Semi-Annual Report as of
February 29, 2000
(Unaudited)
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) [GRAPHIC OMITTED]
<PAGE>
TABLE OF CONTENTS
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SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Statement of Net Assets.............................................. 1
Statement of Assets and Liabilities.................................. 65
Statement of Operations.............................................. 66
Statement of Changes in Net Assets................................... 69
Financial Highlights................................................. 72
Notes to Financial Statements........................................ 76
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund
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FACE
AMOUNT (000) VALUE (000)
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MUNICIPAL BONDS -- 101.1%
ALABAMA -- 0.1%
Tuscaloosa County, Industrial
Development Authority, Field
Container Corporation
Project, RB (A) (B) (C)
3.900%, 03/07/00 $ 850 $ 850
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ARIZONA -- 2.2%
Phoenix, Multi-Family Housing
Development Authority,
Del Mar Terrace Project,
Ser A, RB (A) (B) (C)
3.800%, 03/07/00 5,200 5,200
Pinal County, Industrial
Development Authority,
Pollution Control Revenue,
Newmont Project, RB (A) (B) (C)
3.900%, 03/01/00 4,300 4,300
Pinal County, Industrial
Development Authority,
Pollution Control Revenue,
Newmont Project,
Ser A, RB (A) (B) (C)
3.900%, 03/01/00 2,300 2,300
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking Project,
Ser A, RB (A) (B) (C)
3.975%, 03/07/00 3,800 3,800
Tucson, Street & Highway
Authority, User Revenue
Project, Ser B, RB
Pre-Refunded @ 101 (D)
6.750%, 07/01/00 1,000 1,018
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16,618
-------
COLORADO -- 5.3%
Boulder County, Development
Authority, Geological Society of
America Project,
Ser 92, RB (A) (B) (C)
4.000%, 12/01/00 1,635 1,635
Castle Pines, North Metropolitan
District Authority, GO (A) (B) (C)
3.950%, 03/07/00 14,800 14,800
Colorado State, Health Facilities
Authority, Christian Living
Project, Ser 97, RB (A) (B) (C)
3.000%, 07/01/00 2,690 2,690
Colorado State, Health Facilities
Authority, Visiting Nurse
Corporation Project, RB (A) (B) (C)
3.850%, 03/01/00 550 550
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FACE
AMOUNT (000) VALUE (000)
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Colorado State, Housing Finance
Authority, Multi-Family
Housing, Woodstream Project,
RB (A) (B) (C)
3.850%, 03/07/00 $ 2,500 $ 2,500
Denver City & County,
Airport System, Sub-Ser B,
RB (A) (B) (C)
3.850%, 03/07/00 2,315 2,315
Denver City & County,
Multi-Family Housing Authority,
Ogden Residence Project,
Ser 85-B, RB (A) (B) (C)
3.900%, 03/01/00 6,995 6,995
Dove Valley, Metropolitan District
Authority, Arapahoe County
Project, Ser C, GO (A) (B) (C)
3.950%, 11/01/00 2,335 2,335
Fraser, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
4.100%, 06/01/00 985 985
Panorama, Metropolitan District
Authority, Ser A, GO (A) (B) (C)
4.000%, 12/01/00 3,275 3,275
Summit County, Recreational
Facility Authority, Copper
Mountain Incorporated
Project, RB (A) (B) (C)
3.800%, 03/07/00 2,075 2,075
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40,155
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DELAWARE -- 1.5%
Delaware State, Economic
Development Authority,
Peninsula United Methodist
Project, Ser B, RB (A) (B) (C)
3.950%, 03/07/00 6,605 6,605
Delaware State, Economic
Development Authority,
School House Project,
RB (A) (B) (C)
4.000%, 03/07/00 3,800 3,800
New Castle County, GO
6.200%, 10/15/00 1,000 1,014
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11,419
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FLORIDA -- 7.2%
Alachua County, Industrial
Development Authority,
Florida Convention Centers
Project, RB (A) (B) (C)
3.650%, 03/07/00 800 800
1
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund--Continued
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FACE
AMOUNT (000) VALUE (000)
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Capital Trust Agency, Multi-Family
Housing Authority, Community
Loan Project, RB (A) (B)
4.040%, 03/07/00 $ 9,000 $ 9,000
Florida State, Housing Finance
Agency, Multi-Family Housing,
Lakeside Project, RB (A) (B) (C)
3.975%, 03/07/00 1,130 1,130
Florida State, Multi-Family
Housing Finance Authority,
RB (A) (B) (C)
3.800%, 03/07/00 12,090 12,090
Fort Pierce, Health Facilities
Authority, New Horizons
Project, RB (A) (B) (C)
3.950%, 03/07/00 2,000 2,000
Jacksonville, Industrial
Development Authority,
Trailer Marine-Crowly Project,
RB (A) (B) (C)
3.500%, 03/07/00 3,600 3,600
Orange County, Health Facilities
Authority, SHCC Services
Incorporated Project, RB (A) (B) (C)
3.900%,03/07/00 3,610 3,610
Orange County, Industrial
Development Authority,
Central Florida YMCA Project,
RB (A) (B) (C)
3.950%, 03/07/00 9,550 9,550
Orange County, Industrial
Development Authority,
University of Central Florida
Foundation Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 2,000 2,000
Orange County, Multi-Family
Housing Authority,
Post Fountains Project,
RB, FNMA (A) (B) (E)
3.950%, 03/07/00 2,200 2,200
Orange County, Multi-Family
Housing Authority,
Post Lake Apartments Project,
RB, FNMA (A) (B) (E)
3.950%, 03/07/00 1,500 1,500
Palm Beach County, Economic
Development Authority,
YMCA Boynton Beach Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,700 1,700
Palm Beach County, Revenue
Authority, Jewish Community
Campus Project, RB (A) (B) (C)
3.800%, 03/07/00 1,500 1,500
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FACE
AMOUNT (000) VALUE (000)
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Pasco County, Multi-Family
Housing Authority,
Carlton Arms Magnolia Project,
RB (A) (B) (C)
3.975%, 03/07/00 $ 1,000 $ 1,000
Pinellas County, Health Facilities
Authority, Pooled Hospital
Loan Project, RB (A) (B) (C)
3.900%, 03/01/00 1,500 1,500
Sarasota, Education Facilities
Authority, Ringling School of
Art & Design, RB (A) (B) (C)
3.950%, 03/07/00 1,500 1,500
Volusia County, Housing Finance
Authority, Sun Pointe
Apartments Project,
Ser H, RB (A) (B) (C)
3.850%, 03/07/00 250 250
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54,930
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GEORGIA -- 9.1%
Atlanta, Urban Residential Finance
Authority, Sylvan Circle
Apartments Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,410 1,410
Brooks County, Development
Authority, Presbyterian Home
Quitman Incorporated Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,600 2,600
Catoosa County, Industrial
Development Authority,
Galaxy Carpet Project,
RB (A) (B) (C)
3.950%, 03/07/00 6,500 6,500
Clayton County, Hospital Authority,
Southern Regional Medical
Center Project,
Ser B, RB (A) (B) (C)
3.950%, 03/07/00 3,775 3,775
Cobb County, Healthcare
Facilities For The Elderly,
Presbyterian Village Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,870 2,870
Cobb County, Multi-Family
Housing Authority,
Post Mill Project,
RB, FNMA (A) (B) (E)
3.950%, 03/07/00 600 600
DeKalb County, Development
Authority, American Cancer
Society Project, RB (A) (B) (C)
3.950%, 03/07/00 1,400 1,400
2
<PAGE>
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FACE
AMOUNT (000) VALUE (000)
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DeKalb County, Industrial
Development Authority,
Dart Container Project,
RB (A) (B) (C)
3.900%, 03/07/00 $ 1,000 $ 1,000
DeKalb County, Multi-Family
Housing Authority, Post Brook
Project, RB, FNMA (A) (B) (E)
3.950%, 03/07/00 1,600 1,600
DeKalb County, Multi-Family
Housing Authority, Post Walk
Project, RB, FNMA (A) (B) (E)
3.950%, 03/07/00 2,300 2,300
Floyd County, Development
Authority, Berry College Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,800 1,800
Fulton County, Development
Authority, Arthritis Foundation
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,000 1,000
Fulton County, Development
Authority, Robert W. Woodruff
Arts Center Project, RB (A) (B) (C)
3.950%, 03/07/00 6,550 6,550
Fulton County, Multi-Family
Housing Authority, Holcombs
Landing Apartments Project,
RB (A) (B) (C)
3.900%, 03/07/00 2,200 2,200
Georgia State, Ser B, GO
4.250%, 08/01/00 1,680 1,682
Gordon County, Hospital
Authority, Adventist Health
System Project,
Ser A, RB (A) (B) (C)
3.980%, 03/07/00 1,285 1,285
Gordon, Industrial Development
Authority, Federal Paper Board
Incorporated Project, Ser 92,
RB (A) (B) (C)
4.000%, 03/07/00 2,000 2,000
Gwinnett County, Industrial
Development Authority, Wesleyan
School Project, RB (A) (B) (C)
3.950%, 03/07/00 650 650
Gwinnett County, Multi-Family
Housing Authority, Post Chase
Project, RB, FNMA (A) (B) (E)
3.950%, 03/07/00 3,000 3,000
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project, RB (A) (B) (C)
4.350%, 01/15/01 6,400 6,400
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FACE
AMOUNT (000) VALUE (000)
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Monroe County, Industrial Development
Authority, Baptist Village Income
Project, RB (A) (B) (C)
3.950%, 03/07/00 $ 1,600 $ 1,600
Newton, Industrial Development
Authority, H.B. Fuller Project,
Ser 84, RB (A) (B) (C)
4.000%, 03/07/00 3,100 3,100
Richmond County, Industrial
Development Authority,
Federal Paper Board Project,
Ser 92, RB (A) (B) (C)
4.000%, 03/07/00 1,000 1,000
Roswell, Multi-Family Housing
Authority, Post Canyon Project,
RB, FNMA (A) (B) (E)
3.950%, 03/07/00 1,900 1,900
Savannah, Economic Development
Authority, Pollution Control,
Savannah Electric & Prower
Project, RB (A) (B)
3.850%, 03/07/00 2,950 2,950
Savannah, Multi-Family Housing
Authority, Somerset Place Project,
Ser A, RB, FNMA (A) (B) (E)
3.950%, 03/07/00 1,700 1,700
Savannah, Multi-Family Housing
Authority, Somerset Wharf Project,
Ser B, RB, FNMA (A) (B) (E)
3.950%, 03/07/00 2,500 2,500
Smyrna, Multi-Family Housing
Authority, F&M Villages Project,
RB, FNMA (A) (B) (E)
3.950%, 03/07/00 1,800 1,800
Thomasville, Hospital Revenue
Authority, J.D. Archbold Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,200 2,200
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69,372
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HAWAII -- 2.4%
Hawaii State, Department of Budget
& Finance Special Purpose,
Queens Health System Project,
Ser A, RB (A) (B)
4.000%, 03/07/00 16,940 16,940
Hawaii State, Department of
Budget & Finance Authority,
Kuakini Medical Center Project,
RB, FGIC (A) (B)
3.650%, 03/07/00 1,260 1,260
Hawaii State, Ser CD, GO
4.700%, 02/01/01 700 703
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18,903
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3
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund--Continued
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FACE
AMOUNT (000) VALUE (000)
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ILLINOIS -- 12.7%
Cook County, Community
Constraction School District
No. 021, Operations Maintenance
Project, TAW
4.100%, 11/01/00 $ 1,975 $ 1,975
Cook & DeKalb County,
Kane McHenry School District
No. 300, TAW
4.990%, 09/28/00 7,000 7,021
East Peoria, Multi-Family Housing
Authority, Radnor East Project,
RB (A) (B) (C)
4.100%, 03/07/00 1,395 1,395
Huntley Valley, Kane McHenry
Special Service Area No. 10,
Ser B, GO (A) (B) (C)
3.900%, 03/07/00 1,060 1,060
Illinois State, Development Finance
Authority, AMR Pooled Finance
Project, Ser A, RB (A) (B)
3.950%, 03/07/00 25,325 25,325
Illinois State, Development
Financing Authority,
Dart Container Project,
RB (A) (B) (C)
4.025%, 03/07/00 1,300 1,300
Illinois State, Development Finance
Authority, Field Container Project,
RB (A) (B) (C)
3.900%, 03/07/00 1,500 1,500
Illinois State, Development Finance
Authority, McCormick
Theological Project,
Ser A, RB (A) (B) (C)
3.900%, 03/07/00 3,780 3,780
Illinois State, Development Finance
Authority, North Shore Senior
Center Project, RB (A) (B) (C)
3.900%, 03/07/00 7,000 7,000
Illinois State, Educational Facilities
Authority, Art Institute of Chicago
Project, RB (A) (B) (C)
3.850%, 03/07/00 2,000 2,000
Illinois State, Educational Facilities
Authority, Robert Morris College
Project, RB, MBIA
4.625%, 06/01/00 780 783
Illinois State, Finance Authority,
Adventist Health System Project,
Ser A, RB, MBIA (A) (B)
3.980%, 03/07/00 15,000 15,000
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FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Illinois State, Health Facilities
Authority, Glenoaks Medical
Project, Ser D,
RB Pre-Refunded @ 102 (D)
9.500%, 11/15/00 $ 1,595 $ 1,687
Illinois State, Health Facilities
Authority, Riverside Health
Systems Project, RB (A) (B) (C)
3.950%, 03/07/00 1,800 1,800
Schaumburg, Ser A, GO (A) (B) (C)
3.900%, 03/07/00 7,500 7,500
Skokie, Economic Development
Authority, Skokie Fashion
Square Project, RB (A) (B) (C)
4.225%, 03/07/00 4,350 4,350
Winnebago & Boone County,
School District No. 20, TAW
6.100%, 10/31/00 13,400 13,471
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96,947
-------
INDIANA -- 3.3%
Bartholomew County, Consolidated
School Corporation Authority, TAW
4.600%, 06/30/00 2,718 2,720
4.500%, 12/29/00 2,718 2,721
Carmel Clay, School Authority, TAW
4.550%, 12/29/00 5,500 5,504
Indiana, Board Bank Authority,
Special Program Project,
Ser A, RB
5.000%, 02/01/01 2,500 2,518
Indiana, Health Facilities Finance
Authority, Lutherwood Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,070 1,070
Indiana, Industrial Development
Finance Authority, Goodwill
Industries Center Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,000 2,000
Indianapolis, Industrial
Development Authority,
Local Public Improvement Project,
Ser B, RB, MBIA
3.350%, 06/01/00 1,550 1,550
Merrillville, Community School
Authority, TAW
4.500%, 06/30/00 2,300 2,301
4.500%, 12/29/00 2,300 2,301
Portage, Economic Development
Authority, RB (A) (B) (C)
4.050%, 03/07/00 415 415
4
<PAGE>
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FACE
AMOUNT (000) VALUE (000)
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Valparaiso, Community Schools
Authority, TAW
4.320%, 12/29/00 $ 1,795 $ 1,795
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24,895
-------
IOWA -- 3.6%
Chillicothe, Pollution Control
Authority, Iowa-Illinois
Gas & Electric Company Project,
RB (A) (B)
4.000%, 03/07/00 6,850 6,850
Chillicothe, Pollution Control
Authority, Midwest Power
Systems Project, Ser A, RB (A) (B)
3.900%, 03/07/00 1,600 1,600
Council Bluffs, Pollution Control
Authority, Iowa-Illinois
Gas & Electric Company Project,
RB (A) (B)
4.000%, 03/07/00 4,950 4,950
Iowa State, Finance Revenue
Authority, Burlington Medical
Center Project, RB, FSA (A) (B)
3.950%, 03/01/00 3,400 3,400
Iowa State, Higher Education
Authority, Saint Ambrose Project,
RB (A) (B) (C)
3.900%, 03/07/00 5,295 5,295
4.000%, 03/07/00 1,500 1,500
Louisa County, Pollution Control
Authority, Iowa & Illinois Gas &
Electric Company Project,
RB (A) (B)
3.950%, 03/07/00 3,900 3,900
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27,495
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KANSAS -- 1.1%
Olathe, Recreational Facility
Authority, YMCA Greater
Kansas City Project,
Ser B, RB (A) (B) (C)
4.000%, 03/01/00 1,300 1,300
Salina, Central Mall Dillard,
Ser 84, RB (A) (B) (C)
4.100%, 03/07/00 495 495
Saline County, Union School
District Authority, GO, FSA
4.250%, 09/01/00 1,100 1,102
Wamego, Pollution Control
Authority, Utilicorp United Project,
RB (A) (B) (C)
3.850%, 03/07/00 2,000 2,000
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FACE
AMOUNT (000) VALUE (000)
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Wyandotte County, Kansas-City
United Government Project,
Ser NNN, GO
3.750%, 08/01/00 $ 2,563 $ 2,563
Wyandotte County, Kansas-City
United Government Project,
Ser S, GO
3.750%, 08/01/00 1,050 1,050
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8,510
-------
KENTUCKY -- 0.9%
Jefferson County, Industrial
Development Authority,
BelKnap Project, RB (A) (B) (C)
3.550%, 03/07/00 2,213 2,213
Kentucky State, Economic
Development Finance Authority,
Adventist Health Systems,
Ser A, RB (A) (B) (C)
3.980%, 03/07/00 1,440 1,440
Lexington-Fayette Urban County,
Government Industrial Building
Authority, American Horse Shows
Assosiation Project, RB (A) (B) (C)
3.900%, 03/07/00 2,725 2,725
Louisville, Multi-Family Housing
Authority, Station House Square
Project, RB (A) (B) (C)
3.900%, 03/01/00 880 880
-------
7,258
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LOUISIANA -- 0.7%
Jefferson Parish, GO, FGIC
6.150%, 09/01/00 2,345 2,367
New Orleans, Aviation Board
Authority, Ser C, RB, MBIA (A) (B)
3.900%, 03/07/00 1,135 1,135
New Orleans, Industrial
Development Authority,
Spectrum Control Technology
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,600 1,600
-------
5,102
-------
MARYLAND -- 1.6%
Annapolis, Forest Gemini Facility
Project, RB (A) (B) (C)
3.650%, 03/07/00 850 850
Anne Arundel County,
Kellington Association Project,
RB (A) (B) (C)
3.650%, 03/07/00 1,250 1,250
5
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Anne Arundel County, Pollution
Control Authority,
Baltimore Gas & Electric Project,
Ser 84, RB (A) (B)
3.520%, 07/01/00 $ 1,500 $ 1,500
Maryland State, Health & Higher
Education Authority, Stellas Maris
Project, RB (A) (B) (C)
4.750%, 03/01/00 3,200 3,212
Montgomery County, Multi-Family
Housing Authority, Community
Opportunity Oakwood Project,
Ser A, RB (A) (B) (C)
3.900%, 03/07/00 1,750 1,750
Prince George County, Parsons
Paper Facility Project,
RB (A) (B) (C)
3.800%, 03/07/00 3,700 3,700
-------
12,262
-------
MASSACHUSETTS -- 0.4%
Massachusetts State, Health &
Education Facilities Authority,
Capital Asset Project, Ser F, RB,
MBIA Pre-Refunded @ 102 (D)
7.300%, 04/01/00 1,950 1,994
Massachusetts State,
Ser A, GO, FGIC
7.000%, 03/01/00 1,000 1,000
-------
2,994
-------
MICHIGAN -- 2.1%
Bay City, School District
Authority, GO
4.600%, 08/22/00 3,000 3,001
Farmington Hills, Hospital Finance
Authority, Botsford General
Hospital, Ser B, RB, MBIA (A) (B)
3.900%, 03/01/00 3,000 3,000
Jackson County, Economic
Development Authority,
Limited Thrifty Leoni Project,
RB (A) (B) (C)
3.975%, 03/07/00 800 800
Michigan State, Job Development
Authority, East Lansing
Residential Project, RB (A) (B) (C)
3.450%, 03/07/00 1,000 1,000
Northville Township, Economic
Development Authority,
Thrifty Northville Project,
RB (A) (B) (C)
3.975%, 03/07/00 1,000 1,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sterling Heights, Economic
Development Authority,
Sterling Shopping Center Project,
RB (A) (B) (C)
3.950%, 03/07/00 $ 5,170 $ 5,170
Walled Lake, Consolidated School
District Authority, Ser II, GO
Pre-Refunded @ 102 (D)
7.000%, 05/01/00 1,000 1,025
Whitehall, Schools District
Authority, GO
4.400%, 06/30/00 1,250 1,252
-------
16,248
-------
MINNESOTA -- 0.5%
Eagan County, Yankee Square Inn
Project, RB (A) (B) (C)
3.850%, 03/07/00 925 925
Mendota Height, Multi-Family
Housing Authority, Lexington
Height Appartment Project,
RB (A) (B) (C)
3.850%, 03/07/00 3,000 3,000
-------
3,925
-------
MISSISSIPPI -- 0.4%
Mississippi State, Lease Authority,
Ser B, COP, AMBAC
5.625%, 04/15/00 2,730 2,736
-------
MISSOURI -- 3.0%
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
4.050%, 03/07/00 1,500 1,500
Missouri State, Health & Education
Facilities Authority,
Drury College Project,
RB (A) (B) (C)
4.000%, 03/01/00 300 300
Missouri State, Health & Education
Facilities Authority,
Francis Howell R III Project,
Ser E, RB
4.250%, 09/19/00 3,000 3,008
Missouri State, Health & Education
Facilities Authority, Kansas-City
Art Institute Project, RB (A) (B) (C)
4.000%, 03/01/00 2,100 2,100
Missouri State, Health & Education
Facilities Authority,
Pooled Hospital Loan Program,
Ser A, RB (A) (B)
3.950%, 03/07/00 9,000 9,000
6
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Saint Louis, Grantor Trust, Ser 96-A,
COP (A) (B) (C)
4.050%, 03/07/00 $ 2,480 $ 2,480
Saint Louis County, Industrial
Development Authority,
Friendship Village Project,
Ser B, RB (A) (B) (C)
3.880%, 03/07/00 4,725 4,725
-------
23,113
-------
NEBRASKA -- 0.4%
Nebraska State, Educational Finance
Authority, Creighton University
Project, Ser A, RB, AMBAC (A) (B)
4.000%, 03/07/00 3,450 3,450
-------
NEVADA -- 0.5%
Clark County, Flood Control
Project, GO
5.900%, 11/01/00 3,310 3,354
Washoe County, Public
Improvements Authority,
GO, MBIA
8.250%, 06/01/00 400 405
-------
3,759
-------
NEW HAMPSHIRE -- 0.2%
Dover, TAN
4.350%, 06/21/00 1,500 1,502
-------
NEW JERSEY -- 0.8%
New Jersey State, Economic
Development Authority,
Carolina Freight Project,
RB (A) (B) (C)
4.025%, 12/01/00 455 455
New Jersey State, Economic
Development Authority,
Dates-Tru Urban Renewal Project,
RB (A) (B) (C)
3.750%, 03/07/00 1,000 1,000
New Jersey State, Wastewater
Treatment Authority,
RB Pre-Refunded @ 101.50 (D)
6.875%, 06/15/00 1,215 1,245
North Hudson, Sewer Authority,
BAN
4.250%, 03/31/00 3,100 3,100
-------
5,800
-------
NEW YORK -- 1.4%
Nassau County, BAN
4.250%, 05/16/00 5,500 5,506
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Commercial
General Services, Executive
Department Project, COP
4.500%, 09/01/00 $ 3,000 $ 3,007
Rensselaer County, Industrial
Development Authority,
Brunswick Senior Housing
Project, Ser A, RB (A) (B) (C)
3.900%, 03/01/00 2,530 2,530
-------
11,043
-------
NORTH CAROLINA -- 0.2%
Beaufort, Pollution Control
Authority, Texas Gulf Incorporated
Project, RB (A) (B) (C)
3.950%, 12/01/00 1,575 1,575
-------
OHIO -- 3.2%
Cincinnati & Hamilton County,
Port Authority, CEI Realty
Association Project, RB (A) (B) (C)
3.850%, 03/01/00 1,070 1,070
Cuyahoga County, Ohio
Continuing Care Facilities,
Eliza Jennings Project,
RB (A) (B) (C)
3.950%, 03/07/00 12,400 12,400
Franklin County, Hospital Revenue
Authority, US Health Corporation
Project, Ser B, RB (A) (B) (C)
4.500%, 06/01/00 2,350 2,352
Highland County, Industrial
Development Authority,
Lancaster Colony Corporation
Project, RB (A) (B) (C)
3.600%, 03/01/00 700 700
Lima, Refunding & Improvement
Authority, Lima Memorial
Hospital Project, RB (A) (B) (C)
3.950%, 03/07/00 2,000 2,000
Marysville, Village School
District, BAN
3.610%, 06/01/00 1,400 1,401
Montgomery County,
Miami Valley Hospital Project,
Ser A, RB (A) (B)
3.800%, 03/01/00 1,500 1,500
Summit County, Industrial
Development Authority,
Arlington Plaza Project,
RB (A) (B) (C)
3.700%, 03/01/00 2,070 2,070
7
<PAGE>
STATEMENT OF NET ASSETS
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westlake, Industrial Development
Authority, Nordson Corporation
Project, RB (A) (B) (C)
4.000%, 03/07/00 $ 850 $ 850
-------
24,343
-------
OKLAHOMA -- 1.3%
Oklahoma, Development Finance
Authority, Baptist Retirement
Center Project, RB
4.550%, 03/01/01 1,005 1,005
Oklahoma State, Development
Finance Authority, Oklahoma
Hospital Association Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 3,300 3,300
Tulsa City, Industrial Healthcare
Authority, Laureate Psychiatric
Project, RB (A) (B)
4.100%, 08/15/00 3,500 3,500
Tulsa, Parking Revenue Authority,
First Mortgage Williams Center
Project, Ser A, RB (A) (B) (C)
3.900%, 05/15/00 1,900 1,900
-------
9,705
-------
OREGON -- 1.6%
Clackamas County, Hospital Facility
Authority, Senior Living Facility
Mary Woods Project,
Ser C, RB (A) (B) (C)
4.100%, 03/07/00 3,000 3,000
Medford, Hospital Facilities
Authority, Continued Care
Retirement Project, RB (A) (B) (C)
4.100%, 03/07/00 9,100 9,100
-------
12,100
-------
PENNSYLVANIA -- 11.1%
Allegheny County, Industrial
Development Authority,
Longwood At Oakmont Project,
Ser A, RB (A) (B) (C)
3.850%, 03/01/00 1,000 1,000
Allegheny County, Industrial
Development Authority,
Watson Rhenania Project,
RB (A) (B) (C)
4.050%, 03/07/00 1,200 1,200
Bucks County, Industrial
Development Authority,
Edgcomb Metals Project,
RB (A) (B) (C)
3.900%, 03/07/00 1,400 1,400
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Bucks County, Industrial
Development Authority,
CPC International Incorporated
Project, Ser 85, RB (A) (B)
3.570%, 03/07/00 $ 1,000 $ 1,000
Butler County, Industrial
Development Authority,
Lutheran Welfare Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 11,925 11,925
Clarion County, Industrial
Development Authority,
Meritcare Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 2,500 2,500
Dauphin County, General
Authority, Allhealth Pooled
Finance Program,
Ser B, RB, FSA (A) (B)
3.950%, 03/07/00 6,100 6,100
Delaware Valley, Regional
Government Finance,
Ser A, RB (A) (B) (C)
3.900%, 03/07/00 1,000 1,000
Easton, City School District
Authority, GO, FGIC (A) (B)
3.940%, 03/07/00 1,600 1,600
Hazleton, Industrial Development
Authority, Prep School Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,900 1,900
Lancaster County, Higher
Education Authority, Franklin &
Marshall College Project,
RB (A) (B) (C)
3.960%, 03/07/00 1,645 1,645
Lancaster, Hospital Authority,
Health Center Luthercare Project,
RB (A) (B) (C)
3.960%, 03/07/00 9,300 9,300
Lebanon County, Health Facilities
Authority, United Church of
Christ Homes Project,
RB (A) (B) (C)
3.950%, 03/07/00 4,900 4,900
Lebanon County, Health Facilities
Authority, United Church of
Christ Project, RB (A) (B) (C)
3.960%, 03/07/00 1,500 1,500
Lebanon County, Industrial
Development Authority,
Aluminum Company of America
Project, Ser 92, RB (A) (B)
4.040%, 03/07/00 1,020 1,020
8
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Monroe County, Hospital Authority,
Pocono Medical Center Project,
Ser C, RB (A) (B) (C)
3.950%, 03/07/00 $ 1,000 $ 1,000
Montgomery County, Higher
Education & Health Authority,
Higher Education & Health Loan,
Ser 96-A, RB (A) (B) (C)
3.950%, 03/07/00 2,400 2,400
Montgomery County, Higher
Education & Health Authority,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 1,000 1,000
Montgomery County, Industrial
Development Authority,
IKEA Property Project,
RB (A) (B) (C)
3.950%, 03/07/00 4,900 4,900
North Cumberland County,
Industrial Development Authority,
Atlas Development Association
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,420 1,420
Northhampton County, Industrial
Development Authority,
Moravian Academy Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,050 2,050
Pennsylvania State, Economic
Development Authority,
Mercy Health System Project,
Ser E1, RB (A) (B) (C)
3.950%, 03/07/00 2,100 2,100
Pennsylvania State, Higher
Educational Facilities Authority,
Association Independent Colleges
Project, Ser-E3, RB (A) (B) (C)
3.950%, 03/07/00 5,000 5,000
Pennsylvania State, Public School
Building Authority, Parkland
School District Project,
Ser D, RB, FGIC (A) (B)
3.940%, 03/07/00 1,600 1,600
Pennsylvania State,
Ser A, COP, AMBAC
4.625%, 07/01/00 4,000 4,013
Philadelphia, Industrial
Development Authority,
City Line Holiday Inn Project,
Ser 96, RB (A) (B) (C)
4.000%, 03/07/00 100 100
Philadelphia, Industrial
Development Authority, Inglis
House Project, RB (A) (B) (C)
3.850%, 03/01/00 6,000 6,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia, Industrial Development
Authority, Paper Corporation
of America Project, RB (A) (B) (C)
3.950%, 03/07/00 $ 1,765 $ 1,765
Scranton-Lackawana,
Health & Welfare Authority,
University of Scranton Project,
RB (A) (B) (C)
3.900%, 05/01/00 1,000 1,000
Union County, Hospital Authority,
United Methodist Continuing
Care Project, Ser B, RB (A) (B) (C)
4.050%, 03/07/00 2,575 2,575
-------
84,913
-------
RHODE ISLAND -- 0.1%
Rhode Island State, Capital
Development Loan Project,
Ser B, GO, MBIA
Pre-Refunded @ 102 (D)
6.250%, 05/15/00 1,000 1,026
-------
SOUTH CAROLINA -- 0.6%
Florence County, Industrial
Development Authority,
La-Z-Boy Chair Project, RB (A) (B)
3.950%, 03/07/00 5,000 5,000
-------
TENNESSEE -- 3.9%
Hamilton County, Industrial
Development Authority,
Trade Center Hotel Project,
Ser C, RB (A) (B) (C)
4.000%, 03/07/00 4,852 4,852
Hamilton County, Industrial
Development Authority,
Trade Center Hotel Project,
Ser D, RB (A) (B) (C)
4.000%, 03/07/00 3,598 3,598
Jackson County, Industrial
Development Authority,
Esselte Project, Ser B,
RB (A) (B) (C)
3.900%, 03/01/00 900 900
Knox County, Health & Education
Housing Facilities Authority,
Child and Family Services
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,000 1,000
Knox County, Health & Education
Housing Facilities Authority,
THA Solutions Group Project,
RB (A) (B)
3.950%, 03/07/00 9,100 9,100
9
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Knox County, Industrial
Development Authority,
Old Kingston Property Project,
RB, FGIC (A) (B)
3.850%, 03/07/00 $ 1,800 $ 1,800
Knox County, Industrial
Development Authority,
Professional Plaza Project,
RB, FGIC (A) (B)
3.850%, 03/07/00 3,300 3,300
Metropolitan Nashville & Davidson
County, Health & Education
Facilities Board, Belmont
University Project, RB (A) (B) (C)
3.950%, 03/07/00 3,100 3,100
Metropolitan Nashville & Davidson
County, Health & Education
Facilities Board, Dede Wallace
Healthcare System Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,300 1,300
Metropolitan Nashville & Davidson
County, Health & Education
Facilities Board, Franklin Road
Project, RB (A) (B) (C)
3.950%, 03/07/00 840 840
-------
29,790
-------
TEXAS -- 3.6%
Amarillo, Industrial Developemt
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.800%, 03/01/00 880 880
Bexar County, GO
4.250%, 06/15/00 980 981
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
3.975%, 03/07/00 1,000 1,000
Brazos, Industrial Development
Authority, Badische Corporate
Port Project, RB (A) (B) (C)
3.500%, 03/07/00 1,400 1,400
Fort Worth, Ser A, GO
5.500%, 03/01/00 1,000 1,000
Gulf Coast, Industrial Development
Authority, Petrounited Project,
RB (A) (B) (C)
3.900%, 03/07/00 1,500 1,500
Harris County, Multi-Family
Housing, Woodgate Project,
RB (A) (B) (C)
4.225%, 03/07/00 1,900 1,900
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tarrant County, Housing Finance
Corporation Authority,
Amherst Association Project,
RB (A) (B) (C)
3.850%, 03/07/00 $ 4,220 $ 4,220
Texas State, Association of School
Boards, Ser A, TAN
4.500%, 08/31/00 8,500 8,502
Texas State, Ser A, TRAN
4.500%, 08/31/00 3,000 3,012
Trinity River, Industrial
Development Authority,
Trinity River Project,
RB (A) (B) (C)
3.975%, 03/07/00 2,900 2,900
-------
27,295
-------
UTAH -- 2.3%
Nephi, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
3.800%, 03/01/00 605 605
Salt Lake City, Industrial
Development Authority,
Park View Plaza Project,
RB (A) (B) (C)
3.950%, 03/07/00 5,975 5,975
Tremonton City, Industrial
Development Authority, Safeway
Incorporated Project, RB (A) (B) (C)
4.100%, 06/01/00 580 580
Weber County, Hospital Authority,
Health Services Project,
Ser B, RB (A) (B)
3.800%, 03/07/00 3,000 3,000
Weber County, Hospital Authority,
Health Services Project,
Ser C, RB (A) (B)
3.800%, 03/07/00 7,000 7,000
West Valley, Industrial Development
Authority, Johnson Matthey
Project, RB (A) (B) (C)
3.900%, 03/01/00 200 200
-------
17,360
-------
VERMONT -- 1.9%
Student Assistance Authority,
Student Loan Bonds,
Ser 85, RB (A) (B) (C)
3.650%, 03/07/00 4,625 4,625
10
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Vermont State, Educational &
Health Building Authority,
Capital Asset Finance Project,
Ser 1, RB (A) (B) (C)
3.900%, 03/01/00 $10,010 $ 10,010
--------
14,635
--------
VIRGINIA -- 0.2%
Stafford County, Industrial
Development Authority,
Safeway Incorporated
Project, RB (A) (B) (C)
4.100%, 06/01/00 1,310 1,310
--------
WASHINGTON -- 3.2%
Clark County, School District
No. 119, TAN
4.000%, 08/31/00 1,545 1,545
Port Moses Lake, Public Industrial
Authority, Basic American Foods
Project, RB (A) (B) (C)
3.700%, 03/07/00 4,200 4,200
Washington State, Economic
Development Finance Authority,
Pioneer Human Services Project,
Ser H, RB (A) (B) (C)
3.950%, 03/01/00 4,585 4,585
Washington State, Healthcare
Facilities Authority, Sisters of
Providence, RB
Pre-Refunded @ 102 (D)
7.875%, 10/01/00 1,000 1,036
Washington State, Housing Finance
Authority, Community Non-Profit
Golden Sands Project,
RB (A) (B) (C)
3.950%, 03/01/00 2,800 2,800
Washington State, Housing Finance
Community, Pioneer Human Services
Project, Ser 91, RB (A) (B) (C)
3.900%,03/07/00 915 915
Washington State, Non-Profit
Housing Finance Authority,
Emerald Heights Project,
RB (A) (B) (C)
3.850%, 03/01/00 2,000 2,000
Washington State, Non-Profit
Housing Authority, YMCA
Snohomish County Project,
RB (A) (B) (C)
3.950%, 03/01/00 4,600 4,600
Washington State, Public Power
Supply System Authority,
Nuclear Project No. 2, Ser A, RB
Pre-Refunded @ 102 (D)
7.375%, 07/01/00 1,500 1,547
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Washington State, Public Power
Supply System Authority,
Nuclear Project No. 2, RB, FGIC
Pre-Refunded @ 102 (D)
7.250%, 07/01/00 $ 1,000 $ 1,032
--------
24,260
--------
WEST VIRGINIA -- 0.7%
West Virginia State, Building
Community Lease, Regional Jail
& Correction Facility, Ser A, RB,
MBIA Pre-Refunded @ 102 (D)
7.000%, 07/01/00 1,300 1,339
West Virginia State, Hospital Finance
Authority, VHA Mid-Atlantic/
Capital Project, Ser C,
RB, AMBAC (A) (B)
3.950%, 03/07/00 4,000 4,000
--------
5,339
--------
WISCONSIN -- 3.9%
Cudahy, School District Authority,
TRAN
4.140%, 06/29/00 1,150 1,150
Greendale, School District
Authority, TRAN
3.970%, 08/21/00 4,700 4,701
Hartland-Lakeside, Joint School
District No. 3, TRAN
3.980%, 09/21/00 2,100 2,100
Hortonville, School District
Authority, TRAN
4.040%, 10/27/00 1,501 1,501
Howard Suamico, School District
Authority, TRAN
4.010%, 08/23/00 1,000 1,000
Menasha, School District Authority,
TRAN
4.140%, 12/02/00 1,150 1,150
Milwaukee, Area Technical college
Project, Ser A, GO
4.200%, 06/01/00 800 800
Monona Grove, School District
Authority, TRAN
4.100%, 10/30/00 1,700 1,701
Northland Pines, School District
Authority, TRAN
4.000%, 09/08/00 2,000 2,001
Oak Creek, Waterworks System
Authority, BAN
3.900%, 09/01/00 2,000 2,000
Pleasant Prairie, BAN
4.300%, 01/15/01 5,200 5,200
11
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Tax Free Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
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)
4.025%, 03/07/00 1,900 1,900
Wisconsin State, Health &
Educational Facility Authority,
Waukesha Project, Ser B,
RB, AMBAC
Pre-Refunded @ 102 (D)
7.250%, 08/15/00 1,000 1,035
Wisconsin State, Health & Elderly
Facilities Authority, Cedar Crest
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,000 1,000
Wisconsin State, Public Power
Supply System, Ser A,
RB, AMBAC
Pre-Refunded @ 102 (D)
7.500%, 07/01/00 1,000 1,031
--------
29,770
--------
WYOMING -- 0.1%
Natrona County, School
District No. 1, GO
4.000%, 06/15/00 515 516
--------
OTHER TERRITORIES -- 1.8%
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A) (B) (C)
4.050%, 03/07/00 13,770 13,770
--------
Total Municipal Bonds
(Cost $771,993) 771,993
--------
Total Investments -- 101.1%
(Cost $771,993) 771,993
--------
Other Assets and Liabilities, Net -- (1.1%) (8,433)
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value)
based on 763,730,590 outstanding
shares of beneficial interest $763,598
Undistributed net investment income 15
Accumulated net realized loss on
investments (53)
--------
Total Net Assets -- 100.0% $763,560
========
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
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
12
<PAGE>
- --------------------------------------------------------------------------------
California Tax Exempt Fund
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.3%
CALIFORNIA -- 98.3%
ABAG, Financial Authority For
Non-Profit Corporations,
American Baptist Homes
West Project, Ser C, RB (A) (B) (C)
3.200%, 03/01/00 $ 300 $ 300
Alameda County, Contra-Costa
Schools Financing Authority,
Improvements Financing Project,
Ser B, COP (A) (B) (C)
2.300%, 03/07/00 355 355
Alhambra, Industrial Development
Authority, Sunclipse Project,
RB (A) (B) (C)
3.250%, 03/07/00 100 100
California State, GO
4.250%, 10/01/00 100 100
California State, Metropolitan Water
District, Waterworks Project,
Ser C, RB (A) (B)
2.000%, 03/07/00 300 300
California State, Pollution Control
Financing Authority, Occidental
Geography Project, RB (A) (B) (C)
3.200%, 03/07/00 100 100
California State, Pollution Control
Financing Authority, Pacific
Gas & Electric Project,
RB (A) (B) (C)
3.200%, 03/01/00 400 400
Chico, Public Financial Authority,
Southeast Chico Redevelopment
Project, Ser B, RB
Pre-Refunded @ 102 (D)
7.400%, 04/01/00 165 169
Corona, Redevelopment Agency
Authority, Crown Point Project,
Ser 85, RB (A) (B) (C)
3.250%,05/01/00 495 495
Fontana, Gaf Tax Exempt Bond
Grantor Trust, Ser GA-7,
RB (A) (B) (C)
3.600%, 03/07/00 440 440
Fullerton, Industrial Development
Authority, Sunclipse Project,
Ser A, RB (A) (B) (C)
3.250%, 03/07/00 200 200
Huntington Park, Public Financing
Authority Lease, Parking Project,
Ser A, RB (A) (B) (C)
3.000%, 03/07/00 325 325
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Irwindale, Industrial Development
Authority, Toys "R" Us Project,
RB (A) (B) (C)
3.975%, 03/07/00 $ 325 $ 325
Lancaster, Multi-Family Housing
Authority, Household Bank Project,
Ser A, RB (A) (B) (C)
2.600%, 03/07/00 190 190
Long Beach, Health Facilities
Authority, Memorial Health
Services Project, RB (A) (B)
2.550%, 03/07/00 500 500
Los Angeles, Multi-Family Housing
Authority, Ser K, RB (A) (B) (C)
2.750%, 03/07/00 500 500
Los Angeles County, Pension
Obligation, Ser A, RB (A) (B)
2.450%, 03/07/00 500 500
Oakland, Liquidity Facilities
Authority, Revenue Assessment
Bay Area Government Project,
RB (A) (B) (C)
3.850%, 03/07/00 125 125
Ontario, Multi-Family Housing
Authority, Residential Park Centre
Project, Ser A, RB (A) (B) (C)
2.600%, 03/07/00 700 700
Orange County, Apartment
Development Authority,
Radnor/Aragon Corporation
Project, Ser D, RB (A) (B) (C)
3.975%, 03/07/00 240 240
Oxnard, Community Redevelopment
Agency, Channel Islands Business
Project, RB (A) (B) (C)
4.225%, 03/07/00 310 310
Palmdale, Community
Redevelopement Agency,
Multi-Family Housing Revenue
Project, RB (A) (B) (C)
2.500%, 03/07/00 400 400
Pasadena, Rose Bowl Improvements
Project, COP (A) (B) (C)
2.350%, 03/07/00 600 600
Pasadena, Unified School District,
GO, FGIC
4.750%, 05/01/00 33 33
Richmond, Joint Powers Financial
Authority, Ser B, RB
Pre-Refunded @ 102 (D)
7.250%, 05/15/00 144 149
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
California Tax Exempt Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Riverside, Multi-Family Housing
Authority, Countrywood &
I A Apartments
Project, Ser E, RB (A) (B) (C)
2.560%, 03/07/00 $ 190 $ 190
Riverside County, Multi-Family
Housing Authority,
De Anza Villas Project,
RB (A) (B) (C)
2.500%, 03/07/00 220 220
San Bernadino County, Multi-Family
Housing Authority, Indian Knoll
Apartment Project, Ser A,
RB (A) (B) (C)
2.560%, 03/07/00 270 270
San Bernadino County, Multi-Family
Housing Authority, Somerset
Apartments Project, Ser A,
RB (A) (B)
2.400%, 03/07/00 300 300
San Diego, Multi-Family Housing
Authority, University Town
Center Apartments Project,
RB (A) (B) (C)
2.450%, 03/07/00 100 100
San Dimas, Redevelopement Agency,
Diversified Shopping Center Project,
COP (A) (B) (C)
2.600%, 03/07/00 300 300
San Francisco, City & County Finance
Authority, Yerba Buena Garden
Project, RB (A) (B) (C)
2.300%, 03/07/00 100 100
San Francisco, City & County
Redevelopment Agency, Bayside
Village Project, Ser A, RB (A) (B) (C)
2.500%, 03/07/00 500 500
San Marcos, Industrial Development
Authority, Amistar Project,
RB (A) (B) (C)
3.400%, 03/07/00 325 325
Santa Clara County, El Camino
Hospital District Lease Authority,
Valley Medical Center Project,
Ser 85A, RB (A) (B) (C)
2.300%, 03/07/00 500 500
Santa Clara County, Multi-Family
Housing Authority, Briarwood
Apartments Project, Ser B,
RB, FNMA (A) (B) (E)
2.400%, 03/07/00 180 180
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Simi Valley, Industrial & Economic
Development Authority,
Wambold Furniture Project,
RB (A) (B) (C)
3.750%, 03/07/00 $ 160 $ 160
Simi Valley, Multi-Family Housing
Authority, Ser A, RB (A) (B) (C)
2.400%, 03/07/00 260 260
Vallejo, Multi-Family Housing
Authority, Highlands Apartments
Project, Ser A, RB (A) (B) (C)
2.500%, 03/07/00 425 425
Westminster, Redevelopment
Authority, Commercial
Redevelopment Project,
RB, AMBAC (A) (B)
2.550%, 03/07/00 310 310
--------
Total Municipal Bonds
(Cost $11,996) 11,996
--------
Total Investments -- 98.3%
(Cost $11,996) 11,996
--------
Other Assets and Liabilities, Net -- 1.7% 207
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value)
based on 11,541,986 outstanding
shares of beneficial interest 11,542
Fund Shares of Class B (unlimited
authorization -- no par value) based on
670,472 outstanding shares
of beneficial interest 670
Undistributed net investment income 2
Accumulated net realized loss on investments (11)
--------
Total Net Assets -- 100.0% $ 12,203
========
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
========
14
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
Institutional Tax Free Fund
MUNICIPAL BONDS -- 103.0%
ALABAMA -- 1.6%
Birmingham, Medical Clinic
Authority, St. Martins in the
Pines Project, Ser 89,
RB (A) (B) (C)
4.000%, 03/07/00 $ 2,120 $ 2,120
Indian Springs Village,
Educational Building Authority,
Indian Springs School Project,
RB (A) (B) (C)
3.950%, 03/07/00 5,000 5,000
Mobile, Industrial Development
Board, Dock & Wharf Holnam
Project, Ser B, RB (A) (B) (C)
3.950%, 03/07/00 5,765 5,765
Russelville, Industrial Development
Authority, Clark Pulley Project,
Ser 94, RB (A) (B) (C)
4.000%, 03/07/00 1,675 1,675
--------
14,560
--------
ALASKA -- 0.4%
Industrial Development Authority,
Safeway Incorporated Project,
RB (A) (B) (C)
4.100%, 06/01/00 3,555 3,555
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
ARIZONA -- 3.4%
Arizona State, Transportation
Board Authority, Maricopa
County Regional Area Project,
Ser A, RB, AMBAC
5.500%, 07/01/00 $ 3,515 $ 3,533
Maricopa County, Industrial
Development Authority,
McLane Company Project,
RB (A) (B) (C)
4.350%, 03/07/00 520 520
Maricopa County, Industrial
Development Authority,
Arcadia Vista Apartments Project,
Ser A, RB (A) (B) (C)
4.010%, 03/07/00 4,750 4,750
Phoenix, Multi-Family Housing
Development Authority,
Del Mar Terrace Project, Ser A,
RB (A) (B) (C)
3.800%, 03/07/00 10,900 10,900
Tucson, Industrial Development
Authority, Lincoln Garden Project,
RB (A) (B) (C)
3.650%, 03/07/00 6,425 6,425
Tuscon, Industrial Development
Authority, Tuscon City Center
Parking Project, Ser A,
RB (A) (B) (C)
3.975%, 03/07/00 3,500 3,500
--------
29,628
--------
COLORADO -- 5.0%
Arapahoe County, Water & Sanitation
District Authority, Ser A,
GO (A) (B) (C)
4.000%, 12/01/00 6,120 6,120
Broadlands, Metropolitan District
No. 1 Authority, RB (A) (B) (C)
4.100%, 03/07/00 2,105 2,105
Colorado State, Health Facilities
Authority, Christian Living Project,
RB (A) (B) (C)
3.900%, 03/07/00 1,175 1,175
Colorado State, Housing Finance
Authority, Woodstream Project,
RB (A) (B) (C)
3.850%, 03/07/00 1,860 1,860
Colorado State, Post-Secondary
Educational Facilities Authority,
American Water Works Association
Project, RB (A) (B) (C)
3.900%, 03/07/00 3,810 3,810
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Institutional Tax Free Fund -- Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Denver City & County, Multi-Family
Housing Authority, Cottonwood
Creek Project, Ser A,
RB (A) (B) (C)
3.750%, 03/07/00 $ 3,500 $ 3,500
Denver City & County,
Multi-Family
Housing Authority,
Ogden Residence Project,
Ser 85-B, RB (A) (B) (C)
3.900%, 03/01/00 3,970 3,970
Dove Valley, Metropolitan
District Authority,
Arapahoe County
Project, Ser C, RB (A) (B) (C)
3.950%, 11/01/00 4,815 4,815
Englewood, Industrial Development
Revenue, Safeway Incorporated
Project, RB (A) (B) (C)
4.100%, 06/01/00 1,925 1,925
Idaho Springs, Safeway Incorporated
Project, Ser 93, RB (A) (B) (C)
4.100%, 06/01/00 1,800 1,800
Jefferson County, Industrial
Development Authority, Kinder
Care Centers Project,
Ser C, RB (A) (B) (C)
4.150%, 03/07/00 1,700 1,700
Panorama, Metropolitan District
Authority, Ser B, GO (A) (B) (C)
4.000%, 12/01/00 2,425 2,425
Panorama, Metropolitan District
Authority, Ser 1998, RB (A) (B) (C)
4.000%, 12/01/00 1,680 1,680
Summit County, Recreational
Facilities Authority, Copper
Mountain Project, RB (A) (B) (C)
3.800%, 03/07/00 7,625 7,625
--------
44,510
--------
DELAWARE -- 1.1%
Delaware State, Economic
Development Authority,
Congoleum Development Project,
RB (A) (B) (C)
3.975%, 03/07/00 1,000 1,000
Delaware State, Economic
Development Authority,
Peninsula United Methodist Project,
Ser B, RB (A) (B) (C)
3.950%, 03/07/00 2,975 2,975
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sussex County, Economic
Development Authority,
Route 113 Limited Partnership
Project, RB (A) (B) (C)
3.500%, 03/07/00 $ 6,000 $ 6,000
--------
9,975
--------
DISTRICT OF COLUMBIA -- 0.3%
Washington, Labratory School
Project, RB (A) (B) (C)
4.050%, 03/07/00 2,600 2,600
--------
FLORIDA -- 4.1%
Alachua County, Industrial
Development Authority,
Oak Hall School Project (A) (B) (C)
4.000%, 03/07/00 1,500 1,500
Capital Trust Agency, Multi-Family
Housing Authority, Community
Loan Project, RB (A) (B)
4.040%, 03/07/00 25,000 25,000
Florida State, Housing Finance
Agency, Multi-Family Housing,
Lakeside Project, RB (A) (B) (C)
3.975%, 03/07/00 1,470 1,470
Jacksonville, Industrial Development
Authority, University of Florida
Health Science Center Project,
Ser 89, RB (A) (B) (C)
4.100%, 03/07/00 1,000 1,000
Lake Bernadette, Community
Development Authority,
Special Assessment Project,
Ser B, RB (A) (B) (C)
4.000%, 03/07/00 580 580
Miami-Dade County, Industrial
Development Authority,
Saral Publications Project,
RB (A) (B) (C)
3.950%, 03/07/00 3,250 3,250
Pasco City, Multi-Family Housing
Finance Authority, Carlton Arms
of Magnolia Valley Project,
Ser 85, RB (A) (B) (C)
3.975%, 03/07/00 2,000 2,000
Volusia County, Industrial
Development Authority,
APCO Project, Ser A,
RB (A) (B) (C)
4.050%, 03/07/00 1,135 1,135
--------
35,935
--------
16
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
GEORGIA -- 9.7%
Albany-Dougherty County, Hospital
Authority, Phoebe Putney
Memorial Hospital Project,
Ser 1996, RB, AMBAC (A) (B) (C)
3.950%, 03/07/00 $ 1,800 $ 1,800
Athens, Multi-Family Housing
Authority, Georgian Apartments
Project, RB (A) (B) (C)
4.225%, 03/07/00 1,400 1,400
Bibb County, Industrial Development
Authority, Stratford Academy
Project, RB (A) (B) (C)
3.950%, 03/07/00 5,000 5,000
Cherokee County, Industrial
Development Authority,
Seabord Farms Project,
RB (A) (B) (C)
4.000%, 03/07/00 3,000 3,000
Clayton County, Multi-Family
Housing Authority, Rivers Edge
Project, RB (A) (B) (C)
3.950%, 03/07/00 2,000 2,000
Cobb County, Industrial
Development Authority,
Institute Nuclear Power
Operations Project, RB (A) (B) (C)
3.950%, 03/07/00 2,500 2,500
Cobb County, Multi-Family Housing
Authority, Tibarron Associates
Project, Ser 85-D, RB (A) (B) (C)
4.050%, 03/07/00 8,600 8,600
DeKalb County, Industrial
Development Authority,
Dart Container Project,
RB (A) (B) (C)
3.900%, 03/07/00 900 900
DeKalb County, Industrial
Development Authority,
Weyerhaeuser County Project,
RB (A) (B) (C)
3.938%, 03/07/00 3,500 3,500
Downtown Athens, Housing
Development Authority,
Georgian Apartments Association
Project, RB (A) (B) (C)
4.350%, 03/07/00 1,000 1,000
Federal Paper Board, Tax Exempt
Bond Grantor Trust, RB (A) (B) (C)
3.950%, 03/07/00 7,200 7,200
Floyd County, Development
Authority, Berry College Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,200 2,200
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fulton County, Development
Authority, Arthritis Foundation
Project, RB (A) (B) (C)
3.950%, 03/07/00 $ 2,700 $ 2,700
Fulton County, Industrial
Development Authority,
ADP Corporation Project,
RB (A) (B) (C)
3.800%, 03/07/00 2,765 2,765
Fulton County, Industrial
Development Authority,
Epstein School Project,
RB (A) (B) (C)
3.950%,03/07/00 2,000 2,000
Fulton County, Industrial
Development Authority,
Holy Innocents School Project,
RB (A) (B) (C)
3.950%, 03/07/00 6,000 6,000
Fulton County, Industrial
Development Authority,
Morehouse School of Medicine
Project, RB (A) (B) (C)
3.950%, 03/07/00 2,400 2,400
Gwinnett County, Industrial
Development Authority, Greater
Atlanta Christian School Project,
RB (A) (B) (C)
3.950%, 03/07/00 6,000 6,000
Gwinnett County, Industrial
Development Authority,
Wesleyan School Project,
RB (A) (B) (C)
3.950%, 03/07/00 550 550
Gwinnett County, Multi-Family
Housing Authority, Post Corners
Project, RB, FNMA (A) (B) (E)
3.950%, 03/07/00 2,000 2,000
Macon-Bibb County, Hospital
Authority, Medical Center of
Central Georgia Project, Ser 97,
RB (A) (B) (C)
3.950%, 03/07/00 1,600 1,600
Macon-Bibb County, Hospital
Authority, Medical Center
Control Project, RB (A) (B) (C)
3.950%, 03/07/00 2,900 2,900
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project, RB (A) (B)
4.350%, 01/15/01 6,600 6,600
Monroe County, Development
Authority, Baptist Village Income
Project, RB (A) (B) (C)
3.950%, 03/07/00 2,200 2,200
17
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Institutional Tax Free Fund--Continued
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Roswell, Multi-Family Housing
Authority, Belcourt Limited
Project,
RB (A) (B) (C)
4.100%, 03/07/00 $ 9,000 $ 9,000
--------
85,815
--------
HAWAII -- 0.1%
Hawaii State, Department of
Budget & Finance Authority,
Kuakini Medical Center Project,
RB, FGIC (A) (B)
3.650%, 03/07/00 900 900
--------
IDAHO -- 1.5%
Ammon, Urban Renewal Agency
Authority, Tax Increment Project,
Ser A, RB (A) (B) (C)
4.060%, 03/07/00 1,635 1,635
Boise State, University Authority,
Engineering Technology Project,
RB (A) (B) (C)
4.000%, 03/07/00 3,500 3,500
Twin Falls, Urban Renewal Agency,
Tax Allocation Project, Ser A,
RB (A) (B) (C)
4.060%, 03/07/00 7,925 7,925
--------
13,060
--------
ILLINOIS -- 7.4%
Cook County, School District No. 021
Authority, TAW
4.100%, 11/01/00 2,715 2,715
Cook & DeKalb County, Kane McHenry
School District No. 300, TAW
4.990%, 09/28/00 9,000 9,027
Huntley Valley, Kane McHenry
Special Service Area No. 10,
Ser B, RB (A) (B) (C)
3.900%, 03/07/00 1,800 1,800
Illinois State, Development Finance
Authority, Adventist Health System
Project, Ser A, RB, MBIA (A) (B)
3.980%, 03/07/00 3,300 3,300
Illinois State, Development Finance
Authority, AMR Pooled Finance
Project, Ser A, RB (A) (B)
3.950%, 03/07/00 200 200
Illinois State, Development Finance
Authority, Catholic Charities Project,
RB (A) (B) (C)
3.900%, 03/07/00 2,830 2,830
Illinois State, Development Finance
Authority, North Park University
Project, RB (A) (B) (C)
3.750%, 03/07/00 3,500 3,500
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Illinois State, Development Finance
Authority, Pollution Control,
Iowa-Illinois Gas & Electric Project,
RB (A) (B) (C)
4.000%, 03/07/00 $ 4,200 $ 4,200
Illinois State, Educational
Development Authority,
Creative Childrens Academy Project,
RB (A) (B) (C)
3.900%, 03/07/00 3,100 3,100
Illinois State, Educational Facility
Authority, Art Institute of Chicago
Cultural Pooled Financing Project,
RB (A) (B) (C)
3.850%, 03/07/00 11,400 11,400
Paxton, Industrial Development
Authority, Merck & Aircoil Project,
RB (A) (B)
4.350%, 03/07/00 900 900
Springfield, Community
Improvement Authority,
Oak Terrace Joint Venture Project,
RB (A) (B) (C)
3.900%, 03/07/00 4,000 4,000
Streamwood Village, Industrial
Development Authority, Poplar
Creek Project, RB (A) (B) (C)
3.900%, 10/01/00 4,000 4,000
Winnebago & Boone County,
School District No. 20, TAW
6.100%, 10/30/00 14,500 14,577
--------
65,549
--------
INDIANA -- 4.2%
Bartholomew County, Consolidated
School Corporation Authority, TAW
4.500%, 06/30/00 3,000 3,002
4.600%, 12/29/00 3,000 3,004
Carmel Clay, School Authority, TAW
4.550%,12/29/00 7,000 7,006
Crawfordsville, Economic
Development Authority,
Autumn Woods Apartments Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 3,500 3,500
Fort Wayne, Industrial Economic
Development Authority, Avery
International Project, RB (A) (B) (C)
3.975%, 03/07/00 3,750 3,750
Gaf Tax Exempt Bond Grantor Trust,
Ser A, RB (A) (B) (C)
3.900%, 03/07/00 2,520 2,520
18
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Indianapolis, Economic Development
Authority, Morningside College
Parking Project, RB (A) (B) (C)
3.950%, 03/07/00 $ 5,960 $ 5,960
Indiana State, Health Facilities
Financing Authority, Hartsfield
Village Project, Ser B,
RB (A) (B) (C)
3.980%, 03/07/00 1,000 1,000
Merrillville, Community School
Authority, TAW
4.500%, 06/30/00 2,500 2,501
4.500%, 12/29/00 2,500 2,501
St. Joseph County, Industrial
Economic Development Authority,
South Bend Medical Center Project,
RB (A) (B) (C)
4.000%, 03/07/00 2,800 2,800
--------
37,544
--------
IOWA -- 2.9%
Algona, Industrial Development
Authority, George A Hormel &
Company Project, RB (A) (B) (C)
4.150%, 03/07/00 2,600 2,600
Ceder Rapids, Pollution Control
Authority, Iowa Electric Light &
Power Company Project, RB (A) (B)
3.900%, 03/07/00 2,400 2,400
Chillicothe, Pollution Control
Authority, Iowa Southern Utilities
Project, Ser A, RB (A) (B) (C)
3.900%, 03/07/00 2,300 2,300
Council Bluffs, Pollution Control
Authority, Iowa-Illinois Gas &
Electric Company Project, RB (A) (B)
4.000%, 03/07/00 6,000 6,000
Iowa, Higher Education Authority,
Saint Ambrose University Project,
RB (A) (B) (C)
4.000%, 03/07/00 1,075 1,075
Iowa, Student Loan Liquidity
Authority, Ser A, RB
6.250%, 03/01/00 1,000 1,000
Louisa County, Pollution Control
Authority, Iowa-Illinois Gas &
Electric Company Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 10,000 10,000
--------
25,375
--------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
KANSAS -- 0.2%
Wichita, Pollution Control Authority,
CIC Industries Incorporated
Project, RB (A) (B) (C)
4.225%, 03/07/00 $ 1,590 $ 1,590
--------
KENTUCKY -- 0.6%
Covington, Industrial Building
Authority, Atkins & Pearce
Incorporated Project, Ser 95,
RB (A) (B) (C)
3.950%, 03/07/00 2,100 2,100
Georgetown, Educational Institution
Improvement Authority,
Georgetown College Project,
RB (A) (B) (C)
3.950%, 03/07/00 2,000 2,000
Newport City, Multi-Family Housing
Authority, RB (A) (B)
4.150%, 06/01/00 1,625 1,625
--------
5,725
--------
LOUISIANA -- 1.5%
Louisiana State, Local Government
Environmental Facilities Authority,
Community Development Public
Construction Project, RB
4.250%, 10/15/00 5,460 5,470
Louisiana State, Public Facilities
Authority, Multi-Family
Housing Project, RB (A) (B) (C)
3.950%, 03/07/00 7,700 7,700
--------
13,170
--------
MAINE -- 0.1%
Portland, Industrial Development
Authority, W.W. Grainger Project,
Ser 85, RB (A) (B)
4.150%, 03/07/00 1,315 1,315
--------
MARYLAND -- 1.5%
Annapolis, Forest Gemini Facility
Project, RB (A) (B) (C)
3.650%, 03/07/00 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)
3.950%, 03/07/00 6,000 6,000
Hyattsville, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
4.100%, 06/01/00 1,995 1,995
19
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Institutional Tax Free Fund--Continued
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Maryland State, Health & Higher
Educational Facilities Authority,
Barnesville School Project,
RB (A) (B) (C)
3.950%, 03/07/00 $ 590 $ 590
--------
13,335
--------
MASSACHUSETTS -- 0.5%
Massachusetts State, Development
Finance Authority, Scandinavian
Living Center Project,
RB (A) (B) (C)
3.950%, 03/07/00 4,100 4,100
--------
MICHIGAN -- 1.7%
Bay City, School District
Authority, GO
4.600%, 08/22/00 3,600 3,602
Birmingham, Economic
Development Authority,
Brown Street Corporation Project,
Ser 83, RB (A) (B) (C)
4.225%, 03/07/00 1,120 1,120
Farmington Hills, Economic
Development Authority,
Brookfield Building Association
Project, RB (A) (B) (C)
4.150%, 03/07/00 2,050 2,050
Michigan State, Housing
Development Authority,
Harbortown Project, RB (A) (B) (C)
3.975%, 03/07/00 1,900 1,900
Michigan State, Job Development
Authority, Kentwood Residence
Project, RB (A) (B) (C)
3.450%, 03/07/00 2,400 2,400
Northville Township, Economic
Development Authority,
Thrifty Northville Project,
RB (A) (B) (C)
3.975%, 03/07/00 1,500 1,500
Plymouth Township, Economic
Development Authority,
Key International Project,
RB (A) (B) (C)
3.550%, 03/07/00 2,150 2,150
--------
14,722
--------
MINNESOTA -- 2.3%
Bloomington, Commercial
Development Authority,
ATS II Project, RB (A) (B) (C)
3.520%, 03/07/00 3,305 3,305
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Brooklyn, Center Development
Authority, Brookdale Office Park
Project, Ser 84, RB (A) (B) (C)
4.010%, 03/07/00 $ 2,860 $ 2,860
Capital Realty Trust, Ser 96-1,
RB (A) (B) (C)
4.170%, 03/07/00 1,150 1,150
Duluth, Economic Development
Authority, Miller-Dwan Medical
Center Project, RB (A) (B) (C)
3.850%, 03/01/00 8,800 8,800
Plymouth, Industrial Development
Authority, Banner Engineering
Project, RB (A) (B) (C)
3.850%, 03/07/00 1,800 1,800
Roseville, Multi-Family Housing
Authority, Rosepointe II Project,
RB (A) (B) (C)
4.010%, 03/07/00 1,490 1,490
Saint Paul, Housing &
Redevelopment Authority,
Lutheran Social Service Project,
RB (A) (B) (C)
3.850%, 03/07/00 525 525
--------
19,930
--------
MISSISSIPPI -- 1.0%
Desoto County, Industrial
Development Authority,
American Soap Company Project,
RB (A) (B) (C)
5.163%, 03/07/00 900 900
Flowood, Multi-Family Housing
Authority, Reflection Pointe
Project, RB (A) (B) (C)
4.000%, 03/07/00 5,880 5,880
Prentiss County, Industry
Development Authority,
Heidelberg Eastern Project, Ser A,
RB (A) (B) (C)
3.800%, 03/07/00 2,500 2,500
--------
9,280
--------
MISSOURI -- 6.5%
Bi State, Development Facilities
Authority, American Commercial
Project, RB Pre-Refunded @ 103 (D)
7.750%, 06/01/00 3,000 3,119
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
4.050%, 03/07/00 2,900 2,900
20
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Kansas City, Industrial Development
Authority, Ewing Marion
Kauffman Project, Ser A,
RB (A) (B)
3.850%, 03/01/00 $ 1,650 $ 1,650
Kansas City, Industrial Development
Authority, Willow Creek IV
Apartments Project,
RB, FNMA (A) (B) (E)
3.900%, 03/07/00 5,495 5,495
Macon City, Industrial Development
Authority, Healthcare Realty Macon
Project, RB (A) (B) (C)
3.700%, 03/07/00 2,140 2,140
Missouri State, Health & Education
Facilities Authority, Francis
Howell R III Project, Ser E, RB
4.250%, 09/19/00 5,000 5,013
Missouri State, Health & Education
Facilities Authority, Pooled Hospital
Loan Program, Ser A, RB (A) (B)
3.950%, 03/07/00 5,400 5,400
Missouri State, Health & Education
Facilities Authority, Saint Francis
Medical Center Project,
Ser A, RB (A) (B) (C)
3.850%, 03/01/00 300 300
Osage Beach, Industrial Development
Authority, Healthcare Realty Project,
RB (A) (B) (C)
3.700%, 03/07/00 2,065 2,065
Saint Charles County, Industrial
Development Authority,
Sun River Village Project,
RB (A) (B) (C)
3.970%, 03/07/00 11,300 11,300
Saint Louis County, Industrial
Development Authority, Schnuck
Markets Kirkwood Incorporated
Project, RB (A) (B) (C)
3.975%, 03/07/00 4,350 4,350
Saint Louis, Grantor Trust,
Ser 96-A,
COP (A) (B) (C)
4.050%, 03/07/00 12,680 12,680
Saint Louis, Land Clearance
Redevelopment Authority,
Station East Project, RB
Pre-Refunded @ 102 (D)
7.750%, 01/01/01 1,500 1,572
--------
57,984
--------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
MONTANA -- 0.2%
Great Falls, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
4.100%, 06/01/00 $ 1,805 $ 1,805
--------
NEBRASKA -- 0.3%
Nebraska State, Educational Finance
Authority, Creighton University
Project, Ser A, RB, AMBAC (A) (B)
4.000%, 03/07/00 2,380 2,380
--------
NEW HAMPSHIRE -- 0.3%
Dover, TAN
4.350%, 06/21/00 2,500 2,503
--------
NEW JERSEY -- 1.0%
New Jersey State, Economic
Development Authority,
Dates-Tru Urban Renewal Project,
RB (A) (B) (C)
3.750%, 03/07/00 2,000 2,000
North Hudson, Sewer Authority,
BAN
4.250%, 03/31/00 7,000 7,000
--------
9,000
--------
NEW MEXICO -- 0.3%
Albuquerque, Metropolitan
Redevelopment Authority,
Springer Square Project,
RB (A) (B) (C)
4.350%, 03/07/00 3,000 3,000
--------
NEW YORK -- 1.6%
Monroe County, Industrial
Development Authority,
Rochester District Project,
RB (A) (B) (C)
3.450%, 03/07/00 750 750
Nassau County, BAN
4.250%, 05/16/00 8,250 8,259
New York State, Commercial
General Services, Executive
Department Project, RB
4.500%, 09/01/00 4,980 4,992
--------
14,001
--------
NORTH CAROLINA -- 0.1%
Beaufort, Pollution Control
Authority, Texas Gulf Incorporated
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,025 1,025
--------
21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
NORTH DAKOTA -- 0.1%
Fargo, Kelly Inn Authority, Fargo
Project, Ser 93, RB (A) (B) (C)
3.850%, 03/07/00 $ 1,085 $ 1,085
-------
OHIO -- 1.8%
Franklin County, Hospital Revenue
Authority, US Health Corporation
Project, Ser B, RB (A) (B) (C)
4.500%, 06/01/00 2,600 2,603
Franklin County, Industrial
Development Authority,
Capitol South Community
Redevelopment Project,
RB (A) (B) (C)
4.300%, 03/07/00 2,965 2,965
Franklin County, Industrial
Development Authority,
Leveque & Associates Project,
RB (A) (B) (C)
4.000%, 06/01/00 1,280 1,280
Highland County, Industrial
Development Authority,
Lancaster Colony Corporation
Project, RB (A) (B) (C)
3.600%, 03/01/00 1,300 1,300
Marysville, Village School
District, BAN
3.610%, 06/01/00 3,000 3,002
Scioto County, Healthcare
Facilities Authority,
Hill View Retirement
Project, RB (A) (B) (C)
4.000%, 06/01/00 1,695 1,695
Stark County, Healthcare
Facilities Authority,
Canton Christian Home
Project, Ser 90,
RB (A) (B) (C)
3.600%, 03/01/00 1,215 1,215
Stark County, Healthcare
Facilities Authority,
Christian Home Project,
RB (A) (B) (C)
3.800%, 03/15/00 1,455 1,455
Trumbull County, Industrial
Development Authority,
Howland Association
Project, RB (A) (B) (C)
3.950%, 03/07/00 285 285
--------
15,800
--------
OKLAHOMA -- 3.7%
Claremore, Industrial &
Redevelopment Authority,
Worthington Cylinder Project,
RB (A) (B) (C)
3.950%, 03/07/00 840 840
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Oklahoma State, Development
Finance Authority, Oklahoma
Hospital Association Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 $ 5,700 $ 5,700
Oklahoma State, Industrial
Development Authority,
Integris Baptist Project,
Ser B, RB, MBIA (A) (B)
3.800%, 03/01/00 15,200 15,200
Tulsa City, Industrial Healthcare
Authority, Laureate Psychiatric
Project, RB (A) (B)
4.100%, 06/15/00 8,500 8,500
Tulsa, Parking Revenue Authority,
First Mortgage Williams Center
Project, Ser A, RB (A) (B) (C)
3.900%, 05/15/00 2,500 2,500
--------
32,740
--------
OREGON -- 1.5%
Clackamas County, Hospital Facility
Authority, Senior Living Facility
Mary Woods Project, Ser C,
RB (A) (B) (C)
4.100%, 03/07/00 8,900 8,900
Medford, Hospital Facilities
Authority, Continued Care
Retirement Project, RB (A) (B) (C)
4.100%, 03/07/00 4,000 4,000
--------
12,900
--------
PENNSYLVANIA -- 7.9%
Allegheny County, Industrial
Development Authority,
Longwood At Oakmont Project,
Ser A, RB (A) (B) (C)
3.850%, 03/01/00 1,000 1,000
Allegheny County, Industrial
Development Authority,
Longwood At Oakmont Project,
Ser B, RB (A) (B) (C)
3.850%, 03/01/00 1,500 1,500
Allegheny County, Industrial
Development Authority,
Jewish Home & Hospital Project,
Ser B, RB (A) (B) (C)
3.950%, 03/07/00 4,075 4,075
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
3.975%, 03/07/00 1,450 1,450
22
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Chester County, Industrial
Development Authority,
The Woods Project, RB (A) (B) (C)
3.950%, 03/07/00 $ 1,150 $ 1,150
Clarion County, Industrial
Development Authority,
Meritcare Project, Ser A,
RB (A) (B) (C)
3.950%, 03/07/00 400 400
Dauphin County, General Authority,
Allhealth Pooled Finance
Program, Ser B, RB, FSA (A) (B)
3.950%, 03/07/00 4,000 4,000
Dauphin County, General
Authority, School District Pooled
Finance Program, Ser II, RB,
AMBAC (A) (B)
3.950%, 03/07/00 10,000 10,000
Hazleton, Industrial Development
Authority, Prep School Project,
RB (A) (B) (C)
3.950%, 03/07/00 1,700 1,700
Lancaster County, Higher Education
Authority, Franklin & Marshall
College Project, RB (A) (B)
3.960%, 03/07/00 5,665 5,665
Lancaster County, Hospital
Authority, Health Center
Luthercare Project, RB (A) (B) (C)
3.960%, 03/07/00 5,700 5,700
McCandless, Industrial
Development Authority,
Bradford Foundation Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 1,730 1,730
Montgomery County, Higher
Education & Health Authority,
William Penn Charter School
Project, RB (A) (B) (C)
3.950%, 03/07/00 2,600 2,600
New Garden, General Municipal
Authority, Municipal Pooled
Financing Program, Ser I, RB,
AMBAC (A) (B)
3.950%, 03/07/00 4,500 4,500
Pennsylvania State, Higher
Education Facility,
Carnegie Mellon University
Project, Ser C, RB (A) (B)
3.800%, 03/01/00 2,000 2,000
Pennsylvania State, Ser A,
COP, AMBAC
4.625%, 07/01/00 3,400 3,413
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Philadelphia, Industrial
Development Authority,
Germantown Home Project,
RB (A) (B) (C)
3.950%, 03/07/00 $ 9,665 $ 9,665
Philadelphia, Industrial
Development Authority,
Inglis House Project,
RB (A) (B) (C)
3.850%, 03/01/00 9,000 9,000
--------
69,548
--------
SOUTH CAROLINA -- 0.6%
Sumter County, Industrial
Development Authority,
Bendix Corporation Project,
RB (A) (B) (C)
3.975%, 03/07/00 4,000 4,000
Walhalla, Industrial Development
Authority, Avondale Mills Project,
RB (A) (B) (C)
3.950%, 03/07/00 900 900
--------
4,900
--------
SOUTH DAKOTA -- 0.2%
South Dakota State, Health &
Educational Facilities Authority,
Avera Mckennan Issue Project,
RB, MBIA
3.900%, 07/01/00 1,555 1,557
--------
TENNESSEE -- 4.3%
GAF Tax-Exempt Bond Grantor
Trust, Ser A, RB (A) (B) (C)
3.900%, 03/07/00 4,480 4,480
Hamilton County, Industrial
Development Board Authority,
Trade Center Hotel Project,
Ser A, RB (A) (B) (C)
4.000%, 03/07/00 5,548 5,548
Hamilton County, Industrial
Development Board Authority,
Trade Center Hotel Project,
Ser B, RB (A) (B) (C)
4.000%, 03/07/00 4,852 4,852
Knox County, Health & Education
Housing Facilities Authority,
THA Solutions Group Project,
RB (A) (B)
3.950%, 03/07/00 3,500 3,500
Knox County, Industrial
Development Authority,
Center Square 11 Limited Project,
RB (A) (B) (C)
3.850%, 03/07/00 5,000 5,000
23
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Institutional Tax Free Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Memphis-Shelby County, Industrial
Development Board Authority,
United Medical Group Project,
RB (A) (B) (C)
3.950%, 03/07/00 $ 6,000 $ 6,000
Metropolitan Nashville & Davidson
County, Industrial Development
Board, Nashville Office Building
Project, RB, FGIC (A) (B)
3.850%, 03/07/00 4,300 4,300
Metropolitan Nashville & Davidson
County, Toys "R" Us Project,
Ser 84, RB (A) (B) (C)
4.100%, 03/07/00 1,030 1,030
Shelby County, Health Education &
Housing Facilities Authority,
Saint Peter Villa Project,
RB (A) (B) (C)
4.000%, 03/07/00 3,035 3,035
--------
37,745
--------
TEXAS -- 6.6%
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
3.975%, 03/07/00 1,000 1,000
Corpus Christi, Industrial
Development Authority,
Texas-Air Project, RB (A) (B) (C)
4.300%, 08/01/00 4,385 4,385
Gulf Coast, Waste Disposal
Authority, Armco Incorporated
Project, RB (A) (B) (C)
3.950%, 03/07/00 1,500 1,500
Harris County, Health Facilities
Development Authority,
Methodist Hospital Project,
RB (A) (B)
3.800%, 03/01/00 10,100 10,100
Harris County, Health Facilities
Development Authority,
Texas Medical Center Project, RB,
MBIA Pre-Refunded @ 102 (D)
7.250%, 05/15/00 1,000 1,027
Harris County, Multi-Family
Housing Authority, Greenhouse
Project, RB (A) (B) (C)
4.225%, 03/07/00 1,985 1,985
Harris County, Multi-Family
Housing Authority,
Len Hollow Development Project,
RB (A) (B) (C)
4.225%, 03/07/00 1,600 1,600
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
North Central, Health Facilities
Development Authority,
Northwest Senior Housing Project,
Ser C, RB (A) (B) (C)
3.980%, 03/07/00 $14,400 $ 14,400
Northside, Independent School
District, Ser A, GO
6.375%, 08/15/00 1,445 1,461
Texas State, Association of School
Boards, Ser A, TAN
4.500%, 08/31/00 11,000 11,002
Texas State, Ser A, TRAN
4.500%, 08/31/00 5,000 5,019
Texas State, Water Development
Board, State Revolving Fund
Project, RB
5.500%, 07/15/00 1,265 1,274
Trinity River, Industrial Development
Authority, Trinity River Project,
RB (A) (B) (C)
3.975%, 03/07/00 2,000 2,000
Waxahachie, Industrial Development
Authority, Dart Container Project,
RB (A) (B) (C)
4.025%, 03/07/00 1,800 1,800
--------
58,553
--------
UTAH -- 1.0%
Sandy City, Industrial Development
Authority, Boyer 106 S Project,
RB (A) (B) (C)
3.900%, 03/07/00 2,315 2,315
Weber County, Hospital Authority,
Health Services Project,
Ser B, RB (A) (B)
3.800%, 03/07/00 2,000 2,000
Weber County, Hospital Authority,
Health Services Project,
Ser C, RB (A) (B)
3.800%, 03/07/00 3,000 3,000
West Valley, Industrial Development
Authority, Johnson Matthey
Project, RB (A) (B) (C)
3.900%, 03/01/00 1,950 1,950
--------
9,265
--------
VERMONT -- 0.2%
Student Assistance Authority,
Student Loan Bonds,
Ser 85, RB (A) (B) (C)
3.650%, 03/07/00 1,950 1,950
--------
24
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
VIRGINIA -- 0.7%
Norfolk, Industrial Development
Authority, Toys "R" Us Project,
Ser 1984, RB (A) (B) (C)
3.975%, 03/07/00 $ 1,425 $ 1,425
Virginia State, Water & Sewer
Resource Authority, Henrico
County Project, RB (A) (B)
4.050%, 03/07/00 5,000 5,000
--------
6,425
--------
WASHINGTON -- 2.2%
Clark County, School District
No. 119, TAN
4.000%, 08/31/00 2,000 2,000
Kent, Economic Development
Authority, Northwest Aluminum
Products Project, RB (A) (B) (C)
3.950%, 03/07/00 1,300 1,300
Washington State, Housing Finance
Authority, Community Non-Profit
Golden Sands Project,
RB (A) (B) (C)
3.950%, 03/01/00 250 250
Washington State, Housing
Finance Authority, Community
Non-Profit Panorama City Project,
RB (A) (B) (C)
3.950%, 03/01/00 11,230 11,230
Washington State, Non-Profit
Housing Finance Authority,
Emerald Heights Project,
RB (A) (B) (C)
3.850%, 03/01/00 1,000 1,000
Washington State, Public Power
Supply System Authority,
Nuclear Project No. 2,
Ser A, RB Pre-refunded @ 102 (D)
7.375%, 07/01/00 2,500 2,581
Washington State, Public Power
Supply System Authority,
Nuclear Project No. 2, Ser C,
RB Pre-Refunded @ 102 (D)
7.625%, 01/01/01 1,000 1,048
--------
19,409
--------
WEST VIRGINIA -- 2.7%
Charleston, Building Common
Parking Facility Authority,
Charleston Town Center Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 12,090 12,090
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Parkersburg, Industrial
Development Authority,
B-H Associates Project,
RB (A) (B) (C)
4.225%, 03/07/00 $ 3,500 $ 3,500
Putnam County, Industrial
Development Authority,
Bond for FMC Corporation Project,
RB (A) (B) (C)
3.450%, 03/07/00 3,400 3,400
West Virginia State, Hospital
Finance Authority,
VHA Mid-Atlantic/Capital Project,
Ser B, RB, AMBAC (A) (B)
3.950%, 03/07/00 3,000 3,000
West Virginia State, Hospital
Finance Authority,
VHA Mid-Atlantic/Capital Project,
Ser H, RB, AMBAC (A) (B)
3.950%, 03/07/00 1,800 1,800
--------
23,790
--------
WISCONSIN -- 3.9%
Ashland, School District
Authority, TRAN
3.970%, 08/30/00 4,100 4,100
Hortonville, School District
Authority, TRAN
4.040%, 10/27/00 1,600 1,600
Kewaskum, School District
Authority, TRAN
4.040%, 09/20/00 2,075 2,075
Marinette, School District
Authority, TRAN
4.150%, 05/11/00 1,360 1,360
Monona Grove, School
District Authority, TRAN
4.100%, 10/30/00 2,300 2,301
Northland Pines, School District
Authority, TRAN
4.000%, 09/08/00 3,000 3,001
Omro, School District
Authority, TRAN
4.070%, 09/27/00 1,200 1,201
Pleasant Prairie, BAN
4.300%, 01/15/01 6,500 6,500
Pulaski, Community School
District Authority, TRAN
3.900%, 08/30/00 2,000 2,000
Shawano-Gresham, School
District Authority, TRAN
4.140%, 08/30/00 2,200 2,200
25
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Institutional Tax Free Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Village of Menomonee, Industrial
Development Authority,
Maysteel Corporation Project,
RB (A) (B) (C)
4.025%, 03/07/00 $ 3,000 $ 3,000
Wisconsin State, Health &
Educational Facilities Authority,
Milwaukee Protestant Home
Project, Ser A, RB (A) (B) (C)
3.980%, 03/07/00 5,000 5,000
--------
34,338
--------
WYOMING -- 0.5%
Cheyenne County, Economic
Development Authority,
Holiday Inn Project, RB (A) (B) (C)
3.750%, 04/01/00 1,120 1,120
Evanston, Industrial Development
Authority, Safeway Incorporated
Project, RB (A) (B) (C)
4.100%, 06/01/00 3,700 3,700
--------
4,820
--------
MULTI-STATE -- 3.7%
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A) (B) (C)
4.050%, 03/07/00 30,700 30,700
McDonald Tax-Exempt Mortgage
Trust #1, RB (A) (B) (C)
3.450%, 05/15/00 2,075 2,075
Northwest Mutual Life Authority,
Tax-Exempt Mortgage Trust Project,
RB (A) (B) (C)
5.320%, 03/07/00 392 392
--------
33,167
--------
Total Municipal Bonds
(Cost $911,863) 911,863
--------
Total Investments -- 103.0%
(Cost $911,863) 911,863
--------
Other Liabilities and Assets, Net -- (3.0%) (26,310)
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value)
based on 795,797,491 outstanding
shares of beneficial interest $795,621
Fund Shares of Class B (unlimited
authorization -- no par value) based on
50,032,954 outstanding shares of
beneficial interest 50,033
Fund Shares of Class C (unlimited
authorization -- no par value)
based on 39,974,420 outstanding
shares of beneficial interest 39,973
Distributions in excess of net investment
income (22)
Accumulated net realized loss on investments (52)
--------
Total Net Assets -- 100.0% $885,553
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $1.00
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS B $1.00
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS C $1.00
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
26
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
Pennsylvania Tax Free Fund
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 91.7%
PENNSYLVANIA -- 91.7%
Allegheny County, Industrial
Development Authority,
Pollution Control, Duquesne Light
Company Project,
RB, AMBAC (A) (B)
3.950%, 03/07/00 $1,000 $ 1,000
Berks County, Industrial
Development Authority,
Rilsan Industrial Project,
RB (A) (B) (C)
3.975%, 03/07/00 1,100 1,100
Bucks County, Industrial
Development Authority,
CPC International Incorporated
Project, Ser 85, RB (A) (B)
3.570%, 03/01/00 1,000 1,000
Butler County, Industrial
Development Authority,
Concordian Lutheran Project,
Ser A, RB (A) (B) (C)
3.950%, 03/07/00 1,000 1,000
Butler County, Industrial
Development Authority,
Pennzoil Project, RB (A) (B) (C)
4.000%, 03/07/00 600 600
Chartiers Valley, Industrial &
Commercial Development
Authority, Parkay Center
West Project, Ser A, RB (A) (B) (C)
3.950%, 03/07/00 1,120 1,120
Chester County, Health & Education
Facilities Authority, Barclay Friends
Project, Ser A, RB (A) (B) (C)
3.900%, 03/07/00 1,485 1,485
Dauphin County, General Authority,
Allhealth Pooled Finance Program,
Ser B, RB, FSA (A) (B)
3.950%, 03/07/00 700 700
Delaware County, College Revenue
Authority, Neumann College,
Ser B, RB (A) (B) (C)
4.100%, 10/01/00 1,600 1,600
Delaware County, Industrial
Development Authority,
Henderson/Radnor Joint Venture
Project, RB (A) (B) (C)
4.100%, 03/07/00 985 985
Delaware Valley, Regional Finance
Authority, Local Government
Revenue, Ser B, RB (A) (B) (C)
3.900%, 03/07/00 1,000 1,000
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
East Hempfield Township, Industrial
Development Authority,
The Mennonite Home Project,
RB (A) (B) (C)
3.960%, 03/07/00 $ 500 $ 500
Geisinger, Health Systems Authority,
Saint Geisinger Health Project,
Ser B, RB (A) (B)
3.800%, 03/01/00 1,200 1,200
Lebanon County, Health Facilities
Authority, United Church of Christ
Homes Project, RB (A) (B) (C)
3.950%, 03/07/00 700 700
Lebanon County, Health Facilities
Authority, United Church of Christ
Project, RB (A) (B) (C)
3.960%, 03/07/00 500 500
Lebanon County, Industrial
Development Authority,
Aluminum Company of America
Project, Ser 92, RB (A) (B)
4.040%, 03/07/00 1,000 1,000
Lehigh County, Industrial
Development Authority,
Pollution Control, Allegheny
Electric Corporation Project,
RB (A) (B) (C)
3.650%, 03/07/00 100 100
Lehigh County, Water & Sewer
Authority, Ser B, RB,
FGIC (A) (B)
3.850%, 03/07/00 215 215
Lehigh County, Water Authority,
RB, FGIC (A) (B)
3.850%, 03/07/00 485 485
Lycoming County, College Revenue
Authority, Pennsylvania College
Technology, RB, AMBAC
Pre-Refunded @ 102 (D)
7.000%, 11/01/00 250 260
Montgomery County, Industrial
Development Authority,
Merck Industrial Development
Project, RB (A) (B)
4.350%, 03/07/00 1,000 1,000
Pennsylvania State, Higher
Education Assistance Authority,
Ser A, RB, FGIC
6.800%, 12/01/00 250 255
Pennsylvania State, Higher
Education Facilities Authority,
Ser D, RB, MBIA
Pre-Refunded @100 (D)
6.900%, 06/15/00 500 503
27
<PAGE>
SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Pennsylvania Tax Free Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Pennsylvania State,
Ser A, COP, AMBAC
4.625%, 07/01/00 $1,265 $ 1,270
Philadelphia, Hospital & Higher
Education Facility Authority,
Temple East Project,
Ser B, RB (A) (B) (C)
4.050%, 03/07/00 400 400
Philadelphia, Industrial Development
Authority, City Line Holiday Inn
Project, Ser 96, RB (A) (B) (C)
4.000%, 03/07/00 1,400 1,400
Philadelphia, Industrial Development
Authority, Inglis House Project,
RB (A) (B)
4.300%, 09/01/00 1,000 1,000
Philadelphia, Redevelopment
Authority, Rivers Edge Project,
RB (A) (B) (C)
4.150%, 03/07/00 1,400 1,400
Schuylkill County, Industrial
Development Authority,
Gilberton Power Project,
RB (A) (B) (C)
3.900%, 03/07/00 1,400 1,400
Scranton-Lackawana, Health &
Welfare Authority, University of
Scranton Project, RB (A) (B) (C)
3.900%, 03/07/00 1,075 1,075
Washington County, Municipal
Lease Authority, RB, AMBAC
Pre-Refunded @ 103 (D)
7.300%, 06/15/00 820 853
Westmoreland County, Industrial
Development Authority,
Kinder Care Project,
Ser D, RB (A) (B) (C)
4.150%, 03/07/00 755 755
--------
27,861
--------
Total Municipal Bonds
(Cost $27,861) 27,861
--------
Total Investments -- 91.7%
(Cost $27,861) 27,861
--------
Other Assets and Liabilities, Net-- 8.3% 2,519
--------
Total Net Assets -- 100.0% $30,380
========
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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 PRE-REFUNDED DATE.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Intermediate-Term
Municipal Fund
MUNICIPAL BONDS -- 99.1%
ALABAMA -- 1.2%
Agricultural and Mechanical
University Project, RB, MBIA
Callable 05/01/08 @ 102
5.000%, 11/01/08 $1,140 $ 1,114
Baldwin County, Eastern Shore
Healthcare Authority, RB, AMBAC
5.000%, 04/01/06 1,025 1,006
Docks Department, Docks Facility,
RB, MBIA
6.000%, 10/01/08 1,000 1,046
Special Care Facilities Financing
Authority, Charity Obligation
Group Project, Ser A, RB (D)
5.000%, 11/01/06 2,700 2,680
State Private Colleges and Tuskegee
University Project, Ser A, RB
Callable 09/01/06 @ 102 (E)
5.700%, 09/01/10 825 833
5.700%, 09/01/11 870 872
Water Pollution Control Authority,
Revolving Flood Line,
Ser A, RB, AMBAC
Callable 02/15/08 @ 100
4.750%, 08/15/08 1,105 1,050
--------
8,601
--------
ALASKA -- 1.5%
Anchorage Electric Utility, RB, MBIA
8.000%, 12/01/06 1,775 2,048
8.000%, 12/01/07 1,310 1,528
Energy Authority, Bradley Lake
Project, Ser 3, RB, FSA
6.000%, 07/01/12 3,980 4,119
28
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Finance Authority,
State Capital Project,
Ser B-2, RB, MBIA
5.500%, 06/01/05 $3,600 $ 3,663
--------
11,358
--------
ARIZONA -- 1.5%
Apache County, Industrial
Development Authority,
Tuscon Electric Power,
RB (A) (B) (E)
3.900%, 03/07/00 300 300
Maricopa County, Community
College District, GO
5.000%, 07/01/07 5,500 5,445
Maricopa County, High School
District 210, GO
5.000%, 07/01/08 3,745 3,684
Tempe, GO
8.000%, 07/01/01 735 767
Yuma County, Jail Revenue,
RB, AMBAC
6.000%, 07/01/03 1,025 1,062
--------
11,258
--------
ARKANSAS -- 0.2%
Baxter County, Hospital Revenue
Authority, Refunding and
Improvement, Ser A, RB
Callable 09/01/09 @ 100
5.375%, 09/01/14 2,000 1,640
--------
CALIFORNIA -- 11.2%
Abag, Finance Authority for
Non-Profit Corporations,
Episcopal Homes Foundation
Project, COP
5.000%, 07/01/07 1,000 951
Anaheim, Public Finance Authority,
Public Improvements Project,
Ser C, RB, FSA
6.000%, 09/01/13 2,325 2,476
California State, GO
5.500%, 10/01/05 2,000 2,082
7.000%, 08/01/06 1,525 1,704
5.500%, 10/01/06 2,000 2,085
6.600%, 02/01/09 1,000 1,105
5.250%, 10/01/09 2,000 2,035
California State, GO, AMBAC
6.300%, 09/01/10 2,000 2,185
California State, GO Callable
06/01/06 @ 101
5.250%, 06/01/12 2,645 2,638
California State, GO, FGIC Callable
12/01/08 @ 101
4.500%, 12/01/21 5,000 4,025
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
California State, Water Department
Authority, Central Valley Project,
Ser Q, RB
6.000%, 12/01/10 $5,150 $ 5,523
California Statewide, Communities
Development Authority,
John Muir/Mount Diablo Health
Project, COP, AMBAC (A) (B)
3.100%, 03/01/00 1,200 1,200
California Statewide, Communities
Development Authority, St. Joseph
Health System, COP
5.000%, 07/01/05 2,765 2,737
Community Development Authority,
St. Josephs Health System
Obligation Group, COP
Callable 07/01/08 @ 101
5.250%, 07/01/09 5,170 5,047
Compton, Civic Center & Capital
Improvement, Ser A, COP
5.000%, 09/01/00 1,000 1,005
Elk Grove, Unified School District
Special Tax, Community Facilities
District 1, GO, AMBAC
6.500%, 12/01/07 1,000 1,101
Health Facilities Finance Authority,
E24 Sisters of Providence, RB
5.500%, 10/01/05 1,100 1,108
Health Facilities Finance Authority,
Kaiser Permanente Project,
Ser A, RB, FSA
5.000%, 06/01/06 5,325 5,372
Housing Finance Agency,
Ser A, RB, MBIA
Callable 08/01/06 @ 102
5.300%, 08/01/14 210 209
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 2,247
Intercommunity Hospital Financing
Authority, COP (E)
5.000%, 11/01/04 2,000 1,997
Los Angeles County, Capital Asset
Leasing Corporation, RB, AMBAC
6.000%, 12/01/06 1,000 1,069
Los Angeles, Department of Water &
Power Electric Plant, RB
9.000%, 10/15/02 2,000 2,222
Los Angeles, Unified School District,
Multiple Property Project,
Ser A, COP, FSA
5.100%, 10/01/06 1,050 1,071
29
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Los Angeles, Unified School District,
Ser A, GO, FGIC
6.000%, 07/01/12 $1,880 $ 2,005
Los Angeles, Community
Redevelopment Agency,
Tax Allocation, Central Business
District Project, RB
5.000%, 11/15/00 500 502
Mojave Water Agency, GO, FGIC
Callable 09/01/06 @ 102
5.600%, 09/01/12 1,000 1,021
Multi-Family Community
Development Authority,
Equity Residential Project,
Ser C, RB (A) (B)
5.200%, 06/15/09 2,750 2,630
Oakland Health Facilities Authority,
Children's Hospital Project,
Ser A, RB Callable 03/06/01 @ 102 (E)
5.000%, 07/01/01 1,175 1,185
Orange County, Ser A, COP, MBIA
Callable 07/01/06 @ 102
5.800%, 07/01/16 1,000 1,009
Orville, Orville Hospital, Ser A, RB
Callable 12/01/05 @ 102 (E)
5.500%, 12/01/06 1,000 1,019
Public Works Board Authority,
Regents University Project, Ser A, RB
5.250%, 12/01/07 1,000 1,027
Public Works, State University
Project, Ser A, RB
5.500%, 10/01/07 2,000 2,070
Southern California Metropolitan
Waterworks Authority,
Water District, Ser A, RB
Callable 07/01/08 @ 101
4.750%, 07/01/22 4,000 3,330
St. Tammany Parish of Los Angeles,
California Hospital Service
District 1, RB, ACA Insured
5.000%, 07/01/08 1,495 1,422
Stanislaus, Waste to Energy Finance
Authority, Ogden Martin Systems
Project, RB Callable 01/01/00 @ 102
7.625%, 01/01/10 3,785 3,867
State Educational Facilities,
University of Southern California,
Ser A, RB
5.600%, 10/01/05 1,140 1,193
Statewide Communities Development
Authority, San Gabriel Valley,
Ser A, COP (E)
6.000%, 09/01/06 1,000 1,045
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Torrance, Redevelopment Agency,
Senior Lien, Ser C, Tax Allocation,
RB, MBIA
5.000%, 09/01/08 $2,980 $ 2,991
University of California, Board of
Regents, Ser B, RB
6.500%, 09/01/02 1,995 2,075
--------
81,585
--------
COLORADO -- 4.9%
Arapahoe County, Colorado
Highway Improvement Trust
Fund, RB Pre-Refunded @ 103 (C)
7.000%, 08/31/05 4,000 4,465
Denver City & County,
Airport Revenue Refunded, Ser A,
RB Pre-Refunded @ 102 (C)
7.250%, 11/15/02 3,590 3,877
Health Facilities Authority,
Catholic Health Initiatives Project,
Ser A, RB
5.500%, 12/01/06 1,000 997
5.500%, 12/01/07 1,000 991
Health Facilities Authority,
Rocky Mountain Adventist, RB
6.250%, 02/01/04 1,200 1,134
Highland Ranch,
Metropolitan District 3,
Ser A, GO (E)
5.000%, 12/01/06 630 610
Highlands Ranch, Metropolitan
District 3, Ser B, GO (E)
5.000%, 12/01/06 1,345 1,303
Housing Finance Authority,
Ser A-3, RB Callable 05/01/08 @ 105
6.500%, 05/01/16 3,000 3,112
Housing Finance Authority,
Single-Family Housing Project,
Ser A, RB Callable 05/01/08 @ 105
6.500%, 11/01/29 1,000 1,020
Housing Finance Authority,
Single-Family Housing Project,
Ser A-3, RB Callable 05/01/07 @ 105
7.000%, 11/01/16 1,750 1,853
Housing Finance Authority,
Single-Family Housing Project,
Ser B-3, RB Callable 05/01/08 @ 105
6.550%, 05/01/25 1,975 2,049
Housing Finance Authority,
Single-Family Housing Project,
Ser C-3, RB Callable 11/01/07 @ 102
4.800%, 11/01/16 645 643
Housing Finance Authority,
Single-Family Housing Project,
Ser C-3, RB Callable 11/01/07 @ 105
6.750%, 05/01/17 1,000 1,049
30
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Housing Finance Authority,
Single-Family Housing Project,
Ser C-3, RB, FHA
Callable 10/01/09 @ 102
6.750%, 10/01/21 $2,500 $ 2,612
Housing Finance Authority,
Single-Family Housing
Project, Ser D-3, RB
Callable 11/01/08 @ 105
6.125%, 11/01/23 1,000 1,009
Housing Finance Authority,
Single-Family Project,
Ser A-3, RB
Callable 05/01/08 @ 102
4.600%, 11/01/16 995 989
Jefferson County, School
District
R-001, GO, MBIA
6.500%, 12/15/07 4,750 5,142
Larimar County,
School District R-1, GO
5.500%, 12/15/06 1,285 1,311
Obligation Board Authority,
Student Loan Project,
Ser L, RB
6.100%, 09/01/02 1,760 1,813
--------
35,979
--------
CONNECTICUT -- 0.3%
Housing Finance Authority, Housing
Finance Program, Ser B, RB
Callable 11/15/02 @ 102
6.150%, 11/15/04 1,000 1,046
Mashantucket, Western Pequot Tribe
Project, Ser A, RB (D)
6.250%, 09/01/03 490 512
State Development Authority,
Pollution Control,
Frito-Lay/Pepsi Project, RB
Callable 08/23/99 @ 100
6.375%, 07/01/04 560 567
--------
2,125
--------
DISTRICT OF COLUMBIA -- 1.3%
Convention Center Authority,
Senior Lien Project, RB, AMBAC
Callable 10/01/08 @ 101
5.250%, 10/01/12 3,000 2,906
District of Columbia,
Ser B, GO, MBIA
6.000%, 06/01/11 4,750 4,916
Hospital Revenue, Washington
Hospital Center, RB, MBIA
Pre-Refunded @ 102 (C)
7.000%, 08/15/02 1,500 1,575
--------
9,397
--------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
FLORIDA -- 2.6%
Board of Education, Capital
Outlay, Ser A, GO
Pre-Refunded @ 102 (C)
7.250%, 06/01/23 $1,000 $ 1,027
Collier County, Health
Facility Authority,
RB (A) (B) (E)
3.750%, 03/01/00 3,100 3,100
Dade County, Ser CC,
GO, AMBAC
6.900%, 10/01/04 1,125 1,218
6.900%, 10/01/05 1,025 1,117
7.125%, 10/01/08 1,470 1,678
Dade County, Ser DD,
GO, AMBAC
7.600%, 10/01/05 1,070 1,202
Hillsborough County,
Educational Facilities Authority,
University of Tampa Project,
RB Callable 04/01/08 @ 102
5.750%, 04/01/18 2,600 2,554
Hillsborough County, Utility
Authority, RB, MBIA
Callable 08/23/99 @ 100 (D)
9.750%, 12/01/03 1,425 1,587
Housing Finance Authority,
Capital Appreciation,
Single-Family Mortgage,
Zero Coupon, RB
0.00%, 07/15/16 320 47
Housing Finance Authority,
Homeowner Management Project,
Ser 1, RB Callable 07/01/10 @ 100
5.750%, 01/01/17 2,000 1,975
Palm Beach County, Solid Waste
Authority, Ser A, RB, AMBAC
6.000%, 10/01/08 3,300 3,469
--------
18,974
--------
GEORGIA -- 0.8%
College Park, Business & Industrial
Development Authority,
Civic Center Project,
Ser A, RB, FSA
5.200%, 09/01/04 1,105 1,116
5.800%, 09/01/05 1,165 1,207
Gwinette County,
School District
Authority, GO
Callable 02/01/01 @ 102
9.500%, 02/01/02 1,000 1,061
Savannah, Hospital Authority,
St. Josephs/Candler Health Systems
Project, Ser B, RB, FSA
Callable 01/01/09 @ 101
5.250%, 07/01/09 2,625 2,589
--------
5,973
--------
31
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
HAWAII -- 1.3%
Hawaii State, GO, FSA
6.000%, 11/01/08 $7,000 $ 7,341
Housing Finance & Development
Authority, Single-Family Housing
Project, Ser B, RB
Callable 07/01/01 @ 102 (F)
6.900%, 07/01/16 2,070 2,137
--------
9,478
--------
ILLINOIS -- 4.7%
Chicago, Metropolitan Water
Reclamation District, Greater
Chicago Capital
Improvements, RB
7.000%, 12/01/07 3,150 3,493
Chicago, Water Reclamation
District of Greater Chicago,
Capital Improvement Bonds, RB
6.900%, 01/01/07 3,500 3,811
Cook County, GO, MBIA
7.250%, 11/01/07 2,000 2,245
Cook County, Capital
Improvement Project, GO, FGIC
6.000%, 11/15/06 2,920 3,059
Development Finance Authority,
Community Rehab Providers,
Ser A, RB
5.600%, 07/01/05 2,235 2,199
Educational Facility Authority,
Northwestern University Project,
RB (A) (B)
5.150%, 11/01/12 2,000 1,940
Health Facilities Authority,
Edgewater Medical Center Project,
Ser A, RB (E)
4.700%, 07/01/31 3,950 3,925
Health Facilities Authority,
Galesburg Cottage Hospital Project,
RB Callable 05/01/02 @ 102
6.250%, 05/01/11 2,590 2,635
Health Facilities Authority, RB, MBIA
Callable 04/27/00 @ 100
7.900%, 08/15/03 400 401
Health Facilities Authority,
Ser B, RB (A) (B)
3.900%, 03/07/00 1,000 1,000
Hospital Facilities Authority,
Metropolitan Pier & State
Exposition Authority, McCormick
Plaza Convention, RB
Pre-Refunded @ 102 (C)
6.250%, 07/01/06 450 480
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Housing Development Authority,
Ser A, RB Callable 02/01/06 @ 102
5.650%, 02/01/16 $ 220 $ 221
Illinois State, GO
Callable 04/24/00 @ 102
6.375%, 08/01/00 1,000 1,009
Illinois State, Health Facilities
Authority, Centegra Health
Systems Project, GO
5.500%, 09/01/06 2,375 2,310
Kane & DeKalb County,
Unified School District 301, GO,
AMBAC
6.300%, 12/01/04 2,640 2,785
McClean County, Public Building
Commission, Lease Receipts,
Law & Justice Center, GO
7.300%, 11/01/02 1,280 1,358
Toll Highway Authority,
Toll Highway Priority, Ser A, RB
6.300%, 01/01/11 1,500 1,584
--------
34,455
--------
INDIANA -- 0.2%
Purdue University, Student Fee
Project, Ser P, RB
5.000%, 07/01/05 1,370 1,377
--------
IOWA -- 0.4%
Ceder Rapids, GO
5.000%, 06/01/05 2,090 2,087
Eddyville Pollution Control,
Cargill Incorporated Project, RB
5.400%, 10/01/06 1,000 1,002
--------
3,089
--------
KANSAS -- 0.1%
Shawnee County, Ser A, GO
5.250%, 09/01/09 1,000 997
--------
KENTUCKY -- 1.1%
Property and Buildings Commision
Authority, Project 55, RB, MBIA
6.250%, 09/01/07 2,100 2,234
Property and Buildings Commission
Authority, Project 55, RB
6.000%, 09/01/08 2,500 2,606
Property and Buildings Commission
Authority, Project 65, RB
5.750%, 02/01/04 2,795 2,858
--------
7,698
--------
32
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
LOUISIANA -- 1.5%
Housing Finance Authority,
Single-Family Housing Project,
RB Callable 12/01/07 @ 104
6.650%, 06/01/15 $1,000 $ 1,040
Housing Finance Authority,
Single-Family Housing Project,
RB, MBIA Callable 06/01/06 @ 102
5.125%, 12/01/10 590 562
Jefferson Parish, Drain Sales Tax,
RB, AMBAC
5.000%, 11/01/09 1,300 1,266
Jefferson Parish, Hospital Service
Authority, District 2, RB, FGIC
Callable 12/01/05 @ 100
5.250%, 12/01/15 5,450 5,443
Office Facility Lease Revenue,
Ser A, RB, MBIA
Callable 03/01/02 @ 100
5.000%, 03/01/09 1,510 1,472
Office Facility Lease Revenue,
Ser B, RB, MBIA
Callable 03/01/02 @ 100
5.000%, 03/01/10 1,330 1,287
--------
11,070
--------
MAINE -- 0.7%
Finance Authority, Electric Rate
Stabilization Project, Ser A,
RB, FSA
5.000%, 07/01/07 1,975 1,955
Finance Authority, Electric Rate
Stabilization Project, Ser A, RB, FSA
5.000%, 07/01/05 1,220 1,220
Maine, Health & Higher Educational
Facility Authority, GO, MBIA
5.250%, 07/01/07 2,270 2,273
--------
5,448
--------
MARYLAND -- 0.3%
Health and Higher Education Facility
Authority, RB
Pre-Refunded @ 100 (C)
4.600%, 11/01/03 1,935 1,920
--------
MASSACHUSETTS -- 5.6%
Grant Anticipation Notes,
Ser A, RB
5.000%, 12/15/05 1,270 1,265
Health and Higher Education
Facilities Authority, Captial Asset
Program, Ser B, RB, MBIA
Callable 08/02/99 @ 100 (A) (B)
3.800%, 03/01/00 3,950 3,950
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Housing Finance Agency,
Residential Development,
RB, FNMA Callable
05/15/02 @ 102 (F)
6.875%, 11/15/11 $1,935 $ 2,034
Industrial Financing Agency,
RB (B) (E)
5.000%, 05/01/02 1,350 1,345
Lowell, GO, FSA
Callable 02/15/01 @ 103
8.300%, 02/15/05 1,855 1,963
Massachusetts Bay, Transportation
Authority, General Transportation
System, Ser A, RB
5.500%, 03/01/09 1,230 1,245
Massachusetts Bay,
Transportation Authority,
General Transportation
System, Ser A, RB (E)
7.000%, 03/01/07 3,000 3,307
Massachusetts State,
Consolidated
Loans, Ser A, RB
5.500%, 11/01/08 3,550 3,612
Massachusetts State, Consolidated
Loans, Ser B, GO, MBIA
4.750%, 04/01/18 2,500 2,134
Massachusetts State, Construction
Loans, Ser A, RB
Pre-Refunded @ 102 (C)
7.625%, 06/01/01 2,000 2,112
Massachusetts State, Health &
Educational Facilities Authority,
RB (A) (B)
3.800%, 03/07/00 1,370 1,370
Massachusetts State, Housing
Finance Agency, Ser 44, RB
Callable 06/01/05 @ 102
5.900%, 12/01/13 1,000 1,007
Massachusetts State, Ser A, GO
6.000%, 11/01/11 2,500 2,628
Massachusetts State, Ser A, GO
Callable 02/01/03 @ 102
5.250%, 02/01/08 3,550 3,550
Massachusetts State, Water Resource
Authority, Ser B, RB, FSA
Callable 08/01/08 @ 100
4.500%, 08/01/22 5,500 4,345
Springfield, GO, AMBAC
6.375%, 08/01/04 1,000 1,061
State Health and Education
Facilities Authority,
Faulkner Hospital,
Ser C, RB
5.500%, 07/01/01 1,325 1,340
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 1,541
33
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
State Water Resource Authority,
Ser B, RB Callable 03/01/03 @ 102
5.250%, 03/01/13 $1,000 $ 957
--------
40,766
--------
MICHIGAN -- 3.5%
Battle Creek, Downtown
Development Authority, RB,
Pre-Refunded @ 102 (C)
7.300%, 05/01/04 1,195 1,317
Detroit, City School District,
Ser B, GO, FGIC
5.000%, 05/01/06 2,500 2,481
Greater Detroit Resource Recovery
Authority, Ser A, RB, AMBAC
5.500%, 12/13/03 1,525 1,552
Hospital Finance Authority, Hosptial
Charity Project, Ser D, RB
Pre-Refunded @ 100 (C)
4.800%, 11/01/04 3,955 3,911
Housing Development Authority,
Ser A, RB
Callable 06/01/02 @ 102 (E)
6.800%, 12/01/12 1,000 1,028
Jackson County, Hospital Finance
Authority, Foote Memorial Hospital,
Ser A, RB, AMBAC
5.000%, 06/01/06 1,970 1,933
Kent, Hospital Finance Authority,
Spectrun Health Project, Ser A, RB
5.250%, 01/15/07 1,975 1,943
Michigan State, Building Authority,
Facilities Program Project, Ser II, RB
6.000%, 10/15/07 4,000 4,195
Michigan State, Hospital Finance
Authority, Ascension Health Credit,
Ser B, RB (B)
5.200%, 11/15/05 7,500 7,425
--------
25,785
--------
MINNESOTA -- 0.7%
Dakota County, Capital Improvements,
Ser C, GO
4.650%, 02/01/08 3,275 3,132
Minneapolis, Special School District 1,
Special School Project, GO (E)
5.000%, 02/01/06 2,075 2,067
--------
5,199
--------
MISSISSIPPI -- 0.6%
Hospital Equipment and Facility
Authority, Rush Medical
Foundation Project, RB (E)
5.400%, 01/01/07 1,355 1,335
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Single-Family Housing Authority,
Ser A, RB
Callable 06/01/08 @ 102 (F)
5.125%, 12/01/17 $ 810 $ 805
Single-Family Housing Authority,
Ser C, RB Callable 06/01/07 @ 101 (F)
5.450%, 06/01/17 1,000 989
Single-Family Housing Authority,
Ser D, RB Callable 07/01/07 @ 105 (F)
6.650%, 07/01/12 1,450 1,528
--------
4,657
--------
MISSOURI -- 0.2%
Health and Educational Facilities
Authority, Sisters of Mercy
Health System, Ser 95B, RB (A) (B) (E)
3.850%, 03/07/00 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 6,205 7,074
--------
NEW JERSEY -- 1.8%
Camden County, Improvements
Authority, Cooper Healthcare
Redevelopment Project, RB
5.500%, 02/15/02 1,000 844
Camden County, Municipal Utilities
Sewer Authority, RB, FGIC
Callable 07/15/06 @ 102
6.000%, 07/15/07 2,500 2,622
Economic Development Authority,
The Evergreens Project, RB
Pre-Refunded @ 102 (C)
9.250%, 10/01/02 900 1,004
Gloucester County, Solid Waste
Improvement Authority,
Waste Management Project,
Ser A, RB (B)
6.850%, 12/01/09 2,000 1,983
Housing and Mortgage Finance
Authority, Section 8, Ser One, RB
6.000%, 11/01/02 2,670 2,700
Transportation Funding Authority,
Transportation Systems, Ser A, RB
5.500%, 06/15/09 3,725 3,776
--------
12,929
--------
NEW MEXICO -- 0.5%
Farmington Hospital, San Juan
Regional Medical Center,
Ser A, RB, AMBAC
5.000%, 06/01/05 1,110 1,100
34
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Hospital Equipment Loan Council,
Memorial Medical Center Project, RB
4.850%, 06/01/08 $1,615 $ 1,458
Mortgage Finance Authority,
Single-Family Mortgage,
Ser A-1, RB
Callable 07/01/02 @ 102 (E)
6.850%, 07/01/10 240 246
Santa Fe, Saint Vincent's Hospital
Project, RB, FGIC
Pre-Refunded @ 100 (C)
7.500%, 07/01/02 570 592
--------
3,396
--------
NEW YORK -- 19.0%
Dormitory Authority, Beth Israel
Medical Center, Ser A, RB, MBIA
5.000%, 11/01/07 1,065 1,049
Dormitory Authority, Bronx &
Lebanon Hospital Center Project,
Ser E, RB
5.125%, 02/15/06 3,650 3,536
Dormitory Authority, Department of
Health, RB
5.500%, 07/01/03 1,000 1,014
Dormitory Authority, Hospital and
Nursing Home Project,
Ser A, RB, AMBAC
5.000%, 08/15/06 1,315 1,302
Dormitory Authority, Mental Health
Services Project, Ser B, RB
5.000%, 02/15/06 1,000 979
Dormitory Authority, Mental Health
Services Project, Ser C, RB
5.375%, 08/15/08 1,150 1,147
Dormitory Authority, Mental Hospital,
Ser E, RB, AMBAC
6.000%, 08/15/05 2,000 2,085
Dormitory Authority,
Presbyterian Hospital Project,
RB, AMBAC
5.500%, 08/01/08 1,510 1,527
Dormitory Authority,
Presbyterian Hospital Project, RB,
AMBAC Callable 02/01/08 @ 101
4.400%, 08/01/13 2,070 2,044
Dormitory Authority, North Shore
University Hospital Authority
Project, RB, MBIA
Callable 02/15/08 @ 102
5.000%, 11/01/08 1,250 1,220
Dormitory Authority, Sound
Shore Project, RB, MBIA
4.350%, 02/01/08 4,160 4,103
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Dormitory Authority, State University
Educational Facility, Ser A, RB
5.500%, 05/15/09 $4,400 $ 4,406
Dormitory Authority, State University
Educational Facilities Project,
Ser B, RB, MBIA
Pre-Refunded @ 102 (C)
6.250%, 05/15/04 5,930 6,338
Dormitory Authority, Staten Island
University Hospital Project,
RB, AMBAC
5.250%, 07/01/07 1,200 1,197
Long Island, Power Authority,
Electric Systems Project,
Sub Ser 6, RB, MBIA (A) (B)
3.700%, 03/01/00 2,090 2,090
Long Island, Power Authority,
Electric Systems Revenue Project,
RB, MBIA
5.000%, 04/01/08 5,000 4,900
Long Island, Power Authority,
Electric Systems Project,
RB, MBIA
5.000%, 04/01/07 5,975 5,900
Long Island, Power Authority,
Electric System Project,
Ser A, RB, AMBAC
6.000%, 12/01/07 5,000 5,244
Long Island, Power Authority,
Electric Systems Project,
Sub Ser 8-F, RB, MBIA (A) (B)
5.000%, 04/01/06 2,500 2,484
Metropolitan Transportation
Authority, Commuter Facilities
Project, Ser A, RB
5.000%, 07/01/06 2,000 1,953
Metropolitan Transportation
Authority, Commuter Facilities
Project, Ser O, RB
5.750%, 07/01/06 4,150 4,243
Mortgage Agency Authority,
Homeowner Mortgage Project,
Ser 87, RB Callable 09/01/09 @ 100
5.150%, 04/01/17 4,700 4,630
Municipal Assistance Corporation,
City of New York, Ser M, GO (E)
5.250%, 07/01/05 3,750 3,788
Nassau County, Tobacco Authority
Asset Backed Project, Ser A, RB
Callable 07/15/09 @ 101
5.500%, 07/15/13 2,535 2,478
5.600%, 07/15/14 2,835 2,768
35
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York and New Jersey Port
Authority, Seventy-Second,
RB Callable 10/01/02 @ 101 (E)
7.350%, 10/01/27 $4,000 $ 4,220
New York City, GO (A) (B)
3.800%, 03/01/00 2,100 2,100
New York City, GO, Sub Ser A-4,
RB (A) (B) (E)
3.850%, 03/01/00 1,550 1,550
New York City, Metropolitan
Transportation Authority,
Ser C, RB, FSA
4.750%, 07/01/16 3,000 2,606
New York City, Municipal
Assistance Corporation,
Ser H, RB (E)
6.250%, 07/01/07 2,300 2,441
New York City, Municipal Assistance
Corporation, Ser I, RB Callable
07/01/07 @ 102 (E)
6.250%, 07/01/08 2,000 2,128
New York City,
Ser D, GO, FGIC (A) (B)
3.650%, 03/07/00 2,000 2,000
New York City,
Sub Ser A-7, GO, (A) (B) (E)
3.800%, 03/01/00 200 200
New York City,
Sub Ser E2, GO (A) (B) (E)
3.800%, 03/01/00 1,400 1,400
New York City,
Sub Ser E3, GO (A) (B) (E)
3.800%, 03/01/00 200 200
New York City,
Sub Ser E5, GO (A) (B) (E)
3.800%, 03/01/00 2,900 2,900
New York City,
Sub Ser E5, GO (A) (B) (E)
3.800%, 03/01/00 1,300 1,300
New York City, Transitional
Finance Authority,
Future Tax Secured Project,
Ser B, RB Callable 05/01/09 @ 101
4.750%, 11/01/23 3,725 3,041
New York City, Transitional
Financial Authority,
Future Tax Secured Project,
Ser A-2, RB (A) (B)
3.750%, 03/07/00 1,000 1,000
New York State, Dormitory
Authority, Staten Island
University Hospital Project,
RB, AMBAC
5.250%, 07/01/06 2,695 2,705
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
New York State, Ser F, GO, AMBAC
5.500%, 09/15/08 $9,250 $ 9,423
New York, Ser A, GO, FGIC
5.250%, 08/01/08 3,300 3,284
New York, Ser I, GO, AMBAC
Callable 03/15/06 @ 101.5
5.750%, 03/15/07 1,000 1,028
New York, Ser B, GO, MBIA (E)
5.600%, 08/15/06 4,150 4,243
State Energy Research and
Development Authority,
Pollution Control Project,
RB (A) (B) (E)
3.650%, 03/01/00 3,055 3,055
State Medical Care Facility
Finance Agency,
Adult Day Care, Ser C, RB
5.350%, 11/15/05 790 794
State Medical Care Facility Finance
Agency, Ser C, RB, FHA
5.200%, 08/15/05 190 188
State Medical Care Facility Finance
Agency, St. Lukes,
Ser A, RB, FHA
Callable 08/15/03 @ 102
5.600%, 08/15/13 1,925 1,877
State Urban Development Corporation,
Center for Individual
Innovation Project, RB
6.250%, 01/01/09 1,325 1,395
Tsasc, Inc., Ser 1, RB
5.750%, 07/15/15 2,520 2,444
Tsasc, Inc., Ser 1, RB
Callable 07/15/09 @ 101
5.900%, 07/15/17 2,650 2,557
Urban Development Corporation,
Correctional Facilities Project,
Ser B, RB (E)
5.000%, 01/01/06 6,955 6,807
--------
139,311
--------
NORTH CAROLINA -- 0.6%
Medical Care Community Hospital,
Pitt County Memorial Hospital,
Ser A, RB
5.000%, 12/01/06 4,100 4,028
--------
OHIO -- 3.2%
Air Quality Development Authority,
Pollution Control, Cleveland
Project, RB, FGIC
Callable 06/01/02 @ 103
8.000%, 12/01/13 4,775 5,187
36
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
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 $ 1,025
Building Authority, Administration
Building Fund, Ser A, RB
5.500%, 10/01/07 1,700 1,726
Building Authority, Adult
Correctional Building Project,
Ser A, RB
5.500%, 04/01/07 4,345 4,410
Building Authority, Juvenile
Corrections Project, Ser B, RB
Callable 04/01/09 @ 101
5.000%, 10/01/09 2,485 2,410
Building Authority,
State Administration Building
Project, Ser A, RB
5.125%, 10/01/07 2,305 2,288
Dayton, Special Facilities,
Air Freight Project, RB
6.050%, 10/01/09 1,000 999
Erie County, Hospital Improvements
Authority, Firelands Community
Hospital Project, RB
Callable 01/01/02 @ 102
6.750%, 01/01/15 1,110 1,118
Lucas County, GO
5.300%, 12/01/05 2,100 2,116
Water Development Authority,
Pollution Control Facilities Project,
RB, MBIA
6.000%, 06/01/05 1,000 1,046
Strongsville, City School District,
GO, MBIA
5.300%, 12/01/10 1,050 1,047
--------
23,372
--------
OKLAHOMA -- 0.9%
Capital Improvements Authority,
Highway Capital Improvements
Project, RB, MBIA
5.000%, 06/01/06 3,000 3,004
Central Oklahoma Transportation and
Parking Authority, Ser 1973,
RB Callable
04/27/00 @ 100 (D)
6.000%, 07/01/03 110 111
McAlester Public Works Authority,
RB, FSA
8.100%, 12/01/08 875 1,053
State Industrial Development
Authority, Integris Health,
RB, AMBAC
5.250%, 08/15/06 1,255 1,264
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Tulsa Port, Industrial Development
Authority, Cargill Incorporated
Project, RB
5.350%, 09/01/06 $1,000 $ 999
Tulsa, Industrial Development
Authority, St. Johns Medical Center,
RB Callable 07/01/00 @ 100 (D)
6.875%, 01/01/02 205 208
--------
6,639
--------
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 1,910
Washington Multnomah and
Yamhill Counties, Oregon School
District 1J, GO
5.000%, 06/01/05 1,495 1,488
--------
3,398
--------
PENNSYLVANIA -- 2.9%
Allegheny County, Hospital
Development Authority,
UPMC Health System Project,
RB, MBIA
5.000%, 11/01/06 2,145 2,110
Allegheny County, University of
Pennsylvania Medical Center
Project, Ser B, RB, MBIA
5.250%, 07/01/07 1,760 1,749
Delaware County, Health Systems
Authority, Catholic Health East
Project, Ser A, RB, AMBAC
5.500%, 11/15/07 1,635 1,649
Easton Joint School Authority, RB (D)
5.350%, 04/15/02 65 65
Erie County, Ser A, GO, FGIC
Pre-Refunded @ 100 (C)
6.600%, 09/01/01 1,000 1,028
Higher Education Facilities
Authority, Allegheny/
Delaware Valley,
Ser A, RB, MBIA
5.500%, 11/15/08 1,000 973
Higher Education Facilities Authority,
University of Pennsylvania Medical
Center Health Systems Project,
Ser A, RB, FSA
5.000%, 08/01/06 2,635 2,595
Housing Financial Authority,
Single-Family Morgage Project,
Ser 34A, RB, FHA
Callable 04/01/02 @ 102
6.850%, 04/01/16 1,000 1,030
37
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Intermediate-Term Municipal Fund--Continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Industrial Development Authority,
RB, AMBAC
7.000%, 07/01/07 $1,000 $ 1,101
Montgomery County, Higher
Education and Health Authority,
Abington Memorial Hospital
Project, Ser A, RB, AMBAC
5.000%, 06/01/08 1,000 974
Newcastle, Hospital Authority,
Jameson Memorial Hospital,
RB, MBIA
5.500%, 07/01/08 1,605 1,615
Philadelphia, Airport & Marina
Improvements, Ser A, RB
6.000%, 06/15/04 3,000 3,120
Scranton-Lackawanna, Health and
Welfare Authority, Hospital
Community Medical Center Project,
RB, MBIA
5.500%, 07/01/07 2,585 2,608
Westmoreland County, Municipal
Authority, GO (D)
9.125%, 07/01/10 320 360
--------
20,977
--------
RHODE ISLAND -- 0.5%
Housing and Mortgage Finance
Corporation, Homeownership
Opportunity Project, Ser 25A,
RB Callable 10/01/07 @ 101.5
4.950%, 10/01/16 1,980 1,958
Housing and Mortgage Finance
Corporation, Rental Housing
Project, Ser A, RB (E)
5.050%, 10/01/01 1,500 1,509
--------
3,467
--------
SOUTH CAROLINA -- 1.2%
Hospital Facilities Authority,
Medical University, RB
5.625%, 07/01/11 2,885 2,705
Housing Authority, Homeownership
Mortgage, Ser A,
RB Callable 07/01/04 @ 102
6.375%, 07/01/16 1,000 1,039
Piedmont, Municipal Power Agency,
Electrical Revenue,
Ser D, RB, MBIA (A) (B)
3.850%, 03/07/00 900 900
Piedmont, Municipal Power Agency,
Ser A, RB, FGIC
6.500%, 01/01/16 1,570 1,698
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Public Service Authority,
Ser B, RB Callable 07/01/01 @ 102
6.700%, 07/01/02 $1,220 $ 1,276
Spartanburg County, School
District 5, COP, MBIA
Callable 07/01/05 @ 102
5.400%, 07/01/08 1,000 1,004
--------
8,622
--------
SOUTH DAKOTA -- 0.2%
Health and Educational Facilities
Authority, RB, MBIA
6.000%, 07/01/08 1,025 1,066
Housing Development Authority,
Homeownership Mortgage,
Ser A, RB Callable 05/01/06 @ 102
5.500%, 05/01/10 690 686
--------
1,752
--------
TENNESSEE -- 0.7%
Chattanooga, Health Education and
Housing Facilities Board, Catholic
Health Initiatives Project, Ser A, RB
5.000%, 12/01/01 1,000 1,001
Hendersonville, Industrial
Development Authority,
Ashford 83 Association Project,
RB Callable 12/15/06 @ 102
5.950%, 12/15/08 1,280 1,254
Metropolitan Government Nashville
and Davidson County, Health and
Education Facilities Board,
Vanderbilt University Project,
Ser A, RB
5.500%, 05/01/06 500 511
6.000%, 05/01/07 1,200 1,257
Tennessee, Housing Development
Agency, Homeownership
Program, RB
5.800%, 07/01/00 1,020 1,024
--------
5,047
--------
TEXAS -- 13.1%
Arlington, Independent School
District Authority, GO
Callable 02/15/09 @ 100
5.000%, 02/15/24 5,000 4,244
Austin, Independent School
District, GO (E)
4.750%, 08/01/15 4,000 3,500
Austin, Utility System Authority,
Combination Project,
Ser A, RB, FSA
5.750%, 11/15/03 3,295 3,398
38
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Austin, Utility System Authority,
RB, MBIA Pre-Refunded @ 100 (C)
5.500%, 05/15/05 $5,000 $ 5,106
Austin, Utility System Authority,
Ser B, RB Callable 05/15/00
@ 101.50
7.250%, 11/15/03 80 86
Brazos, River Authority, Houston
Industries Project, Ser C,
RB Callable 05/01/08 @ 102
5.125%,05/01/19 1,500 1,329
Brazos, River Authority, Reliant
Energy Project, Ser B, RB (B)
5.200%, 12/01/02 5,000 4,969
Cedar Hill, Independent School
District, RB (E)
6.450%, 08/15/03 2,225 2,339
Dallas, GO
5.000%, 02/15/06 4,275 4,254
Dallas, Civic Center Authority,
RB, MBIA Callable 08/15/08 @ 101
4.875%, 08/15/23 5,000 4,163
Deer Park, Independent School
District, GO (E)
6.000%, 02/15/06 1,500 1,568
02/15/08 1,500 1,562
6.000%, 02/15/08 2,000 2,098
Department of Housing and
Community Affairs, Single-Family
Housing, Ser B-CL2, RB
Callable 09/01/06 @ 102
5.550%, 09/01/11 1,720 1,719
Donna, Independent School District,
GO (E)
5.250%, 02/15/05 1,135 1,145
5.500%, 02/15/06 1,180 1,202
Fort Worth, Water and Sewer
Improvement Authority, RB
5.000%, 02/15/04 2,405 2,402
5.500%, 02/15/06 1,080 1,095
Harris County, Health Facilities,
St Lukes Episcopal Hospital Project,
Ser B, RB (A) (B)
3.750%, 03/01/00 2,500 2,500
Harris County, GO
10.000%, 10/01/00 1,850 1,911
Harris County, Health Facilities
Development Authority,
Memorial Hospital Systems
Project, Ser A, RB
6.000%, 06/01/09 1,825 1,880
Harris County, Health Facilities
Revenue Authority, Christus Health
Project, Ser A, RB, MBIA
5.375%, 07/01/08 3,845 3,845
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Houston, Independent School District
Authority, Ser A, GO
Callable 02/15/09 @ 100
4.750%, 02/15/26 $ 5,000 $ 4,031
Houston, Water and Sewer Systems
Revenue, Jr. Lien Project,
Ser A, RB, MBIA
Pre-Refunded @ 100 (C)
6.200%, 12/01/05 11,150 11,791
Humble, Independent School District, GO
6.500%, 02/15/02 3,085 3,185
6.500%, 02/15/03 2,110 2,208
6.500%, 02/15/04 2,380 2,514
6.500%, 02/15/05 1,425 1,516
La Porte, Independent School
District, GO (E)
6.000%, 02/15/03 1,000 1,033
Lone Star Airport Improvement
Authority, RB (A) (B) (E)
3.750%, 03/01/00 2,300 2,300
Matagorda County, Pollution Control
Authority, Central Power and
Lighting Project, Ser A, RB (B)
4.900%, 11/01/01 5,100 5,087
Mission, Independent School District,
GO (E)
6.500%, 02/15/03 1,215 1,271
Pflugerville, Independent School
District, GO (E)
4.500%, 08/15/06 1,000 958
Public Finance Authority,
Ser A, RB, AMBAC
6.000%, 08/01/02 1,000 1,030
Water Financial Assistance A&C, GO
5.000%, 08/01/05 2,500 2,497
--------
95,736
--------
UTAH -- 0.8%
Alpine, School District Authority,
School Board Project,
GO Callable 09/15/08 @100
5.000%, 03/15/13 2,775 2,595
Board Regents Authority, University
of Utah Hopsital Project, RB
5.250%, 08/01/07 1,360 1,335
Housing Finance Authority, Single-
Family Mortgage, Issue B, RB, FHA
Callable 07/01/03 @ 102
5.125%, 07/01/24 455 448
Salt Lake City Airport, RB, FGIC
7.400%, 06/01/00 265 267
39
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Intermediate-Term Municipal Fund--Concluded
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Salt Lake City, Revenue Authority
Pooled Project, RB
Callable 07/28/99 @ 100 (A) (B) (E)
3.850%, 03/07/00 $1,550 $ 1,550
--------
6,195
--------
VIRGIN ISLANDS -- 0.3%
Public Financial Authority,
Federal Lein Notes, Ser C, RB
5.500%, 10/01/06 2,375 2,333
--------
VIRGINIA -- 1.9%
Hampton, Sentara Health System,
Ser A, RB
5.375%, 11/01/10 1,000 968
Housing Development Authority,
Commonwealth Morgage Project,
Sub Ser C, RB
Callable 01/01/02 @ 102
6.500%, 07/01/07 500 500
Kanawha County, Industrial
Development Authority,
Topvalco Inc. Project, RB
Callable 11/01/03 @ 102
7.125%, 11/02/12 1,160 1,234
Loudoun County, Industrial
Development Authority,
Residential Care Facility Falcons
Landing Project Ser A, RB
Pre-Refunded @ 103 (C)
8.750%, 11/01/04 6,000 7,088
Peninsula Port Authority, Riverside
Health Systems Project, RB
5.000%, 07/01/06 2,030 1,989
State Housing Development
Authority, Multi-Family Housing,
Ser H, RB
5.250%, 05/01/03 685 692
State Housing Development Authority,
Ser A, RB Callable 01/01/02 @ 102
7.100%, 01/01/22 1,250 1,283
State Housing Development Authority,
Zero Coupon, RB
Callable 11/01/01 @ 21.916
0.00%, 11/01/17 695 139
--------
13,893
--------
WASHINGTON -- 2.0%
Clark County, Public Utility
District 001, RB, FGIC
6.000%, 01/01/04 2,525 2,620
Grant County, Public Utility
District 2, RB
5.625%, 01/01/07 2,470 2,522
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
King County, Ser D, GO
5.250%, 12/01/04 $1,000 $ 1,010
Public Power Supply Systems
Authority, Nuclear Project 1,
Ser A, RB, MBIA
Callable 07/01/03 @ 102
5.700%, 07/01/17 1,000 966
Public Power Supply Authority,
Nuclear Project 2, Ser A, RB
5.000%, 07/01/05 3,000 2,963
6.000%, 07/01/07 1,450 1,499
Washington State, Ser B, GO
Callable 01/01/09 @ 100
5.000%, 01/01/12 2,170 2,037
Washington State, Ser B, RB
Pre-Refunded @ 100 (C)
6.700%, 06/01/01 1,000 1,026
--------
14,643
--------
WISCONSIN -- 1.6%
Center District Tax Authority,
Junior Dedicated Project,
Ser B, RB Pre-Refunded @ 101 (C)
5.700%, 12/15/06 3,000 3,109
Housing and Economic Development
Authority, Homeownership,
Ser 1, RB, FHA
Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,336
Transportation Authority, Ser A, RB
5.000%, 07/01/05 4,040 4,025
5.000%, 07/01/06 3,500 3,461
--------
11,931
--------
Total Municipal Bonds
(Cost $741,431) 724,772
--------
Total Investments -- 99.1%
(Cost $741,431) 724,772
--------
Other Assets and Liabilities, Net -- 0.9% 6,525
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
69,525,503 outstanding shares of
beneficial interest 749,481
Undistributed net investment income 11
Accumulated net realized loss on investments (1,536)
Net unrealized depreciation on investments (16,659)
--------
Total Net Assets -- 100.0% $731,297
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.52
========
40
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
ACA AMERICAN CAPITAL ACCESS
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AGENCY
FSA FINANCIAL SECURITY ASSISTANCE
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET
ASSETS IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
(D) SECURITY IS ESCROWED TO MATURITY.
(E) SECURITIES ARE HELD IN CONJUNCTION WITH A LETTER OF CREDIT FROM A MAJOR
BANK OR FINANCIAL INSTITUTION.
(F) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA/GNMA. THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Pennsylvania Municipal
Bond Fund
MUNICIPAL BONDS -- 93.1%
PENNSYLVANIA -- 93.1%
Allegheny County, Higher Education
Building Authority, Thiel College
Project, Ser A, RB, ACA Insured
4.550%, 11/15/04 $ 190 $ 183
4.650%, 11/15/05 200 191
4.750%, 11/15/06 215 205
4.850%, 11/15/07 225 214
5.000%, 11/15/08 240 229
5.000%, 11/15/09 300 285
5.200%, 11/15/11 335 321
5.300%, 11/15/12 350 329
5.350%, 11/15/13 370 345
5.400%, 11/15/14 390 363
Allegheny County, Hospital
Development Authority, Allegheny
General Hospital, RB (C)
6.750%, 05/01/04 195 200
Allegheny County, Hospital
Development Authority,
Harmarville Rehabilitation Center,
RB (C)
6.000%, 10/01/08 205 206
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Allegheny County, Hospital
Development Authority,
Health Center Project,
Ser B, RB, MBIA
5.000%, 07/01/09 $ 735 $ 705
Allegheny County, Hospital
Development Authority,
Montefiore Hospital, RB (C)
6.875%, 07/01/09 630 665
Allegheny County, Hospital
Development Authority,
North Hills Passavant, RB (C)
6.750%, 07/01/05 85 87
Allegheny County, Hospital
Development Authority,
St. Margaret Memorial, RB (C)
6.750%, 07/01/10 1,280 1,336
Allegheny County, Industrial
Development Authority,
Environmental Improvement Project,
Ser A, RB
6.700%, 12/01/20 850 857
Allegheny County, Industrial
Development Authority,
RB Mandatory Put 12/01/00 (B)
5.250%, 12/01/14 25 25
Allegheny County, Industrial
Development Authority, RB, AMT (B)
6.000%, 10/01/04 150 150
Allegheny County, Residential
Financial Authority, Mortgage
Revenue, Single-Family,
Ser CC-1, RB, GNMA (D)
4.950%, 05/01/10 210 199
4.950%, 11/01/10 220 208
Allegheny County, Sanitation
Authority, RB (C)
6.800%, 07/01/03 165 171
Allentown Hospital Authority,
Sacred Heart Hospital Project, RB (C)
8.000%, 03/01/09 260 288
Altoona Area School District
Authority, GO (C)
6.500%, 07/01/04 200 212
Altoona Area School, District
Authority, Blair County, Ser 78, RB
Pre-Refunded Various Dates @ 100 (A)
6.500%, 07/01/06 400 416
Armstrong School District, GO,
MBIA Pre-Refunded @ 100 (A)
7.750%, 06/01/03 55 59
Baldwin, Whitehall School Building,
RB (C)
6.625%, 11/15/02 45 45
41
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Pennsylvania Municipal Bond Fund--continued
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Baldwin, Whitehall School District,
RB Partially Pre-Refunded @ 100 (A)
Balance ETM
6.699%, 11/15/07 $ 215 $ 232
Bensalem Township, Water & Sewer
Authority, RB (C)
6.750%, 12/01/14 255 269
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%, 01/01/09 180 169
Blair County, Hospital Authority,
RB (C)
6.900%, 07/01/08 1,170 1,221
Blairsville-Saltsburg, School District,
GO, AMBAC (C)
9.000%, 05/15/03 40 43
Borough of Tarentum, Electric
Revenue, Ser A, RB, Asset
Guaranty Pre-Refunded @ 100 (A)
5.500%, 09/01/03 645 658
Bucks County, Industrial
Development Authority, RB (C)
8.750%, 09/01/04 170 183
Bucks County, Redevelopment
Authority, Warminster Heights,
Section 8, RB, FHA
6.250%, 08/01/02 165 167
Butler Area, Sewer Authority,
Sewer Revenue,
RB Pre-Refunded @ 100 (A)
7.250%, 01/01/04 355 375
Butler County, Industrial
Development Authority, RB (B)
4.900%, 11/01/03 700 691
Cambria County, GO, FGIC
4.600%, 08/15/09 180 168
Cambria County, Hospital Authority,
Conemaugh Valley Memorial
Hospital, RB (C)
7.625%, 09/01/11 230 256
Chester County, Health &
Educational Facility Authority,
Immaculata College Project, RB
5.250%, 10/15/10 345 320
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Chester County, Health &
Educational Facility Authority,
Jefferson Health Systems Project,
Ser B, RB, AMBAC
4.700%, 05/15/05 $ 275 $ 269
Chester County, Hospital Authority,
Paoli Memorial Hospital, RB (C)
5.500%, 02/01/03 90 90
Cresswell Heights, Joint Water
Authority, RB (C)
7.375%, 03/01/07 80 85
Cumberland Valley, School Project,
GO, MBIA (C)
6.400%, 11/15/01 20 20
Dauphin County, General School
Authority, RB, AMBAC Mandatory
Put 06/01/12 @ 100
4.900%, 06/01/26 330 330
Dauphin County, General School
Authority, RB, AMBAC Mandatory
Put 06/01/10 @ 100
4.700%, 06/01/26 460 460
Dauphin County, General Authority,
Phoenixville Hospital Project,
Ser A, RB, FGIC
5.900%, 07/01/05 845 879
Dauphin County, General Authority,
RB Mandatory Put 06/03/02 @ 100
6.600%, 06/01/26 50 52
Dauphin County, General Authority,
Sub Ser RRR, RB, AMBAC Mandatory
Put 06/01/06 @ 100
4.600%, 06/01/26 550 514
Dauphin County, General School
Authority, Penncrest School Project,
RB Mandatory Put 06/02/03 @ 100
6.600%, 06/02/26 915 946
Dauphin County, General School
Authority, RB Mandatory
Put 06/01/04 @ 100
6.700%, 06/01/26 1,220 1,264
Delaware County, Elwyn Project,
RB, Connie Lee
6.000%, 06/01/11 3,250 3,388
Delaware County, Hospital Authority,
Crozer-Chester Medical Center
Project, RB (C)
4.900%, 12/01/08 550 517
Delaware County, Hospital Authority,
Crozer-Chester Medical Center
Project, RB, ACA Insured (C)
4.850%, 12/01/07 645 611
42
<PAGE>
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Delaware County, School Authority,
Haverford School Project, RB
4.450%, 03/15/09 $ 475 $ 428
4.550%, 03/15/10 495 443
4.750%, 03/15/12 495 441
Delaware County, University
Authority, Villanova University, RB (C)
9.625%, 08/01/02 145 153
Delaware River, Port Authority of
Pennsylvania & New Jersey,
Delaware Bridges, RB (C)
6.000%, 01/15/10 155 158
6.500%, 01/15/11 130 136
Delware County, School Authority,
Haverford School Project, RB
4.650%, 03/15/11 520 462
Derry Township, Sanitation Sewer
Authority, RB (C)
6.250%, 08/01/12 50 51
Downingtown, Municipal Water
Authority, RB, FSA
4.750%, 09/01/10 325 305
Easton, Area School Authority, GO (C)
6.250%, 04/15/02 65 67
Erie County, Higher Education
Authority, Mercyhurst College
Project, RB
5.700%, 03/15/11 85 83
Erie County, Hospital Authority,
Erie County Geriatric, RB (C)
6.750%, 07/01/11 775 828
Erie County, Hospital Authority,
Geriatric, RB (C)
6.250%, 07/01/11 120 124
Erie County, Hospital Authority,
Hamot Health Project, RB, AMBAC
5.000%, 05/15/07 1,890 1,850
Erie County, Hospital Authority,
Hamot Medical Center Project, RB (C)
6.900%, 01/01/05 330 339
Erie, Higher Education Building
Authority, Mercyhurst College
Project, RB
5.650%, 03/15/10 180 176
5.750%, 03/15/13 3,000 2,865
Fayette County, Hospital Authority,
Uniontown Hospital, RB, Connie Lee
5.100%, 06/15/03 65 65
5.200%, 06/15/04 100 101
5.300%, 06/15/05 1,000 1,005
5.450%, 06/15/07 740 744
Financing Authority, Municipal
Capital Improvements Program, RB
6.600%, 11/01/09 1,320 1,398
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Franklin County, Industrial
Devlopment Authority,
Chambersburg Hospital Project,
RB, AMBAC
5.000%, 07/01/08 $1,000 $ 974
Franklin Hospital, Special Obligation,
RB (C)
7.125%, 10/01/08 100 105
Greene County, Industrial
Development Authority,
Monongahela Power Company
Project, Ser B, RB, MBIA
4.750%, 02/01/07 935 902
Greene County, Industrial
Development Authority,
West Pennsylvania Power Company,
Ser B, RB, MBIA
4.750%, 02/01/07 2,225 2,147
Harrisburg, GO (C)
7.400%, 06/15/04 235 248
Harrisburg, Ser A, GO, MBIA (C)
9.750%, 04/15/04 110 123
Hazleton, Area School District
Authority, Ser B, GO, FGIC
4.550%, 03/01/06 155 150
4.750%, 03/01/08 175 168
4.900%, 03/01/09 175 170
Hazleton, Area School District
Authority, Ser C, GO, FGIC
4.650%, 03/01/07 100 96
Hickory Township, Municipal
Authority, RB (C)
6.250%, 02/01/14 295 302
Higher Education Assistance Agency,
Ser A, RB, AMBAC, AMT
7.050%, 10/01/16 3,500 3,658
Higher Education Authority,
Ser 1995, RB, Asset Guaranty
4.850%, 09/15/03 250 248
5.150%, 09/15/06 345 342
Higher Education Facilities Authority,
College & University, Ser 10, RB (C)
6.900%, 07/01/07 115 118
Higher Education Facilities Authority,
College of Textiles & Science,
Ser 1996, RB
6.250%, 04/01/05 265 272
6.350%, 04/01/06 285 294
6.450%, 04/01/07 295 304
6.550%, 04/01/08 320 330
6.600%, 04/01/09 340 350
Higher Education Facilities Authority,
College of Textiles & Science, RB
5.450%, 02/01/07 200 196
43
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Pennsylvania Municipal Bond Fund--Continued
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Higher Education, Philadelphia
College of Textiles & Science,
Ser 1996, RB
6.050%, 04/01/03 $ 240 $ 244
6.150%, 04/01/04 250 255
Housing Finance Agency,
Ser 1991-31A, RB, AMT
6.800%, 10/01/17 225 230
Housing Finance Agency, RB (C)
7.750%, 12/01/07 75 79
Housing Finance Agency, Rental
Housing, Ser 91, RB,
FHA/FNMA (D)
5.450%, 07/01/06 2,000 2,020
Hummelstown, Municipal Authority,
RB Pre-Refunded @ 100 (A)
5.700%, 01/01/02 40 41
Jefferson County, Municipal
Authority, RB, MBIA (C)
7.000%, 12/01/02 25 26
Jersey Shore, Area School District,
GO, MBIA (C)
9.375%, 03/01/03 235 254
Lancaster, Sewer Authority, RB (C)
6.000%, 04/01/12 180 181
Lehigh County, General Purpose
Authority, Kidspeace Corporation
Project, RB, ACA Insured
5.800%, 11/01/12 1,265 1,249
Lehigh County, General Purpose
Authority, Kidspeace Obligation
Group Project, RB, ACA Insured
5.700%, 11/01/09 2,485 2,466
Lehigh County, General Purpose
Authority, Muhlenberg Medical
Center Project, RB (C)
7.000%, 07/01/04 90 93
Lehigh County, General Purpose
Authority, Saint Lukes Hospital
Bethlehem Project, RB, AMBAC
5.300%, 11/15/07 450 448
Lehigh County, GO, FGIC
5.100%, 11/15/07 200 199
Lower Pottsgrove Township,
Sewer Authority, RB (C)
6.250%, 05/01/12 135 138
Luzerne County, GO, FGIC
Pre-Refunded @ 100 (A)
6.800%, 09/15/01 130 134
Luzerne County, Ser 91, GO, FGIC
6.800%, 09/15/02 370 382
Lycoming County, Hospital
Authority, Williamsport Hospital,
RB, Connie Lee
5.250%, 11/15/06 1,300 1,297
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
McCandless Township, Sanitation
Authority, Sewer Authority, RB (C)
6.750%, 11/15/05 $ 360 $ 375
McCandless Township, Sanitation
Authority, Sewer Project, RB (C)
6.500%, 09/01/05 95 97
Monroeville, Water Authority, RB (C)
7.250%, 12/01/08 45 47
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 2,120
Mount Lebanon, Hospital
Authority, RB (C)
7.000%, 07/01/06 506 527
New Brighton, Area School
Authority, RB, MBIA (C)
5.850%, 11/15/02 10 10
New Castle, Area Hospital Authority,
Jameson Memorial Hospital
Project, RB
5.500%, 07/01/09 800 802
New Castle, Hospital Authority,
Jameson Memorial Hospital Project,
RB, MBIA
6.000%, 07/01/10 315 326
Northampton County, Industrial
Development Authority, Moravian
Hall Square Project, Ser A, RB,
Asset Guaranty
5.350%, 07/01/10 100 98
Northampton County, Industrial
Development Authority, Moravian
Hall Square Project, Ser B, RB,
Asset Guaranty
5.350%, 07/01/10 1,370 1,344
Northampton, Bucks County,
Municipal Water Authority, RB (C)
6.750%, 11/01/13 50 52
Northeast Allegheny County, RB (C)
6.000%, 05/01/02 30 30
Northeastern Hospital Authority,
Hospital Revenue, RB (C)
6.375%, 09/15/07 160 161
7.000%, 06/01/06 405 421
Northgate, School Authority,
School Building, RB, MBIA (C)
6.375%, 02/15/07 95 102
Northhampton County, GO
5.125%, 08/15/17 735 667
Owen J. Roberts School District,
Ser A, GO, MBIA
5.150%, 05/15/11 100 98
44
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Pennsylvania State, Higher Education
Authority, Drexel University Project,
RB, MBIA (C)
10.250%, 05/01/03 $ 110 $ 120
Pennsylvania State, Higher Education
Authority, Drexel University Project,
Second Ser, RB, MBIA
4.500%, 05/01/06 870 832
Pennsylvania State, Higher
Education Facilities Authority,
Health Services Allegeny
Delaware Valley, Ser A, RB, MBIA
5.600%, 11/15/09 250 245
5.600%, 11/15/10 3,595 3,411
Pennsylvania State, Higher
Education Facilities Authority,
Ursinus College Project, RB
5.850%, 01/01/17 1,480 1,408
Pennsylvania State, Higher Education,
Health Facilities Authority,
Allegheny Delaware Valley
Obligation Project, Ser C, RB, MBIA
5.875%, 11/15/18 3,200 2,996
Pennsylvania State, Higher
Educational Facilities Authority,
University Pennsylvania Health
Project, Ser A, RB, MBIA
5.375%, 01/01/14 2,000 1,938
Pennsylvania State, Housing Finance
Agency, Single-Family Mortgage,
Ser 49, RB, AMT
5.800%, 10/01/07 205 205
Pennsylvania, Delco School District
Project, GO, FGIC
4.300%, 02/15/10 85 76
4.600%, 02/15/13 100 88
Pennsylvania, Housing Finance
Agency, Single-Family Mortgage
Project, Ser 36, RB (B)
5.450%, 10/01/14 500 477
Perkiomen Valley School District,
RB, MBIA (C)
6.500%, 12/01/07 110 119
Peters Township School District,
Zero Coupon, GO, MBIA (C)
0.00%, 11/15/07 100 66
Philadelphia Gas Works, Fourteenth
Ser, RB, FSA Partially
Pre-Refunded 07/01/03, @ 102 (A)
6.250%, 07/01/08 1,000 1,055
Philadelphia, Graduate Hospital
Project, RB (C)
7.000%, 07/01/10 1,285 1,361
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Philadelphia, Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.100%, 12/01/03 $ 410 $ 427
Philadelphia, Industrial Development
Authority, National Board of
Medical Examiners Project,
RB Pre-Refunded @ 102 (A)
6.750%, 05/01/02 950 1,005
Philadelphia, Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB, AMT
5.100%, 12/01/01 65 65
5.100%, 06/01/01 85 85
5.250%, 06/01/02 120 120
5.250%, 12/01/02 130 130
5.400%, 06/01/03 95 95
5.400%, 12/01/03 110 110
5.550%, 06/01/04 40 40
5.650%, 12/01/05 40 40
6.100%, 12/01/10 610 609
Philadelphia, Redevelopment
Authority, West Philadelphia
Project, RB, FNMA (D)
6.750%, 05/15/04 500 514
Philadelphia, School District,
Ser 91-B, GO, MBIA Partially
Pre-Refunded @ 101 (A)
7.000%, 07/01/01 250 260
Philadelphia, Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,395 5,752
Pittsburgh Parking Authority,
Ser 92-A, RB, FGIC
5.750%,< 12/01/05 500 515
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loan Project, Ser B, RB
5.150%, 02/01/17 175 161
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loan, Ser B, RB
4.700%, 10/01/10 100 93
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loans, RB, MBIA, FHA
7.125%, 08/01/04 225 226
Pittsburgh, Urban Redevelopment
Authority, Multi-Family Housing
Hazlewood Project, Ser A, RB
5.400%, 01/01/22 1,985 1,806
45
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Pennsylvania Municipal Bond Fund--Concluded
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Pittsburgh, Urban Redevelopment
Authority, Ser 1996C, RB, AMT
5.700%, 10/01/05 $ 240 $ 242
Pittsburgh, Urban Redevelopment
Authority, Ser 1996D, RB
5.900%, 04/01/08 285 288
5.900%, 10/01/08 290 293
6.000%, 10/01/09 310 314
6.100%, 10/01/10 330 334
Pittsburgh, Urban Redevelopment
Authority, Ser A, RB, AMT
5.750%, 10/01/10 50 49
Pittsburgh, Urban Redevelopment
Authority, Ser B, RB
5.700%, 10/01/11 105 103
6.700%, 04/01/10 10 10
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser A, RB (B)
5.750%, 12/01/06 1,980 1,987
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,130 1,136
Pittsburgh, Water and Sewer
Authority, RB, FGIC (C)
7.625%, 09/01/04 195 211
Potter County, Hospital Authority,
Charles Cole Memorial, RB,
Asset Guaranty
5.200%, 08/01/03 245 245
5.300%, 08/01/04 325 325
5.400%, 08/01/05 320 320
5.500%, 08/01/06 160 160
Pottsville, Hospital Authority,
Daughters of Charity Project, RB
5.000%, 08/15/12 260 245
Pottsville, Hospital Authority,
Hospital & Warner Clinic, RB
6.400%, 07/01/03 930 972
Quakertown, Hospital Authority,
Community Hospital, RB (C)
7.125%, 01/01/11 120 129
Radnor Township, School
Authority, Ser A, RB (C)
9.000%, 10/15/03 20 21
Robinson Township,
Water Authority, RB (C)
5.625%, 05/01/06 34 34
Scranton-Lackawanna, Health &
Welfare Authority,
Moses Taylor Hospital, RB
6.000%, 07/01/09 940 857
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Scranton-Lackawanna, Health &
Welfare Authority,
Moses Taylor Hospital, RB (C)
6.625%, 07/01/09 $ 675 $ 702
Shaler Township, GO (C)
6.400%, 08/01/01 5 5
Shaler, School District, RB (C)
6.250%, 04/15/08 140 143
Somerset County, Hospital Authority,
Somerset Community Hospital
Project, Ser B, RB, Asset Guaranty
5.300%, 03/01/11 500 479
Southeastern, Greene School
District, GO (C)
9.375%, 07/01/03 115 123
Southeastern, Transportation
Authority, Ser A, RB, FGIC
5.125%, 03/01/10 500 490
Steel Valley, School District, GO (C)
6.250%, 11/01/06 120 122
Susquehanna Township, Sewer
Authority, RB (C)
6.000%, 11/15/13 55 58
Swarthmore Boro, College Revenue
Authority, RB
6.000%, 09/15/12 615 639
Swissvale, Area School District, GO (C)
6.300%, 12/01/03 70 73
Uniontown Area, School Authority,
School Building Revenue, RB
6.300%, 10/01/07 200 209
Upper Allegheny, Joint Sanitation
Authority, RB, AMBAC (C)
9.000%, 09/01/00 45 46
Upper Allen Township, Sewer
Authority, RB (C)
5.750%, 04/01/13 170 174
Upper Gwynedd-Towamencin,
Sewer Authority, RB, MBIA (C)
5.850%, 10/15/06 125 124
Upper Perkiomen, School District, GO (C)
6.000%, 05/01/04 25 25
Upper St. Clair Township, School
Building Authority, RB
Pre-Refunded @ 100 (A)
6.625%, 05/15/06 215 231
Westmoreland County, Industrial
Development Authority, Hospital
Project, RB, AMBAC
5.800%, 07/01/04 565 581
Westmoreland County, Industrial
Development Authority, Hospital
Project, Ser 92-A, RB, AMBAC
5.900%, 07/01/05 595 614
46
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Westmoreland County, Municipal
Authority, Special Obligation,
GO (C)
9.125%, 07/01/10 $ 250 $ 281
Windber Area Authority,
Hospital Project, RB, FHA
Pre-Refunded @ 102 (A)
5.900%, 08/01/05 240 253
Wyoming County, Hospital
Authority, Tyler Memorial, RB (C)
7.400%, 01/01/05 65 68
Wyoming Valley Sanitation
Authority, RB (C)
5.125%, 07/01/07 95 91
York County, Hospital Authority,
Lutheran Social Services, RB
5.400%, 04/01/04 500 489
5.600%, 04/01/05 500 487
5.800%, 04/01/06 500 488
York Township, Water & Sewer
Authority, RB (C)
5.900%, 08/01/13 85 87
Total Municipal Bonds
(Cost $107,695) 105,262
--------
CASH EQUIVALENTS -- 5.6%
Provident Pennsylvania Tax Free
Money Market 833 833
Vanguard Pennsylvania Tax Free
Money Market 5,550 5,550
--------
Total Cash Equivalents
(Cost $6,383) 6,383
--------
Total Investments -- 98.7%
(Cost $114,078) 111,645
--------
Other Assets and Liabilities, Net -- 1.3% 1,503
--------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
2,982,860 outstanding shares of
beneficial interest $ 31,153
Fund Shares of Class B (unlimited
authorization -- no par value) based on
8,240,105 outstanding shares of
beneficial interest 85,065
Undistributed net investment income 8
Accumulated net realized loss on investments (645)
Net unrealized depreciation on investments (2,433)
--------
Total Net Assets -- 100.0% $113,148
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $10.08
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS B $10.08
========
ACA AMERICAN CAPITAL ACCESS
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
AMT ALTERNATIVE MINIMUM TAX
ETM ESCROWED TO MATURITY
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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
47
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Massachusetts Municipal Bond Fund
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.3%
MASSACHUSETTS -- 92.4%
Boston, Ser A, GO, FGIC
Callable 01/01/08 @100
4.500%, 01/01/18 $ 500 $ 410
Cambridge, GO
Callable 08/01/08 @ 101
4.800%, 08/01/12 350 325
Dudley Charlton Regional School
District, Ser A, GO, FGIC
5.125%, 06/15/12 380 365
Holyoke, GO, FSA
5.500%, 06/15/03 40 41
Lawrence, GO
4.875%, 09/15/01 250 251
Lowell, GO, AMBAC
6.000%, 12/15/05 150 157
Lynn, Water & Sewer Community
General, Ser A, RB, FSA
5.875%, 12/01/06 40 42
Malden, GO, MBIA
Callable 08/01/07 @ 101
5.000%, 08/01/10 45 43
Marlborough, GO, FGIC
6.750%, 06/15/07 250 274
Mashpee, GO, MBIA
6.250%, 02/01/07 155 165
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser A, RB
5.000%, 03/01/02 175 176
6.250%, 03/01/04 70 73
5.400%, 03/01/07 45 46
5.875%, 03/01/15 185 189
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB
5.250%, 03/01/06 1,000 1,004
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB, FGIC
5.750%, 03/01/10 655 675
Massachusetts State, College Building
Authority Project, Ser A, RB (C)
7.500%, 05/01/06 175 196
Massachusetts State, Development
Finance Agency, Williston
Northampton School Project,
RB Callable 10/01/08 @ 102
6.000%, 10/01/13 200 182
Massachusetts State, Development
Finance Authority, College of
Pharmacy Project, Ser B, RB
5.875%, 07/01/07 295 291
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Massachusetts State, Development
Finance Authority,
May Institute, RB (C)
5.500%, 09/01/08 $ 300 $ 301
Massachusetts State, Development
Finance Authority, Northern
Berkshire Community Project,
Ser A, RB, ACA Insured
5.750%, 08/15/08 200 199
Massachusetts State, GO, AMBAC
5.750%, 08/01/09 150 155
Massachusetts State, Health &
Educational Facilities Authority,
Bentley College Project,
Ser J, RB, MBIA
4.500%, 07/01/06 100 95
Massachusetts State, Health &
Educational Facilities Authority,
Capital Asset Program,
Ser C, RB (A) (B) (C)
3.800%, 03/01/00 300 300
Massachusetts State, Health &
Educational Facilities Authority,
Captial Asset Program,
Ser B, AMBAC (A) (B) (C)
3.800%, 03/01/00 900 900
Massachusetts State, Health &
Educational Facilities Authority,
Caregroup Issue Project, Ser A, RB
5.000%, 07/01/04 100 100
Massachusetts State, Health &
Educational Facilities Authority,
Children's Hospital Project,
Ser E, RB Callable 10/01/02 @ 102
6.125%, 10/01/12 150 153
Massachusetts State, Health &
Educational Facilities Authority,
Eye & Ear Infirmary Project,
Ser B, RB, ACA Insured
5.000%, 07/01/05 195 190
Massachusetts State, Health &
Educational Facilities Authority,
Milford Whitinsville Regional,
Ser C, RB
5.000%, 07/15/01 100 99
5.000%, 07/15/02 405 395
Massachusetts State, Health &
Educational Facilities Authority,
North Adams Regional Hospital
Project, Ser C, RB
Callable 07/01/06 @ 102
6.750%, 07/01/09 200 198
48
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State, Health &
Educational Facilities Authority,
Partners Healthcare System,
Ser B, RB
5.000%, 07/01/09 $ 400 $ 370
Massachusetts State, Health &
Educational Facilities Authority,
Vinfen Corporation Project,
Ser A, RB, ACA Insured
4.125%, 11/15/01 165 162
5.000%, 11/15/08 100 95
Massachusetts State, Health &
Educational Facilities Authority,
Melrose Wakefield Hospital Project,
Ser B, RB Callable 07/01/02 @ 102
6.125%, 07/01/04 130 135
Massachusetts State, Health &
Educational Facilities Authority,
Youville Hospital Project, Ser B,
RB, FHA Callable 02/15/04 @ 102
6.125%, 02/15/15 130 130
Massachusetts State, Health &
Elderly Facilities Authority,
Cape Cod Healthcare Project,
Ser B, RB
5.000%, 11/15/07 200 183
Massachusetts State, Health &
Elderly Facilities Authority,
Harvard Pilgrim Health Project,
Ser A, RB, FSA
5.250%, 07/01/06 40 38
Massachusetts State, Housing
Finance Agency, Housing Project,
Ser A, RB, AMBAC
5.950%, 10/01/08 300 307
Massachusetts State, Housing
Finance Agency, Residential
Development Project,
Ser E, RB, FNMA
Callable 11/15/02 @ 102 (D)
6.250%, 11/15/12 175 181
Massachusetts State, Housing
Finance Agency, Single-Family
Project, Ser 44, RB
5.900%, 12/01/13 425 428
Massachusetts State, Industrial
Finance Agency, Restoration
Recovery Authority, Odgen
Project, Ser A, RB
4.800%, 12/01/04 150 143
Massachusetts State, Industrial
Finance Agency, Museum of Fine
Arts Boston Project, RB, MBIA
5.375%, 01/01/07 45 45
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Massachusetts State, Industrial
Finance Agency, Philips Academy
Project, RB (C)
5.375%, 09/01/23 $ 355 $ 325
Massachusetts State, Industrial
Finance Agency, Pollution Control
Authority, Boston Edison Project,
Ser A, RB Callable 02/01/04 @ 102
5.750%, 02/01/14 175 166
Massachusetts State, Industrial
Finance Agency, Springfield
College Project, RB
Callable 09/15/03 @ 102
5.625%, 09/15/10 100 97
Massachusetts State, Industrial
Finance Agency, Suffolk University
Project, RB, AMBAC
Callable 07/01/07 @ 102
5.500%, 07/01/08 150 152
Massachusetts State, Industrial
Finance Agency, Tufts University
Project, Ser H, RB
5.000%, 02/15/01 45 45
Massachusetts State, Industrial
Finance Agency, Tufts University
Project, Ser H, RB, MBIA
5.500%, 02/15/08 200 203
Massachusetts State, Industrial
Finance Agency, Worcester
Polytechnic Institute Project,
RB, MBIA Callable 09/01/07 @ 102
5.125%, 09/01/12 370 356
Massachusetts State, Industrial
Finance Agency, Worcester
Polytechnic Institute Project,
Ser II, RB, MBIA
Callable 09/01/07 @ 102
5.100%, 09/01/10 100 97
Massachusetts State, Port Authority
Revenue, Ser A, RB
5.750%, 07/01/11 175 180
Massachusetts State, Ser A, GAN
5.250%, 12/15/06 45 45
5.250%, 06/15/08 250 249
Massachusetts State, Ser A, GO
7.000%, 06/01/02 50 52
6.250%, 07/01/03 350 365
6.000%, 11/01/06 500 524
6.000%, 11/01/08 245 258
6.000%, 11/01/10 1,000 1,052
6.000%, 11/01/11 150 158
Massachusetts State, Ser A, GO
Pre-Refunded @ 100 (E)
6.000%, 06/01/02 100 103
49
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
Massachusetts Municipal Bond Fund--Concluded
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Massachusetts State, Ser A, GO
Pre-Refunded @101 (E)
6.500%, 06/01/02 $ 85 $ 89
Massachusetts State, Ser B, GAN
5.000%, 12/15/08 650 635
Massachusetts State,
Ser C, GO, FGIC
6.000%, 08/01/09 850 894
Massachusetts State, Turnpike
Authority, Metropolitan Highway
System, Ser A, RB, AMBAC
5.125%, 01/01/09 300 296
Massachusetts State, Water Pollution
Authority, New Bedford Project,
Ser A, RB
6.000%, 02/01/05 300 312
Massachusetts State, Water Pollution
Authority, Ser 5, RB
5.375%, 08/01/11 200 199
Massachusetts State, Water Pollution
Authority, Pool Loan Program,
Ser 4, RB
5.000%, 08/01/06 300 300
Massachusetts State, Water Resource
Authority, Ser B, RB
Callable 03/01/03 @ 102
5.250%, 03/01/13 225 215
Massachusetts State, Water Resource
Authority, Ser C, RB
5.200%, 12/01/05 185 186
Massachusetts State, Water Resource
Authority, Ser C, RB (C)
6.000%, 12/01/11 275 288
Massachusetts State, Water
Resource Authority,
Ser A, RB Pre-Refunded @ 102 (E)
7.625%, 04/01/00 200 205
Massachusetts State, Health &
Educational Facilities Authority,
Southcoast Health System Project,
Ser A, RB, MBIA
5.000%, 07/01/05 200 198
New England, Education Loan
Marketing Corporation,
Massachusetts Student Loan Project,
Ser A, RB
5.800%, 03/01/02 25 25
Norton County, GO, FGIC
Callable 10/01/08 @ 101
4.750%, 10/01/18 60 51
Plymouth County, Correctional
Facility Project, COP, AMBAC
5.000%, 04/01/07 400 394
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Quabbin, Regional School District,
Ser B, GO, FSA
4.250%, 06/15/10 $ 200 $ 181
Springfield, Municipal Purpose
Loan, GO, FSA
5.000%, 11/15/03 275 277
5.000%, 11/15/05 190 190
University of Massachusetts,
Building Authority, Ser B, RB
6.625%, 05/01/07 150 163
Upper Blackstone, Water Pollution
Authority District, RB, AMBAC
6.500%, 08/01/04 410 437
Worcester, Municipal Purpose Loan,
Ser A, GO, FSA
5.500%, 04/01/10 300 301
Worchester, GO, MBIA
5.750%, 08/01/07 35 36
--------
20,506
--------
PUERTO RICO -- 4.1%
Puerto Rico Commonwealth,
Public Improvement, GO, FSA
5.500%, 07/01/12 100 102
Puerto Rico Commonwealth,
GO, MBIA
5.750%, 07/01/12 100 105
Puerto Rico Commonwealth,
Ser A, GO, FSA
5.100%, 07/01/00 175 176
Puerto Rico, Electric Power
Authority, Ser FF, RB, MBIA
5.250%, 07/01/14 255 247
Puerto Rico, Medical &
Environmental Control Facilities,
Ana G Mendez University System
Project, Callable 02/01/09 @ 101
5.000%, 02/01/10 300 282
--------
912
--------
VIRGIN ISLANDS -- 1.8%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes,
Loan Note Project, Ser A, RB
5.625%, 10/01/10 400 392
--------
Total Municipal Bonds
(Cost $22,623) 21,810
--------
Total Investments -- 98.3%
(Cost $22,623) 21,810
--------
Other Assets and Liabilities, Net -- 1.7% 373
--------
50
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
2,327,934 outstanding shares of
beneficial interest $ 23,065
Undistributed net investment income 1
Accumulated net realized loss on investments (70)
Net unrealized depreciation on investments (813)
--------
Total Net Assets -- 100.0% $ 22,183
========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- CLASS A $9.53
========
ACA AMERICAN CAPITAL ACCESS
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
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 FEBRUARY 29, 2000.
(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.
NEW JERSEY MUNICIPAL
BOND FUND
MUNICIPAL BONDS -- 99.4%
NEW JERSEY -- 90.2%
Atlantic City, Board of Education
Authority, COP, MBIA
4.500%, 05/01/06 $ 25 $ 24
Bergen County, Utilities Authority,
Water Pollution Control Project,
Ser A, RB, FGIC Pre-Refunded
@ 100 (D)
5.500%, 06/15/02 1,000 1,016
East Orange, Board of Education
Authority, COP, FSA
5.500%, 08/01/12 1,000 1,000
Essex County, General
Improvement Project, GO, AMBAC
5.000%, 08/01/08 1,115 1,105
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Essex County, Improvement Lease
Authority, City of Newark Project,
RB, AMBAC
4.450%, 04/01/09 $ 450 $ 417
Essex County, Improvement Lease
Authority, City of Newark Project,
RB, AMBAC
Callable 04/01/09 @ 101
4.550%, 04/01/10 785 728
Flemington-Raritan,
Regional School District, GO, FGIC
4.000%, 05/01/07 50 46
Hackensack, GO
4.000%, 06/01/04 250 239
Highland Park, School District,
GO, MBIA Pre-Refunded @ 102 (D)
6.550%, 02/15/05 300 324
Hopewell Township, General
Improvement Authority, GO
4.000%, 09/01/01 365 362
Jackson Township, School District,
GO, FSA
4.500%, 12/15/00 500 501
Jersey City, GO, AMBAC
4.500%, 03/01/07 250 239
Jersey City, Municipal Utilities
Authority, Water Revenue Project,
RB, FSA
5.000%, 04/01/07 1,000 986
Jersey City, Ser A, GO, AMBAC
5.000%, 10/01/02 500 504
Lower Township Municipality
Utilities Authority, RB, MBIA
4.200%, 12/01/08 50 45
Lumberton Township,
Board of Education, GO, FSA
Callable 02/15/2006 @ 100
4.100%, 02/15/07 40 37
Mantua Township, School District
Authority, GO, MBIA Callable
03/01/09 @ 100
5.700%, 03/01/12 850 865
5.700%, 03/01/13 925 934
Monmouth County, Improvement
Authority, Pooled Government
Lien Project, RB, AMBAC
4.100%, 12/01/06 360 333
Mount Holly, Municipal Utilities
Sewer Authority, RB, MBIA Callable
12/01/09 @ 100
5.250%, 12/01/10 675 669
New Brunswick, GO, MBIA
3.500%, 07/15/00 90 90
3.600%, 07/15/01 800 788
51
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
NEW JERSEY MUNICIPAL BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New Jersey, Economic Development
Authority, Bayonne/Imtt Project,
Ser B, RB (A) (B)
3.750%, 03/01/00 $ 200 $ 200
New Jersey, Economic Development
Authority, Department of Human
Services Project, Ser B, RB
5.100%, 07/01/05 370 365
New Jersey, Economic Development
Authority, Keswick Pines Project,
RB Callable 01/01/08 @ 100
5.600%, 01/01/12 500 435
New Jersey, Economic Development
Authority, Department of Human
Services Project, Ser A, RB
5.100%, 07/01/05 380 375
New Jersey, Economic Development
Authority, Transportation Sublease
Project, Ser A, RB, FSA
5.000%, 05/01/08 1,010 994
New Jersey, Economic Development
Authority, Water Facilities
Project, RB (A) (B)
3.800%, 03/01/00 100 100
New Jersey, Education Facilities
Authority, Georgian Court College
Project, Ser B, RB
5.000%, 07/01/05 500 488
New Jersey, Education Facilities
Authority, Higher Education
Project, Ser A, RB, AMBAC
5.125%, 09/01/02 1,000 1,009
New Jersey, Educational Facilities
Authority, Montclair State College
Project, Ser E, RB, AMBAC
Pre-Refunded @ 101 (D)
6.500%, 07/01/01 1,000 1,034
New Jersey, Educational Facilities
Authority, Seton Hall University
Project, RB, AMBAC
5.250%, 07/01/09 1,050 1,045
New Jersey, Health Care Facilities
Authority, Princeton Medical
Center Project, Ser C, RB,
AMBAC Pre-Refunded @ 102 (D)
7.000%, 07/01/01 335 345
New Jersey, Health Care Facilities
Authority, Princeton Medical
Center Project, Ser D, RB, AMBAC
Pre-Refunded @ 102 (D)
7.000%, 07/01/00 1,000 1,029
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New Jersey, Healthcare Facilities
Financing Authority, Trinitas
Hospital Obligation Project, RB
6.500%, 07/01/01 $ 725 $ 727
New Jersey State, Economic
Development Authority, Pollution
Control Revenue Exxon Project,
RB (A) (B)
3.100%, 04/01/22 400 400
New Jersey State, Turnpike Authority,
Ser C, RB
6.500%, 01/01/08 550 581
New Jersey State, Economic
Development Authority, Arbor
Glen Project, Ser A, RB,
Pre-Refunded @ 102 (D)
8.750%, 05/15/06 870 1,048
New Jersey State, Economic
Development Authority,
Harrogate Project, Ser A, RB
5.550%, 12/01/07 400 392
New Jersey State, Economic
Development Authority,
Transportation Sublease Project,
Ser A, RB, FSA
5.500%, 05/01/07 1,000 1,015
New Jersey State, Educational
Facilities Authority, Georgian
Court College Project, Ser B, RB
4.625%, 07/01/06 300 282
New Jersey State, Educational
Facilities Authority, Higher
Education Facilities Project,
Ser A, RB, AMBAC
5.125%, 09/01/03 500 505
New Jersey State, Educational
Facilities Authority, Seton Hall
University Project, Ser A, RB, FGIC
6.100%, 07/01/01 950 969
New Jersey State, GO
Pre-Refunded @ 101.5 (B)
6.800%, 09/15/01 550 575
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 25 22
New Jersey State, Healthcare
Facilities Financing Authority,
Palisades Medical Center Project,
RB Callable 07/01/09 @ 101
4.800%, 07/01/10 660 607
52
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New Jersey State, Healthcare
Facilities Financing Authority,
Saint Barnabas Hospital Project,
Ser C, RB, MBIA
5.000%, 07/01/08 $ 500 $ 485
New Jersey State, Transportation
Authority, Transportation System
Project, Ser A, RB
4.250%, 06/15/00 500 500
5.250%, 06/15/07 1,000 1,003
New Jersey State, Transportation
Authority, Ser A, COP, AMBAC
5.000%, 09/15/01 500 503
New Jersey State, Transportation
Authority, COP, AMBAC
5.000%, 09/15/07 1,000 986
New Jersey State, Transportation
Authority, Federal Transportation
Grants Project, Ser A, COP,
AMBAC Callable 09/15/09 @ 100
5.750%, 09/15/11 1,750 1,794
New Jersey, Economic Development
Authority, Harrogate Project,
Ser A, RB Callable 12/01/07 @ 102
5.650%, 12/01/08 200 196
New Jersey, Healthcare Facilities
Financing Authority, Burdette
Tomlin Memorial Hospital Project,
RB Callable 07/01/09 @ 101
5.250%, 07/01/11 535 495
Newark, General Improvement
Project, GO, AMBAC
5.400%, 10/01/07 200 204
North Bergen Township, GO,
AMBAC
4.500%, 11/01/03 125 123
North Bergen Township, GO,
AMBAC Callable 11/01/07 @ 101
4.500%, 11/01/08 300 284
Oakland, GO, FSA
4.050%, 12/01/00 225 225
Passaic County, Utilities
Authority, Solid Waste Systems
Project, RB, FSA
Callable 03/01/04 @ 100
4.500%, 03/01/05 780 752
Point Pleasant, Water Sewer
Utility Project, GO, FSA
4.400%, 09/01/07 130 123
Port Authority of New York &
New Jersey, GO
3.875%, 08/01/01 200 198
Readington Township, GO
5.250%, 04/15/03 125 127
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Sussex County, GO, FGIC
4.500%, 04/01/05 $ 35 $ 34
Trenton, GO, FSA
4.125%, 09/15/06 250 235
Wall Township, School District
Authority, GO, FSA
4.350%, 07/15/03 500 491
Wildwood, GO, FSA
5.400%, 09/15/01 575 582
--------
35,134
--------
PUERTO RICO -- 2.7%
Puerto Rico, Financing Agency
Authority, Ser B, GO, FSA
Callable 08/01/09 @ 101
5.750%, 08/01/12 1,000 1,033
--------
VIRGIN ISLANDS -- 6.5%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes
Loan Note Project, Ser A, RB
4.200%, 10/01/00 570 569
5.625%, 10/01/10 2,000 1,960
--------
2,529
--------
Total Municipal Bonds
(Cost $39,414) 38,696
--------
Total Investments -- 99.4%
(Cost $39,414) 38,696
--------
Other Assets and Liabilities, Net-- 0.6% 233
--------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
4,014,357 outstanding shares of
beneficial interest 39,954
Distributions in excess of net investment income (1)
Accumulated net realized loss on investments (306)
Net unrealized depreciation on investments (718)
--------
Total Net Assets-- 100.0% $ 38,929
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE-- CLASS A $9.70
========
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 ON THE STATEMENT OF NET ASSETS IS THE
RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
53
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
NEW YORK MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.9%
NEW YORK -- 96.5%
Albany, Municipal Water Finance
Authority, Water & Sewer Systems
Project, Ser A, RB, FGIC
5.500%, 12/01/09 $ 125 $ 127
Arlington County, Central School
District Project, Ser B, GO, FGIC
6.000%, 12/15/02 250 258
Erie County, GO, FGIC
5.000%, 11/01/04 200 201
Long Island, Power Authority,
New York Electric Systems
Project, Ser A, RB, FSA
5.500%, 12/01/13 225 224
Long Island, Power Authority,
New York Electric Systems Project,
Sub-Ser 6, RB (A) (B)
3.700%, 03/01/00 100 100
Long Island, Power Authority,
New York Electric Systems Project,
Sub-Ser 8, RB, MBIA
5.000%, 04/01/06 200 199
Nassau County, General
Improvement, Ser Y, GO, FGIC
5.000%, 03/01/08 200 196
Nassau County, Industrial
Development Authority,
Hofstra University Project, RB
5.250%, 07/01/08 100 100
Nassau County, Industrial
Development Authority, Civic
Facilities Revenue Project, RB
5.250%, 07/01/10 475 472
Naussa County, Industrial
Development Authority,
Hofstra University Project, RB, MBIA
5.250%, 07/01/12 130 128
Nassau County, Ser A, GO, FGIC
5.500%, 07/01/06 60 61
Nassau County, Tobacco Authority,
New York Asset Backed Project,
Ser A, RB Callable 07/15/09 @ 101
5.875%, 07/15/16 100 98
New York City, Health and Hospital
Project, Ser A, RB Callable
02/15/03 @102
6.000%, 02/15/05 45 47
New York City, Industrial Development
Authority, Horace Mann School Project,
RB, MBIA Callable 01/01/09 @ 101
5.000%, 07/01/23 500 428
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New York City, Metropolitan
Transportation Authority,
Commuter Facilities Project,
Ser C-1, RB, FGIC
6.000%, 07/01/07 $ 140 $ 147
New York City, Municipal
Assistance Authority, RB
6.000%, 07/01/05 475 496
New York City, Municipal
Assistance Authority, Ser N, RB
5.000%, 07/01/06 250 248
New York City, Municipal
Assistance Authority, Ser E, RB
Callable 07/1/06 @ 101
5.125%, 07/01/07 500 498
New York City, Municipal
Assistance Authority, Ser G, RB
6.000%, 07/01/06 425 445
6.000%, 07/01/07 225 236
New York City, Municipal
Assistance Authority, Ser J, RB
6.000%, 07/01/04 750 781
New York City, Municipal
Assistance Authority, Ser O, RB
5.250%, 07/01/07 500 502
New York City, Municipal Water
Finance Authority, Water &
Sewer System Project, Ser D, RB
5.000%, 06/15/08 200 195
New York City, Municipal Water
Finance Authority, Water & Sewer
Systems Project, Ser C,
RB, FGIC (A) (B)
3.800%, 03/01/00 800 800
New York City, Ser C, Sub-Ser C-1,
GO Pre-Refunded @ 101.5 (D)
7.500%, 08/01/02 185 199
New York City, Ser C, Sub-Ser C-1,
GO, FSA Pre-Refunded @ 101.5 (D)
6.250%, 08/01/02 105 110
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser A, RB
5.000%, 11/15/07 325 321
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser A, RB Callable
08/15/07 @ 101
5.000%, 08/15/11 300 287
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB
6.000%, 11/15/10 500 526
54
<PAGE>
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000
- --------------------------------------------------------------------------------
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB Callable
05/01/09 @ 101
5.125%, 11/01/10 $ 300 $ 294
4.750%, 11/01/23 1,000 816
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB Callable
05/15/08 @ 101
5.000%, 11/15/09 305 296
4.750%, 11/15/23 750 611
New York City, Transitional Finance
Authority, Future Tax Secured,
Ser C, RB Callable 05/01/09 @ 101
5.250%, 05/01/12 125 121
New York City, Transportation
Facilities Authority, Livingston
Plaza Project, RB, FSA
5.400%, 01/01/18 105 101
New York, Ser A, GO
5.250%, 08/01/08 500 494
New York, Ser A, GO
Pre-Refunded @ 101.5 (D)
7.750%, 08/15/01 250 265
New York, Ser B, GO Callable
02/01/02 @ 101.5
7.500%, 02/01/07 300 318
New York, Ser B, GO
Pre-Refunded @ 101 (D)
7.250%, 08/15/04 125 138
New York, Ser G, GO, MBIA
5.000%, 08/01/06 375 371
New York, Ser J, GO, FGIC
5.250%, 08/01/07 190 190
New York State, Battery Park City,
Ser A, RB Callable 11/01/03 @ 102
5.000%, 11/01/08 60 58
New York State, Commander
General Services Executive
Department, COP
5.000%, 02/01/04 300 298
New York State, Dormitory
Authority, Culinary Institute
of America, RB, MBIA
5.000%, 07/01/06 545 542
New York State, Dormitory
Authority, La Salle 1 Project,
Ser B, RB, AMBAC
5.000%, 07/01/06 130 129
New York State, Dormitory
Authority, Mental Health Services
Facilities Project, RB, AMBAC
5.250%, 08/15/09 385 383
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New York State, Dormitory
Authority, Mental Health Services
Facilities Project, Ser B, RB
6.500%, 08/15/08 $ 250 $ 268
6.500%, 08/15/09 400 430
New York State, Dormitory
Authority, Mental Health
Services Facilities Project,
Ser D, RB, MBIA
5.000%, 08/15/05 150 149
New York State, Dormitory
Authority, Mental Health
Services Facilities Project,
Ser G, RB Callable 08/15/08 @ 101
4.500%, 08/15/18 275 223
New York State, Dormitory
Authority, Montefiore Medical
Center Project, RB, AMBAC
5.750%, 08/01/07 500 514
New York State, Dormitory
Authority, Municipal Health
Facilities Improvement Project,
Ser 1, RB, FSA
5.000%, 01/15/08 590 579
New York State, Dormitory
Authority, Presbyterian
Hospital Project, RB, AMBAC
Callable 02/01/08 @ 101
4.400%, 08/01/13 440 435
New York State, Dormitory
Authority, New York University
Project, Ser A, RB, MBIA
6.000%, 07/01/19 100 102
New York State, Dormitory
Authority, Presbyterian Hospital
Project, RB, AMBAC
5.500%, 02/01/09 300 300
5.500%, 08/01/09 500 501
NeNew York State, Dormitory
Authority, Rochester Institute of
Technology Project, RB, MBIA
6.000%, 07/01/07 300 315
New York State, Dormitory
Authority, Ryan/Clinton
Community Healthcare Center
Project, RB (C)
5.400%, 07/01/09 250 246
New York State, Dormitory
Authority, Saint John's University
Project, RB, MBIA Callable
07/01/08 @ 101
5.000%, 07/01/10 230 223
New York State, Dormitory
Authority, Secondary Hospital
Project, Ser F, RB, MBIA
5.125%, 02/15/08 250 248
55
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
NEW YORK MUNICIPAL BOND FUND--CONTINUED
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New York State, Dormitory
Authority, Ser E, RB, AMBAC
5.250%, 07/01/06 $ 205 $ 207
New York State, Dormitory
Authority, State University
Athletic Facility Project, RB,
MBIA Callable 07/01/08 @ 101
5.250%, 07/01/13 100 95
New York State, Energy Research
and Development Authority,
Pollution Control, Electric &
Gas Project, Ser E, RB, MBIA
5.900%, 12/01/06 1,000 1,046
New York State, Environmental
Facilities Authority, Corporate
Pollution Control Revenue
Project, RB
5.750%, 06/15/09 400 414
New York State, Environmental
Facilities Authority, Pollution
Control, State Water Project,
Ser E, RB
6.100%, 06/15/00 200 201
New York State, Environmental
Facilities Authority, State Water
Project, RB
5.750%, 06/15/08 385 399
New York State, General Services
Executive Department Project, COP
5.000%, 09/01/02 500 500
New York State, GO
6.500%, 03/15/05 100 105
New York State, GO Callable
07/15/06 @ 101
5.200%, 07/15/07 100 99
New York State, GO, FGIC
5.250%, 08/01/06 100 100
New York State, Government
Assistance, Ser B, GO
Pre-Refunded @ 102 (D)
6.000%, 04/01/02 150 157
New York State, Government
Assistance, Ser C, GO
Pre-Refunded @ 102 (D)
6.250%, 04/01/02 500 525
New York State, Highway
Authority, Ser E, RB Callable
01/01/08 @ 101
5.000%, 01/01/25 500 425
New York State, Housing Finance,
Hospital and Healthcare Project,
Ser A, RB, MBIA Callable
11/01/08 @ 101
5.000%, 11/01/11 95 91
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New York State, Local Government
Assistance, Ser A, GO
6.000%, 04/01/06 $ 150 $ 156
New York State, Local Government
Assistance, Ser A, GO, AMBAC
5.000%, 04/01/04 325 326
New York State, Local Government
Assistance, Ser C, GO Pre-Refunded
@ 102 (D)
5.700%, 04/01/02 150 153
New York State, Medical Care
Facility Finance Agency, Mental
Health Services Facilities Project,
Ser C, RB, MBIA
5.250%, 08/15/03 375 379
New York State, Metropolitan
Transportation Authority,
New York Service Contract,
Ser N, RB Callable 07/01/02 @ 102
7.125%, 07/01/09 250 266
New York State, Metropolitan
Transportation Authority, Ser A,
GO Pre-Refunded @ 101.5 (D)
6.375%, 07/01/04 500 535
New York State, Metropolitan
Transportation Authority,
Ser O, RB
5.750%, 07/01/13 325 328
New York State, Mortgage Agency
Authority, Homeowner Mortgage
Project, Ser 87, RB Callable
09/01/09 @ 100
5.150%, 04/01/17 825 813
New York State, Mortgage Agency
Authority, Homeowner Mortgage
Project, Ser 35, RB Callable
03/01/04 @ 102 (C)
5.300%, 10/01/16 500 500
New York State, Ser D, GO, AMBAC
Callable 07/15/08 @ 101
5.000%, 07/15/12 150 142
New York State, Ser F, GO
5.000%, 09/15/06 100 99
New York State, Ser F, GO, AMBAC
5.500%, 09/15/08 750 764
New York State, Thruway Authority,
Highway and Bridge
Transportation Project,
Ser A, RB, MBIA
6.250%, 04/01/04 100 105
New York State, Thruway Authority,
Highway and Bridge
Transportation Project,
Ser B, RB, MBIA
6.000%, 04/01/05 225 235
56
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000
- --------------------------------------------------------------------------------
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 $ 135
New York State, Thruway Authority,
Local Highway and Bridge
Service Contract, RB, MBIA
6.000%, 04/01/07 200 209
New York State, Triborough Bridge
and Tunnel Authority, Ser X, RB
6.625%, 01/01/12 160 176
New York State, Triborough Bridge
and Tunnel Authority, General
Purpose Project, Ser Y, RB
5.800%, 01/01/06 175 181
New York State, Triborough Bridge
and Tunnel Authority, Special
Obligation Project, Ser A, RB, MBIA
Callable 01/01/09 @ 101
5.125%, 01/01/14 175 163
New York State, Urban
Development, State Facilities
Project, RB
6.250%, 04/01/03 100 103
New York State, Urban
Development, Community
Enhancement Facilities Project,
RB, AMBAC
5.000%, 04/01/07 300 297
New York State, Urban
Development, Community
Enhancement Facilities, Ser A, RB
5.000%, 04/01/05 250 248
New York State, Urban
Development, Corporate Revenue
Correctional Capital Facilities,
RB, AMBAC
5.500%, 01/01/09 200 203
New York State, Urban
Development, Correctional
Facilities Services Contract
Project, Ser B, RB, AMBAC
5.000%, 01/01/08 200 197
New York State, Urban
Development, State Facilities, RB
6.250%, 04/01/05 100 105
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
New York State, Urban
Development Authority, Center
For Industrial Innovation
Project, RB
5.300%, 01/01/04 $ 405 $ 407
New York State, Urban
Development Authority,
Correctional Facilities Project,
Ser 6, RB
6.000%, 01/01/02 250 255
Oneida County, Public
Improvement Authority, GO,
AMBAC Callable 04/15/08 @ 101
5.000%, 04/15/09 700 682
Steuben County, Public
Improvement Authority, RB, AMBAC
5.375%, 05/01/01 200 202
Syracuse County, Ser B, GO, FSA
5.000%, 10/01/05 200 199
Tsasc, Inc., New York Tfabs,
Ser 1, RB Callable 07/15/09 @ 101
6.000%, 07/15/19 500 483
Westchester County, Dormitory
Authority, Lease Revenue Court
Facilities Project, RB, AMBAC
5.000%, 08/01/08 140 137
Yonkers County, GO, AMBAC
Callable 06/01/09 @ 101
5.000%, 12/01/10 390 373
--------
32,308
--------
PUERTO RICO -- 1.2%
Puerto Rico, Industrial Educational,
Medical and Enviromental Control
Facilities Authority, Ana G. Mendez
University Systems Project, RB
5.000%, 02/01/03 400 399
--------
VIRGIN ISLANDS -- 1.2%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes
Loan Note Project, Ser A, RB
5.625%, 10/01/10 400 392
--------
Total Municipal Bonds
(Cost $34,093) 33,099
--------
Total Investments -- 98.9%
(Cost $34,093) 33,099
--------
Other Assets and Liabilities, Net -- 1.1% 381
--------
57
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
NEW YORK MUNICIPAL BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
3,479,652 outstanding shares of
beneficial interest $34,501
Undistributed net investment income 1
Accumulated net realized loss on investments (28)
Net unrealized depreciation on investments (994)
--------
Total Net Assets -- 100.0% $ 33,480
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $9.62
========
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
CALIFORNIA MUNICIPAL
BOND FUND
MUNICIPAL BONDS -- 105.6%
CALIFORNIA -- 96.1%
Abag, Financial Authority for
Non-Profit Corporations,
Channing House Project, RB
4.649%, 02/15/06 $ 585 $ 562
4.900%, 02/15/09 780 728
Abag, Financial Authority for
Non-Profit Corporations, United
Dominion Multi-Family Housing
Project, Ser B, RB
6.250%, 08/15/08 2,000 2,020
Abag, Financial Authority for
Non-Profit Corporations, YMCA
San Francisco Refinancing
Project, Ser A, COP, ACA, Insured
4.200%, 10/01/04 100 96
4.300%, 10/01/05 100 96
4.400%, 10/01/06 100 95
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Adelanto, Public Utility Authority,
Utility Systems Project,
Ser A, RB (C)
4.450%, 11/01/01 $2,000 $ 2,000
Alameda, Public Financing
Authority, RB Callable
09/02/99 @ 102
4.600%, 09/02/03 500 496
Bret Harte, Unified High School
District Authority, Capital
Improvements Project, RB, FSA
3.900%, 09/01/03 80 78
Calabasas, Special Tax, Community
Facilities District 98-1, GO
5.000%, 09/01/05 200 193
5.100%, 09/01/06 100 96
5.200%, 09/01/07 150 143
California, Campbell Unified School
District Financing Project,
COP, FSA
4.900%, 11/01/07 1,250 1,256
California, Educational Facilities
Authority, Heald Colleges
Project, RB
4.400%, 02/15/04 245 237
4.600%, 02/15/06 295 283
California, Educational Facilities
Authority, Heald Colleges
Project, RB Callable
02/15/06 @ 102
4.700%, 02/15/07 305 291
California, Educational Facilities
Authority, Loyola Marymount
Capital Appreciation Project,
Zero Coupon, RB, MBIA
0.000%, 10/01/08 2,765 1,783
California, Educational Facilities
Authority, Pooled Colleges &
Universities Project, Ser B, RB
4.300%, 04/01/04 1,000 957
4.500%, 04/01/06 480 454
4.600%, 04/01/07 250 235
California, Educational Facilities
Authority, University of San
Diego Project, Zero Coupon,
RB, AMBAC
0.000%, 10/01/09 725 440
California, Health Facilities,
Financing Authority, Summit
Medical Center Project, Ser A,
RB, FSA
5.250%, 05/01/03 50 51
58
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
California, Health Facilities,
Financing Authority, Catholic
Healthcare West Project,
Ser A, RB, MBIA
5.500%, 07/01/06 $ 150 $ 155
California, Health Facilities,
Financing Authority, Downey
Community Hospital Project, RB
5.100%, 05/15/02 155 155
California, Health Facilities,
Financing Authority, St. Josephs
Health Systems Project, Ser A,
RB (A) (B) (C)
3.200%, 03/01/00 2,000 2,000
California, Housing Financing
Agency, Single-Family Mortgage
Project, Ser D-1, RB
4.650%, 08/01/08 545 525
California, Pollution Control
Finance Authority, Pacific Gas
and Electric Project, RB (A) (B) (C)
3.150%, 03/01/00 500 500
California, Pollution Control
Finance Authority, Southern
California Edison, Ser B, RB (A) (B)
3.350%, 03/01/00 600 600
California, Residencial Efficiency
Financing Authority, Capital
Improvement Project, COP, AMBAC
6.000%, 04/01/09 1,420 1,519
California State, Department of
Water, Central Valley Project,
Ser L, RB Callable
06/01/03 @ 101.5
5.750%, 12/01/13 2,255 2,283
California State, GO
5.500%, 10/01/06 100 104
7.000%, 10/01/06 375 420
5.750%, 10/01/08 1,035 1,093
California State, GO, MBIA
5.500%, 04/01/10 1,000 1,031
California State, Pollution Control
Finance Authority, Pacific Gas
and Electric, Ser G, RB (A) (B)
3.200%, 03/01/00 1,300 1,300
California State, Public Works
Board, California Community
Colleges Project, Ser A, RB
5.000%, 12/01/10 225 221
California State, Public Works
Board, Community Colleges
Project, Ser D, RB
5.250%, 10/01/10 2,200 2,227
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
California State, Public Works
Board, Department of
Corrections State Prison
Project, Ser E, RB MBIA
6.000%, 06/01/10 $2,500 $ 2,676
California State, Public Works
Board, University of California
Project, Ser C, RB, AMBAC
5.250%, 09/01/07 250 257
California State, Public Works
Board, University of California
Project, Ser F, RB
5.250%, 12/01/06 500 514
California State, University
Revenue and Colleges Authority,
Housing Systems Project, RB, FGIC
4.700%, 11/01/01 50 50
California, Statewide Communities
Development Authority, Multi-
Family Housing Project, RB
5.200%, 06/15/09 1,150 1,100
California, Statewide Communities
Development Authority, John
Muir/Mount Diablo Health
Project, COP, AMBAC (A) (B)
3.100%, 03/01/00 200 200
California, Unified High School
District, William S. Hart School
Facilities Project, COP, MBIA
4.800%, 09/01/08 295 292
5.000%, 09/01/09 165 165
Carpinteria, Capital Improvement
Refinancing Project, COP, MBIA
4.200%, 03/01/07 100 95
Central Valley, School District
Financing Authority, Ser A,
RB, MBIA
5.800%, 08/01/03 250 261
Central Valley, School District
Financing Authority, Ser A,
Zero Coupon, RB, MBIA
0.000%, 02/01/08 485 324
Chaffey, Community College
District, COP
4.300%, 09/01/06 295 280
Coalinga, Public Financing
Authority, Senior Lien Project,
Ser A, RB, AMBAC
5.500%, 09/15/08 625 649
59
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
CALIFORNIA MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Culver City, Redevelopment
Financing Authority,
Ser A, TA, FSA
4.300%, 11/01/05 $ 280 $ 275
4.400%, 11/01/06 375 368
4.500%, 11/01/07 775 760
4.600%, 11/01/08 270 264
Culver City, Redevelopment
Financing Authority, Ser B, TA
4.500%, 11/01/02 100 99
4.700%,< 11/01/03 320 314
4.800%, 11/01/04 435 424
Duarte, Ser A, COP
4.625%, 04/01/07 150 137
Duarte, Unified School District,
Capital Appreciation, Ser B,
Zero Coupon, GO, FSA
0.000%, 11/01/09 740 449
East Bay, Municipal Utility District
Water System Authority, RB,
FGIC Callable 06/01/06 @ 102
5.000%, 06/01/13 1,000 963
El Monte, Department of Public
Social Services Facilities,
COP, AMBAC
4.100%, 06/01/08 500 464
El Rancho, Unified School District,
Capital Appreciation Project,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/05 285 219
El Rancho, Unified School District,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/04 200 162
Elk Grove, Unified School Disrict,
Community Facilities District No. 1,
GO, AMBAC
6.500%, 12/01/06 75 82
Fairfield, Housing Authority,
Creekside Estates Mobile
Project, RB
5.050%, 09/01/06 265 251
5.150%, 09/01/07 220 208
Folsom, Community
Correctional Facility, COP
5.000%, 10/01/06 1,000 981
Fontana, Community Facility
District, Ser A, RB, FSA
4.700%, 09/01/08 675 664
4.800%, 09/01/09 1,110 1,092
Fontana, Redevelopment Agency,
Jurupa Hills Redevelopment
Project, Ser A, TA
4.900%, 10/01/07 1,345 1,286
5.100%, 10/01/09 360 342
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Fontana, Redevelopment Agency,
Jurupa Hills Redevelopment
Project, Ser A, TA Callable
10/01/09 @101
5.200%, 10/01/10 $1,615 $ 1,528
Fontana, Redevelopment Agency,
Southwest Industrial Park Project,
TA, MBIA
4.000%, 09/01/01 40 40
Foothill, Eastern Corridor Agency,
Toll Road Project, RB
5.000%, 01/15/05 2,000 1,965
Foothill, Eastern Corridor Agency,
Toll Road project, RB, MBIA
4.375%, 01/15/07 1,520 1,471
Fowler, Unified School District,
GO, MBIA
4.650%, 01/01/08 140 137
4.700%, 01/01/09 145 141
Fresno, Joint Powers Financing
Authority, Cab's Project, Zero
Coupon, RB, AMBAC
0.000%, 09/01/07 250 171
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%, 02/01/10 640 378
Golden West, Schools Financing
Authority, Refunding Project,
Ser A, GO, MBIA
6.450%, 08/01/09 250 275
Hawthorne, California School
District, Ser B, Zero Coupon,
GO, FGIC
0.000%, 11/01/09 500 302
HI Desert, Memorial Healthcare
District, RB
5.000%, 10/01/05 250 232
Intermodal Container Transfer
Facility, Joint Power Authority,
Ser A, RB, AMBAC
4.500%, 11/01/06 1,000 986
4.625%, 11/01/07 1,250 1,234
5.000%, 11/01/10 1,465 1,454
Irvine Ranch, Water District
Authority, RB (A) (B) (C)
3.250%, 03/01/00 100 100
Irvine, Special Assessment,
District 89-10, GO (A) (B) (C)
3.250%, 03/01/00 2,920 2,920
60
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Lake Elsinore, Public Financing
Authority, Local Agency Project,
Ser G, RB
5.100%, 09/02/04 $ 200 $ 199
Lodi, Electric Systems Revenue
Authority, Ser B, Zero
Coupon, COP, MBIA Callable
01/15/2009 @ 90.3495
0.000%, 01/15/11 1,000 548
Long Beach, Building Financing
Authority, Rainbow Harbor
Refinancing Project, Ser A,
RB, AMBAC
4.750%, 05/01/08 1,140 1,126
Los Angeles, Community College
District, Energy Retrofit Project,
COP, AMBAC Callable
02/15/10 @ 100
5.050%, 08/15/10 250 249
Los Angeles County, Metropolitan
Transportation Authority,
2nd Tier Project, Ser A, RB, FSA
5.500%, 07/01/10 1,000 1,033
Los Angeles, Department of Public
Social Services, Ser A,
COP, AMBAC
4.750%, 08/01/07 715 711
Los Angeles, Department of Public
Social Services, Ser A, COP,
AMBAC Callable
08/01/2009 @ 101
5.000%, 08/01/10 600 596
Los Angeles, Municipal Improvement
Corporate Lease, Police Emergency,
Ser D, TA Callable 09/01/07 @ 100
4.125%, 09/01/08 400 372
Los Angeles, Sonnelblick
Del Rio West, COP, AMBAC
5.000%, 11/01/05 1,470 1,496
5.375%, 11/01/10 2,130 2,178
Los Angeles, State Building
Authority, California
Department of General
Services, Ser A, RB
5.500%, 05/01/07 1,210 1,246
Los Angeles, State Building
Authority, Ser A, RB
4.800%, 10/01/09 1,000 975
Los Angeles, Unified School
Districts, Ser C, GO
4.375%, 07/01/07 1,000 965
Madera County, Valley Children's
Hospital Project, COP, MBIA
6.250%, 03/15/07 50 54
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Metropolitan Water District,
Southern California Waterworks
Authority, Ser A, RB
5.500%, 07/01/05 $ 100 $ 104
Midpeninsula, Regional Open
Space District, Financing
Authority, RB, AMBAC
4.200%, 09/01/09 1,005 925
Mountain Empire, Unified School
District, Ser A, GO, MBIA
3.950%, 09/01/06 65 61
Orange County,
Sanitation District 1, 2 & 3 -
Capital Improvement,
COP, AMBAC (A) (B) (C)
3.250%, 03/01/00 2,800 2,800
Orange County, Local
Transportation Authority, Sales
Tax Revenue Measure, Ser A, RB
5.500%, 02/15/11 1,300 1,331
Orange County, Recovery
Authority, Ser A, COP, MBIA
6.000%, 07/01/08 500 534
Pajaro Valley, Water Management
Agency, Ser A , COP, AMBAC
4.600%,< 03/01/07 240 237
4.700%, 03/01/08 425 418
Palomar, Pomerado Health System,
RB, MBIA Callable
05/01/09 @ 101
5.250%, 11/01/09 1,000 1,011
Pasadena, Unified School District,
Ser A, GO, FGIC
5.625%, 05/01/08 255 266
Pinole, Redevelopment Agency,
Pinole Vista Redevelopment
Project, RB, FSA
4.700%, 08/01/08 835 821
4.800%, 08/01/09 520 512
Pittsburg, Redevelopment Agency,
Los Medanos Community
Development Project, TA, AMBAC
5.050%, 08/01/09 500 501
Pomona, Unified School District,
Ser A, GO, FGIC
5.450%, 02/01/06 195 202
Poway, Redevelopment Agency,
Paguay Redevelopment Project,
RB Callable 06/15/00 @ 100.5
4.750%, 12/15/03 2,000 1,963
Redlands, Wastewater Finance
Authority, Ser A, RB, FSA
4.500%, 09/01/08 745 715
61
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
CALIFORNIA MUNICIPAL BOND FUND--CONTINUED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
Richmond, Joint Powers Financing
Authority, Port Terminal Lease
Project, RB
4.250%, 06/01/05 $ 585 $ 559
4.350%, 06/01/06 1,100 1,046
Richmond, Wastewater Authority,
RB, FGIC
4.600%, 08/01/06 615 610
4.800%, 08/01/08 1,270 1,257
Riverside County, Community
Facilities District No. 84-2, TA
4.050%, 09/01/00 300 300
Riverside County, Public Financing
Authority, RB
5.400%, 05/15/09 1,875 1,779
Riverside, Redevelopment
Authority, Casa Blanca
Redevelopment Project,
Ser A, TA, AMBAC
4.100%, 08/01/08 385 356
Riverside, Redevelopment
Authority, Casa Blanca
Redevelopment Project,
Ser A, TA, AMBAC Callable
08/01/08 @ 102
4.300%, 08/01/10 305 281
Riverside, Redevelopment
Authority, University Corridor
Project, Ser A, TA, AMBAC
4.000%, 08/01/07 175 163
4.100%, 08/01/08 300 278
Riverside, Redevelopment Authority,
University Corridor Project,
Ser A, TA, AMBAC Callable
08/01/08 @ 102
4.200%, 08/01/09 335 309
4.300%, 08/01/10 380 350
Sacramento, Cogeneration Authority,
Procter & Gamble Project,
RB, MBIA
7.000%, 07/01/05 1,500 1,658
Sacramento, Municipal Utility
District, Electrical Project, Ser A,
RB, MBIA Callable 08/15/02 @ 100
5.750%, 08/15/13 2,000 2,015
Sacramento, Redevelopment
Agency, Merged Downtown
Redevelopment Project,
Ser A, TA, FSA
4.500%, 11/01/08 1,500 1,442
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
San Bernardino, Joint Powers
Financing Authority, Police
Station Project, COP, MBIA
4.650%, 09/01/07 $ 270 $ 267
4.750%, 09/01/08 300 296
4.850%, 09/01/09 285 281
San Bernardino, Redevelopment
Agency, San Sevaine
Redevelopment Project, Ser A, TA
5.700%, 09/01/04 200 200
5.800%, 09/01/05 315 315
5.900%, 09/01/06 315 315
San Bernardino, Unified School District,
Ser B, Zero Coupon,
GO, FGIC
0.000%, 08/01/07 915 632
San Diego County, Burham
Institute Project, COP
4.700%, 09/01/02 200 199
4.800%, 09/01/03 200 199
5.150%, 09/01/06 700 697
San Diego, Public Facility Financing
Authority, Lein Reassessment
Project, Ser A, RB, AMBAC
4.100%, 09/02/09 720 655
San Diego, Redevelopment Agency,
Center City Redevelopment
Project, Ser A, RB
5.350%, 09/01/08 175 172
5.450%, 09/01/09 175 171
San Diego, Unified School District,
Ser A, Zero Coupon, GO, FGIC
0.000%, 07/01/05 1,000 771
San Francisco Bay Area, Bridge
Toll, TRAN, ACA Insured
4.900%, 02/01/05 750 750
5.000%, 02/01/06 500 500
San Francisco State, University
Foundation Student Housing, RB,
ACA Insured
4.400%, 07/01/06 425 409
4.500%, 07/01/07 365 345
San Joaquin County, General
Hospital Project, RB, MBIA
4.250%, 09/01/08 1,000 941
San Juan, M-S-R Public Power
Agency, Sub Lein San Juan
Project, Ser F, RB (A) (B)
3.200%, 03/01/00 1,200 1,200
San Rafael, Redevelopment Agency,
San Rafael Redevelopment
Project, TA, AMBAC
4.750%, 12/01/06 285 285
62
<PAGE>
- -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000
- -------------------------------------------------------------------------------
Sanger, Unified School District,
GO, MBIA
5.200%, 02/01/06 $ 720 $ 735
5.200%, 08/01/07 190 195
5.250%, 08/01/10 225 228
Saratoga, Unified School District,
GO, MBIA
4.100%, 09/01/07 150 141
Saratoga, Unified School
District, GO
4.200%, 09/01/08 200 187
South Orange County, Public
Financing Authority, RB, FSA
4.700%, 09/02/07 850 844
4.600%, 09/02/06 230 228
South Orange County, Public
Financing Authority,
Ser A, RB, FSA
4.400%, 08/15/06 875 859
4.750%, 08/15/09 1,000 980
Stockton, Essential Services
Building/Parking Facility, COP
4.800%, 08/01/07 155 150
5.000%, 08/01/09 280 274
Tahoe, Truckee Unified School
District, Improvement District No. 2,
Ser A, GO, FGIC
4.800%, 08/01/08 250 248
Tustin, Unified School District,
Community Facilities
District No. 88-1, GO
4.000%, 09/01/06 350 330
Vallejo, Public Financing Authority,
RB, MBIA
4.600%, 07/15/07 100 99
Walnut, Improvement Agency,
Ser A, GO, MBIA
4.000%, 09/01/08 255 234
Wasco, Sewer Revenue Project,
RB, MBIA
3.850%, 05/01/04 170 164
3.950%, 05/01/05 175 167
4.050%, 05/01/06 185 176
4.150%, 05/01/07 190 180
4.200%, 05/01/08 200 187
4.300%, 05/01/09 205 191
4.400%, 05/01/10 215 200
Washington Township, Healthcare
Project, RB
4.400%, 07/01/06 1,010 938
- -------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------------------------
Westlands, Water District, Ser A,
RB, AMBAC
4.000%, 03/01/07 $ 150 $ 140
4.125%, 03/01/08 275 256
4.250%, 03/01/09 240 223
--------
112,430
--------
GUAM -- 0.8%
Guam, Power Authority, Ser A, RB
4.000%, 10/01/04 1,000 956
--------
PUERTO RICO -- 2.9%
Puerto Rico, Aqueduct & Sewer
Authority, RB
6.250%, 07/01/12 2,000 2,150
Puerto Rico, Commonwealth
Public Improvement, GO, FSA
5.250%, 07/01/12 1,000 1,001
Puerto Rico, Electric Power
Authority, Ser GG, RB, FSA
5.000%, 07/01/07 250 248
--------
3,399
--------
VIRGIN ISLANDS -- 5.8%
Virgin Islands, Public Financing
Authority, Gross Receipt Taxes
Loan Note Project, Ser A, RB
4.200%, 10/01/00 1,000 997
5.000%, 10/01/04 1,000 988
5.625%, 10/01/10 2,335 2,288
Virgin Islands, Public Financing
Authority, Ser C, RB
5.000%, 10/01/03 2,500 2,481
--------
6,754
--------
Total Municipal Bonds
(Cost $125,453) 123,539
--------
Total Investments -- 105.6%
(Cost $125,453) 123,539
--------
Other Liabilities and Assets, Net -- (5.6%)
Investment securities purchased (8,134)
Other assets and liabilities, net 1,605
--------
Total Other Liabilities and Assets (6,529)
--------
63
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
CALIFORNIA MUNICIPAL BOND FUND--CONCLUDED
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund Shares of Class A (unlimited
authorization -- no par value) based on
11,873,400 outstanding shares of
beneficial interest $119,081
Distributions in excess of net investment
income (1)
Accumulated net realized loss on investments (156)
Net unrealized depreciation on investments (1,914)
--------
Total Net Assets -- 100.0% $117,010
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $9.85
========
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 AND REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON FEBRUARY 29, 2000.
(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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
64
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
--------------
PENNSYLVANIA
TAX FREE
FUND
--------------
ASSETS:
Investment securities at value (Cost $27,861) $27,861
Cash 2,829
Receivable for investment securities sold 1,050
Income receivable 188
Other receivables 11
-------
Total Assets 31,939
-------
LIABILITIES:
Income payable 34
Payable for investment securities purchased 1,504
Other payables 21
-------
Total Liabilities 1,559
-------
TOTAL NET ASSETS $30,380
=======
NET ASSETS:
Fund Shares of Class A (unlimited authorization --
no par value) based on 30,406,981 outstanding
shares of beneficial interest 30,407
Distributions in excess of net investment income (7)
Accumulated net realized loss on investments (20)
-------
TOTAL NET ASSETS -- 100.0% $30,380
=======
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- CLASS A $1.00
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
65
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000)
- ---------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000 (UNAUDITED)
--------- ------------- ----------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
--------- ------------ ---------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $ 13,213 $ 251 $17,321
-------- ------ -------
EXPENSES:
Management Fees 1,298 19 1,698
Waiver of Management Fees -- (5) (520)
Investment Advisory Fees 140 3 183
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 38 1 50
Professional Fees 29 1 47
Pricing Fees 1 -- 2
Registration Fees 17 1 15
Trustee Fees 7 -- 10
Shareholder Servicing Fees (1) 902 21 1,247
Shareholder Servicing Fee Waivers (858) (20) (1,061)
Printing Fees 42 2 61
Insurance Fees 1 -- 2
Other Expenses 7 1 9
-------- ------ -------
Total Expenses 1,624 24 1,743
-------- ------ -------
NET INVESTMENT INCOME 11,589 227 15,578
-------- ------ -------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Loss on Investments (4) (3) (5)
Net Change in Unrealized Depreciation
on Investments -- -- --
-------- ------ -------
Net Realized and Unrealized Loss on Investments (4) (3) (5)
-------- ------ -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 11,585 $ 224 $15,573
======== ====== =======
<FN>
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
66
<PAGE>
- ---------------- ----------------- ------------- --------------
PENNSYLVANIA INTERMEDIATE- PENNSYLVANIA MASSACHUSETTS
TAX FREE TERM MUNICIPAL MUNICIPAL MUNICIPAL
FUND FUND BOND FUND BOND FUND
------------- ----------------- ------------- --------------
$ 625 $ 16,197 $ 3,053 $ 444
----- -------- ------- -----
62 808 204 23
(16) (98) (73) (6)
7 1,111 116 32
-- -- -- --
2 34 6 1
2 36 6 1
-- 32 5 1
1 33 5 3
-- 8 1 --
43 843 169 24
(43) (843) (156) (24)
2 47 8 2
-- 2 -- --
1 8 1 --
----- ------- ------- -----
61 2,021 292 57
----- ------- ------- -----
564 14,176 2,761 387
----- ------- ------- -----
-- (1,535) (631) (70)
-- (9,102) (1,707) (311)
----- ------- ------- -----
-- (10,637) (2,338) (381)
----- ------- ------- -----
$ 564 $ 3,539 $ 423 $ 6
===== ======= ======= =====
67
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (000) (concluded)
- --------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE PERIOD ENDED FEBRUARY 29, 2000 (UNAUDITED)
------------ ------------ --------------
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND BOND BOND
FUND FUND FUND
----------- ------------ -------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $ 697 $ 610 $ 1,940
----- ----- -------
EXPENSES:
Management Fees 38 32 103
Waiver of Management Fees (6) (6) (15)
Investment Advisory Fees 52 44 142
Waiver of Investment Advisory Fees -- -- --
Custodian/Wire Agent Fees 2 2 4
Professional Fees 2 2 4
Pricing Fees 1 1 4
Registration Fees 4 3 9
Trustee Fees -- -- 1
Shareholder Servicing Fees (1) 39 34 156
Shareholder Servicing Fee Waivers (39) (34) (156)
Printing Fees 2 2 5
Insurance Fees -- -- --
Other Expenses -- -- 1
----- ----- -------
Total Expenses 95 80 258
----- ----- -------
NET INVESTMENT INCOME 602 530 1,682
----- ----- -------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Loss on Investments (229) -- (102)
Net Change in Unrealized Depreciation
of Investments (273) (399) (716)
----- ----- -------
Net Realized and Unrealized Loss
on Investments (502) (399) (818)
----- ----- -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 100 $ 131 $ 864
===== ===== =======
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
68
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
- ---------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000
(UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1999
--------------------- -------------------- --------------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
--------------------- -------------------- ---------------------
2000 1999 2000 1999 2000 1999
--------- --------- --------- ---------- ---------- ----------
INVESTMENT ACTIVITIES:
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 11,589 $ 17,642 $ 227 $ 10,563 $ 15,578 $ 29,900
Net realized Gain (loss) on Investments (4) (20) (3) 43 (5) (28)
--------- ---------- --------- ---------- ---------- ----------
Net increase in Net Assets Resulting
from Operations 11,585 17,622 224 10,606 15,573 29,872
--------- --------- --------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (11,540) (17,656) (218) (1,361) (14,157) (27,050)
Class B -- -- (7) (7) (792) (2,091)
Class C -- -- -- -- (609) (803)
Class D -- -- -- -- -- --
Class CNI (1) -- -- -- (9,194) -- --
Net Capital Gains
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
--------- --------- --------- ---------- ---------- ----------
Total Distributions (11,540) (17,656) (225) (10,562) (15,558) (29,944)
--------- --------- --------- ---------- ---------- ----------
TRANSACTIONS (2):
Class A:
Proceeds from Shares Issued 2,870,751 3,657,826 65,703 418,028 2,529,523 4,535,456
Reinvestment of Cash Distributions 4,343 4,222 76 191 1,972 2,794
Cost of Shares Redeemed (2,763,789) (3,553,080) (76,602) (435,351) (2,521,912)(4,565,492)
--------- --------- -------- ---------- ---------- ----------
Total Class A Share Transactions 111,305 108,968 (10,823) (17,132) 9,583 (27,242)
--------- --------- -------- ---------- ---------- ----------
Class B:
Proceeds from Shares Issued -- -- 350 1,398 81,643 213,631
Reinvestment of Cash Distributions -- -- -- -- 385 1,300
Cost of Shares Redeemed -- -- (187) (891) (89,304) (252,619)
--------- --------- -------- ---------- ---------- ----------
Total Class B Share Transactions -- -- 163 507 (7,276) (37,688)
--------- --------- -------- ---------- ---------- ----------
Class C:
Proceeds from Shares Issued -- -- -- -- 97,831 184,115
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- -- -- (95,886) (168,768)
--------- --------- -------- ---------- ---------- ----------
Total Class C Share Transactions -- -- -- -- 1,945 15,347
--------- --------- -------- ---------- ---------- ----------
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 -- --
Reinvestment of Cash Distributions -- -- -- 5,539 -- --
Cost of Shares Redeemed -- -- -- (1,529,995) -- --
--------- --------- -------- ---------- ---------- ----------
Total Class CNI Share Transactions -- -- -- (474,103) -- --
--------- --------- -------- ---------- ---------- ----------
Increase (Decrease) in Net Assets from
Share Transactions 111,305 108,967 (10,660) (490,728) 4,252 (49,583)
--------- --------- -------- ---------- ---------- ----------
Total Increase (Decrease) in Net Assets 111,350 108,933 (10,661) (490,684) 4,267 (49,655)
--------- --------- -------- ---------- ---------- ----------
NET ASSETS:
Beginning of period 652,210 543,277 22,864 513,548 881,286 930,941
--------- --------- -------- ---------- ---------- ----------
End of period $ 763,560 $ 652,210 $ 12,203 $ 22,864 $ 885,553 $ 881,286
========= ========= ======== ========== ========== ==========
<FN>
(1) CALIFORNIA TAX EXEMPT FUND CNI CLASS SHARES WERE FULLY LIQUIDATED ON
JUNE 21, 1999.
(2) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 9 IN THE NOTES TO
THE FINANCIAL STATEMENTS.
</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.
69
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (000) (concluded)
- ---------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000
(UNAUDITED) AND FOR THE YEAR ENDED AUGUST 31, 1999
--------------------- -------------------- --------------------
PENNSYLVANIA INTERMEDIATE-TERM PENNSYLVANIA
TAX FREE MUNICIPAL MUNICIPAL BOND
FUND FUND FUND
--------------------- -------------------- --------------------
2000 1999 2000 1999 2000 1999
--------- ---------- --------- ---------- ---------- ----------
INVESTMENT ACTIVITIES:
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 564 $ 1,435 $ 14,176 $ 22,980 $ 2,761 $ 5,161
Net realized gain (loss) on Investments -- (2) (1,535) 1,719 (631) 136
Net Change in Unrealized Depreciation
of Investments -- -- (9,102) (22,500) (1,707) (4,706)
--------- ---------- -------- --------- --------- ----------
Net increase in Net Assets Resulting from
Operations 564 1,433 3,539 2,199 423 591
--------- ---------- -------- --------- --------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (565) (1,442) (14,190) (23,026) (517) (381)
Class B -- -- -- -- (2,237) (4,799)
Net Capital Gains
Class A -- -- (650) (637) (26) (22)
Class B -- -- -- -- (120) (530)
--------- ---------- -------- --------- --------- ----------
Total Distributions (565) (1,442) (14,840) (23,663) (2,900) (5,732)
--------- ---------- -------- --------- --------- ----------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 80,726 216,649 235,160 371,411 15,851 19,564
Reinvestment of Cash Distributions 227 366 12,208 18,663 525 386
Cost of Shares Redeemed (84,670) (232,976) (152,010) (237,694) (4,635) (870)
--------- ---------- -------- --------- --------- ----------
Total Class A Share Transactions (3,717) (15,961) 95,358 152,380 11,741 19,080
--------- ---------- -------- --------- --------- ----------
Class B:
Proceeds from Shares Issued -- -- -- -- 11,327 29,041
Reinvestment of Cash Distributions -- -- -- -- 347 657
Cost of Shares Redeemed -- -- -- -- (31,444) (21,345)
--------- ---------- -------- --------- --------- ----------
Total Class B Share Transactions -- -- -- -- (19,770) 8,353
--------- ---------- -------- --------- --------- ----------
Increase (Decrease) in Net Assets from
Share Transactions (3,717) (15,961) 95,358 152,380 (8,029) 27,433
--------- ---------- -------- --------- --------- ----------
Total Increase (Decrease) in Net Assets (3,718) (15,970) 84,057 130,916 (10,506) 22,292
--------- ---------- -------- --------- --------- ----------
NET ASSETS:
Beginning of period 34,098 50,068 647,240 516,324 123,654 101,362
--------- ---------- -------- --------- --------- ----------
End of period $ 30,380 $ 34,098 $731,297 $ 647,240 $ 113,148 $ 123,654
========= ========== ======== ========= ========= ==========
(1) 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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
70
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
--------------------- -------------------- -------------------- -----------------
MASSACHUSETTS NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL BOND
FUND FUND FUND FUND
--------------------- -------------------- -------------------- -----------------
2000 1999 2000 1999 2000 1999 2000 1999
--------- ---------- --------- ---------- ---------- ---------- --------- -------
INVESTMENT ACTIVITIES
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income $ 387 $ 348 $ 602 $ 423 $ 530 $ 426 $ 1,682 $ 1,051
Net realized Loss on Investments (70) -- (229) (77) -- (28) (102) (27)
Net Change in Unrealized Depreciation
of Investments (311) (507) (273) (450) (399) (602) (716) (1,206)
-------- --------- -------- --------- --------- --------- -------- -------
Net increase (Decrease) in Net Assets
Resulting from Operations 6 (159) 100 (104) 131 (204) 864 (182)
-------- --------- -------- --------- --------- --------- -------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (388) (347) (604) (421) (530) (425) (1,683) (1,051)
Net Capital Gains
Class A -- -- -- -- -- -- -- (27)
-------- --------- -------- --------- --------- --------- -------- -------
Total Distributions (388) (347) (604) (421) (530) (425) (1,683) (1,078)
-------- --------- -------- --------- --------- --------- -------- -------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 7,321 21,110 24,978 29,241 17,323 25,519 60,069 71,723
Reinvestment of Cash Distributions 377 346 575 406 528 423 1,628 995
Cost of Shares Redeemed (2,973) (4,150) (10,633) (5,714) (5,534) (5,126) (8,337) (9,147)
-------- --------- -------- --------- --------- --------- -------- -------
Total Class A Share Transactions 4,725 17,306 14,920 23,933 12,317 20,816 53,360 63,571
-------- --------- -------- --------- --------- --------- -------- -------
Increase in Net Assets from
Share Transactions 4,725 17,306 14,920 23,933 12,317 20,816 53,360 63,571
-------- --------- -------- --------- --------- --------- -------- -------
Total Increase in Net Assets 4,343 16,800 14,416 23,408 11,918 20,187 52,541 62,311
-------- --------- -------- --------- --------- --------- -------- -------
NET ASSETS:
Beginning of period 17,840 1,040 24,513 1,105 21,562 1,375 64,469 2,158
-------- --------- -------- --------- --------- --------- -------- -------
End of period $ 22,183 $ 17,840 $ 38,929 $ 24,513 $ 33,480 $ 21,562 $117,010 $64,469
======== ========= ======== ========= ========= ========= ======== =======
<FN>
(1) FOR CAPITAL SHARE TRANSACTIONS SEE FOOTNOTE 9 IN THE NOTES TO THE
FINANCIAL STATEMENTS.
</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.
71
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000
(UNAUDITED) AND FOR THE YEARS ENDED AUGUST 31,
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
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
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000* $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.60% $763,560 0.45% 0.69% 3.21% 2.97% --
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
2000* $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.38% $ 11,532 0.28% 0.59% 2.78% 2.47% --
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
2000* $1.00 $0.012 $(0.012) -- $(0.012) -- $1.00 1.24% $ 671 0.58% 0.64% 2.47% 2.41% --
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
2000* $1.00 $0.017 $(0.017) -- $(0.017) -- $1.00 1.68% $795,550 0.33% 0.69% 3.34% 2.98% --
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
2000* $1.00 $0.015 $(0.015) -- $(0.015) -- $1.00 1.52% $ 50,034 0.63% 0.74% 3.04% 2.93% --
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
2000* $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.42% $ 39,969 0.83% 0.94% 2.85% 2.74% --
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 --
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
72
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NET RATIO
REAL- OF
IZED NET
AND RATIO RATIO INVEST-
UNREAL- OF EX- OF MENT
INVEST- IZED PENSES NET INCOME
MENT GAIN TO INVEST- TO
NET ACTIVI- (LOSS) AVERAGE MENT AVERAGE
ASSET TIES DISTRIBUTIONS ON RATIO OF NET INCOME NET
VALUE ------ ----------------------- INVEST- NET NET EXPENSES ASSETS TO ASSETS
BEGIN- NET NET NET TOTAL MENTS ASSET ASSETS, TO EXCLUD- AVER- EXCLUD-
NING INVEST- INVEST- REAL- DIS- AND CAP- VALUE, END OF AVERAGE ING AGE ING PORTFOLIO
OF MENT MENT IZED TRIBU- ITAL TRANS- END OF TOTAL PERIOD NET FEE NET FEE TURNOVER
PERIOD INCOME INCOME GAIN TIONS ACTIONS PERIOD RETURN (000) ASSETS WAIVERS ASSETS WAIVERS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------
PENNSYLVANIA TAX FREE FUND
- --------------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000* $1.00 $0.016 $(0.016) -- $(0.016) -- $1.00 1.65% $ 30,380 0.35% 0.70% 3.26% 2.91% --
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 --
- ---------------------------------
INTERMEDIATE-TERM MUNICIPAL FUND
- ---------------------------------
CLASS A
2000* $10.70 $0.22 $(0.22)$(0.01) $(0.23) $(0.17) $10.52 0.50% $731,297 0.60% 0.88% 4.21% 3.93% 9.69%
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
2000* $10.29 $0.24 $(0.24) $(0.01)$(0.25) $(0.20) $10.08 0.38% $ 30,078 0.60% 0.86% 4.67% 4.41% 3.42%
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
2000* $10.29 $0.24 $(0.24) $(0.01)$(0.25) $(0.20) $10.08 0.44% $ 83,070 0.48% 0.90% 4.76% 4.34% 3.42%
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
2000* $ 9.72 $0.19 $(0.19) $ -- $(0.19) $(0.19) $ 9.53 0.05% $ 22,183 0.60% 0.91% 4.06% 3.75% 8.27%
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
2000* $ 9.86 $0.18 $(0.18) $ -- $(0.18) $(0.16) $ 9.70 0.26% $ 38,929 0.60% 0.89% 3.82% 3.53% 23.56%
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 --
<FN>
+ TOTAL RETURN IS FOR THE PERIOD INDICATED AND HAS NOT BEEN ANNUALIZED. TOTAL
RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D SHARES.
* FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000. ALL RATIOS FOR THE PERIOD
HAVE BEEN ANNUALIZED.
(1) THE TAX FREE FUND--CLASS D CLOSED ON MARCH 1, 1999. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(2) THE TAX FREE FUND--CLASS D COMMENCED OPERATIONS ON NOVEMBER 1, 1994. ALL RATIOS FOR THE PERIOD HAVE BEEN
ANNUALIZED.
(3) THE CALIFORNIA TAX EXEMPT FUND -- CLASS B COMMENCED OPERATIONS
ON JANUARY 27, 1999. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(4) THE CALIFORNIA TAX EXEMPT FUND--CLASS CNI CLOSED ON JUNE 21, 1999. ALL RATIOS FOR
THE PERIOD HAVE BEEN ANNUALIZED.
(5) THE INSTITUTIONAL TAX FREE FUND--CLASS C COMMENCED OPERATIONS ON SEPTEMBER 11, 1995. ALL RATIOS FOR THE PERIOD HAVE BEEN
ANNUALIZED.
(6) THE INTERMEDIATE-TERM MUNICIPAL FUND--CLASS D CLOSED ON JUNE 30,
1996. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(7) THE PENNSYLVANIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 25, 1998. ALL RATIOS
FOR THE PERIOD HAVE BEEN ANNUALIZED.
(8) THE MASSACHUSETTS MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 19, 1998. ALL RATIOS FOR THE PERIOD
HAVE BEEN ANNUALIZED.
(9) THE NEW JERSEY MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 18, 1998. ALL RATIOS FOR THE PERIOD
HAVE BEEN ANNUALIZED.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
73
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000
(UNAUDITED) AND FOR THE YEARS ENDED AUGUST 31,
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
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
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------
NEW YORK MUNICIPAL BOND FUND
- -----------------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000* $ 9.77 $0.19 $(0.19) $ -- $(0.19) $(0.15) $ 9.62 0.41% $ 33,480 0.60% 0.90% 3.95% 3.65% 0.02%
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 (1) 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
2000* $ 9.96 $0.19 $(0.19) $ -- $(0.19) $(0.11) $ 9.85 0.83% $117,010 0.60% 0.88% 3.90% 3.62% 15.84%
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 (2) 10.00 0.01 (0.01) -- (0.01) 0.07 10.07 0.78 2,158 0.60 0.87 2.73 2.46 --
<FN>
+ TOTAL RETURN IS FOR THE PERIOD INDICATED AND HAS NOT BEEN ANNUALIZED. TOTAL
RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D SHARES.
* FOR THE SIX MONTH PERIOD ENDED FEBRUARY 29, 2000. ALL RATIOS FOR THE PERIOD
HAVE BEEN ANNUALIZED.
(1) THE NEW YORK MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST 18,
1998. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(2) THE CALIFORNIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST
19, 1998. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
</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.
74
<PAGE>
THIS PAGE LEFT BLANK INTENTIONALLY
75
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
1. ORGANIZATION
SEI Tax Exempt Trust (the "Trust"), was organized as a Massachusetts business
trust under a Declaration of Trust dated March 15, 1982.
The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company with eleven funds: the Tax
Free Fund, the California Tax Exempt Fund, the Institutional Tax Free Fund, the
Pennsylvania Tax Free Fund, Ohio Tax Free Fund (collectively "the Money Market
Funds"), the Intermediate-Term Municipal Fund, the Pennsylvania Municipal Bond
Fund, the Massachusetts Municipal Bond Fund, the New Jersey Municipal Bond Fund,
the New York Municipal Bond Fund, and the California Municipal Bond Fund
(collectively "the Fixed Income Funds"). The Ohio Tax Free Fund had not
commenced operations as of February 29, 2000. the Trust is registered to offer
five classes of shares: Class A, Class B, Class C, Class D and Class CNI. The
Funds' prospectus provides a description of each Fund's investment objectives,
policies and strategies. The assets of each fund are segregated and a
shareholder's interest is limited to the fund in which shares are held.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Funds.
SECURITY VALUATION -- Investment securities of each Money Market Fund are
stated at amortized cost which approximates market value. Under this valuation
method, purchase discounts and premiums on securities are accreted and amortized
ratably to maturity.
The market value for each security for each Fixed Income Fund is obtained
from an independent pricing service. Debt obligations exceeding sixty days to
maturity for which market quotations are readily available are valued at the
most recently quoted bid price. Debt obligations with sixty days or less
remaining until maturity may be valued at their amortized cost.
FEDERAL INCOME TAXES -- It is each Fund's intention to continue to qualify
as a regulated investment company and to distribute all of its taxable income.
Accordingly, no provision for Federal income taxes is required in the
accompanying financial statements.
RECLASSIFICATION OF COMPONENTS OF NET ASSETS -- The timing and
characterization of certain income and capital gains distributions are
determined annually in accordance with federal tax regulations which may differ
from generally accepted accounting principles. As a result, net investment
income (loss) and net realized gain (loss) on investment transactions for the
reporting period may differ significantly from distributions during such period.
These book/tax differences may be temporary or permanent in nature. To the
extent these differences are permanent, they are charged or credited to
paid-in-capital or accumulated net realized gain, as appropriate, in the period
that the differences arise.
NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is
calculated on each business day. In general, it is computed by dividing the
assets of each fund, less its liabilities, by the number of outstanding shares
of the Fund.
CLASSES -- Class-specific expenses are borne by that class. Income,
expenses, and realized and unrealized gains/losses are allocated to the
respective class on the basis of relative net asset value each day.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the trade date of the security purchase or sale. Costs used in
determining net realized capital gains and losses on the sale of investment
securities are those of the specific securities sold. Interest income is
recognized on the accrual basis. Purchase discounts and premiums on securities
held by the Fixed Income Funds are accreted and amortized to maturity using the
scientific interest method, which approximates the effective interest method.
USES OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS -- The
preparation of financial statements, in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions
that affect the reported
76
<PAGE>
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 each Fund. 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, and .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 Institutional Tax Free and the
Pennsylvania Tax Free Funds. Prior to January 1, 1996, WPG also served
77
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
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.
Deutsche Asset Management, Inc. ("DAM") acts as the Investment Adviser of
the Pennsylvania Municipal Bond Fund. For its services, DAM receives a monthly
fee equal to an annual rate of .20% of the average daily net assets of the Fund.
SIMC acts as the Investment Adviser to the New York, New Jersey,
Massachusetts and California Municipal Bond Funds. For its services, SIMC
receives a monthly fee equal to an annual rate of .33% of the average daily
net assets of the Funds.
Van Kampen Management Inc. ("Van Kampen"), acts as investment sub-adviser
on behalf of the New Jersey and the California Municipal Bond Funds and is party
to an investment sub-advisory agreement with the Trust and SIMC dated June 25,
1998.
SAW acts as an investment sub-adviser on behalf of the New York and
Massachusetts Municipal Bond Funds and is party to an investment sub-advisory
agreement with the Trust and SIMC dated June 25, 1998.
SIMC is responsible for the supervision of, and payment of fees, to
Van Kampen and SAW in connection with their services to these Funds.
5. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments for the period ended February 29, 2000, were
as follows:
INTERMEDIATE-
TERM PENNSYLVANIA MASSACHUSETTS
MUNICIPAL MUNICIPAL MUNICIPAL
FUND BOND FUND BOND FUND
(000) (000) (000)
------------ ------------ ------------
Purchases $137,371 $ 3,718 $ 5,601
Sales 61,105 10,051 1,482
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
(000) (000) (000)
----------- ---------- -----------
Purchases $20,794 $12,203 $61,279
Sales 6,809 25,277 12,109
The aggregate gross unrealized appreciation on securities in which there
was an excess of market value over cost, the aggregate gross unrealized
depreciation on securities in which there was an excess of cost over market
value and the net unrealized appreciation (depreciation) at February 29, 2000,
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 $ 1,600 $ 569 $ 3
Aggregate gross
unrealized
depreciation (18,259) (3,002) (816)
-------- ------- -----
Net unrealized
depreciation $(16,659) $(2,433) $(813)
======== ======= =====
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
(000) (000) (000)
--------- ---------- ----------
Aggregate gross
unrealized
appreciation $ 32 $ 49 $ 308
Aggregate gross
unrealized
depreciation (750) (1,043) (2,222)
----- ------ ------
Net unrealized
depreciation $(718) $ (994) $(1,914)
===== ====== =======
78
<PAGE>
- --------------------------------------------------------------------------------
6. LINE OF CREDIT
The Fixed Income 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 period ended February 29, 2000, 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.
79
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
- -------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- FEBRUARY 29, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
9. SHARE TRANSACTIONS (000):
--------------------- ------------------- ---------------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
--------------------- ------------------- ---------------------
2000 1999 2000 1999 2000 1999
--------- ---------- --------- ------- --------- ---------
SHARES ISSUED AND REDEEMED:
Class A:
<S> <C> <C> <C> <C> <C> <C>
Shares Issued 2,870,751 3,657,826 65,703 418,028 2,529,523 4,535,456
Shares Issued in
Lieu of Cash
Distributions 4,343 4,222 76 191 1,972 2,794
Shares Redeemed (2,763,789) (3,553,080) (76,602) (435,351) (2,521,912) (4,565,492)
----------- ----------- --------- --------- --------- ----------
Total Class A
Transactions 111,305 108,968 (10,823) (17,132) 9,583 (27,242)
----------- ----------- --------- --------- --------- ----------
Class B:
Shares Issued -- -- 350 1,398 81,643 213,631
Shares Issued in
Lieu of Cash
Distributions -- -- -- -- 385 1,300
Shares Redeemed -- -- (187) (891) (89,304) (252,619)
----------- ----------- --------- --------- --------- ----------
Total Class B
Transactions -- -- 163 507 (7,276) (37,688)
----------- ----------- --------- --------- --------- ----------
Class C:
Shares Issued -- -- -- -- 97,831 184,115
Shares Issued in
Lieu of Cash
Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- (95,886) (168,768)
----------- ----------- --------- --------- --------- ----------
Total Class C
Transaction -- -- -- -- 1,945 15,347
----------- ----------- --------- --------- --------- ----------
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 -- --
Shares Issued in
Lieu of Cash
Distributions -- -- -- 5,539 -- --
Shares Redeemed -- -- -- (1,529,995) -- --
----------- ----------- --------- --------- --------- ----------
Total CNI Class
Transactions -- -- -- (474,103) -- --
----------- ----------- --------- --------- --------- ----------
Increase (Decrease)
in Capital Shares 111,305 108,967 (10,660) (490,728) 4,252 (49,583)
=========== =========== ========= ========= ========= ==========
(1) CALIFORNIA TAX EXEMPT FUND CNI CLASS SHARES WERE FULLY LIQUIDATED ON JUNE 21, 1999.
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
80
<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
- ------------------ ------------------ ------------- --------------- ------------------ -------------- ---------------
2000 1999 2000 1999 2000 1999 2000 1999 2000 1999 2000 1999 2000 1999
- ------- -------- ------ ------ ----- ------ ------ ----- -------- ------- ----- ------ ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
80,726 216,649 22,238 33,732 1,563 1,840 764 2,109 2,559 2,903 1,793 2,539 6,078 7,064
227 366 1,153 1,697 52 37 39 35 59 41 55 42 165 98
(84,670) (232,976) (14,361) (21,531) (457) (83) (310) (413) (1,090) (568) (574) (512) (845) (902)
- ------- -------- ------- ------- ------ ------ ---- ----- ----- ------ ------ ------ ----- -----
(3,717) (15,961) 9,030 13,898 1,158 1,794 493 1,731 1,528 2,376 1,274 2,069 5,398 6,260
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- 1,110 2,744 -- -- -- -- -- -- -- --
-- -- -- -- 34 62 -- -- -- -- -- -- -- --
-- -- -- -- (3,094) (2,009) -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- (1,950) 797 -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
-- -- -- -- -- -- -- -- -- -- -- -- -- --
- ------- -------- ------- ------- ------ ------ ---- ----- ------ ------ ------ ------ ----- -----
(3,717) (15,961) 9,030 13,898 (792) 2,591 493 1,731 1,528 2,376 1,274 2,069 5,398 6,260
======= ======= ======= ======= ====== ====== ==== ===== ====== ====== ====== ====== ===== =====
81
</TABLE>
<PAGE>
NOTES
- -------------------------------------------------------------------------------
<PAGE>
NOTES
- -------------------------------------------------------------------------------
<PAGE>
NOTES
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------
SEI TAX EXEMPT TRUST
- -------------------------
SEMI-ANNUAL REPORT
- -------------------------
FEBRUARY 29, 2000
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
SENIOR VICE PRESIDENT, ASSISTANT SECRETARY
James Foggo
VICE PRESIDENT, ASSISTANT SECRETARY
Cynthia M. Parrish
VICE PRESIDENT, ASSISTANT SECRETARY
Timothy D. Barto
VICE PRESIDENT, ASSISTANT SECRETARY
Christine McCullough
VICE PRESIDENT, ASSISTANT SECRETARY
Lydia Gavalis
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
INVESTMENT ADVISERS
Deutsche Asset Management, Inc.
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 SEMI-ANNUAL REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE TRUST AND MUST
BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. SHARES OF THE SEI FUNDS ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK. THE
SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(FDIC), THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY. INVESTMENT IN
THE SHARES INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SEI
INVESTMENTS DISTRIBUTION CO., THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT
AFFILIATED WITH ANY BANK.
FOR MORE INFORMATION CALL 1[BULLET]800[BULLET]DIAL[BULLET]SEI/1[BULLET]
800[BULLET]342[BULLET]5734
<PAGE>
(LOGO) [GRAPHIC OMITTED]
Investments
Distribution
Co.
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-090-07
