# EDGAR Filing Document

**Accession Number:** 0000701817
**File Stem:** 0002048251-26-000662
**Filing Date:** 2026-1
**Character Count:** 458481
**Document Hash:** 540ec10ab7d27a53c0ed2d1e65aa553e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-000662.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002048251-26-000662

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI TAX EXEMPT TRUST
- **CENTRAL INDEX KEY:** 0000701817

**ORGANIZATION NAME:**
- **EIN:** 236741646
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03447
- **FILM NUMBER:** 26572069

**BUSINESS ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY CIRCLE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610 676-3097

**MAIL ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY CIRCLE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTFUNDS TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890123

## Series and Classes Contracts Data

### STET NEW JERSEY MUNICIPAL BOND FUND (Series ID: S000006435)

| Class ID   | Class Name                                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000017630 | STET NEW JERSEY MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SENJX           |
| C000147415 | STET NEW JERSEY MUNICIPAL BOND FUND - CLASS Y                                         | SNJYX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.6%** |  |  |
| **Alabama — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alabama State, Port Authority, Ser A, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | $1000 | $1014 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2051 (A) | 5570 | 5741 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2055 (A) | 2500 | 2741 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (A) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2053 (A) | 290 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1500 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 2600 | 2810 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser C-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2053 (A) | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 | 2000 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2055 (A) | 5385 | 5834 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser D-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2049 (A) | 2500 | 2649 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Sewer Revenue Refunding Warrants, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2040 | 2000 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2041 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2043 | 1500 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | 2500 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 | 5345 | 5843 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 4800 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 640 | 687 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2053 (A) | 500 | 546 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2055 (A) | 1550 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 7500 | 7776 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2054 (A) | 2500 | 2765 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2055 (A) | 1500 | 1610 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Project No. 3, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2053 (A) | 4920 | 5287 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 3640 | 3989 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 10750 | 11570 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Gas Supply District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2054 (A) | $2000 | $2163 |
|  |  | 87454 |
| **Alaska — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CIVICVentures, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1550 | 1729 |
| &nbsp;&nbsp;&nbsp;Northern Alaska, Tobacco Securitization, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 | 615 | 608 |
|  |  | 2337 |
| **Arizona — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Board of Regents, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 5500 | 6228 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, American Charter Schools Foundation Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2037 (B) | 1560 | 1607 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Equitable School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2036 | 4570 | 4581 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Equitable School Revolving Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2040 | 350 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2041 | 925 | 973 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Legacy Cares Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 07/01/2050 (B)(C) | 3560 | 84 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Macombs Facility Project, Ser A-SUSTAIN, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2051 | 750 | 627 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Municipal Certificates, Ser 2019-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/20/2033 | 2746 | 2718 |
| &nbsp;&nbsp;&nbsp;Chandler, Industrial Development Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (A) | 6800 | 6902 |
| &nbsp;&nbsp;&nbsp;Maricopa County, Industrial Development Authority, Banner Health Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 2250 | 2304 |
| &nbsp;&nbsp;&nbsp;Maricopa County, Industrial Development Authority, Christian Care Surprise Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/01/2036 (B) | 1560 | 1588 |
| &nbsp;&nbsp;&nbsp;Maricopa County, Industrial Development Authority, Commercial Metals Company Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2047 (B) | 305 | 259 |

---

SEI Tax Exempt Trust 1

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Downtown Phoenix Student Housing, ASU Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | $350 | $359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 115 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 355 | 362 |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Mayo Clinic Project, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600%, 11/15/2052 (A) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2045 | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;Salt Verde, Financial Corp, Gas Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 2500 | 2721 |
| &nbsp;&nbsp;&nbsp;Tempe, Industrial Development Authority, Friendship Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 355 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 | 365 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | 385 | 386 |
| &nbsp;&nbsp;&nbsp;Tempe, Industrial Development Authority, Mirabella at ASU Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/2037 (B) | 1200 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2027 (B) | 475 | 447 |
| &nbsp;&nbsp;&nbsp;Tempe, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2030 | 590 | 587 |
|  |  | 40824 |
| **Arkansas — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Arkansas State, University of Central Arkansas, Auxiliary Project, Ser C, RB, AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/01/2026 | 345 | 349 |
| &nbsp;&nbsp;&nbsp;Arkansas State, University of Central Arkansas, Student Fee Project, Ser B, RB, AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/01/2026 | 345 | 348 |
|  |  | 697 |
| **California — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bay Area, Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.090%, 04/01/2056 (A) | 1115 | 1105 |
| &nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena, Airport Authority Brick Campaign, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 2000 | 2234 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | $2000 | $2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2053 (A) | 565 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (A) | 2390 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 5000 | 5253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2055 (A) | 2000 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056 (A) | 2760 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2056 (A) | 2000 | 2193 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2052 (A) | 7520 | 7657 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2054 (A) | 6350 | 6722 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (A) | 5000 | 5377 |
| &nbsp;&nbsp;&nbsp;California State, Enterprise Development Authority, M@College Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2045 | 370 | 377 |
| &nbsp;&nbsp;&nbsp;California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 3000 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 1500 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 3395 | 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2042 | 1500 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2046 | 1000 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2046 | 1000 | 804 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, Adventis Health System/West, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 665 | 740 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Certificates, Ser 2021-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/20/2035 | 2781 | 2763 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Brightline West Passenger Rail, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 01/01/2065 (A) | 1805 | 1534 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Equitable School Revolving Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2039 | 410 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2042 | 760 | 795 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Caritas Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2037 | 1055 | 1055 |

---

2 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Orchard Park Student Housing Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2034 | $1170 | $1214 |
| &nbsp;&nbsp;&nbsp;California State, Public Finance Authority, Hoag Memorial Hospital Presbyterian, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2036 | 370 | 391 |
| &nbsp;&nbsp;&nbsp;California State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (D) | 1450 | 1470 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (E) | 4960 | 5292 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (F) | 6375 | 684 |
| &nbsp;&nbsp;&nbsp;Inland Empire, Tobacco Securitization, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2057 (B)(F) | 68900 | 4305 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Airports, Los Angeles International Airport Project, Sub-Ser S, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2033 | 535 | 589 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Water & Power, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2044 | 1300 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2046 | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2039 | 750 | 840 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Water & Power, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 3250 | 3728 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Water & Power, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 4100 | 4724 |
| &nbsp;&nbsp;&nbsp;Riverside County, Transportation Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2038 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;San Bernardino, Community College District, Ser F, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2046 (F) | 430 | 154 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Airport Comm- San Francisco International Airport, Ser ES-, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 | 2500 | 2853 |
| &nbsp;&nbsp;&nbsp;San Jose-Evergreen, Community College District, Ser C-ELECTION, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2041 | 2600 | 2675 |
|  |  | 94117 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Colorado — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Broomfield, Special Revenue Refunding and Improvements, Ser A, GO, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | $190 | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 420 | 466 |
| &nbsp;&nbsp;&nbsp;Colorado State, Department of Transportation, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 | 350 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;Colorado State, Educational & Cultural Facilities Authority, Ascent Classical Academy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2039 (B) | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;Colorado State, Educational & Cultural Facilities Authority, Loveland Classical Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2046 (B) | 500 | 492 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, AdventHealth, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/19/2026 (A)(E) | 235 | 240 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2036 | 1135 | 1260 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2034 | 1500 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2044 | 2550 | 2314 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Covenant Living Communities Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 | 205 | 197 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Intermountain Health, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2036 | 375 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2037 | 230 | 253 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 1250 | 1298 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Ser D, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2032 | 280 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2033 | 1030 | 1183 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 2000 | 2103 |

---

SEI Tax Exempt Trust 3

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Denver, Convention Center Hotel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | $400 | $406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 855 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1200 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 800 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | 600 | 605 |
| &nbsp;&nbsp;&nbsp;Park Creek, Metropolitan District, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Eagle P3 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 600 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2031 | 1200 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 | 1020 | 1097 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Sales Tax Revenue, Fastracks Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 | 3000 | 3020 |
| &nbsp;&nbsp;&nbsp;Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2035 (B) | 5405 | 5917 |
| &nbsp;&nbsp;&nbsp;Vauxmont Metropolitan District, Sub-Ser, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2026 | 220 | 225 |
| &nbsp;&nbsp;&nbsp;Weld County, School District No. RE-4, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 | 2000 | 2156 |
|  |  | 36550 |
| **Connecticut — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut State, Health & Educational Facilities Authority, Covenant Home Project, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | 1230 | 1262 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Health & Educational Facilities Authority, Ser A-3-YALE, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 07/01/2049 (A) | 1335 | 1334 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Housing Finance Authority, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2047 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 2460 | 2492 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser E, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029 | 4000 | 4266 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser F, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2038 | 4460 | 5077 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser G, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041 | 1500 | 1666 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Special Tax Obligation, Transportation Infrastructure, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2036 | 1300 | 1353 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;University of Connecticut, Ser A, RB, ST APPROP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 | $4740 | $5239 |
|  |  | 22789 |
| **District of Columbia — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Georgetown University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2060 (A) | 3000 | 3391 |
| &nbsp;&nbsp;&nbsp;District of Columbia, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 4000 | 4310 |
| &nbsp;&nbsp;&nbsp;District of Columbia, Tobacco Settlement Financing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2046 (F) | 3125 | 732 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Airports Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Transit Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2039 | 3000 | 3050 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Transit Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2040 | 3250 | 3561 |
|  |  | 16058 |
| **Florida — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alachua County, Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 (A) | 4000 | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2030 | 245 | 245 |
| &nbsp;&nbsp;&nbsp;Broward County, Airport System Revenue, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 1300 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 2000 | 2049 |
| &nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Florida University Project, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 365 | 375 |
| &nbsp;&nbsp;&nbsp;Central Florida, Expressway Authority, Ser D, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1500 | 1656 |
| &nbsp;&nbsp;&nbsp;Escambia County, Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2045 | 640 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2050 | 1900 | 1632 |
| &nbsp;&nbsp;&nbsp;Florida State, Capital Trust Agency, University Bridge, Student Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2043 (B) | 3000 | 3004 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 07/15/2032 (A)(B) | 3465 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 07/01/2057 (A)(B) | 1695 | 1271 |

---

4 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2053 | $2075 | $1722 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Project, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2053 | 3625 | 3614 |
| &nbsp;&nbsp;&nbsp;Florida State, Higher Educational Facilities Financial Authority, Ringling College Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2037 | 1295 | 1306 |
| &nbsp;&nbsp;&nbsp;Florida State, Sunshine Skyway Bridge, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033 | 2930 | 3003 |
| &nbsp;&nbsp;&nbsp;Greater Orlando, Aviation Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1000 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 100 | 112 |
| &nbsp;&nbsp;&nbsp;Hillsborough County, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 | 3525 | 3824 |
| &nbsp;&nbsp;&nbsp;Hillsborough County, Solid Waste & Resource Recovery Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 3695 | 3753 |
| &nbsp;&nbsp;&nbsp;JEA Electric System Revenue, Ser Three, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 4870 | 5295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 3000 | 3244 |
| &nbsp;&nbsp;&nbsp;JEA Water & Sewer System Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2045 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;Lee County, Airport Revenue, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2049 | 2750 | 2855 |
| &nbsp;&nbsp;&nbsp;Lee County, Industrial Development Authority, Shell Point, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2029 | 120 | 121 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Aviation Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 5000 | 5597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 920 | 1014 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Educational Facilities Authority, University of Miami Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2047 | 3500 | 3759 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Seaport Department, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 | 440 | 470 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Water & Sewer System Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 | 1750 | 1829 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Water & Sewer System Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 | 2500 | 2737 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Orange County, Tourist Development Tax Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | $3270 | $3325 |
| &nbsp;&nbsp;&nbsp;Osceola County, Transportation Revenue, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 (F) | 275 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 (F) | 360 | 336 |
| &nbsp;&nbsp;&nbsp;Palm Beach County, Health Facilities Authority, Retirement Life Community Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 | 5850 | 5922 |
| &nbsp;&nbsp;&nbsp;Seminole County, Industrial Development Authority, Legacy Pointe at UCF Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2039 | 3660 | 3642 |
| &nbsp;&nbsp;&nbsp;South Miami, Health Facilities Authority, Baptist Health South Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2031 | 3000 | 3108 |
| &nbsp;&nbsp;&nbsp;St. Johns County, Industrial Development Authority, Vicars Landing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2046 | 305 | 245 |
| &nbsp;&nbsp;&nbsp;St. Johns County, School Board, Ser A, COP, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 1600 | 1739 |
| &nbsp;&nbsp;&nbsp;Tampa, Cigarette Tax Allocation, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2036 (F) | 305 | 202 |
| &nbsp;&nbsp;&nbsp;The Villages, Community Development District No. 13, Wildwood, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2029 | 760 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 05/01/2026 | 115 | 114 |
| &nbsp;&nbsp;&nbsp;The Villages, Community Development District No. 14, Leesburg, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/01/2037 | 1150 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/01/2032 | 185 | 193 |
| &nbsp;&nbsp;&nbsp;The Villages, Community Development District No. 15, Wildwood, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 05/01/2039 (B) | 995 | 989 |
| &nbsp;&nbsp;&nbsp;The Villages, Community Development District No. 16, Wildwood, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2035 | 890 | 894 |
| &nbsp;&nbsp;&nbsp;Wildwood, Utility Dependent District, South Sumter Utility Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 550 | 606 |
|  |  | 88370 |
| **Georgia — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Department of Aviation, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1500 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;Atlanta, Department of Aviation, Ser B-1, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 1500 | 1653 |

---

SEI Tax Exempt Trust 5

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Water & Wastewater Revenue Authority, Sub-Ser, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | $7850 | $9008 |
| &nbsp;&nbsp;&nbsp;Bartow County, Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2032 (A) | 930 | 944 |
| &nbsp;&nbsp;&nbsp;Cobb-Marietta Coliseum & Exhibit Hall Authority, Cobb Galleria Centre Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 | 670 | 753 |
| &nbsp;&nbsp;&nbsp;Fulton County, Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2033 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;Gainesville & Hall County, Hospital Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2051 | 1200 | 878 |
| &nbsp;&nbsp;&nbsp;George L Smith II, Georgia World Congress Center Authority, Convention Center Hotel, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 (B) | 710 | 727 |
| &nbsp;&nbsp;&nbsp;Georgia State, Housing & Finance Authority, Single Family Mortgage, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 | 210 | 221 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 880 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (A) | 665 | 724 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2028 | 1915 | 2022 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (A) | 1705 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 (A) | 675 | 729 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2053 (A) | 1665 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 (A) | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (A) | 6640 | 6683 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2054 (A) | 90 | 97 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser E-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2053 (A) | 1225 | 1314 |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, Project One Subordinated, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 2955 | 3324 |
| &nbsp;&nbsp;&nbsp;Monroe County, Development Authority, Georgie Power Company Project, Plant Scherer, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2048 (A) | 260 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/01/2049 (A) | 730 | 716 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Savannah, Convention Center Authority, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | $300 | $341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 300 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 200 | 224 |
|  |  | 41911 |
| **Guam — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Power Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | 2000 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 2205 | 2431 |
| &nbsp;&nbsp;&nbsp;Guam, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 200 | 211 |
|  |  | 4869 |
| **Hawaii — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hawaii State, Airports System Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 3000 | 3134 |
| &nbsp;&nbsp;&nbsp;Honolulu, City & County, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 250 | 276 |
|  |  | 3410 |
| **Idaho — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Single Family Mortgage, Ser C, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/01/2053 | 2280 | 2469 |
| **Illinois — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046 | 640 | 575 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Dedicated Capital Improvement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2035 | 380 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2036 | 645 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2033 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2034 | 620 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 445 | 450 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1435 | 1451 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 650 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2037 | 1255 | 1336 |
| &nbsp;&nbsp;&nbsp;Chicago, Midway International Airport, Senior Lien Airport Revenue Refunding Bonds, Ser C, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 | 2000 | 2116 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 1040 | 1121 |

---

6 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 | $1890 | $2065 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 1515 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 1130 | 1252 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 1290 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 1500 | 1526 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 1665 | 1702 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2035 | 3020 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045 | 2750 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2044 | 2000 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2036 | 5550 | 5259 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 (D) | 1130 | 1132 |
| &nbsp;&nbsp;&nbsp;Chicago, Transit Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046 | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission Revenue, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2041 | 305 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2042 | 1750 | 1888 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 1820 | 1853 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser 2017-2, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 5000 | 5144 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2039 | 2750 | 3042 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser B, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 470 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2038 | 1150 | 1243 |
| &nbsp;&nbsp;&nbsp;Cook County, Community College District No. 508, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 800 | 860 |
| &nbsp;&nbsp;&nbsp;Cook County, Tax Revenue Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 4000 | 4147 |
| &nbsp;&nbsp;&nbsp;Cook County, Tax Revenue Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 60 | 66 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Chicago International Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 1500 | 1517 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Northshore - Edward-Elhmhurst Health Credit Group, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2047 | 2000 | 2040 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2041 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 (E) | 2140 | 2179 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 1480 | 1693 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, University of Chicago Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2045 | 1550 | 1663 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, University of Illinois Chicago Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029 | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031 | 365 | 370 |
| &nbsp;&nbsp;&nbsp;Illinois State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2030 | 3750 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 | 2970 | 3008 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Homeowner Mortgage, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2046 | 275 | 275 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser D, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 | 1195 | 1280 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser E, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2052 | 2480 | 2587 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser H, RB, FNMA/GNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/01/2053 | 340 | 362 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser I, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/2055 | 800 | 888 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser K, RB, FNMA/GNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2043 | 1200 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 10/01/2038 | 1100 | 1160 |
| &nbsp;&nbsp;&nbsp;Illinois State, Rebuild Illinois Program, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 | 2800 | 2820 |
| &nbsp;&nbsp;&nbsp;Illinois State, Regional Transportation Authority, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2030 | 1500 | 1661 |
| &nbsp;&nbsp;&nbsp;Illinois State, Regional Transportation Authority, Ser A, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2031 | 1000 | 1117 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2042 | 670 | 722 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 2500 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 | 2000 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 4020 | 4057 |

---

SEI Tax Exempt Trust 7

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 | $2850 | $2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2037 | 215 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2048 | 4265 | 3779 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2040 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;Illinois State, Sports Facilities Authority, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 | 1500 | 1592 |
| &nbsp;&nbsp;&nbsp;Illinois State, Toll Highway Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045 | 3660 | 3925 |
| &nbsp;&nbsp;&nbsp;Kendall Kane & Will Counties, School District No. 308, Ser A, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 | 1055 | 1081 |
| &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2031 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 255 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033 | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034 | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2042 | 1000 | 936 |
| &nbsp;&nbsp;&nbsp;Railsplitter, Tobacco Settlement Authority, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (E) | 2500 | 2528 |
| &nbsp;&nbsp;&nbsp;Rock Island County, School District No. 41, Ser A, GO, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 | 500 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 650 | 738 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 2500 | 2751 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 360 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 380 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 4465 | 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 4500 | 4769 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 635 | 666 |
|  |  | 130939 |
| **Indiana — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Danville, Multi-School Building, RB, ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2031 | 500 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2032 | 800 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 | 500 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2033 | 500 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 555 | 626 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, CHF - Tippecanoe, LLC, Student Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | $200 | $210 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Wastewater Utility Revenue, CWA Authority Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 2725 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 | 1485 | 1541 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Water Utility Revenue, Citizens Energy Group Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 2585 | 2949 |
| &nbsp;&nbsp;&nbsp;Indiana State, Housing & Community Development Authority, Tax-Exempt Student Loan Program, Ser B-1, RB, GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/01/2049 | 175 | 174 |
| &nbsp;&nbsp;&nbsp;Indiana State, Secondary Market for Education Loans, Ser 1A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 815 | 874 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2038 | 1400 | 1519 |
| &nbsp;&nbsp;&nbsp;Richmond, Hospital Authority, Reid Hospital Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 3400 | 3402 |
| &nbsp;&nbsp;&nbsp;Westfield-Washington, Multi-School Building, Ser A, RB, BAM ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/2037 | 2520 | 2902 |
| &nbsp;&nbsp;&nbsp;Whiting, Industry Environmental Facilities, BP Products North America Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 11/01/2045 (A) | 1000 | 1056 |
|  |  | 20658 |
| **Iowa — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (E) | 2515 | 2891 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Ser A, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2053 | 870 | 908 |
| &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity Corporation, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1130 | 1223 |
| &nbsp;&nbsp;&nbsp;Iowa State, Tobacco Settlement Authority, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 | 500 | 504 |

---

8 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;PEFA, Gas Project Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2049 (A) | $1000 | $1010 |
|  |  | 6536 |
| **Kentucky — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2055 (A) | 500 | 533 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2054 (A) | 2250 | 2440 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 | 3000 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2055 (A) | 2750 | 2957 |
| &nbsp;&nbsp;&nbsp;Louisville & Jefferson County, Metropolitan Government & Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2047 (A) | 1175 | 1192 |
|  |  | 10260 |
| **Louisiana — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.384%, 05/01/2043 (A) | 380 | 379 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Public Facilities Authority, Department of Public Safety Crime Lab Project, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 400 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 | 165 | 187 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Public Facilities Authority, Lincoln Preparatory School Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 06/01/2037 (B) | 400 | 395 |
| &nbsp;&nbsp;&nbsp;New Orleans, Aviation Board, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 2250 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 1695 | 1858 |
| &nbsp;&nbsp;&nbsp;New Orleans, Aviation Board, Consolidated Rental Car Facility Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 1260 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 1550 | 1613 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/01/2037 (A) | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 06/01/2037 (A) | 590 | 587 |
|  |  | 10267 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Maine — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Maine State, Health & Higher Educational Facilities Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 | $195 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 | 265 | 272 |
|  |  | 473 |
| **Maryland — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland State, Community Development Administration, RB, FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039 | 1935 | 1954 |
| &nbsp;&nbsp;&nbsp;Maryland State, Community Development Administration, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2050 | 255 | 254 |
| &nbsp;&nbsp;&nbsp;Maryland State, Department of Transportation, AMT, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;Maryland State, Department of Transportation, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2032 | 1500 | 1529 |
| &nbsp;&nbsp;&nbsp;Maryland State, Economic Development, Core Nayural Resources Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 (A)(B) | 1500 | 1576 |
| &nbsp;&nbsp;&nbsp;Maryland State, Health & Higher Educational Facilities Authority, Adventist HealthCare, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2036 | 2000 | 2037 |
| &nbsp;&nbsp;&nbsp;Maryland State, Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 5000 | 5147 |
| &nbsp;&nbsp;&nbsp;Maryland State, Stadium Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 | 2670 | 3049 |
| &nbsp;&nbsp;&nbsp;Maryland State, Transportation Authority, Transportation Facilities Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 3065 | 3606 |
| &nbsp;&nbsp;&nbsp;Prince George's County, Episcopal Life Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031 | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;Prince George's County, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2042 | 2000 | 2196 |
|  |  | 24461 |
| **Massachusetts — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2044 | 9000 | 9655 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Emerson College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 465 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 145 | 147 |

---

SEI Tax Exempt Trust 9

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Lasell Village, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | $435 | $457 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Health Care System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.390%, 07/01/2049 (A)(B) | 550 | 550 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Suffolk University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 150 | 151 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Tufts University Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2044 | 530 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 285 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 | 455 | 517 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, UMass Student Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 2965 | 2989 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1125 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1500 | 1611 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 915 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1750 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1925 | 2017 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Bosfuel Project, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1330 | 1419 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1250 | 1252 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 2500 | 2648 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2034 | 6500 | 6707 |
|  |  | 35421 |
| **Michigan — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Detroit, Downtown Development Authority, Catalyst Development Project, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 | 2000 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 | 735 | 768 |
| &nbsp;&nbsp;&nbsp;Detroit, Regional Convention Facility Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 1355 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 | 215 | 238 |
| &nbsp;&nbsp;&nbsp;Gerald R Ford International Airport Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 | 1245 | 1344 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Great Lakes, Water Authority, Sewage Disposal System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | $1750 | $1965 |
| &nbsp;&nbsp;&nbsp;Great Lakes, Water Authority, Water Supply System, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 430 | 487 |
| &nbsp;&nbsp;&nbsp;Great Lakes, Water Authority, Water Supply System, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 3500 | 4092 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Beaumont-Spectrum Consolidation, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2033 | 3610 | 4044 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Hospital Trinity Health Credit, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034 | 2000 | 2075 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2041 | 450 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2042 | 2200 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2043 | 800 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/29/2044 | 600 | 577 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2054 | 1890 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2050 | 105 | 105 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/01/2030 | 640 | 648 |
| &nbsp;&nbsp;&nbsp;Michigan State, Strategic Fund, I-75 Improvement Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2031 | 3500 | 3639 |
| &nbsp;&nbsp;&nbsp;Michigan State, Strategic Fund, Various Consumer Energy Companies, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 10/01/2049 (A) | 345 | 344 |
| &nbsp;&nbsp;&nbsp;Wayne County, Airport Authority, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 1800 | 1800 |
|  |  | 31516 |
| **Minnesota — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple Valley, Senior Living Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2029 | 1320 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2031 | 1085 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2037 | 475 | 282 |
| &nbsp;&nbsp;&nbsp;Cass Lake-Bena, Independent School District No. 115, Ser A, GO, SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2040 | 2395 | 2443 |
| &nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Metropolitan Airports Commission, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 300 | 307 |
| &nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2038 | 915 | 920 |

---

10 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2049 | $| 2700 | $| 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 |  | 3355 |  | 3732 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB | &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB | &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB | &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB | &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 |  | 2845 |  | 2944 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Agricultural & Economic Development Board, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 |  | 1530 |  | 1712 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Higher Education Facilities Authority, St. Olaf College, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2038 |  | 250 |  | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2041 |  | 1000 |  | 871 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Municipal Power Agency, Ser A, RB | &nbsp;&nbsp;&nbsp;Minnesota State, Municipal Power Agency, Ser A, RB | &nbsp;&nbsp;&nbsp;Minnesota State, Municipal Power Agency, Ser A, RB | &nbsp;&nbsp;&nbsp;Minnesota State, Municipal Power Agency, Ser A, RB | &nbsp;&nbsp;&nbsp;Minnesota State, Municipal Power Agency, Ser A, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 |  | 600 |  | 601 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Public Facilities Authority State Revolving Fund, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2033 |  | 3000 |  | 3014 |
|  |  |  |  | 22578 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mississippi State, ABC Warehouse Construction, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 |  | 145 |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 |  | 265 |  | 303 |
| &nbsp;&nbsp;&nbsp;Mississippi State, Gaming Tax Revenue, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2029 |  | 300 |  | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2030 |  | 850 |  | 900 |
| &nbsp;&nbsp;&nbsp;Mississippi State, Gaming Tax Revenue, Ser E, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2029 |  | 1000 |  | 1001 |
|  |  |  |  | 2689 |
| **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, SSM Health Care Project, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 |  | 720 |  | 803 |
| &nbsp;&nbsp;&nbsp;Missouri State, Housing Development Commission, RB, GNMA/FNMA/FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/01/2050 |  | 400 |  | 401 |
| &nbsp;&nbsp;&nbsp;St Louis, Industrial Development Authority, Confluence Academy Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/2042 (B) |  | 2350 |  | 2171 |
|  |  |  |  | 3375 |
| **Montana — 0.0%** | **Montana — 0.0%** | **Montana — 0.0%** | **Montana — 0.0%** | **Montana — 0.0%** |
| &nbsp;&nbsp;&nbsp;Montana State, Facility Finance Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2065 (A) |  | 400 |  | 427 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** | **Nebraska — 1.0%** |
| &nbsp;&nbsp;&nbsp;Central Plains, Energy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | $4860 | $5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 730 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 1020 | 1092 |
| &nbsp;&nbsp;&nbsp;Nebraska State, Investment Finance Authority, Ser G, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 09/01/2043 | 1100 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/01/2038 | 550 | 583 |
| &nbsp;&nbsp;&nbsp;Omaha, Airport Authority, AMT, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 1335 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033 | 2050 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034 | 1000 | 1135 |
| &nbsp;&nbsp;&nbsp;Omaha, Public Power District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2041 | 1700 | 1830 |
|  |  | 15721 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| &nbsp;&nbsp;&nbsp;Clark County, School District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2039 | 2115 | 2312 |
| &nbsp;&nbsp;&nbsp;Las Vegas, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 2000 | 2257 |
| &nbsp;&nbsp;&nbsp;Reno, Sales Tax Revenue, First Lien, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 590 | 617 |
| &nbsp;&nbsp;&nbsp;Reno, Sales Tax Revenue, Second Lien, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 400 | 424 |
|  |  | 5610 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Springpoints Senior Living Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2029 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030 | 285 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2031 | 290 | 292 |
|  |  | 881 |
| **New Jersey — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, COVID-19 Emergency Bonds, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2032 | 3070 | 3309 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Continental Airlines Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2030 | 1160 | 1162 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Provident Group Montclair Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 995 | 1024 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Montclair State University, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 810 | 924 |

---

SEI Tax Exempt Trust 11

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2064 (A) | $2000 | $2327 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Inspira Health Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 2250 | 2301 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Valley Health System Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 2590 | 2775 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 1400 | 1497 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1450 | 1519 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Institute of Technology, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 2000 | 2232 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Tobacco Settlement Financing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 10000 | 10317 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 | 2000 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 | 3500 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 | 3280 | 3314 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2039 | 2500 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2039 | 3000 | 3399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032 | 2305 | 2607 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser AA, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2041 | 2000 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036 | 500 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 1250 | 1381 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser BB, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 3000 | 3334 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser CC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2034 | 710 | 819 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032 | 1250 | 1328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;South Jersey Port, Marine Terminal, Sub-Ser B, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 | $| 900 | $| 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 |  | 425 |  | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 |  | 570 |  | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 |  | 570 |  | 585 |
| &nbsp;&nbsp;&nbsp;South Jersey, Transportation Authority, Ser A, RB, BAM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2039 |  | 1500 |  | 1532 |
|  |  |  |  | 61867 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| &nbsp;&nbsp;&nbsp;New Mexico State, Hospital Equipment Loan Council, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 |  | 5000 |  | 5093 |
| &nbsp;&nbsp;&nbsp;Santa Fe, Retirement Facilities Revenue, El Castillo Retirement Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034 |  | 600 |  | 615 |
|  |  |  |  | 5708 |
| **New York — 8.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Albany Capital Resource, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2036 |  | 500 |  | 571 |
| &nbsp;&nbsp;&nbsp;Albany, Capital Resource, RB | &nbsp;&nbsp;&nbsp;Albany, Capital Resource, RB | &nbsp;&nbsp;&nbsp;Albany, Capital Resource, RB | &nbsp;&nbsp;&nbsp;Albany, Capital Resource, RB | &nbsp;&nbsp;&nbsp;Albany, Capital Resource, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2043 |  | 1750 |  | 1919 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Kipp Public School, Canal West Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 |  | 450 |  | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 |  | 525 |  | 566 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 |  | 1980 |  | 2033 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2043 |  | 1000 |  | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 |  | 3000 |  | 3419 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser A-2, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2045 (A) |  | 500 |  | 541 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser C-1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 |  | 4000 |  | 4211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 |  | 2005 |  | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2032 |  | 1500 |  | 1519 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser E, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 |  | 2190 |  | 2400 |
| &nbsp;&nbsp;&nbsp;Monroe County, Industrial Development Authority, University of Rochester Project, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 |  | 1325 |  | 1374 |
| &nbsp;&nbsp;&nbsp;Nassau County, Local Economic Assistance, Catholic Health Services of Long Island Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 |  | 1000 |  | 1006 |

---

12 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | $5000 | $5263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2036 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2039 | 605 | 644 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 246, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 2000 | 2174 |
| &nbsp;&nbsp;&nbsp;New York City, Energy Finance Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2056 (A) | 5000 | 5356 |
| &nbsp;&nbsp;&nbsp;New York City, Health & Hospitals, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2031 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 08/01/2048 | 1090 | 1083 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2033 | 330 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2034 | 740 | 726 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 110 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 100 | 109 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A, GO | &nbsp;&nbsp;&nbsp;New York City, Ser A, GO | &nbsp;&nbsp;&nbsp;New York City, Ser A, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 1000 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 200 | 228 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A-1, GO | &nbsp;&nbsp;&nbsp;New York City, Ser A-1, GO | &nbsp;&nbsp;&nbsp;New York City, Ser A-1, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2037 | 4000 | 4050 |
| &nbsp;&nbsp;&nbsp;New York City, Ser C, GO | &nbsp;&nbsp;&nbsp;New York City, Ser C, GO | &nbsp;&nbsp;&nbsp;New York City, Ser C, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2036 | 2750 | 2794 |
| &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO | &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO | &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2038 | 1500 | 1515 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser B, GO | &nbsp;&nbsp;&nbsp;New York City, Sub-Ser B, GO | &nbsp;&nbsp;&nbsp;New York City, Sub-Ser B, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2041 | 6240 | 6764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 280 | 317 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser G-SUBSER, GO | &nbsp;&nbsp;&nbsp;New York City, Sub-Ser G-SUBSER, GO | &nbsp;&nbsp;&nbsp;New York City, Sub-Ser G-SUBSER, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2039 | 985 | 1111 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Building Aid Revenue, Sub-Ser S1A, RB, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2035 | 1650 | 1769 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2043 | 1350 | 1308 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 | $1040 | $1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2041 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser A-, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 | 410 | 447 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2052 | 2000 | 2161 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser D-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2041 | 3000 | 3275 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/15/2044 (A) | 1800 | 1800 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2040 | 1800 | 1596 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Pace University, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2043 | 560 | 582 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Prefunded School Districts, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (E) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2032 (E) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2038 | 4840 | 4914 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2040 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2039 | 760 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2041 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2041 | 1500 | 1298 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, 1 World Trade Center Project, Ser 1WTC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 02/15/2044 | 610 | 460 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, 4 World Trade Center Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 11/15/2046 | 1170 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 11/15/2028 | 1355 | 1247 |

---

SEI Tax Exempt Trust 13

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York State, Thruway Authority, Ser A-1- GROUP, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2036 | $2895 | $2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2049 | 5000 | 3779 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, Delta Air Lines Inc, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 4000 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 | 2625 | 2663 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, Delta Air Lines Inc, LaGuardia Airport Terminals C&D Redevelopment Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 | 4550 | 4640 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2040 | 730 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2039 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2041 | 850 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 06/30/2060 | 1250 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2043 | 2500 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | 4000 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 3000 | 3194 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2043 | 1850 | 2057 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2043 | 1200 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2039 | 250 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/30/2042 | 4000 | 3900 |
| &nbsp;&nbsp;&nbsp;New York State, Utility Debt Securitization Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2035 | 1825 | 1842 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2044 | 1750 | 1779 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2054 | 2500 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2036 (F) | 905 | 614 |
| &nbsp;&nbsp;&nbsp;TSASC, Tobacco Settlement Bonds, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 | 525 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | 525 | 537 |
| &nbsp;&nbsp;&nbsp;Westchester County, Local Development, Westchester Medical Center Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2047 | 750 | 773 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Westchester, Tobacco Asset Securitization, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | $2000 | $2050 |
|  |  | 137278 |
| **North Carolina — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Charlotte, Airport Revenue, Douglas International Airport, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 2250 | 2440 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2049 (A) | 5000 | 5560 |
| &nbsp;&nbsp;&nbsp;Greater Asheville, Regional Airport Authority, Ser A, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 445 | 487 |
| &nbsp;&nbsp;&nbsp;Nash Health Care Systems, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2032 | 2625 | 2906 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Housing Finance Agency, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2052 | 1225 | 1229 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Housing Finance Agency, Ser 5, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 01/01/2056 | 485 | 545 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Medical Care Commission, Penick Village Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2044 | 1380 | 1412 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Medical Care Commission, Retirement Facilities First Mortgage, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 285 | 286 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Medical Care Commission, The Forest at Duke Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2041 | 830 | 758 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Medical Care Commission, Twin Lakes Community, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 | 605 | 615 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Medical Care Commission, United Methodist Retirement Homes, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2028 | 265 | 265 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Turnpike Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;University of North Carolina, Chapel Hill Hospital Project, Ser A-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 02/15/2031 (A) | 2140 | 2140 |
|  |  | 19700 |

---

14 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **North Dakota — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2043 | $760 | $774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/01/2033 | 380 | 381 |
| &nbsp;&nbsp;&nbsp;North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2031 | 990 | 1098 |
|  |  | 2253 |
| **Ohio — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 4325 | 4648 |
| &nbsp;&nbsp;&nbsp;Buckeye, Tobacco Settlement Financing Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 | 1850 | 1558 |
| &nbsp;&nbsp;&nbsp;Cuyahoga County, Hospital Revenue, Metrohealth System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 | 3000 | 3023 |
| &nbsp;&nbsp;&nbsp;Hamilton County, Tax Revenue Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 1600 | 1615 |
| &nbsp;&nbsp;&nbsp;Ohio State, Air Quality Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 (A) | 990 | 1003 |
| &nbsp;&nbsp;&nbsp;Ohio State, Hospital Facility Authority, Childrens Hospital Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2054 (A) | 2000 | 2220 |
| &nbsp;&nbsp;&nbsp;Ohio State, Hospital Facility Authority, Cleveland Clinic Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/01/2052 (A) | 480 | 477 |
| &nbsp;&nbsp;&nbsp;Ohio State, Portsmouth Bypass Project, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2027 | 655 | 656 |
| &nbsp;&nbsp;&nbsp;Ohio State, Water Development Authority, Fresh Water Bonds, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 | 5545 | 6172 |
| &nbsp;&nbsp;&nbsp;Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2041 | 4000 | 4443 |
| &nbsp;&nbsp;&nbsp;Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 | 7000 | 7624 |
| &nbsp;&nbsp;&nbsp;Port of Greater Cincinnati, Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 | 495 | 555 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Warren County, Healthcare Facilities, Otterbein Homes Obligated Group, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | $| 1015 | $| 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 |  | 775 |  | 837 |
|  |  |  |  | 35935 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| &nbsp;&nbsp;&nbsp;Canadian County, Educational Facilities Authority, Mustang Public Schools Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 |  | 930 |  | 1054 |
| &nbsp;&nbsp;&nbsp;Oklahoma State, Turnpike Authority, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 |  | 410 |  | 471 |
|  |  |  |  | 1525 |
| **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** |
| &nbsp;&nbsp;&nbsp;Lincoln County, School District, GO, SCH BD GTY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2035 (G) |  | 240 |  | 271 |
| &nbsp;&nbsp;&nbsp;Oregon State, Facilities Authority, Legacy Health Project, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 |  | 2500 |  | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046 |  | 2500 |  | 2506 |
| &nbsp;&nbsp;&nbsp;Oregon State, Facilities Authority, PeaceHealth, Ser B, RB, TD BANK N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/01/2034 (A)(H) |  | 2400 |  | 2400 |
| &nbsp;&nbsp;&nbsp;Oregon State, GO | &nbsp;&nbsp;&nbsp;Oregon State, GO | &nbsp;&nbsp;&nbsp;Oregon State, GO | &nbsp;&nbsp;&nbsp;Oregon State, GO | &nbsp;&nbsp;&nbsp;Oregon State, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2040 |  | 1970 |  | 2176 |
| &nbsp;&nbsp;&nbsp;Port of Portland, Airport Revenue, Portland International Airport, Ser THIRT, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2040 |  | 1250 |  | 1378 |
|  |  |  |  | 11249 |
| **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, Allegheny Health Network Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 |  | 5000 |  | 5214 |
| &nbsp;&nbsp;&nbsp;Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 (B) |  | 1850 |  | 1858 |
| &nbsp;&nbsp;&nbsp;Bucks County, Industrial Development Authority, Lane Charter School Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/15/2036 |  | 2000 |  | 2020 |
| &nbsp;&nbsp;&nbsp;Coatesville School District, RB, AG ST AID WITHHLDG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2040 |  | 1420 |  | 1560 |
| &nbsp;&nbsp;&nbsp;Delaware River Port Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 |  | 1000 |  | 1125 |
| &nbsp;&nbsp;&nbsp;Doylestown, Hospital Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (B) |  | 835 |  | 886 |

---

SEI Tax Exempt Trust 15

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Penn State Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 | $2000 | $2021 |
| &nbsp;&nbsp;&nbsp;Lancaster, School District, Ser A, GO, BAM ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | 550 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 750 | 847 |
| &nbsp;&nbsp;&nbsp;Luzerne County, Industrial Development Authority, America Water Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/01/2039 (A) | 2500 | 2303 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 2815 | 2960 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 | 4485 | 4528 |
| &nbsp;&nbsp;&nbsp;Moon Township, Industrial Development Authority, Presbyterian Health Care Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/01/2030 | 1810 | 1766 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Commonwealth Financing Authority, Tobacco Master Settlement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 2500 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 2150 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 3500 | 3664 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2034 | 8235 | 8982 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 | 540 | 569 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, University of Pittsburgh Medical Center, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2033 | 2300 | 2524 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2031 | 5855 | 6413 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO | &nbsp;&nbsp;&nbsp;Pennsylvania State, GO | &nbsp;&nbsp;&nbsp;Pennsylvania State, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 | 6395 | 7395 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | 1450 | 1541 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2039 | 3000 | 3341 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 10/01/2041 | 1030 | 1085 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 142-A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 | $965 | $1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 10/01/2043 | 4650 | 4748 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 150A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 | 1150 | 1256 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 151-A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 1120 | 1260 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 250 | 276 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2040 | 500 | 492 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 2170 | 2483 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health System Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 700 | 774 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Housing Authority, PHADC Acquisition Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2038 | 1500 | 1672 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2040 | 5655 | 6303 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, University Square Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (E) | 4445 | 4539 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 2500 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 3000 | 3054 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser F, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 3390 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 7975 | 8073 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO | &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO | &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 | 2405 | 2682 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue, Ser B, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2040 | 4520 | 4991 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue, Ser C, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 4350 | 5061 |

---

16 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2039 | $| 2250 | $| 2498 |
|  |  |  |  | 128293 |
| **Puerto Rico — 2.9%** | **Puerto Rico — 2.9%** | **Puerto Rico — 2.9%** | **Puerto Rico — 2.9%** | **Puerto Rico — 2.9%** |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser CCC, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2027 (C)(I) |  | 2990 |  | 1988 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser TT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (C)(I) |  | 1000 |  | 665 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser WW, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2033 (C)(I) |  | 3035 |  | 2018 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser XX, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2040 (C) |  | 2940 |  | 1955 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, GDB Debt Recovery Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/2040 |  | 1154 |  | 1123 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authourity, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2042 |  | 2000 |  | 2270 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2058 |  | 1000 |  | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2046 (F) |  | 18823 |  | 6386 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 07/01/2040 |  | 8625 |  | 8590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2029 (F) |  | 1500 |  | 1328 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.329%, 07/01/2040 |  | 5750 |  | 5598 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Ser A1, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/01/2027 |  | 3400 |  | 3478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2046 |  | 3600 |  | 3198 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser CW, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2043 (A)(G) |  | 8979 |  | 5746 |
|  |  |  |  | 45315 |
| **Rhode Island — 1.0%** | **Rhode Island — 1.0%** | **Rhode Island — 1.0%** | **Rhode Island — 1.0%** | **Rhode Island — 1.0%** |
| &nbsp;&nbsp;&nbsp;Providence, Public Building Authority, RB, AGC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2038 |  | 335 |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2039 |  | 1000 |  | 1105 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building, Central Falls Public School Projects, RB, ST APPROP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2041 |  | 5420 |  | 5418 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building, City of Pawtucket, Ser C, RB, AGM ST AID WITHHLDG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2035 | $| 315 | $| 362 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building, City of Providence, Ser G, RB, BAM ST AID WITHHLDG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034 |  | 415 |  | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2035 |  | 500 |  | 572 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building, Lifespan Obligation Group, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/2049 |  | 1650 |  | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2039 |  | 550 |  | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2044 |  | 600 |  | 614 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building, Ser A, RB, AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 |  | 500 |  | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 |  | 750 |  | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 |  | 700 |  | 743 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Housing & Mortgage Finance, Homeownership Opportunity, Ser 81-A, RB, GNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2043 |  | 1750 |  | 1845 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Student Loan Authority, Ser B, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 |  | 535 |  | 573 |
|  |  |  |  | 15725 |
| **South Carolina — 1.8%** | **South Carolina — 1.8%** | **South Carolina — 1.8%** | **South Carolina — 1.8%** | **South Carolina — 1.8%** |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group, Financing Agency, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2054 (A) |  | 600 |  | 651 |
| &nbsp;&nbsp;&nbsp;Piedmont, Municipal Power Agency, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033 |  | 5125 |  | 5262 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Housing Finance & Development Authority, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/01/2054 |  | 1470 |  | 1584 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Housing Finance & Development Authority, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/01/2050 |  | 315 |  | 315 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Jobs-Economic Development Authority, High Point Academy Project, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/15/2039 (B) |  | 1000 |  | 943 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Jobs-Economic Development Authority, Novant Health Obligated Group, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 |  | 885 |  | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 |  | 655 |  | 730 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Port Authority, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 |  | 1500 |  | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 |  | 1160 |  | 1160 |

---

SEI Tax Exempt Trust 17

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | $| 2750 | $| 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 |  | 175 |  | 176 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 |  | 2445 |  | 2767 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser E, RB, AGM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2038 |  | 2500 |  | 2771 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 |  | 1220 |  | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 |  | 2000 |  | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 |  | 2250 |  | 2289 |
|  |  |  |  | 27630 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp;South Dakota State, Health & Educational Facilities Authority, Sanford Obligated Group, Ser C-1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2052 (A) |  | 740 |  | 792 |
| &nbsp;&nbsp;&nbsp;South Dakota State, Housing Development Authority, Ser A, RB, GNMA/FNMA/FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2054 |  | 235 |  | 250 |
| &nbsp;&nbsp;&nbsp;South Dakota State, Housing Development Authority, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2049 |  | 425 |  | 427 |
|  |  |  |  | 1469 |
| **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** |
| &nbsp;&nbsp;&nbsp;Knox County, Health Educational & Housing Facility Board, University of Tennesee Project, Ser A-1, RB, BAM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 |  | 300 |  | 328 |
| &nbsp;&nbsp;&nbsp;Knox County, Health Educational & Housing Facility Board, University of Tennesee Project, Ser B-1, RB, BAM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 |  | 2200 |  | 2276 |
| &nbsp;&nbsp;&nbsp;Nashville & Davidson County, Metropolitan Government, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033 |  | 3000 |  | 3069 |
| &nbsp;&nbsp;&nbsp;Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Belmont University, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 |  | 705 |  | 767 |
| &nbsp;&nbsp;&nbsp;Nashville & Davidson County, Metropolitan Government, Sports Authority, Stadium Project, Ser A, RB, AGM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2043 |  | 1300 |  | 1373 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB | &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB | &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB | &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB | &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2051 (A) | $| 2500 | $| 2547 |
|  |  |  |  | 10360 |
| **Texas — 8.4%** | **Texas — 8.4%** | **Texas — 8.4%** | **Texas — 8.4%** | **Texas — 8.4%** |
| &nbsp;&nbsp;&nbsp;Arlington, Higher Education Finance, Riverwalk Education Foundation, RB, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038 |  | 810 |  | 877 |
| &nbsp;&nbsp;&nbsp;Austin, Electric Utility Revenue, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 |  | 1535 |  | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2039 |  | 800 |  | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041 |  | 1100 |  | 1200 |
| &nbsp;&nbsp;&nbsp;Austin, Texas Airport System Revenue, Ser B, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2037 |  | 900 |  | 908 |
| &nbsp;&nbsp;&nbsp;Austin-Bergstrom, Landhost Enterprises, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 |  | 465 |  | 471 |
| &nbsp;&nbsp;&nbsp;Boerne, Independent School District, GO, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2054 (A) |  | 225 |  | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2053 (A) |  | 915 |  | 916 |
| &nbsp;&nbsp;&nbsp;Cedar Hill, Independent School District, GO, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 |  | 2000 |  | 2209 |
| &nbsp;&nbsp;&nbsp;Central Texas, Regional Mobility Authority, Senior Lien, Ser D, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2037 |  | 770 |  | 790 |
| &nbsp;&nbsp;&nbsp;Central Texas, Regional Mobility Authority, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 |  | 200 |  | 217 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 |  | 1750 |  | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038 |  | 1360 |  | 1523 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser C, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 |  | 5000 |  | 5623 |
| &nbsp;&nbsp;&nbsp;City of San Antonio Texas Electric & Gas Systems Revenue, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080%, 02/01/2055 (A) |  | 835 |  | 835 |
| &nbsp;&nbsp;&nbsp;Clifton, Higher Education Finance, International Leadership, RB, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2035 |  | 900 |  | 1000 |
| &nbsp;&nbsp;&nbsp;Clifton, Higher Education Finance, Public Schools Project, RB, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 |  | 1000 |  | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2032 |  | 1000 |  | 1028 |
| &nbsp;&nbsp;&nbsp;Collin County, Community College District, Ser A, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2034 |  | 2500 |  | 2588 |
| &nbsp;&nbsp;&nbsp;Corpus Christi, Utility System Revenue, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 |  | 1500 |  | 1635 |

---

18 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Dallas City, Hotel Occupancy Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2034 | $500 | $501 |
| &nbsp;&nbsp;&nbsp;Dallas City, Love Field, Airport Modernization, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 1250 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 2500 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | 1175 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;Dallas-Fort Worth, International Airport Revenue, Ser C, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 3000 | 3306 |
| &nbsp;&nbsp;&nbsp;Dayton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2040 | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;East Montgomery County, Improvement District Sales Tax Revenue, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;El Paso County, Hospital District, GO, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 865 | 986 |
| &nbsp;&nbsp;&nbsp;Garland, Electric Utility System Revenue, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 | 250 | 277 |
| &nbsp;&nbsp;&nbsp;Garland, Independent School District, Ser A, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 2000 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2042 | 2500 | 2685 |
| &nbsp;&nbsp;&nbsp;Georgetown, Utility System Revenue, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 1705 | 1858 |
| &nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance, Memorial Herman Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Ser B, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 1600 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 | 370 | 417 |
| &nbsp;&nbsp;&nbsp;Harris County, Industrial Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 11/01/2050 (A) | 390 | 403 |
| &nbsp;&nbsp;&nbsp;Hidalgo County, Regional Mobility Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 260 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 300 | 323 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, Sub-Ser C, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 1500 | 1565 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, Sub-Ser, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 1500 | 1708 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Lamar, Consolidated Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | $2000 | $2188 |
| &nbsp;&nbsp;&nbsp;Midland, Independent School District, RB, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2038 | 5000 | 5533 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities Finance, Children's Health System, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2030 | 1645 | 1705 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities Finance, Sanctuary LTC Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2057 | 750 | 672 |
| &nbsp;&nbsp;&nbsp;North East Texas, Regional Mobility Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;North Texas, Tollway Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 4000 | 4483 |
| &nbsp;&nbsp;&nbsp;Northwest, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2043 | 7000 | 6924 |
| &nbsp;&nbsp;&nbsp;Pasadena, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 | 225 | 244 |
| &nbsp;&nbsp;&nbsp;Port Arthur, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 | 1000 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 730 | 845 |
| &nbsp;&nbsp;&nbsp;Princeton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 650 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 | 775 | 853 |
| &nbsp;&nbsp;&nbsp;Prosper, Independent School District, Ser A, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031 | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;San Antonio, Electric & Gas Systems Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033 | 1410 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2034 | 1700 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2039 | 195 | 216 |
| &nbsp;&nbsp;&nbsp;San Antonio, Electric & Gas Systems Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2043 | 2000 | 2121 |
| &nbsp;&nbsp;&nbsp;San Antonio, Electric & Gas Systems Revenue, Ser B-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2033 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;San Antonio, Electric & Gas Systems Revenue, Ser Junior Lien, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/01/2049 (A) | 735 | 735 |
| &nbsp;&nbsp;&nbsp;Southwest Texas, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 | 445 | 495 |

---

SEI Tax Exempt Trust 19

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Christus Health, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (A) | $| 2000 | $| 2222 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Cook Children's Medical Center, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 |  | 3740 |  | 4208 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2051 (A) |  | 485 |  | 541 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Trinity Terrace, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 |  | 2675 |  | 2857 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Senior Lien, Ser D, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/15/2026 |  | 405 |  | 413 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply III, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 |  | 285 |  | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 |  | 715 |  | 775 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply IV, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2054 (A) |  | 7000 |  | 7950 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply V, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2055 (A) |  | 6500 |  | 7167 |
| &nbsp;&nbsp;&nbsp;Texas State, Ser B, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2031 |  | 435 |  | 435 |
| &nbsp;&nbsp;&nbsp;Texas State, Water Development Board, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2026 |  | 3750 |  | 3828 |
| &nbsp;&nbsp;&nbsp;University of Texas, Board of Regents, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 |  | 2000 |  | 2290 |
| &nbsp;&nbsp;&nbsp;University of Texas, Permanent University Fund, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 |  | 1000 |  | 1180 |
| &nbsp;&nbsp;&nbsp;Uptown Development Authority, TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 |  | 400 |  | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 |  | 275 |  | 267 |
|  |  |  |  | 129859 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| &nbsp;&nbsp;&nbsp;Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, RB, AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 |  | 750 |  | 851 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 |  | 5370 |  | 5931 |
| &nbsp;&nbsp;&nbsp;Mida Mountain Village Public Infrastructure District, Sub-Ser 1, TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/15/2054 (B) |  | 500 |  | 498 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Salt Lake City, Airport Revenue, Ser A, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | $| 5000 | $| 5118 |
|  |  |  |  | 12398 |
| **Virgin Islands — 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Virgin Islands, Matching Fund, Special Purpose Securitization, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2039 |  | 3065 |  | 3180 |
| **Virginia — 1.8%** | **Virginia — 1.8%** | **Virginia — 1.8%** | **Virginia — 1.8%** | **Virginia — 1.8%** |
| &nbsp;&nbsp;&nbsp;Arlington County, Industrial Development Authority, Arlington Health System, Virginia Hospital, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (A) |  | 880 |  | 953 |
| &nbsp;&nbsp;&nbsp;Arlington County, Industrial Development Authority, Virginia Hospital Center, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 |  | 375 |  | 395 |
| &nbsp;&nbsp;&nbsp;Henrico County, Economic Development Authority, Westminster Canterbury Richmond, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 |  | 430 |  | 445 |
| &nbsp;&nbsp;&nbsp;Norfolk, Economic Development Authority, Sentara Health Care, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2048 (A) |  | 1035 |  | 1093 |
| &nbsp;&nbsp;&nbsp;Virginia Beach, Development Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2029 |  | 465 |  | 471 |
| &nbsp;&nbsp;&nbsp;Virginia State, College Building Authority, 21st Century College Program, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 |  | 2000 |  | 2103 |
| &nbsp;&nbsp;&nbsp;Virginia State, Public Building Authority, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2038 |  | 5500 |  | 5596 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 |  | 1085 |  | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2042 |  | 2000 |  | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2047 |  | 440 |  | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030 |  | 1140 |  | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2031 |  | 365 |  | 374 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 |  | 490 |  | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 |  | 3000 |  | 3173 |
| &nbsp;&nbsp;&nbsp;Virginia State, Tobacco Settlement Financing, Sub-Ser C, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2047 (F) |  | 34300 |  | 8773 |
|  |  |  |  | 28680 |
| **Washington — 2.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;King & Snohomish Counties, School District No. 417, GO, SCH BD GTY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 |  | 5000 |  | 5445 |

---

20 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Intermediate-Term Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;King County, Housing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2045 | $90 | $95 |
| &nbsp;&nbsp;&nbsp;King County, Public Hospital District No. 1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 7720 | 7870 |
| &nbsp;&nbsp;&nbsp;Kitsap County, School District No. 100-C Bremerton, Ser C, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 | 1790 | 1989 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2040 | 2000 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2041 | 1405 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2042 | 5000 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2041 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;Washington State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 | 4500 | 4693 |
| &nbsp;&nbsp;&nbsp;Washington State, Health Care Facilities Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 | 1800 | 1801 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Radford & Norheim Courts, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 1645 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 (B) | 2000 | 2112 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificate, Ser A-, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2035 | 931 | 904 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Transforming Age Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 (B) | 745 | 761 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser 2017-A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 | 2725 | 2752 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 1665 | 1849 |
|  |  | 43371 |
| **West Virginia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;County, of Ohio West Virginia Special District Excise Tax Revenue, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 550 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 | 525 | 582 |
| &nbsp;&nbsp;&nbsp;West Virginia State, Parkways Authority, Turnpike Toll Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 1005 | 1056 |
|  |  | 3304 |
| **Wisconsin — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser B4, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 2965 | 3301 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Sheboygan Area, School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2041 | $2400 | $2150 |
| &nbsp;&nbsp;&nbsp;University of Wisconsin, Hospitals & Clinics, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2039 | 295 | 298 |
| &nbsp;&nbsp;&nbsp;University of Wisconsin, Hospitals & Clinics, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2038 | 590 | 664 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Center District, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (F) | 370 | 326 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Advocate Aurora Health Credit Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.970%, 08/15/2054 (A) | 1125 | 1120 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Children's Hospital of Wisconsin, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 | 1835 | 1897 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Hospital Sisters Credit Group, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2030 | 2500 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2040 | 3000 | 3330 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Oakwood Lutheran Senior Ministries, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2037 | 665 | 644 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, St. Camilus Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 470 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 1035 | 1070 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2041 | 705 | 632 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Community, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 08/15/2059 | 220 | 226 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Housing & Economic Development Authority, Ser C, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2055 | 1180 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2032 | 950 | 1089 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, American Dream @ Meadowlands Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/2050 (B) | 500 | 400 |

---

SEI Tax Exempt Trust 21

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Intermediate-Term Municipal Fund** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Appalachian State University Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2027 | $225 | $228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 | 225 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2029 | 225 | 229 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 10/01/2046 (A) | 10450 | 10669 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Foundation Academy Charter School, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/01/2045 (B) | 500 | 455 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2052 | 755 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2062 | 1845 | 1829 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Kahala Nui Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2055 | 440 | 445 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, KU Campus Development Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034 | 3000 | 3011 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Lindenwood Education System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/01/2040 (B) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Senior-KSU Bixby Real Estate Facility, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 350 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2040 | 350 | 372 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, United Methodist Retirement Facility Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2026 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 250 | 254 |
|  |  | 41930 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Wyoming — 0.0%** | **Wyoming — 0.0%** | **Wyoming — 0.0%** |
| &nbsp;&nbsp;&nbsp;Wyoming State, Community Development Authority, Ser 1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2054 | $205 | $222 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,538,545) ($ Thousands) |  | 1530918 |
|  | Shares |  |
| **CASH EQUIVALENT — 0.1%** | **CASH EQUIVALENT — 0.1%** | **CASH EQUIVALENT — 0.1%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> | 1960394 | 1960 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,960) ($ Thousands) |  | 1960 |
| Total Investments in Securities — 98.7% | Total Investments in Securities — 98.7% |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,540,505) ($ Thousands) |  | $1532878 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $1,552,374 ($ Thousands). |
| <sup>\*\*</sup> | The rate reported is the 7-day effective yield as of November 30, 2025. |
| <sup>†</sup> | Investment in Affiliated Security. |
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (B) | Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On November 30, 2025, the value of these securities amounted to $37,339 ($ Thousands), representing 2.4% of the Net Assets of the Fund. |
| (C) | Security is in default on interest payment. |
| (D) | Security is escrowed to maturity. |
| (E) | Pre-Refunded Securities — The maturity date shown is the pre-refunded date. |
| (F) | Zero coupon security. |
| (G) | No interest rate available. |
| (H) | Securities are held in connection with a letter of credit issued by a major bank. |
| (I) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

The following is a summary of the transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 8/31/2025** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** | **Value 11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $— | $48097 | $(46137) | $— | $— | $1960 | $42 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

22 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS — 99.3%** | **MUNICIPAL BONDS — 99.3%** | **MUNICIPAL BONDS — 99.3%** |
| **Alabama — 4.9%** | **Alabama — 4.9%** | **Alabama — 4.9%** |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 (A) | $115 | $116 |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) | 860 | 865 |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2026 | 400 | 401 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.140%, 10/01/2052 (A) | 3250 | 3220 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (A) | 1940 | 1940 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser C-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2025 | 880 | 880 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 2000 | 2063 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (A) | 610 | 641 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) | 2500 | 2515 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.160%, 07/01/2052 (A) | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;Columbia, Industrial Development Board, Pollution Control Revenue, Alabama Power Company Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810%, 12/01/2037 (A) | 3500 | 3558 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 (B) | 730 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (A) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;Mobile, Industrial Development Board, Pollution Control Authority, Barry Plant Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/15/2034 (A) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 6625 | 7130 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Gas Supply District, Project #1, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 1250 | 1303 |
| &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 680 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 685 | 732 |
|  |  | 37103 |
| **Alaska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Railroad, Cruise Port, AMT, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2030 | 300 | 328 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Alaska State, Industrial Development & Export Authority, Tanana Chiefs Conference Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | $1000 | $1066 |
|  |  | 1394 |
| **Arizona — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.040%, 01/01/2046 (A) | 700 | 696 |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Ser C-RMK, RB, BANK OF AMERICA N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 01/01/2046 (A)(C) | 1695 | 1695 |
| &nbsp;&nbsp;&nbsp;Chandler, Industrial Development Authority, Intel Corporation Project, Ser S, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2052 (A) | 1300 | 1322 |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Republic Services Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 12/01/2035 (A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Salt Verde Financial Corp, Gas Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2027 | 7000 | 7233 |
|  |  | 11946 |
| **Arkansas — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Springdale, Water & Sewer, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 350 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 350 | 388 |
| &nbsp;&nbsp;&nbsp;West Memphis, Sales & Use Tax, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 1630 | 1739 |
|  |  | 2979 |
| **California — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alameda, Unified School District, Ser A, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2026 (D) | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;Bay Area Toll Authority, RB, TD BANK N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600%, 04/01/2059 (A)(C) | 1350 | 1350 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 750 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) | 2710 | 2750 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 1500 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 1650 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 1850 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1750 | 1855 |

---

SEI Tax Exempt Trust 23

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 | $450 | $454 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 5500 | 5573 |
| &nbsp;&nbsp;&nbsp;City of Los Angeles California, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2026 | 2000 | 2030 |
| &nbsp;&nbsp;&nbsp;East County, Advanced Water Purification Joint Powers Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 09/01/2026 | 1310 | 1312 |
| &nbsp;&nbsp;&nbsp;Northern California, Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 450 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 700 | 722 |
| &nbsp;&nbsp;&nbsp;Pittsburg Successor Agency, Redevelopment Agency, TA, AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (D) | 500 | 460 |
| &nbsp;&nbsp;&nbsp;Rio, Elementary School District, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2028 (D) | 505 | 467 |
| &nbsp;&nbsp;&nbsp;San Mateo County, Community College District, Ser C, GO, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2029 (D) | 500 | 454 |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, Canyon Power Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 07/01/2040 (A) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, Clean Energy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 350 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2055 (A) | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts, Ser 2025, RB, CITIBANK N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.910%, 09/01/2048 (A)(C)(E) | 500 | 500 |
|  |  | 28332 |
| **Colorado — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Adventhealth Obligated Group Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 485 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2058 (A) | 480 | 506 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health, Ser B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (A) | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Intermountain Healthcare, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2062 (A) | 615 | 648 |
| &nbsp;&nbsp;&nbsp;Colorado State, Science & Technology Park, Metropolitan District No. 1, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 375 | 382 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 | 260 | 276 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | $500 | $526 |
| &nbsp;&nbsp;&nbsp;Denver, Convention Center Hotel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 2500 | 2536 |
| &nbsp;&nbsp;&nbsp;Jefferson County, School District R-1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 | 2065 | 2161 |
| &nbsp;&nbsp;&nbsp;Mirabelle Metropolitan District No. 2, Ser A, GO, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 215 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 235 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 200 | 214 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Denver Transit Partners Eagle P3 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2026 | 405 | 405 |
| &nbsp;&nbsp;&nbsp;Thornton Development Authority, East 144th Avenue & I-25 Project, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1260 | 1330 |
| &nbsp;&nbsp;&nbsp;Wildwing, Metropolitan District No. 5, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 140 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 155 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 165 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 120 | 130 |
|  |  | 12565 |
| **Connecticut — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Ser D-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 11/15/2064 (A) | 440 | 439 |
| &nbsp;&nbsp;&nbsp;Norwalk, Housing Authority, Wall Street Place, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 09/01/2058 (A) | 3330 | 3331 |
| &nbsp;&nbsp;&nbsp;Town of Wethersfield Connecticut, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2028 | 305 | 306 |
| &nbsp;&nbsp;&nbsp;West Haven, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 200 | 201 |
|  |  | 4277 |
| **Delaware — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Delaware State, Housing Authority, Single Family Mortgage, Ser A, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/01/2026 | 285 | 285 |
| **District of Columbia — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Spears, Tender Option Bond Trust Receipts, Ser DBE-8070, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.190%, 08/01/2040 (A)(E) | 4800 | 4800 |

---

24 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;District of Columbia, Housing Finance Agency, Belmont Crossing Phase II Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 (A) | $3750 | $3891 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Airports Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 500 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 1650 | 1672 |
|  |  | 10899 |
| **Florida — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alachua County, Housing Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2029 (A) | 7250 | 7274 |
| &nbsp;&nbsp;&nbsp;City of South Miami Health Facilities Authority, Baptist Health South Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032 | 3000 | 3381 |
| &nbsp;&nbsp;&nbsp;County of Palm Beach Florida, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (B) | 780 | 780 |
| &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Aviation Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 1500 | 1581 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Expressway Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Housing Finance Authority, Homestead Gardens Phase I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/01/2045 (A) | 5000 | 5022 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Housing Finance Authority, Rainbow Village Project, Ser B, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 03/01/2029 (A) | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;Pasco County, H Lee Moffitt Cancer Center & Research Institute, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2027 | 300 | 312 |
| &nbsp;&nbsp;&nbsp;Polk County, Housing Finance Authority, Episcopal Catholic Apartments, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 12/01/2040 (A) | 3000 | 3014 |
|  |  | 25409 |
| **Georgia — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Water & Wastewater Revenue Authority, Ser A, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2027 | 1480 | 1539 |
| &nbsp;&nbsp;&nbsp;Bartow County, Development Authority, Georgia Power Company Plant Bowen Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 11/01/2062 (A) | 2365 | 2365 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Burke County, Development Authority, Pollution Control, Georgia Power Company Plant Vogtle Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2032 (A) | $1000 | $1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2049 (A) | 3280 | 3285 |
| &nbsp;&nbsp;&nbsp;Columbus County, Housing Authority, Columbus Gardens Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 (A) | 1250 | 1281 |
| &nbsp;&nbsp;&nbsp;Dalton, Housing Authority, Mountain Woods Apartment Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 (A) | 4032 | 4104 |
| &nbsp;&nbsp;&nbsp;Decatur, Housing Authority, Multifamily Housing Revenue, Calvin Court Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 08/01/2028 (A) | 2865 | 2889 |
| &nbsp;&nbsp;&nbsp;Development Authority of Floyd County, Georgia Power Company Plant Hammond Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350%, 09/01/2026 (A) | 5400 | 5400 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 1100 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 6000 | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026 | 415 | 417 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 850 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 850 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 400 | 408 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (A) | 1285 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2052 (A) | 1540 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (A)(E) | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2054 (A) | 2260 | 2439 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 2605 | 2685 |
| &nbsp;&nbsp;&nbsp;Monroe County, Development Authority, Georgie Power Company Project, Plant Scherer, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 11/01/2048 (A) | 2000 | 2008 |
| &nbsp;&nbsp;&nbsp;Savannah, Housing Authority, The Pines at Garden City Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 (A) | 610 | 625 |
|  |  | 47111 |
| **Guam — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Antonio B. Won Pat International Airport Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 200 | 216 |

---

SEI Tax Exempt Trust 25

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | $710 | $730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 800 | 837 |
| &nbsp;&nbsp;&nbsp;Territory of Guam, Business Priviledge Tax, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1335 | 1384 |
|  |  | 3167 |
| **Illinois — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the University of Illinois, University of Illinios Health Services Facilities System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 375 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 475 | 499 |
| &nbsp;&nbsp;&nbsp;Chicago, Midway International Airport, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 575 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 230 | 255 |
| &nbsp;&nbsp;&nbsp;Chicago, Multi-Family Housing, The Ave SW Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2028 (A) | 2465 | 2473 |
| &nbsp;&nbsp;&nbsp;Chicago, Multi-Family Housing, United Yards 1A Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2027 (A) | 1005 | 1007 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1265 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 1500 | 1547 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser B-EXCHANGE, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 675 | 718 |
| &nbsp;&nbsp;&nbsp;Cook County, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;Geneva, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 | 400 | 401 |
| &nbsp;&nbsp;&nbsp;Granite, Solid Waste Disposal, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/01/2027 | 4100 | 3948 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, University of Chicago, Medical Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2054 (A) | 1880 | 2081 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, American Water Capital Corp Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/01/2040 (A) | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Noble Network of Charter Schools, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 490 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 515 | 536 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Southern Illinois Healthcare Enterprises, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 410 | 418 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, The Chicago School, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 | $300 | $306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 400 | 414 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 10/01/2053 (A) | 5500 | 5523 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Homeowner Mortgage, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/01/2026 | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Leyden Senior Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.380%, 07/01/2045 (A) | 1250 | 1254 |
| &nbsp;&nbsp;&nbsp;Illinois State, Sales Tax Revenue, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 2740 | 2792 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 3590 | 3657 |
| &nbsp;&nbsp;&nbsp;Illinois State, Sports Facilities Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;Illinois State, Toll Highway Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 270 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 165 | 165 |
| &nbsp;&nbsp;&nbsp;Illinois State, University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 200 | 217 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Township High School District No. 201 Mt Vernon, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/30/2030 | 1085 | 1259 |
| &nbsp;&nbsp;&nbsp;Macon & De Witt Counties, Community Unit School District No. 2 Maroa-Forsyth, Ser C, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 1260 | 1260 |
| &nbsp;&nbsp;&nbsp;Metropolitan Chicago, Water Reclamation District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 1500 | 1529 |
| &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2026 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;Peoria County, Community Unit School District No. 323, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2028 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;Springfield, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1200 | 1248 |

---

26 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Will County, Community Unit School District No. 201-U Crete-Monee, Ser U-A, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | $350 | $364 |
|  |  | 51849 |
| **Indiana — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 04/01/2043 (A) | 2310 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.740%, 10/01/2045 (A) | 2000 | 1972 |
| &nbsp;&nbsp;&nbsp;Indiana Municipal Power Agency, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Indianapolis Power, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 12/01/2038 (A) | 2000 | 1982 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Southern Indiana Gas and Electric Company Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 05/01/2037 (A) | 1930 | 1937 |
| &nbsp;&nbsp;&nbsp;Indiana State, Municipal Power Agency, Ser A, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1865 | 1914 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 1085 | 1087 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indianapolis Public Transportation Corporation Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2026 | 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 450 | 483 |
| &nbsp;&nbsp;&nbsp;Valparaiso 21st Century School Building, RB, ST AID INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2027 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 | 550 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2028 | 450 | 474 |
| &nbsp;&nbsp;&nbsp;Westfield, Redevelopment Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 480 | 496 |
| &nbsp;&nbsp;&nbsp;Westfield-Washington, Multi-School Building, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 900 | 959 |
| &nbsp;&nbsp;&nbsp;Westfield-Washington, School District, GO, ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2026 | 340 | 341 |
|  |  | 15465 |
| **Iowa — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa Finance Authority, UnityPoint Health Project, RB, TD BANK N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 02/15/2039 (A)(C) | 1500 | 1500 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Gevo NW Iowa Renewable Natural Gas Project, AMT, RB, CITIBANK N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/01/2042 (A)(C) | $820 | $819 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Mortgage-Backed Securities Program, Ser E, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.790%, 01/01/2049 (A) | 100 | 100 |
|  |  | 2419 |
| **Kansas — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Andover Kansas, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2028 | 10235 | 10274 |
| &nbsp;&nbsp;&nbsp;City of Topeka Kansas, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2026 | 2600 | 2605 |
| &nbsp;&nbsp;&nbsp;Kansas State, Development Finance Authority, University of Kansas Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 1235 | 1236 |
| &nbsp;&nbsp;&nbsp;Manhattan, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 | 2000 | 2020 |
| &nbsp;&nbsp;&nbsp;Valley Center, Ser 1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2025 (B) | 2405 | 2405 |
|  |  | 18540 |
| **Kentucky — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State, Housing Corporation, Beecher Terrace Phase IV Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2043 (A) | 4315 | 4336 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Interlocal School Transportation Association, COP, ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2028 | 1200 | 1227 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2055 (A) | 17000 | 18112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 450 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (A) | 650 | 652 |
| &nbsp;&nbsp;&nbsp;Rural Water Financing Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 05/01/2027 | 2000 | 1983 |
| &nbsp;&nbsp;&nbsp;Rural Water Financing Agency, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 05/01/2027 | 2000 | 1996 |
| &nbsp;&nbsp;&nbsp;Trimble County, Environmental Facilities, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/01/2054 (A) | 750 | 756 |
| &nbsp;&nbsp;&nbsp;Trimble County, Environmental Facilities, Louisville Gas and Electric Company Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/01/2054 (A) | 750 | 756 |
| &nbsp;&nbsp;&nbsp;University of Louisville, Ser D, RB, ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 3140 | 3189 |

---

SEI Tax Exempt Trust 27

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;University of Louisville, Ser F, RB, ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | $2000 | $2054 |
|  |  | 35515 |
| **Louisiana — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Air Products & Chemicals Inc Project, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 12/01/2043 (A) | 1700 | 1700 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.384%, 05/01/2043 (A) | 1925 | 1922 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Local Government Environmental Facilities & Community Development Authority, Louisiana Insurance Guaranty Association Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 1355 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Offshore Terminal Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 09/01/2027 | 2500 | 2522 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 06/01/2037 (A) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 06/01/2037 (A) | 1000 | 995 |
|  |  | 10554 |
| **Maryland — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland State, Health & Higher Educational Facilities Authority, Frederick Heath System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 450 | 454 |
| &nbsp;&nbsp;&nbsp;Maryland State, Stadium Authority, Football Stadium, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 410 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 1220 | 1283 |
| &nbsp;&nbsp;&nbsp;Washington Suburban Sanitary Commission, RB, CNTY-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/01/2027 (A) | 3400 | 3400 |
|  |  | 5550 |
| **Massachusetts — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Health Care System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1490 | 1492 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/01/2027 (E) | 2500 | 2407 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Wellforce Inc, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | $435 | $453 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Health & Educational Facilities Authority, Partners Health Care System, Ser G, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2042 (A) | 1325 | 1325 |
| &nbsp;&nbsp;&nbsp;Metrowest Regional Transit Authority, RB, COMWLTH APPROP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/11/2026 | 6775 | 6790 |
|  |  | 13477 |
| **Michigan — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Henry Ford Health, Detroit South Campus, Central Utility Plant Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/31/2027 | 355 | 367 |
| &nbsp;&nbsp;&nbsp;Michigan State, Hospital Finance Authority, Trinity Health Credit Group, Ser C-, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1050 | 1050 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Clark Road Senior Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2042 (A) | 5500 | 5526 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Rental Housing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2026 | 5290 | 5290 |
| &nbsp;&nbsp;&nbsp;Michigan State, Strategic Fund, Consumers Energy Company Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 04/01/2035 (A) | 900 | 875 |
| &nbsp;&nbsp;&nbsp;Wayne County, Airport Authority, Ser F, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 2235 | 2235 |
|  |  | 15343 |
| **Minnesota — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 250 | 269 |
| &nbsp;&nbsp;&nbsp;Gibbon, Independent School District No. 2365, Ser A, GO, SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2026 | 280 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2027 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;Kiester, Ser A, GO, MN CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/01/2026 | 1710 | 1711 |
| &nbsp;&nbsp;&nbsp;Maple Grove, Health Care Facilities Revenue, North Memorial Health Care, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 2830 | 2832 |

---

28 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Minneapolis, Allina Health System, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (A) | $2000 | $2108 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 1310 | 1311 |
| &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul, Metropolitan Airports Commission, Sub-Ser S, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 450 | 451 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser C, AMT, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 01/01/2027 | 570 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 07/01/2026 | 1145 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 01/01/2026 | 1140 | 1137 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Rural Water Finance Authority, Public Projects Construction, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 08/01/2026 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Roseville, Independent School District No. 623, Ser A, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;Saint Paul, Housing & Redevelopment Authority, Health Care System, Fairview Health Services, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 | 705 | 727 |
| &nbsp;&nbsp;&nbsp;Woodbury Housing & Redevelopment Authority, Reserve at Settlers Ridge, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 02/01/2046 (A) | 995 | 998 |
|  |  | 15211 |
| **Mississippi — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Mississippi State, Business Finance, Chevron USA Project, Ser I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/01/2035 (A) | 1900 | 1900 |
| **Missouri — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry County, Law Enforcement Center Project, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 580 | 596 |
| &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the Missouri State, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2027 | 235 | 235 |
| &nbsp;&nbsp;&nbsp;Jackson County, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1110 | 1158 |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, Lutheran Senior Services Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 | 1200 | 1257 |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, Saint Lukes Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 620 | 627 |
|  |  | 3873 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
| &nbsp;&nbsp;&nbsp;Central Plains, Energy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | $1000 | $1071 |
| **New Hampshire — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (A) | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;New Hampshire State, Housing Finance Authority, Ser 4, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/01/2027 | 1870 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2026 | 1750 | 1751 |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Pollution Control, New York State Electric & Gas Corporation Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 | 525 | 531 |
|  |  | 5660 |
| **New Jersey — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Haddonfield, Public Schools District, GO, SCH BD RES FD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2027 | 1725 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2028 | 1370 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2029 | 1396 | 1306 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Municipal Rehabilitation, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2026 (A) | 3500 | 3527 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/15/2026 | 860 | 861 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1830 | 1854 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 2850 | 2850 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (D) | 1390 | 1234 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 1200 | 1228 |
| &nbsp;&nbsp;&nbsp;Winslow, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2029 | 875 | 848 |
|  |  | 16692 |
| **New Mexico — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Farmington, Pollution Control Revenue Bonds, San Juan Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 06/01/2040 (A) | 1000 | 1011 |

---

SEI Tax Exempt Trust 29

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New Mexico State, Municipal Energy Acquisition Authority, Gas Supply, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2054 (A) | $2500 | $2677 |
| &nbsp;&nbsp;&nbsp;Santa Fe County, Multifamily Housing, Cresta Ranch Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.290%, 12/10/2049 (A) | 1500 | 1504 |
|  |  | 5192 |
| **New York — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Buffalo, Municipal Housing Authority, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 07/01/2031 | 690 | 642 |
| &nbsp;&nbsp;&nbsp;Glenville Hill Fire District No. 8, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2026 | 3410 | 3429 |
| &nbsp;&nbsp;&nbsp;Homer Central School District, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 09/18/2026 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;Ithaca, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/13/2026 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2052 (A) | 1435 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2049 (A) | 4470 | 4545 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 900 | 993 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser A2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 1500 | 1530 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 3000 | 3355 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 11/01/2062 (A) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, Ser E-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/01/2063 (A) | 3000 | 3030 |
| &nbsp;&nbsp;&nbsp;New York City, Ser 2-REM, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 04/01/2042 (A) | 2100 | 2100 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 | 1250 | 1375 |
| &nbsp;&nbsp;&nbsp;New York State, Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 11/01/2063 (A) | 140 | 140 |
| &nbsp;&nbsp;&nbsp;New York State, Housing Finance Agency, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/15/2054 (A) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;New York State, Housing Finance Agency, Sustainability Bonds, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 05/01/2062 (A) | 380 | 380 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1000 | 1017 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | $800 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;Niagara Frontier Transportation Authority Airport System Revenues, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 1045 | 1079 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges and Tunnels, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 (A) | 1645 | 1661 |
|  |  | 42647 |
| **North Carolina — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 01/15/2048 (A) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB, ROYAL BANK OF CANADA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/15/2042 (A)(C) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Durham, Housing Authority, 500 East Main, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2029 (A) | 3575 | 3617 |
|  |  | 8617 |
| **North Dakota — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cass County, Joint Water Resource District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/01/2027 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;Elm River Joint Water Resource District, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 850 | 856 |
| &nbsp;&nbsp;&nbsp;Grand Forks, Altru Health System, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 125 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 125 | 132 |
|  |  | 6221 |
| **Ohio — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allen County, Hospital Facilities Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2049 (A) | 3500 | 3619 |
| &nbsp;&nbsp;&nbsp;American Municipal Power, R.I.C.E. Peaking Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2030 | 805 | 867 |
| &nbsp;&nbsp;&nbsp;Columbus-Franklin County, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.190%, 06/01/2044 (A) | 1500 | 1500 |

---

30 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;County of Allen, Ohio Hospital Facilities Revenue, RB, TRUIST BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 11/01/2050 (A)(C) | $3000 | $3000 |
| &nbsp;&nbsp;&nbsp;Cuyahoga County, Convention Hotel Project, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 845 | 863 |
| &nbsp;&nbsp;&nbsp;Cuyahoga Metropolitan Housing Authority, RB, HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.320%, 12/01/2027 (A) | 1190 | 1190 |
| &nbsp;&nbsp;&nbsp;Dayton, School District, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2025 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;Newark, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/18/2026 | 1900 | 1909 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Community & Pendelton Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 07/01/2042 (A) | 2600 | 2609 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Pebble Brooke Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 07/01/2043 (A) | 1300 | 1308 |
| &nbsp;&nbsp;&nbsp;Ohio State, Air Quality Development Authority, Duke Energy, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2039 (A) | 1500 | 1524 |
| &nbsp;&nbsp;&nbsp;Ohio State, Higher Educational Facility Commission, Xavier University 2024 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 525 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 700 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 | 540 | 582 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Hitchcock Housing, Ser A, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (A) | 1300 | 1308 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Terrace Gardens, Ser A, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (A) | 3075 | 3104 |
| &nbsp;&nbsp;&nbsp;Ohio State, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;Ohio State, University Hospitals Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.060%, 01/15/2045 (A) | 2000 | 2000 |
|  |  | 28890 |
| **Oklahoma — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Mcintosh County, Educational Facilities Authority, Eufaula Public Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 340 | 354 |
| &nbsp;&nbsp;&nbsp;Murray County, Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 525 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 550 | 570 |
| &nbsp;&nbsp;&nbsp;Oklahoma County, Finance Authority, Western Heights Public Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1365 | 1408 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Oklahoma State, Development Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2031 | $810 | $811 |
| &nbsp;&nbsp;&nbsp;Tulsa County, Industrial Authority, Educational Facilities, Broken Arrow Public Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 350 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 375 | 412 |
| &nbsp;&nbsp;&nbsp;Tulsa, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050%, 01/01/2026 | 9095 | 9073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050%, 01/01/2027 | 5735 | 5563 |
| &nbsp;&nbsp;&nbsp;University of Oklahoma, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 330 | 335 |
|  |  | 19441 |
| **Oregon — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lane County, School District No. 1 Pleasant Hill, Ser B-CABS, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2027 (D) | 350 | 334 |
| &nbsp;&nbsp;&nbsp;Marion & Polk County, Salem-Keizer School District No. 24J, Ser B, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2026 (D) | 3270 | 3219 |
| &nbsp;&nbsp;&nbsp;Multnomah County, School District No. 40, Ser A, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2026 (D) | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2028 (D) | 395 | 366 |
| &nbsp;&nbsp;&nbsp;Oregon State, Business Development Commission, Intel Corporation Project, Ser 232-RE, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/2040 (A) | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;Port of Portland, Airport Revenue, Ser THIRTY-B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 665 | 685 |
|  |  | 5857 |
| **Pennsylvania — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, University of Pittsburgh Medical Center, Ser Senior D2-E-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.490%, 11/15/2047 (A) | 3000 | 2971 |
| &nbsp;&nbsp;&nbsp;Lehigh County, Industrial Development Authority, PPL Electric Utilities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 02/15/2027 | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;Lycoming County, College Revenue Authority, Lycoming College Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/01/2035 (A) | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;Monroeville, Finance Authority, University of Pittsburgh Medical Center, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 | 570 | 599 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State University, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 2550 | 2580 |

---

SEI Tax Exempt Trust 31

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Rapid Bridge Replacement Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2030 | $640 | $645 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Drexel University, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1500 | 1601 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 120, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 04/01/2027 | 1295 | 1271 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.640%, 07/15/2041 (A) | 2500 | 2497 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 1075 | 1075 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 1155 | 1199 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser F, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 295 | 299 |
| &nbsp;&nbsp;&nbsp;Scranton-Lackawanna Health & Welfare Authority, University of Scranton, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 310 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 400 | 420 |
| &nbsp;&nbsp;&nbsp;State, Public School Building Authority, School District of Philadelphia, RB, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 1500 | 1531 |
|  |  | 20008 |
| **Rhode Island — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Providence, Public Building Authority, Capital Improvement Program Projects, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029 | 850 | 912 |
| **South Carolina — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina State, Housing Finance & Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/01/2046 (A) | 2500 | 2498 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Housing Finance & Development Authority, Settlement Manor Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (A) | 1250 | 1295 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 675 | 745 |
|  |  | 4538 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Tennessee — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chattanooga, Health Educational & Housing Facility Board, One Westside Phase 1B Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 06/01/2048 (A) | $2500 | $2525 |
| &nbsp;&nbsp;&nbsp;Chattanooga, Health Educational & Housing Facility Board, Shallowford Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/2029 (A) | 2000 | 2015 |
| &nbsp;&nbsp;&nbsp;Franklin, Health & Educational Facilities Board, Multifamily Housing, Harpeth Hills Apartments Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 11/01/2029 (A) | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;Johnson City, Health & Educational Facilities Board, Ballad Health, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 400 | 420 |
| &nbsp;&nbsp;&nbsp;Knox County, Health Educational & Housing Facility Board, Westview Towers Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2027 (A) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County, Health & Educational Facs Bd, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/01/2042 (A) | 2700 | 2698 |
| &nbsp;&nbsp;&nbsp;Rutherford County, Health & Educational Facilities Board, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2048 (A) | 1500 | 1640 |
| &nbsp;&nbsp;&nbsp;Shelby County, Health Educational & Housing Facility Board, Methodist Le Bonheur Healthcare, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 | 260 | 266 |
| &nbsp;&nbsp;&nbsp;Tennergy, Gas Supply, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 (A) | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;Tennergy, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 275 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 825 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2054 (A) | 7500 | 7922 |
| &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027 | 750 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2026 | 700 | 712 |
| &nbsp;&nbsp;&nbsp;Williamson County, Industrial Development Board, Wood Duck Court Apartments, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 (A) | 3060 | 3113 |
|  |  | 26754 |
| **Texas — 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arlington, Higher Education Finance, Trinity Basein Preparatory, RB, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 320 | 325 |
| &nbsp;&nbsp;&nbsp;Arlington, Housing Finance, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2041 (A) | 5000 | 5023 |

---

32 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Austin Affordable Pfc, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/01/2059 (A) | $3200 | $3186 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2042 (A) | 3000 | 3230 |
| &nbsp;&nbsp;&nbsp;City of San Antonio Texas Electric & Gas Systems Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080%, 02/01/2055 (A) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Conroe, Municipal Management District No. 1, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2026 | 390 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2027 | 635 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2028 | 245 | 267 |
| &nbsp;&nbsp;&nbsp;Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Rosemont at Ash Creek Apartments, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 (A) | 4785 | 4785 |
| &nbsp;&nbsp;&nbsp;Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/01/2043 (A) | 8710 | 8737 |
| &nbsp;&nbsp;&nbsp;Denton County, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2027 | 740 | 741 |
| &nbsp;&nbsp;&nbsp;Denton Independent School District, Ser B1, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2055 (A) | 1300 | 1342 |
| &nbsp;&nbsp;&nbsp;Denton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 1025 | 1041 |
| &nbsp;&nbsp;&nbsp;Ector County, Independent School District, Ser B, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2049 (A) | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;El Paso, Independent School District, Ser R, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2040 (A) | 1960 | 1965 |
| &nbsp;&nbsp;&nbsp;Fort Bend County, Municipal Utility District No. 162, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2027 | 520 | 543 |
| &nbsp;&nbsp;&nbsp;Fort Bend County, Municipal Utility District No. 222, GO, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2027 | 290 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2028 | 305 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2029 | 315 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2030 | 335 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 350 | 382 |
| &nbsp;&nbsp;&nbsp;Fort Bend, Independent School District, Ser B, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2054 (A) | 2000 | 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.720%, 08/01/2051 (A) | 805 | 789 |
| &nbsp;&nbsp;&nbsp;Galveston, Wharves & Terminal Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 | 300 | 325 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Greater Texoma, Utility Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 | $385 | $393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 525 | 539 |
| &nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance, Texas Medical Center, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 (A) | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;Harris County, Hospital District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 750 | 786 |
| &nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Ser B, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 740 | 755 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 1, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026 | 665 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2027 | 695 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 725 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 755 | 773 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 165, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2026 | 305 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2027 | 320 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2028 | 335 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2029 | 350 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 365 | 393 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 238, GO, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2030 | 710 | 712 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 502, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2026 | 470 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2027 | 480 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2028 | 495 | 551 |
| &nbsp;&nbsp;&nbsp;Harris-Waller Counties, Municipal Utility District No. 4, GO, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2026 | 695 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2027 | 735 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2028 | 765 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2029 | 805 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2030 | 840 | 970 |
| &nbsp;&nbsp;&nbsp;Harris-Waller Counties, Municipal Utility District No. 4, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2026 | 230 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2027 | 350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2028 | 345 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2029 | 390 | 450 |
| &nbsp;&nbsp;&nbsp;Hays Consolidated Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029 | 750 | 805 |
| &nbsp;&nbsp;&nbsp;Highway 380, Municipal Management District No. 1, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2026 | 360 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2027 | 375 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2028 | 390 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 | 420 | 455 |

---

SEI Tax Exempt Trust 33

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Houston, Hotel Occupancy Tax & Special Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | $1000 | $1001 |
| &nbsp;&nbsp;&nbsp;Hutto Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2055 (A) | 1435 | 1481 |
| &nbsp;&nbsp;&nbsp;Katy, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2050 (A) | 2195 | 2213 |
| &nbsp;&nbsp;&nbsp;Kaufman County, Municipal Utility District No. 5, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 305 | 318 |
| &nbsp;&nbsp;&nbsp;Lubbock, Water & Wastewater System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 355 | 373 |
| &nbsp;&nbsp;&nbsp;Midland County, Hospital District, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 | 800 | 857 |
| &nbsp;&nbsp;&nbsp;Mission Economic Development, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 05/01/2050 (A) | 2500 | 2501 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Municipal Utility District No. 140, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2026 | 175 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2027 | 185 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2028 | 195 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2029 | 205 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2030 | 220 | 241 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Municipal Utility District No. 186, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2028 | 250 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2029 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities, Westminster Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 345 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 440 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 | 570 | 598 |
| &nbsp;&nbsp;&nbsp;North Texas, Tollway Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 1905 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1665 | 1709 |
| &nbsp;&nbsp;&nbsp;Northside, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 06/01/2050 (A) | 1500 | 1516 |
| &nbsp;&nbsp;&nbsp;Northside, Independent School District, Ser B, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 08/01/2054 (A) | 3455 | 3479 |
| &nbsp;&nbsp;&nbsp;Plainview, Independent School District, Ser B-REMK, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2050 (A) | 1310 | 1321 |
| &nbsp;&nbsp;&nbsp;Port Arthur, Port Authority, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 200 | 201 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District, Motiva Enterprises Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/01/2040 (A) | $5000 | $5000 |
| &nbsp;&nbsp;&nbsp;Pottsboro, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2052 (A) | 2100 | 2138 |
| &nbsp;&nbsp;&nbsp;Round Rock, Independent School District, Ser A, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 (A) | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;San Antonio, Electric & Gas Systems Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 02/01/2053 (A) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;San Antonio, Water System, Ser 2013F-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 05/01/2043 (A) | 1120 | 1095 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Baylor Scott & White Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (A) | 1105 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 11/15/2050 (A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Methodist Hospitals Dallas, RB, TD BANK N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 10/01/2041 (A)(C) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Housing Finance Corporation, Multifamily Housing, Wildwood Branch, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2043 (A) | 5500 | 5544 |
| &nbsp;&nbsp;&nbsp;Texas State, Affordable Housing Corporation, Norman Commons, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/01/2045 (A) | 940 | 946 |
| &nbsp;&nbsp;&nbsp;Texas State, Department of Housing & Community Affairs, Multifamily Housing, Gulfway Manor, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2028 (A) | 3600 | 3601 |
| &nbsp;&nbsp;&nbsp;Texas State, Department of Housing & Community Affairs, Multifamily Housing, Palladium Old FM 471, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 09/01/2029 (A) | 3495 | 3500 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Ser Senior B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.581%, 12/15/2026 (A) | 675 | 677 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply II, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.528%, 09/15/2027 (A) | 2150 | 2151 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply IV, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2026 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2028 | 3185 | 3308 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply V, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 450 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 750 | 763 |

---

34 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;THF Public Facility, Covington Acres, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340%, 02/01/2044 (A) | $1000 | $1006 |
|  |  | 119396 |
| **Utah — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cache County, School District, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2030 | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;Ogden, School District, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 1250 | 1266 |
| &nbsp;&nbsp;&nbsp;Salt Lake City, Airport Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;Utah State, Charter School Finance Authority, Summit Academy, Ser A, RB, UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2027 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2029 | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2030 | 215 | 230 |
| &nbsp;&nbsp;&nbsp;Utah State, Housing Corporation, Promontory Place Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 02/01/2028 (A) | 1000 | 1002 |
|  |  | 4678 |
| **Virgin Islands — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Virgin Islands, Matching Fund, Special Purpose Securitization, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 2425 | 2449 |
| **Virginia — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fairfax County, Redevelopment & Housing Authority, Dominion Square North Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 (A) | 50 | 51 |
| &nbsp;&nbsp;&nbsp;Harrisonburg, Redevelopment & Housing Authority, Wesley Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (A) | 1650 | 1666 |
| &nbsp;&nbsp;&nbsp;Isle of Wight County, Economic Development Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 550 | 603 |
| &nbsp;&nbsp;&nbsp;Louisa Industrial Development Authority, Virginia Electric and Power Company Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/01/2035 (A) | 3435 | 3445 |
| &nbsp;&nbsp;&nbsp;Virginia Housing Development Authority, Sub-Ser F-SUB, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 07/01/2033 | 245 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 01/01/2033 | 260 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/01/2032 | 370 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/01/2032 | 240 | 240 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | $1110 | $1177 |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/01/2030 | 315 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 07/01/2029 | 355 | 362 |
|  |  | 9282 |
| **Washington — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;County of King, Washington Sewer Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/01/2042 (A) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 1525 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 510 | 545 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1595 | 1637 |
| &nbsp;&nbsp;&nbsp;Seattle, Housing Authority, Northgate Plaza Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 06/01/2026 | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;Skagit County, Public Hospital District No. 1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 | 1000 | 1005 |
|  |  | 8719 |
| **West Virginia — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia State, Housing Development Fund, Multifamily Housing, Five Points, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 (A) | 2315 | 2326 |
| **Wisconsin — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Clayton, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2026 | 1155 | 1145 |
| &nbsp;&nbsp;&nbsp;County of Buffalo Wisconsin, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 595 | 606 |
| &nbsp;&nbsp;&nbsp;Dane County, Airport Project, AMT, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 2120 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 2230 | 2295 |
| &nbsp;&nbsp;&nbsp;Fort Atkinson, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2027 | 340 | 345 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser B3, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2028 | 1115 | 1116 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser N3, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser N-4, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 885 | 944 |
| &nbsp;&nbsp;&nbsp;Slinger, Redevelopment Authority, Police Station Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 75 | 81 |
| &nbsp;&nbsp;&nbsp;University of Wisconsin Hospitals & Clinics, Ser 2018B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 04/01/2048 (A) | 3000 | 3000 |

---

SEI Tax Exempt Trust 35

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Short Duration Municipal Fund** (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority, Hospital Sisters Credit Group, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 | $| 1250 | $1319 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Advocate Aurora Health Credit Group, Ser S, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2054 (A) |  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Forensic Science & Protective Medicine Collaboration Project, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 (E) |  | 4500 | 4543 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Rogers Memorial Hospital, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 |  | 310 | 311 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, UnityPoint Health, Ser A, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 |  | 1300 | 1304 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Housing & Economic Development Authority, Multifamily Housing, The Intersect Project, Ser I, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2058 (A) |  | 1250 | 1278 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Housing & Economic Development Authority, Ser B, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/01/2055 (A) |  | 3440 | 3461 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 10/01/2046 (A) |  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Waste Management Inc Project, AMT, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100%, 04/01/2033 (A) |  | 3000 | 2959 |
|  |  |  | 29927 |
| **Wyoming — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sublette County, Hospital District, Hospital Contruction Project, Ser A, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 |  | 2000 | 2000 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $745,451) ($ Thousands) |  |  | 746440 |
| Total Investments in Securities — 99.3% | Total Investments in Securities — 99.3% | Total Investments in Securities — 99.3% |  |
| &nbsp;&nbsp;&nbsp;(Cost $745,451) ($ Thousands) |  |  | $746440 |

---

Percentages are based on Net Assets of $751,672 ($ Thousands).

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable
 or floating rate security. The rate shown is the effective interest rate as of period
 end. The rates on certain securities are not based on published reference rates and spreads
 and are either determined by the issuer or agent based on current market conditions;
 by using a formula based on the rates of underlying loans; or by adjusting periodically
 based on prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Security
 is escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Securities
 are held in connection with a letter of credit issued by a major bank.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Security,
 or a portion thereof, exempt from registration under Rule 144A of the Securities Act
 of 1933. These securities may be resold in transactions exempt from registration normally
 to qualified institutions. On November 30, 2025, the value of these securities amounted
 to $16,251 ($ Thousands), representing 2.2% of the Net Assets of the Fund.

See "Glossary" for abbreviations.

36 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**California Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.6%** |  |  |
| **California — 97.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Anaheim, Housing & Public Improvements Authority, Electric Utility Generation System Improvements, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | $1000 | $1043 |
| &nbsp;&nbsp;&nbsp;Anaheim, Redevelopment Agency Successor Agency, Ser A, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;Bay Area Toll Authority, Ser F-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;Bay Area Toll Authority, Sub-Ser S-11, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 2000 | 2353 |
| &nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 4215 | 4679 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | 3500 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2055 (A) | 2000 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 3000 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2056 (A) | 2000 | 2194 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2052 (A) | 5000 | 5091 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2054 (A) | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;California State, Educational Facilities Authority, Chapman University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 400 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 425 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031 | 470 | 533 |
| &nbsp;&nbsp;&nbsp;California State, Educational Facilities Authority, Stanford University Project, Ser V-3, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 2055 | 2459 |
| &nbsp;&nbsp;&nbsp;California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 3485 | 3632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 4500 | 5041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 1000 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 1000 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 5000 | 5791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2034 | 4000 | 4386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2035 | 2500 | 2511 |
| &nbsp;&nbsp;&nbsp;California State, GO Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 (B) | 15 | 16 |
| &nbsp;&nbsp;&nbsp;California State, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2032 | 2000 | 2312 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, Adventis Health System, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | $2500 | $2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 3180 | 3488 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, Children's Hospital of Orange County, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2054 (A) | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, Common Spirit Health, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1000 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, El Camino Health Services, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 | 500 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036 | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2037 | 750 | 861 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2041 (A) | 4000 | 4356 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2050 (A) | 1000 | 1138 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, St. Joseph Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2039 (A) | 1500 | 1550 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/2033 | 855 | 877 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/2035 | 1349 | 1396 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Academy Motion Picture Art, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 1500 | 1706 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, California Academy of Sciences, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2029 | 3000 | 3027 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, National Charter School Revolving Loan Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 850 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 465 | 508 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, National Charter School Revolving Loan Fund, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 535 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 850 | 943 |

---

SEI Tax Exempt Trust 37

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**California Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Eisenhower Medical Center, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | $1170 | $1200 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Eisenhower Medical Center, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 450 | 453 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Eskaton Properties, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 | 1275 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 1340 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 | 1410 | 1527 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Humangood Obligation Group, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2029 | 1260 | 1267 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Ignatius College Prep, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 500 | 594 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Orchard Park Student Housing Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 | 700 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2030 | 900 | 977 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Republic Services Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 09/01/2053 (A) | 2000 | 2088 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2056 (A) | 2000 | 2111 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, UCR North District, Phase 1 Student Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2026 | 500 | 505 |
| &nbsp;&nbsp;&nbsp;California State, Public Finance Authority, Healthcare Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 | 1550 | 1835 |
| &nbsp;&nbsp;&nbsp;California State, Public Works Board, May Lee State Office Complex, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 750 | 874 |
| &nbsp;&nbsp;&nbsp;California State, Public Works Board, Various Capital Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 2000 | 2287 |
| &nbsp;&nbsp;&nbsp;California State, Public Works Board, Various Capital Projects, Ser B, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (B) | 120 | 126 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, School Finance Authority, Magnolia Public Schools Obligation, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2035 (C) | $2000 | $2023 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, John Muir Health, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1250 | 1452 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2038 (A) | 4000 | 4356 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Sequoia Living Project, RB, CA MTG INS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 490 | 563 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Student Housing, University of California, Irvine Campus Apartments, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2046 | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;California State, University Revenue Systemwide, Ser 2016B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550%, 11/01/2049 (A) | 3000 | 2933 |
| &nbsp;&nbsp;&nbsp;California State, Various Purpose, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 5000 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 1230 | 1348 |
| &nbsp;&nbsp;&nbsp;Chabot-Las Positas, Community College District, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2030 | 1250 | 1271 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Certificates, Relating to Municipal Securities, Ser M-049, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 04/15/2034 | 1330 | 1236 |
| &nbsp;&nbsp;&nbsp;Hesperia Community, Redevelopment Agency Successor Agency, Ser A, TA, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 2275 | 2422 |
| &nbsp;&nbsp;&nbsp;Indio, Electric Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 130 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 175 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 135 | 154 |
| &nbsp;&nbsp;&nbsp;Inglewood, Redevelopment Agency Successor Agency, Merged Redevelopment Project, Sub-Ser, TA, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 500 | 505 |
| &nbsp;&nbsp;&nbsp;Long Beach, Bond Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 500 | 587 |
| &nbsp;&nbsp;&nbsp;Los Angeles County, Public Works Financing Authority, Ser H, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 2000 | 2392 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Airports, Los Angeles International Airport Project, Ser G, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034 | 1500 | 1658 |

---

38 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**California Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Airports, Los Angeles International Airport Project, Sub-Ser, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 | $1000 | $1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 | 3000 | 3207 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Water & Power, Water System Revenue, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 385 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 545 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1210 | 1348 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Department of Water & Power, Water System Revenue, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 6225 | 7123 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Municipal Improvement Corp, Capital Equipment and Real Property, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 | 500 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 | 500 | 584 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Municipal Improvement Corp, Los Angeles Convention Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 | 1750 | 2008 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, CP Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (B) | 1780 | 2118 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, CP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1220 | 1428 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 5000 | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 2230 | 2701 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, Ser QRR, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 2000 | 2367 |
| &nbsp;&nbsp;&nbsp;Modesto, Irrigation District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 700 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 900 | 1037 |
| &nbsp;&nbsp;&nbsp;Mount Diablo, Unified School District, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 285 | 340 |
| &nbsp;&nbsp;&nbsp;Northern California, Tobacco Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 | 355 | 349 |
| &nbsp;&nbsp;&nbsp;Ontario, Public Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 1000 | 1185 |
| &nbsp;&nbsp;&nbsp;Palm Springs, Airport Revenue, Palm Springs International Airport Project, AMT, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 1100 | 1106 |
| &nbsp;&nbsp;&nbsp;Pasadena County, Public Financing Authority, Rose Bowl Revovation Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 | 1000 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 2000 | 2354 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Riverside County, Public Financing Authority, TA, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | $1000 | $1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 650 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 | 700 | 808 |
| &nbsp;&nbsp;&nbsp;Sacramento, Municipal Utility District, Ser N-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 | 3000 | 3543 |
| &nbsp;&nbsp;&nbsp;San Diego County, Regional Airport Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2035 | 2000 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2037 | 750 | 866 |
| &nbsp;&nbsp;&nbsp;San Diego County, Regional Airport Authority, Sub-Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;San Diego, Association of Governments South Bay Expressway Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Airport Commission, San Francisco International Airport, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 2500 | 2504 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Airport Comm-San Francisco International Airport, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2037 | 1500 | 1664 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Multiple Capital Improvement Projects, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2032 | 2200 | 2555 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Public Utilities Commission Wastewater Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 2000 | 2324 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Redevelopment Agency Successor Agency, Special Tax, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 700 | 806 |
| &nbsp;&nbsp;&nbsp;Santa Ana, College Improvement District #1, Rancho Santiago Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2032 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033 | 2580 | 2580 |
| &nbsp;&nbsp;&nbsp;Santa Barbara County, Solid Waste Systems, Ser B, AMT, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1440 | 1440 |
| &nbsp;&nbsp;&nbsp;Southern California, Logistics Airport Authority, Ser A, TA, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 430 | 505 |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (A) | 2000 | 2113 |

---

SEI Tax Exempt Trust 39

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**California Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | $400 | $437 |
| &nbsp;&nbsp;&nbsp;Stockton, Redevelopment Agency, Successor Agency, Ser A, TA, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;Stockton, Unified School District, Ser A, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 750 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 | 600 | 702 |
| &nbsp;&nbsp;&nbsp;Tulare, Local Health Care District, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 | 585 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 | 435 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 735 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 | 1320 | 1396 |
| &nbsp;&nbsp;&nbsp;Union, Sanitary District Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;University of California, Ser BV, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2036 | 3000 | 3533 |
| &nbsp;&nbsp;&nbsp;University of California, Ser BZ, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2038 | 2000 | 2341 |
| &nbsp;&nbsp;&nbsp;Vernon, Electric System Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 2000 | 2084 |
| &nbsp;&nbsp;&nbsp;Vista, Joint Powers Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 600 | 620 |
| &nbsp;&nbsp;&nbsp;Western, Municipal Water District Facilities Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 2000 | 2250 |
|  |  | 224363 |
| **Guam — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1375 | 1537 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $228,371) ($ Thousands) |  | 225900 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **CASH EQUIVALENT — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> | 1069605 | 1070 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,070) ($ Thousands) |  | 1070 |
| Total Investments in Securities — 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $229,441) ($ Thousands) |  | $226970 |

---

Percentages are based on Net Assets of $229,040 ($ Thousands).

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of November 30, 2025.

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable
 or floating rate security. The rate shown is the effective interest rate as of period
 end. The rates on certain securities are not based on published reference rates and spreads
 and are either determined by the issuer or agent based on current market conditions;
 by using a formula based on the rates of underlying loans; or by adjusting periodically
 based on prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Pre-Refunded
 Securities — The maturity date shown is the pre-refunded date.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Security,
 or a portion thereof, exempt from registration under Rule 144A of the Securities Act
 of 1933. These securities may be resold in transactions exempt from registration normally
 to qualified institutions. On November 30, 2025, the value of these securities amounted
 to $2,023 ($ Thousands), representing 0.9% of the Net Assets of the Fund.

40 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**California Municipal Bond Fund** (Concluded)

The following is a summary of the transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain/<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation/<br> (Depreciation)** | **Value<br> 11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $1574 | $11350 | $(11854) | $— | $— | $1070 | $19 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

SEI Tax Exempt Trust 41

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Massachusetts Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS — 97.6%** |  |  |
| **Guam — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | $400 | $441 |
| **Massachusetts — 96.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 1500 | 1606 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Transportation Fund Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 1000 | 1161 |
| &nbsp;&nbsp;&nbsp;Hingham, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030 | 340 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2031 | 320 | 332 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority Sales Tax Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 1000 | 1167 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2030 | 500 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2031 | 750 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 1500 | 1790 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority, Sub-Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 250 | 282 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2035 | 500 | 563 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Ser N, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 1000 | 1171 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Tufts University Student Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 440 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 670 | 748 |
| &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2038 | 500 | 595 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Clean Water Trust, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2032 | 1000 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033 | 1000 | 1169 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Department of Transportation, Metropolitan Highway System, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Amherst College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2055 (A) | 1000 | 1179 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Babson College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | $1115 | $1268 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Bentley University, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 585 | 617 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Boston Medical Center, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Brandeis University, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, CareGroup, Ser I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Children's Hospital, Ser T, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034 | 3000 | 3491 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Dana-Farber Cancer Institute, Ser O, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Emerson College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2038 | 610 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 600 | 643 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Harvard University, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2036 | 1250 | 1381 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Lasell Village, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Mass General Brigham, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2050 (A) | 1000 | 1080 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Mass General Brigham, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 400 | 441 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Northeastern University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 350 | 406 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Olin College, Ser F, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 650 | 738 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Healthcare System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1500 | 1568 |

---

42 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Massachusetts Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Trustees of Deerfield Academy, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | $1000 | $1160 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, UMass Memorial Health Care, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1000 | 1132 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Worcester Polytechnic Institute, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 210 | 227 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 850 | 882 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 375 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Municipal Wholesale Electric, Cotton Solar Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 380 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 250 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 275 | 311 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Municipal Wholesale Electric, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 410 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 440 | 494 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, BosFuel Project, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 840 | 897 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1250 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 500 | 534 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser C, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2034 | 350 | 400 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 310 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2035 | 565 | 660 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 | 750 | 866 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | $2500 | $2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 210 | 240 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser E, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 1000 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 345 | 385 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Transportation Fund Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 1000 | 1150 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Water Resources Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 510 | 588 |
| &nbsp;&nbsp;&nbsp;Tri-County, Regional Vocational Technical School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 775 | 873 |
| &nbsp;&nbsp;&nbsp;University of Massachusetts, Building Authority, Ser 2019-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 | 600 | 648 |
| &nbsp;&nbsp;&nbsp;Worcester, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030 | 285 | 293 |
|  |  | 59431 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $60,109) ($Thousands) |  | 59872 |
|  | Shares |  |
| **CASH EQUIVALENT — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> | 2463298 | 2463 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,463) ($Thousands) |  | 2463 |
| Total Investments in Securities — 101.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $62,572) ($Thousands) |  | $62335 |

---

Percentages are based on Net Assets of $61,356 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of November 30, 2025.

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities
are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market
conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest
rates.

SEI Tax Exempt Trust 43

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Massachusetts Municipal Bond Fund** (Concluded)

The following is a summary of the Fund's transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Value<br> 11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $337 | $4611 | $(2485) | $— | $— | $2463 | $8 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

44 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**New Jersey Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS — 98.0%** |  |  |
| **Delaware — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Delaware State, River & Bay Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | $1000 | $1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 180 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 115 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 | 225 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 225 | 255 |
| &nbsp;&nbsp;&nbsp;Delaware State, River & Bay Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 450 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 340 | 393 |
|  |  | 2823 |
| **Guam — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 625 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 400 | 440 |
|  |  | 1142 |
| **New Jersey — 83.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bergen County, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2029 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;Casino Reinvestment Development Authority, Ser A, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 1600 | 1817 |
| &nbsp;&nbsp;&nbsp;Casino Reinvestment Development Authority, Ser B, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 500 | 568 |
| &nbsp;&nbsp;&nbsp;Edison, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2033 | 1635 | 1628 |
| &nbsp;&nbsp;&nbsp;Gloucester County, Improvement Authority, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 700 | 776 |
| &nbsp;&nbsp;&nbsp;Gloucester County, Improvement Authority, Rowan University Fossil Park, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 375 | 414 |
| &nbsp;&nbsp;&nbsp;Jersey City, Redevelopment Agency, RB, MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2031 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;Monmouth County, Improvement Authority, Governmental Pooled Loans, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 | 365 | 412 |
| &nbsp;&nbsp;&nbsp;Montclair State, University, Ser A, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 520 | 601 |
| &nbsp;&nbsp;&nbsp;New Jersey State, COVID-19 Emergency Bonds, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031 | 2000 | 2140 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, New Jersey Natural Gas, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 04/01/2059 (A) | 2000 | 1994 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Portal North Bridge Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | $650 | $734 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Provident Group Montclair Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1140 | 1174 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Ser SSS, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2035 | 1030 | 1178 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Montclair State University, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 2260 | 2287 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ramapo College Project, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 350 | 395 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 1360 | 1467 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2037 | 2000 | 2299 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Stevens Institute of Technology, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 880 | 907 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Stockton University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, William Patterson University Project, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1905 | 1907 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, AHS Hospital Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 735 | 745 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, AtlantiCare Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 725 | 803 |

---

SEI Tax Exempt Trust 45

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**New Jersey Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Hackensack Meridian Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | $1000 | $1013 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Inspira Health Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1080 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 820 | 837 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Inspiria Health Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 1000 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 350 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 525 | 603 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 1225 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 1205 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 2000 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2045 (A) | 1500 | 1520 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Valley Health System Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1250 | 1349 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 | 2400 | 2617 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 675 | 702 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 700 | 749 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Housing & Mortgage Finance Agency, Ser H, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 485 | 516 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Institute of Technology, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 270 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 260 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 375 | 403 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2032 | 1375 | 1576 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2034 | 1055 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2035 | 2585 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2036 | 1515 | 1556 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser AA, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2037 | $500 | $557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 1500 | 1702 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser CC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2034 | 1500 | 1730 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032 | 2500 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036 | 940 | 1034 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 1500 | 1722 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 750 | 876 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 960 | 1006 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2035 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;Passaic County, Improvement Authority, Paterson Project, RB, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 545 | 546 |
| &nbsp;&nbsp;&nbsp;Rutgers State University, Ser N, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 500 | 528 |
| &nbsp;&nbsp;&nbsp;Somerset County, Ser A&B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2030 | 540 | 542 |
| &nbsp;&nbsp;&nbsp;South Jersey, Transportation Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 1250 | 1353 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 3000 | 3105 |
| &nbsp;&nbsp;&nbsp;Union County, Improvement Authority, RB, CNTY-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2036 | 400 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2037 | 550 | 636 |
|  |  | 77379 |
| **New York — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 2415 | 2566 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 223, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 2165 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2036 | 1325 | 1340 |

---

46 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**New Jersey Municipal Bond Fund** (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 231ST, AMT, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | $| 1000 | $1079 |
|  |  |  | 7343 |
| **Pennsylvania — 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, Ser A, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 |  | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 |  | 750 | 864 |
|  |  |  | 1901 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $91,414) ($Thousands) |  |  | 90588 |
|  |  | Shares |  |
| **CASH EQUIVALENT — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> |  | 547413 | 547 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $547) ($Thousands) |  |  | 547 |
| Total Investments in Securities — 98.6% | Total Investments in Securities — 98.6% | Total Investments in Securities — 98.6% |  |
| &nbsp;&nbsp;&nbsp;(Cost $91,961) ($Thousands) |  |  | $91135 |

---

Percentages are based on Net Assets of $92,430 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of November 30, 2025.

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable or floating rate
security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published
reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula
based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

The following is a summary of the transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain/<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation/<br> (Depreciation)** | **Value<br> 11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $198 | $2911 | $(2562) | $— | $— | $547 | $5 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

SEI Tax Exempt Trust 47

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**New York Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS — 97.9%** |  |  |
| **Guam — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | $725 | $814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 420 | 462 |
| &nbsp;&nbsp;&nbsp;Territory of Guam, Business Privilege Tax, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 800 | 857 |
|  |  | 2133 |
| **New York — 96.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Albany Capital Resource, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 | 415 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2036 | 500 | 571 |
| &nbsp;&nbsp;&nbsp;Broome County, Local Development, United Health Services Hospitals, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 900 | 976 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Kipp Public School, Canal West Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Manhattan College Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 350 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 275 | 279 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Success Academy Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 900 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1475 | 1581 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, The Chapin School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Urban Resource Institute Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/01/2035 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;Genesee County, Funding, Rochester Regional Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 650 | 713 |
| &nbsp;&nbsp;&nbsp;Hempstead, Local Development, Hofstra University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 800 | 810 |
| &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 | 1970 | 2254 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1500 | 1522 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2037 | 1895 | 2125 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 1000 | 1118 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 | $2000 | $2131 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser C-1-B, RB, BAM-TCRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 1750 | 1844 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 | 2000 | 2261 |
| &nbsp;&nbsp;&nbsp;Monroe County, Industrial Development Authority, St. John Fisher University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 750 | 841 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 4100 | 4370 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 231ST, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 | 1500 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 1765 | 1904 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036 | 650 | 767 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser C-S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 | 1500 | 1692 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 | 1500 | 1703 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2037 | 2280 | 2571 |
| &nbsp;&nbsp;&nbsp;New York City, Energy Finance Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2056 (A) | 2125 | 2276 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 | 1750 | 1870 |
| &nbsp;&nbsp;&nbsp;New York City, Ser 1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;New York City, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 | 1345 | 1477 |
| &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 | 1895 | 2022 |

---

48 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**New York Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Building Aid, Sub-Ser S-3, RB, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 | $2450 | $2588 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031 | 1750 | 1975 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Icahn School of Medicine at Mount Sinai Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Iona University, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 760 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 850 | 955 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Memorial Sloan-Kettering Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1095 | 1189 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Mount Sinai Hospital Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2038 | 1925 | 2159 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Northwell Healthcare Inc Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 | 1000 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 | 1250 | 1284 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Presbyterian Hospital Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 2000 | 2325 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032 | 1500 | 1712 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Rochester Institute of Technology, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 1000 | 1129 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Roswell Park Cancer Institute Obligated Group, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 750 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 1255 | 1421 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 (B) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 1200 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 2000 | 2223 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 2500 | 2606 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, St. Johns University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | $1500 | $1554 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, St. Johns University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030 | 830 | 872 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, The New School, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1365 | 1557 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, White Plains Hospital Obligated Group, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 | 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;New York State, Energy Research & Development Authority, Pollution Control, Ser C-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2035 | 1500 | 1758 |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 2, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 1700 | 1782 |
| &nbsp;&nbsp;&nbsp;New York State, Power Authority, Green Transmission Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 1370 | 1597 |
| &nbsp;&nbsp;&nbsp;New York State, Thruway Authority, Ser L, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 1860 | 1947 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1055 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 | 1560 | 1700 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, LaGuardia Airport Terminal B Redevelopment Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1275 | 1276 |
| &nbsp;&nbsp;&nbsp;New York State, Urban Development, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032 | 615 | 673 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development, JFK International Airport Terminal 1 Project, AMT, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2038 | 1700 | 1918 |

---

SEI Tax Exempt Trust 49

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**New York Municipal Bond Fund** (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value <br> ($Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Suffolk, Tobacco Asset Securitization, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 | $| 2345 | $2348 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 |  | 2000 | 2321 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 |  | 3335 | 3510 |
| &nbsp;&nbsp;&nbsp;Westchester County, Local Development, Miriam Osborn Memorial Home Association Project, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  | 300 | 303 |
|  |  |  | 106684 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $108,502) ($Thousands) |  |  | 108817 |
|  |  | Shares |  |
| **CASH EQUIVALENT — 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> |  | 1956712 | 1957 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,957) ($Thousands) |  |  | 1957 |
| Total Investments in Securities — 99.7% | Total Investments in Securities — 99.7% | Total Investments in Securities — 99.7% |  |
| &nbsp;&nbsp;&nbsp;(Cost $110,459) ($Thousands) |  |  | $110774 |

---

Percentages are based on Net Assets of $111,092 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of November 30, 2025.

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable or floating rate
security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published
reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula
based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Security is escrowed to maturity.

The following is a summary of the Fund's transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Value<br> 11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $1487 | $5638 | $(5168) | $— | $— | $1957 | $17 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

50 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Pennsylvania Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS — 98.7%** |  |  |
| **Guam — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | $900 | $991 |
| **Pennsylvania — 97.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adams County, General Authority, The Brethren Home Community, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 2580 | 2729 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Airport Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 1325 | 1437 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Higher Education Building Authority, Carnegie Mellon University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 | 500 | 550 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, Allegheny Health Network, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 2500 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;Allentown, City School District, Ser B, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029 | 1750 | 1838 |
| &nbsp;&nbsp;&nbsp;Chester County, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2029 | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2030 | 250 | 261 |
| &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Tobacco Master Settlement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 2500 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 500 | 526 |
| &nbsp;&nbsp;&nbsp;Cumberland County, Municipal Authority, Penn State Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 | 780 | 837 |
| &nbsp;&nbsp;&nbsp;Delaware County, AD Valorem Property Tax, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2034 | 230 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 255 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 345 | 386 |
| &nbsp;&nbsp;&nbsp;Delaware County, Cabrini University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (A) | 500 | 516 |
| &nbsp;&nbsp;&nbsp;Delaware County, Cabrini University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (B) | 500 | 516 |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1015 | 1053 |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1300 | 1349 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | $1000 | $1151 |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1345 | 1437 |
| &nbsp;&nbsp;&nbsp;East Hempfield, Industrial Development Authority, Willow Valley Communities Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 645 | 645 |
| &nbsp;&nbsp;&nbsp;Geisinger, Health System Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2043 (C) | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Masonic Villages of Grand Lodge Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 1360 | 1406 |
| &nbsp;&nbsp;&nbsp;Lancaster, Higher Education Authority, Harrisburg Area Community College Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 | 400 | 411 |
| &nbsp;&nbsp;&nbsp;Lehigh County, General Purpose Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031 | 1225 | 1241 |
| &nbsp;&nbsp;&nbsp;Luzerne County, Industrial Development Authority, America Water Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/01/2039 (C) | 1700 | 1566 |
| &nbsp;&nbsp;&nbsp;Lycoming County, College Revenue Authority, Pennsylvania College of Technology Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 900 | 969 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1500 | 1584 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 | 750 | 757 |
| &nbsp;&nbsp;&nbsp;Mount Lebanon, Hospital Authority, St. Clair Memorial Hospital Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 350 | 367 |
| &nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 1000 | 1118 |
| &nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 | 1000 | 1171 |
| &nbsp;&nbsp;&nbsp;Octorara Area, School District, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2029 | 900 | 932 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 850 | 972 |

---

SEI Tax Exempt Trust 51

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Pennsylvania Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Junior Insured, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | $1100 | $1124 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2034 | 1500 | 1636 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033 | 1350 | 1363 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2031 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2029 | 750 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2030 | 925 | 1014 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2038 | 2000 | 2220 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Villanova University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 750 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 725 | 831 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 2590 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 | 1310 | 1515 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2035 | 3500 | 3575 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 1875 | 2018 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 3000 | 3243 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Drexel University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 1150 | 1174 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (B) | 265 | 273 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 (A) | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 2000 | 2348 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Ser AT-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 (A) | 15 | 15 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Ser AX, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (A) | $75 | $77 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Thomas Jefferson University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2037 | 1500 | 1697 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, University of Pennsylvania Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 1300 | 1479 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 133, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 500 | 536 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 2022, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2052 | 1340 | 1359 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Ser A, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 400 | 418 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 1875 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 2000 | 2262 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1550 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 | 375 | 430 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 500 | 565 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | 1165 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 895 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034 | 1000 | 1135 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1590 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1100 | 1208 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works Revenue Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 1705 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 2000 | 2036 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works Revenue Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Housing Authority, PHADC Acquisition Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2038 | 2500 | 2788 |

---

52 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Pennsylvania Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, National Board of Medical Examiners Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | $1005 | $1014 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, Rebuild Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 1750 | 2001 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 | 5325 | 5359 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 2350 | 2439 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 | 1000 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | 1250 | 1380 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 300 | 313 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 2250 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 800 | 903 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 2500 | 2927 |
| &nbsp;&nbsp;&nbsp;Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033 | 1000 | 1115 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser A, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 300 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 400 | 452 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser B, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 450 | 489 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Quaker Valley, School District, GO, ST AID WITHHLDG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | $| 250 | $276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 |  | 325 | 358 |
| &nbsp;&nbsp;&nbsp;Southcentral Pennsylvania, General Authority, Wellspan Health Obligated Group, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 |  | 1250 | 1408 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, Asset Improvement Program, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 |  | 1000 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 |  | 1000 | 1136 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 |  | 725 | 754 |
| &nbsp;&nbsp;&nbsp;Swarthmore Borough, Authority, Swathmore College, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2055 (C) |  | 1000 | 1163 |
| &nbsp;&nbsp;&nbsp;University of Pittsburgh, Commonwealth System of Higher Education, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 |  | 2000 | 2326 |
| &nbsp;&nbsp;&nbsp;Westmoreland County, Municipal Authority, Ser A, RB, BAM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 |  | 1500 | 1703 |
|  |  |  | 132681 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $134,278) ($ Thousands) |  |  | 133672 |
|  | Shares | Shares |  |
| **CASH EQUIVALENT — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> |  | 309645 | 310 |
| &nbsp;&nbsp;&nbsp;Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $310) ($ Thousands) |  |  | 310 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities — 98.9% | &nbsp;&nbsp;&nbsp;Total Investments in Securities — 98.9% | &nbsp;&nbsp;&nbsp;Total Investments in Securities — 98.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $134,588) ($ Thousands) |  |  | $133982 |

---

Percentages are based on Net Assets of $135,523 ($ Thousands).

<sup>†</sup> Investment in Affiliated Security.

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Security
is escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Pre-Refunded
Securities — The maturity date shown is the pre-refunded date.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Variable
or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.

SEI Tax Exempt Trust 53

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Pennsylvania Municipal Bond Fund** (Concluded)

The following is a summary of the transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value**<br> **8/31/2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Realized Gain/**<br> **(Loss)** | **Change in<br> Unrealized Appreciation/ (Depreciation)** | **Value**<br> **11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, <br>Institutional Class | $1106 | $8800 | $(9596) | $— | $— | $310 | $17 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

54 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS — 72.5%** |  |  |
| **Alabama — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alabama State, Special Care Facilities Financing Authority, Methodist Home for the Aging Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2045 | $800 | $762 |
| &nbsp;&nbsp;&nbsp;Baldwin County, Industrial Development Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/01/2055 (A)(B) | 600 | 604 |
| &nbsp;&nbsp;&nbsp;Baldwin County, Industrial Development Authority, Novelis Corporation Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (A)(B) | 2200 | 2249 |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2055 (B) | 500 | 540 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2054 (B) | 3100 | 3424 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.160%, 07/01/2052 (B) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2054 (B) | 1000 | 1106 |
|  |  | 10208 |
| **Alaska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Anchorage, Solid Waste Services Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2062 | 620 | 641 |
| &nbsp;&nbsp;&nbsp;Northern Tobacco Securitization, Ser B-2-CLASS, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (C) | 10900 | 1245 |
|  |  | 1886 |
| **Arizona — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Basis Schools Projects, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2050 (A) | 1090 | 1058 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Great Lakes Senior Living Community, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 01/01/2059 | 5428 | 4872 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Legacy Cares Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 07/01/2050 (A)(D) | 3000 | 70 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Master Academy Mountain Vista Campus Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2038 (A) | 1510 | 1515 |
| &nbsp;&nbsp;&nbsp;La Paz County, Industrial Development Authority, Charter School Solutions-Harmony Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 245 | 249 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Paideia Academics Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2049 | $1050 | $915 |
| &nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Tucson Country Day School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 235 | 213 |
|  |  | 8892 |
| **Arkansas — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Arkansas State, Development Finance Authority, Big River Steel Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/01/2049 (A) | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2049 (A) | 2900 | 2809 |
| &nbsp;&nbsp;&nbsp;Arkansas State, Development Finance Authority, United States Steel Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 09/01/2052 | 785 | 788 |
|  |  | 4085 |
| **California — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2054 (B) | 990 | 1086 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (B) | 3100 | 3386 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Battery Point Apartments, Ser S, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.970%, 11/01/2053 (A)(B) | 2600 | 2619 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Valley Pride Village Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 06/01/2054 (A)(B) | 4700 | 4693 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Vose Apartments, Ser K, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2053 (A)(B) | 1600 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2053 (A)(B) | 6200 | 6289 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Wonderful Foundations, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2035 (C) | 920 | 552 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Ascent 613 Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 (A) | 1305 | 1323 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, California Baptist University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 (A) | 1000 | 964 |

---

SEI Tax Exempt Trust 55

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Pollution Control Financing Authority, Calplant I Project, Sub-Ser, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2039 (A)(D) | $3432 | $– |
| &nbsp;&nbsp;&nbsp;California State, Public Finance Authority, Enso Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2046 (A) | 500 | 459 |
| &nbsp;&nbsp;&nbsp;California State, School Finance Authority, Downtown Prep-Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046 (A)(D) | 1000 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2051 (A)(D) | 1000 | 600 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Arbor Square Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2059 (B) | 1955 | 1728 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Southern California Edison Company, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2033 | 2200 | 2307 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Financing Authority, Tobacco Settlement, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2037 | 2850 | 2910 |
| &nbsp;&nbsp;&nbsp;CMFA, Special Finance Agency, Solana at Grand, Ser A-2-JUNIOR, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2045 (A) | 1095 | 965 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, 1818 Platinum Triange-Anaheim, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2057 (A) | 500 | 367 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Dublin, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2057 (A) | 1000 | 745 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Pasadena Portfolio, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2056 (A) | 500 | 382 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Towne-Glendale, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 (A) | 2200 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2032 (A)(E)(F) | 7800 | 5130 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (C) | 23600 | 2530 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/2050 | 1215 | 1114 |
| &nbsp;&nbsp;&nbsp;Hastings Campus Housing Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2061 (A) | 2000 | 1805 |
| &nbsp;&nbsp;&nbsp;Morongo, Band of Mission Indians, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 (A) | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;M-S-R, Energy Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2039 | 5885 | 7239 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Northern California, Tobacco Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2060 (C) | $15040 | $2374 |
| &nbsp;&nbsp;&nbsp;Poway, School Facilities Improvement Authority, Unified School District Capital Appreciation Project, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2038 (C) | 5410 | 3480 |
| &nbsp;&nbsp;&nbsp;Southern California, Tobacco Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2054 (C) | 5700 | 1175 |
| &nbsp;&nbsp;&nbsp;Windsor, Unified School District, Election 2008, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (C) | 1800 | 1291 |
|  |  | 62964 |
| **Colorado — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurora, Harvest Crossing Metropolitan District No. 4, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 12/01/2052 | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;Aviation Station North, Metropolitan District No. 2, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2048 | 500 | 496 |
| &nbsp;&nbsp;&nbsp;Broadway Station, Metropolitan District No. 3, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2049 | 500 | 391 |
| &nbsp;&nbsp;&nbsp;Colorado International Center, Metropolitan District No. 7, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2027 (E)(F) | 2000 | 1664 |
| &nbsp;&nbsp;&nbsp;Colorado State, Educational & Cultural Facilities Authority, New Summit Charter Acadamy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2061 (A) | 600 | 416 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2044 | 2000 | 1815 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Covenant Living Communities and Services, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;Colorado State, Housing & Finance Authority, The Irving at Mile High Vista Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2028 (A)(B) | 2140 | 2159 |
| &nbsp;&nbsp;&nbsp;Colorado State, Public Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/15/2028 | 420 | 444 |
| &nbsp;&nbsp;&nbsp;Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2048 | 1144 | 1148 |
| &nbsp;&nbsp;&nbsp;Dominion, Water & Sanitation District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 12/01/2052 | 4000 | 4098 |

---

56 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Kinston Metropolitan District No. 5, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2045 (A) | $560 | $568 |
| &nbsp;&nbsp;&nbsp;Pinery, Commercial Metropolitan District No. 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2054 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;Village at Dry Creek, Metropolitan District No. 2, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2044 | 313 | 307 |
| &nbsp;&nbsp;&nbsp;Village Metropolitan District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2055 | 500 | 505 |
|  |  | 17609 |
| **Connecticut — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut State, Health & Educational Facilities Authority, Church Home of Hartford Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2053 (A) | 1500 | 1394 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Health & Educational Facilities Authority, Ser A-, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 07/01/2042 (B) | 2000 | 2000 |
|  |  | 3394 |
| **Delaware — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Affordable Housing Opportunities Trust, Northwest One, Ser AH-07, Cl A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.120%, 10/01/2038 (A) | 1890 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.167%, 10/01/2038 (A)(B) | 10720 | 9388 |
| &nbsp;&nbsp;&nbsp;Delaware State, Economic Development Authority, Acts-Retirement Life Communities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2053 | 1000 | 1006 |
|  |  | 12229 |
| **District of Columbia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2050 | 650 | 619 |
| **Florida — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Beach, Health Care, Fleet Landing Project, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2043 | 1325 | 1326 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, H-Bay Ministries, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (D) | 750 | 24 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, Renaissance Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2049 (A) | 1000 | 900 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, Wonderful Foundations Charter, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2055 (A) | 3500 | 2970 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Charlotte County, Industrial Development Authority, Town & Country Utilities Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/01/2055 | $600 | $625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2051 (A) | 500 | 419 |
| &nbsp;&nbsp;&nbsp;County, of Miami-Dade Florida Water & Sewer System Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 | 4000 | 3658 |
| &nbsp;&nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, Jacksonville University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2033 (A) | 500 | 488 |
| &nbsp;&nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, Keiser University Project, Ser UNIV, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2045 (A) | 1700 | 1701 |
| &nbsp;&nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, Ser UNIV, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 07/01/2055 (A) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 | 2500 | 2482 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Global Reach Charter Acadamy Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/2056 (A) | 765 | 495 |
| &nbsp;&nbsp;&nbsp;Highlands County, Health Facilities Authority, Senior Living Revenue, Trousdale Foundation Properties, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2038 (D) | 318 | 4 |
| &nbsp;&nbsp;&nbsp;Lakewood Ranch Stewardship District, Southeast Project, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2040 | 1345 | 1422 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Seaport Department, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2052 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;Midtown Miami, Community Development District, Parking Garage Project, Ser A, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1630 | 1631 |
| &nbsp;&nbsp;&nbsp;Polk County, Industrial Development Authority, Mineral Development Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/01/2033 (A)(D) | 3365 | 908 |
| &nbsp;&nbsp;&nbsp;Sarasota County, Health Facilities Authority, Sunnyside Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2033 | 630 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2028 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;St. Johns County, Industrial Development Authority, Vicars Landing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2046 | 950 | 762 |

---

SEI Tax Exempt Trust 57

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Trout Creek, Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | $250 | $254 |
|  |  | 22790 |
| **Georgia — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Development Authority, Westside Gulch Area Project, Ser A, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2034 (A) | 300 | 306 |
| &nbsp;&nbsp;&nbsp;Augusta, Development Authority, Wellstar Health System Inc Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 04/01/2053 | 3500 | 3612 |
| &nbsp;&nbsp;&nbsp;Gainesville & Hall County, Development Authority, Riverside Military Academy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2052 (D) | 1620 | 729 |
| &nbsp;&nbsp;&nbsp;George L Smith II, Georgia World Congress Center Authority, Convention Center Hotel, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2054 (A) | 1460 | 1390 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2053 (B) | 2150 | 2275 |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, Plant Voltage Units 3 & 4 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2063 | 5500 | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2060 | 5000 | 4997 |
| &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2055 (B) | 1700 | 1866 |
|  |  | 21308 |
| **Idaho — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Compass Charter School Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/01/2029 (A) | 225 | 225 |
| &nbsp;&nbsp;&nbsp;Spring Valley Community, Infrastructure District No. 1, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2051 (A) | 1400 | 1337 |
|  |  | 1562 |
| **Illinois — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2050 | 4500 | 4401 |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 | 1500 | 1446 |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2038 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2043 | 2320 | 2384 |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046 | 1300 | 1167 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 | $500 | $498 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2053 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;City of Chicago Illinois, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2039 | 800 | 838 |
| &nbsp;&nbsp;&nbsp;Hillside, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 1160 | 1168 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Ascension, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 (G) | 480 | 494 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Acero Charter Schools, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2042 (A) | 350 | 302 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Art in Motion Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2051 (A) | 1000 | 712 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Friendship Village of Schaumburg Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 02/15/2045 (D) | 1561 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 (D) | 1561 | 47 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/01/2037 | 2500 | 2537 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2043 | 2000 | 2131 |
|  |  | 19749 |
| **Indiana — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Polyflow Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2039 (A)(D) | 10200 | 510 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/2043 | 3050 | 3229 |
|  |  | 3739 |
| **Iowa — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Stuart Iowa, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/01/2042 | 525 | 535 |
| &nbsp;&nbsp;&nbsp;Iowa Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2035 | 750 | 757 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (B)(G) | 4200 | 4560 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Lifespace Communities Inc, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2049 | 1000 | 949 |

---

58 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Northcrest Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | $615 | $621 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Tamid Waterloo Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 01/01/2042 (A) | 2000 | 1773 |
| &nbsp;&nbsp;&nbsp;Iowa State, Tobacco Settlement Authority, Sub-Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2065 (C) | 11075 | 1655 |
|  |  | 10850 |
| **Kansas — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Colby, Citizens Medical Center Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2026 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;Kansas State, Development Finance Authority, Village of Shalom Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2038 | 1025 | 913 |
| &nbsp;&nbsp;&nbsp;Wichita, Presbyterian Manor Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 | 600 | 506 |
| &nbsp;&nbsp;&nbsp;Wichita, Presbyterian Manor Project, Ser I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 | 315 | 316 |
| &nbsp;&nbsp;&nbsp;Wyandotte County, Kansas City Unified Government, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2034 (A)(C) | 1785 | 1004 |
|  |  | 4740 |
| **Kentucky — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State, Economic Development Finance Authority, Baptist Life Community Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/15/2046 | 1000 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2036 | 1700 | 1344 |
|  |  | 2061 |
| **Louisiana — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana State, Local Government Environmental Facilities & Community Development Authority, Cameron Parish GOMESA Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 11/01/2037 (A) | 600 | 627 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Local Government Environmental Facilities & Community Development Authority, Jefferson Parish GOMESA Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2044 (A) | 400 | 370 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Local Government Environmental Facilities & Community Development Authority, Terrebonne Parish GOMESA Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2039 (A) | 430 | 446 |
|  |  | 1443 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Maryland — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland State, Economic Development Corporation, Purple Line Light Rail Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2055 | $625 | $621 |
| **Massachusetts — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2050 | 1600 | 1666 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Boston Medical Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2052 | 1500 | 1508 |
|  |  | 3174 |
| **Michigan — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Detroit, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2039 | 1000 | 1141 |
| &nbsp;&nbsp;&nbsp;Detroit, Ser B-1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2044 (B) | 5767 | 4567 |
| &nbsp;&nbsp;&nbsp;Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2047 | 2500 | 2261 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Public School Academy, Bradford Academy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2050 | 310 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/2040 | 185 | 158 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2045 (C) | 5000 | 1396 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2046 (C) | 28500 | 3902 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser B-2, Cl 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2065 (C) | 20000 | 2043 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2058 (C) | 125250 | 2759 |
|  |  | 18469 |
| **Minnesota — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Independence, Beacon Academy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2026 | 165 | 164 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Charter School Lease, NorthEast College Prep Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2055 | 710 | 526 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Charter School Lease, Twin Cities International School, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (A) | 750 | 753 |

---

SEI Tax Exempt Trust 59

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;St. Cloud, Stride Academy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/2026 | $100 | $100 |
|  |  | 1543 |
| **Missouri — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Lees Summit, Industrial Development Authority, John Knox Village Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2051 | 1050 | 933 |
| &nbsp;&nbsp;&nbsp;Missouri State, Development Finance Board, Saint Louis Zoo Projects, Ser 2022, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2055 | 4005 | 4139 |
| &nbsp;&nbsp;&nbsp;St. Louis, Land Clearance for Redevelopment Authority, National Geospacial Intelligence, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/01/2046 | 2200 | 2163 |
|  |  | 7235 |
| **Nevada — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Nevada State, Department of Business & Industry, Fulcrum Sierra Biofuels Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, 02/15/2038 (A) | 2688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2037 (A) | 1754 |  |
| &nbsp;&nbsp;&nbsp;Reno, Sub-Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2058 (A)(C) | 10000 | 1184 |
| &nbsp;&nbsp;&nbsp;Reno, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2058 (A)(C) | 16500 | 2688 |
|  |  | 3872 |
| **New Hampshire — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Ser 1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.787%, 09/20/2034 (A) | 3910 | 3766 |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Ser 2023-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/20/2038 | 1458 | 1408 |
|  |  | 5174 |
| **New Jersey — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Kapowski Road Landfill Project, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2031 | 2500 | 2512 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Portal North Bridge Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2052 | 4000 | 4117 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Sub-Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2029 | 445 | 437 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 09/01/2048 | $1450 | $1481 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Stockton University, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 2000 | 2009 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Tobacco Settlement Financing, Sub-Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046 | 630 | 612 |
| &nbsp;&nbsp;&nbsp;Passaic County, Improvement Authority, Paterson Arts & Science Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2053 | 500 | 510 |
|  |  | 11678 |
| **New York — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Battery Park City Authority, Ser D-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/01/2038 (B) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, NYU Law School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 1500 | 1478 |
| &nbsp;&nbsp;&nbsp;Hempstead Town, Local Development, The Academy Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.760%, 02/01/2048 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 02/01/2051 | 500 | 387 |
| &nbsp;&nbsp;&nbsp;Monroe County, Industrial Development, Ann's Community Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 | 1500 | 1470 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Revenue, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2048 | 2000 | 2111 |
| &nbsp;&nbsp;&nbsp;New York City, Energy Finance Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2056 (B) | 1600 | 1714 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, FGIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.840%, 03/01/2026 (B) | 425 | 425 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser E-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2051 | 1000 | 745 |
| &nbsp;&nbsp;&nbsp;New York Counties, Tobacco Trust IV, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2055 (C) | 57000 | 4714 |
| &nbsp;&nbsp;&nbsp;New York Counties, Tobacco Trust V, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2055 (C) | 28000 | 2322 |

---

60 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2037 | $1000 | $1201 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, World Trade Center Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 11/15/2040 (A) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2044 (A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, Delta Air Lines Inc, LaGuardia Airport Terminals C&D Redevelopment Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2035 | 2000 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 4085 | 4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport New Terminal One Project, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2044 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2040 | 775 | 878 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 6 Redevelopment Project, AMT, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/31/2054 | 2600 | 2643 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, LaGuardia Airport Terminal B Redevelopment Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2046 | 3985 | 3969 |
| &nbsp;&nbsp;&nbsp;New York State, Urban Development Corporation, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2053 | 3500 | 3629 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development, JFK International Airport Project, AMT, RB, BAM-TCRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2060 | 2540 | 2647 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional, Off-Track Betting, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2053 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;Suffolk, Tobacco Asset Securitization, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (C) | 18500 | 1663 |
| &nbsp;&nbsp;&nbsp;Ulster County, Capital Resource, Woodland Pond at New Paltz, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/15/2047 | 1000 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/15/2053 | 2500 | 2267 |
|  |  | 51722 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **North Carolina — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;North Carolina State, Housing Finance Agency, 1998 Trust Agreement, Ser 54-A, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 01/01/2055 | $890 | $990 |
| **North Dakota — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Grand Forks County, Solid Waste Facility, Red River Biorefinery Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/15/2043 (A)(D) | 1500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 12/15/2031 (A)(D) | 1000 | – |
|  |  | – |
| **Ohio — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye, Tobacco Settlement Financing Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 | 7200 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2057 (C) | 42200 | 3697 |
| &nbsp;&nbsp;&nbsp;Dayton-Montgomery County, Port Authority, Liberty Assisted Living, Springfield Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/01/2045 (A) | 500 | 520 |
| &nbsp;&nbsp;&nbsp;Franklin County, Convention Facilities Authority, Greater Columbus Convention Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2044 | 4000 | 4002 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Trousdale Foundation Properties Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/01/2049 (A)(D) | 1508 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2038 (A)(D) | 1282 | 16 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2045 (A) | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.300%, 01/01/2045 | 1300 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 01/01/2045 (A) | 940 | 963 |
| &nbsp;&nbsp;&nbsp;Ohio State, Air Quality Development Authority, Vanadium Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2049 (A) | 4250 | 3868 |
|  |  | 20973 |
| **Oklahoma — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Murray County, Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/01/2043 | 500 | 488 |
| &nbsp;&nbsp;&nbsp;Oklahoma State, Development Finance Authority, Oklahoma City University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2035 | 2790 | 2692 |
| &nbsp;&nbsp;&nbsp;Payne County, Economic Development Authority, Epworth Living Retirement Community, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2051 (D) | 2163 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/01/2046 (D) | 1081 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 11/01/2036 (D) | 522 | 2 |

---

SEI Tax Exempt Trust 61

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, American Airlines Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/01/2035 | $3000 | $3459 |
|  |  | 6655 |
| **Oregon — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;University of Oregon, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2050 | 600 | 614 |
| **Other — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML15, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.003%, 01/25/2040 (B) | 4879 | 4922 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML19, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.414%, 08/25/2040 (B) | 5819 | 5971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.033%, 12/25/2036 (B) | 5142 | 5209 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML22, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.685%, 10/25/2040 (B) | 3064 | 3177 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML-29, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.711%, 01/25/2043 (B) | 6279 | 6499 |
|  |  | 25778 |
| **Pennsylvania — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny County, Airport Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;Berks County, Municipal Authority, Tower Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/30/2034 | 577 | 581 |
| &nbsp;&nbsp;&nbsp;Berks County, Municipal Authority, Tower Health Project, Ser A-2A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2034 | 289 | 311 |
| &nbsp;&nbsp;&nbsp;Blythe, Solid Waste Authority, AMT, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/01/2027 (G) | 3450 | 3706 |
| &nbsp;&nbsp;&nbsp;Franklin County, Industrial Development Authority, Menno-Haven Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 495 | 495 |
| &nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Penn State Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 | 2500 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2051 | 3000 | 3011 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Noble Environmental Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/01/2047 (A) | 500 | 520 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2049 | 1210 | 1238 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2053 | $5000 | $5082 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, PPL Energy Supply Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2037 (B) | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2049 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, University Square Apartments Project, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 (A)(G) | 2000 | 2049 |
| &nbsp;&nbsp;&nbsp;Southcentral Pennsylvania, General Authority, York Academy Regional Christian School Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/15/2048 (A) | 2800 | 2840 |
|  |  | 25625 |
| **Puerto Rico — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser AAA-PSA, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2031 (D) | 2895 | 1925 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser UU, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.359%, 07/01/2029 (B) | 6570 | 6355 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser VV-PSA, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2020 (D) | 1380 | 918 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser ZZ-PSA, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2019 (D) | 1265 | 841 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, GDB Debt Recovery Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/2040 | 8953 | 8706 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2058 | 4503 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2046 (C) | 15600 | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2051 (C) | 41435 | 10273 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.329%, 07/01/2040 | 800 | 779 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 07/01/2040 | 2000 | 1992 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser CW, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2043 (B)(E) | 3550 | 2272 |

---

62 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser Senior, Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2051 (B)(E) | $17549 | $11451 |
|  |  | 55184 |
| **Rhode Island — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Tobacco Settlement Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2052 (C) | 6890 | 1007 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Tobacco Settlement Financing Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2050 | 7000 | 6977 |
|  |  | 7984 |
| **South Carolina — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group, Financing Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2054 (B) | 1800 | 1952 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/15/2042 (A) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/01/2056 | 750 | 750 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Jobs-Economic Development Authority, Repower S. Berkeley Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2027 (A)(D) | 961 | 38 |
|  |  | 3241 |
| **Tennessee — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol, Industrial Development Board, Pinnacle Project, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/01/2035 | 2000 | 1780 |
| &nbsp;&nbsp;&nbsp;Cleveland, Health & Educational Facilities Board, Multifamily Housing, Horizon Square Apartments Project, RB, FNMA/FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 05/01/2040 | 990 | 990 |
| &nbsp;&nbsp;&nbsp;Memphis-Shelby County, Industrial Development Board, Graceland Project, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2037 | 700 | 527 |
| &nbsp;&nbsp;&nbsp;Nashville, Metropolitan Development & Housing Agency, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2028 (A) | 340 | 343 |
|  |  | 3640 |
| **Texas — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Angelina & Neches, River Authority, Jefferson Enterprise Energy, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 12/01/2045 (A)(D) | 3000 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2045 (A)(D) | 1750 | 39 |
| &nbsp;&nbsp;&nbsp;Arlington Higher Education Finance, Basis Texas Charter Schools, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/15/2055 (A) | 1500 | 1515 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Austin Affordable Pfc, Multifamily Housing, Heritage Pointe Seniors Apartments, RB, FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 05/01/2043 | $2750 | $2738 |
| &nbsp;&nbsp;&nbsp;Baytown, Municipal Development District, Baytown Convention Center Hotel, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2050 (A) | 500 | 415 |
| &nbsp;&nbsp;&nbsp;Brazoria County, Industrial Development, Aleon Renewable Metals Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 06/01/2042 (A)(B) | 1406 | 204 |
| &nbsp;&nbsp;&nbsp;Brazoria County, Industrial Development, Gladieux Metals Recycling Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 03/01/2039 (A)(D) | 3615 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2039 (D) | 480 | 70 |
| &nbsp;&nbsp;&nbsp;Calhoun County, Navigation Industrial Development Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2026 (A) | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp;City of Houston Texas Airport System Revenue, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2035 | 250 | 272 |
| &nbsp;&nbsp;&nbsp;Dallas City, Housing Finance, West Virginia Apartments, RB, FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 10/01/2041 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;Denton Essential Investments Public Facility Corporation, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.697%, 01/01/2059 | 2900 | 2943 |
| &nbsp;&nbsp;&nbsp;Denton Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2053 | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, United Airlines Inc Terminal Improvement Projects, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2035 | 4000 | 4408 |
| &nbsp;&nbsp;&nbsp;Liberty Hill Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 | 4000 | 4169 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities, Cardinal Bay Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2046 (D) | 1500 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (D) | 250 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2046 | 2000 | 1683 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities, Edgemere Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2047 | 1500 | 1461 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities, Longhorn Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2042 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities, Quality Senior Housing Foundation, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 | 500 | 442 |

---

SEI Tax Exempt Trust 63

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;North East Texas Regional Mobility Authority, Sub-Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | $825 | $826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 325 | 332 |
| &nbsp;&nbsp;&nbsp;North Fort Bend Water Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2044 | 8455 | 7883 |
| &nbsp;&nbsp;&nbsp;North Texas Municipal Water District Water System Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2047 | 5000 | 5252 |
| &nbsp;&nbsp;&nbsp;Northwest Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2055 | 4000 | 4166 |
| &nbsp;&nbsp;&nbsp;Port Isabel, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 02/15/2049 (A) | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Sub-Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.331%, 12/15/2026 (B) | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;Texas State, Water Development Board, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/15/2048 | 10500 | 10844 |
|  |  | 60138 |
| **Utah — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Mida Mountain Village, Public Infrastructure District, Mountain Village Assesment, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2050 (A) | 1885 | 1618 |
| &nbsp;&nbsp;&nbsp;Mida Mountain Village, Public Infrastructure District, Sub-Ser 2, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2054 (A) | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/2039 (A) | 1790 | 1836 |
| &nbsp;&nbsp;&nbsp;Soleil Hills, Public Infrastructure District No. 1, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/01/2055 (A) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;UIPA Crossroads, Public Infrastructure District, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/01/2052 (A) | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;Utah State, Charter School Finance Authority, Early Light Academy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2027 (A) | 200 | 199 |
| &nbsp;&nbsp;&nbsp;Utah State, Charter School Finance Authority, St George Campus Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2052 (A) | 1300 | 1071 |
|  |  | 6663 |
| **Virginia — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Farms of New Kent, Community Development Authority, Ser A, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/01/2036 (A) | 2200 | 2123 |
| &nbsp;&nbsp;&nbsp;Hanover County, Economic Development Authority, Covenant Woods Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 375 | 378 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Henrico County, Economic Development Authority, Pinnacle Living Obligation Group, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2044 | $1000 | $987 |
| &nbsp;&nbsp;&nbsp;Lewistown, Commerce Center, Community Development Authority, Ser B, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/01/2044 | 23 | 19 |
| &nbsp;&nbsp;&nbsp;Lewistown, Commerce Center, Community Development Authority, Ser C, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/01/2054 | 118 | 53 |
| &nbsp;&nbsp;&nbsp;Lewistown, Commerce Center, Community Development Authority, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/01/2044 (D) | 34 | 24 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Bon Secours Mercy Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 | 2000 | 1792 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Mary Washington Healthcare Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2041 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Rixey Student Housing Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2044 (A) | 6565 | 5484 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Transform 66 P3 Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2049 | 1500 | 1463 |
|  |  | 13406 |
| **Washington — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;King County, Public Hospital District No. 4, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 12/01/2045 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Emerald Heights Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 | 1050 | 1044 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Judson Park Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (A) | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 (A) | 300 | 299 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Lansdale Pointe Apartments Project, RB, FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/01/2043 | 2000 | 2020 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificates, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/20/2037 | 2645 | 2501 |

---

64 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificates, Ser 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.084%, 03/01/2050 (B) | $1986 | $1946 |
|  |  | 8543 |
| **West Virginia — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Core Natural Resources Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/01/2055 (A)(B) | 2500 | 2671 |
| &nbsp;&nbsp;&nbsp;West Virginia State, Hospital Finance Authority, Refunding & Improvement, Vandalia Health Group, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2053 | 2100 | 2281 |
| &nbsp;&nbsp;&nbsp;West Virginia State, Tobacco Settlement, Finance Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2047 (C) | 73250 | 7057 |
|  |  | 12009 |
| **Wisconsin — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, Georgia Express Lanes Project, Ser Senior 400, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/31/2065 | 4800 | 4978 |
| &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority, Covenant Communities Inc Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2043 | 300 | 262 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Center District, Junior Dedicated Tax Revenue, Ser D, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2045 (C) | 5000 | 2001 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Center District, Senior Dedicated Tax Revenue, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2045 (C) | 8110 | 3213 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Camillus Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 | 1000 | 931 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 08/15/2054 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Wisconsin Illinois Senior Housing, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2048 | 1500 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 610 | 609 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Barton College Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2038 | 2500 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2048 | 1500 | 1276 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Delray Beach Radiation Therapy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2046 (A)(D) | $3500 | $1925 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Estancia Valley Classical, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2051 (A) | 1000 | 713 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Irving Convention Center Hotel Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 01/01/2050 (A) | 3250 | 3466 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Lake Erie College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 10/01/2054 (A) | 2770 | 1707 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Lariat Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2029 (A)(C) | 321 | 244 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Marys Woods at Marylhurst Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/2052 (A) | 1750 | 1660 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Northwest Nazarene University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2049 | 1000 | 853 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Procure Proton Therapy Center Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 01/01/2048 (A)(D) | 5070 | 2282 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Retirement Facilities First Mortgage, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2055 (A) | 2500 | 2248 |
|  |  | 33032 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $642,133) ($ Thousands) |  | 598091 |
| **CORPORATE OBLIGATIONS — 21.6%** |  |  |
| **Financials — 21.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, H15T5Y + 2.854%(B)(H) | 6000 | 5893 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, USISDA05 + 5.168%(A)(B)(H) | 6900 | 6970 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, H15T5Y + 5.099%(B)(H) | 1200 | 1335 |
| &nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, H15T5Y + 5.306%(B)(H) | 3000 | 3339 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.684%(B)(H) | 3600 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, H15T5Y + 2.351%(B)(H) | 2000 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 3.231%(B)(H) | 1400 | 1413 |

---

SEI Tax Exempt Trust 65

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, H15T5Y + 3.452%, 05/26/2084 (B) | $2000 | $2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.976%, 11/26/2085 (B) | 800 | 822 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, H15T5Y + 2.630%(B)(H) | 4300 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 3.352%(B)(H) | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, H15T5Y + 4.389%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/27/2082 (B) | 3200 | 3393 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, USISSO05 + 5.775%(B)(H) | 1200 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 3.410%(B)(H) | 3000 | 2878 |
| &nbsp;&nbsp;&nbsp;Benloch Ranch, Improvement Association No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 12/01/2051 (A) | 6000 | 4429 |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.969%(A)(B)(H) | 1200 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.899%(A)(B)(H) | 4290 | 4522 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 1.924%(B)(H) | 2700 | 2785 |
| &nbsp;&nbsp;&nbsp;Capital One Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, H15T5Y + 3.157%(B)(H) | 5300 | 5223 |
| &nbsp;&nbsp;&nbsp;Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.168%(B)(H) | 6000 | 5955 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, H15T5Y + 2.693%(B)(H) | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, H15T5Y + 2.726%(B)(H) | 1250 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.890%(B)(H) | 1300 | 1331 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.215%(B)(H) | 2600 | 2553 |
| &nbsp;&nbsp;&nbsp;CoBank ACB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, TSFR3M + 4.660%(B)(H) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 3.181%(B)(H) | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 3.846%, 12/15/2052 (B) | 1500 | 1532 |
| &nbsp;&nbsp;&nbsp;Credit Agricole |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, USISSO05 + 3.584%(A)(B)(H) | 600 | 620 |
| &nbsp;&nbsp;&nbsp;Credit Agricole MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.237%(A)(B)(H) | 3000 | 2880 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, H15T5Y + 2.809%(B)(H) | 5100 | 5383 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, USISDA05 + 3.746%(B)(H) | 1500 | 1510 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, H15T5Y + 2.653%(B)(H) | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, H15T7Y + 4.045%(B)(H) | 4968 | 4864 |
| &nbsp;&nbsp;&nbsp;ING Groep |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 4.342%(B)(H) | 4600 | 4612 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.737%(B)(H) | 4500 | 4747 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.152%(B)(H) | $1500 | $1549 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, TSFR3M + 3.868%(B)(H) | 3000 | 2981 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, H15T5Y + 3.913%(B)(H) | 4800 | 5172 |
| &nbsp;&nbsp;&nbsp;M&T Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.304%, H15T5Y + 3.174%(B)(H) | 1800 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, H15T5Y + 2.679%(B)(H) | 2000 | 1930 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 3.752%(B)(H) | 2000 | 2239 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.084%(B)(H) | 1200 | 1231 |
| &nbsp;&nbsp;&nbsp;Northern Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, TSFR3M + 3.464%(B)(H) | 500 | 496 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, H15T7Y + 2.808%(B)(H) | 2100 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 3.000%(B)(H) | 3400 | 3422 |
| &nbsp;&nbsp;&nbsp;Prudential Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.404%, 03/15/2054 (B) | 2000 | 2107 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, H15T5Y + 2.887%, 05/02/2084 (B) | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, H15T5Y + 2.815%, 08/24/2085 (B) | 900 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.462%, 11/24/2085 (B) | 4600 | 4582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, H15T5Y + 2.257%, 11/24/2084 (B) | 500 | 493 |
| &nbsp;&nbsp;&nbsp;Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, H15T5Y + 5.448%(B)(H) | 200 | 221 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.014%, US0003M + 1.460%(A)(B)(H) | 4000 | 4200 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.700%, H15T5Y + 2.628%(B)(H) | 1200 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450%, H15T5Y + 2.135%(B)(H) | 2400 | 2487 |
| &nbsp;&nbsp;&nbsp;Take Back and Exit Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 10/21/2027 | 11320 | 9347 |
| &nbsp;&nbsp;&nbsp;Toll Road Investors Partnership II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2043 (A)(C) | 19266 | 6647 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.075%, 10/31/2082 (B) | 4000 | 4204 |
| &nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.745%(A)(B)(H) | 2000 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.758%(A)(B)(H) | 1000 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 3.313%(A)(B)(H) | 6000 | 5448 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 2.541%(B)(H) | 6200 | 6019 |
| &nbsp;&nbsp;&nbsp;Voya Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.758%, H15T5Y + 3.358%(B)(H) | 1700 | 1798 |
|  |  | 175516 |

---

66 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **Govenment — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.010%(B)(H) | $1750 | $1804 |
| **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, H15T5Y + 3.195%(B)(H) | 1100 | 1087 |
| Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $177,765) ($ Thousands) |  | 178407 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **PREFERRED STOCK — 3.5%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 121800 | 2311 |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Dairy Farmers of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | 15000 | 1500 |
| **Financials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 21234 | 417 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | 10784 | 227 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.734%, TSFR3M + 0.912%(B) | 20730 | 398 |
| &nbsp;&nbsp;&nbsp;Capital One Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 70400 | 1347 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.629%(B) | 57665 | 1467 |
| &nbsp;&nbsp;&nbsp;Comerica |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 3.125%(B) | 22000 | 568 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 24094 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | 53106 | 857 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.973%, TSFR3M + 3.972%(B) | 49904 | 1281 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.797%, TSFR3M + 0.932%(B) | 4166 | 80 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, H15T5Y + 3.132%(B) | 15000 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, TSFR3M + 4.154%(B) | 4283 | 107 |
| &nbsp;&nbsp;&nbsp;M&T Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, TSOFRR3M + 4.280%(B) | 12841 | 322 |
| &nbsp;&nbsp;&nbsp;MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 9151 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 178456 | 3523 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.866%, TSFR3M + 0.962%(B) | 133149 | 2623 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **PREFERRED STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Regions Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, H15T5Y + 2.771%(B) | 5309 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, TSFR3M + 3.410%(B) | 16465 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% | 48202 | 845 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 55141 | 881 |
| &nbsp;&nbsp;&nbsp;Stifel Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 41828 | 737 |
| &nbsp;&nbsp;&nbsp;UMB Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 3.743%(B) | 36600 | 978 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 19936 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.186%, TSFR3M + 1.282%(B) | 500 | 393 |
| &nbsp;&nbsp;&nbsp;Voya Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, H15T5Y + 3.210%(B) | 94605 | 2302 |
| &nbsp;&nbsp;&nbsp;Webster Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 33896 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 42631 | 830 |
|  |  | 23052 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Entergy Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 39700 | 912 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.780% | 10708 | 840 |
|  |  | 1752 |
| Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,720) ($Thousands) |  | 28615 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount<br> (Thousands) |  |
| **MORTGAGE-BACKED SECURITIES — 1.5%** |  |  |
| **Agency Mortgage-Backed Obligations — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.210%, 08/01/2040 | $3549 | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2039 | 4119 | 3954 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML17, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.084%, 04/25/2043(B) | 1962 | 1738 |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Ser 1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.079%, 08/20/2063(B) | 2694 | 2590 |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Ser 1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.079%, 08/20/2063(B) | 599 | 568 |
| Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,853) ($Thousands) |  | 12711 |

---

SEI Tax Exempt Trust 67

**SCHEDULE OF INVESTMENTS (Unaudited)**

November 30, 2025

**Tax-Advantaged Income Fund** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **U.S. TREASURY OBLIGATIONS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.845%, 02/03/2026 (I) | $150 | $149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.839%, 01/13/2026 (I) | 1700 | 1693 |
| Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,841) ($Thousands) |  | 1842 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **CASH EQUIVALENT — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%<sup>\*\*†</sup> | 2181100 | 2181 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,181) ($Thousands) |  | 2181 |
| Total Investments in Securities — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $867,493) ($Thousands) |  | $821847 |

---

Percentages are based on Net Assets of $825,460 ($ Thousands).

&nbsp;&nbsp;&nbsp;&nbsp;† Investment
in Affiliated Security.

\*\* The rate reported is the 7-day effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Security,
 or a portion thereof, exempt from registration under Rule 144A of the Securities Act
 of 1933. These securities may be resold in transactions exempt from registration normally
 to qualified institutions. On November 30, 2025, the value of these securities amounted
 to $178,364 ($ Thousands), representing 21.6% of the Net Assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Variable
 or floating rate security. The rate shown is the effective interest rate as of period
 end. The rates on certain securities are not based on published reference rates and spreads
 and are either determined by the issuer or agent based on current market conditions;
 by using a formula based on the rates of underlying loans; or by adjusting periodically
 based on prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Security
 is in default on interest payment.

&nbsp;&nbsp;&nbsp;&nbsp;(E) No
 interest rate available.

&nbsp;&nbsp;&nbsp;&nbsp;(F) Step
 coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down
 bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
 in effect.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Pre-Refunded
 Securities — The maturity date shown is the pre-refunded date.

&nbsp;&nbsp;&nbsp;&nbsp;(H) Perpetual
 security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Interest
 rate represents the security's effective yield at the time of purchase.

The following is a summary of the Fund's transactions with affiliates for the period ended November 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 11/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $566 | $20116 | $(18501) | $— | $— | $2181 | $24 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

68 SEI Tax Exempt Trust

**Glossary (abbreviations which may be used in the preceding Schedules of Investments):**

November 30, 2025 (Unaudited)

**Portfolio Abbreviations**

ACB— Agricultural Credit Bank

AGC— Assured Guaranty Corporation

AGM— Assured Guaranty Municipal

AGUK — Assured Guaranty London PLC

AMBAC — American Municipal Bond Assurance Co.

AMT — Alternative Minimum Tax

BAM — Build America Mutual Assurance Corp.

BAM-TCRS — Build America Mutual Assurance Co. – Transferable Custodial Receipts

BAN — Bond Anticipation Note

Cl — Class

COP — Certificate of Participation

FHA— Federal Housing Administration

FHLMC — Federal Home Loan Mortgage Corporation

FGIC — Financial Guaranty Insurance Company

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

H15T7Y — US Treasury Yield Curve Rate T Note Constant Maturity 7 Year

MTN — Medium Term Note

NATL — National Public Finance Guarantee Corp

PFC — Public Facility Corporation

PLC — Public Limited Company

PSF-GTD — Permanent School Board Loan Fund

Q-SBLF — Qualified State Bond Loan Fund

RB — Revenue Bond

SAB — Special Assessment Bond

Ser— Series

TA — Tax Allocation

TRAN — Tax Revenue Anticipation Note

TSFR3M – Term Secured Overnight Financing Rate 3 Month

USD – U.S. Dollar

SEI Tax Exempt Trust 69

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SEI TAX EXEMPT TRUST

- **b. Investment Company Act file number:** 811-03447

- **c. CIK number of Registrant:** 0000701817

- **d. LEI of Registrant:** 549300HVETA65JWIV692

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8003425734

**Item A.2. Information about the Series.**

- **a. Name of Series:** NEW JERSEY MUNICIPAL BOND FUND

- **b. EDGAR series identifier (if any):** S000006435

- **c. LEI of Series:** 54930025IO3C0OYK3N78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $92628851.45

**Total Liabilities:** $206337.64

**Net Assets:** $92422513.81

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -395.54052680 | **1-Year:** -4271.84097114 | **5-Year:** -19329.25382880 | **10-Year:** -18865.97177499 | **30-Year:** -259.94835834

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017630 | 0.18%                | 0.69%                | 1.29%                |
| Class ID C000147415 | 0.19%                | 0.80%                | 1.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-38447.35               | $35223.97                                  |
| Month 2  | $421.60                  | $526545.82                                 |
| Month 3  | $0.00                    | $994709.59                                 |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                             | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW JERSEY ECONOMIC DEV AUTH NAT GAS FACS REV           | NEW JERSEY ST ECON DEV AUTH NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY             | CUSIP: 645779CD9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993498.80   | 2.16%             | 2059-04-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 64613CBV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1575733.91   | 1.70%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317GJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071619.90   | 1.16%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                          | NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 646140FS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1721686.95   | 1.86%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790TB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2301249.60   | 2.49%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317HA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    115000 | PA      | $128417.88    | 0.14%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV JT TOLL BRDG COMMN PA BRDG REV             | DELAWARE RIVER PA JT TOLL BRID DELAWARE RIVER JOINT TOLL BRIDGE COMMISSION        | CUSIP: 246343LW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037376.70   | 1.12%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N J IMPT AUTH REV                            | UNION CNTY NJ IMPT AUTH UNION COUNTY IMPROVEMENT AUTHORITY                        | CUSIP: 906347YM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $465723.92    | 0.50%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                              | NEW JERSEY INSTITUTE OF TECHNO NEW JERSEY INSTITUTE OF TECHNOLOGY/NJ              | CUSIP: 64579RDB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $210874.28    | 0.23%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 6460666A3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1467189.35   | 1.59%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUD LN         | NEW JERSEY ST HGR EDU ASSISTAN NEW JERSEY HIGHER EDUCATION STUDENT ASSISTANCE AUT | CUSIP: 646080WZ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2617366.80   | 2.83%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                        | NEW JERSEY ST ECON DEV AUTH RE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577XDT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $734220.24    | 0.79%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 64613CHG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1702224.75   | 1.84%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317HB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    225000 | PA      | $255543.91    | 0.28%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                        | TOBACCO SETTLEMENT FING CORP N TOBACCO SETTLEMENT FINANCING CORP                  | CUSIP: 888808HK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105153.60   | 3.36%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                     | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358XFK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078584.80   | 1.17%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790PS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1363639.13   | 1.48%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066UM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012592.10   | 1.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY N J IMPT AUTH REV                       | GLOUCESTER CNTY NJ IMPT AUTH GLOUCESTER COUNTY IMPROVEMENT AUTHORITY/THE          | CUSIP: 37970PKV3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    375000 | PA      | $413802.11    | 0.45%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646067DV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $395438.30    | 0.43%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV PORT AUTH PA & NJ REV                      | DELAWARE RIVER PORT AUTH PA & DELAWARE RIVER PORT AUTHORITY                       | CUSIP: 246352JG4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $863486.10    | 0.93%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REV          | CASINO REINVESTMENT DEV AUTH N CASINO REINVESTMENT DEVELOPMENT AUTHORITY INC      | CUSIP: 14760RBJ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1817317.76   | 1.97%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 64613CFV5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1730233.35   | 1.87%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317KL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    340000 | PA      | $392399.00    | 0.42%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646067HM3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2299395.00   | 2.49%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUD LN         | NEW JERSEY ST HGR EDU ASSISTAN NEW JERSEY HIGHER EDUCATION STUDENT ASSISTANCE AUT | CUSIP: 646080UF6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    675000 | PA      | $702112.12    | 0.76%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTCLAIR ST UNIV N J                                   | MONTCLAIR ST UNIV NJ MONTCLAIR STATE UNIVERSITY INC                               | CUSIP: 612232AL2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    520000 | PA      | $601059.78    | 0.65%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790LN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    820000 | PA      | $836924.31    | 0.91%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790MD5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519893.00   | 1.64%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY REV                     | NEW JERSEY ST HSG & MTGE FIN A NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY       | CUSIP: 64613AEM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    485000 | PA      | $515740.71    | 0.56%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                          | NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 646140JT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $875305.95    | 0.95%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790LG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1112511.67   | 1.20%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 6461367Z8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2676492.20   | 2.90%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONMOUTH CNTY N J IMPT AUTH REV                         | MONMOUTH CNTY NJ IMPT AUTH REV MONMOUTH COUNTY IMPROVEMENT AUTHORITY/THE          | CUSIP: 60956PXN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    365000 | PA      | $412018.02    | 0.45%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                     | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358XAN2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2357731.98   | 2.55%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDISON TWP N J                                          | EDISON TWP NJ TOWNSHIP OF EDISON NJ                                               | CUSIP: 281047K66<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1628246.63   | 1.76%             | 2033-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH CNTY GTD GOVERNMENTAL LN REV | PASSAIC CNTY NJ IMPT AUTH CNTY PASSAIC COUNTY IMPROVEMENT AUTHORITY/THE           | CUSIP: 702755BE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    545000 | PA      | $545921.81    | 0.59%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317GZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    180000 | PA      | $196920.14    | 0.21%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790MQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1348848.25   | 1.46%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790EP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    735000 | PA      | $745026.14    | 0.81%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317HC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    225000 | PA      | $254864.48    | 0.28%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV            | GUAM GOVT WTRWKS AUTH WTR & WS GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FEZ3<br>LEI: N/A | Long             | DBT              | MUN               | GU        |    400000 | PA      | $439745.16    | 0.48%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790TT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1404150.11   | 1.52%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790JM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012592.10   | 1.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 6461368A2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1556429.04   | 1.68%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                          | NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 6461397C3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048293.80   | 1.13%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 64613CDL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $556591.85    | 0.60%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY N J REDEV AGY                               | JERSEY CITY NJ REDEV AGY JERSEY CITY REDEVELOPMENT AGENCY                         | CUSIP: 476637AN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067234.60   | 1.15%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUD LN         | NEW JERSEY ST HGR EDU ASSISTAN NEW JERSEY HIGHER EDUCATION STUDENT ASSISTANCE AUT | CUSIP: 646080WN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $749348.95    | 0.81%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 64613CBE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    940000 | PA      | $1033688.95   | 1.12%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                     | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358XAR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1340442.61   | 1.45%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 6461368D6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2781477.25   | 3.01%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790UD6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137590.20   | 1.23%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790UG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    525000 | PA      | $602793.35    | 0.65%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790NL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013757.70   | 1.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                        | NEW JERSEY ST ECON DEV AUTH RE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577B4D3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028761.00   | 1.11%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                              | NEW JERSEY INSTITUTE OF TECHNO NEW JERSEY INSTITUTE OF TECHNOLOGY/NJ              | CUSIP: 64579RDC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    270000 | PA      | $290176.10    | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                              | NEW JERSEY INSTITUTE OF TECHNO NEW JERSEY INSTITUTE OF TECHNOLOGY/NJ              | CUSIP: 64579RDE4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    375000 | PA      | $402978.83    | 0.44%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV            | GUAM GOVT WTRWKS AUTH WTR & WS GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FDU5<br>LEI: N/A | Long             | DBT              | MUN               | GU        |    625000 | PA      | $702182.56    | 0.76%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790UF1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $403886.84    | 0.44%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066MQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1906847.09   | 2.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERGEN CNTY N J                                         | BERGEN CNTY NJ COUNTY OF BERGEN NJ                                                | CUSIP: 083763TP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997732.80    | 1.08%             | 2029-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                        | NEW JERSEY ST ECON DEV AUTH RE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577XEX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1177859.18   | 1.27%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOMERSET CNTY N J                                       | SOMERSET CNTY NJ COUNTY OF SOMERSET NJ                                            | CUSIP: 8346644B7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $542290.03    | 0.59%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL REV                         | DELAWARE RIVER & BAY AUTH DE R DELAWARE RIVER & BAY AUTHORITY                     | CUSIP: 246317KK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $523087.92    | 0.57%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RUTGERS ST UNIV N J                                     | RUTGERS NJ ST UNIV RUTGERS THE STATE UNIVERSITY OF NEW JERSEY                     | CUSIP: 783186TM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $528345.25    | 0.57%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                     | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358W3R3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2565671.13   | 2.78%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                          | NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 646140CN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015405.80   | 1.10%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV               | NEW JERSEY ST HLTH CARE FACS F NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 645790NR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    725000 | PA      | $803617.99    | 0.87%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066K74<br>LEI: N/A | Long             | DBT              | MUN               | US        |    880000 | PA      | $906560.51    | 0.98%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                           | NEW JERSEY ST STATE OF NEW JERSEY                                                 | CUSIP: 646039YQ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2140076.00   | 2.32%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066SE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2287446.34   | 2.47%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH MTR VEH SURCHARGES REV     | NEW JERSEY ST ECON DEV AUTH MT NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64578JAZ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1173661.58   | 1.27%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                          | NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 646140BY8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    960000 | PA      | $1005605.38   | 1.09%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY N J IMPT AUTH REV                       | GLOUCESTER CNTY NJ IMPT AUTH GLOUCESTER COUNTY IMPROVEMENT AUTHORITY/THE          | CUSIP: 37970PLL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $776216.21    | 0.84%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV             | S JERSEY NJ TRANSPRTN AUTH TRA SOUTH JERSEY TRANSPORTATION AUTHORITY              | CUSIP: 838536KE9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1352709.63   | 1.46%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                         | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646067FL7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123793.50   | 1.22%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REV          | CASINO REINVESTMENT DEV AUTH N CASINO REINVESTMENT DEVELOPMENT AUTHORITY INC      | CUSIP: 14760RCD1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $567911.80    | 0.61%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N J IMPT AUTH REV                            | UNION CNTY NJ IMPT AUTH UNION COUNTY IMPROVEMENT AUTHORITY                        | CUSIP: 906347YN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    550000 | PA      | $635745.61    | 0.69%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                         | NEW JERSEY ST TRANSPRTN TRUST NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY      | CUSIP: 6461367Y1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1098987.80   | 1.19%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SEI DAILY INCOME TRUST GOVERNMENT FUND (#36)                                      | CUSIP: 783965593<br>LEI: N/A | Long             | STIV             | RF                | US        |    547413 | NS      | $547412.99    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                              | NEW JERSEY INSTITUTE OF TECHNO NEW JERSEY INSTITUTE OF TECHNOLOGY/NJ              | CUSIP: 64579RDD6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    260000 | PA      | $279822.43    | 0.30%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                        | TOBACCO SETTLEMENT FING CORP N TOBACCO SETTLEMENT FINANCING CORP                  | CUSIP: 888808HH8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $521422.35    | 0.56%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** SEI TAX EXEMPT TRUST

**Signature:** Glenn Kurdziel

**Name of Signer:** Glenn Kurdziel

**Title:** Controller and Chief Financial Officer