ANNUAL REPORT AS OF
AUGUST 31, 2000
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 -- AUGUST 31, 2000
LETTER TO SHAREHOLDERS .............................................. 1
MUNICIPAL BOND MARKET OVERVIEW ...................................... 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FUND PERFORMANCE ............................................ 3
STATEMENTS OF NET ASSETS............................................. 9
STATEMENTS OF OPERATIONS............................................. 76
STATEMENTS OF CHANGES IN NET ASSETS.................................. 79
FINANCIAL HIGHLIGHTS................................................. 82
NOTES TO FINANCIAL STATEMENTS........................................ 84
NOTICE TO SHAREHOLDERS .............................................. 91
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ............................ 92
<PAGE>
LETTER TO SHAREHOLDERS
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TO OUR SHAREHOLDERS:
The fiscal year ended August 31, 2000 was one of healthy growth, low inflation,
and a tightening fiscal policy. For most of 1999, the Federal Open Market
Committee (FOMC) remained precautious and increased the Fed Funds Target Rate
from 4.75% to 5.50%. The FOMC continued to tighten monetary policy through early
2000 and increased the Fed Funds Target Rate 50 basis points to 6.50% in May.
The Committee believes the risks continue to be weighted mainly toward
conditions that may generate heightened inflation pressures in the foreseeable
future and that excess demand relative to supply leads to inflation.
Inflation, in the form of a rising consumer prices and employment costs, remains
a primary motivator for the Federal Reserve Board. The increase in short-term
rates over the last year is showing signs of taking hold and bringing the
economy to a "soft landing". The June Minutes of the FOMC meeting indicated,
"some slowing in aggregate demand and the likelihood that the earlier policy
tightening actions had not yet exerted their full retarding effects on
spending", as key factors in the Committee's decision to maintain short-term
rates at 6.50%. As demand continued to moderate, the FOMC again decided to
maintain the federal funds rate at its August 22, 2000 meeting.
For the fiscal year, the municipal bond market contended with supply and demand
factors due to improved municipal finances and strong demand. Municipal issuance
declined as issuers benefited from the recent economic expansion. Tax
collections remained strong and reduced the need for municipalities to access
the capital markets to fund expenditures. Municipal supply was down over 20% for
the fiscal year.
Balancing liquidity with maturity management in a changing interest rate
environment can be challenging. Coupled with heightened technical factors in the
municipal marketplace, Weiss, Peck, & Greer, LLC, the advisor of the SEI Tax
Exempt Trust Money Market Funds, adjusted average weighted maturities
accordingly and utilized superior portfolio construction to enhance returns in
the Money Market Funds. For money market investors, yields for the funds
increased over the previous fiscal year.
In the upcoming year, Weiss, Peck, & Greer, LLC, will continue to seek safe
investment opportunities that provide the yields our shareholders expect. We
thank you for your continued confidence in the SEI Tax Exempt Trust, and we look
forward to serving your investment needs in the future.
Sincerely,
/s/EDWARD D. LOUGHLIN
Edward D. Loughlin
PRESIDENT
1
<PAGE>
MUNICIPAL BOND MARKET OVERVIEW
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
During the first half of the fiscal year, the fixed income markets were plagued
by volatility due to concerns over the Fed's preemptive strike to contain
incipient inflation, as well as concerns over potential problems associated with
the year 2000-date change. In August of 1999, the Fed raised short-term interest
rates by 0.25% for the second time in two months. Issuance of both corporate and
municipal debt increased, as issuers brought deals to market in advance of any
year end concerns that investors would be absent from the market in December due
to Y2K concerns. Against a backdrop of rising yields and increased supply,
municipal yields rose to their highest level in three years. However, inflation
concerns and diminished liquidity caused many investors to avoid municipals.
Institutional investors, such as property and casualty insurance companies were
absent from the municipal market due to reduced profitability, while many
municipal mutual funds were experiencing cash outflows. Although market
sentiment briefly turned positive late in the fourth quarter, strong economic
growth along with another Fed short-term interest rate increase of 0.25% in
November continued to stoke inflation concerns.
The new millennium began without any major Y2K associated problems and in the
end much of the build-up was anticlimactic. Typically, municipals benefit from
the "January Effect", where reduced supply and increased municipal cash flow
enhance returns, but this did not occur this year due to Y2K posturing and
rising yields. Near the end of January, the Treasury yield curve inverted. The
municipal yield curve did not invert, but it did flatten with short-term yields
rising and long-term yields declining. Short-term interest rates continued to
rise as a result of the Fed's raising the federal funds rate 0.25% for the
fourth time since June 30, 1999.
Throughout the second half of the fiscal year, volatility persisted in the
market due to increased inflation concerns given the vibrant economic growth and
rising oil prices. To combat inflation pressures, the Fed raised short-term
interest rates again by 0.25% in March and took a much stronger stance against
inflation pressures by raising rates 0.50% in May. Despite the rise in interest
rates, reduced supply and strong individual investor demand supported the
municipal market. The record economic expansion continued to improve municipal
finances, as tax collections remained strong, thus reducing the need for
municipalities to access the capital markets to fund expenditures. Issuance was
also reduced because the ability to refund outstanding debt was not an option
due to higher interest rates.
During the last quarter of the fiscal year, municipals enjoyed strong positive
returns. Municipal bond yields began to decline after it became apparent that
the Fed's six short-term interest rate increases totaling 1.75% finally began to
moderate economic growth. Individual investors were the primary purchasers of
municipal bonds and this demand, coupled with reduced supply led the market
higher during the summer months.
At fiscal year-end, the municipal sector continued to rally, and market
participants felt that the Fed did its best to engineer a soft landing for the
U.S. economy. Municipal supply was down over 20% for the fiscal year and reduced
supply should continue to provide technical support for the market in the
near-term.
2
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM
MUNICIPAL FUND
For the fiscal year ended August 31, 2000, the Intermediate-Term Municipal
Fund, Class A (the "Fund") posted a total return of 5.72% versus a total return
of 5.34% for the Lehman Brothers 5-Year G.O. Index (the "Benchmark") and 5.99%
for the Lehman 3-10 Year Blend Municipal Index.
The primary driver of outperformance versus the Lehman 5-Year G.O. Index
was the Fund's longer duration posture. Over the course of the fiscal year,
intermediate and long-term yields declined. In a period of declining rates, the
Fund's longer duration posture enhanced relative performance. In addition, the
municipal yield curve flattened with long-term yields declining and short-term
yields rising. The Fund's overweight to the long-end of the yield curve
therefore added to returns. Also, investors placed a premium on the most liquid
bonds due to the increase in market volatility. As a result, the Fund's position
in the highly liquid insured sector enhanced results.
In a like manner, a longer relative duration posture, an overweight to the
long-end of the yield curve and holdings in insured bonds enhanced returns
versus the Lehman 3-10 Year Blend Municipal Index. However, security selection
led to underperformance over the course of the fiscal year. Municipal finances
remained in excellent condition, the result of a growing economy creating
increased tax revenues. This coupled with reduced debt issuance by many
municipalities caused the performance of specialty state bonds to exceed that of
general market municipal bonds. The Fund's modest underweight to the specialty
states of California and Puerto Rico subtracted from relative performance.
Additionally, positions in hospital bonds dampened performance, as hospital
finances continued to come under pressure due to reduced reimbursement rates
from the Balanced Budget Act of 1997, thus causing hospital credit spreads to
widen.
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INTERMEDIATE-TERM MUNICIPAL
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Annualized Annualized Annualized Cumulative
Year 3-Year 5-Year 10-Year Inception Inception
Return Return Return Return to Date to Date
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Intermediate-
Term
Municipal 5.72% 4.49% 5.02% 5.90% 5.84% 86.69%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
SEI TAX EXEMPT TRUST INTERMEDIATE-TERM MUNICIPAL FUND, VERSUS
THE LEHMAN BROTHERS 5-YEAR G.O. INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT TRUST LEHMAN
INTERMEDIATE TERM BROTHERS 5-YEAR
MUNICIPAL FUND G.O. INDEX
8/31/90 10,000 10,000
8/91 10,882 11,009
8/92 11,813 12,101
8/93 12,832 13,171
8/94 12,915 13,387
8/95 13,888 14,473
8/96 14,410 15,022
8/97 15,553 16,026
8/98 16,672 17,119
8/99 16,784 17,497
8/00 17,744 18,432
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
3
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA MUNICIPAL
BOND FUND
For the fiscal year ended August 31, 2000, the Pennsylvania Municipal Bond
Fund, (the "Fund") posted a total return of 5.76% versus a total return of 5.34%
the Lehman 5-Year G.O. Index (the "Benchmark") and 5.99% for the Lehman M.F.
Pennsylvania Intermediate Municipal Index.
The primary driver of outperformance versus the Lehman 5-Year G.O. Index
was the Fund's longer duration posture. Initially yields rose, but over the
course of the fiscal year intermediate and long-term municipal yields declined.
In a period of declining yields, the Fund's longer duration posture enhanced
relative returns. In broad terms, the Fund's yield advantage versus the
Benchmark served to enhance results.
The underperformance versus the Lehman M.F. Pennsylvania Intermediate
Municipal Index was mainly the result of the Fund's duration and sector
selection. For a majority of the year, the Fund had a neutral duration posture,
but duration was slightly shorter over the last quarter of the fiscal year when
the municipal market rallied sharply, thus subtracting from returns. Negative
effects of the Balanced Budget Act of 1997 have put hospitals under financial
pressure. The Fund's exposure to hospital credits detracted from relative
performance. Positions of the Fund in more defensive higher coupons, such as
escrowed-to-maturity bonds, added to performance.
PENNSYLVANIA MUNICIPAL BOND
AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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Pennsylvania
Municipal Bond 5.76% 3.28% 6.72%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
SEI TAX EXEMPT TRUST PENNSYLVANIA MUNICIPAL BOND FUND, CLASS A, VERSUS THE
LEHMAN BROTHERS 5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS MF PA INTERMEDIATE
INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT LEHMAN BROTHERS LEHMAN BROTHERS
PENNSYLVANIA 5-YEAR MFPA
MUNICIPAL BOND FUND G.O. INTERMEDIATE
CLASS A INDEX INDEX
8/31/98 10,000 10,000 10,000
8/99 10,065 10,221 10,143
8/00 10,645 10,767 10,751
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Annualized Annualized Annualized Cumulative
Year 3-Year 5-Year 10-Year Inception Inception
Return Return Return Return to Date to Date
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Pennsylvania
Municipal
Bond 5.78% 4.53% 5.11% 6.08% 5.98% 90.08%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
SEI TAX EXEMPT TRUST PENNSYLVANIA MUNICIPAL BOND FUND, CLASS B,
VERSUS THE LEHMAN BROTHERS 5-YEAR G.O. INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT LEHMAN BROTHERS
PENNSYLVANIA 5-YEAR
MUNICIPAL BOND FUND G.O.
CLASS A INDEX
8/31/90 10,000 10,000
8/91 10,980 11,009
8/92 11,956 12,101
8/93 13,021 13,171
8/94 13,170 13,387
8/95 14,067 14,473
8/96 14,624 15,022
8/97 15,805 16,026
8/98 16,950 17,119
8/99 17,065 17,497
8/00 18,051 18,432
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
4
<PAGE>
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MASSACHUSETTS
MUNICIPAL BOND FUND
For the fiscal year ended August 31, 2000, the Massachusetts Municipal
Bond Fund, (the "Fund") posted a total return of 5.74% versus a total return of
5.34% for the Lehman 5-Year G.O. Index (the "Benchmark") and 6.13% for the
Lehman M.F. Massachusetts Intermediate Municipal Index.
The primary driver of outperformance versus the Lehman 5-Year G.O. Index
was the Fund's longer duration posture. Over the course of the year,
intermediate and long-term yields declined. In a period of declining yields, the
Fund's longer duration posture enhanced relative performance. In addition, the
municipal yield curve flattened with long-term yields declining and short-term
yields rising. The Fund's overweight to the long-end of the yield curve
therefore added to returns. Also, investors placed a premium on the most liquid
bonds due to the increase in market volatility. As a result, the Fund's position
in the highly liquid insured sector enhanced results.
In a like manner, a longer relative duration posture, an overweight to the
long-end of the yield curve and positions in insured bonds enhanced returns
versus the Lehman M.F. Massachusetts Intermediate Municipal Index. However,
security selection led to underperformance over the course of the fiscal year.
An underweight to bonds issued by the Commonwealth subtracted from relative
performance, as the strong economy improved its financial condition. The
Commonwealth's credit also benefited from strong investor demand, as wealth
creation caused many residents to seek the benefits of tax-free income provided
by municipal bonds. Positions in BBB securities, particularly hospital bonds,
diminished returns as concerns over the financial operations of hospitals
resulting from reduced reimbursement rates by the Balanced Budget Act of 1997
caused hospital bond credit spreads to widen.
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MASSACHUSETTS MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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Massachusetts
Municipal Bond 5.74% 3.02% 6.38%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
SEI TAX EXEMPT TRUST MASSACHUSETTS MUNICIPAL BOND FUND, VERSUS THE LEHMAN
BROTHERS 5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS MF MA INTERMEDIATE INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT LEHMAN BROTHERS LEHMAN BROTHERS
TRUST 5-YEAR MFMA
MASSACHUSETTS G.O. INTERMEDIATE
MUNICIPAL BOND FUND INDEX INDEX
8/31/98 10,000 10,000 10,000
8/99 10,007 10,221 10,164
8/00 10,582 10,767 10,787
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
NEW JERSEY
MUNICIPAL BOND FUND
For the fiscal year ended August 31, 2000, the New Jersey Municipal Bond
Fund, (the "Fund") posted a total return of 4.99% versus a total return of 5.34%
for the Lehman 5-Year G.O. Index (the "Benchmark") and 5.99% for the Lehman 3-
to 10-Year Blend Municipal Index.
The primary driver of underperformance versus the Lehman 5-Year G.O. Index
was the Fund's duration posture. At the beginning of the fiscal year, when
interest rates were rising, the Fund had a longer duration posture and this
subtracted from returns. During the reporting period, fixed income markets were
volatile due to the Fed's raising of short-term interest rates as a preemptive
strike against incipient inflation. In this environment, the Fund's positions in
BBB securities dampened performance, as investor preference for the most liquid,
higher quality bonds caused BBB credit spreads to widen. Performance for the
fiscal year was enhanced by the Fund's overweight to the long-end of the yield
curve, which benefited from the decline in long-term yields.
In a like manner, the underperformance versus the Lehman 3- to 10-Year
Blend Municipal Index can be explained by the Fund's longer duration posture
during the first portion of the fiscal year. The Fund's security selection in
discount coupons subtracted from returns, as investors had a preference for more
defensive higher coupon bonds during a period of market volatility. Exposure to
BBB securities also diminished Fund returns for the previously mentioned reason.
Performance for the fiscal year was enhanced by the Fund's overweight to the
long-end of the yield curve, which benefited from the decline in long-term
yields.
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NEW JERSEY MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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New Jersey
Municipal Bond 4.99% 3.29% 6.96%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI
TAX EXEMPT TRUST NEW JERSEY MUNICIPAL BOND FUND, VERSUS THE LEHMAN BROTHERS
5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS 3-10 YEAR MUNICIPAL BLEND INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT LEHMAN BROTHERS LEHMAN BROTHERS
TRUST 5-YEAR 3-10 YEAR
NEW JERSEY G.O. INTERMEDIATE
MUNICIPAL BOND FUND INDEX MUNICIPAL BLEND INDEX
8/31/98 10,000 10,000 10,000
8/99 10,129 10,221 10,182
8/00 10,634 10,767 10,792
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
6
<PAGE>
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NEW YORK
MUNICIPAL BOND FUND
For the fiscal year ended August 31, 2000, the New York Municipal Bond
Fund, (the "Fund") posted a total return of 6.15% versus a total return of 5.34%
for the Lehman 5-Year G.O. Index (the "Benchmark") and 6.50% for the Lehman M.F.
New York Intermediate Municipal Index.
The primary driver of outperformance versus the Lehman 5-Year G.O. Index
was the Fund's longer duration posture. Over the course of the fiscal year
intermediate and long-term yields declined. In a period of declining rates, the
Fund's longer duration posture enhanced relative performance. In addition, the
municipal yield curve flattened with long-term yields declining and short-term
yields rising. The Fund's overweight to the long-end of the yield curve
therefore added to returns. Holdings in debt issued by the Virgin Islands, which
is exempt from federal and state taxes, also benefited returns.
In a like manner, a longer relative duration posture and an overweight to
the long-end of the yield curve enhanced returns versus the Lehman M.F. New York
Intermediate Municipal Index. However,security selection led to underperformance
over the course of the fiscal year. The Fund's lack of exposure to New York City
bonds subtracted from relative returns. Strong financial markets improved New
York City's financial condition, causing its credit spread to narrow, and in
turn it's price level to advance. In addition, the Fund's hospital bond holdings
dampened relative performance, as hospital finances continued to come under
pressure due to reduced reimbursement rates from the Balanced Budget Act of
1997, thus causing hospital credit spreads to widen.
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NEW YORK MUNICIPAL BOND
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AVERAGE ANNUAL TOTAL RETURN1
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One Annualized Cumulative
Year Inception Inception
Return to Date to Date
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New York
Municipal Bond 6.15% 3.52% 7.47%
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COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI
TAX EXEMPT TRUST NEW YORK MUNICIPAL BOND FUND, VERSUS THE LEHMAN BROTHERS
5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS MF NY INTERMEDIATE INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT LEHMAN BROTHERS LEHMAN BROTHERS
TRUST 5-YEAR MFNY
NEW YORK G.O. INTERMEDIATE
MUNICIPAL BOND FUND INDEX INDEX
8/31/98 10,000 10,000 10,000
8/99 10,068 10,221 10,156
8/00 10,687 10,767 10,816
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
CALIFORNIA
MUNICIPAL BOND FUND
For the fiscal year ended August 31, 2000, the California Municipal Bond
Fund, (the "Fund") posted a total return of 7.39% versus a total return of 5.34%
for the Lehman 5-Year G.O. Index (the "Benchmark") and 7.33% for the Lehman M.F.
California Intermediate Municipal Index.
Intermediate and long-term California municipal yields declined over the
fiscal year and the Fund's longer duration posture was the primary driver of
outperformance versus the Lehman 5-Year G.O. Index. The California economy
continued to expand during the fiscal year resulting in strong finances for
municipal issuers. Demand for California bonds was strong due to the wealth
creation residents of the state enjoyed. Issuance of California bonds was down
over 20% for the period and this coupled with strong investor demand enabled
California bonds to be one of the best performing municipal sectors.
In a like manner, the longer duration posture explained most of the Fund's
outperformance versus the Lehman M.F. California Intermediate Municipal Index.
The Fund benefited from strong security selection in insured bonds and bonds
issued by Puerto Rico. With the fixed income markets somewhat volatile over the
course of the fiscal year, investors placed a premium on high quality liquid
bonds and the Fund's insured holdings benefited from strong investor demand.
Bonds issued by Puerto Rico were also some of the better performing bonds in the
marketplace. Prices of Puerto Rico bonds were bid higher by the demand from
investors who reside in supply starved specialty states, such as California.
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CALIFORNIA MUNICIPAL BOND
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN1
-------------------------------------------------------------------------------
One Annualized Cumulative
Year Inception Inception
Return to Date to Date
-------------------------------------------------------------------------------
California
Municipal Bond 7.39% 5.06% 10.82%
-------------------------------------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE SEI
TAX EXEMPT TRUST CALIFORNIA MUNICIPAL BOND FUND, VERSUS THE LEHMAN BROTHERS
5-YEAR G.O. INDEX, AND THE LEHMAN BROTHERS MF CA INTERMEDIATE INDEX
[Graphic Omitted]
Plot Points to follow
SEI TAX EXEMPT LEHMAN BROTHERS LEHMAN BROTHERS
TRUST 5-YEAR MF CA
CALIFORNIA G.O. INTERMEDIATE
MUNICIPAL BOND FUND INDEX INDEX
8/31/98 10,000 10,000 10,000
8/99 10,240 10,221 10,176
8/00 10,997 10,767 10,921
1 FOR THE PERIODS ENDED AUGUST 31, 2000. PAST PERFORMANCE IS NO
INDICATION OF FUTURE PERFORMANCE.
8
<PAGE>
STATEMENT OF NET ASSETS
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SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS-- 99.1%
ALABAMA-- 0.3%
Alabama State, Multi-Family
Housing Authority,
Rime Village Hoover Project,
Ser A, RB (A) (C)
4.250%, 09/08/00 $1,700 $ 1,700
Mobile Alabama, Airport
Authority, Ser B, RB, MBIA
6.250%, 10/01/00 470 471
Tuscaloosa County, Industrial
Development Authority, Field
Container Project, RB (A) (C)
4.300%, 09/08/00 850 850
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3,021
-------
ALASKA -- 0.9%
North Slope,
Ser A, GO, MBIA (A) (B)
4.350%, 09/08/00 3,400 3,400
Valdez, Marine Terminal, Arco
Transportation Project,
Ser B, RB (A) (B)
4.250%, 09/08/00 4,900 4,900
-------
8,300
-------
ARIZONA -- 1.4%
Arizona, Healthcare Facilities
Authority, Pooled Financing,
RB (A) (B)
4.350%, 09/08/00 11,570 11,570
Gila County, Industrial
Development Authority,
Inspiration Consolidated
Copper, Pollution Control,
RB Pre-Refunded @ 100 (D)
11.250%, 02/15/01 995 1,025
-------
12,595
-------
COLORADO -- 5.7%
Boulder County, Development
Authority, Geological Society
of America Project, Ser 92,
RB (A) (B) (C)
4.250%, 12/01/00 1,635 1,635
Castle Pines, North Metropolitan
District Authority, GO (A) (B) (C)
4.350%, 09/08/00 21,800 21,800
Colorado Springs Hospital, RB
Pre-Refunded @100 (D)
7.875%, 12/15/00 2,500 2,520
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Denver City & County, Airport
System, Sub-Ser B, RB (A) (B) (C)
4.250%, 09/01/00 $ 6,315 $ 6,315
Denver City & County, Industrial
Development Authority,
University of Denver Project,
RB Pre-Refunded @102 (D)
7.500%, 03/01/01 1,750 1,810
Denver City & County, Multi-
Family Housing Authority,
Cottonwood Creek Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 2,100 2,100
Dove Valley, Metropolitan District
Authority, Arapahoe County
Project, Ser C, GO (A) (B) (C)
3.950%, 11/01/00 2,335 2,335
East Smoky Hill, Metropolitan
District Authority, GO (A) (B) (C)
4.400%, 12/01/00 1,000 1,000
NBC, Metropolitan District
Authority, GO (A) (B) (C)
4.300%, 12/01/00 1,000 1,000
Panorama, Metropolitan District
Authority, Ser B, RB (A) (B) (C)
4.000%, 12/01/00 1,000 1,000
Panorama, Metropolitan District
Authority, Ser A, GO (A) (B) (C)
4.000%, 12/01/00 2,275 2,275
Summit County, Recreational
Facility Authority, Copper
Mountain Project, RB (A) (B) (C)
4.450%, 09/01/00 1,985 1,985
Thornton, Multi-Family Housing
Authority, Quaile Ridge Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 5,365 5,365
-------
51,140
-------
DELAWARE -- 1.6%
Delaware State, Economic
Development Authority, Peninsula
United Methodist Project,
Ser B, RB (A) (B) (C)
4.350%, 09/08/00 6,230 6,230
Delaware State, Economic
Development Authority, School
House Project, RB (A) (B) (C)
4.550%, 09/08/00 3,700 3,700
9
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND--CONTINUED
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Delaware State, Economic
Development Authority,
Wilmington Montessori
School Project, RB (C)
4.350%, 09/08/00 $ 3,000 $ 3,000
New Castle County, GO
6.200%, 10/15/00 1,000 1,003
-------
13,933
-------
FLORIDA -- 3.8%
Alachua County, Industrial
Development Authority, Florida
Convention Centers Project,
RB (A) (B) (C)
4.450%, 09/01/00 800 800
Capital Trust Agency, Multi-Family
Housing Authority, Community
Loan Project, RB (A) (B)
4.380%, 09/08/00 14,900 14,900
Fort Pierce, Health Facilities
Authority, New Horizons Project,
RB (A) (B) (C)
4.300%, 09/08/00 3,200 3,200
Jacksonville, Industrial
Development Authority, Trailer
Marine-Crowly Project,
RB (A) (B) (C)
4.100%, 09/01/00 3,600 3,600
Orange County, Healthcare
Facilities Authority, Florida
Hospital Association,
Ser A, RB (A) (B)
4.350%, 09/08/00 5,000 5,000
Orange County, Industrial
Development Authority,
University of Central Florida
Foundation Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 2,000 2,000
Palm Beach County, Economic
Development Authority,
YMCA Boynton Beach Project,
RB (A) (B) (C)
4.300%, 09/08/00 1,700 1,700
Pasco County, Multi-Family
Housing Authority, Carlton Arms
Magnolia Project, RB (A) (B) (C)
4.325%, 09/08/00 1,000 1,000
Sarasota, Education Facilities
Authority, Ringling School of
Art & Design, RB (A) (B) (C)
4.300%, 09/08/00 1,500 1,500
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Volusia County, Housing Finance
Authority, Sun Pointe Apartments
Project, Ser H, RB (A) (B) (C)
4.300%, 09/08/00 $ 250 $ 250
--------
33,950
--------
GEORGIA -- 8.2%
Atlanta, Urban Residential
Finance Authority, Sylvan Circle
Apartments Project, RB (A) (B) (C)
4.300%, 09/08/00 1,410 1,410
Bibb County, Pollution Control
Development Authority,
Stratford Academy
Project, RB (A) (B) (C)
4.300%, 09/08/00 5,000 5,000
Burke County, Pollution Control
Development Authority, Georgia
Power Company Plant, Vogtle
Project, RB (A) (B)
4.350%, 09/01/00 6,000 6,000
Catoosa County, Industrial
Development Authority, Galaxy
Carpet Project, RB (A) (B) (C)
4.330%, 09/08/00 6,500 6,500
Cobb County, Healthcare Facilities
For The Elderly, AG Rhodes
Home Project, RB (A) (B) (C)
4.300%, 09/08/00 995 995
Cobb County, Healthcare Facilities
For The Elderly, Presbyterian
Village Project, RB (A) (B) (C)
4.300%, 09/08/00 2,000 2,000
DeKalb County, Development
Authority, Marist School
Project, RB (A) (B) (C)
4.300%, 09/08/00 1,500 1,500
DeKalb County, Industrial
Development Authority, Dart
Container Project, RB (A) (B) (C)
4.500%, 09/01/00 1,000 1,000
Floyd County, Development
Authority, Berry College Project,
RB (A) (B) (C)
4.300%, 09/08/00 1,800 1,800
Fulton County, Development
Authority, Arthritis Foundation
Project, RB (A) (B) (C)
4.300%, 09/08/00 1,300 1,300
Fulton County, Development
Authority, Robert W. Woodruff
Arts Center Project, RB (A) (B) (C)
4.300%, 09/08/00 6,550 6,550
10
<PAGE>
------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000
------------------------------------------------------------------------------
Fulton County, Multi-Family
Housing Authority, Holcombs
Landing Apartments Project,
RB (A) (B) (C)
4.300%, 09/08/00 $ 2,200 $ 2,200
Gordon County, Hospital Authority,
Adventist Health System Project,
Ser A, RB (A) (B) (C)
4.320%, 09/08/00 1,285 1,285
Gordon, Industrial Development
Authority, Federal Paper Board
Project, Ser 92, RB (A) (B) (C)
4.400%, 09/08/00 2,000 2,000
Gwinnett County, Industrial
Development Authority, Wesleyan
School Project, RB (A) (B) (C)
4.300%, 09/08/00 450 450
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project, RB (A) (B) (C)
4.350%, 01/15/01 6,400 6,400
Monroe County, Industrial
Development Authority, Baptist
Village Income Project,
RB (A) (B) (C)
4.300%, 09/08/00 1,600 1,600
Monroe County, Pollution Control
Authority, Power Plant Project,
Ser 1, RB (A) (B)
4.350%, 09/01/00 6,600 6,600
Newton, Industrial Development
Authority, H.B. Fuller Project,
Ser 84, RB (A) (B) (C)
4.350%, 09/08/00 3,100 3,100
Savannah, Economic Development
Authority, Pollution Control,
Savannah Electric & Power
Project, RB (A) (B)
4.300%, 09/08/00 3,800 3,800
Southern Georgia, Hospital
Authority, Alliance Community
Hospitals Project, Ser A,
RB (A) (B)
4.350%, 09/08/00 3,500 3,500
Thomasville, Hospital
Authority, J.D. Archbold Project,
RB (A) (B) (C)
4.300%, 09/08/00 8,600 8,600
--------
73,590
--------
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
HAWAII -- 2.2%
Hawaii State, Department of Budget
& Finance Special Purpose,
Queens Health System Project,
Ser A, RB (A) (B)
4.400%, 09/08/00 $16,640 $ 16,640
Hawaii State, Ser BT, GO
Pre-Refunded @ 101 (D)
6.000%, 02/01/01 1,000 1,017
Hawaii State, Ser CD, GO
4.700%, 02/01/01 700 701
Honolulu City & County,
Unrefunded Balance, Ser B, GO
4.700%, 10/01/00 970 970
--------
19,328
--------
ILLINOIS -- 11.4%
Alton, Healthcare Facilities
Refunding & Improvement,
Christian Health Project, Ser C,
RB, FGIC Pre-Refunded @ 102 (D)
7.200%, 02/15/01 1,000 1,033
Chicago, Motor Fuel Tax Revenue
Authority, RB, AMBAC
Pre-Refunded @ 102 (D)
7.100%, 01/01/01 2,200 2,263
Cook & DeKalb County, Kane
McHenry School District
No. 300, TAW
4.990%, 09/28/00 7,000 7,003
Cook County, Community
Construction School District
No. 021, Operations Maintenance
Project, TAW
4.100%, 11/01/00 1,975 1,975
East Peoria, Multi-Family Housing
Authority, Radnor East Project,
RB (A) (B) (C)
4.450%, 09/08/00 1,290 1,290
Huntley Valley, Kane McHenry
Special Service Area No. 10,
Ser B, GO (A) (B) (C)
4.300%, 09/08/00 1,060 1,060
Illinois State, Development
Financing Authority, Dart
Container Project,
RB (A) (B) (C)
4.400%, 09/08/00 1,300 1,300
Illinois State, Educational
Facilities Authority, Art
Institute of Chicago
Project, RB (A) (B) (C)
4.250%, 09/08/00 18,400 18,400
11
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Illinois State, Educational Facilities
Authority, Art Institute of Chicago
Cultural Pooled Financing Project,
RB (A) (B) (C)
4.300%, 09/08/00 $12,200 $ 12,200
Illinois State, Educational Finance
Development Authority
Facilities, Creative Childrens
Academy Project, RB (A) (B) (C)
4.350%, 09/08/00 3,100 3,100
Illinois State, Finance Development
Authority, American College
Occupational Project,
RB (A) (B) (C)
4.350%, 09/08/00 2,360 2,360
Illinois State, Finance Development
Authority, Center For Enriched
Living Project, RB (A) (B) (C)
4.300%, 09/08/00 3,400 3,400
Illinois State, Finance Development
Authority, Christian Brothers Services
Project, RB (A) (B) (C)
4.350%, 09/08/00 2,000 2,000
Illinois State, Health Facilities
Authority, Elmhurst Memorial
Hospital Project, Ser B, RB (A) (B)
4.500%, 09/01/00 2,300 2,300
Illinois State, Health Facilities
Authority, Glenoaks Medical
Project, Ser D, RB Pre-Refunded
@ 102 (D)
9.500%, 11/15/00 1,595 1,644
Illinois State, Health Facilities
Authority, Lifelink Project,
Ser A, RB (A) (B) (C)
4.320%, 09/08/00 10,000 10,000
Illinois State, Sales Tax Authority,
Ser Y, RB
5.000%, 06/15/01 3,000 3,017
Macon County, Authority,
Decatur Family YMCA Project,
RB (A) (B) (C)
4.400%, 09/08/00 4,400 4,400
Skokie, Economic Development
Authority, Skokie Fashion Square
Project, RB (A) (B) (C)
4.575%, 09/08/00 4,350 4,350
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Tinley Park, Town Pointe
Development Project,
SPA (A) (B) (C)
4.250%, 09/08/00 $ 5,105 $ 5,105
Winnebago & Boone County,
School District No. 20, TAW
6.100%, 10/31/00 13,400 13,418
--------
101,618
--------
INDIANA -- 3.5%
Bartholomew County,
Consolidated School Authority, TAW
4.500%, 12/29/00 2,718 2,719
Carmel Clay, School Authority, TAW
4.550%, 12/29/00 5,500 5,502
Haubstadt/Owensville, School
Board, First Mortgage, GO
Pre-Refunded @ 102 (D)
7.375%, 01/15/01 1,700 1,752
Indiana State, Board Bank Authority,
Special Program Project,
Ser A, RB
5.000%, 09/08/00 2,500 2,508
Indiana State, Educational Facilities
Authority, Wesleyan University Project,
RB (A) (B) (C)
4.350%, 09/08/00 4,375 4,375
Indiana State, Health Facilities
Finance Authority,
Lutherwood Project,
RB (A) (B) (C)
4.350%, 09/08/00 970 970
Indiana State, Industrial Development
Finance Authority, Goodwill
Industries Center Project,
RB (A) (B) (C)
4.350%, 09/08/00 2,385 2,385
Indianapolis, Local Public
Improvement, Ser B, RB
5.000%, 01/08/01 4,800 4,812
Lake Central, School Industry, TAW
4.800%, 12/29/00 2,000 2,001
Merrillville, Community School
Authority, TAW
4.500%, 12/29/00 2,300 2,300
Portage, Economic Development
Authority, RB (A) (B) (C)
4.400%, 09/08/00 365 365
Valparaiso, Community Schools
Authority, TAW
4.320%, 12/29/00 1,795 1,795
--------
31,484
--------
12
<PAGE>
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
IOWA -- 4.6%
Chillicothe, Pollution Control
Authority, Iowa-Illinois Gas &
Electric Project, RB (A) (B)
4.350%, 09/08/00 $ 3,850 $ 3,850
Chillicothe, Pollution Control
Authority, Midwest Power
Systems Project, Ser A,
RB (A) (B)
4.350%, 09/08/00 1,600 1,600
Council Bluffs, Pollution Control
Authority, Iowa-Illinois Gas &
Electric Project, RB (A) (B)
4.350%, 09/08/00 4,950 4,950
Iowa State, Finance Authority,
Burlington Medical Center Project,
RB, FSA (A) (B)
4.350%, 09/01/00 2,400 2,400
Iowa State, Higher Education
Authority, Saint Ambrose Project,
RB (A) (B) (C)
4.400%, 09/08/00 1,500 1,500
Iowa State, Higher Education Loan
Authority, Palmer Chiropractic
Foundation Project,
RB (A) (B) (C)
4.400%, 09/01/00 2,000 2,000
Iowa State, Higher Education Loan
Authority, Private College Facilities
Project, RB, MBIA (A) (B)
4.250%, 09/08/00 10,500 10,500
Louisa County, Pollution Control
Authority, Iowa & Illinois Gas
& Electric Project, RB (A) (B)
4.400%, 09/08/00 3,900 3,900
Louisa County, Pollution Control
Authority, Iowa-Illinois Gas
& Electric Project, Ser A,
RB (A) (B)
4.400%, 09/08/00 10,000 10,000
--------
40,700
--------
KANSAS -- 0.2%
Salina, Central Mall Dillard,
Ser 84, RB (A) (B) (C)
4.450%, 09/08/00 495 495
Saline County, Union School
District Authority, GO, FSA
4.250%, 09/01/00 1,100 1,100
--------
1,595
--------
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
KENTUCKY -- 0.5%
Jefferson County, Industrial
Development Authority,
BelKnap Project, RB (A) (B) (C)
4.300%, 09/01/00 $ 3,476 $ 3,476
Kentucky State, Economic
Development Finance Authority,
Adventist Health Systems,
Ser A, RB (A) (B) (C)
4.320%, 09/08/00 1,440 1,440
--------
4,916
--------
LOUISIANA -- 0.3%
New Orleans, Aviation Board
Authority, Ser C, RB,
MBIA (A) (B)
4.300%, 09/08/00 995 995
New Orleans, Industrial
Development Authority,
Spectrum Control Technology
Project, RB (A) (B) (C)
4.350%, 09/08/00 1,600 1,600
--------
2,595
--------
MARYLAND -- 2.2%
Annapolis, Forest Gemini Facility
Project, RB (A) (B) (C)
4.350%, 09/01/00 800 800
Anne Arundel County, Kellington
Association Project,
RB (A) (B) (C)
4.250%, 09/01/00 1,250 1,250
Anne Arundel County, Pollution
Control Authority, Baltimore
Gas & Electric Project,
Ser 84, RB (A) (B)
4.500%, 07/01/01 6,210 6,210
Baltimore Maryland, GO,
MBIA, ETM
7.000%, 10/15/00 1,500 1,505
Maryland State, Economic
Development Authority,
Goodwill Industrial Project, RB
(A) (B) (C)
4.300%, 09/08/00 2,500 2,500
Maryland State, Health & Higher
Education Authority, Stellas
Maris Project, RB (A) (B) (C)
4.750%, 09/08/00 3,200 3,206
Prince George County, Parsons
Paper Facility Project,
RB (A) (B) (C)
4.450%, 09/01/00 4,000 4,000
--------
19,471
--------
13
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND--CONTINUED
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
MASSACHUSETTS-- 0.5%
Massachusetts State, Health &
Educational Facilities, Charlton
Memorial Hospital Project,
Ser B, RB Pre-Refunded @ 102 (D)
7.250%, 10/01/00 $ 1,700 $ 1,776
Massachusetts State, Industrial
Finance Agency, RB Pre-Refunded
@ 102 (D)
9.000%, 07/01/01 2,700 2,763
--------
4,539
--------
MICHIGAN -- 1.7%
Bay City, School District
Authority, GO
4.800%, 08/28/01 3,600 3,607
Jackson County, Economic
Development Authority, Limited
Thrifty Leoni Project,
RB (A) (B) (C)
4.320%, 09/08/00 800 800
Michigan State, Strategic Fund,
Peachwood Center Association
Project, RB (A) (B) (C)
4.300%, 09/08/00 1,730 1,730
Michigan State, Job Development
Authority, East Lansing
Residential Project,
RB (A) (B) (C)
4.650%, 09/01/00 1,000 1,000
Michigan State, Municipal Bond
Authority, Ser C-2, RAN
5.000%, 08/23/01 2,100 2,114
Northville Township, Economic
Development Authority, Thrifty
Northville Project, RB (A) (B) (C)
4.325%, 09/08/00 1,000 1,000
Sterling Heights, Economic
Development Authority, Sterling
Shopping Center Project, RB
(A) (B) (C)
4.350%, 09/08/00 5,170 5,170
--------
15,421
--------
MINNESOTA -- 0.8%
Capital Realty Trust, Tax Exempt
Investment Certificates,
Ser 96-1, RB (A) (B) (C)
4.540%, 09/08/00 4,200 4,200
Minnesota State, Tax & Aid
Anticipation Indebtness
Certificates, Ser B, Notes
5.000%, 08/17/01 2,500 2,516
--------
6,716
--------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
MISSISSIPPI-- 0.2%
Bend Area, Education Agency,
TAW (C)
5.250%, 07/06/01 $ 1,650 $ 1,653
--------
MISSOURI -- 3.5%
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
4.430%, 09/08/00 1,500 1,500
Jackson County, Industrial
Development Recreational
Authority, YMCA Greater Kansas
Project, Ser A, RB (A) (B)
4.450%, 09/01/00 2,500 2,500
Missouri State, Health & Education
Facilities Authority, Drury
College Project, RB (A) (B) (C)
4.400%, 09/01/00 800 800
4.350%, 09/08/00 3,000 3,000
Missouri State, Health & Education
Facilities Authority, Francis
Howell III Project, Ser E, RB
4.250%, 09/19/00 3,000 3,001
Missouri State, Health & Education
Facilities Authority, Kansas-City
Art Institute Project, RB (A) (B) (C)
4.450%, 09/01/00 1,500 1,500
Missouri State, Health & Education
Facilities Authority, Pooled
Hospital Loan Program,
Ser A, RB (A) (B)
4.350%, 09/08/00 9,000 9,000
Saint Louis County, Industrial
Development Authority,
Friendship Village Project,
Ser B, RB (A) (B) (C)
4.320%, 09/08/00 4,725 4,725
Saint Louis, Grantor Trust, Ser 96-A,
COP (A) (B) (C)
4.400%, 06/30/01 2,335 2,335
Saint Louis, Land Clearance
Redevelopment Authority,
Station East Project, RB
Pre-Refunded @ 102 (D)
7.750%, 01/01/01 3,000 3,092
--------
31,453
--------
MONTANA -- 0.2%
Montana State, Board of Investments,
Municipal Finance Consolidated,
Intermediate Capital Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,750 1,750
--------
14
<PAGE>
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-----------------------------------------------------------------------------
NEBRASKA -- 0.4%
Nebraska State, Educational
Finance Authority, Creighton
University Project, Ser A, RB,
AMBAC (A) (B)
4.450%, 09/08/00 $ 3,450 $ 3,450
--------
NEVADA -- 0.7%
Clark County, Flood Control
Project, GO
5.900%, 11/01/00 3,310 3,321
Nevada State, Ser A, GO
Pre-Refunded @ 101 (D)
6.000%, 08/01/01 2,000 2,039
Nevada State, University Systems
Projects, GO Pre-Refunded
@ 101 (D)
6.200%, 05/01/01 1,000 1,027
--------
6,387
--------
NEW JERSEY -- 0.9%
Camden, Ser A, BAN
5.500%, 06/14/01 2,698 2,705
New Jersey State, Economic
Development Authority, Carolina
Freight Project, RB (A) (B) (C)
4.400%, 09/01/00 455 455
New Jersey State, Economic
Development Authority, Dates-Tru.
Urban Renewal Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,000 1,000
North Hudson, New Jersey Sewer
Authority Project, RB
5.000%, 03/30/01 4,300 4,300
--------
8,460
--------
NEW MEXICO -- 1.0%
New Mexico State, Hospital
Equipment Loan Company,
Pooled Loan Program,
Ser A, RB (A) (B)
4.350%, 09/08/00 9,000 9,000
--------
NEW YORK -- 3.9%
Hempstead County, New York
Union Free School District,
TAN (C)
5.000%, 06/28/01 9,200 9,218
Nassau County, Educational Board
Cooperative Services, RAN
5.250%, 06/29/01 10,000 10,031
Nassau County, Ser C, RAN (C)
6.000%, 04/12/01 7,500 7,567
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
New York State, Commercial
General Services, Executive
Department Project, COP
4.500%, 09/01/00 $ 3,000 $ 3,000
New York State, Local Assistance,
Ser A, RB Pre-Refunded @ 102 (D)
7.000%, 04/01/01 1,065 1,101
New York, New York, Ser A, GO,
FSA Pre-Refunded @ 101.50 (D)
7.400%, 08/15/01 3,700 3,858
--------
34,775
--------
NORTH CAROLINA -- 0.2%
Beaufort, Pollution Control
Authority, Texas Gulf Project,
RB (A) (B) (C)
4.300%, 12/01/00 1,575 1,575
--------
OHIO -- 1.2%
Cincinnati & Hamilton County,
Port Authority, CEI Realty
Association Project, RB (A) (B) (C)
4.750%, 09/01/00 1,050 1,050
Highland County, Industrial
Development Authority, Lancaster
Colony Project, RB (A) (B) (C)
4.300%, 09/01/00 600 600
Lima, Refunding & Improvement
Authority, Lima Memorial
Hospital Project, RB (A) (B) (C)
4.350%, 09/08/00 2,730 2,730
Lorain County, Industrial
Development Authority,
Regional Medical Center Project,
RB (A) (B) (C)
4.350%, 09/08/00 880 880
Ohio State, Higher Educational
Facilities Commission, Mount
Union College Project,
RB (A) (B) (C)
4.250%, 09/08/00 2,865 2,865
Summit County, Industrial
Development Authority,
Arlington Plaza Project,
RB (A) (B) (C)
4.400%, 09/01/00 1,995 1,995
Westlake, Industrial Development
Authority, Nordson Corporation
Project, RB (A) (B) (C)
4.400%, 09/08/00 850 850
--------
10,970
--------
15
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND--CONTINUED
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
OKLAHOMA -- 2.9%
Oklahoma State, Development
Finance Authority, Oklahoma
Hospital Association Project,
Ser A, RB (A) (B) (C)
4.350%, 09/08/00 $ 3,300 $ 3,300
Oklahoma State, Finance
Development Authority,
Oklahoma Hospital Association
Project, Ser A, RB (A) (B)
4.350%, 09/08/00 10,540 10,540
Oklahoma State, Hospital
Industries Authority, Deaconess
Health Project, Ser A, RB
(A) (B) (C)
4.350%, 09/08/00 4,000 4,000
Oklahoma State, Development Finance
Authority, Baptist Retirement
Center Project, RB
4.550%, 03/01/01 1,005 1,005
Tulsa, Industrial Healthcare
Authority, Laureate Psychiatric
Project, RB (A) (B)
4.500%, 12/15/00 3,500 3,500
Tulsa, Industrial Authority,
Tulsa Childrens' Coalition Project,
RB (A) (B) (C)
4.350%, 09/08/00 3,500 3,500
--------
25,845
--------
OREGON -- 1.7%
Clackamas County, Hospital Facility
Authority, Senior Living Facility
Mary Woods Project, Ser C,
RB (A) (B) (C)
4.400%, 09/08/00 3,000 3,000
Medford, Hospital Facilities
Authority, Continued Care
Retirement Project, RB (A) (B) (C)
4.400%, 09/08/00 9,100 9,100
Oregon State, General Services
Department, Ser F, COP,
AMBAC Pre-Refunded @
102 (D)
7.500%, 09/01/00 1,400 1,428
Port Morrow, Pollution Control,
Idaho Power Project, RB (A) (B)
4.450%, 09/08/00 2,000 2,000
--------
15,528
--------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
PENNSYLVANIA -- 8.5%
Berks County Industrial
Development Authority, Rilsaw
Industrial Project, Elf Aquitaine,
RB (A) (B) (C)
4.320%, 09/08/00 $ 300 $ 300
Bucks County, Industrial
Development Authority, CPC
International Project, Ser 85,
RB (A) (B)
4.370%, 09/01/00 1,000 1,000
Butler County, Hospital Authority,
North Hills Passavant Hospital
Project, Ser A, RB Pre-Refunded
@ 102 (D)
6.900%, 06/01/01 600 620
Butler County, Industrial
Development Authority, Lutheran
Welfare Project, Ser A,
RB (A) (B) (C)
4.350%, 09/08/00 11,925 11,925
Butler County, Industrial
Development Authority,
Lutheran Welfare Project,
Ser B, RB (A) (B) (C)
4.350%, 09/08/00 2,950 2,950
Clarion County, Industrial
Development Authority,
Meritcare Project, Ser A,
RB (A) (B) (C)
4.350%, 09/08/00 2,500 2,500
Dauphin County, General
Authority, Allhealth Pooled
Finance Program,
Ser B, RB, FSA (A) (B)
4.350%, 09/08/00 6,100 6,100
East Hempfield Township,
Industrial Development
Authority, Menomite Home
Project, RB (A) (B) (C)
4.310%, 09/08/00 1,000 1,000
Hazleton, Industrial Development
Authority, Prep School Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,900 1,900
Lancaster County, Hospital
Authority, Luthercare Health
Center Project, RB (A) (B) (C)
4.330%, 09/08/00 8,300 8,300
Lebanon County, Health Facilities
Authority, United Church of
Christ Homes Project, RB (A) (B) (C)
4.350%, 09/08/00 3,000 3,000
16
<PAGE>
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Lebanon County, Health Facilities
Authority, United Church of
Christ Project, RB (A) (B) (C)
4.330%, 09/08/00 $ 1,500 $ 1,500
Monroe County, Hospital
Authority, Pocono Medical
Center Project, Ser C,
RB (A) (B) (C)
4.350%, 09/08/00 1,000 1,000
Montgomery County, Higher
Education & Health Loan Authority,
Ser 96-A, RB (A) (B) (C)
4.350%, 09/08/00 400 400
Montgomery County, Higher
Education & Health Authority,
Ser A, RB (A) (B) (C)
4.350%, 09/08/00 900 900
Montgomery County, Pennsylvania
Higher Education and Health
Authority, Higher Education and
Loan Project, Ser A, RB (A) (B)
4.350%, 09/08/00 200 200
Moon Township, Industrial
Development Authority, Executive
Office Association Project,
RB (A) (B) (C)
4.350%, 09/08/00 900 900
North Cumberland County,
Industrial Development Authority,
Atlas Development Association
Project, RB (A) (B) (C)
4.350%, 09/08/00 1,570 1,570
Northhampton County, Industrial
Development Authority, Moravian
Academy Project, RB (A) (B) (C)
4.350%, 09/08/00 2,050 2,050
Pennsylvania State, Economic
Development Authority, Mercy
Health System Project,
Ser E1, RB (A) (B) (C)
4.350%, 09/08/00 2,000 2,000
Pennsylvania State, Higher
Education Assistance Authority,
Ser A, RB, FGIC
6.800%, 12/01/00 3,480 3,498
Pennsylvania State, Higher
Educational Facilities Authority,
Association of Independent Colleges
Project, Ser-E3, RB (A) (B) (C)
4.350%, 09/08/00 8,500 8,500
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Philadelphia, Industrial
Development Authority, City
Line Holiday Inn Project,
Ser 96, RB (A) (B) (C)
4.300%, 09/08/00 $ 100 $ 100
Philadelphia, Industrial
Development Authority, Inglis
House Project, RB (A) (B) (C)
4.300%, 09/01/00 6,000 6,000
Philadelphia, Ser A, TAN
5.000%, 06/29/01 3,000 3,015
Scranton-Lackwanna, Healthcare
Facilities, Moses Taylor Hospital
Project, Ser B, RB Pre-Refunded
@ 102 (D)
8.500%, 07/01/01 1,500 1,579
Union County, Hospital Authority,
United Methodist Continuing
Care Project, Ser B,
RB (A) (B) (C)
4.450%, 09/08/00 2,575 2,575
--------
75,382
--------
SOUTH CAROLINA -- 1.2%
Florence County, Industrial
Development Authority, La-Z-Boy
Chair Project, RB (A) (B)
4.330%, 11/01/01 5,000 5,000
South Carolina State, Economic Jobs
Development Authority,
St Joseph's High School Project,
RB (A) (B) (C)
4.430%, 09/08/00 5,000 5,000
Walhalla, Industrial Development
Authority, Avondale Mills Project,
RB (A) (B) (C)
4.300%, 12/01/00 1,000 1,000
--------
11,000
--------
TENNESSEE -- 4.6%
Bristol, Health & Educational
Facilities, Bristol Memorial
Hospital Project, RB Pre-Refunded
@ 102 (D)
7.000%, 03/01/01 1,950 2,014
Cleveland, Industrial Development
Board, YMCA MET Chattanooga
Project, RB (A)
(B) (C)
4.300%, 09/08/00 1,300 1,300
17
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND--CONTINUED
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Hamilton County, Industrial
Development Authority, Trade
Center Hotel Project, Ser C,
RB (A) (B) (C)
4.300%, 09/08/00 $ 4,852 $ 4,852
Hamilton County, Industrial
Development Board Authority,
Trade Center Hotel Project,
Ser B, RB (A) (B) (C)
4.300%, 09/08/00 4,852 4,852
Knox County, Health & Education
Housing Facilities Authority,
THA Solutions Group Project,
RB (A) (B)
4.350%, 09/08/00 2,500 2,500
Knox County, Industrial
Development Authority,
Professional Plaza Project,
RB, FGIC (A) (B)
4.350%, 09/01/00 3,300 3,300
Memphis, Health, Educational
& Housing Authority, Not For
Profit Multi-Family Program,
RB (A) (B)
4.380%, 09/08/00 15,000 15,000
Memphis, Ser A, GO (A) (B)
4.250%, 09/08/00 1,800 1,800
Metropolitan Nashville & Davidson
County, Health & Education
Facilities Board, Belmont
University Project, RB (A) (B) (C)
4.300%, 09/08/00 3,100 3,100
Metropolitan Nashville & Davidson
County, Health & Education
Facilities Board, Dede Wallace
Healthcare System Project,
RB (A) (B) (C)
4.300%, 09/08/00 1,300 1,300
Metropolitan Nashville & Davidson
County, Health & Education
Facilities Board, Franklin Road
Project, RB (A) (B) (C)
4.300%, 09/08/00 1,045 1,045
--------
41,063
--------
TEXAS -- 6.3%
Amarillo, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
4.300%, 09/01/00 880 880
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
4.325%, 04/01/02 $ 1,000 $ 1,000
Brazos, Industrial Development
Authority, Badische Port Project,
RB (A) (B) (C)
4.250%, 09/01/00 4,200 4,200
Gulf Coast, Industrial
Development Authority,
Petrounited Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,500 1,500
Harris County, Healthcare
Development Facilities, Sisters
of Charity Project, RB
Pre-Refunded @ 102 (D)
7.100%, 07/01/01 8,300 8,641
Harris County, Multi-Family
Housing, Woodgate Project,
RB (A) (B) (C)
4.575%, 09/08/00 1,900 1,900
North Central, Health Facilities
Development Authority,
Northwest Senior Housing
Project, Ser C, RB (A) (B) (C)
4.320%, 09/08/00 14,400 14,400
San Antonio, Texas Electric & Gas
Authority, Ser B, RB
Pre-Refunded @ 100 (D)
5.000%, 02/01/01 1,000 1,003
Tarrant County, Housing Finance
Authority, Amherst Association
Project, RB (A) (B) (C)
4.250%, 09/08/00 6,400 6,400
Texas State, TAN
5.250%, 08/31/01 10,000 10,093
Texas State, Southern University
Special Obligation, Constitutional
Appropriation Project, RB
5.000%, 08/01/01 1,660 1,670
Texas State, University
Financing Systems, Ser A, RB
5.500%, 08/15/01 1,450 1,466
Trinity River, Industrial
Development Authority, Trinity
River Project, RB (A) (B) (C)
4.325%, 09/08/00 2,900 2,900
Valwood, Improvement Authority,
GO, FSA (A) (B)
4.100%, 09/01/00 425 425
--------
56,478
--------
18
<PAGE>
------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
UTAH -- 0.1%
Nephi, Industrial Development
Authority, Safeway Project,
RB (A) (B) (C)
4.300%, 10/01/00 $ 605 $ 605
West Valley, Industrial
Development Authority,
Johnson Matthey Project,
RB (A) (B) (C)
4.350%, 09/01/00 200 200
--------
805
--------
VERMONT -- 4.8%
Student Assistance Authority,
Student Loan Bonds, Ser 85,
RB (A) (B) (C)
4.400%, 09/01/00 4,625 4,625
Vermont State, Educational & Health
Building Authority, Capital Asset
Finance Project, Ser 1, RB
(A) (B) (C)
4.300%, 09/08/00 9,885 9,885
Vermont State, Educational &
Health Building Authority,
Copley Hospital Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 4,500 4,500
Vermont State, Educational &
Health Building Authority,
Northeastern Vermont Regional
Hospital Project, Ser A,
RB (A) (B) (C)
4.300%, 09/08/00 6,000 6,000
Vermont State, Educational and
Health Building Authority,
Capital Asset Financing Project,
Ser 2, RB (A) (B) (C)
4.250%, 09/08/00 11,800 11,800
Vermont State, Educational and
Health Buildings Authority,
Capital Asset Financing Project,
Ser 1, RB (A) (B) (C)
4.250%, 09/08/00 5,845 5,845
--------
42,655
--------
WASHINGTON -- 1.5%
Chelan County, Public Utilities
Distribution , Chelan Hydro
Project, Ser D, RB
4.500%, 07/01/01 2,000 2,003
Port Moses Lake, Public Industrial
Authority, Basic American Foods
Project, RB (A) (B) (C)
4.500%, 09/01/00 4,200 4,200
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Washington State, Healthcare
Facilities Authority, Sisters of
Providence, RB Pre-Refunded
@ 102 (D)
8.250%, 10/01/00 $ 5,000 $ 5,115
7.875%, 10/01/00 1,000 1,022
Washington State, Housing
Finance Community, Pioneer
Human Services Project,
Ser 91, RB (A) (B) (C)
4.300%, 09/08/00 805 805
Washington State, Suburban
Sanitary District, Sewer
Disposal Project, Ser 2, GO
6.750%, 06/01/01 500 509
--------
13,654
--------
WISCONSIN -- 3.1%
Appleton, Industrial Development
Authority, RB
4.350%, 09/08/00 960 960
Green Bay, Area Public School
District, RB
5.150%, 09/08/00 2,000 2,000
Green Bay, Industrial Development
Authority, Curative
Rehabilitation Center Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,245 1,245
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 1,500 1,500
Menasha, School District
Authority, TRAN
4.140%, 12/02/00 1,150 1,150
Menomonee Falls, Industrial
Development Authority,
Maysteel Project, RB (A) (B) (C)
4.400%, 09/08/00 1,900 1,900
Monona Grove, School District
Authority, TRAN
4.100%, 10/30/00 1,700 1,700
Northland Pines, School District
Authority, TRAN
4.000%, 09/08/00 2,000 2,000
Oak Creek, Waterworks System
Authority, BAN
3.900%, 09/01/00 2,000 2,000
19
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
TAX FREE FUND--CONCLUDED
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Pleasant Prairie, BAN
4.300%, 01/15/01 $ 5,200 $ 5,200
Tomahawk School District, BAN
5.160%, 04/13/01 3,600 3,601
Wisconsin State, Rural Water
Construction Loan, BAN, FGIC
4.250%, 09/15/00 1,000 1,000
Wisconsin State, Ser B, GO
7.000%, 05/01/01 1,320 1,343
--------
27,699
--------
MULTI-STATE -- 2.4%
Greystone Tax Exempt Certificate
Trust Authority, Senior Certificate
of Beneficial Ownership Project,
RB (A) (B) (C)
4.420%, 09/08/00 21,270 21,270
--------
Total Municipal Bonds
(Cost $885,764) 885,764
--------
Total Investments -- 99.1%
(Cost $885,764) 885,764
--------
Other Assets and Liabilities, Net -- 0.9% 8,326
--------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
894,298,882 outstanding shares
of beneficial interest 894,166
Distributions in excess of net investment income (16)
Accumulated net realized loss on investments (60)
--------
Total Net Assets -- 100.0% $894,090
========
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
ETM ESCROWED TO MATURITY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RAN REVENUE ANTICIPATION NOTE
RB REVENUE BOND
SER SERIES
SPA SPECIAL ASSESSMENT
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 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 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.
20
<PAGE>
-------------------------------------------------------------------------------
CALIFORNIA TAX EXEMPT FUND
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.3%
CALIFORNIA -- 91.9%
ABAG, Finance Authority For
Non-Profit Corporations, School
of the Sacred Heart Project,
Ser B, RB (A) (B) (C)
3.700%, 09/08/00 $ 800 $ 800
ABAG, Finance Authority For
Non-Profit Corporations,
Ser C, COP (A) (B) (C)
3.500%, 09/01/00 300 300
Alhambra, Industrial Development
Authority, Sunclipse Project
(A) (B) (C)
4.100%, 09/01/00 100 100
California State, Community
Development Authority, North
California Retirement Project,
COP (A) (B) (C)
3.500%, 09/08/00 400 400
California State, Economic
Development Financing Authority,
KQED Project, RB (A) (B) (C)
3.400%, 09/08/00 400 400
California State, Educational
Facilities Authority, Chapman
University Project, RB (A) (B) (C)
3.450%, 09/08/00 1,000 1,000
California State, GO
4.250%, 10/01/00 100 100
California State, Health Facilities
Finance Authority, Scripps
Memorial Hospital Project,
Ser B, RB, MBIA (A) (B)
3.650%, 09/08/00 1,100 1,100
California State, Metropolitan
Water District, Waterworks
Project, Ser C, RB (A) (B)
3.500%, 09/08/00 300 300
California State, Pollution Control
Financing Authority, Occidental
Geography Project, RB (C)
4.100%, 09/08/00 100 100
Corona, Redevelopment Agency
Authority, Crown Point Project,
Ser 85, RB (A) (B) (C)
3.950%, 09/08/00 490 490
Fontana, Gaf Tax Exempt Bond
Grantor Trust, Ser GA-7, RB
(A) (B) (C)
4.350%, 09/01/00 440 440
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Fullerton, Industrial Development
Authority, Sunclipse Project,
Ser A, RB (A) (B) (C)
4.100%, 09/01/00 $ 200 $ 200
Hillsborough, Water & Sewer
Systems Project, Ser B, COP (A) (B)
3.700%, 09/01/00 400 400
Huntington Park, Public Financing
Authority, Parking Project,
Ser A, RB (A) (B) (C)
3.850%, 09/08/00 325 325
Irwindale, Industrial Development
Authority, Toys 'R' Us Project, RB
(A) (B) (C)
4.320%, 09/08/00 325 325
Lancaster, Multi-Family Housing
Authority, Household Bank Project,
Ser A, RB (A) (B)
3.740%, 09/08/00 190 190
Long Beach, Health Facilities
Authority, Memorial Health
Services Project, RB (A) (B)
3.900%, 09/08/00 1,050 1,050
Los Angeles County, Pension
Obligation, Ser A, RB,
AMBAC (A) (B)
3.500%, 09/08/00 500 500
Los Angeles, Multi-Family Mortgage
Authority, Valencia Village Project,
Ser C, RB (A) (B) (C)
3.350%, 09/08/00 600 600
Newport Beach, Health Facilities
Authority, Hoag Memorial
Presbyterian Hospital Project,
RB (A) (B)
3.550%, 09/01/00 1,000 1,000
Oakland, Capital Equipment Project,
COP (A) (B) (C)
3.500%, 09/08/00 500 500
Oakland, Liquidity Facilities Authority,
Bay Area Government Project,
RB (A) (B) (C)
4.200%, 09/08/00 125 125
Ontario, Multi-Family Housing
Authority, Residential Park Centre
Project, Ser A, RB (A) (B) (C)
3.650%, 09/08/00 500 500
Orange County, Apartment
Development Authority,
Radnor/Aragon Project,
Ser D, RB (A) (B) (C)
4.325%, 09/08/00 240 240
21
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
CALIFORNIA TAX EXEMPT FUND--CONCLUDED
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Orange County, Apartment
Development Authority, Vintage
Woods Project, Issue H,
RB (A) (B) (E)
3.550%, 09/08/00 $ 500 $ 500
Orange County, Apartment
Development Authority, WLCO
Project, Issue G, Ser 2,
RB (A) (B) (E)
3.550%, 09/08/00 200 200
Oxnard, Community Redevelopment
Agency, Channel Islands Business
Project, RB (A) (B) (C)
4.200%, 09/08/00 310 310
Pasadena, Rose Bowl Improvements
Project, COP (A) (B) (C)
3.650%, 09/08/00 700 700
Pico Riveria, Redevelopment Agency,
Crossroads Plaza Project,
RB (A) (B) (C)
3.600%, 09/08/00 600 600
Pleasanton, Multi-Family Mortgage
Authority, Valley Plaza Project,
Ser A, RB, (A) (B) (C)
3.500%, 09/08/00 800 800
Riverside, Housing Development
Authority, De Anza Villas Project,
RB (A) (B) (C)
3.800%, 09/08/00 220 220
Riverside, Multi-Family Housing
Authority, Countrywood & IA Apartments
Project, Ser E, RB (A) (B) (C)
3.700%, 09/08/00 190 190
San Bernadino County, County
Center Refunding Project,
COP (A) (B) (C)
3.550%, 09/08/00 900 900
San Bernadino County, Multi-Family
Housing Authority, Gold West
Phase 2 Project, RB (A) (B) (C)
4.000%, 09/08/00 500 500
San Bernadino County, Multi-Family
Housing Authority, Indian Knoll
Apartment Project, Ser A, RB
(A) (B) (C)
3.700%, 09/08/00 270 270
San Bernadino County, Multi-Family
Housing Authority, Somerset
Apartments Project,
Ser A, RB (A) (B) (E)
3.550%, 09/08/00 300 300
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
San Diego, Multi-Family Housing
Authority, University Town Center
Apartments Project,
RB (A) (B) (C)
3.700%, 09/08/00 $ 100 $ 100
San Dimas, Redevelopment Agency,
Diversified Shopping Center
Project, COP (A) (B) (C)
3.650%, 09/08/00 300 300
San Francisco, City & County
Finance Authority, Yerba Buena
Garden Project, RB (A) (B) (C)
3.650%, 09/08/00 100 100
San Francisco, City & County
Redevelopment Agency, Bayside
Village Project, Ser A, RB (A) (B) (C)
3.650%, 09/08/00 500 500
San Marcos, Industrial Development
Authority, Amistar Project,
RB (A) (B) (C)
4.150%, 09/01/00 325 325
Santa Ana, Community
Redevelopment Authority, Santa
Ana Project Area, Ser B, TA
Pre-Refunded @ 102 (D)
6.500%, 12/15/00 190 195
Santa Ana, Community
Redevelopment Authority, South
Main Street Project, Ser D, TA
Pre-Refunded @ 102 (D)
6.500%, 12/15/00 180 185
Santa Ana, Health Facility Authority,
Town & Country Project,
RB (A) (B) (C)
3.400%, 09/01/00 600 600
Santa Clara County, El Camino
Hospital District Lease Authority,
Valley Medical Center Project,
Ser A, RB (A) (B) (C)
3.350%, 09/08/00 500 500
Santa Clara County, Multi-Family
Housing Authority, Briarwood
Apartments Project, Ser B, RB,
FNMA (A) (B) (E)
3.500%, 09/08/00 180 180
Simi Valley, Industrial & Economic
Development Authority, Wambold
Furniture Project, RB (A) (B) (C)
4.100%, 09/01/00 160 160
22
<PAGE>
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Simi Valley, Multi-Family Housing
Authority, Ser A, RB (A) (B) (C)
3.500%, 09/08/00 $ 460 $ 460
South California, Public Power
Authority, Transmission Project,
Ser 91, RB, AMBAC (A) (B)
3.500%, 09/08/00 900 900
Vallejo, Multi-Family Housing
Authority, Highlands Apartments
Project, Ser A, RB (A) (B) (C)
3.750%, 09/08/00 425 425
West Basin Municipal Water District,
Phase III Recycled Water Project,
Ser A, COP (A) (B) (C)
3.450%, 09/08/00 645 645
Westminster, Redevelopment
Authority, Commercial
Redevelopment Project, TA,
AMBAC (A) (B)
3.750%, 09/08/00 305 305
-------
22,855
-------
VIRGIN ISLANDS -- 5.4%
Virgin Islands, Public Finance
Authority, Ser A, GO
Pre-Refunded @ 101 (D)
7.300%, 10/01/00 300 304
Virgin Islands, Water & Power
Authority, Ser A, RB,
Pre-Refunded @ 102 (D)
7.400%, 07/01/01 1,000 1,042
-------
1,346
-------
Total Municipal Bonds
(Cost $24,201) 24,201
-------
Total Investments -- 97.3%
(Cost $24,201) 24,201
-------
Other Assets and Liabilities, Net -- 2.7% 683
-------
--------------------------------------------------------------------------------
VALUE (000)
--------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
22,360,765 outstanding shares of
beneficial interest $22,360
Portfolio Shares of Class B (unlimited
authorization -- no par value) based
on 595,783 outstanding shares of
beneficial interest 596
Portfolio Shares of Class C (unlimited
authorization -- no par value) based
on 1,937,950 outstanding shares of
beneficial interest 1,938
Accumulated net realized loss
on investments (10)
-------
Total Net Assets -- 100.0% $24,884
=======
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
COP CERTIFICATE OF PARTICIPATION
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TA TAX ALLOCATION
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 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
COMMERCIAL 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.
23
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INSTITUTIONAL TAX FREE FUND
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- 101.9%
ALABAMA -- 1.3%
Birmingham, Medical Clinic
Authority, St. Martins in the
Pines Project, Ser 89,
RB (A) (B) (C)
4.400%, 09/08/00 $ 2,120 $ 2,120
Indian Springs Village,
Educational Building Authority,
Indian Springs School Project,
RB (A) (B) (C)
4.400%, 09/08/00 5,000 5,000
Mobile, Industrial Development
Pollution Control, M & T
Chemicals Project, RB (A) (B) (C)
4.325%, 09/08/00 2,800 2,800
Russelville, Industrial Development
Authority, Clark Pulley Project,
Ser 94, RB (A) (B) (C)
4.450%, 09/08/00 1,675 1,675
-------
11,595
-------
ALASKA -- 1.7%
Alaska State, Housing Finance,
Ser A, RB, MBIA
4.600%, 12/01/00 1,860 1,861
Valdez, Marine Terminal Authority,
Arco Transportation Project,
Ser 1994-B, RB (A) (B) (C)
4.250%, 09/08/00 13,550 13,550
-------
15,411
-------
ARIZONA -- 0.6%
Maricopa County, Industrial
Development Authority, Arcadia
Vista Apartments Project,
Ser A, RB (A) (B) (C)
4.350%, 09/08/00 4,745 4,745
Maricopa County, Industrial
Development Authority, McLane
Company Project, RB (A) (B) (C)
4.700%, 09/08/00 520 520
-------
5,265
-------
COLORADO -- 4.4%
Arapahoe County, Water & Sanitation
District Authority, Ser A,
GO (A) (B) (C)
4.000%, 12/01/00 6,120 6,120
Colorado Springs, Hospital
Authority, RB Pre-Refunded
@ 100 (D)
7.875%, 12/15/00 2,500 2,520
--------------------------------------------------------------------------------
VALUE (000)
--------------------------------------------------------------------------------
Colorado State, Health Facilities
Authority, Christian Living
Project, RB (A) (B) (C)
4.300%, 09/08/00 $ 3,240 $ 3,240
Denver City & County, Multi-
Family Housing Authority,
Ogden Residence Project,
Ser 85-B, RB (A) (B) (C)
4.350%, 09/01/00 8,820 8,820
Dove Valley, Metropolitan District
Authority, Arapahoe County
Project, Ser C, GO (A) (B) (C)
3.950%, 09/08/00 4,815 4,815
East Smoky Hill, Metropolitan
District Authority, No. 2,
GO (A) (B) (C)
4.400%, 09/01/00 1,000 1,000
Jefferson County, Industrial
Development Authority, Kinder
Care Centers Project,
Ser C, RB (A) (B) (C)
4.700%, 02/01/01 1,700 1,700
NBC, Metropolitan District
Authority, GO (A) (B) (C)
4.300%, 09/01/00 1,500 1,500
Panorama, Metropolitan District
Authority, Ser 1998, GO (A) (B) (C)
4.000%, 12/01/00 1,680 1,680
Panorama, Metropolitan District
Authority, Ser B, RB (A) (B) (C)
4.000%, 12/01/00 2,425 2,425
Summit County, Recreational
Facilities Authority, Copper
Mountain Project, RB (C)
4.450%, 09/01/00 7,310 7,310
-------
41,130
-------
DELAWARE -- 1.3%
Delaware State, Economic
Development Authority,
Congoleum Development
Project, RB (A) (B) (C)
4.355%, 09/08/00 1,000 1,000
Delaware State, Economic
Development Authority,
Peninsula United Methodist
Project, Ser B, RB (A) (B) (C)
4.350%, 09/08/00 5,340 5,340
24
<PAGE>
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Sussex County, Economic
Development Authority, Route 113
Limited Partnership Project,
RB (A) (B) (C)
4.500%, 09/01/00 $ 6,000 $ 6,000
-------
12,340
-------
DISTRICT OF COLUMBIA -- 0.6%
District of Columbia, Institute of
International Economic Issues,
RB (A) (B) (C)
4.300%, 09/08/00 2,700 2,700
District of Columbia, Laboratory
School Issue, RB (A) (B) (C)
4.400%, 09/08/00 2,975 2,975
-------
5,675
-------
FLORIDA -- 5.1%
Alachua County, Industrial
Development Authority, Oak Hall
School Project, RB (A) (B) (C)
4.350%, 09/08/00 1,450 1,450
Capital Trust Agency, Multi-Family
Housing Authority, Community
Loan Project, Ser A, RB (A) (B)
4.380%, 09/08/00 25,000 25,000
Florida State, Housing Finance Agency,
Multi-Family Housing Lakeside
Project, Ser B, RB (A) (B) (C)
4.450%, 09/08/00 5,000 5,000
Jacksonville, Electric Authority, Saint
Johns Project, 3rd Ser, RB
Pre-Refunded @ 101.5 (D)
6.650%, 10/01/00 1,900 1,932
Jacksonville, Industrial Development
Authority, University of Florida
Health Science Center Project,
Ser 89, RB (A) (B) (C)
4.450%, 10/01/00 1,000 1,000
Lake Bernadette, Community
Development Authority, Ser B,
RB (A) (B) (C)
4.350%, 11/01/01 400 400
Miami-Dade County, Industrial
Development Authority, Saral
Publications Project, RB (A) (B) (C)
4.300%, 09/08/00 2,950 2,950
Orange County, Health Facilities
Authority, Florida Health
Association, Ser A, RB (A) (B)
4.350%, 09/08/00 5,000 5,000
-------------------------------------------------------------------------------
Face
Amount (000) VALUE (000)
--------------------------------------------------------------------------------
Orange County, Industrial
Development Authority,
Central Florida YMCA Project,
RB (A) (B) (C)
4.300%, 09/08/00 $ 1,650 $ 1,650
Pasco City, Multi-Family Housing
Finance Authority, Carlton Arms
of Magnolia Valley Project,
Ser 85, RB (A) (B) (C)
4.325%, 09/08/00 2,000 2,000
Volusia County, Industrial
Development Authority, APCO
Project, Ser A, RB (C)
4.400%, 09/08/00 1,135 1,135
-------
47,517
-------
GEORGIA -- 9.2%
Albany-Dougherty County, Hospital
Authority, Phoebe Putney
Memorial Hospital Project,
Ser 1996, RB, AMBAC (A) (B) (C)
4.350%, 09/08/00 1,700 1,700
Athens, Multi-Family Housing
Authority, Georgian Apartments
Project, RB (A) (B) (C)
4.575%, 09/08/00 1,400 1,400
Clayton County, Hospital Authority,
Southern Regional Medical Center
Project, Ser B, RB (A) (B) (C)
4.300%, 09/08/00 3,775 3,775
Clayton County, Multi-Family
Housing Authority, Rivers Edge
Project, RB (A) (B) (C)
4.300%, 09/08/00 2,000 2,000
Cobb County, Multi-Family Housing
Authority, Tibarron Associates
Project, Ser 85-D, RB (A) (B) (C)
4.430%, 09/08/00 8,600 8,600
DeKalb County, Development
Authority, Dart Container Project,
RB (A) (B) (C)
4.500%, 09/01/00 900 900
DeKalb County, Industrial
Development Authority,
Weyerhaeuser County Project,
RB (A) (B) (C)
4.400%, 09/08/00 3,500 3,500
Downtown Athens, Housing
Development Authority,
Georgian Apartments Association
Project, RB (A) (B) (C)
4.700%, 09/08/00 1,000 1,000
25
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INSTITUTIONAL TAX FREE FUND--CONTINUED
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Effingham County, Pollution Control
Development Authority,
Savannah Electric & Power
Project, RB (A) (B)
4.350%, 09/01/00 $ 2,870 $ 2,870
Federal Paper Board, Tax Exempt
Bond Grantor Trust, RB (A) (B) (C)
4.450%, 09/01/00 7,200 7,200
Floyd County, Industrial
Development Authority, Berry
College Project, RB (A) (B) (C)
4.300%, 09/08/00 2,200 2,200
Fulton County, Industrial
Development Authority, Arthritis
Foundation Project, RB (A) (B) (C)
4.300%, 09/08/00 2,700 2,700
Fulton County, Industrial
Development Authority, ADP
Project, RB (A) (B) (C)
4.400%, 09/15/00 2,770 2,770
Fulton County, Industrial
Development Authority, Epstein
School Project, RB (A) (B) (C)
4.300%, 09/08/00 2,000 2,000
Fulton County, Industrial
Development Authority,
Morehouse School of Medicine
Project, RB (A) (B) (C)
4.300%, 09/08/00 2,400 2,400
Fulton County, Residential Care
Authority, Lenbrook Square
Foundation Project, RB, (A) (B) (C)
4.300%, 09/01/00 500 500
Gwinnett County, Industrial
Development Authority, Greater
Atlanta Christian School Project,
RB (A) (B) (C)
4.300%, 09/08/00 6,000 6,000
Gwinnett County, Industrial
Development Authority, Wesleyan
School Project, RB (A) (B) (C)
4.300%, 09/08/00 450 450
Gwinnett County, Multi-Family
Housing Authority, Post Corners
Project, RB, FNMA (A) (B) (E)
4.250%, 09/08/00 4,200 4,200
Macon-Bibb County, Hospital
Authority, Medical Center Control
Project, RB (A) (B) (C)
4.300%, 09/08/00 2,900 2,900
Macon-Bibb County, Hospital
Authority, Medical Center of
Central Georgia Project,
Ser 97, RB (A) (B) (C)
4.300%, 09/08/00 1,750 1,750
--------------------------------------------------------------------------------
Face
Amount (000) VALUE (000)
--------------------------------------------------------------------------------
Marietta, Multi-Family Housing
Authority, Falls at Bells Ferry
Project, RB (A) (B) (C)
4.350%, 09/08/00 $ 6,600 $ 6,600
Monroe County, Industrial
Development Authority, Baptist
Village Project, RB (A) (B) (C)
4.300%, 09/08/00 2,200 2,200
Roswell, Multi-Family Housing
Authority, Belcourt Project,
RB (A) (B) (C)
4.450%, 09/08/00 9,000 9,000
Southern Georgia, Hospital
Authority, Alliance Community
Hospitals Project, Ser A, RB,
AMBAC (A) (B)
4.350%, 09/08/00 2,100 2,100
Thomasville, Hospital Authority,
J.D. Archbold Project, RB (A) (B) (C)
4.300%, 09/08/00 4,450 4,450
-------
85,165
-------
HAWAII -- 1.6%
Hawaii State, Department of Budget
& Finance Special Purpose,
Queens Health System Project,
Ser A, RB (A) (B)
4.400%, 09/08/00 13,700 13,700
Honolulu City & County, Ser A,
GO Pre-Refunded @ 101 (D)
6.400%, 08/01/01 1,000 1,028
-------
14,728
-------
IDAHO-- 1.4%
Ammon, Urban Renewal Agency,
Tax Increment Project, Ser A,
TA (A) (B) (C)
4.390%, 09/08/00 1,635 1,635
Boise, State University Foundation,
Engineering Technology Project,
RB (A) (B) (C)
4.500%, 09/08/00 3,500 3,500
Twin Falls, Urban Renewal Agency,
Tax Allocation Project, Ser A,
RB (A) (B) (C)
4.390%, 09/08/00 7,895 7,895
-------
13,030
-------
ILLINOIS -- 11.3%
Cook & DeKalb County, Kane
McHenry School District
No. 300, TAW
4.990%, 09/28/00 9,000 9,003
26
<PAGE>
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Cook County, Community
Consolidated School District
Authority, Educational Purpose,
No. 021 Authority, TAW
4.100%, 11/01/00 $ 2,715 $ 2,715
Huntley Valley, Kane McHenry
Special Service Area No. 10,
Ser B, GO (A) (B) (C)
4.300%, 09/08/00 1,800 1,800
Illinois State, Development Finance
Authority, AMR Pooled Financing
Project, Ser A, RB (A) (B)
4.350%, 09/08/00 21,635 21,635
Illinois State, Development Finance
Authority, Catholic Charities
Housing Project, Ser B,
RB (A) (B) (C)
4.300%, 09/08/00 190 190
Illinois State, Development Finance
Authority, Clearbrook Project,
RB (A) (B) (C)
4.350%, 09/08/00 3,700 3,700
Illinois State, Educational Facilities
Authority, ACI Cultural Pooled
Financing Project, RB (A) (B) (C)
4.300%, 09/08/00 8,225 8,225
Illinois State, Educational Facilities
Authority, Art Institute of Chicago
Project, RB (A) (B)
4.250%, 09/08/00 2,200 2,200
Illinois State, GO
6.000%, 09/08/00 1,000 1,018
Illinois State, Health Facilities Authority,
Cradle Society Project,
RB (A) (B) (C)
4.250%, 09/08/00 5,200 5,200
Illinois State, Health Facilities Authority,
Elmhurst Memorial Hospital,
Ser B, RB (A) (B)
4.500%, 09/01/00 12,300 12,300
Illinois State, Pollution Control,
Development Finance Authority,
Iowa-Illinois Gas & Electric Project,
RB (A) (B) (C)
4.350%, 09/08/00 4,200 4,200
Illinois State, Sales Tax Authority,
Ser Y, RB
5.000%, 06/15/01 3,000 3,017
Macon County, Decatur Family
YMCA Project, RB (A) (B) (C)
4.400%, 09/08/00 4,300 4,300
Oak Forest, Mode-Homewood Pool
Project, RB (A) (B) (C)
4.250%, 09/08/00 5,400 5,400
-------------------------------------------------------------------------------
Face
Amount (000 VALUE (000)
-------------------------------------------------------------------------------
Paxton, Industrial Development
Authority, Merck & Aircoil
Project, RB (A) (B)
4.700%, 09/08/00 $ 900 $ 900
Streamwood, Industrial
Development Authority, Poplar
Creek Project, RB (A) (B) (C)
4.500%, 09/01/00 4,000 4,000
Winnebago & Boone Counties,
School District, Educational
Purpose, No. 20, TAW
6.100%, 10/31/00 14,500 14,519
--------
104,322
--------
INDIANA -- 2.9%
Bartholomew County, Consolidated
School Authority, TAW
4.500%, 12/29/00 3,000 3,001
Carmel Clay, School Authority, TAW
4.550%, 12/29/00 7,000 7,002
Fort Wayne, Industrial Economic
Development Authority, Avery
International Project, RB (A) (B) (C)
4.325%, 09/08/00 3,100 3,100
Fort Wayne, Ser 83, RB (A) (B) (C)
4.325%, 09/08/00 650 650
Gaf Tax Exempt Bond Grantor Trust,
Ser A, RB (A) (B) (C)
4.650%, 09/01/00 2,520 2,520
Indiana State, Health Facilities
Financing Authority, Hartsfield
Village Project, Ser B, RB (A) (B) (C)
4.320%, 09/08/00 1,000 1,000
Indianapolis, Local Public
Improvement, Ser B, RB
5.000%, 01/08/01 4,800 4,812
Lake Central, School Authority, TAW
4.800%, 12/29/00 2,000 2,001
Merrillville, Community School
Authority, TAW
4.500%, 12/29/00 2,500 2,500
--------
26,586
--------
IOWA -- 2.1%
Algona, Industrial Development
Authority, George A. Hormel
Project, RB (A) (B) (C)
4.550%, 09/08/00 2,600 2,600
Cedar Rapids, Pollution Control
Authority, Electric Light & Power
Project, RB (A) (B)
4.350%, 09/08/00 2,400 2,400
27
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INSTITUTIONAL TAX FREE FUND--CONTINUED
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Chillicothe, Pollution Control
Authority, Southern Utilities
Project, Ser A, RB (A) (B) (C)
4.350%, 09/08/00 $ 2,300 $ 2,300
Council Bluffs, Pollution Control
Authority, Iowa-Illinois Gas &
Electric Project, RB (A) (B) (C)
4.350%, 09/08/00 4,500 4,500
Iowa State, Financial Authority,
Burlington Medical Center
Project, RB, FSA (A) (B)
4.350%, 09/01/00 3,385 3,385
Iowa State, Higher Education Loan
Authority, Palmer Chiropractic
Foundation Project,
RB (A) (B) (C)
4.400%, 09/01/00 1,735 1,735
Iowa State, Higher Education Loan
Authority, Saint Ambrose
University Project, RB (A) (B) (C)
4.400%, 09/08/00 1,075 1,075
Oskaloosa, Private School Facilities,
William Penn University Project,
RB (A) (B) (C)
4.400%, 09/01/00 1,500 1,500
--------
19,495
--------
KANSAS -- 0.5%
Johnson County, Public Building
Commission, RB
4.250%, 09/01/00 1,550 1,550
Olathe, Recreational Facilities
Authority, YMCA Greater Kansas
City Project, Ser B, RB (A) (B) (C)
4.450%, 09/01/00 1,300 1,300
Wichita, Pollution Control Authority,
CIC Industries Project,
RB (A) (B) (C)
4.575%, 09/08/00 1,590 1,590
--------
4,440
--------
KENTUCKY -- 2.2%
Covington, Industrial Building
Authority, Atkins & Pearce Project,
Ser 95, RB (A) (B) (C)
4.350%, 09/08/00 2,220 2,220
Kentucky, Area Development
Districts Trust, Calloway County
Fire No. 6 Project, Ser A,
RB (A) (B) (C)
4.350%, 09/08/00 3,618 3,618
--------------------------------------------------------------------------------
FACE
AMOUNT (00) VALUE (000)
--------------------------------------------------------------------------------
Kentucky Area, Development
District Trust, Garrison
Volunteer Fire Project, Ser A, RB
(A) (B) (C)
4.350%, 09/08/00 $ 3,506 $ 3,506
Kentucky, Economic Development
Finance Authority, Catholic
Healthcare Project, Ser A,
RB (A) (B)
4.300%, 09/08/00 9,800 9,800
Newport City, Multi-Family
Housing Authority, RB (A) (B)
5.000%, 09/08/00 1,625 1,625
--------
20,769
--------
LOUISIANA -- 0.9%
Calcasieu Parish, Sales Tax District,
Road Improvement, No. 4-A,
Special Tax, GO (A) (B) (C)
4.300%, 09/01/00 2,770 2,770
Louisiana State, Local Government
Environmental Facilities Authority,
Public Construction Projects, RB
4.250%, 10/15/00 5,460 5,462
--------
8,232
--------
MAINE -- 0.1%
Portland, Industrial Development
Authority, W.W. Grainger Project,
Ser 85, RB (A) (B)
4.400%, 09/08/00 1,315 1,315
--------
MARYLAND -- 2.1%
Annapolis, Forest Gemini Facility
Project, RB (A) (B) (C)
4.350%, 09/01/00 2,150 2,150
Anne Arundel County, Pollution
Control Authority, Baltimore Gas
& Electric Project, Ser 84, RB (A) (B)
4.500%, 01/01/01 6,000 6,000
Frederick, GO (A) (B) (C)
4.300%, 09/08/00 5,500 5,500
Maryland State, Economic
Development Authority, College
Park Project, Ser A, RB (A) (B) (C)
4.300%, 09/08/00 3,000 3,000
Maryland State, Health & Higher
Educational Facilities Authority,
Barnesville School Issue, RB
(A) (B) (C)
4.300%, 09/08/00 2,870 2,870
--------
19,520
--------
28
<PAGE>
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
MASSACHUSETTS -- 0.8%
Massachusetts State, Development
Finance Authority, Scandinavian
Living Center Project,
RB (A) (B) (C)
4.350%, 09/08/00 $ 4,100 $ 4,100
Massachusetts State, Health &
Educational Facilities Authority,
Charlton Memorial Hospital,
Ser B, RB Pre-Refunded @ 102 (D)
7.250%, 07/01/01 3,300 3,443
--------
7,543
--------
MICHIGAN -- 2.4%
Bay City, School District Authority, GO
4.800%, 08/28/01 3,600 3,607
Birmingham, Economic
Development Authority, Brown
Street Project, Ser 83, RB (A) (B) (C)
4.575%, 09/08/00 1,120 1,120
Farmington Hills, Economic
Development Authority,
Brookfield Building Association
Project, RB (A) (B) (C)
4.600%, 09/08/00 2,050 2,050
Michigan State, Strategic Fund,
Pilgrim Manor Project,
RB (A) (B) (C)
4.350%, 09/08/00 4,000 4,000
Michigan State, Housing
Development Authority,
Harbortown Project Dividend,
RB (A) (B) (C)
4.325%, 09/08/00 1,900 1,900
Michigan State, Job Development
Authority, Kentwood Residence
Project, RB (A) (B) (C)
4.650%, 09/01/00 2,400 2,400
Michigan State, Municipal Bond
Authority, Ser C-2, RB (C)
5.000%, 08/23/01 3,000 3,020
Northville Township, Economic
Development Authority, Thrifty
Northville Project, RB (A) (B) (C)
4.325%, 09/08/00 1,500 1,500
Plymouth Township, Economic
Development Authority, Key
International Manufacturing
Project, RB (A) (B) (C)
4.350%, 09/01/00 2,150 2,150
--------
21,747
--------
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
MINNESOTA -- 1.5%
Bloomington, Commercial
Development Authority, ATS II
Project, RB (A) (B) (C)
4.370%, 09/01/00 $ 3,305 $ 3,305
Brooklyn, Center Development
Authority, Brookdale Office Park
Project, Ser 84, RB (A) (B) (C)
4.350%, 09/08/00 2,860 2,860
Capital Realty Trust, Ser 96-1,
RB (A) (B) (C)
4.540%, 09/08/00 3,985 3,985
Minnesota State, School District
Authority, Ser B, TAN
5.000%, 08/17/01 2,500 2,516
Roseville, Multi-Family Housing
Authority, Rosepointe II Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,465 1,465
--------
14,131
--------
MISSISSIPPI -- 1.2%
Desoto County, Industrial
Development Authority, American
Soap Project, RB (A) (B) (C)
5.605%, 09/08/00 900 900
Flowood, Multi-Family Housing
Authority, Reflection Pointe
Project, RB (A) (B) (C)
4.400%, 09/08/00 5,880 5,880
Mississippi Bend Area, Education
Agency, No. 9, GO
5.250%, 07/06/01 1,650 1,653
Prentiss County, Industry
Development Authority,
Heidelberg Eastern Project,
Ser A, RB (A) (B) (C)
4.400%, 09/01/00 2,500 2,500
--------
10,933
--------
MISSOURI -- 6.1%
Boatsmen, Saint Louis, Grantor Trust,
Ser 96-A-1, COP (A) (B) (C)
4.400%, 06/30/01 12,225 12,225
Clayton, Industrial Development
Authority, Bailey Court Project,
RB (A) (B) (C)
4.430%, 09/08/00 2,900 2,900
Jackson County, Industrial
Development Authority, YMCA
Greater Kansas City Project,
Ser A, RB (A) (B) (C)
4.450%, 09/01/00 1,400 1,400
29
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INSTITUTIONAL TAX FREE FUND--CONTINUED
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Kansas City, Industrial
Development Authority, Springs
Apartment Project, RB (A) (B) (C)
4.350%, 09/08/00 $ 600 $ 600
Macon City, Industrial
Development Authority,
Healthcare Realty Macon Project,
RB (A) (B) (C)
4.400%, 09/01/00 1,880 1,880
Missouri State, Health &
Educational Facilities Authority,
Francis Howell III Project,
Ser E, RB
4.250%, 09/19/00 5,000 5,001
Missouri State, Health &
Educational Facilities Authority,
Kansas City Art Institute Project,
RB (A) (B) (C)
4.450%, 09/01/00 5,100 5,100
Missouri State, Health & Educational
Facilities Authority, Pooled
Hospital Loan Program,
Ser A, RB (A) (B)
4.350%, 09/08/00 5,400 5,400
Osage Beach, Industrial
Development Authority,
Healthcare Realty Project,
RB (A) (B) (C)
4.400%, 09/01/00 1,780 1,780
Saint Charles County, Industrial
Development Authority, Sun
River Village Project,
RB (A) (B) (C)
4.330%, 09/08/00 11,300 11,300
Saint Louis County, Industrial
Development Authority, Schnuck
Markets Kirkwood Project,
RB (A) (B) (C)
4.325%, 09/08/00 4,350 4,350
Saint Louis, Land Clearance
Redevelopment Authority,
Station East Project, RB
Pre-Refunded @ 102 (D)
7.750%, 01/01/01 3,890 4,009
--------
55,945
--------
MONTANA -- 0.2%
Montana State, Board Investment,
Municipal Finance Consolidated,
Intercap Project, RB (A) (B)
4.350%, 09/08/00 2,000 2,000
--------
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
NEBRASKA -- 0.4%
Buffalo County, Industrial
Development Authority, Agrex
Project, RB (A) (B)
4.400%, 09/08/00 $ 1,000 $ 1,000
Nebraska State, Educational
Finance Authority, Creighton
University Project, Ser A,
RB, AMBAC (A) (B)
4.450%, 09/08/00 2,380 2,380
--------
3,380
--------
NEW JERSEY -- 1.1%
Camden, Ser A, BAN
5.500%, 06/14/01 2,700 2,707
New Jersey State, Economic
Development Authority, Dates-Tru.
Urban Renewal Project,
RB (A) (B) (C)
4.350%, 09/01/00 2,000 2,000
North Hudson, Sewer Authority, RB
5.000%, 03/30/01 5,100 5,100
--------
9,807
--------
NEW MEXICO -- 0.3%
Albuquerque, Metropolitan
Redevelopment Authority,
Springer Square Project,
RB (A) (B) (C)
4.700%, 09/08/00 3,000 3,000
--------
NEW YORK -- 3.3%
Hempstead County, Union Free
School District, TAN
5.000%, 06/28/01 8,000 8,016
Monroe County, Industrial
Development Agency, Rochester
District Project, RB (A) (B) (C)
4.250%, 12/01/00 750 750
Nassau County, RAN
6.000%, 09/01/00 7,000 7,063
New York State, Board of
Cooperative Educational
Services, RAN
5.125%, 06/29/01 8,000 8,017
New York State, Commercial
General Services, Executive
Department Project, COP
4.500%, 09/01/00 4,980 4,980
Rensselaer County, Industrial
Development Authority,
Brunswick Senior Housing Project,
Ser A, RB (A) (B) (C)
4.350%, 09/01/00 1,300 1,300
--------
30,126
--------
30
<PAGE>
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
NORTH CAROLINA -- 0.1%
Beaufort County, Pollution Control
Authority, Texas Gulf Project,
RB (A) (B) (C)
4.300%, 12/01/00 $ 1,025 $ 1,025
--------
NORTH DAKOTA -- 0.1%
Bismarck, Public School District
No. 1, GO
4.400%, 05/01/01 1,105 1,105
--------
OHIO -- 1.1%
Cuyahoga County, Healthcare
Authority, Judson Retirement
Community Project, RB (A) (B) (C)
4.300%, 09/08/00 3,000 3,000
Franklin County, Industrial
Development Authority, Capitol
South Community Redevelopment
Project, RB (A) (B) (C)
4.650%, 09/01/00 2,965 2,965
Highland County, Industrial
Development Authority, Lancaster
Colony Project, RB (A) (B) (C)
4.300%, 09/01/00 1,100 1,100
Stark County, Healthcare Facilities
Authority, Canton Christian Home
Project, Ser 90, RB (A) (B) (C)
4.300%, 09/01/00 1,170 1,170
Stark County, Healthcare Facilities
Authority, Christian Home Project,
RB (A) (B) (C)
4.250%, 09/15/00 1,410 1,410
Trumbull County, Industrial
Development Authority, Howland
Association Project, RB (A) (B) (C)
4.350%, 10/01/01 220 220
--------
9,865
--------
OKLAHOMA -- 1.6%
Claremore, Industrial &
Redevelopment Authority,
Worthington Cylinder Project,
RB (A) (B) (C)
4.300%, 09/08/00 810 810
Oklahoma State, Development
Finance Authority, Oklahoma
Hospital Association Project,
Ser A, RB (A) (B)
4.350%, 09/08/00 5,700 5,700
Tulsa City, Industrial Healthcare
Authority, Laureate Psychiatric
Project, RB (A) (B)
4.500%, 12/15/00 8,500 8,500
--------
15,010
--------
-------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
OREGON -- 1.5%
Clackamas County, Hospital
Facility Authority, Senior Living
Facility, Mary Woods Project,
Ser C, RB (A) (B) (C)
4.400%, 09/08/00 $ 8,900 $ 8,900
Medford, Hospital Facilities
Authority, Continued Care
Retirement Project, RB (A) (B) (C)
4.400%, 09/08/00 4,000 4,000
Oregon State, Health, Housing,
Educational & Cultural Authority,
Saint Vincent De Paul Project,
Ser A, RB (A) (B) (C)
4.350%, 09/08/00 1,225 1,225
--------
14,125
--------
PENNSYLVANIA -- 5.5%
Allegheny County, Industrial
Development Authority, Jewish
Home & Hospital Project,
Ser B, RB (A) (B) (C)
4.350%, 09/08/00 1,500 1,500
Chester County, Industrial
Development Authority, The
Woods Project, RB (A) (B) (C)
4.350%, 09/08/00 1,150 1,150
Clarion County, Industrial
Development Authority, Meritcare
Project, Ser A, RB (A) (B) (C)
4.350%, 09/08/00 400 400
Dallastown, Area School District,
GO, FGIC
4.310%, 09/08/00 1,500 1,500
Dauphin County, General Authority,
Allhealth Pooled Financing
Program, Ser B, RB, FSA (A) (B)
4.350%, 09/08/00 7,500 7,500
Hazleton, Industrial Development
Authority, MMI Prep School
Project, RB (A) (B) (C)
4.350%, 09/08/00 1,700 1,700
Lancaster County, Higher Education
Authority, Franklin & Marshall
College Project, RB (A) (B)
4.330%, 09/08/00 4,140 4,140
Lancaster County, Hospital Authority,
Health Center, Luthercare Project,
RB (A) (B) (C)
4.330%, 09/08/00 4,200 4,200
Montgomery County, Higher
Education & Health Authority,
William Penn Charter School
Project, RB (A) (B) (C)
4.350%, 09/08/00 2,500 2,500
31
<PAGE>
STATEMENT OF NET ASSETS
------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INSTITUTIONAL TAX FREE FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Pennsylvania State, Higher
Education Assistance Authority,
Ser A, RB, FGIC
6.800%, 12/01/00 $ 3,120 $ 3,136
Philadelphia, Industrial
Development Authority,
Germantown Home Project,
RB (A) (B) (C)
4.350%, 01/01/30 9,665 9,665
Philadelphia, Industrial
Development Authority, Inglis
House Project, RB (A) (B) (C)
4.300%, 09/01/00 9,000 9,000
Philadelphia, TRAN
5.000%, 06/29/01 2,500 2,513
South Fork, Municipal Hospital
Authority, Lee Hospital Project,
Ser B, RB (A) (B) (C)
4.350%, 09/08/00 1,940 1,940
--------
50,844
--------
SOUTH CAROLINA -- 0.4%
Sumter County, Industrial
Development Authority, Bendix
Project, RB (A) (B) (C)
4.350%, 09/08/00 4,000 4,000
--------
SOUTH DAKOTA -- 0.1%
South Dakota, Housing Development
Authority, Homeownership
Mortgage, Ser A, RB
5.000%, 05/01/01 1,000 1,003
--------
TENNESSEE -- 5.1%
GAF Tax-Exempt Bond Grantor
Trust, Ser A, RB (A) (B) (C)
4.650%, 09/08/00 4,480 4,480
Hamilton County, Industrial
Development Board Authority,
Trade Center Hotel Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 5,548 5,548
Knox County, Health & Educational
Housing Facilities Authority,
THA Solutions Group Project,
RB (A) (B)
4.350%, 09/08/00 19,500 19,500
Memphis, Health & Educational
Housing Facilities Authority,
Not-For-Profit Multi-Family
Housing Program, RB (A) (B)
4.380%, 09/08/00 7,400 7,400
--------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
-------------------------------------------------------------------------------
Memphis-Shelby County,
Industrial Development Board
Authority, UT Medical Group
Project, RB (A) (B) (C)
4.300%, 09/08/00 $ 6,000 $ 6,000
Metropolitan Nashville &
Davidson County, Toys 'R'
Us Project, Ser 84, RB (A) (B) (C)
4.450%, 09/01/00 1,030 1,030
Shelby County, Health, Educational
& Housing Facilities Authority,
Saint Peter Villa Project,
RB (A) (B) (C)
4.400%, 09/08/00 3,035 3,035
--------
46,993
--------
TEXAS -- 5.1%
Allef, Independent School
District Authority, GO
7.000%, 02/15/01 1,000 1,010
Austin County, Industrial
Development Authority, Crabar
Business Systems Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,980 1,980
Brazo River, Hoffman-LaRoche
Project, Ser 85, RB (A) (B) (C)
4.325%, 09/08/00 1,000 1,000
Corpus Christi, Industrial
Development Authority, Texas-Air
Investment Project, RB (A) (B) (C)
4.800%, 02/01/01 4,145 4,145
Gulf Coast, Waste Disposal
Authority, Armco Project,
RB (A) (B) (C)
4.350%, 09/08/00 4,750 4,750
Harris County, Health Facilities
Authority, Sisters of Charity
Project, RB Pre-Refunded @ 102 (D)
7.100%, 07/01/01 8,000 8,329
Harris County, Multi-Family
Housing Authority, Greenhouse
Development Project, RB (A) (B) (C)
4.575%, 09/08/00 1,985 1,985
Harris County, Multi-Family
Housing Authority, Len Hollow
Development Project,
RB (A) (B) (C)
4.575%, 09/08/00 1,600 1,600
Pharr-San Juan-Alamo, Independent
School District Authority, GO
4.125%, 02/01/01 1,000 1,000
San Antonio, Electric & Gas
Authority, Ser B, RB
Pre-Refunded @ 100 (D)
5.000%, 02/01/01 1,250 1,254
32
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Tarrant County, Multi-Family
Housing Finance Authority,
Amherst Association
Project, RB (A) (B) (C)
4.250%, 09/08/00 $ 1,500 $ 1,500
Texas State, TRAN
5.250%, 08/31/01 15,000 15,139
Trinity River, Industrial
Development Authority, Trinity
River Project, RB (A) (B) (C)
4.325%, 09/08/00 2,000 2,000
Waxahachie, Industrial
Development Authority, Dart
Container Project, RB (A) (B)
4.400%, 09/08/00 1,800 1,800
--------
47,492
--------
UTAH -- 0.5%
West Valley City, Industrial
Development Authority, Johnson
Matthey Project, RB (A) (B) (C)
4.350%, 09/01/00 5,050 5,050
--------
VERMONT -- 0.6%
Vermont State, Educational & Health
Buildings Financing Authority,
Capital Asset Financing Program,
Ser 1, RB (C)
4.250%, 09/08/00 2,900 2,900
Vermont State, Student Assistance
Authority, Student Loan Bonds,
Ser 85, RB (A) (B) (C)
4.400%, 09/01/00 2,340 2,340
--------
5,240
--------
VIRGINIA -- 0.8%
Lynchburg, Industrial Development
Authority, VHA Mid Atlantic
Project, Ser F, RB, AMBAC (A) (B)
4.250%, 09/08/00 1,400 1,400
Norfolk, Industrial Development
Authority, Toys 'R' Us Project,
Ser 1984, RB (A) (B) (C)
4.325%, 09/08/00 1,425 1,425
Virginia State, Water & Sewer
Resource Authority, Henrico
County Project, RB (A) (B)
4.400%, 09/08/00 5,000 5,000
--------
7,825
--------
WASHINGTON -- 0.9%
Kent, Economic Development
Authority, Northwest Aluminum
Products Project, RB (A) (B) (C)
4.350%, 09/01/00 1,200 1,200
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Washington State, Economic
Development Finance
Authority, Pioneer Human
Services Project,
Ser H, RB (A) (B) (C)
4.400%, 09/01/00 $ 800 $ 800
Washington State, Housing
Finance Commission, Panorama
City Project, RB (A) (B) (C)
4.350%, 09/01/00 5,000 5,000
Washington State, Public Power
Supply Authority, Nuclear
Project No. 2, Ser C, RB
Pre-Refunded @ 102 (D)
7.625%, 01/01/01 1,000 1,031
--------
8,031
--------
WEST VIRGINIA -- 2.1%
Charleston, Building Commission
Parking Facility Authority,
Charleston Town Center Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 12,090 12,090
Parkersburg, Industrial Development
Authority, B-H Associates
Project, RB (A) (B) (C)
4.575%, 09/08/00 3,500 3,500
Putnam County, Industrial
Development Authority, FMC
Project, RB (A) (B) (C)
4.350%, 09/01/00 3,400 3,400
--------
18,990
--------
WISCONSIN -- 5.3%
Green Bay, Area Public School
District Authority, BAN
5.150%, 04/13/01 2,000 2,000
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
Lake Mills, School District
Authority, TRAN
4.660%, 09/05/01 2,000 2,001
Monona Grove, School District
Authority, TRAN
4.100%, 10/30/00 2,300 2,300
Northland Pines, School District
Authority, TRAN
4.000%, 09/08/00 3,000 3,000
4.625%, 09/07/01 5,000 5,004
33
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INSTITUTIONAL TAX FREE FUND--CONCLUDED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Omro, School District Authority,
TRAN
4.070%, 09/27/00 $ 1,200 $ 1,200
Pleasant Prairie, BAN
4.300%, 01/15/01 6,500 6,500
Tomahawk, School District
Authority, BAN
5.160%, 04/13/01 3,600 3,601
Menomonee Falls, Industrial
Development Authority, Maysteel
Project, RB (A) (B) (C)
4.400%, 09/08/00 3,000 3,000
Williams Bay, School District
Authority, TRAN
4.750%, 08/24/01 1,300 1,302
Wisconsin State, Health &
Educational Facilities Authority,
Madison Family Medicine Project,
Ser A, RB (A) (B) (C)
4.350%, 09/08/00 5,500 5,500
Wisconsin State, Health &
Educational Facilities Authority,
Milwaukee Protestant Home
Project, Ser A, RB (A) (B) (C)
4.330%, 09/08/00 10,100 10,100
--------
49,183
--------
WYOMING -- 0.2%
Cheyenne County, Economic
Development Authority, Holiday
Inn Project, RB (A) (B) (C)
4.550%, 09/08/00 1,765 1,765
--------
MULTI-STATE -- 4.3%
Greystone, Tax Exempt Certificate
Trust Authority, Senior
Certificate of Beneficial Ownership
Project, Ser A, COP (A) (B) (C)
4.360%, 09/08/00 37,505 37,505
McDonald Tax-Exempt Mortgage
Trust, No. 1, RB (A) (B) (C)
3.450%, 09/15/00 1,925 1,925
Northwest Mutual Life Insurance
Project, Tax Exempt Mortgage
Trust Project, RB (A) (B) (C)
5.320%, 09/15/00 357 357
--------
39,787
--------
Total Municipal Bonds
(Cost $942,480) 942,480
--------
Total Investments -- 101.9%
(Cost $942,480) 942,480
--------
Other Assets and Liabilities, Net -- (1.9%) (17,977)
--------
------------------------------------------------------------------------------
VALUE (000)
------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 756,029,434 outstanding shares
of beneficial interest $755,853
Portfolio Shares of Class B (unlimited
authorization -- no par value) based
on 114,632,985 outstanding shares
of beneficial interest 114,633
Portfolio Shares of Class C (unlimited
authorization -- no par value) based
on 54,068,289 outstanding shares of
beneficial interest 54,068
Undistributed net investment income 4
Accumulated net realized loss on investments (55)
--------
Total Net Assets -- 100.0% $924,503
========
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
RAN REVENUE ANTICIPATION NOTE
RB REVENUE BOND
SER SERIES
TA TAX ALLOCATION
TAN TAX ANTICIPATION NOTE
TAW TAX ANTICIPATION WARRANT
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 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
COMMERCIAL 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.
34
<PAGE>
--------------------------------------------------------------------------------
PENNSYLVANIA TAX FREE FUND
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
MUNICIPAL BONDS -- 100.4%
PENNSYLVANIA -- 98.7%
Allegheny County, Industrial
Development Authority, Jewish
Home & Hospital Project,
Ser B, RB (A) (B) (C)
4.350%, 09/08/00 $2,505 $ 2,505
Allegheny County, Industrial
Development Authority,
Longwood Oakmont Project,
RB (A) (B)
4.300%, 09/01/00 1,200 1,200
Allegheny County, Industrial
Development Authority, Pollution
Control, Duquesne Light
Project, RB, AMBAC (A) (B)
4.350%, 09/08/00 1,700 1,700
Allegheny County, Pennsylvania
Industrial Development Authority,
Longwood At Oakmont Project,
Ser B, RB (A) (B) (C)
4.250%, 09/01/00 1,000 1,000
Berks County, Industrial
Development Authority, Rilsan
Industrial Project, RB (A) (B) (C)
4.320%, 09/08/00 3,350 3,350
Bucks County, Industrial
Development Authority, CPC
International Project, Ser 85,
RB (A) (B)
4.370%, 09/01/00 1,000 1,000
Bucks County, Industrial
Development Authority, Edgcomb
Metals Project, RB (A) (B) (C)
4.300%, 09/08/00 1,400 1,400
Butler County, Hospital Authority,
North Hills Passavant Hospital
Project, Ser A, RB, FSA
Pre-Refunded @ 102 (D)
6.900%, 06/01/01 1,400 1,447
Butler County, Industrial
Development Authority,
Concordian Lutheran Project,
Ser A, RB (A) (B) (C)
4.350%, 09/08/00 1,000 1,000
Butler County, Industrial
Development Authority, Pennzoil
Project, RB (A) (B) (C)
4.600%, 09/08/00 600 600
Chartiers Valley, Industrial &
Commercial Development
Authority, Parkay Center West
Project, Ser A, RB (A) (B) (C)
4.350%, 09/08/00 1,420 1,420
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Chester County, Health &
Education Facilities Authority,
Barclay Friends Project,
Ser A, RB (A) (B) (C)
4.300%, 09/08/00 $1,485 $ 1,485
Clarion County, Industrial
Development Authority, Meritcare
Project, Ser A, RB (A) (B) (C)
4.350%, 09/08/00 400 400
Cumberland Valley, State School
District Authority, Ser B, GO, FSA
6.100%, 09/01/00 825 825
Dallastown, Area School District
Authority, GO, FGIC
4.310%, 05/01/01 1,495 1,495
Dauphin County, General Authority,
Allhealth Pooled Finance Program,
Ser B, RB, FSA (A) (B)
4.350%, 09/08/00 2,200 2,200
Delaware County, College
Authority, Neumann College,
Ser B, RB (A) (B) (C)
4.100%, 09/08/00 1,600 1,600
Delaware County, Industrial
Development Authority, Sun
Project, RB (A) (B) (C)
4.250%, 09/08/00 1,900 1,900
East Hempfield Township,
Industrial Development Authority,
Menomite Home Project,
RB (A) (B) (C)
4.310%, 09/08/00 2,000 2,000
East Hempfield Township,
Industrial Development
Authority, The Mennonite Home
Project, RB (A) (B) (C)
4.350%, 09/08/00 1,760 1,760
Easton, City School District
Authority, GO (A) (B)
4.310%, 09/08/00 1,600 1,600
Harbor Creek, State School District
Authority, GO
4.750%, 07/01/01 1,300 1,301
Hazleton, Industrial Development
Authority, Prep School Project,
RB (A) (B) (C)
4.350%, 09/08/00 1,000 1,000
Lancaster County, Higher
Education Authority, Franklin &
Marshall College Project, RB (A) (B)
4.330%, 09/08/00 3,135 3,135
Lancaster County, Hospital
Authority, Luthercare Project,
RB (A) (B)
4.330%, 09/08/00 2,500 2,500
35
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA TAX FREE FUND
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Lebanon County, Health Facilities
Authority, United Church of
Christ Homes Project,
RB (A) (B) (C)
4.350%, 09/08/00 $2,350 $ 2,350
Lebanon County, Health Facilities
Authority, United Church of
Christ Project, RB (A) (B) (C)
4.330%, 09/08/00 1,500 1,500
Lebanon County, Industrial
Development Authority, Alcoa
Project, Ser 92, RB (A) (B)
4.400%, 09/08/00 2,020 2,020
Lehigh County, General Purpose
Authority, Lehigh Valley Health
Project, Ser B, RB, MBIA (A) (B)
4.250%, 09/01/00 1,000 1,000
Lehigh County, Industrial
Development Authority, Pollution
Control, Allegheny Electric
Project, RB (A) (B) (C)
4.350%, 09/08/00 100 100
Lehigh County, Water & Sewer
Authority, Ser B, RB, FGIC (A) (B)
4.250%, 09/08/00 215 215
Lehigh County, Water Authority,
RB, FGIC (A) (B)
4.250%, 09/08/00 485 485
Lycoming County, College
Authority, Pennsylvania College
Technology, RB, AMBAC
Pre-Refunded @ 102 (D)
7.000%, 11/01/00 250 256
Moon Township, Industrial
Development Authority, Executive
Office Association Project,
RB (A) (B) (C)
4.350%, 09/08/00 550 550
Pennsylvania Hospital & Higher
Education Facility, Children's
Hospital Project, RB (A) (B) (C)
4.300%, 09/08/00 1,500 1,500
Pennsylvania State, Higher Education
Assistance Authority,
Ser A, RB, FGIC
6.800%, 12/01/00 1,050 1,056
Pennsylvania State, Public School
Building Authority, Parkland
School District Project, Ser D,
RB, FGIC (A) (B)
4.310%, 09/08/00 1,540 1,540
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Philadelphia, Hospital & Higher
Education Facility Authority,
Philadelphia School Project,
Ser A, RB (A) (B) (C)
4.400%, 09/08/00 $1,500 $ 1,500
Philadelphia, Hospital & Higher
Education Facility Authority,
Temple East Project, Ser B,
RB (A) (B) (C)
4.400%, 09/08/00 2,150 2,150
Philadelphia, Industrial
Development Authority, City
Line Holiday Inn Project,
Ser 96, RB (A) (B) (C)
4.300%, 09/08/00 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)
4.700%, 09/08/00 1,400 1,400
Philadelphia, Ser A, TRAN
5.000%, 06/29/01 1,500 1,508
Sayre, Health Care Facility
Authority, VHR Capital Financing
Project, Ser I, RB, AMBAC (A) (B)
4.200%, 09/08/00 1,500 1,500
Schuylkill County, Industrial
Development Authority, Gilberton
Power Project, RB (A) (B) (C)
4.300%, 09/08/00 1,200 1,200
Schuylkill County, Resource
Recovery Authority,
Northeastern Power Project,
Ser A, RB (A) (B)
4.300%, 09/08/00 1,100 1,100
Washington County, State Leasing
Authority, Eye & Ear Project,
Ser B-1, Sub-Ser D, RB (A) (B) (C)
4.350%, 09/08/00 2,200 2,200
Westmoreland County, Industrial
Development Authority, Kinder
Care Project, Ser D, RB (A) (B) (C)
4.700%, 10/01/00 755 755
York, General Pooled Finance
Authority, City of Reading Project,
Ser 96-A, RB, AMBAC (A) (B)
4.250%, 09/08/00 600 600
--------
68,708
--------
36
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
VIRGIN ISLANDS -- 1.7%
Water & Power Authority, Ser A,
RB Pre-Refunded @ 102 (D)
7.400%, 07/01/01 $1,120 $ 1,165
-------
Total Municipal Bonds
(Cost $69,873) 69,873
-------
Total Investments -- 100.4%
(Cost $69,873) 69,873
-------
Other Assets and Liabilities, Net -- (0.4%) (298)
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based on
69,594,758 outstanding shares of
beneficial interest 69,595
Accumulated net realized loss on investments (20)
-------
Total Net Assets-- 100.0% $69,575
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $1.00
=======
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TRAN TAX & REVENUE ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 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
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.7%
ALABAMA -- 0.9%
Alabama State, Docks Facility
Department, RB, MBIA
6.000%, 10/01/08 $1,000 $ 1,084
Alabama State, Private Colleges and
Universities, Tuskegee University
Project, Ser A, RB
Callable 09/01/06 @ 102
5.700%, 09/01/10 825 856
5.700%, 09/01/11 870 898
Alabama State, Special Care Facilities
Financing Authority, Charity
Obligation Group Project,
Ser A, RB (D)
5.000%, 11/01/06 2,700 2,767
Alabama State, Water Pollution Control
Authority, Revolving Fund Loan,
Ser A, RB, AMBAC
Callable 02/15/08 @ 100
4.750%, 08/15/08 1,105 1,102
Baldwin County, Eastern Shore
Healthcare Authority, RB, AMBAC
5.000%, 04/01/06 1,025 1,029
--------
7,736
--------
ALASKA -- 1.8%
Alaska State, Housing Finance
Authority, State Capital Project,
Ser B-2, RB, MBIA
5.500%, 06/01/05 3,600 3,726
Alaska State, Energy Power
Authority, Bradley Lake Project,
Ser 3, RB, FSA
6.000%, 07/01/12 3,980 4,328
Alaska State, Energy Power
Authority, Bradley Lake Project,
Ser 4, RB, FSA
6.000%, 07/01/14 2,920 3,161
Anchorage, Electric Utility, Senior
Lien, RB, MBIA
8.000%, 12/01/06 1,775 2,090
8.000%, 12/01/07 1,310 1,570
--------
14,875
--------
ARIZONA -- 3.2%
Apache County, Industrial
Development Authority, Tuscon
Electric Power, Ser 83-A, RB
(A) (B) (E) 300 300
37
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Glendale, Water & Sewer
Authority, RB, FGIC
5.750%, 07/01/10 $4,005 $ 4,325
Maricopa County, Community
College District, GO
5.000%, 07/01/07 5,500 5,631
Maricopa County, Union High
School District 210, GO
5.000%, 07/01/08 3,745 3,829
Maricopa County, Unified School
District, GO
7.400%, 07/01/10 1,750 2,109
Phoenix, Civic Plaza Building
Authority, Senior Lien, RB
Callable 07/01/05 @ 101
5.900%, 07/01/10 3,215 3,412
Salt River, Agriculture Improvement
Authority, Salt River Project,
Ser B, RB
7.000%, 01/01/05 5,000 5,494
Tempe, GO
8.000%, 07/01/01 735 757
Yuma County, Jail District,
RB, AMBAC
6.000%, 07/01/03 1,025 1,069
--------
26,926
--------
CALIFORNIA -- 10.3%
ABAG, Finance Authority for
Non-Profit Episcopal Homes
Foundation Project, COP
5.000%, 07/01/07 1,000 975
Anaheim, Public Finance Authority,
Public Improvements Project,
Ser C, RB, FSA
6.000%, 09/01/13 2,325 2,627
California State, Educational
Facilities Authority, University
of Southern California, Ser A, RB
5.600%, 10/01/05 1,140 1,218
California State, GO
7.000%, 08/01/06 1,525 1,744
6.600%, 02/01/09 1,000 1,162
5.500%, 10/01/05 2,000 2,130
5.500%, 10/01/06 2,000 2,147
5.250%, 10/01/09 2,000 2,145
California State, GO
Callable 10/01/02 @ 102
6.250%, 10/01/19 9,000 9,562
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
California State, GO
7.000%, 10/01/10 $3,500 $ 4,226
California State, GO
Callable 06/01/06 @ 101
5.250%, 06/01/12 2,645 2,754
California State, GO, AMBAC
6.300%, 09/01/10 2,000 2,305
California State, GO, FGIC
Callable 12/01/08 @ 101
4.500%, 12/01/21 5,000 4,406
California State, Health Facilities
Finance Authority, Sisters of
Providence, RB
5.500%, 10/01/05 1,100 1,122
California State, Housing Finance
Agency, Home Mortgage,
Ser A, RB, MBIA
Callable 08/01/06 @ 102
5.300%, 08/01/14 165 165
California State, Housing Finance
Agency, Single-Family Mortgage,
Ser C-4-Cl I, RB, FHA
Callable 08/01/07 @ 101.5
5.050%, 02/01/17 1,960 1,960
California State, Public Works Board
Authority, Regents University of
California Project, Ser A, RB
5.250%, 12/01/07 1,000 1,064
California State, Public Works Board
Authority, California State
University Project, Ser A, RB
5.500%, 10/01/07 2,000 2,145
California State, Water Resources,
Central Valley Project, Ser Q, RB
6.000%, 12/01/10 5,150 5,832
California Statewide, Communities
Development Authority, Health
Facilities, San Gabriel Valley,
Ser A, COP (D)
6.000%, 09/01/06 1,000 1,080
California Statewide, Communities
Development Authority, Housing
Authority, Equity Residential
Project, Ser C, RB
5.200%, 12/01/29 2,750 2,757
California Statewide, Communities
Development Authority,
St. Josephs Health System
Obligation Group, COP
Callable 07/01/08 @ 101
5.250%, 07/01/09 5,170 5,222
38
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
California Statewide, Community
Development Authority,
St. Josephs Health System, COP, FSA
5.000%, 07/01/05 $2,765 $ 2,869
Compton, Civic Center & Capital
Improvement Project, Ser A, COP
5.000%, 09/01/00 1,000 1,000
Elk Grove, Unified School District
Special Tax, Community Facilities
District 1, GO, AMBAC
6.500%, 12/01/07 1,000 1,137
Intercommunity Hospital Financing
Authority, COP, ACA Insured
5.000%, 11/01/04 2,000 2,035
Los Angeles County, Capital Asset
Leasing Corporation, RB, AMBAC
6.000%, 12/01/06 1,000 1,100
Los Angeles, Community
Redevelopment Agency,
Central Business
District Project, Ser I, TA
5.000%, 11/15/00 500 500
Los Angeles, Department of Water
& Electric Power Plant, RB
9.000%, 10/15/02 2,000 2,195
Los Angeles, Unified School District,
Multiple Properties Project,
Ser A, COP, FSA
5.100%, 10/01/06 1,050 1,105
Los Angeles, Unified School District,
Ser A, GO, FGIC
6.000%, 07/01/12 1,880 2,131
Mojave, Water Agency, Improvement
District M, Morongo Basin Project,
GO, FGIC Callable 09/01/06 @ 102
5.600%, 09/01/12 1,000 1,071
Oakland, Health Facilities Authority,
Children's Hospital Project,
Ser A, RB Callable 03/06/01 @ 102
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 1,054
Orville, Orville Hospital Project,
Ser A , RB Callable 12/01/05 @ 102
5.500%, 12/01/06 1,000 1,055
Southern California, Metropolitan
Waterworks Authority, Water
District, Ser A, RB
Callable 07/01/08 @ 101
4.750%, 07/01/22 4,000 3,620
St. Tammany Parish of Los Angeles,
St. Tammany Parish Hospital Project,
Service District 1, RB, ACA Insured
5.000%, 07/01/08 750 735
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Torrance, Redevelopment Agency,
Senior Lien, Ser C, TA, MBIA
5.000%, 09/01/08 $2,980 $ 3,136
University of California, Board of
Regents, Ser B, RB
6.500%, 09/01/02 1,995 2,080
--------
86,756
--------
COLORADO -- 4.9%
Arapahoe County, Capital
Improvement Trust Fund,
Ser E-470, RB Pre-Refunded
@ 103 (C)
7.000%, 08/31/05 4,000 4,545
Colorado, Department of
Transportation, TRAN, AMBAC
6.000%, 06/15/08 4,500 4,888
Colorado, Housing Finance
Authority, Single Family Housing
Project, Ser A-3, RB
Callable 05/01/08 @ 105
6.500%, 05/01/16 3,000 3,180
6.500%, 11/01/29 1,000 1,065
Colorado, Housing Finance
Authority, Single-Family Housing
Project, Ser A-3, RB
Callable 05/01/07 @ 105
7.000%, 11/01/16 1,495 1,611
Colorado, Housing Finance
Authority, Single-Family Housing
Project, Ser B-3, RB
Callable 05/01/08 @ 105
6.550%, 05/01/25 1,970 2,101
Colorado, Housing Finance
Authority, Single-Family Housing
Project, Ser C-3, RB
Callable 11/01/07 @ 102
4.800%, 11/01/16 315 314
Colorado, Housing Finance
Authority, Single-Family Housing
Project, Ser C-3, RB
Callable 11/01/07 @ 105
6.750%, 05/01/17 1,000 1,074
Colorado, Housing Finance
Authority, Single-Family Housing
Project, Ser C-3, RB, FHA
Callable 10/01/09 @ 102
6.750%, 10/01/21 2,500 2,694
Colorado, Housing Finance
Authority, Single-Family Housing
Project, Ser D-3, RB
Callable 11/01/08 @ 105
6.125%, 11/01/23 985 1,029
39
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Colorado, Housing Finance Authority,
Single-Family Housing Project,
Ser A-3, RB
Callable 05/01/08 @ 102
4.600%, 11/01/16 $ 895 $ 893
Colorado, Student Obligation
Bond Authority, Student Loan
Project, Ser L, RB
6.100%, 09/01/02 1,760 1,815
Denver City & County, Airport
Authority, Ser A, RB
Pre-Refunded @ 102 (C)
7.250%, 11/15/02 3,590 3,868
Colorado State, Health Facilities
Authority, Catholic Health
Initiatives Project, Ser A, RB
5.500%, 12/01/06 1,000 1,017
5.500%, 12/01/07 1,000 1,016
Colorado State, Health Facilities
Authority, Rocky Mountain
Adventist Project, RB
6.250%, 02/01/04 1,200 1,179
Highlands Ranch, Metropolitan
District 3, Ser A, GO, ACA Insured
5.000%, 12/01/06 1,975 1,978
Jefferson County, School District
Ser R-001, GO, MBIA
6.500%, 12/15/07 4,750 5,296
Larimar County, School District
Ser R-1, GO
5.500%, 12/15/06 1,285 1,349
--------
40,912
--------
CONNECTICUT -- 0.5%
Connecticut State, Housing Finance
Authority, Housing Mortgage
Finance Program, Ser B, RB
Callable 11/15/02 @ 102
6.150%, 11/15/04 1,000 1,049
Connecticut State, Housing Finance
Authority, Housing Mortgage
Finance Program, Sub-Ser B-1, RB
Callable 05/15/05 @ 102
6.000%, 05/15/11 2,045 2,150
Connecticut State, Pollution Control
Development Authority,
Frito-Lay/Pepsico Project, RB
Callable 10/06/00 @ 100
6.375%, 07/01/04 560 565
Mashantucket, Western Pequot
Tribe Project, Ser A, RB (D)
6.250%, 09/01/03 490 516
--------
4,280
--------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
DISTRICT OF COLUMBIA -- 1.4%
District of Columbia, Convention
Center Authority, Senior Lien
Project, RB, AMBAC
Callable 10/01/08 @ 101
5.250%, 10/01/12 $3,000 $ 3,045
District of Columbia, Hospital
Authority, Washington Hospital
Center, Ser A, RB, MBIA
Pre-Refunded @ 102 (C)
7.000%, 08/15/02 1,200 1,242
District of Columbia, Ser A-1,
GO, MBIA
6.500%, 06/01/09 2,000 2,227
District of Columbia, Ser B,
GO, MBIA
6.000%, 06/01/11 4,750 5,148
--------
11,662
--------
FLORIDA-- 2.6%
Dade County, Ser CC, GO, AMBAC
7.125%, 10/01/08 1,470 1,733
6.900%, 10/01/04 1,125 1,228
6.900%, 10/01/05 1,025 1,134
Dade County, Ser DD, GO, AMBAC
7.600%, 10/01/05 1,070 1,217
Florida State, Housing Finance
Authority, Capital Appreciation,
Single-Family Mortgage,
Zero Coupon, RB
0.000%, 07/15/16 140 22
Florida, Housing Finance Authority,
Homeowner Management Project,
Ser 1, RB Callable 07/01/10 @ 100
5.750%, 01/01/17 2,000 2,010
Hillsborough County, Educational
Facilities Authority, University of
Tampa Project, RB
Callable 04/01/08 @ 102
5.750%, 04/01/18 2,600 2,671
Hillsborough County, Utility
Authority, RB, MBIA
Callable 08/23/99 @ 100 (D)
9.750%, 12/01/03 1,425 1,566
Key West, Utility Board Electric
Authority, RB, AMBAC
6.000%, 10/01/11 5,990 6,596
Palm Beach County, Solid Waste
Authority, Ser A, RB, AMBAC
6.000%, 10/01/08 3,300 3,589
--------
21,766
--------
40
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
GEORGIA -- 1.8%
College Park, Business & Industrial
Development Authority, Civic
Center Project, Ser A, RB, FSA
5.800%, 09/01/05 $1,165 $ 1,236
5.200%, 09/01/04 1,105 1,137
Georgia State, Municipal Electric
Power Authority,
Ser DD, RB, AMBAC
7.000%, 01/01/08 4,500 5,169
Georgia State, Ser C, GO
6.500%, 04/01/09 3,300 3,733
Gwinette County, School District
Authority, GO
Callable 02/01/01 @102
9.500%, 02/01/02 1,000 1,039
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 2,697
--------
15,011
--------
HAWAII -- 1.1%
Hawaii State, GO, FSA
6.000%, 11/01/08 7,000 7,612
Hawaii State, Housing Finance &
Development Authority,
Single-Family Housing Project,
Ser B, RB Callable 07/01/01 @ 102
6.900%, 07/01/16 1,895 1,956
--------
9,568
--------
ILLINOIS-- 4.9%
Chicago, Board of Education, GO,
MBIA Pre-Refunded @ 102 (C)
6.000%, 12/01/06 1,550 1,695
Chicago, Metropolitan Water
Reclamation District, Greater
Chicago Capital Improvements,
RB
7.000%, 12/01/07 3,150 3,591
Chicago, Water Reclamation District
of Greater Chicago, Capital
Improvement Bonds, RB
6.900%, 01/01/07 3,500 3,881
Cook County, Capital Improvement
Project, GO, FGIC
6.000%, 11/15/06 2,920 3,124
Cook County, Community College
District, Ser C, COP, MBIA
7.700%, 12/01/05 3,970 4,516
Cook County, GO, MBIA
7.250%, 11/01/07 2,000 2,292
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Illinois State, Toll Highway
Authority, Ser A, RB
6.300%, 01/01/11 $1,500 $ 1,663
Illinois State, Development Finance
Authority, Community Rehab
Providers, Ser A, RB
5.600%, 07/01/05 2,235 2,193
Illinois State, Educational Facility
Authority, Northwestern
University Project, RB
5.150%, 11/01/12 2,000 2,032
Illinois State, Health Facilities Authority,
Centegra Health Systems Project, RB
5.500%, 09/01/06 2,375 2,357
Illinois State, Health Facilities Authority,
Condell Medical Center Project, RB
6.000%, 05/15/10 1,250 1,267
Illinois State, Health Facilities Authority,
Edgewater Medical Center Project,
Ser A, RB (E)
4.700%, 07/01/31 3,900 3,880
Illinois State, Health Facilities Authority,
Galesburg Cottage Hospital
Project, RB Callable 05/01/02 @ 102
6.250%, 05/01/11 2,590 2,681
Illinois State, Health Facilities Authority,
RB, MBIA Callable 09/25/00 @ 100
7.900%, 08/15/03 350 351
Illinois State, Health Facilities Authority,
Ser B, RB (A) (B)
4.200%, 09/08/00 1,000 1,000
Illinois State, Hospital Facilities Authority,
Metropolitan Pier & State
Exposition Authority, McCormick
Plaza Convention, RB
Pre-Refunded @ 102 (C)
6.250%, 07/01/06 450 496
Illinois State, Housing Development
Authority, Ser A, RB
Callable 02/01/06 @ 102
5.650%, 02/01/16 165 166
Kane & DeKalb County, Unified
School District 301, GO, AMBAC
6.300%, 12/01/04 2,640 2,812
McClean County, Public Building
Commission, Lease Receipts, Law
& Justice Center, GO
7.300%, 11/01/02 1,280 1,354
--------
41,351
--------
INDIANA -- 0.6%
Indiana State, Board Bank Program,
Ser F, RB
7.150%, 08/01/15 2,500 2,574
41
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Indiana State, Housing Finance
Authority, Ser A, RB, FHA
6.600%, 07/01/05 $1,000 $ 1,045
Purdue University, Student Fee
Project, Ser P, RB
5.000%, 07/01/05 1,370 1,397
--------
5,016
--------
IOWA -- 0.4%
Cedar Rapids, GO
5.000%, 06/01/05 2,090 2,134
Eddyville, Pollution Control
Authority, Cargill
Project, RB
5.400%, 10/01/06 1,000 1,016
--------
3,150
--------
KANSAS -- 0.4%
Burlington, Pollution Control
Authority, Kansas Gas & Electric
Project, RB, MBIA
Callable 06/01/01 @ 102
7.000%, 06/01/31 2,000 2,074
Shawnee County, Ser A, GO
5.250%, 09/01/09 1,000 1,039
--------
3,113
--------
KENTUCKY-- 0.6%
Kentucky State, Property &
Buildings Commission Authority,
Project 55, RB, MBIA
6.250%, 09/01/07 2,100 2,302
Kentucky State, Property &
Buildings Commission Authority,
Project 65, RB
5.750%, 02/01/04 2,795 2,907
--------
5,209
--------
LOUISIANA -- 1.3%
Jefferson Parish, Drain Sales Tax,
RB, AMBAC
5.000%, 11/01/09 1,300 1,319
Jefferson Parish, Hospital Service
Authority, District 2, RB, FGIC
Callable 12/01/05 @ 100
5.250%, 12/01/15 5,450 5,586
Louisiana State, Housing Finance
Authority, Single-Family Housing
Project, RB Callable 12/01/07 @ 104
6.650%, 06/01/15 1,000 1,067
Louisiana State, Housing Finance
Authority, Single-Family Housing
Project, RB, MBIA
Callable 06/01/06 @ 102
5.125%, 12/01/10 365 365
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Louisiana State, Office Facility
Lease, Ser A, RB, MBIA
Callable 03/01/02 @ 100
5.000%, 03/01/09 $1,510 $ 1,514
Louisiana State, Office Facility
Lease, Ser B, RB, MBIA
Callable 03/01/02 @ 100
5.000%, 03/01/10 1,330 1,333
--------
11,184
--------
MAINE -- 0.7%
Maine, Finance Authority, Electric
Rate Stabilization Project,
Ser A, RB, FSA
5.000%, 07/01/05 1,220 1,243
5.000%, 07/01/07 1,975 2,010
Maine, Health & Higher Educational
Facilities Authority, GO, MBIA
5.250%, 07/01/07 2,270 2,335
--------
5,588
--------
MARYLAND -- 0.2%
Maryland State, Health & Higher
Education Facilities Authority, RB
Pre-Refunded @ 100 (C)
4.600%, 11/01/26 1,935 1,950
--------
MASSACHUSETTS -- 3.6%
Lowell, GO, FSA Callable
02/15/01 @ 103
8.300%, 02/15/05 1,855 1,939
Massachusetts Bay, Transportation
Authority, General Transportation
System, Ser A, RB
5.500%, 03/01/09 1,230 1,301
Massachusetts Bay, Transportation
Authority, General Transportation
System, Ser A, RB (E)
7.000%, 03/01/07 3,000 3,394
Massachusetts State, Consolidated
Loans, Ser A, RB
Pre-Refunded @ 102 (C)
7.625%, 11/01/03 2,000 2,087
Massachusetts State, Consolidated
Loans, Ser B, GO, MBIA
4.750%, 04/01/18 2,500 2,294
Massachusetts State, Development
Finance Agency, Mass Biomedical
Research Project, Ser C, RB
Callable 08/01/10 @ 101
6.000%, 08/01/11 1,000 1,034
42
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Massachusetts State, Health &
Educational Facilities Authority,
Harvard University Project, Ser R,
RB (A) (B)
4.050%, 09/01/00 $2,100 $ 2,100
Massachusetts State, Health &
Educational Facilities Authority,
Berklee College of Music Project,
Ser D, RB, MBIA (A) (B)
4.000%, 09/08/00 670 670
Massachusetts State, Health &
Educational Facilities Authority,
Faulkner Hospital, Ser C, RB
5.500%, 07/01/01 1,325 1,338
Massachusetts State, Health &
Educational Facilities Authority,
Lowell General Hospital,
Ser B, RB, FSA
Callable 06/01/07 @ 102
5.250%, 06/01/11 1,585 1,615
Massachusetts State, Health &
Higher Education Facilities
Authority, Capital Asset Program,
Ser B, RB, MBIA
Callable 08/02/99 @ 100 (A) (B)
6.875%, 11/15/11 1,935 2,034
Massachusetts State, Housing
Finance Agency, Single-Family
Housing Project, Ser 44, RB
Callable 06/01/05 @ 102
5.900%, 12/01/13 940 966
Massachusetts State, Industrial
Financing Agency, First Mortgage
Orchard Cove Project, RB
(A) (B) (E)
5.000%, 05/01/26 1,350 1,352
Massachusetts State, Ser A, GO
Callable 02/01/03 @ 102
5.250%, 02/01/08 3,550 3,634
Massachusetts State, Water Resource
Authority, Ser A, RB, FGIC
6.125%, 08/01/11 2,500 2,769
Massachusetts State, Water Resource
Authority, Ser B, RB
Callable 03/01/03 @ 102
5.250%, 03/01/13 1,000 1,004
Springfield, GO, AMBAC
6.375%, 08/01/04 1,000 1,070
--------
30,601
--------
MICHIGAN -- 5.0%
Battle Creek, Downtown
Development Authority, RB
Pre-Refunded @ 102 (C)
7.300%, 05/01/04 1,195 1,328
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Detroit, City School District,
Ser B, GO, FGIC
5.000%, 05/01/06 $2,500 $ 2,550
Greater Detroit, Resource Recovery
Authority, Ser A, RB, AMBAC
6.250%, 12/13/07 5,000 5,475
5.500%, 12/13/03 1,525 1,569
Jackson County, Hospital Finance
Authority, Foote Memorial
Hospital, Ser A, RB, AMBAC
5.000%, 06/01/06 1,970 1,992
Kent, Hospital Finance Authority,
Spectrum Health Project, Ser A, RB
5.250%, 01/15/07 1,975 1,990
Michigan State, Building Authority,
Facilities Program Project,
Ser I, RB, AMBAC
6.500%, 10/01/07 1,000 1,111
6.000%, 10/01/04 2,745 2,899
Michigan State, Building Authority,
Facilities Program Project,
Ser II, RB
6.000%, 10/15/07 4,000 4,330
Michigan State, Hospital Finance
Authority, Ascension Health
Credit, Ser B, RB
5.200%, 11/15/33 7,500 7,547
Michigan State, Hospital Finance
Authority, Hospital Charity
Project, Ser D, RB
Pre-Refunded @ 100 (C)
4.800%, 11/01/04 3,955 3,990
Michigan State, Housing
Development Authority, Ser A, RB
Callable 06/01/02 @ 102 (E)
6.800%, 12/01/12 1,000 1,040
Michigan State, Underground
Storage Project, Ser I, RB, AMBAC
Callable 05/01/06 @ 101
6.000%, 05/01/07 3,600 3,865
Western Townships, GO, FSA
Callable 01/01/02 @ 100
6.750%, 01/01/15 2,750 2,826
--------
42,512
--------
MINNESOTA -- 0.6%
Dakota County, Capital
Improvements, Ser C, GO
4.650%, 02/01/08 3,275 3,275
Minneapolis, Special School
District 1 Project, GO (E)
5.000%, 02/01/06 2,075 2,122
--------
5,397
--------
43
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
MISSISSIPPI -- 0.5%
Mississippi, Hospital Equipment &
Facility Authority, Rush Medical
Foundation Project, RB (E)
5.400%, 01/01/07 $1,355 $ 1,353
Mississippi, Single-Family Housing
Authority, Ser A, RB
Callable 06/01/08 @ 102 (F)
5.125%, 12/01/17 620 621
Mississippi, Single-Family Housing
Authority, Ser C, RB
Callable 06/01/07 @ 101 (F)
5.450%, 06/01/17 1,000 1,004
Mississippi, Single-Family Housing
Authority, Ser D, RB
Callable 07/01/07 @ 105 (F)
6.650%, 07/01/12 1,395 1,517
--------
4,495
--------
MISSOURI -- 0.1%
Missouri State, Health &
Educational Facilities Authority,
Sisters of Mercy Health System,
Ser 95B, RB (A) (B) (E)
4.250%, 09/08/00 1,200 1,200
--------
NEVADA -- 0.2%
Clark County, Sanitation District,
Ser A, GO Pre-Refunded @ 101 (C)
6.750%, 07/01/02 1,500 1,575
--------
NEW HAMPSHIRE -- 0.8%
New Hampshire, Higher
Educational & Health Facilities
Authority, 1st Mortgage River
Woods Exeter Project, RB
Pre-Refunded @103 (C)
9.000%, 03/01/03 6,205 7,019
--------
NEW JERSEY -- 3.5%
Camden County, Improvement
Authority, Cooper Healthcare
Redevelopment Project, RB
5.500%, 02/15/02 1,000 881
Camden County, Municipal Utilities
Sewer Authority, RB, FGIC
Callable 07/15/06 @ 102
6.000%, 07/15/07 2,500 2,703
Gloucester County, Solid Waste
Improvement Authority, Waste
Management Project, Ser A, RB (B)
6.850%, 12/01/29 2,000 2,072
New Jersey State, Housing &
Mortgage Finance Authority,
Section 8, Ser One, RB
6.000%, 11/01/02 2,225 2,275
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New Jersey State, Transportation
Trust Funding Authority,
Transportation Systems, Ser A, RB
5.750%, 06/15/16 $4,000 $ 4,230
5.500%, 06/15/09 3,725 3,939
New Jersey State, Turnpike
Authority, Ser C, RB, AMBAC
6.500%, 01/01/08 3,500 3,898
6.000%, 01/01/11 2,750 3,004
New Jersey, Economic Development
Authority, Senior Lien,
Ser A, RB, MBIA
7.000%, 07/01/04 5,000 5,438
New Jersey, Economic Development
Authority, The Evergreens Project,
RB Pre-Refunded @ 102 (C)
9.250%, 10/01/02 900 995
--------
29,435
--------
NEW MEXICO -- 1.0%
Farmington Hospital, San Juan
Regional Medical Center,
Ser A, RB, AMBAC
5.000%, 06/01/05 1,110 1,121
New Mexico State, Highway
Commission Tax, Senior
Sub Lien, RB
5.750%, 06/15/09 5,000 5,369
New Mexico State, Hospital
Equipment Loan Council,
Memorial Medical Center Project, RB
4.850%, 06/01/08 1,575 1,443
New Mexico State, Mortgage Finance
Authority, Single-Family
Mortgage, Ser A-1, RB
Callable 07/01/02 @ 102 (E)
6.850%, 07/01/10 130 135
Santa Fe, Saint Vincent's Hospital
Project, RB, FGIC
Pre-Refunded @ 100 (C)
7.500%, 07/01/02 485 502
--------
8,570
--------
NEW YORK -- 14.6%
Long Island, Power Authority,
Electric Systems Project, RB, MBIA
5.000%, 04/01/07 5,475 5,612
Long Island, Power Authority,
Electric Systems Project,
Ser A, RB, AMBAC
6.000%, 12/01/07 5,000 5,438
44
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Long Island, Power Authority,
Electric Systems Project, Sub-
Ser 8-F, RB, MBIA
5.000%, 04/01/11 $2,500 $ 2,559
Long Island, Power Authority,
Electric Systems Project,
RB, MBIA
5.000%, 04/01/08 5,000 5,119
Metropolitan Transportation
Authority, Commuter Facilities
Project, Ser A, RB
5.000%, 07/01/06 2,000 2,030
Metropolitan Transportation
Authority, Commuter Facilities
Project, Ser O, RB
5.750%, 07/01/06 4,150 4,368
Mortgage Agency Authority,
Homeowner Mortgage Project,
Ser 87, RB Callable 09/01/09 @ 100
5.150%, 04/01/17 4,515 4,521
Municipal Assistance Corporation,
City of New York, Ser M, GO (E)
5.250%, 07/01/05 3,750 3,877
Nassau County, Tobacco Authority
Asset Backed Project, Ser A, RB
Callable 07/15/09 @ 101
5.600%, 07/15/14 2,835 2,870
5.500%, 07/15/13 2,535 2,567
New York and New Jersey Port
Authority, Seventy-Second Ser, RB
Callable 10/01/02 @ 101 (E)
7.350%, 10/01/27 4,000 4,225
New York City, Metropolitan
Transportation Authority,
Ser C, RB, FSA
4.750%, 07/01/16 3,000 2,760
New York City, Municipal Assistance,
Ser H, RB (E)
6.250%, 07/01/07 2,300 2,524
New York City, Municipal Assistance,
Ser I, RB
Callable 07/01/07 @ 102 (E)
6.250%, 07/01/08 2,000 2,213
New York City, Ser D, GO,
FGIC (A) (B)
3.950%, 09/08/00 1,900 1,900
New York City, Transitional Future
Tax, Ser C, RB
Callable 05/01/08 @ 101
4.750%, 05/01/23 4,325 3,849
New York State, Dormitory
Authority, Beth Israel Medical
Center, Ser A, RB, MBIA
5.000%, 11/01/07 1,065 1,086
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, Dormitory
Authority, Bronx & Lebanon
Hospital Center Project, Ser E, RB
5.125%, 02/15/06 $3,650 $ 3,677
New York State, Dormitory
Authority, Department of
Health, RB
5.500%, 07/01/03 1,000 1,025
New York State, Dormitory
Authority, Hospital and Nursing
Home Project, Ser A, RB, AMBAC
5.000%, 08/15/06 1,315 1,341
New York State, Dormitory
Authority, Mental Health Services
Project, Ser B, RB
5.000%, 02/15/06 1,000 1,015
New York State, Dormitory
Authority, Mental Health Services
Project, Ser C, RB
5.375%, 08/15/08 1,150 1,192
New York State, Dormitory
Authority, Mental Hospital,
Ser E, RB, AMBAC
6.000%, 08/15/05 2,000 2,130
New York State, Dormitory
Authority, North Shore University
Hospital Project, RB, MBIA
Callable 02/15/08 @ 102
5.000%, 11/01/08 1,250 1,273
New York State, Dormitory
Authority, Presbyterian Hospital
Project, RB, AMBAC
5.500%, 08/01/08 1,510 1,587
New York State, Dormitory
Authority, Presbyterian Hospital
Project, RB, AMBAC
Callable 02/01/08 @ 101
4.400%, 08/01/13 2,070 2,034
New York State, Dormitory
Authority, Sound Shore Project,
RB, MBIA
4.350%, 02/01/08 3,780 3,766
New York State, Dormitory
Authority, State University
Educational Facilities Project,
Ser B, RB, MBIA
Pre-Refunded @ 102 (C)
6.250%, 05/15/04 5,930 6,412
New York State, Dormitory
Authority, State University
Educational Facilities, Ser A, RB
5.500%, 05/15/09 4,400 4,593
45
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, Dormitory
Authority, Staten Island
University Hospital Project,
RB, AMBAC
5.250%, 07/01/06 $2,695 $ 2,783
5.250%, 07/01/07 1,200 1,241
New York State, Medical Care
Facility Finance Agency, Adult
Day Care, Ser C, RB
5.350%, 11/15/05 790 807
New York State, Medical Care
Facility Finance Agency,
Ser C, RB, FHA
5.200%, 08/15/05 140 140
New York State, Medical Care
Facility Finance Agency, St. Lukes,
Ser A, RB, FHA
Callable 08/15/03 @ 102
5.600%, 08/15/13 1,905 1,917
New York State, Ser F, GO, AMBAC
5.500%, 09/15/08 9,250 9,793
New York State, Urban
Development, Center for
Individual Innovation
Project, RB
6.250%, 01/01/09 1,325 1,446
New York State, Urban Development,
Correctional Facilities Project,
Ser B, RB (E)
5.000%, 01/01/06 6,955 7,051
New York, Ser B, GO, MBIA (E)
5.600%, 08/15/06 4,150 4,383
New York, Ser I, GO, AMBAC
Callable 03/15/06 @ 101.5
5.750%, 03/15/07 1,000 1,066
TSASC, Inc., Ser 1, RB
5.750%, 07/15/15 2,520 2,558
TSASC, Inc., Ser 1, RB
Callable 07/15/09 @ 101
5.900%, 07/15/17 2,650 2,670
--------
123,418
--------
NORTH CAROLINA -- 1.2%
North Carolina, Medical Care
Community Hospital, Pitt County
Memorial Hospital, Ser A, RB
5.000%, 12/01/06 4,100 4,105
North Carolina, Municipal Power
Agency Authority, RB, MBIA
7.250%, 01/01/07 2,000 2,260
North Carolina, Municipal Power
Agency Authority, Ser A, RB, MBIA
6.000%, 01/01/07 3,425 3,669
--------
10,034
--------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
OHIO -- 2.5%
Dayton, Special Facilities, Air
Freight Project, RB
6.050%, 10/01/09 $1,000 $ 1,011
Erie County, Hospital
Improvements Authority,
Firelands Community Hospital
Project, RB Callable 01/01/02 @ 102
6.750%, 01/01/15 1,110 1,134
Lucas County, GO
5.300%, 12/01/05 2,100 2,171
Ohio State, Air Quality
Development Authority, Pollution
Control, Cleveland Project, RB,
FGIC Callable 06/01/02 @ 103
8.000%, 12/01/13 7,275 7,893
Ohio State, Building Authority,
Administration Building Fund,
Ser A, RB
5.500%, 10/01/07 1,700 1,791
Ohio State, Building Authority,
Juvenile Corrections Project,
Ser B, RB Callable 04/01/09 @ 101
5.000%, 10/01/09 2,485 2,541
Ohio State, Building Authority,
State Administration Building
Project, Ser A, RB
5.125%, 10/01/07 2,305 2,377
Ohio State, Water Development
Authority, Pollution Control
Facilities Project, RB, MBIA
6.000%, 06/01/05 1,000 1,060
Strongsville, City School District,
GO, MBIA
5.300%, 12/01/10 1,050 1,097
--------
21,075
--------
OKLAHOMA -- 0.8%
Central Oklahoma Transportation
and Parking Authority, Ser 1973,
RB Callable 04/27/00 @ 100 (D)
6.000%, 07/01/03 85 87
McAlester, Public Works Authority,
RB, FSA (D)
8.100%, 12/01/08 875 1,077
Oklahoma State, Capital
Improvements Authority, Highway
Capital Improvements Project,
RB, MBIA
5.000%, 06/01/06 3,000 3,071
Oklahoma State, Industrial
Development Authority, Integris
Health, RB, AMBAC
5.250%, 08/15/06 1,255 1,293
46
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Tulsa Port, Industrial Development
Authority, Cargill Project, RB
5.350%, 09/01/06 $1,000 $ 1,013
Tulsa, Industrial Development
Authority, St. Johns Medical
Center, RB Callable 01/01/01
@ 100 (D)
6.875%, 01/01/02 155 158
--------
6,699
--------
OREGON -- 0.4%
Cow Creek, Band Umpqua Tribe of
Indians, Ser B, RB, AMBAC
Callable 07/01/03 @ 103
5.100%, 07/01/12 2,000 2,018
Washington Multnomah & Yamhill
Counties, Oregon School District
No. 1J, GO
5.000%, 06/01/05 1,495 1,523
--------
3,541
--------
PENNSYLVANIA -- 2.5%
Allegheny County, Hospital
Development Authority, UPMC
Health Systems Project, RB, MBIA
5.000%, 11/01/06 2,145 2,166
Allegheny County, Hospital
Development Authority, UPMC
Health Systems Project,
Ser B, RB, MBIA
5.250%, 07/01/07 1,760 1,800
Delaware County, Health Systems
Authority, Catholic Health East
Project, Ser A, RB, AMBAC
5.500%, 11/15/07 1,635 1,709
Easton, Joint School Authority, RB (D)
5.350%, 04/15/02 40 40
Erie County, Ser A, GO, FGIC
Pre-Refunded @ 100 (C)
6.600%, 09/01/01 1,000 1,022
Montgomery County, Higher
Education and Health Authority,
Abington Memorial Hospital
Project, Ser A, RB, AMBAC
5.000%, 06/01/08 1,000 1,011
Newcastle, Hospital Authority,
Jameson Memorial Hospital,
RB, MBIA
5.500%, 07/01/08 1,605 1,675
Pennsylvania State, Higher Education
Facilities Authority, Allegheny/
Delaware Valley, Ser A, RB, MBIA
5.500%, 11/15/08 1,000 1,025
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Pennsylvania State, Higher
Education Facilities Authority,
UPMC Health Systems Project,
Ser A, RB, FSA
5.000%, 08/01/06 $2,635 $ 2,661
Pennsylvania State, Industrial
Development Authority, RB,
AMBAC
7.000%, 07/01/07 1,000 1,129
Pennsylvania, Housing Finance
Authority, Single-Family Mortgage
Project, Ser 34A, RB, FHA
Callable 04/01/02 @ 102
6.850%, 04/01/16 1,000 1,031
Philadelphia, Airport & Marina
Improvements, Ser A, RB
6.000%, 06/15/04 3,000 3,154
Scranton-Lackawanna, Health &
Welfare Authority, Hospital
Community Medical Center
Project, RB, MBIA
5.500%, 07/01/07 2,585 2,695
Westmoreland County, Municipal
Authority, Special Obligation,
GO (D)
9.125%, 07/01/10 295 339
--------
21,457
--------
RHODE ISLAND -- 0.4%
Rhode Island, Housing &
Mortgage Finance Authority,
Homeownership Opportunity
Project, Ser 25A, RB
Callable 10/01/07 @ 101.5
4.950%, 10/01/16 1,800 1,796
Rhode Island, Housing & Mortgage
Finance Authority, Rental
Housing Project, Ser A, RB (E)
5.050%, 10/01/01 1,500 1,506
--------
3,302
--------
SOUTH CAROLINA -- 0.9%
Piedmont, Municipal Power Agency,
Ser A, RB, FGIC
6.500%, 01/01/16 1,570 1,782
South Carolina State, Housing
Authority, Homeownership
Mortgage, Ser A, RB
Callable 07/01/04 @ 102
6.375%, 07/01/16 890 943
South Carolina State, Public Service
Authority, Ser B, RB
Callable 07/01/01 @ 102
6.700%, 07/01/02 1,220 1,267
47
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONCLUDED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
South Carolina, Hospital Facilities
Authority, Medical University
Project, RB
5.625%, 07/01/11 $2,885 $ 2,874
Spartanburg County, School District
No. 5, COP, MBIA
Callable 07/01/05 @ 102
5.400%, 07/01/08 1,000 1,031
--------
7,897
--------
SOUTH DAKOTA -- 0.5%
South Dakota State, Health &
Educational Facilities Authority,
RB, MBIA
6.000%, 07/01/08 1,025 1,095
South Dakota State, Housing
Development Authority,
Homeownership Mortgage,
Ser A, RB
5.500%, 05/01/06 2,050 2,122
South Dakota State, Housing
Development Authority,
Homeownership Mortgage,
Ser A, RB Callable 05/01/06 @ 102
5.500%, 05/01/10 610 613
--------
3,830
--------
TENNESSEE -- 0.7%
Chattanooga, Health Education and
Housing Facilities Board, Catholic
Health Initiatives Project, Ser A, RB
5.000%, 12/01/01 1,000 1,005
Hendersonville, Industrial
Development Authority, Ashford
83 Association Project, RB
Callable 12/15/06 @ 102
5.950%, 12/15/08 1,280 1,266
Metropolitan Government
Nashville & Davidson County,
Health & Education Facilities
Board, Vanderbilt University
Project, Ser A, RB
6.000%, 05/01/07 1,200 1,293
5.500%, 05/01/06 500 523
Tennessee, Housing Development
Agency, Mortgage Finance,
Ser A, RB Callable 07/01/03 @ 102
5.650%, 01/01/07 1,590 1,634
--------
5,721
--------
TEXAS -- 12.7%
Austin, Independent School
District, GO (E)
4.750%, 08/01/15 4,000 3,730
Austin, Utility System Authority,
RB, MBIA Pre-Refunded @ 100 (C)
5.500%, 05/15/05 5,000 5,213
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Austin, Utility System Authority,
Ser A, RB, FSA
5.750%, 11/15/03 $3,005 $ 3,125
Austin, Utility System Authority,
Ser A, RB, FSA (D)
5.750%, 11/15/03 290 302
Austin, Utility System Authority,
Ser B, RB
7.250%, 11/15/03 80 87
Brazos, River Authority, Houston
Industries Project, Ser C, RB
Callable 05/01/08 @ 102
5.125%, 05/01/19 1,500 1,440
Brazos, River Authority, Reliant
Energy Project, Ser B, RB (B)
5.200%, 12/01/18 5,000 5,000
Burleson, Independent School
District, GO Pre-Refunded
@ 100 (C) (E)
6.750%, 08/01/06 2,000 2,228
Carrollton, Farmers Branch
Independent School District,
GO (E)
5.750%, 02/15/10 2,605 2,771
Cedar Hill, Independent School
District, RB (E)
6.450%, 08/15/03 2,225 2,345
Cypress-Fairbanks, Independent
School District, GO (E)
6.750%, 02/15/08 1,000 1,126
Dallas, Civic Center Authority, RB,
MBIA Callable 08/15/08 @ 101
4.875%, 08/15/23 5,000 4,550
Dallas, GO
5.000%, 02/15/06 4,275 4,366
Deer Park, Independent School
District, GO (E)
6.000%, 02/15/06 1,500 1,599
6.000%, 02/15/08 2,000 2,163
5.875%, 02/15/08 1,500 1,609
Donna, Independent School
District, GO (E)
5.500%, 02/15/06 1,180 1,230
5.250%, 02/15/05 1,135 1,166
Fort Worth, Water and Sewer
Improvement Authority, RB
5.500%, 02/15/06 1,080 1,127
5.000%, 02/15/04 2,405 2,444
Harris County, GO (D)
10.000%, 10/01/00 1,850 1,857
48
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Harris County, Health Facilities
Development Authority, Memorial
Hospital Systems Project, Ser A, RB
6.000%, 06/01/09 $1,825 $ 1,941
Houston, Independent School
District Authority, Ser A, GO
Callable 02/15/09 @ 100
4.750%, 02/15/26 5,000 4,338
Houston, Water & Sewer Systems
Authority, Junior Lien Project,
Ser A, RB, MBIA Pre-Refunded
@ 100 (C)
6.200%, 12/01/05 11,150 12,042
Humble, Independent School
District, GO
6.500%, 02/15/02 3,085 3,174
6.500%, 02/15/03 2,110 2,208
6.500%, 02/15/04 2,380 2,529
6.500%, 02/15/05 1,425 1,535
La Porte, Independent School
District, GO (E)
6.000%, 02/15/03 1,000 1,035
Matagorda County, Pollution
Control Authority, Central Power
and Lighting Project, Ser A, RB (B)
4.900%, 05/01/30 5,100 5,106
McKinney, Independent School
District, GO (E)
6.000%, 02/15/05 2,190 2,316
6.000%, 02/15/06 2,000 2,133
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 1,000 995
San Antonio, Electric & Gas
Authority, RB Callable
02/01/02 @ 101
5.750%, 02/01/11 6,500 6,622
Texas State, Department of Housing
& Community Affairs, Single-Family
Housing, Ser B-CL2, RB
Callable 09/01/06 @ 102
5.550%, 09/01/11 910 912
Texas State, Department of Housing
& Community Affairs, Single-Family
Housing, Ser E, RB, MBIA
Callable 09/01/07 @ 102
5.000%, 03/01/16 825 826
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Texas State, Public Finance
Authority, Ser A, RB, AMBAC
6.000%, 08/01/02 $1,000 $ 1,030
Texas State, Water Financial
Assistance A&C, GO
5.000%, 08/01/05 2,500 2,556
--------
106,022
--------
UTAH -- 0.8%
Alpine, School District Authority,
School Board Project, GO
Callable 09/15/08 @100
5.000%, 03/15/13 2,775 2,744
Utah State, Associated Municipal
Power Authority, San Juan
Project, RB, MBIA Pre-Refunded
@ 102 (C)
6.375%, 06/01/04 2,000 2,165
Utah State, Board Regents Authority,
University of Utah Hospital
Project, RB
5.250%, 08/01/07 1,360 1,372
Utah State, Housing Finance
Authority, Single-Family
Mortgage, Issue B, RB, FHA
Callable 07/01/03 @ 102
5.125%, 07/01/24 395 398
--------
6,679
--------
VIRGIN ISLANDS -- 0.3%
Virgin Islands, Public Finance
Authority, Federal Lien Notes,
Ser C, RB
5.500%, 10/01/06 2,375 2,405
--------
VIRGINIA -- 2.2%
Hampton, Sentara Health System,
Ser A, RB
5.375%, 11/01/10 1,000 1,006
Kanawha County, Industrial
Development Authority,
Topvalco Project, RB
Callable 11/01/03 @ 102
7.125%, 11/02/12 1,160 1,227
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 7,118
Peninsula Port Authority, Riverside
Health Systems Project, RB
5.000%, 07/01/06 2,030 2,035
49
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
INTERMEDIATE-TERM MUNICIPAL FUND--CONCLUDED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Virginia State, Housing Development
Authority, Multi-Family Housing,
Ser H, RB
5.250%, 05/01/03 $ 685 $ 697
Virginia State, Housing Development
Authority, Ser A, RB
Callable 01/01/02 @ 102
7.100%, 01/01/22 1,250 1,300
Virginia State, Housing Development
Authority, Zero Coupon, RB
Callable 11/01/01 @ 21.916
0.000%, 11/01/17 695 142
Virginia State, Public Building
Authority, Ser A, RB
6.000%, 08/01/10 4,880 5,362
--------
18,887
--------
WASHINGTON -- 3.8%
Clark County, Public Utility
District 001, RB, FGIC
6.000%, 01/01/04 2,525 2,639
Clark County, Public Utility
District, RB, FGIC
6.000%, 01/01/07 5,000 5,338
Grant County, Public Utility
District 2, RB
5.625%, 01/01/07 2,470 2,594
King County, Ser D, GO
5.250%, 12/01/04 1,000 1,029
Washington State, Public Power
Supply Systems Authority, Nuclear
Project No. 1, Ser A, RB, MBIA
Callable 07/01/03 @ 102
5.700%, 07/01/17 1,000 1,009
Washington State, Public Power
Supply Systems Authority, Nuclear
Project No. 2, Ser A, RB
6.000%, 07/01/07 1,450 1,546
5.000%, 07/01/05 3,000 3,034
Washington State, Public Power
Supply Systems Authority, Ser B, RB
7.250%, 07/01/09 2,500 2,872
Washington State, Ser B, GO
Callable 01/01/09 @ 100
5.000%, 01/01/12 2,170 2,156
Washington State, Ser B, GO
Callable 05/01/04 @ 100
5.750%, 05/01/10 3,610 3,732
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Washington State, Ser B, RB
Pre-Refunded @ 100 (C)
6.700%, 06/01/01 $1,000 $ 1,017
Washington State, Suburban
Sanitation District, GO
Callable 06/01/02 @ 102
6.200%, 06/01/10 4,960 5,189
--------
32,155
--------
WISCONSIN -- 1.5%
Wisconsin, Center District Tax
Authority, Junior Dedicated
Project, Ser B, RB
Pre-Refunded @ 101 (C)
5.700%, 12/15/06 3,000 3,210
Wisconsin State, Housing &
Economic Development
Authority, Ser 1, RB, FHA
Callable 07/01/02 @ 102
6.600%, 09/01/07 1,300 1,355
Wisconsin State, Transportation
Authority, Ser A, RB
5.000%, 07/01/05 4,040 4,136
5.000%, 07/01/06 3,500 3,588
--------
12,289
--------
Total Municipal Bonds
(Cost $824,109) 832,268
--------
Total Investments -- 98.7%
(Cost $824,109) 832,268
--------
Other Assets and Liabilities, Net -- 1.3% 11,129
--------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 77,859,724 outstanding shares of
beneficial interest 838,034
Undistributed net investment income 45
Accumulated net realized loss
on investments (2,841)
Net unrealized appreciation on investments 8,159
--------
Total Net Assets -- 100.0% $843,397
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.83
========
50
<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
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GNMA GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
TA TAX ALLOCATION
TRAN TAX &ALLOCATION ANTICIPATION NOTE
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 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 -- 98.6%
PENNSYLVANIA -- 98.6%
Allegheny County, Higher
Education Building Authority,
Thiel College Project, Ser A,
RB, ACA Insured
5.400%, 11/15/14 $ 390 $ 386
5.350%, 11/15/15 370 370
5.300%, 11/15/12 350 349
5.200%, 11/15/11 335 329
5.000%, 11/15/08 240 241
5.000%, 11/15/09 300 300
4.850%, 11/15/07 225 225
4.750%, 11/15/06 215 214
4.650%, 11/15/05 200 199
4.550%, 11/15/04 190 189
Allegheny County, Hospital
Development Authority, Allegheny
General Hospital, RB (C)
6.750%, 05/01/04 160 166
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Allegheny County, Hospital
Development Authority,
Harmarville Rehabilitation
Center, RB (C)
6.000%, 10/01/08 $ 440 $ 463
Allegheny County, Hospital
Development Authority, Health
Center Project, Ser B, RB, MBIA
5.000%, 07/01/09 735 736
Allegheny County, Hospital
Development Authority, Magee
Woman's Hospital Project,
Ser O, RB (C)
10.125%, 10/01/02 75 80
Allegheny County, Hospital
Development Authority,
Montefiore Hospital, RB (C)
6.875%, 07/01/09 720 786
Allegheny County, Hospital
Development Authority, North
Hills Passavant, RB (C)
6.750%, 07/01/05 110 115
Allegheny County, Hospital
Development Authority, Ohio
Valley General, RB, MBIA
5.875%, 04/01/11 355 362
Allegheny County, Hospital
Development Authority, St.
Margaret Memorial, RB (C)
6.750%, 07/01/10 1,280 1,395
Allegheny County, Industrial
Development Authority,
Environmental Improvement
Project, Ser A, RB
6.700%, 12/01/20 2,350 2,394
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, Sanitation
Authority, RB (C)
6.800%, 07/01/03 190 197
Allentown, Area Hospital Authority,
Sacred Heart Hospital Project, RB (C)
8.000%, 03/01/09 315 360
RB Pre-Refunded @ 102 (A)
7.500%, 07/01/01 415 431
Altoona, Area School District
Authority, GO (C)
6.500%, 07/01/04 215 230
51
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA MUNICIPAL BOND FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Altoona, Area School District
Authority, Blair County, Ser 78,
RB Pre-Refunded Various
Dates @ 100 (A)
6.500%, 01/01/08 $ 575 $ 632
Armstrong, School District, GO,
MBIA Pre-Refunded @ 100 (A)
7.750%, 12/01/04 50 54
Baldwin, Whitehall School
Building, RB (C)
6.625%, 11/15/02 40 41
Baldwin, Whitehall School District,
RB Partially Pre-Refunded @ 100
(A) Balance ETM
6.699%, 11/15/07 215 242
Bensalem Township, Water & Sewer
Authority, RB (C)
6.750%, 12/01/14 255 276
Berks County, Industrial
Development Authority,
Construction Fasteners Project,
RB, AMT (B)
5.400%, 12/01/03 25 25
Berks County, Redevelopment
Multi-Family Housing Authority,
Woodgate Associates Project,
Ser A, RB, FNMA (D)
4.700%, 01/01/09 180 178
Blair County, Hospital Authority,
RB (C)
6.900%, 07/01/08 1,320 1,431
Blairsville-Saltsburg, School District,
GO, AMBAC (C)
9.000%, 05/15/03 35 38
Borough of Tarentum, Electric
Authority, Ser A, RB, Asset
Guaranty Pre-Refunded @ 100 (A)
5.500%, 09/01/08 645 664
Bucks County, Industrial
Development Authority, RB (C)
8.750%, 09/01/04 180 193
Bucks County, Redevelopment
Authority, Warminster Heights,
Section 8, RB, FHA
6.250%, 08/01/02 135 137
Bucks County, Water & Sewer
Authority, RB (C)
6.375%, 12/01/08 25 27
Butler Area, Sewer Authority,
RB Pre-Refunded @ 100 (A)
7.250%, 07/01/12 500 531
Butler County, Industrial
Development Authority, RB (B)
4.900%, 11/01/03 700 697
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Cambria County, Hospital
Authority, Conemaugh Valley
Memorial Hospital, RB (C)
7.625%, 09/01/11 $ 274 $ 315
Chartiers Valley, Joint School
District, RB (C)
6.150%, 03/01/07 45 48
Chester County, Health &
Educational Facilities Authority,
Immaculata College Project, RB
Callable 10/15/03 @ 100
5.250%, 10/15/10 345 340
Chester County, Hospital Authority,
Memorial Hospital, RB
Callable 09/25/00 @ 100 (C)
5.850%, 02/01/03 50 52
5.500%, 02/01/03 90 91
Creswell Heights, Joint Water
Authority, RB (C)
7.375%, 03/01/07 75 82
Cumberland Valley, Joint School
District, RB, MBIA (C)
6.500%, 11/15/07 25 28
6.400%, 11/15/01 20 20
Dauphin County, General Authority,
Phoenixville Hospital Project,
Ser A, RB, FGIC
5.900%, 07/01/05 845 897
Dauphin County, General Authority,
RB Mandatory Put 06/03/02 @ 100
6.600%, 06/01/26 50 53
Dauphin County, General Authority,
Sub-Ser RRR, RB, AMBAC
Mandatory Put 06/01/06 @ 100
4.600%, 06/01/26 550 543
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 1,263
Dauphin County, General School
Authority, RB, AMBAC Mandatory
Put 06/01/10 @ 100
4.700%, 06/01/26 460 460
Dauphin County, General School
Authority, RB, AMBAC Mandatory
Put 06/01/12 @ 100
4.900%, 06/01/26 330 330
Delaware County, Elwyn Project,
RB, (B)
6.000%, 06/01/11 3,250 3,477
52
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA TAX FREE FUND
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Delaware County, Hospital
Authority, Crozer-Chester
Medical Center Project, RB,
ACAInsured (C)
4.900%, 12/01/08 $ 550 $ 536
4.850%, 12/01/07 645 629
Delaware County, School Authority,
Haverford School Project, RB
4.750%, 03/15/12 495 469
4.550%, 03/15/10 495 472
4.450%, 03/15/09 475 454
Delaware County, University
Authority, Villanova University,
RB (C)
9.625%, 08/01/02 100 105
Delaware River, Port Authority of
Pennsylvania & New Jersey,
Delaware Bridges, RB (C)
6.500%, 01/15/11 130 141
6.000%, 01/15/10 155 164
Delaware County, School Authority,
Haverford School Project, RB
4.650%, 03/15/11 520 492
Derry Township, Sanitation Sewer
Authority, RB (C)
6.250%, 08/01/12 50 54
Dover Township, Sewer Authority,
RB (C)
6.250%, 05/01/12 30 32
Easton, Area School Authority, GO (C)
6.250%, 04/15/02 45 46
Erie County, Higher Education
Authority, Mercyhurst College
Project, RB
5.700%, 03/15/11 85 86
Erie County, Hospital Authority,
Erie County Geriatric, RB (C)
6.750%, 07/01/11 1,165 1,255
6.250%, 07/01/11 115 124
Erie County, Hospital Authority,
Gannon University Project, RB (C)
7.375%, 06/01/08 25 29
Erie County, Hospital Authority,
Hamot Medical Center Project,
RB (C)
6.900%, 01/01/05 395 414
Erie, Higher Education Building
Authority, Mercyhurst College
Project, RB
5.750%, 03/15/13 3,000 3,004
5.650%, 03/15/10 180 182
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Fayette County, Hospital Authority,
Uniontown Hospital, RB, (B)
5.450%, 06/15/07 $ 740 $ 770
5.300%, 06/15/05 350 360
5.200%, 06/15/04 100 102
5.100%, 06/15/03 65 66
Franklin Hospital, Special
Obligation, RB (C)
7.125%, 10/01/08 350 384
Greenwood, School District
Authority, GO, MBIA (C)
6.750%, 09/01/08 35 36
Hampton Township, Sanitation
Sewer Authority, RB (C)
6.500%, 09/01/10 40 45
Harrisburg, GO (C)
7.400%, 06/15/04 220 234
Harrisburg, Ser A, GO, MBIA (C)
9.750%, 04/15/04 105 117
Hickory Township, Municipal
Authority, RB (C)
6.250%, 02/01/14 295 315
Hummelstown, Municipal Authority,
RB Pre-Refunded @ 100 (A)
5.700%, 01/01/08 40 41
Jefferson County, Municipal Authority,
RB, MBIA (C)
7.000%, 12/01/02 70 72
Jersey Shore, Area School District,
GO, MBIA (C)
9.375%, 03/01/03 205 222
Lancaster, Area Sewer Authority, RB (C)
6.750%, 04/01/12 10 11
6.000%, 04/01/12 185 197
Lehigh County, General Purpose
Authority, Kidspeace Obligation
Group Project, RB, ACA Insured
5.800%, 11/01/12 1,265 1,282
5.700%, 11/01/09 2,485 2,519
Lehigh County, General Purpose
Authority, Muhlenberg Medical
Center Project, RB (C)
7.000%, 07/01/04 110 115
Lehigh County, General Purpose
Authority, Saint Lukes Hospital
Bethlehem Project, RB, AMBAC
5.300%, 11/15/07 450 461
Lower Pottsgrove Township, Sewer
Authority, RB (C)
6.250%, 05/01/12 130 139
53
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA MUNICIPAL
BOND FUND--CONCLUDED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Luzerne County, GO, FGIC
Pre-Refunded @ 100 (A)
6.800%, 09/15/02 $ 130 $ 133
Manheim Township, School District
Authority, Ser 1978, RB
Pre-Refunded @ 100 (A)
6.625%, 12/01/05 50 52
McCandless Township, Sanitation
Authority, RB (C)
6,750% 11/15/05 450 482
6.500%, 09/01/05 100 105
Monroeville, Water Authority, RB (C)
7.250%, 12/01/08 95 105
Montgomery County, GO (C)
9.000%, 08/15/04 65 70
Montgomery County, Higher
Education Authority, Pottstown
Healthcare Project, RB, FSA
5.500%, 01/01/08 1,110 1,156
Montgomery County, Industrial
Development Authority,
Commercial Development, BMHR
Associates Project, RB (B)
7.125%, 11/15/07 50 52
Montgomery County, Industrial
Development Authority, Health
Facilities, Ecri Project, RB
6.850%, 06/01/13 2,115 2,147
Mount Lebanon, Hospital Authority,
RB (C)
7.000%, 07/01/06 621 664
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, Asset Guaranty
5.250%, 09/01/02 45 45
New Castle, Hospital Authority,
Jameson Memorial Hospital Project,
RB, MBIA
6.000%, 07/01/10 315 341
5.500%, 07/01/09 800 837
Northampton County, Industrial
Development Authority, Citizens
Utility Project, RB
6.950%, 08/01/15 1,880 1,936
Northampton County, Industrial
Development Authority,
Moravian Hall Square Project,
Ser A, RB, Asset Guaranty
5.350%, 07/01/10 100 102
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Northampton County, Industrial
Development Authority, Moravian
Hall Square Project, Ser B, RB,
Asset Guaranty
5.350%, 07/01/10 $1,370 $ 1,394
Northampton, Bucks County,
Municipal Water Authority, RB (C)
6.750%, 11/01/13 50 54
Northeast Allegheny County, RB (C)
6.000%, 05/01/02 15 15
Northeastern, Hospital Authority,
RB (C)
7.000%, 06/01/06 370 395
6.375%, 09/15/07 260 262
Northgate, School Building Authority,
RB, MBIA (C)
6.375%, 02/15/07 95 104
Pennsylvania State, Financing
Authority, Municipal Capital
Improvements Program, RB
6.600%, 11/01/09 2,870 3,053
Pennsylvania State, Higher Education
Assistance Agency, Ser A,
RB, AMBAC, AMT
7.050%, 10/01/16 3,500 3,645
Pennsylvania State, Higher
Education Authority, Ser 1995,
RB, Asset Guaranty
5.150%, 09/15/06 345 350
4.850%, 09/15/03 250 251
Pennsylvania State, Higher
Education Facilities Authority,
Allegheny General Hospital Project,
Ser A, RB, MBIA Pre-Refunded
@ 100 (A)
7.000%, 09/01/03 65 68
Pennsylvania State, Higher Education
Facilities Authority, College &
University, Ser 10, RB (C)
6.900%, 07/01/07 100 108
Pennsylvania State, Higher Education
Facilities Authority, College of
Textiles & Science, RB
5.450%, 02/01/07 200 202
Pennsylvania State, Higher Education
Facilities Authority, College of
Textiles & Science, Ser 1996, RB
6.600%, 04/01/09 340 360
6.550%, 04/01/08 320 339
6.450%, 04/01/07 295 312
6.350%, 04/01/06 285 302
6.250%, 04/01/05 265 278
54
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Pennsylvania State, Higher
Education Facilities Authority,
Drexel University Project,
RB, MBIA (C)
10.250%, 05/01/03 $ 125 $ 138
Pennsylvania State, Higher
Education Facilities Authority,
Health Services, Allegheny
Delaware Valley Obligation,
Ser A, RB, MBIA
5.600%, 11/15/09 250 257
5.600%, 11/15/10 3,595 3,644
Pennsylvania State, Higher
Education Facilities Authority,
State System of Higher Education,
Ser P, RB, AMBAC
5.250%, 12/15/14 2,600 2,606
Pennsylvania State, Higher
Education Facilities Authority,
University of the Arts, Ser 1997,
RB, Asset Guaranty
5.300%, 03/15/12 265 265
5.250%, 03/15/11 265 265
5.200%, 03/15/10 245 246
Pennsylvania State, Higher
Education Facilities Authority,
Ursinus College Project, RB
5.850%, 01/01/17 1,480 1,465
Pennsylvania State, Higher
Education Facilities Authority,
Philadelphia University Project,
RB, Asset Guaranty
5.750%, 06/01/15 660 676
Pennsylvania State, Higher
Education, Health Facilities
Authority, Allegheny Delaware
Valley Obligation Project, Ser C,
RB, MBIA
5.875%, 11/15/18 3,200 3,212
Pennsylvania State, Higher
Education, Philadelphia College
of Textiles & Science, Ser 1996, RB
6.150%, 04/01/04 250 260
6.050%, 04/01/03 240 247
Pennsylvania State, Higher
Education Facilities Authority,
University Pennsylvania Health
Project, Ser A, RB, MBIA
5.375%, 01/01/14 2,000 2,025
Pennsylvania State, Housing
Finance Agency, Single-Family
Mortgage, Ser 49, RB, AMT
5.800%, 10/01/07 205 213
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Pennsylvania, Delco School District
Authority, GO, FGIC
4.600%, 02/15/13 $ 100 $ 94
4.300%, 02/15/10 85 81
Pennsylvania, Economic
Development Financing Authority,
Dr. Gertrude A Barber Center
Project, RB, Asset Guaranty
5.625%, 12/01/15 885 879
5.200%, 12/01/08 200 201
Pennsylvania, Housing Finance
Agency, RB (C)
7.750%, 12/01/07 135 150
Pennsylvania, Housing Finance
Agency, Rental Housing, Ser 91,
RB, FHA/FNMA (D)
5.450%, 07/01/06 2,000 2,065
Pennsylvania, Housing Finance
Agency, Ser 1991-31A, RB, AMT
6.800%, 10/01/17 160 165
Perkiomen Valley, School District
Authority, RB, MBIA (C)
6.500%, 12/01/07 120 134
Peters Township, School District
Authority, Zero Coupon, GO,
MBIA (C)
0.000%, 11/15/07 100 71
Philadelphia, Gas Works Authority,
Fourteenth Ser, RB
6.375%, 07/01/14 2,140 2,183
Philadelphia, Gas Works Authority,
Fourteenth Ser, RB, FSA Partially
Pre-Refunded @ 102 (A)
6.250%, 07/01/08 1,000 1,065
Philadelphia, Graduate Hospital
Project, RB (C)
7.000%, 07/01/10 1,365 1,512
Philadelphia, Hospital & Higher
Education Authority, Presbyterian
Medical Center, RB (C)
6.100%, 12/01/03 410 431
Philadelphia, Hospital Authority,
Thomas Jefferson University
Project, RB (C)
7.000%, 07/01/08 85 94
Philadelphia, Industrial Development
Authority, Franklin Institute
Project, RB
5.100%, 06/15/11 200 192
55
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA MUNICIPAL BOND FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Philadelphia, Redevelopment
Authority, Home Improvement
Loan, Ser 1995A, RB, AMT
6.100%, 12/01/10 $ 585 $ 601
5.650%, 12/01/05 40 41
5.550%, 06/01/04 40 41
5.400%, 06/01/03 95 96
5.400%, 12/01/03 110 112
5.250%, 06/01/02 120 121
5.250%, 12/01/02 130 131
5.100%, 06/01/01 85 85
5.100%, 12/01/01 65 65
Philadelphia, Redevelopment
Authority, West Philadelphia
Project, RB, FNMA (D)
6.750%, 05/15/04 450 465
Philadelphia, School District
Authority, Ser 91-B, GO, MBIA
Partially Pre-Refunded @ 101 (A)
7.000%, 07/01/05 215 222
Philadelphia, Water & Sewer
Authority, Ser 10, RB (C)
7.350%, 09/01/04 5,460 5,856
Pittsburgh, Urban Redevelopment
Authority, Triangle Tax Increment
Center Project, Ser A, TA (B) (C)
6.000%, 12/01/11 3,740 3,887
Pittsburgh, Public Parking Authority,
Saint Francis General Hospital
Project, RB (C)
6.625%, 10/01/12 15 16
Pittsburgh, Public Parking Authority,
Ser 92-A, RB, FGIC
5.750%, 12/01/05 500 521
Pittsburgh, Stadium Lease Authority,
RB (C)
6.500%, 04/01/11 220 241
Pittsburgh, Urban Redevelopment
Authority Center, Triangle Tax
Increment, Ser A, RB (B)
6.250%, 03/15/15 1,895 1,976
5.750%, 12/01/06 1,980 2,017
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loan Project, Ser B, RB
5.150%, 02/01/17 175 163
4.700%, 10/01/10 100 98
Pittsburgh, Urban Redevelopment
Authority, Home Improvement
Loans, RB, MBIA, FHA
7.125%, 08/01/04 5 5
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Pittsburgh, Urban Redevelopment
Authority, Multi-Family Housing
Hazlewood Project, Ser A, RB
5.400%, 01/01/22 $1,980 $ 1,893
Pittsburgh, Urban Redevelopment
Authority, Ser 1996C, RB, AMT
5.700%, 10/01/05 240 248
Pittsburgh, Urban Redevelopment
Authority, Ser 1996D, RB
6.100%, 10/01/10 330 344
6.000%, 10/01/09 310 324
5.900%, 04/01/08 285 298
5.900%, 10/01/08 290 303
Pittsburgh, Urban Redevelopment
Authority, Ser A, RB, AMT
5.750%, 10/01/10 50 51
Pittsburgh, Urban Redevelopment
Authority, Ser B, RB
6.700%, 04/01/10 10 10
5.700%, 10/01/11 105 107
Pittsburgh, Urban Redevelopment
Center, Triangle Tax Increment,
Ser B, RB (B)
5.750%, 03/15/06 1,000 1,017
Pittsburgh, Water and Sewer
Authority, RB, FGIC (C)
7.625%, 09/01/04 315 343
Potter County, Hospital Authority,
Charles Cole Memorial, RB,
Asset Guaranty
5.500%, 08/01/06 160 164
5.400%, 08/01/05 320 328
5.300%, 08/01/04 325 330
5.200%, 08/01/03 245 248
Pottsville, Hospital Authority,
Daughters of Charity Project, RB
5.000%, 08/15/12 1,260 1,249
Pottsville, Hospital Authority,
Hospital & Warner Clinic, RB
6.400%, 07/01/03 730 766
Quakertown, Hospital Authority,
Community Hospital, RB (C)
7.125%, 01/01/11 130 145
Radnor Township, School Authority,
Ser A, RB (C)
9.000%, 10/15/03 35 38
Ridley Park, Hospital Authority,
Taylor Hospital Project, Ser A, RB (C)
6.000%, 12/01/05 90 93
Robinson Township, Water
Authority, RB (C)
5.625%, 05/01/06 31 33
Scranton-Lackawanna, Health &
Welfare Authority, Moses Taylor
56
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Hospital, RB
6.000%, 07/01/09 $ 940 $ 866
Scranton-Lackawanna, Health &
Welfare Authority, Moses Taylor
Hospital, RB (C)
6.625%, 07/01/09 805 870
Shaler, School District Authority, RB (C)
6.250%, 04/15/08 130 138
Somerset County, Hospital
Authority, Somerset Community
Hospital Project, Ser B, RB,
Asset Guaranty
5.300%, 03/01/11 500 505
South Fayette Township, Sanitation
Authority, RB (C)
6.375%, 11/01/12 175 189
Southeastern, Greene School
District, GO (C)
9.375%, 07/01/03 100 107
Southeastern, Transportation
Authority, RB
5.750%, 12/01/04 60 60
Steel Valley, School District, GO (C)
6.250%, 11/01/06 115 121
Susquehanna Township, Sewer
Authority, RB (C)
6.000%, 11/15/13 75 75
Swissvale, Area School District, GO (C)
6.300%, 12/01/03 70 74
Trinity, Area School Building
Authority, RB (C)
5.950%, 07/01/03 55 57
Uniontown Area, School Authority,
School Building Revenue, RB
6.300%, 10/01/07 200 215
Upper Allegheny, Joint Sanitation
Authority, RB, AMBAC (C)
9.000%, 09/01/00 45 45
Upper Allen Township, Sewer
Authority, RB (C)
5.750%, 04/01/13 330 352
Upper Gwynedd-Towamencin, Sewer
Authority, RB, MBIA (C)
5.850%, 10/15/06 125 130
Upper Perkiomen, School District
Authority, GO (C)
6.000%, 05/01/04 20 21
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Upper St. Clair Township, School
Building Authority, RB Pre-
Refunded @ 100 (A)
6.625%, 02/15/07 $ 215 $ 236
Washington County, Hospital
Authority, Canonsburg General
Hospital Project, RB
Pre-Refunded @ 102 (A)
7.350%, 06/01/03 1,990 2,132
Westmoreland County, Municipal
Authority, Special Obligation,
GO (C)
9.125%, 07/01/10 230 264
Windber, Area Hospital Authority,
RB, FHA Pre-Refunded @ 102 (A)
5.900%, 02/01/10 115 124
Wyoming County, Hospital
Authority, Tyler Memorial, RB (C)
7.400%, 01/01/05 65 69
Wyoming Valley, Sanitation
Authority, RB (C)
5.125%, 07/01/07 85 86
York County, Hospital Authority,
Lutheran Social Services, RB
5.800%, 04/01/06 500 497
5.600%, 04/01/05 500 496
5.400%, 04/01/04 500 496
York County, Industrial Development
Authority, York Water Project,
RB Mandatory Put 06/01/05 @ 100
6.000%, 06/01/10 1,255 1,255
York Township, Water & Sewer
Authority, RB (C)
5.900%, 08/01/13 80 86
--------
Total Municipal Bonds
(Cost $118,977) 120,202
--------
CASH EQUIVALENT -- 4.3%
Vanguard Pennsylvania Tax
Free Money Market 5,271 5,271
--------
Total Cash Equivalent
(Cost $5,271) 5,271
--------
Total Investments -- 102.9%
(Cost $124,248) 125,473
--------
Other Assets and Liabilities, Net -- (2.9%) (3,560)
--------
57
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
PENNSYLVANIA MUNICIPAL
BOND FUND--CONCLUDED
------------------------------------------------------------------------------
VALUE (000)
------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 4,260,513 outstanding shares of
beneficial interest $ 44,161
Portfolio Shares of Class B (unlimited
authorization -- no par value) based
on 7,500,654 outstanding shares of
beneficial interest 77,531
Undistributed net investment income 19
Accumulated net realized loss on investments (1,023)
Net unrealized appreciation on investments 1,225
--------
Total Net Assets -- 100.0% $121,913
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.37
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS B $10.36
========
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
TA TAX ALLOCATION
(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
COMMERCIAL 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.
MASSACHUSETTS MUNICIPAL
BOND FUND
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.5%
MASSACHUSETTS -- 94.3%
Amherst-Pelham, Regional School
District, GO, AMBAC
Callable 05/15/08 @ 101
5.125%, 05/15/18 $1,000 $ 970
Barnstable, GO
Callable 02/15/10 @ 101
5.750%, 02/15/17 250 259
Boston, Ser A, GO, FGIC
Callable 01/01/08 @100
4.500%, 01/01/18 500 446
Holden, Municipal Purpose Loan,
GO, FGIC
7.500%, 03/01/02 850 888
7.500%, 03/01/03 330 354
Holyoke, Ser B, GO, FSA
5.500%, 06/15/03 40 41
Lawrence, GO
4.875%, 09/15/01 250 251
Lowell, GO, AMBAC
6.000%, 12/15/05 150 161
Lynn, Water & Sewer Commission,
Ser A, RB, FSA
5.875%, 12/01/06 40 43
Malden, GO, MBIA
Callable 08/01/07 @ 101
5.000%, 08/01/10 45 46
Marlborough, GO, FGIC
6.750%, 06/15/07 250 281
Mashpee, GO, MBIA
6.250%, 02/01/07 155 169
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser A, RB
6.250%, 03/01/04 70 74
5.875%, 03/01/15 185 198
5.400%, 03/01/07 45 47
5.000%, 03/01/02 175 177
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser A, RB, FGIC
7.000%, 03/01/21 500 591
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB
5.250%, 03/01/06 1,000 1,034
Massachusetts Bay, Transportation
Authority, General Transportation
System Project, Ser C, RB, FGIC
5.750%, 03/01/10 655 706
58
<PAGE>
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Massachusetts Bay, Transportation
Authority, Ser B, RB
Pre-Refunded @ 102 (C)
7.875%, 03/01/01 $ 600 $ 622
7.800%, 03/01/01 300 311
Massachusetts State, College
Building Authority Project,
Senior Ser A, RB
7.500%, 05/01/06 175 200
Massachusetts State, Development
Finance Agency, Biomedical
Research, Ser C, RB
Callable 08/01/10 @ 101
6.000%, 08/01/11 210 217
Massachusetts State, Development
Finance Agency, College of
Pharmacy Project, Ser B, RB
5.875%, 07/01/07 295 301
Massachusetts State, Development
Finance Agency, May Institute
Issue, RB
5.500%, 09/01/08 300 312
Massachusetts State, Development
Finance Agency, Northern
Berkshire Community Project,
Ser A, RB, ACA Insured
5.750%, 08/15/08 200 206
Massachusetts State, Development
Finance Agency, Williston
Northampton School Project, RB
Callable 10/01/08 @ 102
6.000%, 10/01/13 200 188
Massachusetts State, Health &
Educational Facilities Authority,
Amherst College, Ser G, RB
6.000%, 11/01/06 200 215
Massachusetts State, Health &
Educational Facilities Authority,
Bentley College Project,
Ser J, RB, MBIA
4.500%, 07/01/06 100 99
Massachusetts State, Health &
Educational Facilities Authority,
Cape Cod Healthcare Project,
Ser B, RB
5.000%, 11/15/07 200 187
Massachusetts State, Health &
Educational Facilities Authority,
Caregroup Issue Project,
Ser A, RB, MBIA
5.000%, 07/01/04 100 102
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Massachusetts State, Health &
Educational Facilities Authority,
Children's Hospital Project,
Ser E, RB Callable 10/01/02 @ 102
6.125%, 10/01/12 $ 150 $ 154
Massachusetts State, Health &
Educational Facilities Authority,
Daughters Charity, Carney, Ser D,
RB Pre-Refunded @ 100 (C)
6.100%, 07/01/06 500 541
Massachusetts State, Health &
Educational Facilities Authority,
Eye & Ear Infirmary Project,
Ser B, RB, ACA Insured
5.000%, 07/01/05 195 195
Massachusetts State, Health &
Educational Facilities Authority,
Harvard Pilgrim Health Project,
Ser A, RB, FSA
5.250%, 07/01/06 40 40
Massachusetts State, Health &
Educational Facilities Authority,
Harvard University Project,
RB (A) (B)
4.050%, 09/01/00 900 900
Massachusetts State, Health &
Educational Facilities Authority,
Melrose Wakefield Hospital Project,
Ser B, RB, ETM
Callable 07/01/02 @ 102
6.125%, 07/01/04 130 135
Massachusetts State, Health &
Educational Facilities Authority,
Milford-Whitinsville Regional
Project, Ser C, RB
5.000%, 07/15/01 100 99
5.000%, 07/15/02 405 398
Massachusetts State, Health &
Educational Facilities Authority,
North Adams Regional Hospital
Project, Ser C, RB
Callable 07/01/06 @ 102
6.750%, 07/01/09 200 200
Massachusetts State, Health &
Educational Facilities Authority,
Northeastern University,
Ser G, RB, MBIA
5.500%, 10/01/10 445 470
59
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
MASSACHUSETTS MUNICIPAL BOND FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Massachusetts State, Health &
Educational Facilities Authority,
Partners Healthcare System,
Ser B, RB
5.000%, 07/01/09 $ 400 $ 387
Massachusetts State, Health &
Educational Facilities Authority,
Southcoast Health System Project,
Ser A, RB, MBIA
5.000%, 07/01/05 200 203
Massachusetts State, Health &
Educational Facilities Authority,
Vinfen Issue, Ser A, RB, ACA Insured
5.000%, 11/15/08 100 99
4.125%, 11/15/01 165 163
Massachusetts State, Health &
Educational Facilities Authority,
Youville Hospital Project, Ser B, RB,
FHA Callable 02/15/04 @ 102
6.125%, 02/15/15 125 128
Massachusetts State, Health &
Educational Facilities Authority,
Wellesley College, Ser G, RB
3.700%, 09/01/00 250 250
Massachusetts State, Housing Finance
Agency, Housing Project, Ser A, RB,
AMBAC Callable 04/01/03 @ 102
5.950%, 10/01/08 300 312
Massachusetts State, Housing Finance
Agency, Residential Development
Project, Ser E, RB, FNMA
Callable 11/15/02 @ 102 (D)
6.250%, 11/15/12 175 183
Massachusetts State, Housing Finance
Agency, Single-Family Housing
Project, Ser 44, RB
Callable 06/01/05 @ 102
5.900%, 12/01/13 405 416
Massachusetts State, Industrial
Finance Agency, Museum of Fine
Arts Boston Project, RB, MBIA
5.375%, 01/01/07 45 47
Massachusetts State, Industrial
Finance Agency, Philips Academy
Issue Project, RB
Callable 09/01/08 @ 102
5.375%, 09/01/23 355 347
Massachusetts State, Industrial
Finance Agency, Pollution Control
Authority, Boston Edison Project,
Ser A, RB Callable 02/01/04 @ 102
5.750%, 02/01/14 175 173
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Massachusetts State, Industrial
Finance Agency, Restoration
Recovery Authority, Odgen
Project, Ser A, RB
4.800%, 12/01/04 $ 150 $ 146
Massachusetts State, Industrial
Finance Agency, Springfield
College Project, RB
Callable 09/15/03 @ 102
5.625%, 09/15/10 100 101
Massachusetts State, Industrial
Finance Agency, Suffolk University
Project, RB, AMBAC
Callable 07/01/07 @ 102
5.500%, 07/01/08 150 158
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%, 02/15/08 200 210
Massachusetts State, Industrial
Finance Agency, Worcester
Polytechnic Institute Project, RB,
MBIA Callable 09/01/07 @ 102
5.125%, 09/01/12 370 372
Massachusetts State, Industrial
Finance Agency, Worcester
Polytechnic Institute Project,
Ser II, RB, MBIA
Callable 09/01/07 @ 102
5.100%, 09/01/10 100 102
Massachusetts State, Port Authority,
Ser A, RB
5.750%, 07/01/11 175 188
5.750%, 07/01/12 750 803
Massachusetts State, Ser A, GO
6.250%, 07/01/03 350 367
6.000%, 11/01/06 500 538
6.000%, 11/01/08 245 268
6.000%, 11/01/10 1,000 1,101
6.000%, 11/01/11 150 165
Massachusetts State, Consolidated
Loan, Ser A, GO
Pre-Refunded @ 100 (C)
6.500%, 06/01/02 85 89
6.000%, 06/01/02 100 103
Massachusetts State, Ser A, GO, AMBAC
5.750%, 08/01/09 150 162
Massachusetts State, Ser A, GO, FGIC
5.750%, 08/01/08 700 753
60
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Massachusetts State, Ser C, GO, FGIC
6.000%, 08/01/09 $ 850 $ 933
Massachusetts State, Special
Obligation, Ser A, RB
7.000%, 06/01/02 50 52
Massachusetts State, Turnpike
Authority, Ser A, RB ETM
5.000%, 01/01/13 500 496
Massachusetts State, Water Pollution
Authority, New Bedford Project,
Ser A, RB ETM
6.000%, 02/01/05 300 319
Massachusetts State, Water Pollution
Authority, Pool Loan Program,
Ser 4, RB
5.000%, 08/01/06 300 307
Massachusetts State, Water Pollution
Authority, Pool Program, Ser 5, RB
Callable 08/01/09 @ 101
5.375%, 08/01/11 200 208
Massachusetts State, Water Pollution
Authority, Ser A, RB
6.000%, 08/01/02 455 468
6.000%, 08/01/05 335 357
Massachusetts State, Water Resources
Authority, Ser A, RB, FGIC
6.125%, 08/01/11 550 609
Massachusetts State, Water Resources
Authority, Ser A, RB,
Pre-Refunded @ 102 (C)
6.750%, 07/15/02 500 531
Massachusetts State, Water Resources
Authority, Ser B, RB
Callable 03/01/03 @ 102
5.250%, 03/01/13 225 226
Massachusetts State, Water Resources
Authority, Ser B, RB, MBIA
6.250%, 12/01/11 600 673
Massachusetts State, Water Resources
Authority, Ser C, RB
6.000%, 12/01/11 275 300
5.200%, 12/01/05 185 190
New England, Education Loan
Marketing, Massachusetts Student
Loan Project, Ser A, RB
5.800%, 03/01/02 25 25
Norton, GO, FGIC
Callable 10/01/08 @ 101
4.750%, 10/01/18 60 55
Plymouth County, Correctional
Facility Project, COP, AMBAC
5.000%, 04/01/07 400 408
Quabbin, Regional School District,
Ser B, GO, FSA
4.250%, 06/15/10 200 189
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Route 3 North, Transport
Improvement Association,
RB, MBIA
5.500%, 06/15/10 $1,090 $ 1,162
Springfield, Municipal Purpose
Loan, GO, FSA
5.000%, 11/15/03 275 280
5.000%, 11/15/05 190 194
University of Massachusetts,
Building Authority, Ser B, RB
6.625%, 05/01/07 150 167
Upper Blackstone, Water Pollution
Authority District, GO, AMBAC
6.500%, 08/01/04 410 440
Worcester, Municipal Purpose Loan,
Ser A, GO, FSA
5.500%, 04/01/10 300 318
Worchester, GO, MBIA
5.750%, 08/01/07 35 37
--------
30,151
--------
PUERTO RICO-- 2.9%
Puerto Rico Commonwealth, GO,
MBIA
5.750%, 07/01/12 100 110
Puerto Rico Commonwealth, Public
Improvement, GO, FSA
5.500%, 07/01/12 100 108
Puerto Rico, Electric Power Authority,
Ser FF, RB, MBIA
5.250%, 07/01/14 255 262
Puerto Rico, Electric Power Authority,
Ser R, RB Pre-Refunded @ 101 (C)
6.250%, 07/01/02 150 158
Puerto Rico, Industrial Tourist
Educational Authority, Medical &
Environmental Control Facilities,
Ana G Mendez University System
Project, RB, Callable 02/01/09 @ 101
5.000%, 02/01/10 300 302
--------
940
--------
VIRGIN ISLANDS -- 1.3%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes,
Loan Note Project, Ser A, RB
5.625%, 10/01/10 400 409
--------
Total Municipal Bonds
(Cost $31,236) 31,500
--------
Total Investments -- 98.5%
(Cost $31,236) 31,500
--------
Other Assets and Liabilities, Net -- 1.5% 464
--------
61
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
MASSACHUSETTS MUNICIPAL
BOND FUND--CONCLUDED
------------------------------------------------------------------------------
VALUE (000)
------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 3,242,971 outstanding shares of
beneficial interest $ 31,828
Undistributed net investment income 2
Accumulated net realized loss on investments (130)
Net unrealized appreciation on investments 264
--------
Total Net Assets -- 100.0% $ 31,964
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $9.86
========
ACA AMERICAN CAPITAL ACCESS
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTCIPATION
ETM ESCROWED TO MATURITY
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING AUTHORITY
FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION
FSA FINANCIAL SECURITY ASSISTANCE
GAN GRANT ANTICIPATION NOTE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE ON THE STATEMENT OF NET ASSETS IS THE
RATE IN EFFECT ON AUGUST 31, 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) SECURITIES ARE COLLATERALIZED UNDER AN AGREEMENT FROM FNMA.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
NEW JERSEY MUNICIPAL
BOND FUND
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.1%
NEW JERSEY -- 88.8%
Atlantic City, Public Facilities Lease
Agreement, COP, FGIC
6.000%, 03/01/13 $1,000 $ 1,084
Bayonne, BAN
5.000%, 07/12/01 3,000 3,017
Bergen County, Utilities Authority,
Water Pollution Control Project,
Ser A, RB, FGIC Pre-Refunded
@ 100 (D)
5.500%, 06/15/02 1,000 1,020
Camden County, Municipal
Utilities Authority, RB, FGIC
Callable 07/15/06 @ 102
6.000%, 07/15/08 1,625 1,757
Delaware River, Port Authority of
Pennsylvania & New Jersey, RB,
FSA Callable 01/01/2010 @ 100
5.500%, 01/01/12 1,300 1,360
Essex County, Improvement Lease
Authority, City of Newark Project,
RB, AMBAC
4.450%, 04/01/09 450 442
Essex County, Improvement Lease
Authority, City of Newark Project,
RB, AMBAC Callable
04/01/09 @ 101
4.550%, 04/01/10 65 64
Essex County, Improvement Lease
Authority, Correctional Facility
Project, RB, FGIC
6.000%, 10/01/10 1,000 1,097
Essex County, Ser A-1, GO, FGIC
5.000%, 11/15/03 1,090 1,112
Highland Park, School District,
GO, MBIA Pre-Refunded @ 102 (D)
6.550%, 02/15/05 300 330
Hopewell Township, General
Improvement Authority, GO
4.000%, 09/01/01 45 45
Jackson Township, School District,
GO, FSA
4.500%, 12/15/00 500 500
Jersey City, Ser A, GO, AMBAC
5.000%, 10/01/02 500 507
Lafayette Yard, Community
Development Authority, Hotel/
Conference Center Project, RB, MBIA
5.125%, 04/01/09 230 237
62
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Lafayette Yard, Community
Development Authority, Hotel/
Conference Center Project, RB,
MBIA Callable 04/01/10 @ 101
6.125%, 04/01/16 $ 500 $ 538
5.250%, 04/01/12 540 556
Mantua Township, School District
Authority, GO, MBIA Callable
03/01/09 @ 100
5.700%, 03/01/12 850 901
5.700%, 03/01/13 350 368
Mount Holly, Municipal Utilities
Sewer Authority, RB, MBIA
Callable 12/01/09 @ 100
5.250%, 12/01/10 635 658
New Brunswick, GO, MBIA
3.600%, 07/15/01 85 84
New Jersey, Economic Development
Authority, Department of Human
Services Project, Ser A, RB
5.100%, 07/01/05 380 387
New Jersey, Economic Development
Authority, Eldorado Terminal
Authority Project, Ser A, RB (A) (B)
4.050%, 09/01/00 400 400
New Jersey, Economic Development
Authority, Harrogate Project,
Ser A, RB Callable 12/01/07 @ 102
5.650%, 12/01/08 200 198
New Jersey, Economic Development
Authority, Keswick Pines Project, RB
Callable 01/01/08 @ 100
5.600%, 01/01/12 500 443
New Jersey, Economic Development
Authority, Transportation Sublease
Project, Ser A, RB, FSA
5.000%, 05/01/08 1,010 1,033
New Jersey, Education Facilities
Authority, Higher Education
Project, Ser A, RB, AMBAC
5.125%, 09/01/02 1,000 1,014
New Jersey, Educational Facilities
Authority, Higher Education Trust
Fund, Ser A, RB, AMBAC
5.125%, 09/01/06 3,500 3,605
New Jersey, Educational Facilities
Authority, Montclair State College
Project, Ser E, RB, AMBAC
Pre-Refunded @ 101 (D)
6.500%, 07/01/01 1,000 1,028
New Jersey, Educational Facilities
Authority, Seton Hall University
Project, RB, AMBAC
5.250%, 07/01/09 1,050 1,093
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New Jersey, Healthcare Facilities
Financing Authority, Burdette
Tomlin Memorial Hospital Project,
RB Callable 07/01/09 @ 101
5.250%, 07/01/11 $ 535 $ 522
New Jersey, Healthcare Facilities
Financing Authority, Trinitas
Hospital Obligation Project, RB
6.500%, 07/01/01 725 727
New Jersey, Sports & Exposition
Authority, Ser C, RB, MBIA (A) (B)
4.150%, 09/08/00 25 25
New Jersey State, Economic
Development Authority, Arbor
Glen Project, Ser A, RB,
Pre-Refunded @ 102 (D)
8.750%, 05/15/06 870 1,066
New Jersey State, Economic
Development Authority,
Harrogate Project, Ser A, RB
5.550%, 12/01/07 400 394
New Jersey State, Economic Pollution
Control Authority, Exxon Project,
RB (A) (B)
3.450%, 09/01/00 100 100
New Jersey State, Educational
Facilities Authority, Capital
Improvement Fund, Ser A, RB
5.000%, 09/01/05 2,185 2,234
New Jersey State, Educational
Facilities Authority, Higher
Education Facilities Project,
Ser A, RB, AMBAC
5.125%, 09/01/03 500 510
New Jersey State, Educational
Facilities Authority, Seton Hall
University Project, Ser A, RB, FGIC
6.100%, 07/01/01 40 41
New Jersey State, GO
6.500%, 07/15/04 3,000 3,217
New Jersey State, GO
Pre-Refunded @ 101.5 (D)
6.800%, 09/15/01 550 572
New Jersey State, Healthcare
Facilities Financing Authority,
Palisades Medical Center Project,
RB Callable 07/01/09 @ 101
4.800%, 07/01/10 615 589
New Jersey State, Transportation
Authority, Ser A, COP, AMBAC
5.000%, 09/15/01 225 227
63
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
NEW JERSEY MUNICIPAL BOND FUND--CONCLUDERD
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New Jersey State, Transportation
Authority, Transportation System
Project, Ser A, RB
5.250%, 06/15/07 $1,000 $ 1,038
New Jersey State, Transportation
Trust Fund, Transportation
System Project, Ser A, RB
5.000%, 06/15/08 1,140 1,166
New Jersey State, Transportation
Trust Fund, Transportation
System Project, Ser A, RB
Callable 06/15/08 @ 100
5.250%, 06/15/11 2,000 2,048
New Jersey State, Turnpike
Authority, Ser A, RB, MBIA
5.750%, 01/01/10 1,000 1,074
5.250%, 01/01/05 2,000 2,060
New Jersey State, Turnpike
Authority, Ser C, RB, MBIA
6.500%, 01/01/09 2,000 2,245
Oakland, GO, FSA
4.050%, 12/01/00 225 225
Port Authority of New York &
New Jersey, Versatile Structure
Obligation Project, Ser 2,
RB (A) (B) (C)
4.050%, 09/01/00 400 400
Rahway, COP, MBIA
Callable 02/15/10 @ 101
5.300%, 02/15/12 450 462
Rahway, COP, MBIA
Callable 02/15/10 @ 102
5.400%, 02/15/13 475 487
Rahway, COP, MBIA
Callable 02/15/10 @ 103
5.500%, 02/15/15 525 537
Readington Township, GO
5.250%, 04/15/03 125 128
Trenton, GO, FGIC
5.100%, 01/01/12 1,800 1,829
Union City, Industrial Pollution
Control Authority, Exxon
Project, RB (A) (B)
3.500%, 09/01/00 500 500
West Orange, GO,
Callable 02/15/10 @ 100
5.450%, 02/15/13 980 1,007
Wildwood, GO, FSA
5.400%, 09/15/01 575 581
--------
50,889
--------
PUERTO RICO -- 1.9%
Puerto Rico, Financing Agency
Authority, Ser B, GO, FSA
Callable 08/01/09 @ 101
5.750%, 08/01/12 1,000 1,084
--------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
VIRGIN ISLANDS -- 7.4%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes
Loan Note Project, Ser A, RB
5.625%, 10/01/10 $2,000 $ 2,045
4.200%, 10/01/00 570 570
Virgin Islands, Public Finance
Authority, Sub-Lien Fund Loan
Notes, Ser D, RB
5.500%, 10/01/01 1,600 1,606
-------
4,221
-------
Total Municipal Bonds
(Cost $55,476) 56,194
-------
Total Investments -- 98.1%
(Cost $55,476) 56,194
-------
Other Assets and Liabilities, Net -- 1.9% 1,078
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 5,758,233 outstanding shares of
beneficial interest 56,952
Undistributed net investment income 1
Accumulated net realized loss on investments (399)
Net unrealized appreciation on investments 718
-------
Total Net Assets -- 100.0% $57,272
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $9.95
=======
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
BAN BOND ANTICIPATION NOTE
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
(A) FLOATING RATE SECURITY -- THE RATE ON THE STATEMENT OF NET ASSETS IS THE
RATE IN EFFECT ON AUGUST 31, 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
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.
64
<PAGE>
--------------------------------------------------------------------------------
NEW YORK MUNICIPAL BOND FUND
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.8%
NEW YORK -- 97.2%
Albany, Municipal Water Finance
Authority, Water & Sewer
Systems Project, Ser A, RB, FGIC
5.500%, 12/01/09 $ 125 $ 132
Arlington County, Central School
District Project, Ser B, GO, FGIC
6.000%, 12/15/02 250 259
Erie County, GO, FGIC
5.000%, 11/01/04 200 205
Long Island, Power Authority, New
York Electric Systems Project,
Ser A, RB, FSA
5.500%, 12/01/13 1,475 1,549
Long Island, Power Authority, New
York Electric Systems Project,
Sub-Ser 8-F, RB, MBIA
5.000%, 04/01/11 200 205
Nassau County, General
Improvement, Ser Y, GO, FGIC
5.000%, 03/01/08 200 204
Nassau County, Industrial
Development Authority, Hofstra
University Project, RB, MBIA
5.250%, 07/01/08 100 104
5.250%, 07/01/10 475 495
5.250%, 07/01/12 130 134
Nassau County, Ser A, GO, FGIC
5.500%, 07/01/06 60 63
Nassau County, Tobacco Authority,
New York Asset Backed Project,
Ser A, RB Callable 07/15/09 @ 101
5.875%, 07/15/16 100 102
New York City, GO Callable
09/01/00 @ 100 (A) (B) (C)
4.300%, 09/01/00 100 100
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%, 07/01/23 500 458
New York City, Metropolitan
Transportation Authority,
Commuter Facilities Project,
Ser C-1, RB, FGIC
6.000%, 07/01/07 140 152
New York City, Municipal Assistance
Authority, Ser E, RB
Callable 07/1/06 @ 101
5.125%, 07/01/07 500 516
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York City, Municipal
Assistance Authority, Ser G, RB
6.000%, 07/01/05 $ 475 $ 506
6.000%, 07/01/06 425 457
6.000%, 07/01/07 225 244
New York City, Municipal
Assistance Authority, Ser J, RB
6.000%, 07/01/04 750 791
New York City, Municipal Assistance
Authority, Ser N, RB
5.000%, 07/01/06 250 256
New York City, Municipal
Assistance Authority, Ser O, RB
5.250%, 07/01/07 500 520
New York City, Municipal Water
Finance Authority, Water & Sewer
System Project, Ser A, RB
6.000%, 06/15/09 1,000 1,094
New York City, Municipal Water
Finance Authority, Water & Sewer
System Project, Ser A, RB, AMBAC
5.875%, 06/15/13 750 816
New York City, Municipal Water
Finance Authority, Water & Sewer
System Project, Ser A, RB, FGIC
6.000%, 06/15/10 1,000 1,095
New York City, Municipal Water
Finance Authority, Water & Sewer
System Project, Ser C, RB (A) (B) (C)
4.200%, 09/01/00 200 200
New York City, Municipal Water
Finance Authority, Water & Sewer
System Project, Ser D, RB
5.000%, 06/15/08 200 205
New York City, Ser A, GO
5.250%, 08/01/08 500 514
New York City, Ser A, GO
Pre-Refunded @ 101.5 (D)
7.750%, 08/15/01 250 262
New York City, Ser B, FSA, GO
8.250%, 06/01/07 1,000 1,209
New York City, Ser B, GO
Callable 02/01/02 @ 101.5
7.500%, 02/01/07 300 316
New York City, Ser B, GO
Pre-Refunded @ 101 (D)
7.250%, 08/15/04 125 139
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, Ser C, Sub-Ser C-1,
GO Pre-Refunded @ 101.5 (D)
7.500%, 08/01/02 185 198
65
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
NEW YORK MUNICIPAL BOND FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York City, Ser G, GO, MBIA
5.000%, 08/01/06 $ 375 $ 384
New York City, Ser J, GO, FGIC
5.250%, 08/01/07 190 198
New York City, Ser L, GO, MBIA
8.000%, 08/01/06 750 882
New York City, Sub-Ser E, GO (A) (B) (C)
4.300%, 09/01/00 300 300
New York City, Sub-Ser E2, GO
Callable 09/01/00 @ 100 (A) (B) (C)
4.300%, 09/01/00 100 100
New York City, Sub-Ser E5,
GO (A) (B) (C)
4.300%, 09/01/00 100 100
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser A, RB
5.000%, 11/15/07 325 334
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser A, RB
Callable 08/15/07 @ 101
5.000%, 08/15/11 300 302
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB
Callable 05/15/08 @ 101
5.000%, 11/15/09 305 312
4.750%, 11/15/23 750 660
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB
Callable 05/01/09 @ 101
5.125%, 11/01/10 300 309
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser B, RB
Callable 05/15/10 @ 101
6.000%, 11/15/10 500 550
New York City, Transitional Finance
Authority, Future Tax Secured
Project, Ser C, RB
Callable 05/01/09 @ 101
5.250%, 05/01/12 125 128
New York City, Transportation
Facilities Authority, Livingston
Plaza Project, RB, FSA
5.400%, 01/01/18 105 106
New York City, Transportation
Facilities Authority, Ser A, COP,
AMBAC
5.625%, 01/01/10 435 464
New York State, Battery Park City,
Ser A, RB, Callable 11/01/03 @ 102
5.000%, 11/01/08 60 61
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, Commander
General Services Executive
Department, COP
5.000%, 02/01/04 $ 300 $ 304
New York State, Dormitory
Authority, City University
System, FGIC
5.750%, 07/01/12 1,000 1,074
New York State, Dormitory
Authority, Culinary Institute of
America, RB, MBIA
5.000%, 07/01/06 545 559
New York State, Dormitory
Authority, La Salle 1 Project,
Ser B, RB, AMBAC
5.000%, 07/01/06 130 133
New York State, Dormitory
Authority, Mental Health Services
Facilities Project, RB, AMBAC
5.250%, 08/15/09 385 400
New York State, Dormitory
Authority, Mental Health Services
Facilities Project, Ser B, RB
6.500%, 08/15/08 250 277
6.500%, 08/15/09 400 447
New York State, Dormitory Authority,
Mental Health Services Facilities
Project, Ser D, RB, MBIA
5.000%, 08/15/05 150 153
New York State, Dormitory Authority,
Mental Health Services Facilities
Project, Ser G, RB, AMBAC,
Callable 08/15/08 @ 101
4.500%, 08/15/18 275 240
New York State, Dormitory Authority,
Montefiore Medical Center
Project, RB, AMBAC
5.750%, 08/01/07 500 532
New York State, Dormitory Authority,
Municipal Health Facilities
Improvement Project, Ser 1, RB, FSA
5.000%, 01/15/08 590 600
New York State, Dormitory Authority,
New York University Project,
Ser A, RB, MBIA
6.000%, 07/01/19 100 108
New York State, Dormitory Authority,
Presbyterian Hospital Project,
RB, AMBAC
5.500%, 02/01/09 300 313
5.500%, 08/01/09 500 522
New York State, Dormitory Authority,
Presbyterian Hospital Project,
RB, AMBAC Callable 02/01/08 @ 101
4.400%, 08/01/13 440 432
66
<PAGE>
-------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, Dormitory
Authority, Rochester Institute of
Technology Project, RB, MBIA
6.000%, 07/01/07 $ 300 $ 325
New York State, Dormitory
Authority, Ryan/Clinton
Community Health Project, RB
5.400%, 07/01/09 250 252
New York State, Dormitory
Authority, Saint John's University
Project, RB, MBIA
Callable 07/01/08 @ 101
5.000%, 07/01/10 230 234
New York State, Dormitory Authority,
Secondary Hospital Project,
Ser F, RB, MBIA
5.125%, 02/15/08 250 256
New York State, Dormitory Authority,
Ser E, RB, AMBAC
5.250%, 07/01/06 205 213
New York State, Dormitory
Authority, State University Athletic
Facility Project, RB, MBIA
Callable 07/01/08 @ 101
5.250%, 07/01/13 100 101
New York State, Energy Research &
Development Authority, State
Electric & Gas Project, RB (A) (B) (C)
4.200%, 09/01/00 100 100
New York State, Energy Research &
Development Authority, Pollution
Control, Electric & Gas
Project, Ser E, RB, MBIA
5.900%, 12/01/06 1,000 1,075
New York State, Energy Research &
Development Authority, Pollution
Control, New York Electric & Gas
Project, RB (A) (B) (C)
4.200%, 09/01/00 300 300
New York State, Environmental
Facilities Authority, Corporate
Pollution Control Project, RB
5.750%, 06/15/08 385 414
5.750%, 06/15/09 400 431
New York State, Environmental
Facilities Authority, Municipal Water
Project, RB
5.750%, 06/15/10 500 539
New York State, General Services
Executive Department Project, COP
5.000%, 09/01/02 500 504
New York State, GO
6.500%, 03/15/05 100 108
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, GO
Callable 07/15/06 @ 101
5.200%, 07/15/07 $ 100 $ 103
New York State, Highway
Authority, Ser E, RB
Callable 01/01/08 @ 101
5.000%, 01/01/25 500 458
New York State, Housing Finance
Authority, Hospital and Healthcare
Project, Ser A, RB, MBIA
Callable 11/01/08 @ 101
5.000%, 11/01/11 95 95
New York State, Industrial
Development Authority,
Nightingale-Bamford School
Project, RB Callable 01/15/03 @ 102
5.850%, 01/15/20 765 772
New York State, Local Government
Assistance, Ser A, RB, AMBAC
6.000%, 04/01/06 150 161
5.000%, 04/01/04 325 331
New York State, Local Government
Assistance, Ser B, GO
Pre-Refunded @ 102 (D)
6.000%, 04/01/02 150 157
New York State, Local Government
Assistance, Ser C, GO
Pre-Refunded @ 102 (D)
6.250%, 04/01/02 500 524
New York State, Local Government
Assistance, Ser C, RB
Pre-Refunded @ 102 (D)
5.700%, 04/01/02 150 156
New York State, Medical Care
Facility Finance Agency, Mental
Health Services Facilities Project,
Ser C, RB, MBIA
5.250%, 08/15/03 375 383
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, RB, MBIA
5.750%, 07/01/08 1,000 1,070
New York State, Metropolitan
Transportation Authority,
Ser A, GO Pre-Refunded @ 101.5 (D)
6.375%, 07/01/04 500 542
New York State, Metropolitan
Transportation Authority, Ser O, RB
5.750%, 07/01/13 325 340
67
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
NEW YORK MUNICIPAL BOND FUND--CONCLUDED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, Mortgage Agency
Authority, Homeowner Mortgage
Project, Ser 35, RB, FHA
Callable 03/01/04 @ 102
5.300%, 10/01/16 $ 460 $ 460
New York State, Mortgage Agency
Authority, Homeowner Mortgage
Project, Ser 87, RB
Callable 09/01/09 @ 100
5.150%, 04/01/17 795 796
New York State, Mortgage Agency,
26th Ser, RB Callable 07/01/10 @ 100
5.350%, 10/01/16 450 454
New York State, Municipal Assistance,
Ser M, RB
5.500%, 07/01/08 250 264
New York State, Ser D, GO, AMBAC
Callable 07/15/08 @ 101
5.000%, 07/15/12 150 150
New York State, Ser D, GO, FGIC
5.250%, 08/01/06 100 104
New York State, Ser F, GO
5.000%, 09/15/06 100 102
New York State, Ser F, GO, AMBAC
5.500%, 09/15/08 750 794
New York State, Thruway Authority,
Highway and Bridge Transportation
Project, Ser A, RB, MBIA
6.250%, 04/01/04 100 106
New York State, Thruway Authority,
Highway and Bridge Transportation
Project, Ser B, RB, FSA
Callable 04/01/07 @ 101
5.000%, 04/01/17 150 143
New York State, Thruway Authority,
Highway and Bridge Transportation
Project, Ser B, RB, MBIA
6.000%, 04/01/05 225 239
New York State, Thruway Authority,
Local Highway and Bridge Service
Contract, RB, MBIA
6.000%, 04/01/07 950 1,027
New York State, Thruway Authority,
Local Highway and Bridge Service
Contract, Ser A, RB, AMBAC
6.000%, 04/01/07 1,000 1,081
New York State, Transitional Finance
Authority, Future Tax Secured,
Ser B, RB Callable 05/15/10 @ 101
6.000%, 11/15/11 750 821
New York State, Triborough Bridge
and Tunnel Authority, General
Purpose Project, Ser Y, RB
5.800%, 01/01/06 175 186
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
New York State, Triborough Bridge
and Tunnel Authority, Ser A, RB,
MBIA Callable 01/01/09 @ 101
5.125%, 01/01/14 $ 175 $ 174
New York State, Triborough Bridge
and Tunnel Authority, Ser X, RB
6.625%, 01/01/12 160 183
New York State, Urban Development
Authority, Center For Industrial
Innovation Project, RB
5.300%, 01/01/04 405 414
New York State, Urban Development
Authority, Community
Enhancement Facilities Project,
RB, AMBAC
5.000%, 04/01/07 300 308
New York State, Urban Development
Authority, Community
Enhancement Facilities, Ser A, RB
5.000%, 04/01/05 250 253
New York State, Urban Development
Authority, Correctional Capital
Facilities, RB, AMBAC
5.500%, 01/01/09 200 211
New York State, Urban Development
Authority, Correctional Facilities
Project, Ser 6, RB
6.000%, 01/01/02 250 255
New York State, Urban Development
Authority, Correctional Facilities
Services Contract Project,
Ser B, RB, AMBAC
5.000%, 01/01/08 200 205
New York State, Urban Development
Authority, State Facilities Project, RB
6.250%, 04/01/03 100 104
6.250%, 04/01/05 100 106
New York, Sub-Ser E6,
GO FGIC (A) (B)
4.300%, 09/01/00 100 100
Oneida County, Public Improvement
Authority, GO, AMBAC
Callable 04/15/08 @ 101
5.000%, 04/15/09 700 715
Pelham, Union Free School District, GO
6.000%, 07/15/05 125 133
Steuben County, Public Improvement
Authority, RB, AMBAC
5.375%, 05/01/01 200 202
Suffolk County, Public Improvement
Project, Ser A, GO, MBIA
5.625%, 05/01/08 1,310 1,402
Syracuse, Ser B, GO, FSA
5.000%, 10/01/05 200 205
68
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
TSASC, Inc., New York Tfabs, Ser 1,
RB Callable 07/15/09 @ 101
6.000%, 07/15/19 $ 500 $ 504
West Chester County, Dormitory
Authority, Lease Court
Facilities Project, RB
5.000%, 08/01/08 140 143
Yonkers, Ser A, GO, AMBAC
Callable 06/01/09 @ 101
5.000%, 12/01/10 390 394
-------
47,889
-------
PUERTO RICO -- 0.8%
Puerto Rico, Industrial Educational,
Medical and Environmental
Control Facilities Authority,
Ana G. Mendez University
Systems Project, RB
5.000%, 02/01/03 400 406
-------
VIRGIN ISLANDS -- 0.8%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes
Loan Note Project, Ser A, RB
5.625%, 10/01/10 400 409
-------
Total Municipal Bonds
(Cost $48,318) 48,704
-------
Total Investments -- 98.8%
(Cost $48,318) 48,704
-------
Other Assets and Liabilities, Net -- 1.2% 595
-------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 4,949,273 outstanding shares of
beneficial interest 48,887
Undistributed net investment income 3
Accumulated net realized gain on investments 23
Net unrealized appreciation on investments 386
-------
Total Net Assets -- 100.0% $49,299
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $9.96
=======
AMBAC AMERICAN BOND MUNICIPAL ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
FGIC FINANCIAL GUARANTY INSURANCE COMPANY
FHA FEDERAL HOUSING ADMINISTRATION
FSA FINANCIAL SECURITY ASSISTANCE
GO GENERAL OBLIGATION
MBIA MUNICIPAL BOND INSURANCE ASSOCIATION
RB REVENUE BOND
SER SERIES
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
(A) FLOATING RATE SECURITY -- THE RATE REFLECTED ON THE STATEMENT OF NET ASSETS
IS THE RATE IN EFFECT ON AUGUST 31, 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 -- 98.9%
CALIFORNIA -- 87.4%
ABAG, Financial Authority for
Non-Profit Channing House
Project, RB
4.900%, 02/15/09 $ 780 $ 787
4.649%, 02/15/06 585 589
ABAG, Financial Authority for
Non-Profit United Dominion
Multi-Family Housing
Project, Ser B, RB
6.250%, 08/15/30 2,000 2,117
ABAG, Financial Authority for
Non-Profit YMCA San Francisco
Refinancing Project,
Ser A, COP, ACA Insured
4.400%, 10/01/06 100 100
4.300%, 10/01/05 100 99
4.200%, 10/01/04 100 99
Adelanto, Public Utility Authority,
Utility Systems Project,
Ser A, RB (C)
4.450%, 11/01/35 2,000 2,005
Alameda County, Santa Rita
Jail Project, COP, MBIA
Callable 12/01/03 @ 102
5.700%, 12/01/14 1,150 1,202
Alameda, Public Financing
Authority, RB
Callable 03/02/01 @ 102
4.600%, 09/02/03 500 501
Bret Harte, Unified High School
District Authority, Capital
Improvements Project, RB, FSA
4.900%, 11/01/07 1,250 1,306
3.900%, 09/01/03 80 80
69
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
CALIFORNIA MUNICIPAL BOND FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Calabasas, Community Facilities
District 98-1, Special Tax
5.200%, 09/01/07 $ 150 $ 150
5.100%, 09/01/06 100 100
5.000%, 09/01/05 200 199
California, Educational Facilities
Authority, Heald Colleges Project, RB
4.600%, 02/15/06 295 295
4.400%, 02/15/04 245 244
California, Educational Facilities
Authority, Heald Colleges Project,
RB Callable 02/15/06 @ 102
4.700%, 02/15/07 305 305
California, Educational Facilities
Authority, Loyola Marymount
Capital Appreciation Project, Zero
Coupon, RB, MBIA
0.000%, 10/01/08 2,765 1,932
California, Educational Facilities
Authority, Pooled Colleges &
Universities Project, Ser B, RB
4.600%, 04/01/07 500 498
4.500%, 04/01/06 480 477
4.300%, 04/01/04 2,000 1,992
California, Educational Facilities
Authority, University of San Diego
Project, Zero Coupon, RB, AMBAC
0.000%, 10/01/09 725 482
California, Health Facilities,
Financing Authority, Downey
Community Hospital Project, RB
5.100%, 05/15/02 155 155
California, Pollution Control Finance
Authority, Pacific Gas & Electric
Project, RB (A) (B) (C)
3.500%, 09/01/00 2,500 2,500
California, Resources Efficiency
Financing Authority, Capital
Improvement Project, COP, AMBAC
6.000%, 04/01/09 1,420 1,594
California, Statewide Communities
Development Authority, John
Muir/Mount Diablo Health
Project, COP, AMBAC (A) (B)
3.350%, 09/01/00 2,500 2,500
California, Statewide Community
Development Authority, LA
Orthopaedic Hospital Foundation
Project, RB, AMBAC
5.000%, 06/01/06 1,085 1,122
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
California, Statewide Community
Development Authority, LA
Orthopaedic Hospital Foundation
Project, RB, AMBAC
Callable 06/01/07 @ 102
5.125%, 06/01/09 $1,000 $ 1,045
California, Statewide Community
Development Authority, LA
Orthopaedic Hospital Foundation
Project, RB, AMBAC
Callable 06/01/07 @ 103
5.125%, 06/01/11 1,390 1,444
California, Statewide Communities
Development Authority, Multi-
Family Housing Project, RB
5.200%, 12/01/29 2,150 2,155
California State, Department of
Water Resources, Central Valley
Water System, Ser 6, RB
Callable 06/01/03 @ 101.5
5.650%, 12/01/11 1,125 1,173
California State, Department of
Water, Central Valley Project,
Ser L, RB Callable 06/01/03
@ 101.5
5.750%, 12/01/13 3,255 3,397
California State, GO
5.750%, 10/01/08 1,035 1,142
California State, GO, MBIA
5.500%, 04/01/10 1,000 1,090
California State, Public Works Board,
Department of Corrections State
Prison Project, Ser E, RB, MBIA
6.000%, 06/01/10 1,500 1,691
California State, University Housing
System, RB, FGIC
Callable 11/01/05 @ 102
5.700%, 11/01/13 2,655 2,821
Central Valley, School District
Financing Authority, Ser A, Zero
Coupon, RB, MBIA
0.000%, 02/01/08 485 349
Chaffey, Community College
District, COP
4.300%, 09/01/06 295 294
Coalinga, Public Financing Authority,
Senior Lien Project, Ser A,
RB, AMBAC
5.500%, 09/15/08 625 679
70
<PAGE>
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Corona-Norco, Unified School
District, Ser B, Zero Coupon,
GO, FSA
0.000%, 09/01/09 $ 950 $ 634
0.000%, 09/01/10 1,100 696
0.000%, 09/01/11 500 297
0.000%, 09/01/12 1,005 563
0.000%, 09/01/13 1,000 526
Culver City, Redevelopment
Financing Authority, Ser A, TA, FSA
4.500%, 11/01/07 775 790
Culver City, Redevelopment
Financing Authority, Ser B, TA
4.800%, 11/01/04 435 430
4.700%, 11/01/03 320 318
4.500%, 11/01/02 100 100
Duarte, Ser A, COP
4.625%, 04/01/07 150 142
Duarte, Unified School District,
Capital Appreciation, Ser B,
Zero Coupon, GO, FSA
0.000%, 11/01/09 740 490
El Monte, Department of Public
Social Services Facilities, COP,
AMBAC
4.100%, 06/01/08 500 496
El Rancho, Unified School District,
Capital Appreciation Project,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/05 285 230
El Rancho, Unified School District,
Ser B, Zero Coupon, GO, FGIC
0.000%, 08/01/04 200 169
Fairfield, Housing Authority,
Creekside Estates Mobile Project, RB
5.150%, 09/01/07 220 215
5.050%, 09/01/06 265 259
Folsom, Community Correctional
Facility, COP
5.000%, 10/01/06 1,000 1,020
Fontana, Community Facility District,
Ser A, Special Tax, FSA
4.800%, 09/01/09 1,110 1,153
Fontana, Redevelopment Agency,
Jurupa Hills Redevelopment
Project, Ser A, TA
5.100%, 10/01/09 360 367
4.900%, 10/01/07 1,345 1,357
Fontana, Redevelopment Agency,
Jurupa Hills Redevelopment
Project, Ser A, TA
Callable 10/01/09 @ 101
5.200%, 10/01/10 1,615 1,641
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Foothill, Eastern Corridor Agency,
Toll Road Project, RB
5.000%, 01/15/05 $2,000 $ 2,023
Foothill, Eastern Corridor Agency,
Toll Road Project, RB, MBIA
4.375%, 01/15/07 1,520 1,541
Fresno, Joint Powers Financing
Authority, Cab's Project, Zero
Coupon, RB, AMBAC
0.000%, 09/01/07 250 183
Golden West, Schools Financing
Authority, Capital Appreciation
Project, Ser A, Zero Coupon,
GO, MBIA
0.000%, 02/01/10 640 415
Golden West, Schools Financing
Authority, Refunding Project,
Ser A, GO, MBIA
6.450%, 08/01/09 250 289
Hanford, Joint Unified School
District, Ser B, Zero Coupon,
GO, MBIA
0.000%, 08/01/09 720 482
0.000%, 08/01/10 730 463
0.000%, 08/01/11 725 433
Hawthorne, School District,
Ser B, Zero Coupon,
GO, FGIC
0.000%, 11/01/09 500 330
Intermodal, Container Transfer
Facility, Joint Power Authority,
Ser A, RB, AMBAC
5.000%, 11/01/10 1,465 1,540
4.500%, 11/01/06 1,000 1,020
Lake Elsinore, Public Financing
Authority, Local Agency Project,
Ser G, RB
5.100%, 09/02/04 200 203
Lodi, Electric Systems Authority,
Ser B, Zero Coupon,
COP, MBIA
Callable 01/15/09 @ 90.350
0.000%, 01/15/11 1,000 603
Long Beach, Building Financing
Authority, Rainbow Harbor
Refinancing Project, Ser A,
RB, AMBAC
4.750%, 05/01/08 1,140 1,180
Los Angeles County, Schools Pooled
Financing Program, Ser A, COP
5.100%, 09/01/09 830 873
5.000%, 09/01/08 625 652
71
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 1999
CALIFORNIA MUNICIPAL BOND FUND--CONTINUED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Los Angeles, American Academy
Dramatic, Ser A, COP (C)
4.700%, 11/01/30 $1,300 $ 1,316
Los Angeles, Community
Redevelopment Authority,
Bunker Hill Project, TA, FSA
6.500%, 12/01/14 2,125 2,303
Los Angeles, Community
Redevelopment Authority,
Cinerama Dome Public Parking
Project, RB, ACA Insured
4.700%, 07/01/05 510 513
4.700%, 07/01/06 505 507
Los Angeles, Department of Public
Social Services, Ser A, COP, AMBAC
4.750%, 08/01/07 715 740
Los Angeles, Department of Public
Social Services, Ser A, COP, AMBAC
Callable 08/01/09 @ 101
5.000%, 08/01/10 600 630
Los Angeles, Ser B, GO
Callable 09/01/09 @ 101
5.375%, 09/01/15 1,230 1,275
Los Angeles, Sonnelblick Del Rio
West, COP, AMBAC
5.375%, 11/01/10 2,130 2,303
5.000%, 11/01/05 1,470 1,532
Los Angeles, State Building
Authority, California Department
of General Services, Ser A, RB
5.500%, 05/01/07 1,210 1,293
Los Angeles, State Building
Authority, Ser A, RB
4.800%, 10/01/09 1,000 1,030
Los Angeles, Unified School
Districts, Ser C, GO
4.375%, 07/01/07 1,000 1,013
Los Angeles, Utility Authority,
Department of Water & Power,
RB Callable 02/15/05 @ 101
5.250%, 02/15/11 1,440 1,487
Midpeninsula, Regional Open Space
District, Financing Authority,
RB, AMBAC
4.200%, 09/01/09 1,005 999
Mountain Empire, Unified School
District, Ser A, GO, MBIA
3.950%, 09/01/06 65 64
Northern, Public Power Agency,
Hydroelectric Project No. 1,
Ser A, RB, MBIA
Callable 07/01/02 @ 102
6.250%, 07/01/12 1,450 1,528
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Oak Park, Unified School District,
Zero Coupon, GO, FSA
Callable 07/01/02 @ 102
0.000%, 05/01/11 $1,610 $ 974
Orange County, Sanitation District
1, 2 & 3 - Capital Improvement,
COP, AMBAC (A) (B) (C)
3.600%, 09/01/00 1,500 1,500
Paramount, Redevelopment Agency,
Custodial Receipts, TA, MBIA
Callable 08/01/03 @ 102
6.250%, 08/01/11 500 536
6.250%, 08/01/13 1,335 1,425
6.250%, 08/01/14 1,485 1,582
6.250%, 08/01/15 2,000 2,125
Pinole, Redevelopment Agency,
Pinole Vista Redevelopment
Project, RB, FSA
4.700%, 08/01/08 835 862
Pittsburgh, Redevelopment Agency,
Los Medanos Community
Development Project, TA, AMBAC
5.050%, 08/01/09 500 528
California State, Pollution Control
Financing Authority, Southern
California Edison Project,
Ser D, RB (A) (B)
3.600%, 09/01/00 1,000 1,000
Poway, Redevelopment Agency,
Paguay Redevelopment Project,
RB Callable 06/15/00 @ 100.5
4.750%, 12/15/03 2,000 2,000
Redding, Joint Powers Financing
Authority, Ser A, RB, MBIA
Callable 06/01/06 @ 102
5.500%, 06/01/11 2,200 2,351
Richmond, Joint Powers Financing
Authority, Port Terminal Lease
Project, RB
4.350%, 06/01/06 1,100 1,096
4.250%, 06/01/05 585 581
Riverside County, Community
Facilities District No. 84-2,
Special Tax
4.050%, 09/01/00 300 300
Riverside County, Public Financing
Authority, RB
5.400%, 05/15/09 3,800 3,791
72
<PAGE>
-------------------------------------------------------------------------------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Riverside, Redevelopment
Authority, Casa Blanca
Redevelopment Project,
Ser A, TA, AMBAC
4.100%, 08/01/08 $ 385 $ 382
Riverside, Redevelopment
Authority, Casa Blanca
Redevelopment Project, Ser A,
TA, AMBAC
Callable 08/01/08 @ 102
4.300%, 08/01/10 305 303
Riverside, Redevelopment Authority,
University Corridor Project,
Ser A, TA, AMBAC
4.300%, 08/01/10 380 378
4.200%, 08/01/09 335 333
4.100%, 08/01/08 300 298
4.000%, 08/01/07 175 173
Sacramento, Cogeneration Authority,
Procter & Gamble Project, RB, MBIA
7.000%, 07/01/05 1,500 1,684
Sacramento, Municipal Utility
District, Electrical Project, Ser A,
RB, MBIA
Callable 08/15/02 @ 100
5.750%, 08/15/13 4,650 4,766
Sacramento, Redevelopment Agency,
Merged Downtown
Redevelopment Project,
Ser A, TA, FSA
4.500%, 11/01/08 1,500 1,528
Sacramento, Sanitation District
Authority, Ser A, RB
5.750%, 12/01/06 1,000 1,086
San Bernardino, Redevelopment
Agency, San Sevaine
Redevelopment Project, Ser A, TA
5.900%, 09/01/06 315 324
5.800%, 09/01/05 315 322
5.700%, 09/01/04 200 204
San Bernardino, Unified School
District, Ser B, Zero Coupon,
GO, FGIC
0.000%, 08/01/07 915 676
San Bruno Park, Unified School
District, Zero Coupon, GO, FGIC
0.000%, 08/01/11 935 549
0.000%, 08/01/12 715 396
San Diego County, Burham Institute
Project, COP
5.150%, 09/01/06 1,300 1,339
4.800%, 09/01/03 600 606
4.700%, 09/01/02 200 201
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
San Diego, Public Facility Financing
Authority, Lien Reassessment
Project, Ser A, RB, AMBAC
4.100%, 09/02/09 $ 720 $ 711
San Diego, Redevelopment Agency,
Center City Redevelopment
Project, Ser A, RB
5.450%, 09/01/09 175 181
5.350%, 09/01/08 175 181
San Diego, Regional Building
Authority, Reserve 1, RB
Pre-Refunded @ 102 (D)
5.650%, 05/01/03 3,000 3,176
San Diego, Unified School District,
Ser A, Zero Coupon, GO, FGIC
0.000%, 07/01/05 1,000 811
0.000%, 07/01/12 3,000 1,699
0.000%, 07/01/14 1,670 831
San Francisco Bay Area, Bridge Toll,
TRAN, ACA Insured
5.750%, 02/01/07 2,725 2,909
5.000%, 02/01/06 500 514
4.900%, 02/01/05 750 765
San Francisco City & County,
Airport Unrefunded Balance,
Issue 4, RB, MBIA
Callable 05/01/03 @ 102
6.000%, 05/01/14 2,095 2,205
San Francisco State, University
Foundation Student Housing,
RB, ACA Insured
4.500%, 07/01/07 365 365
4.400%, 07/01/06 425 423
San Joaquin County, Capital Facility
Project, COP, MBIA
5.500%, 11/15/13 2,000 2,165
San Joaquin County, General
Hospital Project, COP, MBIA
4.250%, 09/01/08 1,000 999
San Joaquin Hills, Transportation
Authority, Junior Lien Cabs Project,
Zero Coupon, RB, ETM
0.000%, 01/01/09 2,000 1,363
San Jose, Redevelopment Agency,
Merged Area Redevelopment
Project, Ser B, TA
Callable 08/01/03 @ 102
5.750%, 08/01/11 1,000 1,050
San Marcos, Public Facilities
Authority, Senior Tax Increment
Project Area 3, Ser A, TA, MBIA
4.900%, 10/01/07 650 667
73
<PAGE>
STATEMENT OF NET ASSETS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
CALIFORNIA MUNICIPAL BOND FUND--CONCLUDED
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
Sanger, Unified School District,
GO, MBIA
5.200%, 02/01/06 $ 720 $ 757
Santa Maria, Water System
Project, COP, FGIC
Callable 08/01/02 @ 102
5.500%, 08/01/13 1,250 1,291
Saratoga, Unified School District,
GO, MBIA
4.100%, 09/01/07 150 149
South Orange County, Public
Financing Authority, RB, FSA
4.700%, 09/02/07 845 871
South Orange County, Public
Financing Authority, Ser A, RB, FSA
4.750%, 08/15/09 1,000 1,035
Southern California, Public Power
Authority Trust, Southern
Transmission Project, Ser A, RB,
MBIA Callable 07/01/08 @ 101
5.250%, 07/01/11 1,110 1,174
Stockton, Essential Services Building/
Parking Facility, COP
5.000%, 08/01/09 280 290
4.800%, 08/01/07 155 158
Tracy, Area Public Facility Financing,
Community Facilities District
No. 87-1-H, Special Tax
Callable 10/01/06 @ 102
5.875%, 10/01/13 1,900 2,050
Tustin, Unified School District,
Community Facilities District
No. 88-1, Special Tax
4.000%, 09/01/06 350 348
Wasco, Sewer Revenue Project,
RB, MBIA
4.150%, 05/01/07 190 190
4.050%, 05/01/06 185 184
3.950%, 05/01/05 175 174
3.850%, 05/01/04 170 169
Washington Township, Healthcare
Project, RB
4.400%, 07/01/06 1,010 975
Westlands, Water District, Ser A,
RB, AMBAC
4.000%, 03/01/07 150 149
--------
150,544
--------
------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
------------------------------------------------------------------------------
GUAM -- 0.5%
Guam, Power Authority, Ser A, RB
4.000%, 10/01/04 $1,000 $ 988
--------
PUERTO RICO-- 5.9%
Puerto Rico Commonwealth,
Aqueduct & Sewer Authority, RB
6.250%, 07/01/12 2,000 2,270
Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser V, RB
Callable 07/01/02 @ 101.5
6.625%, 07/01/12 1,500 1,577
Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser W, RB, MBIA
5.500%, 07/01/13 1,400 1,509
Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser X, RB, FSA
5.500%, 07/01/15 1,490 1,585
Puerto Rico Commonwealth, Public
Improvement Authority, GO, FSA
5.250%, 07/01/12 1,000 1,058
Puerto Rico Commonwealth, Public
Improvement Authority, GO, MBIA
5.250%, 07/01/12 2,000 2,115
--------
10,114
--------
VIRGIN ISLANDS -- 5.1%
Virgin Islands, Public Financing
Authority, Gross Receipts Taxes
Loan Note Project, Ser A, RB
5.625%, 10/01/10 2,335 2,388
5.000%, 10/01/03 500 505
5.000%, 10/01/04 2,355 2,373
4.200%, 10/01/00 1,000 999
Virgin Islands, Public Financing
Authority, Ser C, RB
5.000%, 10/01/03 2,500 2,525
--------
8,790
--------
Total Municipal Bonds
(Cost $165,738) 170,436
--------
Total Investments -- 98.9%
(Cost $165,738) 170,436
--------
Other Assets and Liabilities, Net -- 1.1% 1,892
--------
<PAGE>
------------------------------------------------------------------------------
VALUE (000)
------------------------------------------------------------------------------
NET ASSETS:
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 16,780,042 outstanding shares of
beneficial interest $168,084
Distribution in excess of net investment income (2)
Accumulated net realized loss on investments (452)
Net unrealized appreciation on investments 4,698
--------
Total Net Assets -- 100.0% $172,328
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE -- CLASS A $10.27
========
ACA AMERICAN CAPITAL ACCESS
AMBAC AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
COP CERTIFICATE OF PARTICIPATION
ETM ESCROWED TO MATURITY
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 AUGUST 31, 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.
<PAGE>
STATEMENTS OF OPERATIONS (000)
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST-- FOR THE YEAR ENDED AUGUST 31, 2000
<TABLE>
<CAPTION>
--------- ---------- -------------
CALIFORNIA INSTITUTIONAL
TAX FREE TAX EXEMPT TAX FREE
FUND FUND FUND
-------- ---------- -------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $32,650 $ 579 $36,817
------- ------ -------
EXPENSES:
Management Fees 2,931 39 3,329
Waiver of Management Fees -- (8) (1,034)
Investment Advisory Fees 312 7 354
Custodian/Wire Agent Fees 69 1 90
Professional Fees 73 3 91
Pricing Fees 2 -- 3
Registration Fees 46 1 45
Trustee Fees 20 3 28
Shareholder Servicing Fees (1) 2,034 43 2,451
Shareholder Servicing Fee Waivers (1,920) (40) (2,033)
Printing Fees 85 1 134
Insurance Fees 2 1 3
Other Expenses 6 -- 5
------- ------ -------
Total Expenses 3,660 51 3,466
------- ------ -------
NET INVESTMENT INCOME 28,990 528 33,351
------- ------ -------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Loss on Investments (11) (2) (8)
Net Change in Unrealized Appreciation
on Investments -- -- --
------- ------ -------
Net Realized and Unrealized Gain (Loss)
on Investments (11) (2) (8)
------- ------ -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $28,979 $ 526 $33,343
======= ====== =======
<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.
76
<PAGE>
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------ -------------- ------------ -------------
PENNSYLVANIA INTERMEDIATE- PENNSYLVANIA MASSACHUSETTS
TAX FREE TERM MUNICIPAL MUNICIPAL MUNICIPAL
FUND FUND BOND FUND BOND FUND
------------ -------------- ------------ -------------
<S> <C> <C> <C>
$1,770 $35,484 $6,213 $1,168
------ ------- ------ ------
158 1,749 409 59
(38) (192) (149) (8)
17 2,404 234 80
4 78 15 2
3 72 10 3
-- 82 12 3
3 61 6 3
1 18 3 1
110 1,820 336 61
(110) (1,820) (300) (61)
5 81 18 3
-- 3 1 --
1 16 2 1
------ ------- ------ ------
154 4,372 597 147
------ ------- ------ ------
1,616 31,112 5,616 1,021
------ ------- ------ ------
-- (2,841) (1,008) (130)
-- 15,716 1,951 766
------ ------- ------ ------
-- 12,875 943 636
------ ------- ------ ------
$1,616 $43,987 $6,559 $1,657
====== ======= ====== ======
</TABLE>
77
<PAGE>
STATEMENTS OF OPERATIONS (000) (concluded)
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST-- FOR THE YEAR ENDED AUGUST 31, 2000
<TABLE>
<CAPTION>
---------- --------- ----------
NEW JERSEY NEW YORK CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL
BOND BOND BOND
FUND FUND FUND
---------- --------- ----------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest Income $1,850 $1,551 $ 5,473
------ ------ -------
EXPENSES:
Management Fees 96 79 279
Waiver of Management Fees (13) (10) (28)
Investment Advisory Fees 132 109 383
Custodian/Wire Agent Fees 4 4 11
Professional Fees 4 4 10
Pricing Fees 4 3 9
Registration Fees 7 1 10
Trustee Fees 1 1 2
Shareholder Servicing Fees (1) 100 83 290
Shareholder Servicing Fee Waivers (100) (83) (290)
Printing Fees 5 6 17
Insurance Fees -- -- --
Other Expenses 1 1 3
------ ------ -------
Total Expenses 241 198 696
------ ------ -------
NET INVESTMENT INCOME 1,609 1,353 4,777
------ ------ -------
ET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net Realized Gain (Loss) on Investments (322) 51 (398)
Net Change in Unrealized Appreciation
on Investments 1,163 981 5,896
------ ------ -------
Net Realized and Unrealized Gain
on Investments 841 1,032 5,498
------ ------ -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $2,450 $2,385 $10,275
====== ====== =======
</TABLE>
[FN]
(1) INCLUDES CLASS SPECIFIC DISTRIBUTION EXPENSES.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
78
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (000)
-------------------------------------------------------------------------
SEI TAX EXEMPT TRUST-- FOR THE YEARS ENDED AUGUST 31,
<TABLE>
<CAPTION>
-------------------------- ----------------------- ----------------------------
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 $ 28,990 $ 17,642 $ 528 $ 10,563 $ 33,351 $ 29,900
Net realized Gain (loss) on Investments (11) (20) (2) 43 (8) (28)
----------- ----------- --------- ---------- ----------- -----------
Net increase in Net Assets Resulting
from Operations 28,979 17,622 526 10,606 33,343 29,872
----------- ----------- --------- ---------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (28,972) (17,656) (505) (1,361) (29,606) (27,050)
Class B -- -- (17) (7) (2,350) (2,091)
Class C -- -- (6) -- (1,349) (803)
Class D -- -- -- -- -- --
Class CNI (1) -- -- -- (9,194) -- --
Net Capital Gains
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class D -- -- -- -- -- --
Class CNI (1) -- -- -- -- -- --
----------- ----------- --------- ---------- ----------- -----------
Total Distributions (28,972) (17,656) (528) (10,562) (33,305) (29,944)
----------- ----------- --------- ---------- ----------- -----------
TRANSACTIONS (2):
Class A:
Proceeds from Shares Issued 6,356,097 3,657,826 116,867 418,028 4,787,413 4,535,456
Reinvestment of Cash Distributions 10,586 4,222 140 191 3,733 2,794
Cost of Shares Redeemed (6,124,810) (3,553,080) (117,012) (435,351) (4,821,331) 4,565,492)
----------- ----------- --------- ----------- ------------ -----------
Total Class A Share Transactions 241,873 108,968 (5) (17,132) (30,185) (27,242)
----------- ----------- --------- ----------- ------------ -----------
Class B:
Proceeds from Shares Issued -- -- 661 1,398 263,090 213,631
Reinvestment of Cash Distributions -- -- -- -- 726 1,300
Cost of Shares Redeemed -- -- (572) (891) (206,492) (252,619)
----------- ----------- --------- ----------- ------------ -----------
Total Class B Share Transactions -- -- 89 507 57,324 (37,688)
----------- ----------- --------- ----------- ------------ -----------
Class C:
Proceeds from Shares Issued -- -- 2,716 -- 264,667 184,115
Reinvestment of Cash Distributions -- -- -- -- -- --
Cost of Shares Redeemed -- -- (778) -- (248,627) (168,768)
----------- ----------- --------- ----------- ------------ -----------
Total Class C Share Transactions -- -- 1,938 -- 16,040 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 241,873 108,967 2,022 (490,728) 43,179 (49,583)
----------- ----------- --------- ----------- ------------ -----------
Total Increase (Decrease) in Net Assets 241,880 108,933 2,020 (490,684) 43,217 (49,655)
----------- ----------- --------- ----------- ------------ -----------
NET ASSETS:
Beginning of period 652,210 543,277 22,864 513,548 881,286 930,941
----------- ----------- --------- ----------- ------------ -----------
End of period $ 894,090 $ 652,210 $ 24,884 $ 22,864 $ 924,503 $ 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.
79
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (000) (concluded)
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST-- FOR THE YEARS ENDED AUGUST 31,
<TABLE>
<CAPTION>
-------------------------- ---------------------- -------------------------
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 $ 1,616 $ 1,435 $ 31,112 $ 22,980 $ 5,616 $ 5,161
Net realized gain (loss) on Investments -- (2) (2,841) 1,719 (1,008) 136
Net Change in Unrealized Appreciation
(Depreciation) of Investments -- -- 15,716 (22,500) 1,951 (4,706)
--------- -------- --------- --------- -------- --------
Net increase in Net Assets Resulting from
Operations 1,616 1,433 43,987 2,199 6,559 591
--------- -------- --------- --------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (1,610) (1,442) (31,091) (23,026) (1,406) (381)
Class B -- -- -- -- (4,193) (4,799)
Net Capital Gains
Class A -- -- (650) (637) (26) (22)
Class B -- -- -- -- (120) (530)
--------- -------- --------- --------- -------- --------
Total Distributions (1,610) (1,442) (31,741) (23,663) (5,745) (5,732)
--------- -------- --------- --------- -------- --------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 216,964 216,649 434,020 371,411 31,919 19,564
Reinvestment of Cash Distributions 998 366 26,439 18,663 1,365 386
Cost of Shares Redeemed (182,491) (232,976) (276,548) (237,694) (8,535) (870)
--------- -------- --------- --------- -------- --------
Total Class A Share Transactions 35,471 (15,961) 183,911 152,380 24,749 19,080
--------- -------- --------- --------- -------- --------
Class B:
Proceeds from Shares Issued -- -- -- -- 17,300 29,041
Reinvestment of Cash Distributions -- -- -- -- 695 657
Cost of Shares Redeemed -- -- -- -- (45,299) (21,345)
----------- -------- --------- --------- -------- --------
Total Class B Share Transactions -- -- -- -- (27,304) 8,353
----------- -------- --------- --------- -------- --------
Increase (Decrease) in Net Assets from
Share Transactions 35,471 (15,961) 183,911 152,380 (2,555) 27,433
----------- -------- --------- --------- -------- --------
Total Increase (Decrease) in Net Assets 35,477 (15,970) 196,157 130,916 (1,741) 22,292
----------- -------- --------- --------- -------- --------
NET ASSETS:
Beginning of period 34,098 50,068 647,240 516,324 123,654 101,362
----------- -------- --------- --------- -------- --------
End of period $ 69,575 $ 34,098 $ 843,397 $ 647,240 $121,913 $123,654
=========== ======== ========= ========= ======== ========
<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.
80
<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 $ 1,021 $ 348 $ 1,609 $ 423 $ 1,353 $ 426 $ 4,777 $ 1,051
Net realized Gain (Loss) on Investments (130) -- (322) (77) 51 (28) (398) (27)
Net Change in Unrealized Appreciation
(Depreciation) of Investments 766 (507) 1,163 (450) 981 (602) 5,896 (1,206)
-------- -------- --------- -------- -------- ------- -------- -------
Net increase (Decrease) in Net Assets
Resulting from Operations 1,657 (159) 2,450 (104) 2,385 (204) 10,275 (182)
-------- -------- --------- -------- -------- ------- -------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A (1,021) (347) (1,609) (421) (1,351) (425) (4,779) (1,051)
Net Capital Gains
Class A -- -- -- -- -- -- -- (27)
-------- -------- --------- -------- -------- ------- -------- -------
Total Distributions (1,021) (347) (1,609) (421) (1,351) (425) (4,779) (1,078)
-------- -------- --------- -------- -------- ------- -------- -------
TRANSACTIONS (1):
Class A:
Proceeds from Shares Issued 25,991 21,110 48,327 29,241 37,886 25,519 125,797 71,723
Reinvestment of Cash Distributions 988 346 1,544 406 1,338 423 4,621 995
Cost of Shares Redeemed (13,491) (4,150) (17,953) (5,714) (12,521) (5,126) (28,055) (9,147)
-------- -------- --------- -------- -------- ------- -------- -------
Total Class A Share Transactions 13,488 17,306 31,918 23,933 26,703 20,816 102,363 63,571
-------- -------- --------- -------- -------- ------- -------- -------
Increase in Net Assets
from Share Transactions 13,488 17,306 31,918 23,933 26,703 20,816 102,363 63,571
-------- -------- --------- -------- -------- ------- -------- -------
Total Increase in Net Assets 14,124 16,800 32,759 23,408 27,737 20,187 107,859 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 $ 31,964 $ 17,840 $ 57,272 $ 24,513 $ 49,299 $21,562 $172,328 $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.
81
<PAGE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST
FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR
<TABLE>
<CAPTION>
NET REALIZED
INVESTMENT AND
NET ACTIVITIES DISTRIBUTIONS UNREALIZED
ASSET ---------- -------------------------------------- GAIN (LOSS) ON NET
VALUE, NET NET NET INVESTMENTS ASSET VALUE,
BEGINNING INVESTMENT INVESTMENT REALIZED TOTAL AND CAPITAL END TOTAL
OF PERIOD INCOME INCOME GAIN DISTRIBUTIONS TRANSACTIONS OF PERIOD RETURN+
---------------------------------------------------------------------------------------------------------------------------
-------------
TAX FREE FUND
-------------
CLASS A
<S> <C> <C> <C> <C> <C> <C>
2000 $1.00 $0.035 $(0.035) -- $(0.035) -- $1.00 3.58%
1999 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.94
1998 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.30
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.31
1996 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.35
CLASS D
1999 (1) $1.00 $0.014 $(0.014) -- $(0.014) -- $1.00 1.40%
1998 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.91
1997 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.86
1996 1.00 0.030 (0.030) -- (0.030) -- 1.00 2.99
--------------------------
CALIFORNIA TAX EXEMPT FUND
--------------------------
CLASS A
2000 $1.00 $0.031 $(0.031) -- $(0.031) -- $1.00 3.19%
1999 1.00 0.027 (0.027) -- (0.027) -- 1.00 2.78
1998 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.20
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.30
1996 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.41
CLASS B
2000 $1.00 $0.028 $(0.028) -- $(0.028) -- $1.00 2.88%
1999 (2) 1.00 0.014 (0.014) -- (0.014) -- 1.00 1.43
CLASS C
2000 (3) $1.00 $0.005 $(0.005) -- $(0.005) -- $1.00 0.55%
CLASS CNI
1999 (4) $1.00 $0.018 $(0.018) -- $(0.018) -- $1.00 1.83%
1998 1.00 0.027 (0.027) -- (0.027) -- 1.00 2.69
1997 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.79
1996 1.00 0.028 (0.028) -- (0.028) -- 1.00 2.90
---------------------------
INSTITUTIONAL TAX FREE FUND
---------------------------
CLASS A
2000 $1.00 $0.037 $(0.037) -- $(0.037) -- $1.00 3.72%
1999 1.00 0.030 (0.030) -- (0.030) -- 1.00 3.08
1998 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.46
1997 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.44
1996 1.00 0.035 (0.035) -- (0.035) -- 1.00 3.52
CLASS B
2000 $1.00 $0.034 $(0.034) -- $(0.034) -- $1.00 3.42%
1999 1.00 0.027 (0.027) -- (0.027) -- 1.00 2.78
1998 1.00 0.031 (0.031) -- (0.031) -- 1.00 3.15
1997 1.00 0.031 (0.031) -- (0.031) -- 1.00 3.13
1996 1.00 0.032 (0.032) -- (0.032) -- 1.00 3.21
CLASS C
2000 $1.00 $0.032 $(0.032) -- $(0.032) -- $1.00 3.21%
1999 1.00 0.025 (0.025) -- (0.025) -- 1.00 2.57
1998 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.94
1997 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.93
1996 (5) 1.00 0.029 (0.029) -- (0.029) -- 1.00 2.92
--------------------------
PENNSYLVANIA TAX FREE FUND
--------------------------
CLASS A
2000 $1.00 $0.036 $(0.036) -- $(0.036) -- $1.00 3.66%
1999 1.00 0.030 (0.030) -- (0.030) -- 1.00 3.10
1998 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.41
1997 1.00 0.033 (0.033) -- (0.033) -- 1.00 3.39
1996 1.00 0.034 (0.034) -- (0.034) -- 1.00 3.40
</TABLE>
<TABLE>
<CAPTION>
RATIO OF NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
NET RATIO OF NET ASSETS INVESTMENT NET ASSETS
ASSETS, END EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
OF PERIOD TO AVERAGE FEE AVERAGE FEE TURNOVER
(000) NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
-----------------------------------------------------------------------------------------------
-------------
TAX FREE FUND
-------------
CLASS A
<S> <C> <C> <C> <C> <C> <C>
2000 $894,090 0.45% 0.69% 3.56% 3.32% --
1999 652,210 0.45 0.67 2.89 2.67 --
1998 543,276 0.45 0.68 3.25 3.02 --
1997 431,016 0.45 0.69 3.26 3.02 --
1996 339,906 0.45 0.50 3.30 3.25 --
CLASS D
1999 (1) $ -- 0.56% 0.56% 2.82% 2.82% --
1998 1 0.59 0.59 3.13 3.13 --
1997 1 0.74 0.74 3.04 3.04 --
1996 6 0.80 0.88 3.18 3.10 --
--------------------------
CALIFORNIA TAX EXEMPT FUND
--------------------------
CLASS A
2000 $ 22,350 0.28% 0.58% 3.13% 2.83% --
1999 22,356 0.28 0.56 2.70 2.42 --
1998 39,508 0.28 0.55 3.17 2.90 --
1997 51,314 0.28 0.57 3.26 2.97 --
1996 44,729 0.28 0.36 3.33 3.25 --
CLASS B
2000 $ 596 0.58% 0.63% 2.84% 2.79% --
1999 (2) 508 0.58 0.60 2.42 2.40 --
CLASS C
2000 (3) $ 1,938 0.78% 0.83% 2.93% 2.88% --
CLASS CNI
1999 (4) $ -- 0.78% 1.05% 2.25% 1.98% --
1998 474,040 0.78 1.05 2.64 2.62 --
1997 412,142 0.78 1.06 2.75 2.47 --
1996 350,684 0.78 0.86 2.84 2.76 --
---------------------------
INSTITUTIONAL TAX FREE FUND
---------------------------
CLASS A
2000 $755,806 0.33% 0.69% 3.65% 3.29% --
1999 785,954 0.33 0.68 3.03 2.68 --
1998 813,261 0.33 0.68 3.39 3.04 --
1997 999,946 0.33 0.69 3.39 3.03 --
1996 835,388 0.33 0.49 3.46 3.30 --
CLASS B
2000 $114,633 0.63% 0.74% 3.45% 3.34% --
1999 57,310 0.63 0.73 2.74 2.64 --
1998 95,004 0.63 0.73 3.06 2.96 --
1997 34,783 0.63 0.73 3.10 3.00 --
1996 14,156 0.63 0.80 3.16 2.99 --
CLASS C
2000 $ 54,064 0.83% 0.94% 3.16% 3.05% --
1999 38,022 0.83 0.93 2.52 2.42 --
1998 22,676 0.83 0.93 2.89 2.79 --
1997 9,382 0.83 0.95 2.85 2.73 --
1996 (5) 19,208 0.83 0.96 2.89 2.76 --
--------------------------
PENNSYLVANIA TAX FREE FUND
--------------------------
CLASS A
2000 $ 69,575 0.35% 0.69% 3.68% 3.34% --
1999 34,098 0.35 0.69 3.04 2.70 --
1998 50,068 0.35 0.68 3.36 3.03 --
1997 49,563 0.35 0.71 3.33 2.97 --
1996 42,971 0.35 0.49 3.33 3.19 --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
82
<PAGE>
<TABLE>
<CAPTION>
NET REALIZED
INVESTMENT AND
NET ACTIVITIES DISTRIBUTIONS UNREALIZED
ASSET ---------- -------------------------------------- GAIN (LOSS) ON NET
VALUE, NET NET NET INVESTMENTS ASSET VALUE,
BEGINNING INVESTMENT INVESTMENT REALIZED TOTAL AND CAPITAL END TOTAL
OF PERIOD INCOME INCOME GAIN DISTRIBUTIONS TRANSACTIONS OF PERIOD RETURN(DAGGER)
-----------------------------------------------------------------------------------------------------------------------------
--------------------------------
INTERMEDIATE-TERM MUNICIPAL FUND
--------------------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000 $10.70 $0.45 $(0.45) $ (0.01) $(0.46) $ 0.14 $10.83 5.72%
1999 11.08 0.44 (0.44) (0.01) (0.45) (0.37) 10.70 0.67
1998 10.77 0.46 (0.46) -- (0.46) 0.31 11.08 7.20
1997 10.45 0.48 (0.48) -- (0.48) 0.32 10.77 7.93
1996 10.59 0.49 (0.53) -- (0.53) (0.10) 10.45 3.76
CLASS D
1996 (6)** $10.59 $0.38 $(0.41) $ -- $(0.41) $(0.10) $10.46 3.22%
--------------------------------
PENNSYLVANIA MUNICIPAL BOND FUND
--------------------------------
CLASS A
2000 $10.29 $ 0.48 $(0.48) $ (0.01) $(0.49) $ 0.09 $10.37 5.76%
1999 10.75 0.48 (0.48) (0.05) (0.53) (0.41) 10.29 0.65
1998 (7) 10.72 0.01 (0.01) -- (0.01) 0.03 10.75 0.26
CLASS B
2000 $10.29 $ 0.49 $(0.49) $ (0.01) $(0.50) $ 0.08 $10.36 5.78%
1999 10.76 0.49 (0.49) (0.05) (0.54) (0.42) 10.29 0.68
1998 10.58 0.52 (0.52) (0.04) (0.56) 0.22 10.76 7.24
1997 10.48 0.53 (0.53) (0.19) (0.72) 0.29 10.58 8.08
1996 10.66 0.55 (0.59) -- (0.59) (0.14) 10.48 3.96
---------------------------------
MASSACHUSETTS MUNICIPAL BOND FUND
---------------------------------
CLASS A
2000 $ 9.72 $ 0.40 $(0.40) $ -- $(0.40) $ 0.14 $ 9.86 5.74%
1999 10.05 0.34 (0.34) -- (0.34) (0.33) 9.72 0.07
1998 (8) 10.00 -- -- -- -- 0.05 10.05 0.53
------------------------------
NEW JERSEY MUNICIPAL BOND FUND
------------------------------
CLASS A
2000 $ 9.86 $ 0.39 $(0.39) $ -- $(0.39) $ 0.09 $ 9.95 4.99%
1999 10.05 0.32 (0.32) -- (0.32) (0.19) 9.86 1.29
1998 (9) 10.00 0.01 (0.01) -- (0.01) 0.05 10.05 0.58
----------------------------
NEW YORK MUNICIPAL BOND FUND
----------------------------
CLASS A
2000 $ 9.77 $ 0.39 $(0.39) $ -- $(0.39) $ 0.19 $ 9.96 6.15%
1999 10.05 0.35 (0.35) -- (0.35) (0.28) 9.77 0.68
1998 (10) 10.00 -- -- -- -- 0.05 10.05 0.55
------------------------------
CALIFORNIA MUNICIPAL BOND FUND
------------------------------
CLASS A
2000 $ 9.96 $ 0.40 $(0.40) $ -- $(0.40) $ 0.31 $10.27 7.39%
1999 10.07 0.33 (0.33) (0.02) (0.35) (0.09) 9.96 2.40
1998 (11) 10.00 0.01 (0.01) -- (0.01) 0.07 10.07 0.78
RATIO OF
NET
RATIO INVESTMENT
OF EXPENSES RATIO OF INCOME TO
TO AVERAGE NET AVERAGE
NET RATIO OF NET ASSETS INVESTMENT NET ASSETS
ASSETS, END EXPENSES EXCLUDING INCOME TO EXCLUDING PORTFOLIO
OF PERIOD TO AVERAGE FEE AVERAGE FEE TURNOVER
(000) NET ASSETS WAIVERS NET ASSETS WAIVERS RATE
-----------------------------------------------------------------------------------------------
--------------------------------
INTERMEDIATE-TERM MUNICIPAL FUND
--------------------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C>
2000 $843,397 0.60% 0.88% 4.27% 3.99% 17.99%
1999 647,240 0.60 0.87 4.03 3.76 30.25
1998 516,324 0.60 0.88 4.23 3.95 8.98
1997 259,238 0.60 0.88 4.53 4.25 16.02
1996 134,563 0.59 0.66 4.66 4.59 40.66
CLASS D
1996 (6)** $ -- 0.98% 1.08% 4.26% 4.16% 40.66%
--------------------------------
PENNSYLVANIA MUNICIPAL BOND FUND
--------------------------------
CLASS A
2000 $ 44,170 0.60% 0.86% 4.75% 4.49% 30.91%
1999 18,785 0.60 0.83 4.53 4.30 16.64
1998 (7) 333 0.60 0.79 4.56 4.25 26.85
CLASS B
2000 $ 77,743 0.48% 0.91% 4.83% 4.40% 30.91%
1999 104,869 0.48 0.87 4.61 4.22 16.64
1998 101,029 0.48 0.86 4.87 4.49 26.85
1997 98,079 0.48 0.86 5.08 4.70 34.48
1996 97,228 0.48 0.65 5.15 4.98 65.75
---------------------------------
MASSACHUSETTS MUNICIPAL BOND FUND
---------------------------------
CLASS A
2000 $ 31,964 0.60% 0.88% 4.19% 3.91% 24.62%
1999 17,840 0.60 0.93 3.57 3.24 13.76
1998 (8) 1,040 0.60 0.87 1.13 0.86 11.35
------------------------------
NEW JERSEY MUNICIPAL BOND FUND
------------------------------
CLASS A
2000 $ 57,272 0.60% 0.88% 4.02% 3.74% 83.16%
1999 24,513 0.60 0.91 3.26 2.95 25.41
1998 (9) 1,105 0.60 0.87 2.93 2.66 --
----------------------------
NEW YORK MUNICIPAL BOND FUND
----------------------------
CLASS A
2000 $ 49,299 0.60% 0.88% 4.10% 3.82% 2.97%
1999 21,562 0.60 0.92 3.60 3.28 17.85
1998 (10) 1,375 0.60 0.87 2.27 2.00 0.92
------------------------------
CALIFORNIA MUNICIPAL BOND FUND
------------------------------
CLASS A
2000 $172,328 0.60% 0.87% 4.12% 3.85% 37.16%
1999 64,469 0.60 0.90 3.43 3.13 105.21
1998 (11) 2,158 0.60 0.87 2.73 2.46 --
</TABLE>
[FN]
** TOTAL RETURN DOES NOT REFLECT THE SALES CHARGE ON THE CLASS D SHARES.
+ 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.
(1) THE TAX FREE FUND--CLASS D CLOSED ON MARCH 1, 1999. ALL RATIOS FOR THE
PERIOD HAVE BEEN ANNUALIZED.
(2) THE CALIFORNIA TAX EXEMPT FUND -- CLASS B COMMENCED OPERATIONS ON
JANUARY 27, 1999. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(3) THE CALIFORNIA TAX EXEMPT FUND--CLASS C COMMENCED OPERATIONS ON JUNE 26,
2000. 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.
(10) THE NEW YORK MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON AUGUST
18, 1998. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(11) THE CALIFORNIA MUNICIPAL BOND FUND--CLASS A COMMENCED OPERATIONS ON
AUGUST 19, 1998. ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
</FN>
83
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
1. ORGANIZATION
SEI Tax Exempt Trust (the "Trust"), was organized as a Massachusetts business
trust under a Declaration of Trust dated March 15, 1982.
The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company with eleven funds: the Tax
Free Fund, the California Tax Exempt Fund, the Institutional Tax Free Fund, the
Pennsylvania Tax Free Fund, Ohio Tax Free Fund (collectively "the Money Market
Funds"), the Intermediate-Term Municipal Fund, the Pennsylvania Municipal Bond
Fund, the Massachusetts Municipal Bond Fund, the New Jersey Municipal Bond Fund,
the New York Municipal Bond Fund, and the California Municipal Bond Fund
(collectively "the Fixed Income Funds"). The Ohio Tax Free Fund had not
commenced operations as of August 31, 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. Accordingly, the following permanent differences,
have been reclassified to/from the following accounts:
UNDISTRIBUTED ACCUMULATED
NET INVESTMENT INCOME REALIZED GAIN/(LOSS)
FUND (000) (000)
-------------- --------------------- --------------------
Intermediate-Term
Municipal $(1) $ 1
Pennsylvania
Municipal Bond 1 (1)
NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is
calculated on each business day. In general, it is computed by dividing the
assets of each fund, less its liabilities, by the number of outstanding shares
of the Fund.
CLASSES -- Class-specific expenses are borne by that class. Income,
expenses, and realized and unrealized gains/losses are allocated to the
respective class on the basis of relative net asset value each day.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the trade date of the security purchase or sale. Costs used in
determining net realized capital gains and losses on the sale of investment
securities are those of the specific securities sold. Interest income is
recognized on the accrual basis. Purchase discounts and premiums on securities
held by the Fixed Income Funds are accreted and amortized to maturity using the
scientific interest method, which approximates the effective interest method.
84
<PAGE>
--------------------------------------------------------------------------------
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 amounts 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, and Class C 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. However, the Distributor has voluntarily agreed to waive a
portion of its fee so that total expenses of each Fund will not exceed certain
annual expense limitations. 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.
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, also served as the
Investment Adviser on behalf of the Intermediate-Term Municipal Fund. For the
period January 1, 1996 to April 15, 1996, Standish Ayer & Wood ("SAW") acted as
the Investment Adviser on behalf of the Intermediate-Term Municipal Fund.
85
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
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.
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.
Deutsche Asset Management, Inc. ("DAM") acts as the Investment Sub-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.
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 DAM,
Van Kampen and SAW in connection with their services to these Funds.
5. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments for the period ended August 31, 2000, were as
follows:
Intermediate-
Term Pennsylvania Massachusetts
Municipal Municipal Municipal
Fund Bond Fund Bond Fund
(000) (000) (000)
------------ ------------ -------------
Purchases $311,198 $35,798 $17,679
Sales 122,886 33,906 5,518
New Jersey New York California
Municipal Municipal Municipal
Bond Fund Bond Fund Bond Fund
(000) (000) (000)
---------- --------- ----------
Purchases $55,975 $27,217 $133,337
Sales 27,857 926 38,605
Subsequent to October 31, 1999, the Funds recognized net capital losses for
tax purposes that have been deferred and can be used to offset future capital
gains at August 31, 2000. the Funds also had capital loss carryforwards at
August 31, 2000, as follows:
<TABLE>
<CAPTION>
TOTAL
CAPITAL
LOSS
CARRYOVER
AUGUST 31, EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES
FUND 2000 2002 2003 2004 2005 2006 2007 2008
---- --------- ------- ------- ------- ------- ------- ------- -------
Tax Free
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund $ 46,020 $17,406 $ 93 $ -- $2,889 $1,360 $6,831 $17,441
California
Tax Exempt
Fund 8,286 -- -- -- 6,636 -- 1,650 --
Institutional
Tax Free
Fund 42,432 -- -- -- 4,407 1 15,277 22,747
Pennsylvania
Tax Free
Fund 19,990 -- -- -- 11,751 -- 3,870 4,369
Intermediate-
Term Muni-
cipal
Fund 657,644 -- -- -- -- -- -- 657,644
Pennsylvania
Municipal
Bond
Fund 28,672 -- -- -- -- -- -- 28,672
Massachusetts
Municipal
Bond
Fund 130,026 -- -- -- -- -- -- 130,026
New Jersey
Municipal
Bond
Fund 103,164 -- -- -- -- -- 945 102,219
California
Municipal
Bond
Fund 75,565 -- -- -- -- -- -- 75,565
</TABLE>
86
<PAGE>
--------------------------------------------------------------------------------
For tax purposes, the losses in the Funds can be carried forward for a
maximum of eight years to offset any net realized capital gains.
The aggregate gross unrealized appreciation on securities in which there
was an excess of market value over cost, the aggregate gross unrealized
depreciation on securities in which there was an excess of cost over market
value and the net unrealized appreciation (depreciation) at August 31, 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 $12,600 $1,923 $ 526
Aggregate gross
unrealized
depreciation (4,441) (698) (262)
------- ------ ------
Net unrealized
appreciation $ 8,159 $1,225 $ 264
======= ====== ======
New Jersey New York California
Municipal Municipal Municipal
Bond Fund Bond Fund Bond Fund
(000) (000) (000)
---------- --------- ----------
Aggregate gross
unrealized
appreciation $ 797 $ 685 $4,826
Aggregate gross
unrealized
depreciation (79) (299) (128)
----- ----- ------
Net unrealized
appreciation $ 718 $ 386 $4,698
===== ===== ======
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 year
ended August 31, 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, the CNI Class Shareholder liqui- dated 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.
87
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
9. SHARE TRANSACTIONS (000):
<TABLE>
<CAPTION>
------------------------ ----------------------- ------------------------
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 6,356,086 3,657,826 116,867 418,028 4,787,413 4,535,456
Shares Issued in Lieu of Cash Distributions 10,586 4,222 140 191 3,733 2,794
Shares Redeemed (6,124,799) (3,553,080) (117,012) (435,351) (4,821,331) (4,565,492)
---------- ---------- -------- ---------- ---------- ----------
Total Class A Transactions 241,873 108,968 (5) (17,132) (30,185) (27,242)
---------- ---------- -------- ---------- ---------- ----------
Class B:
Shares Issued -- -- 661 1,398 263,090 213,631
Shares Issued in Lieu of Cash Distributions -- -- -- -- 726 1,300
Shares Redeemed -- -- (572) (891) (206,492) (252,619)
---------- ---------- -------- ---------- ---------- ----------
Total Class B Transactions -- -- 89 507 57,324 (37,688)
---------- ---------- -------- ---------- ---------- ----------
Class C:
Shares Issued -- -- 2,716 -- 264,666 184,115
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- (778) -- (248,627) (168,768)
---------- ---------- -------- ---------- ---------- ----------
Total Class C Transactions -- -- 1,938 -- 16,039 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 241,873 108,967 2,022 (490,728) 43,178 (49,583)
========== ========== ======== ========== ========== ==========
<FN>
(1) CALIFORNIA TAX EXEMPT FUND CNI CLASS SHARES WERE FULLY LIQUIDATED ON JUNE
21, 1999.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
<TABLE>
<CAPTION>
------------------------ ----------------------- ------------------------
PENNSYLVANIA
PENNSYLVANIA INTERMEDIATE-TERM MUNICIPAL
TAX FREE FUND MUNICIPAL FUND BOND FUND
------------------------ ----------------------- ------------------------
2000 1999 2000 1999 2000 1999
---------- ---------- -------- ---------- ---------- ----------
SHARES ISSUED AND REDEEMED:
Class A:
<S> <C> <C> <C> <C> <C> <C>
Shares Issued 216,964 216,649 40,955 33,732 3,142 1,840
Shares Issued in Lieu of Cash Distributions 998 366 2,490 1,697 134 37
Shares Redeemed (182,491) (232,976) (26,081) (21,531) (841) (83)
---------- ---------- -------- ---------- ---------- ----------
Total Class A Transactions 35,471 (15,961) 17,364 13,898 2,435 1,794
---------- ---------- -------- ---------- ---------- ----------
Class B:
Shares Issued -- -- -- -- 1,696 2,744
Shares Issued in Lieu of Cash Distributions -- -- -- -- 68 62
Shares Redeemed -- -- -- -- (4,454) (2,009)
---------- ---------- -------- ---------- ---------- ----------
Total Class B Transactions -- -- -- -- (2,690) 797
---------- ---------- -------- ---------- ---------- ----------
Class C:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total Class C Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Class D:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total Class D Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Class CNI (1):
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total CNI Class Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Increase (Decrease) in Capital Shares 35,471 (15,961) 17,364 13,898 (255) 2,591
========== ========== ======== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
------------------------ ----------------------- ------------------------
MASSACHUSETTS NEW JERSEY NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
BOND FUND BOND FUND BOND FUND
------------------------ ----------------------- ------------------------
2000 1999 2000 1999 2000 1999
---------- ---------- -------- ---------- ---------- ----------
SHARES ISSUED AND REDEEMED:
Class A:
<S> <C> <C> <C> <C> <C> <C>
Shares Issued 2,703 2,109 4,953 2,903 3,901 2,539
Shares Issued in Lieu of Cash Distributions 102 35 158 41 137 42
Shares Redeemed (1,397) (413) (1,838) (568) (1,295) (512)
---------- ---------- -------- ---------- ---------- ----------
Total Class A Transactions 1,408 1,731 3,273 2,376 2,743 2,069
---------- ---------- -------- ---------- ---------- ----------
Class B:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total Class B Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Class C:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total Class C Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Class D:
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total Class D Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Class CNI (1):
Shares Issued -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- -- -- -- -- --
Shares Redeemed -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Total CNI Class Transactions -- -- -- -- -- --
---------- ---------- -------- ---------- ---------- ----------
Increase (Decrease) in Capital Shares 1,408 1,731 3,273 2,376 2,743 2,069
========== ========== ======== ========== ========== ==========
</TABLE>
--------------------
CALIFORNIA
MUNICIPAL
BOND FUND
--------------------
2000 1999
---------- ------
SHARES ISSUED AND REDEEMED:
Class A:
Shares Issued 12,655 7,064
Shares Issued in Lieu of Cash Distributions 463 98
Shares Redeemed (2,813) (902)
------- -----
Total Class A Transactions 10,305 6,260
------- -----
Class B:
Shares Issued -- --
Shares Issued in Lieu of Cash Distributions -- --
Shares Redeemed -- --
------- -----
Total Class B Transactions -- --
------- -----
Class C:
Shares Issued -- --
Shares Issued in Lieu of Cash Distributions -- --
Shares Redeemed -- --
------- -----
Total Class C Transactions -- --
------- -----
Class D:
Shares Issued -- --
Shares Issued in Lieu of Cash Distributions -- --
Shares Redeemed -- --
------- -----
Total Class D Transactions -- --
------- -----
Class CNI (1):
Shares Issued -- --
Shares Issued in Lieu of Cash Distributions -- --
Shares Redeemed -- --
------- -----
Total CNI Class Transactions -- --
------- -----
Increase (Decrease) in Capital Shares 10,305 6,260
======= =====
89
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
--------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
10. SHAREHOLDER VOTING RESULTS (UNAUDITED)
There was a special meeting held on August 29, 2000, at which the shareholders
of the SEI Pennsylvania Municipal Bond Fund (The "Fund") were asked to consider
and act on a new management structure and new advisory and sub-advisory
agreements (the "Proposals"). The following were the results of the vote by
proposal:
<TABLE>
<CAPTION>
I. Approval for the Board of Trustees to appoint additional or replacement Investment Sub-advisers for the Fund without shareholder
approval of such sub-advisers' contracts.
SHARES VOTED % OF VOTED % OF TOTAL
-------------- ----------- -----------
<S> <C> <C> <C>
For 8,410,957 99.06% 72.60%
Against 65,600 0.77% 0.56%
Abstain 14,653 0.17% 0.12%
-------------- ----------- -----------
Total 8,491,210 100.00% 73.28%
II. Approval for the selection of SIMC as the Investment Adviser for the Fund, and approval of the investment advisory agreement
between the trust, on behalf of the Fund, and SIMC.
SHARES VOTED % OF VOTED % OF TOTAL
-------------- ----------- -----------
For 8,444,475 99.45% 72.88%
Against 23,357 0.28% 0.20%
Abstain 23,378 0.27% 0.20%
-------------- ----------- -----------
Total 8,491,210 100.00% 73.28%
III. Approval for the selection of Deutsche Asset Management, Inc. ("DEAM") as the Investment Sub-adviser for the Fund, and
approval of an Investment Sub-advisory agreement between SIMC and DEAM.
SHARES VOTED % OF VOTED % OF TOTAL
-------------- ----------- -----------
For 8,420,491 99.17% 72.68%
Against 44,543 0.53% 0.38%
Abstain 26,176 0.30% 0.22%
-------------- ----------- -----------
Total 8,491,210 100.00% 73.28%
</TABLE>
90
<PAGE>
NOTICE TO SHAREHOLDERS (Unaudited)
-------------------------------------------------------------------------------
SEI TAX EXEMPT TRUST -- AUGUST 31, 2000
For shareholders that do not have an August 31, 2000 taxable year end, this
notice is for informational purposes only. For shareholders with an August 31,
2000 taxable year end, please consult your tax advisor as to the pertinence of
this notice.
For the fiscal year ended August 31, 2000 each fund is designating the following
items with regard to distributions paid during the year as follows:
<TABLE>
<CAPTION>
LONG TERM ORDINARY
CAPITAL GAINS INCOME TOTAL
DISTRIBUTIONS DISTRIBUTIONS TAX-EXEMPT DISTRIBUTIONS
FUND (TAX BASIS) (TAX BASIS) INTEREST (TAX BASIS)
---------- ------------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Tax Free Fund 0% 0% 100% 100%
California Tax Exempt Fund 0% 0% 100% 100%
Institutional Tax Free Fund 0% 0% 100% 100%
Pennsylvania Tax Free Fund 0% 0% 100% 100%
Intermediate-Term Municipal Fund 2% 0% 98% 100%
Pennsylvania Municipal Bond Fund 2% 1% 97% 100%
Massachusetts Municipal Bond Fund 0% 0% 100% 100%
New Jersey Municipal Bond Fund 0% 0% 100% 100%
New York Municipal Bond Fund 0% 0% 100% 100%
California Municipal Bond Fund 0% 0% 100% 100%
QUALIFYING
FUND DIVIDENDS(1)
---------- ------------
Tax Free Fund 0%
California Tax Exempt Fund 0%
Institutional Tax Free Fund 0%
Pennsylvania Tax Free Fund 0%
Intermediate-Term Municipal Fund 0%
Pennsylvania Municipal Bond Fund 0%
Massachusetts Municipal Bond Fund 0%
New Jersey Municipal Bond Fund 0%
New York Municipal Bond Fund 0%
California Municipal Bond Fund 0%
</TABLE>
(1) QUALIFYING DIVIDENDS REPRESENT DIVIDENDS WHICH QUALIFY FOR THE CORPORATE
DIVIDENDS RECEIVED DEDUCTION AND IS REFLECTED AS A PERCENTAGE OF "ORDINARY
INCOME DISTRIBUTIONS".
91
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
--------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES
OF SEI TAX EXEMPT TRUST:
We have audited the accompanying statements of net assets of the Tax Free,
California Tax Exempt, Institutional Tax Free, Pennsylvania Tax Free,
Intermediate-Term Municipal, Pennsylvania Municipal Bond, Massachusetts
Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, and the
California Municipal Bond Funds of SEI Tax Exempt Trust (the "Trust") as of
August 31, 2000, and the related statements of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of August 31, 2000, by correspondence with
the custodian and the application of alternative auditing procedures with
respect to unsettled securities transactions. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion. In our opinion, the
financial statements and financial highlights referred to above present fairly,
in all material respects, the financial position of the Tax Free, California Tax
Exempt, Institutional Tax Free, Pennsylvania Tax Free, Intermediate-Term
Municipal, Pennsylvania Municipal Bond, Massachusetts Municipal Bond, New Jersey
Municipal Bond, New York Municipal Bond, and the California Municipal Bond Funds
of SEI Tax Exempt Trust as of August 31, 2000, the results of their operations
for the year then ended, the changes in their net assets for each of the two
years in the period then ended, and the financial highlights for the periods
presented, in conformity with accounting principles generally accepted in the
United States.
ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania
October 10, 2000
92
<PAGE>
---------------------------
SEI TAX EXEMPT TRUST
---------------------------
ANNUAL REPORT
---------------------------
AUGUST 31, 2000
Robert A. Nesher
CHAIRMAN
TRUSTEES
William M. Doran
F. Wendell Gooch
James M. Storey
George J. Sullivan, Jr.
Rosemarie B. Greco
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
Kevin P. Robins
VICE PRESIDENT, ASSISTANT SECRETARY
Lydia Gavalis
VICE PRESIDENT, ASSISTANT SECRETARY
Richard W. Grant
SECRETARY
INVESTMENT ADVISERS
SEI Investments Management Corporation:
INTERMEDIATE-TERM MUNICIPAL FUND
PENNSYLVANIA MUNICIPAL BOND 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
Deutsche Asset Management, Inc.
PENNSYLVANIA MUNICIPAL BOND FUND
MANAGER AND SHAREHOLDER SERVICING AGENT
SEI Investments Fund Management
DISTRIBUTOR
SEI Investments Distribution Co.
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
THIS ANNUAL REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED
FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE TRUST AND MUST BE
PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. SHARES OF THE SEI FUNDS ARE NOT
DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK. THE SHARES
ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC),
THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY. INVESTMENT IN THE
SHARES INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SEI INVESTMENTS
DISTRIBUTION CO., THE DISTRIBUTOR OF THE SEI FUNDS, IS NOT AFFILIATED WITH ANY
BANK.
FOR MORE INFORMATION CALL 1[bullet]800[bullet]DIAL[bullet]SEI/1[bullet]800
[bullet]342[bullet]5734
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LOGO
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INVESTMENTS
DISTRIBUTION
CO.
Oaks, PA 19456
800-DIAL-SEI/800-342-5734
SEI-F-024-(8/00)
