to
default by an issuer, there is no assurance that the insurance company
will meet its obligations. Also, some of the securities have credit
enhancements (letters of credit or guarantees issued by third party
domestic or foreign banks or other institutions).
8. IN-KIND REDEMPTION
On June 21, 1999, CNI Class Shareholder liquidated its full position of
470,670,698 shares in the California Tax-Exempt Fund CNI Class and
received a portion of its redemption through the transfer of securities
(in-kind) for a value of $463,608,725 with the remainder in cash of
$7,061,973.
85
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
9. 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:
<S> <C> <C> <C> <C> <C> <C>
Class A:
Shares Issued 3,657,826 2,868,542 418,028 471,131 4,535,456 4,812,268
Shares Issued in Lieu of Cash Distributions 4,222 2,527 191 76 2,794 1,150
Shares Redeemed (3,553,080) (2,758,801) (435,351) (483,007) (4,565,492) (4,999,980)
---------- ---------- --------- --------- --------- ----------
Total Class A Transactions 108,968 112,268 (17,132) (11,800) (27,242) (186,563)
---------- ---------- --------- --------- --------- ----------
Class B:
Shares Issued -- -- 1,398 -- 213,631 404,501
Shares Issued in Lieu of Cash Distributions -- -- -- -- 1,300 857
Shares Redeemed -- -- (891) -- (252,619) (345,134)
---------- ---------- --------- --------- --------- ----------
Total Class B Transactions -- -- 507 -- (37,688) 60,224
---------- ---------- --------- --------- --------- ----------
Class C:
Shares Issued -- -- -- -- 184,115 169,692
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- (168,768) (156,390)
---------- ---------- --------- --------- --------- ----------
Total Class C Transactions -- -- -- -- 15,347 13,302
---------- ---------- --------- --------- --------- ----------
Class D:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed (1) -- -- -- -- --
---------- ---------- --------- --------- --------- ----------
Total Class D Transactions (1) -- -- -- -- --
---------- ---------- --------- --------- --------- ----------
Class CNI (1):
Shares Issued -- -- 1,050,353 1,076,760 -- --
Shares Issued in Lieu of Cash Distributions -- -- 5,539 9,619 -- --
Shares Redeemed -- -- (1,529,995)(1,024,432) -- --
---------- ---------- --------- --------- --------- ----------
Total CNI Class Transactions -- -- (474,103) 61,947 -- --
---------- ---------- --------- --------- --------- ----------
Increase (Decrease) in Capital Shares 108,967 112,268 (490,728) 50,147 (49,583) (113,037)
========== ========== ========= ========= ========= ==========
</TABLE>
(1) FORMERLY CLASS G SHARES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
86
<PAGE>
<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>
216,649 322,613 33,732 29,899 1,840 31 2,109 103 2,903 110 2,539 137 7,064 215
366 77 1,697 1,001 37 -- 35 -- 41 -- 42 -- 98 --
(232,976) (322,186) (21,531) (8,369) (83) -- (413) -- (568) -- (512) -- (902) (1)
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
(15,961) 504 13,898 22,531 1,794 31 1,731 103 2,376 110 2,069 137 6,260 214
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- 2,744 1,858 -- -- -- -- -- -- -- --
-- -- -- -- 62 44 -- -- -- -- -- -- -- --
-- -- -- -- (2,009) (1,783) -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- 797 119 -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- --------- --------- --------- --------- ------- ------- ------ ------ ------ ------ ------ ------ ------- ----
(15,961) 504 13,898 22,531 2,591 150 1,731 103 2,376 110 2,069 137 6,260 214
========= ========= ========= ========= ======= ======= ====== ====== ====== ====== ====== ====== ======= ====
</TABLE>
87
<PAGE>
NOTICE TO SHAREHOLDERS (Unaudited)
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
For shareholders that do not have an August 31, 1999 taxable year end, this
notice is for informational purposes only. For shareholders with an August 31,
1999 taxable year end, please consult your tax advisor as to the pertinence of
this notice.
For the fiscal year ended August 31, 1999 each fund is designating the following
items with regard to distributions paid
during the year as follows:
<TABLE>
<CAPTION>
LONG TERM ORDINARY
CAPITAL GAINS INCOME TOTAL
DISTRIBUTIONS DISTRIBUTIONS TAX-EXEMPT DISTRIBUTIONS
FUND (TAX BASIS) (TAX BASIS) INTEREST (TAX BASIS)
- ---------- ------------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Tax Free Fund 0% 0% 100% 100%
California Tax Exempt Fund 0% 0% 100% 100%
Institutional Tax Free Fund 0% 0% 100% 100%
Pennsylvania Tax Free Fund 0% 0% 100% 100%
Intermediate-Term Municipal Fund 3% 0% 97% 100%
Pennsylvania Municipal Bond Fund 10% 0% 90% 100%
Massachusetts Municipal Bond Fund 0% 0% 100% 100%
New Jersey Municipal Bond Fund 0% 0% 100% 100%
New York Municipal Bond Fund 0% 0% 100% 100%
California Municipal Bond Fund 0% 3% 97% 100%
QUALIFYING
FUND DIVIDENDS(1)
- ---------- -----------
Tax Free Fund 0%
California Tax Exempt Fund 0%
Institutional Tax Free Fund 0%
Pennsylvania Tax Free Fund 0%
Intermediate-Term Municipal Fund 0%
Pennsylvania Municipal Bond Fund 0%
Massachusetts Municipal Bond Fund 0%
New Jersey Municipal Bond Fund 0%
New York Municipal Bond Fund 0%
California Municipal Bond Fund 0%
<FN>
(1) QUALIFYING DIVIDENDS REPRESENT DIVIDENDS WHICH QUALIFY FOR THE CORPORATE
DIVIDENDS RECEIVED DEDUCTION AND IS REFLECTED AS A PERCENTAGE OF "ORDINARY
INCOME DISTRIBUTIONS".
</FN>
</TABLE>
88
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES
OF SEI TAX EXEMPT TRUST:
We have audited the accompanying statements of net assets of the Tax Free,
California Tax Exempt, Institutional Tax Free, Pennsylvania Tax Free,
Intermediate-Term Municipal, Pennsylvania Municipal Bond, Massachusetts
Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, and the
California Municipal Bond Funds of SEI Tax Exempt Trust (the "Trust") as of
August 31, 1999, and the related statements of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of August 31, 1999, by correspondence with the custodian and
the application of alternative auditing procedures with respect to unsettled
securities transactions. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Tax Free, California Tax Exempt, Institutional Tax Free, Pennsylvania Tax Free,
Intermediate-Term Municipal, Pennsylvania Municipal Bond, Massachusetts
Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, and the
California Municipal Bond Funds of SEI Tax Exempt Trust as of August 31, 1999,
the results of their operations for the year then ended, changes in their net
assets for each of the two years in the period then ended, and their financial
highlights for the periods presented, in conformity with generally accepted
accounting principles.
ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania
October 8, 1999
89
<PAGE>
NOTES
- --------------------------------------------------------------------------------
<PAGE>
NOTES
- --------------------------------------------------------------------------------
<PAGE>
NOTES
- --------------------------------------------------------------------------------
<PAGE>
- ---------------------
SEI TAX EXEMPT TRUST
- ---------------------
ANNUAL REPORT
- ---------------------
August 31, 1999
Robert A. Nesher
CHAIRMAN
Trustees
William M. Doran
F. Wendell Gooch
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
Lynda Striegel
VICE PRESIDENT, ASSISTANT SECRETARY
James Foggo
VICE PRESIDENT, ASSISTANT SECRETARY
Cynthia M. Parrish
VICE PRESIDENT, ASSISTANT SECRETARY
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Lydia Gavalis
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
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 & Wood, 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 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-024-10
