# EDGAR Filing Document

**Accession Number:** 0000701817
**File Stem:** 0001752724-25-183096
**Filing Date:** 2025-7
**Character Count:** 642921
**Document Hash:** 7e573a1b75d407c9aedc990ff5e76b5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-183096.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001752724-25-183096

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**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:** 251164587

**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 TAX-ADVANTAGED INCOME FUND (Series ID: S000016947)

| Class ID   | Class Name                                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000047166 | STET TAX-ADVANTAGED INCOME FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SEATX           |
| C000147418 | STET TAX-ADVANTAGED INCOME FUND - CLASS Y                                         | STAYX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Intermediate-Term Municipal Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** |
| **Alabama — 4.1%** | **Alabama — 4.1%** |  |
| &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 | $1018 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2051 (A) | 5570 | 5505 |
| &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) | 4550 | 4795 |
| &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 | 5001 |
| &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 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 2600 | 2708 |
| &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 | 1041 |
| &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 | 2113 |
| &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 | 2617 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Refunding Warrants, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029  | 3400 | 3498 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Sewer Revenue Refunding Warrants, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2040  | 2000 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2041  | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2043  | 1500 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032  | 2500 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038  | 5345 | 5598 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (A) | 5000 | 4989 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028  | 4800 | 4976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031  | 640 | 672 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser A-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2053 (A) | 4920 | 5189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2053 (A) | 500 | 534 |
| &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 | 2708 |
| &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 | 2082 |
| &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2055 (A) | 1500 | 1571 |
|  |  | 64336 |
| **Alaska — 0.1%** | **Alaska — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Alaska State, International Airports System, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032  | 700 | 768 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Northern Alaska, Tobacco Securitization, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036  | $| 615 | $596 |
|  |  |  | 1364 |
| **Arizona — 2.4%** | **Arizona — 2.4%** | **Arizona — 2.4%** |  |
| &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 | 5931 |
| &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) |  | 1635 | 1674 |
| &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 | 4347 |
| &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 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2041  |  | 925 | 938 |
| &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 | 107 |
| &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 | 615 |
| &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  |  | 2779 | 2628 |
| &nbsp;&nbsp;&nbsp;Chandler, Industrial Development Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (A) |  | 6800 | 6697 |
| &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 | 1395 |
| &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 | 252 |
| &nbsp;&nbsp;&nbsp;Phoenix, Civic Improvement Authority, Junior Lien, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032  |  | 1095 | 1097 |
| &nbsp;&nbsp;&nbsp;Phoenix, Civic Improvement Authority, Junior Lien, Ser B, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  |  | 2100 | 2202 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **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 | $358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032  |  | 115 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  |  | 355 | 359 |
| &nbsp;&nbsp;&nbsp;Salt Verde, Financial Corp, Gas Revenue, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  |  | 2500 | 2629 |
| &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 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028  |  | 365 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029  |  | 385 | 381 |
| &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 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2027 (B) |  | 695 | 642 |
|  |  |  | 37133 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &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 | 353 |
| &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 | 352 |
| &nbsp;&nbsp;&nbsp;Fort Smith, Water & Sewer Revenue, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  |  | 1500 | 1550 |
|  |  |  | 2255 |
| **California — 6.4%** | **California — 6.4%** | **California — 6.4%** |  |
| &nbsp;&nbsp;&nbsp;Bay Area, Toll Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.270%, 04/01/2056 (A) |  | 1115 | 1091 |
| &nbsp;&nbsp;&nbsp;Bay Area, Toll Authority, Ser I, RB, TD BANK N.A.  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 04/01/2059 (A)(D) |  | 600 | 600 |
| &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 | 2120 |
| &nbsp;&nbsp;&nbsp;California County, Tobacco Securitization Agency, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025  |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2053 (A) |  | 565 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (A) |  | 5640 | 5972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2055 (A) |  | 2000 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056 (A) |  | 2760 | 2936 |

---

---

| | | |
|:---|:---|:---|
| 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 B-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2052 (A) | $7520 | $7431 |
| &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 | 6662 |
| &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 | 5249 |
| &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 | 371 |
| &nbsp;&nbsp;&nbsp;California State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026  | 2000 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028  | 3000 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029  | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  | 3395 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2036  | 430 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2042  | 1500 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2046  | 2000 | 1536 |
| &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  | 2807 | 2606 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Sub-Ser B, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 01/01/2065 (A)(B) | 2500 | 2422 |
| &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 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2042  | 760 | 770 |
| &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 | 1016 |
| &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 | 1186 |
| &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 | 376 |
| &nbsp;&nbsp;&nbsp;California State, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  | 5015 | 5037 |
| &nbsp;&nbsp;&nbsp;Cathedral, Redevelopment Agency, Successor Agency, TA, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2033  | 750 | 754 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Golden State, Tobacco Securitization Project, Ser A, RB, ST APPROP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 (E) | $3000 | $3000 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (F) | 1450 | 1479 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (E) | 4960 | 5263 |
| &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 (G) | 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)(G) | 68900 | 4235 |
| &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 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2046  | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2039  | 750 | 794 |
| &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 | 565 |
| &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 | 4468 |
| &nbsp;&nbsp;&nbsp;Riverside County, Transportation Commission, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2038  | 1000 | 963 |
| &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 | 2672 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Redevelopment Agency Successor Agency, Transbay Infrastructure Projects, TA, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2048  | 425 | 435 |
| &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 | 2564 |
| &nbsp;&nbsp;&nbsp;Southern California, Water District, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (E) | 3000 | 3005 |
| &nbsp;&nbsp;&nbsp;Stockton, Successor Agency, Redevelopment Agency, Ser A, TA, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  | 1750 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031  | 1815 | 1854 |
|  |  | 99262 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Colorado — 2.4%** | **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 | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031  | 420 | 456 |
| &nbsp;&nbsp;&nbsp;Colorado State, Bridge & Tunnel Enterprise, Ser A, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2043  | 1310 | 1356 |
| &nbsp;&nbsp;&nbsp;Colorado State, Department of Transportation, COP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030  | 350 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031  | 500 | 508 |
| &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 | 1001 |
| &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 | 469 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, AdventHealth, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/19/2026 (A)(E) | 235 | 242 |
| &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 | 1220 |
| &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 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037  | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A-, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2044  | 2550 | 2211 |
| &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 | 187 |
| &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 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2037  | 230 | 246 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Intermountain Health, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034  | 855 | 951 |
| &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 | 1286 |
| &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 | 1023 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2033  |  | 1030 | 1148 |
| &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 | 2068 |
| &nbsp;&nbsp;&nbsp;Denver, Convention Center Hotel Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029  |  | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031  |  | 855 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  |  | 1200 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034  |  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035  |  | 800 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036  |  | 600 | 603 |
| &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 | 1011 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, COP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033  |  | 1400 | 1563 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Eagle P3 Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029  |  | 600 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2031  |  | 1200 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032  |  | 1020 | 1078 |
| &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 | 5692 |
| &nbsp;&nbsp;&nbsp;University of Colorado, Enterprise Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2051 (A) |  | 270 | 268 |
| &nbsp;&nbsp;&nbsp;Vauxmont Metropolitan District, Sub-Ser, GO, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2026  |  | 220 | 226 |
| &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 | 2093 |
|  |  |  | 36967 |
| **Connecticut — 1.5%** | **Connecticut — 1.5%** | **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 | 1232 |
| &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 | 1331 |
| &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  |  | 130 | 130 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2036  |  | 1105 | 1110 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser C, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026  |  | 2460 | 2511 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser E, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029  | $| 4000 | $4246 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser F, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2038  |  | 4460 | 4851 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser G, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041  |  | 1500 | 1595 |
| &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 | 1309 |
| &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 | 5040 |
|  |  |  | 23355 |
| **District of Columbia — 0.9%** | **District of Columbia — 0.9%** | **District of Columbia — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041  |  | 4000 | 4166 |
| &nbsp;&nbsp;&nbsp;District of Columbia, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025  |  | 1150 | 1150 |
| &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 (G) |  | 3125 | 786 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Airports Authority, Sub-Ser, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035  |  | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Transit Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2039  |  | 3000 | 2847 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Transit Authority, Ser S, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2040  |  | 3250 | 3432 |
|  |  |  | 13376 |
| **Florida — 5.9%** | **Florida — 5.9%** | **Florida — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;Alachua County, Health Facilities Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 (A) |  | 4000 | 4054 |
| &nbsp;&nbsp;&nbsp;Broward County, Airport System Revenue, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034  |  | 1300 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  |  | 2000 | 2019 |
| &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 | 1613 |
| &nbsp;&nbsp;&nbsp;Escambia County, Health Facilities Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2045  |  | 640 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2050  |  | 1900 | 1542 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;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 | $2942 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Project, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 07/15/2032 (A)(B) | 3465 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 07/01/2057 (A)(B) | 1600 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2053  | 2075 | 1948 |
| &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 | 3562 |
| &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 | 1301 |
| &nbsp;&nbsp;&nbsp;Florida State, Municipal Power Agency, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030  | 1500 | 1530 |
| &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 | 2957 |
| &nbsp;&nbsp;&nbsp;Greater Orlando, Aviation Authority, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  | 1000 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;Hillsborough County, Industrial Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029  | 3525 | 3793 |
| &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 | 3764 |
| &nbsp;&nbsp;&nbsp;JEA Electric System Revenue, Ser Three, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034  | 4870 | 5184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  | 3000 | 3172 |
| &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 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2045  | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;Lee County, Airport Revenue, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2049  | 2750 | 2781 |
| &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 | 120 |
| &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 | 5343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  | 920 | 966 |
| &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 | 3575 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $449 |
| &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 | 1780 |
| &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 | 2640 |
| &nbsp;&nbsp;&nbsp;Orange County, Convention Center, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026  | 755 | 760 |
| &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%, 10/01/2025 (G) | 125 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 (G) | 275 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 (G) | 360 | 330 |
| &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 | 5930 |
| &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 | 3520 |
| &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 | 3095 |
| &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 | 231 |
| &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 | 1664 |
| &nbsp;&nbsp;&nbsp;Tampa, Cigarette Tax Allocation, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2036 (G) | 305 | 184 |
| &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  | 765 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 05/01/2026  | 120 | 118 |
| &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  | 1165 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/01/2032  | 190 | 195 |
| &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) | 1000 | 934 |
| &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 | 589 |
|  |  | 90955 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Georgia — 2.5%** | **Georgia — 2.5%** |  |
| &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 | $1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | 1000 | 1045 |
| &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 | 8794 |
| &nbsp;&nbsp;&nbsp;Bartow County, Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2032 (A) | 930 | 942 |
| &nbsp;&nbsp;&nbsp;Fulton County, Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2033  | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;Gainesville & Hall County, Hospital Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2051  | 1200 | 814 |
| &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 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2054  | 1000 | 816 |
| &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 | 215 |
| &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 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (A) | 665 | 699 |
| &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 | 2016 |
| &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 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 (A) | 675 | 711 |
| &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 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 (A) | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (A) | 6640 | 6654 |
| &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 | 94 |
| &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 | 1282 |
| &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 | 1556 |
| &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 | 3214 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/01/2049 (A) |  | 730 | 697 |
|  |  |  | 38601 |
| **Guam — 0.3%** | **Guam — 0.3%** | **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 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033  |  | 2205 | 2393 |
|  |  |  | 4559 |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** | **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 | 3086 |
| &nbsp;&nbsp;&nbsp;Honolulu, City & County, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041  |  | 250 | 266 |
|  |  |  | 3352 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **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  |  | 2380 | 2553 |
| **Illinois — 8.9%** | **Illinois — 8.9%** | **Illinois — 8.9%** |  |
| &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 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2036  |  | 645 | 690 |
| &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 | 1471 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027  |  | 650 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028  |  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Ser D, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046  |  | 640 | 582 |
| &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 | 2015 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  |  | 1040 | 1079 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038  |  | 1890 | 2008 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Chicago, O'Hare International Airport, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  | $1515 | $1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  | 1130 | 1210 |
| &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 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038  | 1500 | 1511 |
| &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 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  | 3500 | 3518 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2035  | 3020 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045  | 2750 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2044  | 2000 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2036  | 5550 | 5198 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 (F) | 1130 | 1142 |
| &nbsp;&nbsp;&nbsp;Chicago, Transit Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046  | 1500 | 1447 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission Revenue, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2041  | 305 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2042  | 1750 | 1811 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026  | 1820 | 1866 |
| &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 | 5108 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2039  | 2750 | 2876 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser B, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037  | 470 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2038  | 1150 | 1203 |
| &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 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039  | 800 | 827 |
| &nbsp;&nbsp;&nbsp;Cook County, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033  | 450 | 482 |
| &nbsp;&nbsp;&nbsp;Cook County, Tax Revenue Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035  | 4000 | 4105 |
| &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 | 65 |
| &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 | 1513 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Health Care System Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029  | 1885 | 1890 |

---

---

| | | |
|:---|:---|:---|
| 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, Northshore - Edward-Elhmhurst Health Credit Group, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2047  | $2000 | $2006 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2041  | 2080 | 1895 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 (E) | 65 | 66 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, University Medical Center Project, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034  | 2000 | 2000 |
| &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 | 1606 |
| &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 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029  | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031  | 365 | 368 |
| &nbsp;&nbsp;&nbsp;Illinois State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2030  | 3750 | 3950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036  | 2970 | 2993 |
| &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  | 385 | 384 |
| &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  | 1275 | 1356 |
| &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  | 2740 | 2852 |
| &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  | 365 | 387 |
| &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  | 810 | 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 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 10/01/2038  | 1100 | 1112 |
| &nbsp;&nbsp;&nbsp;Illinois State, Municipal Electric Agency, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2035  | 3000 | 2954 |
| &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 | 2722 |
| &nbsp;&nbsp;&nbsp;Illinois State, Regional Transportation Authority, RB, NATL  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2030  | 1500 | 1663 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Illinois State, Regional Transportation Authority, Ser A, RB, NATL  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2031  | $1000 | $1112 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2042  | 670 | 701 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030  | 2500 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031  | 2000 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035  | 4020 | 3896 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042  | 2850 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2037  | 215 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2048  | 4265 | 3549 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser D, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025  | 1585 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028  | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;Illinois State, Sports Facilities Authority, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029  | 1500 | 1577 |
| &nbsp;&nbsp;&nbsp;Illinois State, Toll Highway Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2043  | 2090 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045  | 1910 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038  | 340 | 366 |
| &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 | 1088 |
| &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 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032  | 255 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033  | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2042  | 1895 | 1691 |
| &nbsp;&nbsp;&nbsp;Railsplitter, Tobacco Settlement Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (E) | 2500 | 2551 |
| &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 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  | 650 | 715 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  | 2500 | 2712 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026  | 360 | 364 |
| &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 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  | 4500 | 4726 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser A, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  | 200 | 208 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  | $| 635 | $666 |
|  |  |  | 138851 |
| **Indiana — 1.3%** | **Indiana — 1.3%** | **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 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2032  |  | 800 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032  |  | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2033  |  | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033  |  | 555 | 613 |
| &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 | 204 |
| &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 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036  |  | 1485 | 1487 |
| &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 | 2854 |
| &nbsp;&nbsp;&nbsp;Indiana State, Housing & Community Development Authority, Ser B-1, RB, GNMA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/01/2049  |  | 210 | 208 |
| &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 | 1476 |
| &nbsp;&nbsp;&nbsp;Northwest, Allen School Building, RB, ST INTERCEPT  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2037  |  | 460 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2041  |  | 400 | 421 |
| &nbsp;&nbsp;&nbsp;Richmond, Hospital Authority, Reid Hospital Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  |  | 3400 | 3401 |
| &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 | 2791 |
| &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 | 1012 |
|  |  |  | 20241 |
| **Iowa — 0.4%** | **Iowa — 0.4%** | **Iowa — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (E) |  | 2515 | 2825 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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  | $| 930 | $967 |
| &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 | 1190 |
| &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 | 491 |
| &nbsp;&nbsp;&nbsp;Iowa State, Tobacco Settlement Authority, Sub-Ser B-1, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049  |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;PEFA, Gas Project Revenue, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2049 (A) |  | 1000 | 1011 |
|  |  |  | 6544 |
| **Kentucky — 0.9%** | **Kentucky — 0.9%** | **Kentucky — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Gas Supply, Ser C-1, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (A) |  | 4000 | 4000 |
| &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 | 524 |
| &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 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (A) |  | 2945 | 2919 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2055 (A) |  | 2750 | 2891 |
| &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 | 1198 |
|  |  |  | 13913 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** | **Louisiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 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 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032  |  | 165 | 183 |
| &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 | 398 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Public Facilities Authority, Tulane University Project, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030  |  | 3000 | 3078 |
| &nbsp;&nbsp;&nbsp;New Orleans, Aviation Board, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  |  | 2250 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  |  | 1695 | 1787 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  |  | 1550 | 1593 |
| &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 | 981 |
| &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 | 580 |
|  |  |  | 13113 |
| **Maine — 0.0%** | **Maine — 0.0%** | **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 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037  |  | 265 | 258 |
|  |  |  | 451 |
| **Maryland — 1.5%** | **Maryland — 1.5%** | **Maryland — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Maryland Economic Development, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 (A)(B) |  | 1500 | 1463 |
| &nbsp;&nbsp;&nbsp;Maryland State, Community Development Administration, RB, FNMA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039  |  | 1935 | 1842 |
| &nbsp;&nbsp;&nbsp;Maryland State, Community Development Administration, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2050  |  | 290 | 289 |
| &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 | 1069 |
| &nbsp;&nbsp;&nbsp;Maryland State, Department of Transportation, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2032  |  | 1500 | 1516 |
| &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 | 2028 |
| &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 | 5149 |
| &nbsp;&nbsp;&nbsp;Maryland State, Stadium Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036  |  | 2670 | 2945 |
| &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 | 3463 |
| &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 | 1995 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Prince George's County, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2042  | $| 2000 | $2129 |
|  |  |  | 23888 |
| **Massachusetts — 1.8%** | **Massachusetts — 1.8%** | **Massachusetts — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Caregroup, Ser H, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  |  | 415 | 415 |
| &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 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027  |  | 145 | 148 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Milford Regional Medical Center Project, Ser S, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025 (F) |  | 120 | 120 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Northeastern University, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028  |  | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  |  | 250 | 271 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Health Care System, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.570%, 07/01/2049 (A)(B) |  | 550 | 550 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  |  | 435 | 456 |
| &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 | 150 |
| &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 | 2999 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  |  | 1125 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  |  | 1500 | 1580 |
| &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 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  |  | 1750 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  |  | 1925 | 2002 |
| &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 | 1395 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser A, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  |  | 1855 | 1907 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  |  | 1250 | 1251 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  |  | 2500 | 2609 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser D, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2034  | $| 6500 | $6603 |
|  |  |  | 27167 |
| **Michigan — 2.1%** | **Michigan — 2.1%** | **Michigan — 2.1%** |  |
| &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 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048  |  | 825 | 831 |
| &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 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037  |  | 215 | 227 |
| &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 | 1286 |
| &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 | 1886 |
| &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 | 468 |
| &nbsp;&nbsp;&nbsp;Great Lakes, Water Authority, Water Supply System, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  |  | 3665 | 3724 |
| &nbsp;&nbsp;&nbsp;Imlay, Community Schools, Ser I, GO, Q-SBLF  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029  |  | 420 | 454 |
| &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 | 3946 |
| &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 | 2053 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, McLaren Health Care, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 10/15/2025  |  | 235 | 233 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2041  |  | 450 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2042  |  | 2200 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2043  |  | 800 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/29/2044  |  | 600 | 549 |
| &nbsp;&nbsp;&nbsp;Michigan State, Hospital Finance Authority, Ascension Health Care Project, Ser Senior CR, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2047  |  | 345 | 348 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2054  |  | 1995 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2050  |  | 120 | 120 |
| &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 | 629 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $3614 |
| &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 | 338 |
| &nbsp;&nbsp;&nbsp;Wayne County, Airport Authority, Ser D, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030  |  | 1300 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031  |  | 1800 | 1805 |
|  |  |  | 33021 |
| **Minnesota — 1.2%** | **Minnesota — 1.2%** | **Minnesota — 1.2%** |  |
| &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 | 274 |
| &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 | 2319 |
| &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 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031  |  | 300 | 308 |
| &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 | 872 |
| &nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  |  | 3355 | 3537 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035  |  | 2845 | 2902 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Agricultural & Economic Development Board, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  |  | 1530 | 1625 |
| &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 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2041  |  | 1000 | 784 |
| &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 | 602 |
| &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 | 3035 |
|  |  |  | 19181 |
| **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 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  |  | 265 | 290 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2030  |  | 850 | 885 |
| &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 | 1005 |
|  |  |  | 2655 |
| **Missouri — 0.4%** | **Missouri — 0.4%** | **Missouri — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, CoxHealth, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034  |  | 3000 | 3010 |
| &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 | 785 |
| &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  |  | 475 | 475 |
| &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 | 2133 |
|  |  |  | 6403 |
| **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 | 5127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042  |  | 730 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) |  | 1020 | 1051 |
| &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 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/01/2038  |  | 550 | 564 |
| &nbsp;&nbsp;&nbsp;Omaha, Airport Authority, AMT, RB, AGC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032  |  | 1335 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033  |  | 2050 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034  |  | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;Omaha, Public Power District, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2041  |  | 1700 | 1782 |
| &nbsp;&nbsp;&nbsp;Washington County, Waste Water Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 09/01/2030 (A) |  | 700 | 695 |
|  |  |  | 15796 |
| **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 | 2218 |
| &nbsp;&nbsp;&nbsp;Las Vegas, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038  |  | 2000 | 2172 |
| &nbsp;&nbsp;&nbsp;Reno, Sales Tax Revenue, First Lien, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037  |  | 590 | 608 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $418 |
|  |  |  | 5416 |
| **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 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030  |  | 285 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2031  |  | 290 | 283 |
|  |  |  | 859 |
| **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;New Jersey Institute of Technology, Ser A, RB, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041  |  | 2000 | 2118 |
| &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 | 3227 |
| &nbsp;&nbsp;&nbsp;New Jersey State, COVID-19 Emergency Bonds, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031  |  | 1000 | 1049 |
| &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 | 1161 |
| &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 | 1028 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, School Facilities Construction, Ser GGG, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2025 (B) |  | 2000 | 2010 |
| &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 | 885 |
| &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 | 2210 |
| &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 | 2291 |
| &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 | 2734 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1473 |
| &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 | 1512 |
| &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 | 10149 |
| &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 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029  | 3500 | 3557 |
| &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 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038  | 1000 | 1048 |
| &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 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032  | 2305 | 2525 |
| &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 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038  | 1250 | 1313 |
| &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 | 3160 |
| &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 | 780 |
| &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 | 1306 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033  | 2230 | 2282 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2042  | 1015 | 1060 |
| &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 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033  | 425 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  | 570 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  | 570 | 578 |
| &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 | 1405 |
|  |  | 62799 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **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 | $4945 |
| &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 | 608 |
|  |  | 5553 |
| **New York — 8.4%** | **New York — 8.4%** |  |
| &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 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 525 | 558 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037  | 1980 | 1979 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850%, 09/01/2050 (A) | 1500 | 1488 |
| &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 | 521 |
| &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 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2032  | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser D-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029  | 1000 | 1004 |
| &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 | 2359 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2043  | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033  | 3000 | 3315 |
| &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 | 1381 |
| &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 | 1001 |
| &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 | 5149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2036  | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2039  | 605 | 617 |
| &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 | 2128 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2031  | 500 | 508 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1034 |
| &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 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2034  | 740 | 681 |
| &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 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035  | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036  | 200 | 220 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A-1, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2037  | 4000 | 3947 |
| &nbsp;&nbsp;&nbsp;New York City, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2036  | 2750 | 2734 |
| &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2038  | 1500 | 1474 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser B, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2041  | 6240 | 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033  | 280 | 310 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser C-SUB, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038  | 2000 | 2147 |
| &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 | 1059 |
| &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 | 1743 |
| &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 | 1235 |
| &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 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2041  | 1000 | 1050 |
| &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 | 2119 |
| &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 | 3149 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 06/15/2049 (A) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/15/2044 (A) | 1200 | 1200 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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 City, Water & Sewer System, Finance Authority, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2040  | $1800 | $1447 |
| &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 | 569 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Prefunded School Districts, RB, AGM  |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2038  | 4840 | 4702 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB  |  |  |
| &nbsp;&nbsp;&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, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2040  | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Ser 2015B-B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032  | 2500 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2033  | 2500 | 2508 |
| &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 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2041  | 1000 | 1051 |
| &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 | 1185 |
| &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 | 424 |
| &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 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 11/15/2028  | 1355 | 1215 |
| &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 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2049  | 5000 | 3504 |
| &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 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040  | 2625 | 2595 |
| &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 | 4456 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2039  | $| 1000 | $1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2041  |  | 850 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 06/30/2060  |  | 1250 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2043  |  | 2500 | 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025  |  | 115 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036  |  | 4000 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037  |  | 3000 | 3061 |
| &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 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2039  |  | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/30/2042  |  | 4000 | 3758 |
| &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 | 1856 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2044  |  | 1750 | 1791 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2054  |  | 2500 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2036 (G) |  | 905 | 559 |
| &nbsp;&nbsp;&nbsp;TSASC, Tobacco Settlement Bonds, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030  |  | 525 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031  |  | 525 | 532 |
| &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 | 763 |
| &nbsp;&nbsp;&nbsp;Westchester, Tobacco Asset Securitization, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031  |  | 2000 | 2028 |
|  |  |  | 130364 |
| **North Carolina — 1.0%** | **North Carolina — 1.0%** | **North Carolina — 1.0%** |  |
| &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 | 2336 |
| &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 | 5454 |
| &nbsp;&nbsp;&nbsp;Cumberland County, Industrial Facilities & Pollution Control Financing Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2027 (A) |  | 1750 | 1750 |
| &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 | 475 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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  | $| 1355 | $1355 |
| &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 | 539 |
| &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 | 1335 |
| &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 | 284 |
| &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 | 717 |
| &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 | 602 |
| &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 | 1048 |
|  |  |  | 16160 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **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 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/01/2033  |  | 380 | 367 |
| &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 | 1090 |
|  |  |  | 2197 |
| **Ohio — 2.5%** | **Ohio — 2.5%** | **Ohio — 2.5%** |  |
| &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 | 4515 |
| &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 | 1601 |
| &nbsp;&nbsp;&nbsp;Cuyahoga County, Hospital Revenue, Metrohealth System, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037  |  | 3000 | 2977 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1609 |
| &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 | 997 |
| &nbsp;&nbsp;&nbsp;Ohio State, Higher Educational Facility Commission, Cleveland Health System Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 01/01/2039 (A) |  | 2000 | 2000 |
| &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 | 2170 |
| &nbsp;&nbsp;&nbsp;Ohio State, Hospital Facility Authority, Cleveland Clinic Health Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031  |  | 1250 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/01/2052 (A) |  | 480 | 471 |
| &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 | 5952 |
| &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 | 4273 |
| &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 | 7371 |
| &nbsp;&nbsp;&nbsp;Port of Greater Cincinnati, Development Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038  |  | 495 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2041  |  | 1000 | 1050 |
| &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 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038  |  | 775 | 800 |
|  |  |  | 39334 |
| **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 | 1022 |
| &nbsp;&nbsp;&nbsp;Grand River, Dam Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2041  |  | 405 | 424 |
| &nbsp;&nbsp;&nbsp;Oklahoma State, Turnpike Authority, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039  |  | 410 | 440 |
|  |  |  | 1886 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Oregon — 0.6%** | **Oregon — 0.6%** |  |
| &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;5.000%, 06/15/2025  | $275 | $275 |
| &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 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046  | 2500 | 2449 |
| &nbsp;&nbsp;&nbsp;Oregon State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2040  | 1970 | 2105 |
| &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 | 1310 |
| &nbsp;&nbsp;&nbsp;Umatilla County, School District No. 8R Hermiston, Ser A, GO, SCH BD GTY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2027 (G) | 1000 | 930 |
|  |  | 9586 |
| **Pennsylvania — 8.9%** | **Pennsylvania — 8.9%** |  |
| &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 | 5187 |
| &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 | 1780 |
| &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 | 2007 |
| &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 | 1502 |
| &nbsp;&nbsp;&nbsp;Doylestown, Hospital Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (B) | 835 | 874 |
| &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 | 1992 |
| &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 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032  | 750 | 829 |
| &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 | 2210 |
| &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 | 2913 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $4516 |
| &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 | 1662 |
| &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  | 2995 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032  | 2150 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033  | 3500 | 3609 |
| &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 | 8670 |
| &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 | 553 |
| &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 | 2454 |
| &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 | 6277 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033  | 12395 | 13944 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2035  | 2000 | 2004 |
| &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 | 1530 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2039  | 3000 | 3187 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 10/01/2041  | 1030 | 1056 |
| &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  | 1035 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 10/01/2043  | 4650 | 4573 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Motor License Fund Enhanced, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033  | 3000 | 3093 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039  | 250 | 265 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue, AMT, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2040  | $| 500 | $467 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue, Ser B, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  |  | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036  |  | 2170 | 2363 |
| &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 | 737 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2040  |  | 5655 | 5945 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, University Square Apartments Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (E) |  | 4445 | 4568 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO, ST AID WITHHLDG  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029  |  | 1500 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034  |  | 1410 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036  |  | 2000 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035  |  | 5000 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038  |  | 3000 | 2818 |
| &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 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  |  | 7975 | 8119 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032  |  | 2405 | 2612 |
| &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 | 4758 |
| &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 | 4894 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2039  |  | 2250 | 2421 |
|  |  |  | 137926 |
| **Puerto Rico — 2.8%** | **Puerto Rico — 2.8%** | **Puerto Rico — 2.8%** |  |
| &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)(H) |  | 2990 | 1633 |
| &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)(H) |  | 1000 | 546 |
| &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)(H) |  | 3035 | 1658 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1606 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, GDB Debt Recovery Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/2040  |  | 1247 | 1198 |
| &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 | 2216 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/01/2053  |  | 1000 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2046 (G) |  | 18823 | 6006 |
| &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 | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2029 (G) |  | 1500 | 1273 |
| &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 | 5361 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Ser A1, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/01/2027  |  | 3400 | 3489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2046  |  | 3600 | 2957 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser CW, Notes  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2043 (A)(I) |  | 9644 | 5786 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser Senior, Notes  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2051 (A)(I) |  | 815 | 499 |
|  |  |  | 43361 |
| **Rhode Island — 0.8%** | **Rhode Island — 0.8%** | **Rhode Island — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Providence, Public Building Authority, RB, AGC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2038  |  | 335 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2039  |  | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building Authority, Central Falls Public School Projects, RB, ST APPROP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2041  |  | 5420 | 4994 |
| &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 | 345 |
| &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 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2035  |  | 500 | 554 |
| &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 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2039  |  | 550 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2044  |  | 600 | 606 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1794 |
| &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 | 558 |
|  |  |  | 12969 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** | **South Carolina — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group, Financing Agency, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2054 (A) |  | 600 | 635 |
| &nbsp;&nbsp;&nbsp;Piedmont, Municipal Power Agency, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033  |  | 5125 | 5152 |
| &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  |  | 1575 | 1688 |
| &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  |  | 370 | 370 |
| &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 | 911 |
| &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 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037  |  | 655 | 696 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Port Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  |  | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035  |  | 1160 | 1137 |
| &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 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038  |  | 175 | 167 |
| &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 | 2642 |
| &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 | 2673 |
| &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 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034  |  | 2000 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036  |  | 2250 | 2198 |
|  |  |  | 26958 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;South Dakota State, Health & Educational Facilities Authority, Sanford Obligated Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035  | $1005 | $1008 |
| &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  | 255 | 271 |
| &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  | 470 | 471 |
|  |  | 1750 |
| **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 | 317 |
| &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 | 2222 |
| &nbsp;&nbsp;&nbsp;Nashville & Davidson County, Metropolitan Government, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033  | 3000 | 3013 |
| &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 | 733 |
| &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 | 1342 |
| &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2051 (A) | 2500 | 2496 |
| &nbsp;&nbsp;&nbsp;Tennessee State, Housing Development Agency, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2045  | 105 | 105 |
|  |  | 10228 |
| **Texas — 9.3%** | **Texas — 9.3%** |  |
| &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 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2040  | 695 | 726 |
| &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 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041  | 1100 | 1159 |
| &nbsp;&nbsp;&nbsp;Austin, Independent School District, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025  | 1500 | 1505 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Austin, Texas Airport System Revenue, Ser B, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2037  | $900 | $902 |
| &nbsp;&nbsp;&nbsp;Austin-Bergstrom, Landhost Enterprises, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 (C) | 465 | 473 |
| &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 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2053 (A) | 915 | 911 |
| &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 | 2134 |
| &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 | 757 |
| &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 | 212 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037  | 1750 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038  | 1360 | 1454 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037  | 5000 | 5371 |
| &nbsp;&nbsp;&nbsp;Clear Creek, Independent School District, Ser B-REMK, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/15/2035 (A) | 1060 | 1060 |
| &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 | 980 |
| &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 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2032  | 1000 | 1019 |
| &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 | 2536 |
| &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 | 1613 |
| &nbsp;&nbsp;&nbsp;Dallas City, Hotel Occupancy Tax Revenue, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2034  | 500 | 489 |
| &nbsp;&nbsp;&nbsp;Dallas City, Independent School District, Ser C, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2033  | 375 | 420 |
| &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 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032  | 2500 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033  | 1175 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034  | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035  | 1000 | 1006 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $3212 |
| &nbsp;&nbsp;&nbsp;Dayton, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2040  | 2400 | 2261 |
| &nbsp;&nbsp;&nbsp;Denton, Utility System Revenue, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  | 7500 | 7639 |
| &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 | 1101 |
| &nbsp;&nbsp;&nbsp;El Paso, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034  | 2050 | 2083 |
| &nbsp;&nbsp;&nbsp;Garland, Electric Utility System Revenue, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031  | 250 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2032  | 520 | 574 |
| &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 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2042  | 2500 | 2614 |
| &nbsp;&nbsp;&nbsp;Georgetown, Utility System Revenue, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037  | 1705 | 1802 |
| &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 | 2019 |
| &nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Ser A, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026  | 2000 | 2057 |
| &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 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033  | 370 | 404 |
| &nbsp;&nbsp;&nbsp;Harris County, Industrial Development, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 11/01/2050 (A) | 390 | 381 |
| &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 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  | 300 | 316 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, Sub-Ser C, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 2450 | 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032  | 1500 | 1541 |
| &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 | 1676 |
| &nbsp;&nbsp;&nbsp;Lamar, Consolidated Independent School District, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039  | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;Lamar, Consolidated Independent School District, Ser A, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2030  | 3000 | 3264 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Melissa, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2037  | $945 | $1036 |
| &nbsp;&nbsp;&nbsp;Midland, Independent School District, RB, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2038  | 5000 | 5382 |
| &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 | 1702 |
| &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 | 688 |
| &nbsp;&nbsp;&nbsp;North Texas, Tollway Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  | 4000 | 4344 |
| &nbsp;&nbsp;&nbsp;Northwest, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2043  | 7000 | 6569 |
| &nbsp;&nbsp;&nbsp;Pasadena, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039  | 1245 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040  | 225 | 242 |
| &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 | 1102 |
| &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 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2034  | 1700 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2039  | 195 | 209 |
| &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 | 2063 |
| &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 | 1037 |
| &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 | 727 |
| &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 | 487 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Baylor Scott & White Health, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032  | 1500 | 1519 |
| &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 | 2103 |
| &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 | 4135 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $2781 |
| &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 | 415 |
| &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 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032  |  | 715 | 751 |
| &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 | 7651 |
| &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 | 6842 |
| &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 | 3860 |
| &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 | 2197 |
| &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 | 1129 |
| &nbsp;&nbsp;&nbsp;Uptown Development Authority, TA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033  |  | 400 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035  |  | 275 | 257 |
|  |  |  | 145265 |
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  |  | 5370 | 5688 |
| &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 | 464 |
| &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 | 5045 |
|  |  |  | 11197 |
| **Virgin Islands — 0.2%** | **Virgin Islands — 0.2%** | **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 | 2939 |
| **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** |  |
| &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 | 941 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Arlington County, Industrial Development Authority, Virginia Hospital Center, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | $| 280 | $285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  |  | 250 | 260 |
| &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 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2047  |  | 1225 | 1231 |
| &nbsp;&nbsp;&nbsp;James City County, Economic Development Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2027  |  | 190 | 190 |
| &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 | 1094 |
| &nbsp;&nbsp;&nbsp;Virginia Beach, Development Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2029  |  | 465 | 469 |
| &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 | 2111 |
| &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 | 5329 |
| &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 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2042  |  | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2047  |  | 440 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030  |  | 1140 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2031  |  | 365 | 361 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026  |  | 490 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039  |  | 3000 | 3047 |
| &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 (G) |  | 34300 | 8690 |
|  |  |  | 30039 |
| **Washington — 2.8%** | **Washington — 2.8%** | **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 | 5253 |
| &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 | 7901 |
| &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 | 1909 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2041  |  | 3405 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2042  |  | 5000 | 5158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2041  |  | 1000 | 1011 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Snohomish County, School District No. 15 Edmonds, GO, SCH BD GTY  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038  | $| 825 | $890 |
| &nbsp;&nbsp;&nbsp;Washington State, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036  |  | 4500 | 4525 |
| &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 | 1782 |
| &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 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038  |  | 1000 | 1041 |
| &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 | 2038 |
| &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  |  | 939 | 871 |
| &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 | 740 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser 2017-A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038  |  | 2725 | 2760 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035  |  | 1665 | 1802 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser R-2025B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  |  | 250 | 282 |
|  |  |  | 43227 |
| **West Virginia — 0.3%** | **West Virginia — 0.3%** | **West Virginia — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;West Virginia State, Economic Development Authority, Appalachian Power Amos Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2042 (A) |  | 2300 | 2300 |
| &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 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035  |  | 1005 | 1042 |
|  |  |  | 4383 |
| **Wisconsin — 2.9%** | **Wisconsin — 2.9%** | **Wisconsin — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser B4, GO, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036  |  | 2965 | 3183 |
| &nbsp;&nbsp;&nbsp;Sheboygan Area, School District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2041  |  | 2400 | 1945 |
| &nbsp;&nbsp;&nbsp;University of Wisconsin, Hospitals & Clinics, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2039  |  | 295 | 278 |
| &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 | 637 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Wisconsin State, Center District, Ser C, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (G) | $370 | $312 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Advocate Aurora Health Credit Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2054 (A) | 2000 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 08/15/2054 (A) | 1125 | 1115 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Ascension Health Credit Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030  | 3810 | 3861 |
| &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 | 1883 |
| &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 | 610 |
| &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 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030  | 1035 | 1054 |
| &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 | 598 |
| &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 | 223 |
| &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  | 1195 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2032  | 950 | 1069 |
| &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 | 500 |
| &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 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2029  | 225 | 227 |
| &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 | 10407 |
| &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 | 439 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2062  |  | 1845 | 1723 |
| &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  |  | 6880 | 6938 |
| &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 | 921 |
| &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 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2040  |  | 350 | 357 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, United Methodist Retirement Facility Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2025  |  | 285 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2026  |  | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027  |  | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028  |  | 250 | 250 |
|  |  |  | 45024 |
| **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  |  | 210 | 226 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,582,001) ($ Thousands) |  |  | 1528938 |
|  | <br> Shares | <br> Shares |  |
| **CASH EQUIVALENT — 0.1%** | **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;4.230%\*\*<sup>†</sup> |  | 1096224 | 1096 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,096) ($ Thousands) |  |  | 1096 |
| Total Investments in Securities — 98.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,583,097) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $1,583,097) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $1,583,097) ($ Thousands)  | $1530034 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $1,554,937 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 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. |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

(B) Security 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 May 31, 2025, the value of these securities amounted to $43,810 ($ Thousands), representing 2.8% of the Net Assets of the Fund.

(C) Security is in default on interest payment.

(D) Securities are held in connection with a letter of credit issued by a major bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(E) Pre-Refunded Securities — The maturity date shown is the pre-refunded date.

(F) Security is escrowed to maturity.

(G) Zero coupon security.

(H) Level 3 security in accordance with fair value hierarchy.

(I) No interest rate available.

The following is a summary of the transactions with affiliates for the period ended May 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**8/31/2024** | **Purchases** <br>**at Cost**  | **Proceeds** <br>**from Sales**  | **Realized Gain/** <br>**(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** | **Value** <br>**5/31/2025** | **Income**  | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, <br> Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;468 | $&nbsp;&nbsp;&nbsp;&nbsp;200057 | $&nbsp;&nbsp;&nbsp;&nbsp;(199429) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;1096 | $&nbsp;&nbsp;&nbsp;&nbsp;291 | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** |
| **Alabama — 5.7%** | **Alabama — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.320%, 10/01/2052 (A) | $3250 | $3176 |
| &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 | 886 |
| &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 | 2058 |
| &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 | 629 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser S, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025  | 7520 | 7532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) | 2500 | 2498 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.315%, 07/01/2052 (A) | 2000 | 2018 |
| &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 | 3540 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025  | 730 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (A) | 10000 | 9977 |
| &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 | 1000 |
| &nbsp;&nbsp;&nbsp;Selma, Industrial Development Board, International Paper Co Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 05/01/2034 (A) | 5250 | 5245 |
| &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, Gas Supply District, Project #1, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026  | 1500 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027  | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028  | 1250 | 1298 |
|  |  | 44815 |
| **Alaska — 0.2%** | **Alaska — 0.2%** |  |
| &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 | 1058 |
| &nbsp;&nbsp;&nbsp;Alaska State, International Airports System, Ser C, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025  | 480 | 483 |
|  |  | 1541 |
| **Arizona — 1.3%** | **Arizona — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.220%, 01/01/2046 (A) | 700 | 693 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.220%, 11/04/2025 (A)(B) | $| 200 | $200 |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, Ser S, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.220%, 11/04/2025 (A)(B) |  | 100 | 100 |
| &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 | 1324 |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Republic Services Inc Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 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 | 7231 |
|  |  |  | 10548 |
| **Arkansas — 0.4%** | **Arkansas — 0.4%** | **Arkansas — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Springdale, Water & Sewer, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027  |  | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028  |  | 200 | 213 |
| &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%, 09/01/2031  |  | 350 | 381 |
| &nbsp;&nbsp;&nbsp;West Memphis, Sales & Use Tax, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029  |  | 1630 | 1732 |
|  |  |  | 2965 |
| **California — 3.8%** | **California — 3.8%** | **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 (C) |  | 1000 | 964 |
| &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 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) |  | 2710 | 2708 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025  |  | 555 | 555 |
| &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 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028  |  | 1650 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028  |  | 1850 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029  |  | 1750 | 1839 |
| &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 | 452 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $5600 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Waste Management Inc Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/01/2041 (A) |  | 2000 | 2000 |
| &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 | 1310 |
| &nbsp;&nbsp;&nbsp;Newman-Crows Landing, Unified School District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 (C) |  | 500 | 498 |
| &nbsp;&nbsp;&nbsp;Northern California, Energy Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025  |  | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026  |  | 450 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027  |  | 700 | 721 |
| &nbsp;&nbsp;&nbsp;Pittsburg, Redevelopment Agency Successor Agency, TA, AMBAC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (C) |  | 500 | 449 |
| &nbsp;&nbsp;&nbsp;Rio, Elementary School District, GO, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2028 (C) |  | 505 | 458 |
| &nbsp;&nbsp;&nbsp;San Mateo County, Community College District, Ser C, GO, NATL  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2025 (C) |  | 1250 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2029 (C) |  | 500 | 437 |
| &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 | 998 |
| &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 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2055 (A) |  | 1500 | 1555 |
| &nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts, Ser 2025-, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.090%, 09/01/2048 (A)(D)(E) |  | 500 | 500 |
|  |  |  | 29735 |
| **Colorado — 1.7%** | **Colorado — 1.7%** | **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 | 494 |
| &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, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025  |  | 375 | 377 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (A) |  | 640 | 641 |
| &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 | 2016 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $647 |
| &nbsp;&nbsp;&nbsp;Colorado State, School of Mines, Ser D, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840%, 12/01/2025 (A) |  | 950 | 950 |
| &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 | 383 |
| &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 | 273 |
| &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 | 517 |
| &nbsp;&nbsp;&nbsp;Denver, Convention Center Hotel Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026  |  | 2500 | 2537 |
| &nbsp;&nbsp;&nbsp;Jefferson County, School District R-1, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030  |  | 2065 | 2151 |
| &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 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028  |  | 235 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029  |  | 200 | 212 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Denver Transit Partners Eagle P3 Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025  |  | 480 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2026  |  | 405 | 403 |
| &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 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029  |  | 165 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030  |  | 120 | 128 |
|  |  |  | 13666 |
| **Connecticut — 1.2%** | **Connecticut — 1.2%** | **Connecticut — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;Connecticut State, Health & Educational Facilities Authority, Sacred Heart Univeristy, Ser K, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  |  | 1215 | 1217 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Housing Finance Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 11/15/2052 (A) |  | 4805 | 4806 |
| &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 | 3316 |
| &nbsp;&nbsp;&nbsp;West Haven, GO, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026  |  | 200 | 203 |
|  |  |  | 9542 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Delaware — 0.7%** | **Delaware — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Delaware State, Economic Development Authority, Delmarva Power & Light Company Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 01/01/2031 (A) | $5100 | $5086 |
| &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 |
|  |  | 5371 |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |  |
| &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 | 3917 |
| &nbsp;&nbsp;&nbsp;District of Columbia, Housing Finance Agency, Cascade Park Apartments II Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 08/01/2042 (A) | 1700 | 1700 |
| &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 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031  | 1650 | 1672 |
|  |  | 7817 |
| **Florida — 2.9%** | **Florida — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;Alachua County, Housing Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2029 (A) | 7250 | 7262 |
| &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 | 2043 |
| &nbsp;&nbsp;&nbsp;Lee County, Industrial Development Authority, Shell Point, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2025  | 210 | 210 |
| &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 | 1568 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Aviation Revenue, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025  | 1600 | 1610 |
| &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 | 5006 |
| &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 | 1007 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Palm Beach County, Educational Facilities Authority, Palm Beach Atlantic University, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2025  | $| 235 | $235 |
| &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 | 314 |
| &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 | 3025 |
|  |  |  | 23281 |
| **Georgia — 5.8%** | **Georgia — 5.8%** | **Georgia — 5.8%** |  |
| &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  |  | 2175 | 2255 |
| &nbsp;&nbsp;&nbsp;Bartow County, Development Authority, Pollution Control, Georgia Power Company Plant Bowen Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/01/2043 (A) |  | 1800 | 1796 |
| &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 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2049 (A) |  | 3280 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 12/01/2049 (A) |  | 4000 | 3991 |
| &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 | 1289 |
| &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 | 4127 |
| &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 | 2886 |
| &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 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) |  | 6000 | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026  |  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026  |  | 415 | 418 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025  |  | 650 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026  |  | 850 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026  |  | 850 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027  |  | 400 | 410 |
| &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 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2052 (A) |  | 1540 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (A)(D) |  | 4000 | 3975 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $2364 |
| &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 | 2687 |
| &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 | 1964 |
| &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 | 628 |
|  |  |  | 46155 |
| **Guam — 0.2%** | **Guam — 0.2%** | **Guam — 0.2%** |  |
| &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 | 213 |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  |  | 710 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  |  | 800 | 822 |
|  |  |  | 1759 |
| **Illinois — 6.9%** | **Illinois — 6.9%** | **Illinois — 6.9%** |  |
| &nbsp;&nbsp;&nbsp;Chicago Heights, Olympic Village Apartments Project, RB, FHA/GNMA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/01/2027 (A) |  | 2000 | 1996 |
| &nbsp;&nbsp;&nbsp;Chicago, Midway International Airport, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030  |  | 575 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031  |  | 230 | 251 |
| &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 | 2461 |
| &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 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029  |  | 1500 | 1556 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031  |  | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser B-EXCHANGE, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030  |  | 1000 | 1006 |
| &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 | 1020 |
| &nbsp;&nbsp;&nbsp;Geneva, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026  |  | 400 | 402 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $3869 |
| &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 | 980 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Field Museum of Natural History, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.245%, 11/01/2034 (A) | 1905 | 1903 |
| &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 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028  | 515 | 537 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Silver Cross Hospital & Medical Centers, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029  | 1270 | 1275 |
| &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 |
| &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 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028  | 400 | 414 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, University of Chicago Medical Center, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 (D) | 2500 | 2506 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, University of Chicago Medical Center, Ser B-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2052 (A) | 1500 | 1501 |
| &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 | 5535 |
| &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 | 987 |
| &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 | 1251 |
| &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 | 1036 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025  | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026  | 2740 | 2804 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser D, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026  | 3590 | 3677 |
| &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 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  | 165 | 165 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1247 |
| &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 | 1264 |
| &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 | 1531 |
| &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 | 1010 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030  |  | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;Springfield, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027  |  | 1200 | 1253 |
| &nbsp;&nbsp;&nbsp;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 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028  |  | 475 | 498 |
| &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 | 365 |
|  |  |  | 54417 |
| **Indiana — 5.5%** | **Indiana — 5.5%** | **Indiana — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;Fort Wayne, Redevelopment Authority, Grand Wayne Center Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025  |  | 810 | 811 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Indiana University Health, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 12/01/2058 (A) |  | 7150 | 7139 |
| &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 | 1952 |
| &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 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/01/2025  |  | 14260 | 14259 |
| &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 | 1923 |
| &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 | 1096 |
| &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 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029  |  | 450 | 481 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025  | $| 650 | $650 |
| &nbsp;&nbsp;&nbsp;Rockport, Pollution Control, Indiana Michigan Power Company Project, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 06/01/2025 (F) |  | 10465 | 10465 |
| &nbsp;&nbsp;&nbsp;Westfield, Redevelopment Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  |  | 480 | 498 |
| &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 | 957 |
| &nbsp;&nbsp;&nbsp;Westfield-Washington, School District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2026  |  | 340 | 344 |
|  |  |  | 43109 |
| **Iowa — 0.3%** | **Iowa — 0.3%** | **Iowa — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Gevo NW Iowa Renewable Natural Gas Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/01/2042 (A)(E) |  | 2000 | 1996 |
| &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;1.950%, 01/01/2049 (A) |  | 100 | 100 |
|  |  |  | 2096 |
| **Kansas — 0.7%** | **Kansas — 0.7%** | **Kansas — 0.7%** |  |
| &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 | 2031 |
| &nbsp;&nbsp;&nbsp;Valley Center, Ser 1, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2025  |  | 2405 | 2406 |
|  |  |  | 5673 |
| **Kentucky — 3.1%** | **Kentucky — 3.1%** | **Kentucky — 3.1%** |  |
| &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 | 4368 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Interlocal School Transportation Association, COP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2028  |  | 1200 | 1222 |
| &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) |  | 7000 | 7341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  |  | 450 | 456 |
| &nbsp;&nbsp;&nbsp;Rural Water Financing Agency, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 05/01/2027  |  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;Rural Water Financing Agency, Ser S, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 05/01/2027  |  | 2000 | 1978 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Trimble County, Environmental Facilities, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/01/2054 (A) | $| 750 | $755 |
| &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 | 755 |
| &nbsp;&nbsp;&nbsp;University of Louisville, Ser D, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030  |  | 3140 | 3198 |
| &nbsp;&nbsp;&nbsp;University of Louisville, Ser F, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027  |  | 2000 | 2066 |
|  |  |  | 24142 |
| **Louisiana — 1.1%** | **Louisiana — 1.1%** | **Louisiana — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 05/01/2043 (A) |  | 1925 | 1920 |
| &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 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027  |  | 1000 | 1034 |
| &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 | 2515 |
| &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 | 980 |
| &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 | 982 |
|  |  |  | 8816 |
| **Maryland — 0.3%** | **Maryland — 0.3%** | **Maryland — 0.3%** |  |
| &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 | 456 |
| &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 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028  |  | 1220 | 1287 |
|  |  |  | 2159 |
| **Massachusetts — 1.1%** | **Massachusetts — 1.1%** | **Massachusetts — 1.1%** |  |
| &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 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 (D) | $| 2500 | $2359 |
| &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%, 07/01/2025  |  | 850 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  |  | 1000 | 1016 |
| &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;3.250%, 07/01/2042 (A) |  | 1325 | 1325 |
| &nbsp;&nbsp;&nbsp;Quincy, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/25/2025  |  | 1000 | 1002 |
|  |  |  | 8498 |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **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 | 1060 |
| &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 | 5551 |
| &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  |  | 5950 | 5946 |
| &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 | 844 |
| &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 | 2240 |
|  |  |  | 16008 |
| **Minnesota — 2.0%** | **Minnesota — 2.0%** | **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 | 268 |
| &nbsp;&nbsp;&nbsp;Gibbon, Independent School District No. 2365, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2026  |  | 280 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2027  |  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;Kiester, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/01/2026  |  | 1710 | 1713 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $2835 |
| &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 | 2091 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026  |  | 1310 | 1317 |
| &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 | 455 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Higher Education Facilities Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025  |  | 335 | 337 |
| &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 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 07/01/2026  |  | 1145 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 01/01/2026  |  | 1140 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 07/01/2025  |  | 1130 | 1126 |
| &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 | 504 |
| &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 | 725 |
|  |  |  | 15626 |
| **Mississippi — 0.6%** | **Mississippi — 0.6%** | **Mississippi — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Warren County, Environmental Improvement Revenue, International Paper Co Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 08/01/2027 (A) |  | 2000 | 1999 |
| &nbsp;&nbsp;&nbsp;Warren County, Gulf Opportunity Zone Revenue, International Paper Co Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 08/01/2027 (A) |  | 2500 | 2497 |
|  |  |  | 4496 |
| **Missouri — 1.7%** | **Missouri — 1.7%** | **Missouri — 1.7%** |  |
| &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;Jackson County, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027  |  | 1110 | 1163 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Missouri State, Environmental Improvement & Energy Resources Authority, Kansas City Power & Light Company Project, Ser R, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2038 (A) | $| 9650 | $9644 |
| &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 | 1249 |
| &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 | 632 |
|  |  |  | 13284 |
| **Nebraska — 0.5%** | **Nebraska — 0.5%** | **Nebraska — 0.5%** |  |
| &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 | 1030 |
| &nbsp;&nbsp;&nbsp;Douglas County, Hospital Authority No. 3, Nebraska Methodist Health System, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027  |  | 1260 | 1268 |
| &nbsp;&nbsp;&nbsp;Gretna, COP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2025  |  | 2000 | 2002 |
|  |  |  | 4300 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |  |
| &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 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2026  |  | 1750 | 1755 |
| &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 | 526 |
|  |  |  | 4159 |
| **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;Haddonfield, Public Schools District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2027  |  | 1725 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2028  |  | 1370 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2029  |  | 1396 | 1271 |
| &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 | 3553 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, School Facilities Construction, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.220%, 09/01/2025 (A) |  | 1050 | 1050 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, School Facilities Construction, Ser GGG, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2025 (D) |  | 1000 | 1005 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $860 |
| &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 | 1862 |
| &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 | 2869 |
| &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 (C) |  | 1390 | 1189 |
| &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;Passaic, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025  |  | 700 | 702 |
| &nbsp;&nbsp;&nbsp;Winslow, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2029  |  | 875 | 834 |
|  |  |  | 19353 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |  |
| &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 | 1007 |
| &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) |  | 500 | 523 |
| &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 | 1496 |
|  |  |  | 3026 |
| **New York — 5.5%** | **New York — 5.5%** | **New York — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;Buffalo, Municipal Housing Authority, RB, FHA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 07/01/2031  |  | 690 | 616 |
| &nbsp;&nbsp;&nbsp;Ithaca, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/13/2026  |  | 2000 | 2006 |
| &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 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2049 (A) |  | 4470 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850%, 09/01/2050 (A) |  | 2000 | 1984 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.420%, 09/01/2038 (A) |  | 1585 | 1584 |
| &nbsp;&nbsp;&nbsp;Lowville, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 08/21/2025  |  | 700 | 701 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030  |  | 900 | 972 |
| &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 | 1538 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600%, 05/01/2061 (A) |  | 2660 | 2652 |
| &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 | 3032 |
| &nbsp;&nbsp;&nbsp;New York City, Ser 2-REM, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700%, 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 | 1366 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/01/2046 (A) |  | 2825 | 2825 |
| &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 | 995 |
| &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) |  | 830 | 829 |
| &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 | 1018 |
| &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 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026  |  | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;Niagara, Frontier Transportation Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028  |  | 1045 | 1078 |
| &nbsp;&nbsp;&nbsp;North Hempstead, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/19/2025  |  | 3000 | 3008 |
| &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) |  | 1500 | 1524 |
|  |  |  | 43499 |
| **North Carolina — 1.1%** | **North Carolina — 1.1%** | **North Carolina — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 01/15/2042 (A)(E) |  | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser C-REM, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 01/15/2048 (A) |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser E, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800%, 01/15/2048 (A) |  | 1000 | 987 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Columbus County, Industrial Facilities & Pollution Control Financing Authority, International Paper Co Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 05/01/2034 (A) | $| 1000 | $999 |
| &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 | 3593 |
|  |  |  | 8579 |
| **North Dakota — 0.7%** | **North Dakota — 0.7%** | **North Dakota — 0.7%** |  |
| &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 | 4989 |
| &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 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027  |  | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028  |  | 125 | 131 |
|  |  |  | 5353 |
| **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;Allen County, Hospital Facilities Revenue, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2049 (A) |  | 3500 | 3602 |
| &nbsp;&nbsp;&nbsp;American Municipal Power, Electrical System Improvement, Wapakoneta, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/19/2025  |  | 2000 | 2001 |
| &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 | 862 |
| &nbsp;&nbsp;&nbsp;Cuyahoga County, Convention Hotel Project, COP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026  |  | 845 | 868 |
| &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;Huber Heights, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/10/2025  |  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;Montgomery, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/10/2025  |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Newark, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/18/2026  |  | 1900 | 1919 |
| &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 | 1511 |
| &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 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028  |  | 700 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030  |  | 540 | 575 |
| &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 | 1317 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Post Oak Station, Ser A-REMK, RB, FHA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2025  | $| 1500 | $1500 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Riverview San Marco Apartments, RB, FHA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 (A) |  | 2140 | 2145 |
| &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 | 3107 |
| &nbsp;&nbsp;&nbsp;Put-in-Bay Village, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/29/2025  |  | 1000 | 1005 |
|  |  |  | 24850 |
| **Oklahoma — 2.3%** | **Oklahoma — 2.3%** | **Oklahoma — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;Creek County, Educational Facilities Authority, Bristow Public Schools Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025  |  | 1645 | 1651 |
| &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 | 810 |
| &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 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  |  | 375 | 407 |
| &nbsp;&nbsp;&nbsp;Tulsa, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050%, 01/01/2026  |  | 9095 | 8928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050%, 01/01/2027  |  | 5735 | 5463 |
| &nbsp;&nbsp;&nbsp;University of Oklahoma, Ser A, RB, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  |  | 330 | 337 |
| &nbsp;&nbsp;&nbsp;Washington County, Educational Facilities Authority, Dewey Public Schools Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025  |  | 400 | 401 |
|  |  |  | 18373 |
| **Oregon — 1.1%** | **Oregon — 1.1%** | **Oregon — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Deschutes & Jefferson Counties, School District No. 2J Redmond, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2025 (C) |  | 555 | 554 |
| &nbsp;&nbsp;&nbsp;Lane County, School District No. 1 Pleasant Hill, Ser B-CABS, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2027 (C) |  | 350 | 327 |
| &nbsp;&nbsp;&nbsp;Marion & Polk County, Salem-Keizer School District No. 24J, Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2025 (C) |  | 2070 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2026 (C) |  | 3270 | 3160 |
| &nbsp;&nbsp;&nbsp;Multnomah County, School District No. 40, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2026 (C) |  | 250 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2028 (C) |  | 395 | 356 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1006 |
| &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 | 686 |
|  |  |  | 8398 |
| **Pennsylvania — 2.3%** | **Pennsylvania — 2.3%** | **Pennsylvania — 2.3%** |  |
| &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;2.670%, 11/15/2047 (A) |  | 3000 | 2972 |
| &nbsp;&nbsp;&nbsp;Bethlehem, School District Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.265%, 01/01/2032 (A) |  | 570 | 568 |
| &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 | 989 |
| &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 | 1999 |
| &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 | 601 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State University, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033  |  | 2550 | 2599 |
| &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 | 644 |
| &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 | 1595 |
| &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 | 1255 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.820%, 07/15/2041 (A) |  | 2500 | 2495 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025  |  | 1075 | 1080 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027  |  | 1155 | 1200 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser F, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029  |  | 295 | 299 |
|  |  |  | 18296 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Pawtucket, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2025  |  | 4000 | 4006 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $907 |
|  |  |  | 4913 |
| **South Carolina — 0.3%** | **South Carolina — 0.3%** | **South Carolina — 0.3%** |  |
| &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 | 1300 |
| &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 | 734 |
|  |  |  | 2034 |
| **Tennessee — 3.2%** | **Tennessee — 3.2%** | **Tennessee — 3.2%** |  |
| &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 | 2515 |
| &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 | 1510 |
| &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 | 413 |
| &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 | 501 |
| &nbsp;&nbsp;&nbsp;Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, 4th & Shelby Apartments Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 (A) |  | 2800 | 2929 |
| &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 | 1048 |
| &nbsp;&nbsp;&nbsp;Tennergy, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028  |  | 275 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029  |  | 825 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2054 (A) |  | 7500 | 7800 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027  | $| 750 | $779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2026  |  | 700 | 715 |
| &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 | 3132 |
|  |  |  | 25194 |
| **Texas — 15.1%** | **Texas — 15.1%** | **Texas — 15.1%** |  |
| &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 | 327 |
| &nbsp;&nbsp;&nbsp;Arlington, Housing Finance, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2041 (A) |  | 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2043 (A) |  | 1000 | 1000 |
| &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 | 3156 |
| &nbsp;&nbsp;&nbsp;Clear Creek, Independent School District, Ser B-REMK, GO, PSF-GTD  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/15/2035 (A) |  | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;Conroe, Municipal Management District No. 1, GO, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2025  |  | 670 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2026  |  | 390 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2027  |  | 635 | 677 |
| &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) |  | 2750 | 2771 |
| &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 | 8702 |
| &nbsp;&nbsp;&nbsp;Dallas City, Kay Bailey Hutchinson Convention Center, Special Tax  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2053 (A)(D) |  | 1500 | 1502 |
| &nbsp;&nbsp;&nbsp;Denton County, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2027  |  | 740 | 740 |
| &nbsp;&nbsp;&nbsp;Denton, Independent School District, GO, PSF-GTD  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026  |  | 1025 | 1052 |
| &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 | 1017 |
| &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 | 1981 |
| &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 | 545 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 08/01/2050 (A) | 750 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.720%, 08/01/2051 (A) | 825 | 794 |
| &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 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030  | 300 | 321 |
| &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 | 540 |
| &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 | 1059 |
| &nbsp;&nbsp;&nbsp;Harris County, Hospital District, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028  | 750 | 790 |
| &nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Ser B, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025  | 585 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026  | 740 | 759 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 1, GO, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025  | 635 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026  | 665 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2027  | 695 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028  | 725 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029  | 755 | 771 |
| &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 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2027  | 320 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2028  | 335 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2029  | 350 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030  | 365 | 384 |
| &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%, 09/01/2025  | 455 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2026  | 470 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2027  | 480 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2028  | 495 | 553 |
| &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 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2027  | 735 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2028  | 765 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2029  | 805 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2030  | 840 | 955 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 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;Harris-Waller Counties, Municipal Utility District No. 4, GO, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2025  | $115 | $117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2026  | 230 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2027  | 350 | 380 |
| &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 | 447 |
| &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 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2027  | 375 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2028  | 390 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030  | 420 | 451 |
| &nbsp;&nbsp;&nbsp;Houston, East Downtown, Redevelopment Authority, TA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025  | 295 | 296 |
| &nbsp;&nbsp;&nbsp;Houston, Hotel Occupancy Tax & Special Revenue, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Houston, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2039 (A) | 4090 | 4090 |
| &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 | 2215 |
| &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 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028  | 305 | 317 |
| &nbsp;&nbsp;&nbsp;Kilgore, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/15/2052 (A) | 2190 | 2183 |
| &nbsp;&nbsp;&nbsp;Lubbock, Water & Wastewater System, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028  | 355 | 374 |
| &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 | 856 |
| &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 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2027  | 185 | 195 |
| &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 | 239 |
| &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 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027  | 250 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2028  | 250 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2029  | 250 | 270 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029  | 570 | 594 |
| &nbsp;&nbsp;&nbsp;North Hays County, Municipal Utility District No. 1, GO, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2025  | 335 | 334 |
| &nbsp;&nbsp;&nbsp;North Texas, Tollway Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026  | 1905 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027  | 1665 | 1721 |
| &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 | 1504 |
| &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) | 3500 | 3498 |
| &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 | 1316 |
| &nbsp;&nbsp;&nbsp;Port Arthur, Port Authority, GO, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026  | 200 | 203 |
| &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 | 2111 |
| &nbsp;&nbsp;&nbsp;Prosper, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2053 (A) | 3045 | 3043 |
| &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 | 1077 |
| &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 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840%, 02/01/2048 (A) | 2500 | 2500 |
| &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 | 1079 |
| &nbsp;&nbsp;&nbsp;Sinton, Independent School District, GO, PSF-GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2051 (A) | 1000 | 1000 |
| &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 | 1119 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025  | 1370 | 1373 |
| &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 | 5529 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $945 |
| &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 | 3595 |
| &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 | 3482 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Ser Senior B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.756%, 12/15/2026 (A) |  | 675 | 675 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply II, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/15/2027 (A) |  | 2975 | 2976 |
| &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 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2028  |  | 3185 | 3319 |
| &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 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027  |  | 750 | 768 |
| &nbsp;&nbsp;&nbsp;Williamson County, Municipal Utility District No. 19a, Ser A, GO, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2025  |  | 250 | 250 |
|  |  |  | 119326 |
| **Utah — 0.6%** | **Utah — 0.6%** | **Utah — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Cache County, School District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2030  |  | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;Ogden, School District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026  |  | 1250 | 1278 |
| &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 | 203 |
| &nbsp;&nbsp;&nbsp;Utah State, Charter School Finance Authority, Summit Academy, Ser A, RB  |  |  |  |
| &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 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2030  |  | 215 | 227 |
| &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 | 998 |
|  |  |  | 4683 |
| **Virgin Islands — 0.3%** | **Virgin Islands — 0.3%** | **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 | 2444 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Virginia — 1.4%** | **Virginia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;Albemarle County, Economic Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 10/01/2048 (A) | $4500 | $4500 |
| &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 | 52 |
| &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 | 1667 |
| &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 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  | 550 | 596 |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2055 (A) | 1355 | 1355 |
| &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 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 07/01/2029  | 355 | 358 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Pure Salmon Virginia LLC Project, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2052 (A) | 2000 | 2000 |
|  |  | 11380 |
| **Washington — 1.8%** | **Washington — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;Central Puget Sound, Regional Transit Authority, Motor Vehicle Sales & Use Tax, Ser 2015S, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.170%, 11/01/2045 (A) | 6000 | 5961 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026  | 1525 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 510 | 537 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029  | 1595 | 1634 |
| &nbsp;&nbsp;&nbsp;Seattle, Housing Authority, Northgate Plaza Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 06/01/2026  | 1000 | 968 |
| &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 | 1004 |
| &nbsp;&nbsp;&nbsp;Washington State, Health Care Facilities Authority, Commonspirit Health, Ser B-, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (A) | 2000 | 2003 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Short Duration Municipal Fund** (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Emerald Heights Project, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  | $| 350 | $350 |
|  |  |  | 14014 |
| **West Virginia — 1.7%** | **West Virginia — 1.7%** | **West Virginia — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;West Virginia State, Economic Development Authority, Appalachian Power Company Amos Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2042 (A) |  | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 03/01/2040 (A) |  | 1000 | 993 |
| &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 | 2343 |
|  |  |  | 13336 |
| **Wisconsin — 3.7%** | **Wisconsin — 3.7%** | **Wisconsin — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;Clayton, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2026  |  | 1155 | 1131 |
| &nbsp;&nbsp;&nbsp;Dane County, Airport Project, AMT, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026  |  | 2120 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027  |  | 2230 | 2294 |
| &nbsp;&nbsp;&nbsp;Fort Atkinson, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2027  |  | 340 | 346 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser B3, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2028  |  | 1115 | 1115 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser N3, GO, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029  |  | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser N-4, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029  |  | 885 | 937 |
| &nbsp;&nbsp;&nbsp;PMA Levy & Aid Anticipation Notes Program, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/24/2025  |  | 1500 | 1508 |
| &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 | 80 |
| &nbsp;&nbsp;&nbsp;Watertown, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2025  |  | 1225 | 1225 |
| &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 | 1015 |
| &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 (D) |  | 4500 | 4563 |
| &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 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1302 |
| &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 | 1285 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Housing & Economic Development Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 09/01/2025  |  | 1245 | 1233 |
| &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) |  | 3500 | 3521 |
| &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 | 990 |
| &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 | 2917 |
|  |  |  | 28989 |
| **Wyoming — 0.3%** | **Wyoming — 0.3%** | **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 $786,213) ($ Thousands) |  |  | 782018 |
| Total Investments in Securities — 99.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $786,213) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $786,213) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $786,213) ($ Thousands)  | $782018 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $788,977 ($ Thousands). |
| (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) | Pre-Refunded Securities — The maturity date shown is the pre-refunded date. |
| (C) | Zero coupon security.  |
| (D) | Security 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 May 31, 2025, the value of these securities amounted to $16,410 ($ Thousands), representing 2.1% of the Net Assets of the Fund. |
| (E) | Securities are held in connection with a letter of credit issued by a major bank. |
| (F) | Security is escrowed to maturity. |

---

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**California Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 99.5%** | **MUNICIPAL BONDS — 99.5%** | **MUNICIPAL BONDS — 99.5%** |
| **California — 98.9%** | **California — 98.9%** |  |
| &nbsp;&nbsp;&nbsp;ABAG, Finance Authority for Nonprofit, Windemere Ranch Infrastructure Project, Ser A, Special Tax, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/02/2025  | $990 | $995 |
| &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 | 1036 |
| &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 | 1039 |
| &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 | 1105 |
| &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 | 2262 |
| &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 | 4501 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2054 (A) | 4000 | 4196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (A) | 4500 | 4764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2055 (A) | 2000 | 2083 |
| &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 | 4941 |
| &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) | 2000 | 2098 |
| &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 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030  | 425 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031  | 470 | 523 |
| &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 | 2360 |
| &nbsp;&nbsp;&nbsp;California State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031  | 3985 | 4142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031  | 4500 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032  | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035  | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  | 5000 | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2034  | 4000 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2035  | 2500 | 2476 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;California State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 2239 |
| &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 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037  | 3180 | 3286 |
| &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 | 1104 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, City of Hope Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027  | 1200 | 1201 |
| &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 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036  | 1000 | 1087 |
| &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 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036  | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2037  | 750 | 824 |
| &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 | 4305 |
| &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 | 1543 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, Stanford Health Care, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2054 (A) | 2000 | 1994 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser 2, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/2033  | 865 | 859 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/2035  | 1363 | 1369 |
| &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  | 3000 | 3307 |
| &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 | 2997 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**California Municipal Bond 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, 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 | $912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037  | 465 | 489 |
| &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 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032  | 850 | 919 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Eisenhower Medical Center, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 1170 | 1203 |
| &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 | 455 |
| &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 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035  | 1340 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036  | 1410 | 1480 |
| &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 | 1266 |
| &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 | 565 |
| &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 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2030  | 900 | 969 |
| &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 | 1982 |
| &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 | 2093 |
| &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 | 508 |
| &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 | 1764 |
| &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 | 830 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $2193 |
| &nbsp;&nbsp;&nbsp;California State, Public Works Board, Various Capital Projects, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (B) | 120 | 126 |
| &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) | 1700 | 1656 |
| &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 | 1388 |
| &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 | 4305 |
| &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 | 899 |
| &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 | 2866 |
| &nbsp;&nbsp;&nbsp;California State, Various Purpose, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  | 5000 | 5434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030  | 1230 | 1331 |
| &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 | 1236 |
| &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  | 1335 | 1252 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 (D) | 1365 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (D) | 1500 | 1531 |
| &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 | 2418 |
| &nbsp;&nbsp;&nbsp;Indio, Electric Financing Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033  | 130 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  | 175 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  | 135 | 149 |
| &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 | 509 |
| &nbsp;&nbsp;&nbsp;Long Beach, Bond Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035  | 500 | 565 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**California Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Los Angeles County, Metropolitan Transportation Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030  | $545 | $603 |
| &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 | 2248 |
| &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 | 1582 |
| &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 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029  | 3000 | 3157 |
| &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 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | 545 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035  | 1210 | 1288 |
| &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 | 6722 |
| &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 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035  | 500 | 561 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, Ser A, COP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  | 3000 | 3332 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 3440 | 3730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 5000 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | 2230 | 2533 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, Ser B1, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 1000 | 1052 |
| &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 | 2223 |
| &nbsp;&nbsp;&nbsp;Modesto, Irrigation District, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034  | 700 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  | 900 | 995 |
| &nbsp;&nbsp;&nbsp;Mount Diablo Unified School District, Ser C, GO  |  |  |
| &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%, 08/01/2037  | 285 | 319 |
| &nbsp;&nbsp;&nbsp;Northern California, Tobacco Securitization Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049  | 585 | 542 |
| &nbsp;&nbsp;&nbsp;Ontario Public Financing Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037  | 1000 | 1098 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1100 |
| &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 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037  | 2000 | 2254 |
| &nbsp;&nbsp;&nbsp;Riverside County, Public Financing Authority, TA, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035  | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  | 650 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037  | 700 | 768 |
| &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 | 3375 |
| &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 | 2180 |
| &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 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 1000 | 1026 |
| &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 | 1040 |
| &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 | 2520 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County, Airport Commission, San Francisco International Airport, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032  | 2500 | 2759 |
| &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 | 1574 |
| &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 | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2033  | 1685 | 1902 |
| &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 | 2236 |
| &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 | 771 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**California Municipal Bond Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;San Jose, Norman Y Mineta San Jose International Airport SJC, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029  | $| 500 | $538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030  |  | 700 | 765 |
| &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 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033  |  | 2580 | 2461 |
| &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 | 1452 |
| &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 | 426 |
| &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 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032  |  | 600 | 673 |
| &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 | 1025 |
| &nbsp;&nbsp;&nbsp;Tulare, Local Health Care District, GO, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027  |  | 585 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028  |  | 435 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029  |  | 735 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030  |  | 1320 | 1362 |
| &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 | 529 |
| &nbsp;&nbsp;&nbsp;University of California, Ser BV, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2036  |  | 3000 | 3324 |
| &nbsp;&nbsp;&nbsp;University of California, Ser BZ, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2038  |  | 2000 | 2194 |
| &nbsp;&nbsp;&nbsp;Vernon, Electric System Revenue, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027  |  | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028  |  | 2000 | 2082 |
| &nbsp;&nbsp;&nbsp;Vista Joint Powers Financing Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026  |  | 650 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027  |  | 600 | 625 |
| &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 | 2206 |
|  |  |  | 232707 |
| **Guam — 0.6%** | **Guam — 0.6%** | **Guam — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority, Water Revenue, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035  |  | 1375 | 1429 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $246,032) ($ Thousands) |  |  | 234136 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **CASH EQUIVALENT — 0.3%** | **CASH EQUIVALENT — 0.3%** | **CASH EQUIVALENT — 0.3%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%\*\*<sup>†</sup> | 681054 | $681 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $681) ($ Thousands) |  | 681 |
| Total Investments in Securities — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $246,713) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $246,713) ($ Thousands)  | $234817 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $235,367 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 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) | Pre-Refunded Securities — The maturity date shown is the pre-refunded date. |
| (C) | Security 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 May 31, 2025, the value of these securities amounted to $1,656 ($ Thousands), representing 0.7% of the Net Assets of the Fund. |
| (D) | Security is escrowed to maturity. |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**California Municipal Bond Fund** (Concluded)

The following is a summary of the transactions with affiliates for the period ended May 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**8/31/2024** | **Purchases** <br>**at Cost**  | **Proceeds** <br>**from Sales**  | **Realized Gain/** <br>**(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** | **Value** <br>**5/31/2025** | **Income**  | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, <br> Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;5151 | $&nbsp;&nbsp;&nbsp;&nbsp;72516 | $&nbsp;&nbsp;&nbsp;&nbsp;(76986) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;681 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Massachusetts Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.6%** | **MUNICIPAL BONDS — 98.6%** | **MUNICIPAL BONDS — 98.6%** |
| **Guam — 0.7%** | **Guam — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | $400 | $412 |
| **Massachusetts — 97.9%** | **Massachusetts — 97.9%** |  |
| &nbsp;&nbsp;&nbsp;Boston, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031  | 1500 | 1578 |
| &nbsp;&nbsp;&nbsp;Hingham, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030  | 340 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2031  | 320 | 329 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2030  | 500 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2031  | 750 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 400 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | 1500 | 1709 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority, Sub-Ser A-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 1000 | 1114 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Clean Water Trust, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030  | 1315 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2032  | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033  | 1000 | 1130 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Clean Water Trust, Ser 23B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029  | 800 | 862 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Department of Transportation, Metropolitan Highway System, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029  | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Amherst College, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2055 (A) | 1000 | 1126 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Babson College, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033  | 1115 | 1231 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Bentley University, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 585 | 615 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Boston College, Ser W, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 500 | 555 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Boston Medical Center, Ser E, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Brandeis University, Ser S, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  | 1000 | 1067 |

---

---

| | | |
|:---|:---|:---|
| 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, CareGroup, Ser I, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | $500 | $509 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Children's Hospital, Ser T, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034  | 3000 | 3342 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Dana-Farber Cancer Institute, Ser O, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026  | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Emerson College, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2038  | 610 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037  | 600 | 634 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Harvard University, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2036  | 1250 | 1260 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Lasell Village, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Mass General Brigham, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2050 (A) | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Mass General Brigham, Ser D, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  | 400 | 438 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Milton Academy, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028  | 300 | 316 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Northeastern University, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  | 350 | 386 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Olin College, Ser F, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035  | 650 | 707 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Healthcare System, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  | 1500 | 1556 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, South Shore Hospital, Ser I, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Trustees of Deerfield Academy, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032  | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, UMass Memorial Health Care, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035  | 1000 | 1084 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Massachusetts Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| 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, Worcester Polytechnic Institute, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  | $210 | $224 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 850 | 880 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, Ser A, AMT, RB  |  |  |
| &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;5.000%, 07/01/2030  | 375 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Municipal Wholesale Electric, Cotton Solar Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  | 380 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035  | 250 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | 275 | 301 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Municipal Wholesale Electric, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 410 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032  | 440 | 484 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, BosFuel Project, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 840 | 885 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 1250 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 500 | 529 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Port Authority, Ser C, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, RB, NATL  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2034  | 350 | 391 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  | 310 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2035  | 565 | 636 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser B, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028  | 1500 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036  | 750 | 835 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033  | 2500 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034  | 210 | 232 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser E, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030  | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031  | 345 | 377 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Transportation Fund Revenue, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037  | 1000 | 1103 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Water Resources Authority, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037  | $| 510 | $565 |
| &nbsp;&nbsp;&nbsp;Tri-County, Regional Vocational Technical School District, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038  |  | 775 | 845 |
| &nbsp;&nbsp;&nbsp;University of Massachusetts, Building Authority, Ser 2019-1, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032  |  | 600 | 639 |
| &nbsp;&nbsp;&nbsp;Woods Hole, Marthas Vineyard & Nantucket, Steamship Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029  |  | 1150 | 1244 |
| &nbsp;&nbsp;&nbsp;Worcester, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030  |  | 285 | 292 |
|  |  |  | 59022 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,865) ($ Thousands) |  |  | 59434 |
|  | <br> Shares | <br> Shares |  |
| **CASH EQUIVALENT — 0.2%** | **CASH EQUIVALENT — 0.2%** | **CASH EQUIVALENT — 0.2%** | **CASH EQUIVALENT — 0.2%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%\*\*<sup>†</sup> |  | 118501 | 119 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $119) ($ Thousands) |  |  | 119 |
| Total Investments in Securities — 98.8% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,984) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $61,984) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $61,984) ($ Thousands)  | $59553 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $60,283 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 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. |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Massachusetts Municipal Bond Fund** (Concluded)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): |
| **Security Description** | **Value <br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value <br> 5/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund,<br> Institutional Class  | $43 | $14426 | $(14350) | $— | $— | $119 | $30 | $— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**New Jersey Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 97.4%** | **MUNICIPAL BONDS — 97.4%** | **MUNICIPAL BONDS — 97.4%** |
| **Delaware — 3.1%** | **Delaware — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;Delaware State, River & Bay Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029  | $1000 | $1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030  | 180 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031  | 115 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032  | 225 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033  | 225 | 248 |
| &nbsp;&nbsp;&nbsp;Delaware State, River & Bay Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  | 450 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  | 340 | 376 |
|  |  | 2769 |
| **Guam — 0.7%** | **Guam — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | 625 | 654 |
| **New Jersey — 84.5%** | **New Jersey — 84.5%** |  |
| &nbsp;&nbsp;&nbsp;Bergen County, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2029  | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;Casino Reinvestment Development Authority, Ser A, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035  | 1600 | 1754 |
| &nbsp;&nbsp;&nbsp;Casino Reinvestment Development Authority, Ser B, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035  | 500 | 548 |
| &nbsp;&nbsp;&nbsp;Edison, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2033  | 1635 | 1533 |
| &nbsp;&nbsp;&nbsp;Gloucester County, Improvement Authority, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | 700 | 751 |
| &nbsp;&nbsp;&nbsp;Gloucester County, Improvement Authority, Rowan University Fossil Park, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 375 | 407 |
| &nbsp;&nbsp;&nbsp;Gloucester County, Improvement Authority, Rowan University Project, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Jersey City, Redevelopment Agency, RB, MUN GOVT GTD  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2031  | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;Monmouth County, Improvement Authority, Governmental Pooled Loans, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031  | 365 | 405 |
| &nbsp;&nbsp;&nbsp;New Jersey State, COVID-19 Emergency Bonds, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031  | 2000 | 2099 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, New Jersey Natural Gas, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 04/01/2059 (A) | 2000 | 1979 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Portal North Bridge Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033  | 650 | 704 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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  | $1000 | $1033 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Ser A, RB, BAM  |  |  |
| &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;5.000%, 06/15/2035  | 1030 | 1113 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035  | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Montclair State University, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 2260 | 2300 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ramapo College Project, Ser A, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  | 350 | 385 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  | 1360 | 1440 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Ser A1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2037  | 2000 | 2189 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Stevens Institute of Technology, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 880 | 910 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Stockton University Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, William Patterson University Project, Ser C, RB  |  |  |
| &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;5.000%, 07/01/2026  | 735 | 751 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, AtlantiCare Health System, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 725 | 792 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Hackensack Meridian Health Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 1000 | 1020 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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%, 07/01/2031  | $1080 | $1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037  | 820 | 833 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Inspiria Health Obligated Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035  | 350 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | 525 | 574 |
| &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;5.000%, 07/01/2032  | 1225 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | 1205 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2045 (A) | 1500 | 1525 |
| &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%, 07/01/2030  | 1250 | 1335 |
| &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%, 12/01/2033  | 2400 | 2512 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser A, RB  |  |  |
| &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;5.000%, 12/01/2030  | 700 | 737 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Housing & Mortgage Finance Agency, Ser H, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029  | 485 | 514 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Institute of Technology, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 270 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  | 260 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 375 | 397 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2032  | 1375 | 1530 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2034  | 1055 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2035  | 2585 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2036  | 1515 | 1478 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser AA, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2037  | 500 | 530 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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  | $| 1500 | $1648 |
| &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  |  | 2500 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036  |  | 940 | 995 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028  |  | 1430 | 1474 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028  |  | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  |  | 1500 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036  |  | 750 | 835 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser D, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028  |  | 800 | 822 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser E, RB  |  |  |  |
| &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;4.000%, 01/01/2035  |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Passaic County, Improvement Authority, Paterson Project, RB, ST AID WITHHLDG  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027  |  | 545 | 547 |
| &nbsp;&nbsp;&nbsp;Rutgers State University, Ser N, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028  |  | 500 | 530 |
| &nbsp;&nbsp;&nbsp;Somerset County, Ser A&B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2030  |  | 540 | 534 |
| &nbsp;&nbsp;&nbsp;South Jersey, Transportation Authority, Ser A, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032  |  | 1250 | 1322 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032  |  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034  |  | 3000 | 3052 |
| &nbsp;&nbsp;&nbsp;Union County, Improvement Authority, RB, CNTY-GTD  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2036  |  | 400 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2037  |  | 550 | 614 |
|  |  |  | 76558 |
| **New York — 7.9%** | **New York — 7.9%** | **New York — 7.9%** |  |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032  |  | 2415 | 2517 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 223, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033  |  | 2165 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2036  |  | 1325 | 1317 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 231ST, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037  | $| 1000 | $1033 |
|  |  |  | 7161 |
| **Pennsylvania — 1.2%** | **Pennsylvania — 1.2%** | **Pennsylvania — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  |  | 1000 | 1044 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $91,841) ($ Thousands) |  |  | 88186 |
|  | <br> Shares | <br> Shares |  |
| **CASH EQUIVALENT — 0.3%** | **CASH EQUIVALENT — 0.3%** | **CASH EQUIVALENT — 0.3%** | **CASH EQUIVALENT — 0.3%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%\*\*<sup>†</sup> |  | 293070 | 293 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293) ($ Thousands) |  |  | 293 |
| Total Investments in Securities — 97.7% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $92,134) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $92,134) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $92,134) ($ Thousands)  | $88479 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $90,579 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 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. |

---

The following is a summary of the transactions with affiliates for the period ended May 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**8/31/2024** | **Purchases** <br>**at Cost**  | **Proceeds** <br>**from Sales**  | **Realized Gain/** <br>**(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** | **Value** <br>**5/31/2025** | **Income**  | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, <br> Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;2256 | $&nbsp;&nbsp;&nbsp;&nbsp;31195 | $&nbsp;&nbsp;&nbsp;&nbsp;(33158) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;293 | $&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**New York Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** | **MUNICIPAL BONDS — 99.1%** |
| **Guam — 0.7%** | **Guam — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | $725 | $759 |
| **New York — 98.4%** | **New York — 98.4%** |  |
| &nbsp;&nbsp;&nbsp;Broome County, Local Development, United Health Services Hospitals, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030  | 900 | 960 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Kipp Public School, Canal West Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034  | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Manhattan College Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026  | 350 | 355 |
| &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;5.000%, 09/01/2035  | 900 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036  | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037  | 1475 | 1553 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, The Chapin School Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026  | 500 | 515 |
| &nbsp;&nbsp;&nbsp;Genesee County, Funding, Rochester Regional Health Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  | 650 | 695 |
| &nbsp;&nbsp;&nbsp;Hempstead, Local Development, Hofstra University Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 800 | 814 |
| &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034  | 1970 | 2185 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027  | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 09/01/2025  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027  | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030  | 1500 | 1531 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2037  | 1895 | 2033 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031  | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028  | 2000 | 2115 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser C-1-B, RB, BAM-TCRS  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031  | 1750 | 1833 |
| &nbsp;&nbsp;&nbsp;Monroe County, Industrial Development Authority, St. John Fisher University Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033  | 750 | 817 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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%, 07/01/2034  | $2000 | $2251 |
| &nbsp;&nbsp;&nbsp;Nassau County, Interim Finance Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2032  | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030  | 4100 | 4311 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 231ST, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033  | 1500 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037  | 1765 | 1823 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB, FHA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600%, 05/01/2061 (A) | 445 | 444 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028  | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029  | 1750 | 1862 |
| &nbsp;&nbsp;&nbsp;New York City, Ser 1, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028  | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;New York City, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032  | 1345 | 1455 |
| &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029  | 1895 | 2018 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Building Aid Revenue, Sub-Ser S-3, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032  | 2450 | 2562 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser C-S, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038  | 1500 | 1629 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser D, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032  | 1500 | 1667 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2037  | 2280 | 2489 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031  | 1750 | 1944 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Icahn School of Medicine at Mount Sanai Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Memorial Sloan-Kettering Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  | 1095 | 1182 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**New York Municipal Bond 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, Dormitory Authority, Northwell Healthcare Inc Obligated Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034  | $1000 | $1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037  | 1250 | 1215 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Presbyterian Hospital Obligated Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035  | 2000 | 2243 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032  | 1500 | 1665 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Rochester Institute of Technology, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033  | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, RB, AGM  |  |  |
| &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  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  | 2500 | 2599 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030  | 1200 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036  | 2000 | 2159 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Ser A-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2035  | 2000 | 2216 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, St. Johns University Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 1500 | 1559 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, St. Johns University Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030  | 830 | 860 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, The New School, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035  | 1365 | 1500 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, White Plains Hospital Obligated Group, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038  | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;New York State, Energy Research & Development Authority, Pollution Control, Ser C-REMK, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034  | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2035  | 1500 | 1673 |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 189, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 10/01/2025  | 2500 | 2498 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 2, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029  | $1700 | $1772 |
| &nbsp;&nbsp;&nbsp;New York State, Power Authority, Green Transmission Project, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035  | 1370 | 1525 |
| &nbsp;&nbsp;&nbsp;New York State, Ser C, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2035  | 1000 | 1117 |
| &nbsp;&nbsp;&nbsp;New York State, Thruway Authority, Ser L, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034  | 1860 | 1926 |
| &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%, 12/01/2032  | 1055 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033  | 1560 | 1638 |
| &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  | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030  | 1000 | 1075 |
| &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%, 07/01/2030  | 1275 | 1275 |
| &nbsp;&nbsp;&nbsp;New York State, Urban Development, Ser E, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032  | 615 | 660 |
| &nbsp;&nbsp;&nbsp;Suffolk, Tobacco Asset Securitization, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035  | 2345 | 2305 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033  | 1000 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2035  | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037  | 3000 | 3298 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Ser A-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2036  | 1300 | 1454 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028  | 4335 | 4576 |
| &nbsp;&nbsp;&nbsp;TSASC, Tobacco Settlement Bonds, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025  | 750 | 750 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Westchester County, Local Development, Miriam Osborn Memorial Home Association Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  | $| 260 | $260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026  |  | 300 | 304 |
|  |  |  | 107810 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,742) ($ Thousands) |  |  | 108569 |
|  | <br> Shares | <br> Shares |  |
| **CASH EQUIVALENT — 0.0%** | **CASH EQUIVALENT — 0.0%** | **CASH EQUIVALENT — 0.0%** | **CASH EQUIVALENT — 0.0%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%\*\*<sup>†</sup> |  | 38211 | 38 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $38) ($ Thousands) |  |  | 38 |
| Total Investments in Securities — 99.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,780) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $111,780) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $111,780) ($ Thousands)  | $108607 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $109,582 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 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 is escrowed to maturity. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): |
| **Security Description** | **Value <br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value <br> 5/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund,<br> Institutional Class  | $1771 | $45733 | $(47466) | $— | $— | $38 | $82 | $— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Pennsylvania Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** |
| **Guam — 0.7%** | **Guam — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036  | $900 | $928 |
| **Pennsylvania — 97.6%** | **Pennsylvania — 97.6%** |  |
| &nbsp;&nbsp;&nbsp;Adams County, General Authority, The Brethren Home Community, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034  | 2615 | 2717 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Airport Authority, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031  | 1325 | 1408 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Higher Education Building Authority, Carnegie Mellon University, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030  | 500 | 544 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, Allegheny Health Network, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028  | 2500 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036  | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, UPMC, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2030  | 305 | 322 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Port Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029  | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;Allentown, City School District, Ser B, GO, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029  | 1750 | 1831 |
| &nbsp;&nbsp;&nbsp;Chester County, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2029  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2030  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;Chester County, Health & Education Facilities Authority, Main Line Health Systems, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029  | 375 | 402 |
| &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Tobacco Master Settlement, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028  | 2500 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029  | 500 | 521 |
| &nbsp;&nbsp;&nbsp;Cumberland County, Municipal Authority, Penn State Health, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029  | 780 | 831 |
| &nbsp;&nbsp;&nbsp;Delaware County, AD Valorem Property Tax, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2034  | 230 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036  | 255 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037  | 345 | 374 |
| &nbsp;&nbsp;&nbsp;Delaware County, Cabrini University Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (A) | 500 | 518 |
| &nbsp;&nbsp;&nbsp;Delaware County, Cabrini University Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (B) | 500 | 518 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | $1015 | $1055 |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 1300 | 1357 |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028  | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035  | 1345 | 1368 |
| &nbsp;&nbsp;&nbsp;East Hempfield, Industrial Development Authority, Willow Valley Communities Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025  | 645 | 646 |
| &nbsp;&nbsp;&nbsp;Geisinger, Health System Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2043 (C) | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Masonic Villages of Grand Lodge Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028  | 1360 | 1408 |
| &nbsp;&nbsp;&nbsp;Lancaster, Higher Education Authority, Harrisburg Area Community College Project, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030  | 400 | 406 |
| &nbsp;&nbsp;&nbsp;Lehigh County, General Purpose Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031  | 1225 | 1210 |
| &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 (C) | 1700 | 1503 |
| &nbsp;&nbsp;&nbsp;Lycoming County, College Revenue Authority, Pennsylvania College of Technology Project, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030  | 900 | 957 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028  | 1500 | 1585 |
| &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  | 750 | 755 |
| &nbsp;&nbsp;&nbsp;Mount Lebanon, Hospital Authority, St. Clair Memorial Hospital Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 400 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 350 | 369 |
| &nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037  | 1000 | 1065 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Pennsylvania Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034  | $1000 | $1132 |
| &nbsp;&nbsp;&nbsp;Octorara Area, School District, GO, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2029  | 900 | 927 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State University, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035  | 850 | 939 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Junior Insured, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027  | 1100 | 1130 |
| &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  | 1500 | 1579 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033  | 1250 | 1231 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2026  | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2031  | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2029  | 750 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2030  | 925 | 991 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2038  | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Villanova University Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035  | 750 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036  | 725 | 800 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030  | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032  | 2590 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033  | 2310 | 2599 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2035  | 3500 | 3506 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033  | 1875 | 1968 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032  | 3000 | 3164 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Drexel University, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027  | 1150 | 1177 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (B) | 265 | 274 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 (A) | $70 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035  | 2000 | 2268 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Ser AT-1, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 (A) | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Ser AX, RB, AGM  |  |  |
| &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;5.250%, 11/01/2037  | 1500 | 1621 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, University of Pennsylvania Health System, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027  | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 133, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  | 500 | 533 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 2022, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2052  | 1745 | 1753 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Public School Building Authority, Lehigh Career & Technical Institute Project, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027  | 1135 | 1142 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Ser A, COP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 500 | 521 |
| &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;5.000%, 12/01/2030  | 1875 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031  | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  | 2000 | 2211 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  | 1550 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033  | 375 | 418 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032  | 500 | 553 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031  | 1165 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033  | 895 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034  | 1000 | 1109 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue Authority, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029  | 1590 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031  | 1100 | 1176 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Pennsylvania Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue Authority, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026  | $1000 | $1001 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works Revenue Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027  | 1705 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works Revenue Authority, Ser A, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031  | 1000 | 1088 |
| &nbsp;&nbsp;&nbsp;Philadelphia, GO, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027  | 750 | 779 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, National Board of Medical Examiners Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028  | 1005 | 1023 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029  | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027  | 400 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035  | 5325 | 5269 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO, ST AID WITHHLDG  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027  | 2850 | 2962 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026  | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027  | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028  | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031  | 1000 | 1091 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032  | 1250 | 1354 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027  | 725 | 759 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026  | 475 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027  | 1800 | 1884 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031  | 2250 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034  | 800 | 878 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035  | 2500 | 2817 |
| &nbsp;&nbsp;&nbsp;Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, RB, BAM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027  | 1000 | 1047 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, Ser A, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033  | $| 1000 | $1088 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser A, RB, AGC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036  |  | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037  |  | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038  |  | 400 | 432 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser A, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026  |  | 1500 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029  |  | 750 | 811 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser B, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029  |  | 450 | 487 |
| &nbsp;&nbsp;&nbsp;Quaker Valley, School District, GO, ST AID WITHHLDG  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030  |  | 250 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031  |  | 325 | 354 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, Asset Improvement Program, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032  |  | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033  |  | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028  |  | 725 | 759 |
| &nbsp;&nbsp;&nbsp;University of Pittsburgh, Commonwealth System of Higher Education, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034  |  | 2000 | 2244 |
|  |  |  | 134676 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $140,162) ($ Thousands) |  |  | 135604 |
|  | <br> Shares | <br> Shares |  |
| **CASH EQUIVALENT — 0.5%** | **CASH EQUIVALENT — 0.5%** | **CASH EQUIVALENT — 0.5%** | **CASH EQUIVALENT — 0.5%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%\*\*<sup>†</sup> |  | 721821 | 722 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $722) ($ Thousands) |  |  | 722 |
| Total Investments in Securities — 98.8% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $140,884) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $140,884) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $140,884) ($ Thousands)  | $136326 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Pennsylvania Municipal Bond Fund** (Concluded)

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $137,964 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 2025. |
| <sup>†</sup> | Investment in Affiliated Security. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(A) Security is escrowed to maturity.

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

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

The following is a summary of the transactions with affiliates for the period ended May 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**8/31/2024** | **Purchases** <br>**at Cost**  | **Proceeds** <br>**from Sales**  | **Realized Gain/** <br>**(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** | **Value** <br>**5/31/2025** | **Income**  | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, <br> Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;451 | $&nbsp;&nbsp;&nbsp;&nbsp;34427 | $&nbsp;&nbsp;&nbsp;&nbsp;(34156) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;722 | $&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Tax-Advantaged Income Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS — 73.0%** | **MUNICIPAL BONDS — 73.0%** | **MUNICIPAL BONDS — 73.0%** |
| **Alabama — 1.6%** | **Alabama — 1.6%** |  |
| &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;5.750%, 06/01/2045  | $800 | $702 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2054 (A) | 3100 | 3294 |
| &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) | 3000 | 3122 |
| &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) | 2100 | 2198 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.315%, 07/01/2052 (A) | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;Central Etowah County, Solid Waste Disposal Authority, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 103  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2025 (B)(C) | 795 | 821 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2046  | 1500 | 1527 |
| &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) | 1000 | 1083 |
|  |  | 13756 |
| **Alaska — 0.4%** | **Alaska — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Alaska State, Industrial Development & Export Authority, Boys & Girls Home Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2036 (D) | 200 | 6 |
| &nbsp;&nbsp;&nbsp;Anchorage, Solid Waste Services Revenue, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2062  | 3480 | 3560 |
|  |  | 3566 |
| **Arizona — 1.0%** | **Arizona — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Basis Schools Projects, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2050 (C) | 1090 | 1062 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Great Lakes Senior Living Community, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 01/01/2059  | 5428 | 4830 |
| &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 (C)(D) | 3000 | 90 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Master Academy Mountain Vista Campus Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2038 (C) | 1510 | 1516 |
| &nbsp;&nbsp;&nbsp;La Paz County, Industrial Development Authority, Charter School Solutions-Harmony Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028  | 245 | 248 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Paideia Academics Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2049  | $| 1050 | $930 |
| &nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Tucson Country Day School Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037  |  | 235 | 206 |
|  |  |  | 8882 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Arkansas State, Development Finance Authority, United States Steel Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 09/01/2052  |  | 785 | 780 |
| **California — 8.6%** | **California — 8.6%** | **California — 8.6%** |  |
| &nbsp;&nbsp;&nbsp;Alameda Corridor, Transportation Authority, Ser A-CONV, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2037 (E)(F) |  | 2000 | 1123 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2054 (A) |  | 995 | 1058 |
| &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 | 4941 |
| &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%, 02/01/2055 (A) |  | 3100 | 3280 |
| &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;5.970%, 11/01/2053 (A)(C) |  | 2600 | 2614 |
| &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;5.700%, 06/01/2054 (A)(C) |  | 4700 | 4665 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Vose Apartments, Ser K, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2053 (A)(C) |  | 1600 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2053 (A)(C) |  | 6200 | 6223 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Sub-Ser B, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 01/01/2065 (A)(C) |  | 3500 | 3390 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Wonderful Foundations, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2035 (G) |  | 930 | 523 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Tax-Advantaged Income 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, Municipal Finance Authority, Ascent 613 Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 (C) | $1305 | $1252 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, California Baptist University Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 (C) | 1000 | 927 |
| &nbsp;&nbsp;&nbsp;California State, Pollution Control Financing Authority, Calplant I Project, Sub-Ser, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2039 (C)(D) | 3432 |  |
| &nbsp;&nbsp;&nbsp;California State, Pollution Control Financing Authority, Rialto Bioenergy Facility Project, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2040 (C)(D) | 666 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 12/01/2028 (C)(D) | 1932 | 5 |
| &nbsp;&nbsp;&nbsp;California State, Pollution Control Financing Authority, San Jose Water Project, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/01/2046  | 1500 | 1349 |
| &nbsp;&nbsp;&nbsp;California State, Public Finance Authority, Enso Village Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2046 (C) | 500 | 453 |
| &nbsp;&nbsp;&nbsp;California State, School Finance Authority, Downtown Prep-Obligated Group, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046 (C)(D) | 1000 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2051 (C)(D) | 1000 | 600 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Arbor Square Apartments, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2059 (A) | 1965 | 1676 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Loma Linda University Medical Center Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2056 (C) | 2150 | 2083 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Southern California Edison Company, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2033  | 2200 | 2235 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Financing Authority, Tobacco Settlement, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2037  | 3765 | 3844 |
| &nbsp;&nbsp;&nbsp;CMFA, Special Finance Agency, Solana at Grand, Ser A-2-JUNIOR, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2045 (C) | 1095 | 926 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, 1818 Platinum Triange-Anaheim, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2057 (C) | 500 | 346 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Dublin, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2057 (C) | 1000 | 722 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Pasadena Portfolio, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2056 (C) | $| 500 | $359 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Towne-Glendale, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 (C) |  | 2200 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2032 (C)(E)(F) |  | 7800 | 4734 |
| &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 (G) |  | 23600 | 2532 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/2050  |  | 1215 | 1095 |
| &nbsp;&nbsp;&nbsp;Morongo, Band of Mission Indians, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 (C) |  | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;M-S-R, Energy Authority, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2039  |  | 5885 | 6939 |
| &nbsp;&nbsp;&nbsp;Northern California, Tobacco Securitization Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2060 (G) |  | 15040 | 2306 |
| &nbsp;&nbsp;&nbsp;Poway, School Facilities Improvement Authority, Unified School District Capital Appreciation Project, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2038 (G) |  | 5410 | 3114 |
| &nbsp;&nbsp;&nbsp;Southern California, Tobacco Securitization Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2054 (G) |  | 5700 | 1145 |
| &nbsp;&nbsp;&nbsp;Windsor, Unified School District, Election 2008, Ser D, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (G) |  | 1800 | 1199 |
|  |  |  | 72924 |
| **Colorado — 2.0%** | **Colorado — 2.0%** | **Colorado — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Aurora, Harvest Crossing Metropolitan District No. 4, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 12/01/2052  |  | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;Aviation Station North, Metropolitan District No. 2, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039  |  | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2048  |  | 500 | 459 |
| &nbsp;&nbsp;&nbsp;Broadway Station, Metropolitan District No. 3, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2049  |  | 500 | 370 |
| &nbsp;&nbsp;&nbsp;Colorado International Center, Metropolitan District No. 7, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2027 (E)(F) |  | 2000 | 1449 |
| &nbsp;&nbsp;&nbsp;Colorado State, Educational & Cultural Facilities Authority, New Summit Charter Acadamy Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2061 (C) |  | 600 | 407 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A-, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2044  |  | 2000 | 1734 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Covenant Living Communities and Services, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035  | $| 1000 | $1075 |
| &nbsp;&nbsp;&nbsp;Colorado State, Housing & Finance Authority, The Irving at Mile High Vista Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2028 (A)(C) |  | 2140 | 2155 |
| &nbsp;&nbsp;&nbsp;Colorado State, Public Energy Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/15/2028  |  | 540 | 564 |
| &nbsp;&nbsp;&nbsp;Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2048  |  | 1144 | 1147 |
| &nbsp;&nbsp;&nbsp;Dominion, Water & Sanitation District, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 12/01/2052  |  | 4000 | 4002 |
| &nbsp;&nbsp;&nbsp;Pinery, Commercial Metropolitan District No. 2, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2054  |  | 500 | 480 |
| &nbsp;&nbsp;&nbsp;Prairie Center, Metropolitan District No. 3, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2041 (C) |  | 875 | 841 |
| &nbsp;&nbsp;&nbsp;Pronghorn Valley, Metropolitan District, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2051  |  | 250 | 194 |
| &nbsp;&nbsp;&nbsp;Village at Dry Creek, Metropolitan District No. 2, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2044  |  | 313 | 285 |
|  |  |  | 17154 |
| **Connecticut — 0.2%** | **Connecticut — 0.2%** | **Connecticut — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Connecticut State, Health & Educational Facilities Authority, Church Home of Hartford Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2053 (C) |  | 1500 | 1330 |
| **Delaware — 1.4%** | **Delaware — 1.4%** | **Delaware — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;Affordable Housing Opportunities Trust, Northwest One, Ser AH-07-CL, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.120%, 10/01/2038 (C) |  | 1905 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.167%, 10/01/2038 (A)(C) |  | 10780 | 8809 |
| &nbsp;&nbsp;&nbsp;Delaware State, Economic Development Authority, Acts-Retirement Life Communities, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2053  |  | 1000 | 1006 |
|  |  |  | 11570 |
| **District of Columbia — 0.4%** | **District of Columbia — 0.4%** | **District of Columbia — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Income Tax Revenue, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2050  |  | 3500 | 3580 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Florida — 2.2%** | **Florida — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;Atlantic Beach, Health Care, Fleet Landing Project, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2043  | $1325 | $1325 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, First Mortgage, Tapestry Walden Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 07/01/2037 (C)(D) | 1585 | 21 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, H-Bay Ministries, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (D) | 750 | 13 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, Renaissance Charter School Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2049 (C) | 1000 | 876 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, Wonderful Foundations Charter, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2055 (C) | 3500 | 3005 |
| &nbsp;&nbsp;&nbsp;Charlotte County, Industrial Development Authority, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2051 (C) | 500 | 391 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB, AG  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044  | 2500 | 2446 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Global Reach Charter Acadamy Projects, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/2056 (C) | 765 | 486 |
| &nbsp;&nbsp;&nbsp;Florida State, Higher Educational Facilities Financial Authority, Jacksonville University, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2033 (C) | 500 | 468 |
| &nbsp;&nbsp;&nbsp;Florida State, Village Community Development District No. 15, SAB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2043 (C) | 1425 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/01/2055 (C) | 1000 | 917 |
| &nbsp;&nbsp;&nbsp;Highlands County, Health Facilities Authority, Senior Living Revenue, Trousdale Foundation Properties, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2038 (D) | 321 | 4 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Seaport Department, Ser A, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2052  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;Midtown Miami, Community Development District, Parking Garage Project, Ser A, SAB  |  |  |
| &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;5.875%, 01/01/2033 (C) | 3365 | 1952 |
| &nbsp;&nbsp;&nbsp;Sarasota County, Health Facilities Authority, Sunnyside Village Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2033  | 630 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2028  | 750 | 745 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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  | $| 950 | $719 |
| &nbsp;&nbsp;&nbsp;Trout Creek, Community Development District, SAB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028  |  | 250 | 254 |
|  |  |  | 18283 |
| **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Development Authority, Gulch Enterprise Zone Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2028 (C)(E)(F) |  | 2400 | 2084 |
| &nbsp;&nbsp;&nbsp;Atlanta, Development Authority, Westside Gulch Area Project, Ser A, TA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2034 (C) |  | 300 | 298 |
| &nbsp;&nbsp;&nbsp;Augusta, Development Authority, Wellstar Health System Inc Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 04/01/2053  |  | 3500 | 3503 |
| &nbsp;&nbsp;&nbsp;Gainesville & Hall County, Development Authority, Riverside Military Academy Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2052  |  | 1620 | 972 |
| &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%, 01/01/2054 (C) |  | 1460 | 1309 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2049  |  | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2053 (A) |  | 2150 | 2229 |
| &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) |  | 3400 | 3559 |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, Plant Voltage Units 3 & 4 Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2063  |  | 5500 | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2064  |  | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056  |  | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2060  |  | 5000 | 4860 |
|  |  |  | 26897 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **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;4.625%, 07/01/2029 (C) |  | 265 | 263 |
| &nbsp;&nbsp;&nbsp;Spring Valley Community, Infrastructure District No. 1, SAB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2051 (C) |  | 1400 | 1251 |
|  |  |  | 1514 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Illinois — 3.1%** | **Illinois — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048  | $500 | $476 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, Ser C, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035  | 3000 | 3187 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission, Ser A, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2053  | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;Hillside, TA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030  | 1160 | 1164 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Acero Charter Schools, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2042 (C) | 350 | 291 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Art in Motion Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2051 (C) | 1000 | 718 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Friendship Village of Schaumburg Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 02/15/2045 (D) | 1561 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 (D) | 1561 | 13 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Presence Health Network, Ser C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2041  | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;Illinois State, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036  | 6000 | 6413 |
| &nbsp;&nbsp;&nbsp;Illinois State, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026  | 2000 | 2005 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/01/2037  | 2500 | 2509 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2043  | 2000 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026  | 2500 | 2565 |
| &nbsp;&nbsp;&nbsp;Illinois State, Toll Highway Authority, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045  | 2500 | 2524 |
|  |  | 25951 |
| **Indiana — 1.0%** | **Indiana — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Ohio Valley Electric Corp Project, Ser 2012C, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2030  | 3900 | 3763 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Polyflow Project, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2039 (C)(D) | 10200 | 1571 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/2043  | 3050 | 3164 |
|  |  | 8498 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Iowa — 1.1%** | **Iowa — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (A)(B) | $4200 | $4440 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Lifespace Communities Inc, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2049  | 1000 | 932 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Northcrest Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028  | 615 | 619 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Tamid Waterloo Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 01/01/2042 (C) | 2000 | 1707 |
| &nbsp;&nbsp;&nbsp;Iowa State, Tobacco Settlement Authority, Sub-Ser B-, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2065 (G) | 11130 | 1637 |
|  |  | 9335 |
| **Kansas — 0.5%** | **Kansas — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Colby, Citizens Medical Center Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2026  | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;Kansas State, Development Finance Authority, Village of Shalom Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2038  | 1025 | 800 |
| &nbsp;&nbsp;&nbsp;Wichita, Presbyterian Manor Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050  | 600 | 491 |
| &nbsp;&nbsp;&nbsp;Wichita, Presbyterian Manor Project, Ser I, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028  | 315 | 314 |
| &nbsp;&nbsp;&nbsp;Wyandotte County, Kansas City Unified Government, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2034 (C)(G) | 1785 | 935 |
|  |  | 4543 |
| **Kentucky — 0.2%** | **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;6.250%, 11/15/2046  | 1000 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2036  | 1700 | 1329 |
|  |  | 2022 |
| **Louisiana — 0.2%** | **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;5.650%, 11/01/2037 (C) | 700 | 725 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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;4.000%, 11/01/2044 (C) | $| 400 | $343 |
| &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;5.500%, 11/01/2039 (C) |  | 630 | 644 |
|  |  |  | 1712 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **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;5.250%, 06/30/2055  |  | 625 | 611 |
| **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2052  |  | 1500 | 1461 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser D, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2051  |  | 5000 | 5076 |
|  |  |  | 6537 |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Detroit, Ser A, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2039  |  | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2027  |  | 300 | 310 |
| &nbsp;&nbsp;&nbsp;Detroit, Ser B-1, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2044 (A)(F) |  | 5767 | 4433 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Public School Academy, Bradford Academy Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2050  |  | 310 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/2040  |  | 185 | 152 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2045 (G) |  | 5000 | 1311 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2046 (G) |  | 28500 | 3748 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser B-2-CLASS, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2065 (G) |  | 20000 | 2016 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2058 (G) |  | 125250 | 3643 |
|  |  |  | 16957 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Independence, Beacon Academy Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2026  | $320 | $317 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Charter School Lease, NorthEast College Prep Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2055  | 710 | 531 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Charter School Lease, Twin Cities International School, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (C) | 750 | 749 |
| &nbsp;&nbsp;&nbsp;St. Cloud, Stride Academy Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/2026  | 100 | 98 |
|  |  | 1695 |
| **Missouri — 0.8%** | **Missouri — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Lees Summit, Industrial Development Authority, John Knox Village Project, Ser A, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2051  | 1050 | 860 |
| &nbsp;&nbsp;&nbsp;Missouri State, Development Finance Board, Saint Louis Zoo Projects, Ser 2022, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2055  | 4005 | 4031 |
| &nbsp;&nbsp;&nbsp;St. Louis, Land Clearance for Redevelopment Authority, National Geospacial Intelligence, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/01/2046  | 2200 | 2064 |
|  |  | 6955 |
| **Montana — 0.2%** | **Montana — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Kalispel, Housing and Health Care Facilities, Immanuel Lutheran Project, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/2052  | 1500 | 1297 |
| **Nevada — 0.5%** | **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;6.950%, 02/15/2038 (C)(D) | 2703 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2037 (C) | 1765 |  |
| &nbsp;&nbsp;&nbsp;Reno, Sub-Ser D, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2058 (C)(G) | 10000 | 1144 |
| &nbsp;&nbsp;&nbsp;Reno, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2058 (C)(G) | 18500 | 2726 |
|  |  | 3881 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Ser 1-, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.787%, 09/20/2034 (C) | 3945 | 3657 |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Ser 2023-2, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/20/2038  | 1468 | 1342 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, University of Nevada Project, RB, BAM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2053  | $| 1075 | $997 |
|  |  |  | 5996 |
| **New Jersey — 1.3%** | **New Jersey — 1.3%** | **New Jersey — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Kapowski Road Landfill Project, SAB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2031  |  | 2500 | 2455 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Portal North Bridge Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2052  |  | 4000 | 4022 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Sub-Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2029  |  | 445 | 428 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement Fund, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 09/01/2048  |  | 1450 | 1432 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Educational Facilities Authority, Stockton University, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041  |  | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Tobacco Settlement Financing, Sub-Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046  |  | 630 | 604 |
| &nbsp;&nbsp;&nbsp;Passaic County, Improvement Authority, Paterson Arts & Science Charter School Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2053  |  | 500 | 501 |
|  |  |  | 11396 |
| **New York — 6.1%** | **New York — 6.1%** | **New York — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, NYU Law School Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041  |  | 1500 | 1396 |
| &nbsp;&nbsp;&nbsp;Hempstead Town, Local Development, The Academy Charter School Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.760%, 02/01/2048  |  | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 02/01/2051  |  | 500 | 365 |
| &nbsp;&nbsp;&nbsp;Monroe County, Industrial Development, Ann's Community Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040  |  | 1500 | 1381 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, FGIC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.191%, 03/01/2026 (A) |  | 425 | 423 |
| &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;3.000%, 02/01/2051  |  | 1000 | 685 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**Tax-Advantaged Income 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 City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2048  | $2000 | $2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350%, 08/01/2041 (A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2048  | 1700 | 1779 |
| &nbsp;&nbsp;&nbsp;New York Counties, Tobacco Trust IV, Ser E, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2055 (G) | 57000 | 4679 |
| &nbsp;&nbsp;&nbsp;New York Counties, Tobacco Trust V, Sub-Ser, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2055 (G) | 28000 | 2253 |
| &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 | 1129 |
| &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 (C) | 4000 | 3997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2044 (C) | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, American Airlines Inc, JFK International Airport Project, AMT, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2031  | 1060 | 1082 |
| &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 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033  | 4085 | 4117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030  | 1000 | 979 |
| &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 | 2070 |
| &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  | 5100 | 5114 |
| &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 | 3873 |
| &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 | 3555 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Suffolk Regional, Off-Track Betting, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2053  | $| 500 | $511 |
| &nbsp;&nbsp;&nbsp;Suffolk, Tobacco Asset Securitization, Sub-Ser, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (G) |  | 21000 | 1913 |
| &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 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/15/2053  |  | 2500 | 1921 |
|  |  |  | 51242 |
| **North Carolina — 0.1%** | **North Carolina — 0.1%** | **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  |  | 900 | 991 |
| **North Dakota — 0.0%** | **North Dakota — 0.0%** | **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 (C)(D) |  | 1500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 12/15/2031 (C)(D) |  | 1000 | – |
|  |  |  | – |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;Buckeye, Tobacco Settlement Financing Authority, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055  |  | 4000 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2057 (G) |  | 54300 | 5212 |
| &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 | 3736 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Trousdale Foundation Properties Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/01/2049 (C)(D) |  | 1526 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2038 (C)(D) |  | 1297 | 16 |
| &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 (C) |  | 4250 | 3720 |
|  |  |  | 16164 |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Comanche County, Hospital Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025  |  | 1500 | 1500 |
| &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 | 2622 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/01/2046 (D) |  | 1081 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 11/01/2036 (D) |  | 522 | 2 |
| &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 | 3280 |
|  |  |  | 7415 |
| **Other — 3.2%** | **Other — 3.2%** | **Other — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML15, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.143%, 01/25/2040 (A) |  | 4906 | 4646 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML17, Cl A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.990%, 04/25/2043 (A) |  | 1973 | 1687 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML19, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.552%, 08/25/2040 (A) |  | 5844 | 5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.033%, 12/25/2036 (A) |  | 5184 | 5114 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML22, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.684%, 10/25/2040 (A) |  | 3077 | 3089 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML-29-CL, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.869%, 01/25/2043 (A) |  | 6300 | 6300 |
|  |  |  | 26657 |
| **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** |  |
| &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 | 966 |
| &nbsp;&nbsp;&nbsp;Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, Sub-Ser, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2042 (C) |  | 2040 | 2005 |
| &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 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/30/2039  |  | 2878 | 2488 |
| &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 | 304 |
| &nbsp;&nbsp;&nbsp;Blythe, Solid Waste Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/01/2027 (B) |  | 3450 | 3751 |
| &nbsp;&nbsp;&nbsp;Chester County, Industrial Development Authority, Woodlands at Graystone Project, SAB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2028 (C) |  | 100 | 99 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2051  |  | 3000 | 2913 |
| &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 | 4878 |
| &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 (A) |  | 1000 | 1001 |
| &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 | 1242 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, University Square Apartments Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 (B)(C) |  | 2000 | 2070 |
| &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 (C) |  | 2800 | 2836 |
|  |  |  | 28117 |
| **Puerto Rico — 7.1%** | **Puerto Rico — 7.1%** | **Puerto Rico — 7.1%** |  |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser AAA-PSA, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2030 (D) |  | 200 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2031 (D) |  | 5895 | 2859 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser A-PSA, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 07/01/2036 (D) |  | 2605 | 1263 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser UU, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.568%, 07/01/2029 (A)(D) |  | 9040 | 8799 |
| &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  |  | 1380 | 669 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser XX-PSA, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2040 (D) |  | 1070 | 519 |
| &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 | 614 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, GDB Debt Recovery Authority, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/2040  |  | 9673 | 9287 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $4224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2046 (G) |  | 12100 | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2051 (G) |  | 41435 | 9721 |
| &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  |  | 2000 | 1863 |
| &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 | 1906 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser CW, Notes  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2043 (A)(E) |  | 3813 | 2288 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser Senior, Notes  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2051 (A)(E) |  | 18924 | 11591 |
|  |  |  | 59561 |
| **Rhode Island — 1.0%** | **Rhode Island — 1.0%** | **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 (G) |  | 6890 | 1212 |
| &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 | 6940 |
|  |  |  | 8152 |
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group, Financing Agency, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2054 (A) |  | 1800 | 1906 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Jobs-Economic Development Authority, Repower S. Berkeley Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 02/01/2045 (C)(D) |  | 1000 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2027 (C)(D) |  | 1000 | 90 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Jobs-Economic Development Authority, Repower S. Berkeley Project, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/06/2029 (D) |  | 155 | 124 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2044  |  | 2000 | 2024 |
|  |  |  | 4234 |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** | **Tennessee — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Bristol, Industrial Development Board, Pinnacle Project, TA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/01/2035  |  | 2000 | 1783 |
| &nbsp;&nbsp;&nbsp;Chattanooga, Health Educational & Housing Facility Board, Erlanger Health, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2049  |  | 1000 | 1006 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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  | $| 995 | $939 |
| &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 (D) |  | 700 | 511 |
| &nbsp;&nbsp;&nbsp;Nashville, Metropolitan Development & Housing Agency, TA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2028 (C) |  | 445 | 447 |
| &nbsp;&nbsp;&nbsp;Tennessee State, Energy Acquisition, Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027  |  | 4000 | 4054 |
|  |  |  | 8740 |
| **Texas — 6.0%** | **Texas — 6.0%** | **Texas — 6.0%** |  |
| &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 (C) |  | 3000 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2045 (C) |  | 1750 | 580 |
| &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 | 2583 |
| &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 (C) |  | 500 | 369 |
| &nbsp;&nbsp;&nbsp;Brazoria County, Industrial Development, Aleon Renewable Metals Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 06/01/2043 (C) |  | 3500 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 06/01/2042 (A)(C) |  | 1400 | 1190 |
| &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 (C)(D) |  | 8910 | 7128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2039 (D) |  | 480 | 384 |
| &nbsp;&nbsp;&nbsp;Calhoun County, Navigation Industrial Development Authority, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2026 (C) |  | 2000 | 1913 |
| &nbsp;&nbsp;&nbsp;Clifton, Higher Education Finance, International Leadership Project, Ser D, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 08/15/2048  |  | 1250 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2038  |  | 1500 | 1504 |
| &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 | 971 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, United Airlines Inc Terminal Improvement Projects, Ser B-UNITED, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2035  |  | 4000 | 4153 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 (D) |  | 2000 | 1700 |
| &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 | 1370 |
| &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 | 475 |
| &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 | 427 |
| &nbsp;&nbsp;&nbsp;Port Isabel, GO  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 02/15/2049 (C) |  | 1000 | 926 |
| &nbsp;&nbsp;&nbsp;Port of Beaumont, Navigation District, Jefferson Gulf Coast Energy Project, AMT, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2050 (C) |  | 1500 | 1163 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Sub-Ser C, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.506%, 12/15/2026 (A) |  | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;Texas State, Water Development Board, Ser A, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2058  |  | 3600 | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/15/2048  |  | 10500 | 10551 |
|  |  |  | 50543 |
| **Utah — 0.9%** | **Utah — 0.9%** | **Utah — 0.9%** |  |
| &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 (C) |  | 2000 | 1634 |
| &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 (C) |  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/2039 (C) |  | 1790 | 1780 |
| &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 (C) |  | 500 | 475 |
| &nbsp;&nbsp;&nbsp;UIPA Crossroads, Public Infrastructure District, TA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/01/2052 (C) |  | 1000 | 855 |
| &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 (C) |  | 400 | 397 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 (C) | $| 1300 | $1059 |
|  |  |  | 7204 |
| **Virginia — 1.7%** | **Virginia — 1.7%** | **Virginia — 1.7%** |  |
| &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 (C) |  | 2700 | 2516 |
| &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 | 372 |
| &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 | 955 |
| &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 | 23 |
| &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 | 1686 |
| &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 | 1027 |
| &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 (C) |  | 6565 | 5476 |
| &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  |  | 2500 | 2363 |
|  |  |  | 14490 |
| **Washington — 1.0%** | **Washington — 1.0%** | **Washington — 1.0%** |  |
| &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 | 1030 |
| &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 (C) |  | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 (C) |  | 400 | 393 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &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 | $1892 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificates, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/20/2037  |  | 3056 | 2751 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificates, Ser 2, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.085%, 03/20/2040 (A) |  | 1992 | 1835 |
|  |  |  | 8127 |
| **West Virginia — 1.1%** | **West Virginia — 1.1%** | **West Virginia — 1.1%** |  |
| &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 | 2232 |
| &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 (G) |  | 73250 | 6741 |
|  |  |  | 8973 |
| **Wisconsin — 3.2%** | **Wisconsin — 3.2%** | **Wisconsin — 3.2%** |  |
| &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 (G) |  | 5000 | 1801 |
| &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 (G) |  | 8110 | 2863 |
| &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 | 884 |
| &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 | 1018 |
| &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 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028  |  | 795 | 781 |
| &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 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2048  |  | 1500 | 1242 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Delray Beach Radiation Therapy Project, Ser A-DELRAY, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2046 (C)(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 (C) |  | 1000 | 700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;Wisconsin State, Public Finance Authority, Irving Convention Center Hotel Project, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 01/01/2050 (C) | $| 3250 | $| 3342 |
| &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 (C) |  | 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 (C)(G) |  | 721 |  | 530 |
| &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 (C) |  | 1750 |  | 1553 |
| &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 |  | 807 |
| &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 (C) |  | 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 (C) |  | 2500 |  | 2120 |
|  |  |  |  | 27026 |
| Total Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $671,256) ($ Thousands) |  |  |  | 615258 |
| **CORPORATE OBLIGATIONS — 20.9%** | **CORPORATE OBLIGATIONS — 20.9%** | **CORPORATE OBLIGATIONS — 20.9%** | **CORPORATE OBLIGATIONS — 20.9%** | **CORPORATE OBLIGATIONS — 20.9%** |
| **Financials — 20.8%** | **Financials — 20.8%** | **Financials — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, H15T5Y + 2.973%(A)(C)(H) |  | 2600 |  | 2526 |
| &nbsp;&nbsp;&nbsp;American Express  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, H15T5Y + 2.854%(A)(H) |  | 6000 |  | 5802 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, USISDA05 + 5.168%(A)(C)(H) |  | 6900 |  | 6957 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, H15T5Y + 5.099%(A)(H) |  | 1200 |  | 1317 |
| &nbsp;&nbsp;&nbsp;Banco Santander  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, H15T5Y + 5.306%(A)(H) |  | 3000 |  | 3303 |
| &nbsp;&nbsp;&nbsp;Bank of America  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.684%(A)(H) |  | 2200 |  | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 3.231%(A)(H) |  | 3300 |  | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 2.760%(A)(H) |  | 3000 |  | 2905 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, H15T5Y + 3.452%, 05/26/2084 (A) |  | 2000 |  | 2063 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, H15T5Y + 2.630%(A)(H) |  | 4300 |  | 4138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 3.352%(A)(H) |  | 3500 |  | 3432 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, H15T5Y + 4.389%, 10/27/2082 (A) | $3200 | $3371 |
| &nbsp;&nbsp;&nbsp;Barclays PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, USISSO05 + 5.775%(A)(H) | 1200 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 3.410%(A)(H) | 3000 | 2738 |
| &nbsp;&nbsp;&nbsp;Benloch Ranch, Improvement Association No. 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 12/01/2051 (C)(I) | 6000 | 4732 |
| &nbsp;&nbsp;&nbsp;BNP Paribas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.969%(A)(C)(H) | 2400 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, H15T5Y + 4.354%(A)(C)(H) | 1400 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.899%(A)(C)(H) | 4290 | 4462 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 1.924%(A)(H) | 2700 | 2643 |
| &nbsp;&nbsp;&nbsp;Capital One Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, H15T5Y + 3.157%(A)(H) | 5300 | 5145 |
| &nbsp;&nbsp;&nbsp;Charles Schwab  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.168%(A)(H) | 6000 | 5929 |
| &nbsp;&nbsp;&nbsp;Citigroup  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.597%(A)(H) | 3000 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, H15T5Y + 3.417%(A)(H) | 4400 | 4311 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, H15T5Y + 5.313%(A)(H) | 1500 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.215%(A)(H) | 2500 | 2422 |
| &nbsp;&nbsp;&nbsp;CoBank ACB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, US0003M + 4.660%(A)(H) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 3.846%, 12/15/2052 (A) | 1500 | 1523 |
| &nbsp;&nbsp;&nbsp;Credit Agricole  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, USSW5 + 6.185%(A)(C)(H) | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;Credit Agricole MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.237%(A)(C)(H) | 3000 | 2755 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, H15T5Y + 2.809%(A)(H) | 3300 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, H15T5Y + 2.949%(A)(H) | 2000 | 1947 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, USISDA05 + 3.746%(A)(H) | 1500 | 1491 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, H15T7Y + 4.045%(A)(H) | 5648 | 5480 |
| &nbsp;&nbsp;&nbsp;ING Groep  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 4.342%(A)(H) | 4600 | 4572 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.737%(A)(H) | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.152%(A)(H) | 1500 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, H15T5Y + 2.850%(A)(H) | 2300 | 2243 |
| &nbsp;&nbsp;&nbsp;KeyCorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, TSFR3M + 3.868%(A)(H) | 3000 | 2943 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, H15T5Y + 3.913%(A)(H) | 4800 | 5045 |
| &nbsp;&nbsp;&nbsp;M&T Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.304%, H15T5Y + 3.174%(A)(H) | 1800 | 1795 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, H15T5Y + 2.679%(A)(H) | $| 2000 | $| 1874 |
| &nbsp;&nbsp;&nbsp;MetLife  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, H15T5Y + 3.576%(A)(H) |  | 3300 |  | 3271 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 3.752%(A)(H) |  | 2000 |  | 2121 |
| &nbsp;&nbsp;&nbsp;Northern Trust  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, TSFR3M + 3.464%(A)(H) |  | 500 |  | 495 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, H15T7Y + 2.808%(A)(H) |  | 2100 |  | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 3.000%(A)(H) |  | 3400 |  | 3407 |
| &nbsp;&nbsp;&nbsp;Prudential Financial  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.404%, 03/15/2054 (A) |  | 2000 |  | 2030 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, H15T5Y + 2.257%, 11/24/2084 (A) |  | 500 |  | 470 |
| &nbsp;&nbsp;&nbsp;Societe Generale  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, H15T5Y + 5.448%(A)(H) |  | 200 |  | 218 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.014%, US0003M + 1.460%(A)(C)(H) |  | 4000 |  | 4095 |
| &nbsp;&nbsp;&nbsp;State Street  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.700%, H15T5Y + 2.628%(A)(H) |  | 1200 |  | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450%, H15T5Y + 2.135%(A)(H) |  | 2400 |  | 2392 |
| &nbsp;&nbsp;&nbsp;Toll Road Investors Partnership II  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2043 (C)(G) |  | 19266 |  | 6261 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.075%, 10/31/2082 (A) |  | 4000 |  | 4189 |
| &nbsp;&nbsp;&nbsp;UBS Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.745%(A)(C)(H) |  | 2000 |  | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.758%(A)(C)(H) |  | 1000 |  | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 3.313%(A)(C)(H) |  | 6000 |  | 5259 |
| &nbsp;&nbsp;&nbsp;US Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, TSFR3M + 3.176%(A)(H) |  | 1000 |  | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 2.541%(A)(H) |  | 6200 |  | 5909 |
| &nbsp;&nbsp;&nbsp;Voya Financial  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.758%, H15T5Y + 3.358%(A)(H) |  | 1700 |  | 1751 |
| &nbsp;&nbsp;&nbsp;Wells Fargo  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, H15T5Y + 3.453%(A)(H) |  | 2500 |  | 2462 |
|  |  |  |  | 175222 |
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, H15T5Y + 3.195%(A)(H) |  | 1100 |  | 1075 |
| Total Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $178,341) ($ Thousands) |  |  |  | 176297 |
|  | <br> Shares | <br> Shares |  |  |
| **PREFERRED STOCK — 3.0%** | **PREFERRED STOCK — 3.0%** | **PREFERRED STOCK — 3.0%** | **PREFERRED STOCK — 3.0%** | **PREFERRED STOCK — 3.0%** |
| &nbsp;&nbsp;&nbsp;Allstate, 4.750%  |  | 21234 |  | 403 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 5.450%  |  | 10784 |  | 220 |

---

------

SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;AT&T, 4.750%  | 121800 | $| 2308 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.242% (A) | 20730 |  | 419 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 5.000%  | 70400 |  | 1320 |
| &nbsp;&nbsp;&nbsp;Dairy Farmers of America, 7.875%  | 15000 |  | 1432 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, 5.375%  | 39700 |  | 896 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, 5.250%  | 50050 |  | 904 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 8.296% (A) | 49904 |  | 1282 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.232% (A) | 4166 |  | 88 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125% (A) | 2822 |  | 69 |
| &nbsp;&nbsp;&nbsp;M&T Bank, 5.625% (A) | 12841 |  | 319 |
| &nbsp;&nbsp;&nbsp;MetLife, 4.750%  | 182370 |  | 3569 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.218% (A) | 133149 |  | 2951 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric, 4.780%  | 10708 |  | 846 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 4.450%  | 63525 |  | 1163 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 4.200%  | 37558 |  | 585 |
| &nbsp;&nbsp;&nbsp;Stifel Financial, 4.500%  | 41828 |  | 691 |
| &nbsp;&nbsp;&nbsp;UMB Financial, 7.750% (A) | 38600 |  | 975 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.500%  | 20436 |  | 867 |
| &nbsp;&nbsp;&nbsp;Voya Financial, 5.350% (A) | 94605 |  | 2282 |
| &nbsp;&nbsp;&nbsp;Webster Financial, 5.250%  | 76527 |  | 1544 |
| Total Preferred Stock  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,351) ($ Thousands) |  |  | 25133 |
|  | Face Amount <br> (Thousands) |  |  |
| **U.S. TREASURY OBLIGATIONS — 0.9%** | **U.S. TREASURY OBLIGATIONS — 0.9%** | **U.S. TREASURY OBLIGATIONS — 0.9%** | **U.S. TREASURY OBLIGATIONS — 0.9%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.255%, 07/10/2025 (J) | $1600 |  | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.247%, 07/22/2025 (J) | 4200 |  | 4176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.225%, 07/31/2025 (J) | 2000 |  | 1986 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,754) ($ Thousands) | &nbsp;&nbsp;&nbsp;(Cost $7,754) ($ Thousands) |  | 7755 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES — 0.9%** | **MORTGAGE-BACKED SECURITIES — 0.9%** | **MORTGAGE-BACKED SECURITIES — 0.9%** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.210%, 08/01/2040 | $3561 | $3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2039 | 4140 | 3804 |
| Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,300) ($ Thousands) |  | 7556 |
|  | <br> Shares |  |
| **CASH EQUIVALENT — 0.2%** | **CASH EQUIVALENT — 0.2%** | **CASH EQUIVALENT — 0.2%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%\*\*<sup>†</sup> | 1776871 | 1777 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,777) ($ Thousands) |  | 1777 |
| Total Investments in Securities — 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $894,779) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $894,779) ($ Thousands)  | $833776 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $843,128 ($ Thousands). |
| <sup>†</sup> | Investment in Affiliated Security. |
| \*\* | The rate reported is the 7-day effective yield as of May 31, 2025. |
| (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) | Pre-Refunded Securities — The maturity date shown is the pre-refunded date. |
| (C) | Security 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 May 31, 2025, the value of these securities amounted to $195,130 ($ Thousands), representing 23.1% of the Net Assets of the Fund. |
| (D) | Security is in default on interest payment. |
| (E) | No interest rate available. |
| (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. |
| (G) | Zero coupon security.  |
| (H) | Perpetual security with no stated maturity date. |
| (I) | Level 3 security in accordance with fair value hierarchy. |
| (J) | 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 May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): | The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025 ($ Thousands): |
| **Security Description** | **Value <br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value <br> 5/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund,<br> Institutional Class  | $588 | $59530 | $(58341) | $— | $— | $1777 | $114 | $— |

---

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

See "Glossary" for abbreviations.

------

SEI Tax Exempt Trust

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

May 31, 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

## 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:** TAX-ADVANTAGED INCOME FUND

- **b. EDGAR series identifier (if any):** S000016947

- **c. LEI of Series:** BO19KTB7OI9ADSWXP893

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $847896308.83

**Total Liabilities:** $4823224.25

**Net Assets:** $843073084.58

**Cash Not Reported:** $307956.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1028.08503650 | **1-Year:** -22148.24074819 | **5-Year:** -64375.79844715 | **10-Year:** -136069.35756709 | **30-Year:** -55058.51519564

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

- **3-Month:** -1142.24165576 | **1-Year:** -17296.66605277 | **5-Year:** -40304.04025642 | **10-Year:** -106169.87355687 | **30-Year:** -78169.48543769

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047166 | 0.16%                | -1.06%               | -1.67%               |
| Class ID C000147418 | 0.19%                | -1.15%               | -1.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-727751.16              | $-1551582.56                               |
| Month 2  | $-3009056.68             | $-10102012.97                              |
| Month 3  | $768996.13               | $-18697390.38                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VIRGINIA SMALL BUSINESS FING AUTH HEALTHCARE FACS REV                                | VIRGINIA ST SMALL BUSINESS FIN VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1686068.00   | 0.20%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA SR LIVING REV                                                     | CAPITAL TRUST AGY FL SENIOR LI CAPITAL TRUST AGENCY INC                           | CUSIP: 140542BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $13125.00     | 0.00%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                          | ILLINOIS ST STATE OF ILLINOIS                                                     | CUSIP: 452152Y21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508779.25   | 0.30%             | 2037-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FLA HEALTH FACS AUTH RETIREMENT FAC REV                                | SARASOTA CNTY FL HLTH FACS AUT SARASOTA COUNTY HEALTH FACILITIES AUTHORITY        | CUSIP: 80329UBH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $637994.13    | 0.08%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                              | WISCONSIN ST HLTH & EDUCTNL FA WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORIT | CUSIP: 97712DP75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1196088.60   | 0.14%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                                 | JPMORGAN CHASE & CO 3.650000% MATURITY: PERPETUAL                                 | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2242977.99   | 0.27%             | 2173-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OHIO SR LIVING REV                                                   | MONTGOMERY CNTY OH SENIOR LIVI COUNTY OF MONTGOMERY OH                            | CUSIP: 613554AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1526349 | PA      | $19079.37     | 0.00%             | 2049-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526YFD2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2605000 | PA      | $1263425.00   | 0.15%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                              | CALIFORNIA ST SCH FIN AUTH CHR CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TDR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $600000.00    | 0.07%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED                                      | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/UNITED K 6.750000% MATURITY: PERPETUAL  | CUSIP: 05254HAA2<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |   6900000 | PA      | $6957125.10   | 0.83%             | 2173-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIBERTY N Y DEV CORP REV                                                             | LIBERTY DEV CORP NY REVENUE NEW YORK LIBERTY DEVELOPMENT CORP                     | CUSIP: 531127CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128927.30   | 0.13%             | 2037-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| METLIFE, INC.                                                                        | MetLife Inc PREFERRED STOCK                                                       | CUSIP: 59156R876<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               |  | US        |      7914 | NS      | $184475.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PORT ISABEL TEX                                                                      | PORT ISABEL TX CITY OF PORT ISABEL TX                                             | CUSIP: 734523DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925676.30    | 0.11%             | 2049-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 15 FLA SPL ASSMT REV                                       | VILLAGE CDD NO 15 SPL ASSMNT R VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 15       | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916434.30    | 0.11%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                                                   | HUNTINGTON BANCSHARES INC/OH 4.450000% MATURITY: PERPETUAL                        | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   5648000 | PA      | $5480388.82   | 0.65%             | 2174-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH PRIVATE ACTIVITY REV                             | PENNSYLVANIA ST ECON DEV FING PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHOR  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4877620.00   | 0.58%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV                                          | BLACK BELT ENERGY GAS DIST AL BLACK BELT ENERGY GAS DISTRICT                      | CUSIP: 09182TCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2198236.74   | 0.26%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATLANTIC BEACH FLA HEALTH CARE FACS REV                                              | ATLANTIC BEACH FL HLTH CARE FA CITY OF ATLANTIC BEACH FL                          | CUSIP: 048251BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325116.87   | 0.16%             | 2043-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KALISPELL MONT HSG & HEALTHCARE FACS REV                                             | KALISPELL MT HSG & HLTHCARE FA CITY OF KALISPELL MT                               | CUSIP: 48342YAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1297417.95   | 0.15%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                                                             | Equitable Holdings Inc PREFERRED STOCK                                            | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               |  | US        |     24094 | NS      | $475856.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                              | BANK OF NOVA SCOTIA/THE 8.625000% 10/27/2082                                      | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |   3200000 | PA      | $3371276.80   | 0.40%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                                                           | COREBRIDGE FINANCIAL INC 6.875000% 12/15/2052                                     | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1522721.76   | 0.18%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                              | CHICAGO IL WSTWTR TRANSMISSION CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727C46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012494.40   | 0.12%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                                | MICHIGAN ST FIN AUTH REVENUE MICHIGAN FINANCE AUTHORITY                           | CUSIP: 59447TJ20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1311397.00   | 0.16%             | 2045-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REV                                                           | KANSAS ST DEV FIN AUTH REVENUE KANSAS DEVELOPMENT FINANCE AUTHORITY               | CUSIP: 48542RCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $799924.35    | 0.09%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH PRIVATE ACTIVITY REV                               | VIRGINIA SMALL BUSINESS FING A VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2362985.50   | 0.28%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY FLA INDL DEV AUTH INDL DEV REV                                             | POLK CNTY FL INDL DEV AUTH POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL        | CUSIP: 731120NQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3365000 | PA      | $1951700.00   | 0.23%             | 2033-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | ING GROEP NV 5.750000% MATURITY: PERPETUAL                                        | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | NUSS              | NL        |   4600000 | PA      | $4571611.10   | 0.54%             | 2173-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                              | CALIFORNIA CMNTY CHOICE FING A CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY    | CUSIP: 13013JDD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1057601.72   | 0.13%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMT                                           | FARMS NEW KENT VA CMNTY DEV AU FARMS NEW KENT COMMUNITY DEVELOPMENT AUTHORITY     | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2516176.98   | 0.30%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA REV                                                               | CAPITAL TRUST AGY FL REVENUE CAPITAL TRUST AGENCY INC                             | CUSIP: 14052WCW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $21587.70     | 0.00%             | 2037-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                                        | COLORADO ST HLTH FACS AUTH REV COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FZG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074787.90   | 0.13%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                          | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93978UAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1991974 | PA      | $1834701.89   | 0.22%             | 2040-03-20      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV                                        | PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  12100000 | PA      | $3860676.82   | 0.46%             | 2046-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP SOLID WASTE DISP FACS REV                            | BRAZORIA CNTY TX INDL DEV CORP BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP        | CUSIP: 10604PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2975000.00   | 0.35%             | 2043-06-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                               | FREDDIE MAC STRUCTURED PASS TH FREDDIE MAC MULTIFAMILY ML CERTIFICATES            | CUSIP: 3137HCXR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3077461 | PA      | $3089254.58   | 0.37%             | 2040-10-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| PAYNE CNTY OKLA ECONOMIC DEV AUTH REV                                                | PAYNE CNTY OK ECON DEV AUTH RE PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY        | CUSIP: 704387AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1081384 | PA      | $3730.78      | 0.00%             | 2046-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.                                                          | RenaissanceRe Holdings Ltd PREFERRED STOCK                                        | CUSIP: G7498P127<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               |  | BM        |     37558 | NS      | $585529.22    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                        | GOLDMAN SACHS GROUP INC/THE 7.500000% MATURITY: PERPETUAL                         | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3436593.60   | 0.41%             | 2173-11-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                              | PUBLIC FIN AUTH WI REVENUE PUBLIC FINANCE AUTHORITY                               | CUSIP: 74442PJV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5070000 | PA      | $2281500.00   | 0.27%             | 2048-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV                                          | NEW YORK CITY NY TRANSITIONAL NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTUR  | CUSIP: 64971XYB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $685156.40    | 0.08%             | 2051-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS P.L.C.                                                            | BP CAPITAL MARKETS PLC 6.125000% MATURITY: PERPETUAL                              | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | NUSS              | US        |   2700000 | PA      | $2642697.09   | 0.31%             | 2173-06-18      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                          | FREDDIE MAC MULTIFAMILY ML CERTIFICATES FRETE 2023-ML17 A                         | CUSIP: 3137HAMK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1973254 | PA      | $1687261.87   | 0.20%             | 2043-04-25      | Floating      | 2.99%                 | No            |                  2 | On Loan: No      |
| PAYNE CNTY OKLA ECONOMIC DEV AUTH REV                                                | PAYNE CNTY OK ECON DEV AUTH RE PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY        | CUSIP: 704387AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2162768 | PA      | $7461.55      | 0.00%             | 2051-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                                                     | TOBACCO SETTLEMENT FING CORP N TOBACCO SETTLEMENT FINANCING CORP                  | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $642336.37    | 0.08%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NSTAR ELECTRIC COMPANY                                                               | NSTAR Electric Co PREFERRED STOCK                                                 | CUSIP: 67021C305<br>LEI: 54930080R72Y2Z31UR68 | Long             | EP               |  | US        |     10708 | NS      | $845932.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                                                                 | Voya Financial Inc PREFERRED STOCK                                                | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               |  | US        |     94605 | NS      | $2281872.60   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORPORATION                                                        | Webster Financial Corp PREFERRED STOCK                                            | CUSIP: 947890505<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EP               |  | US        |     42631 | NS      | $772473.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                              | CALIFORNIA ST SCH FIN AUTH CHR CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $600000.00    | 0.07%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUN AUTH REV                                                           | BERKS CNTY PA MUNI AUTH BERKS COUNTY MUNICIPAL AUTHORITY/THE                      | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    289000 | PA      | $303885.61    | 0.04%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPT BD BK                                                  | INDIANAPOLIS IN LOCAL PUBLIC I INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK    | CUSIP: 45528U6W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3164333.83   | 0.38%             | 2043-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV                             | TEXAS ST MUNI GAS ACQUISITION TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP I   | CUSIP: 88256CAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000769.20   | 0.36%             | 2026-12-15      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH SOLID WASTE DISP REV                           | SOUTH CAROLINA ST JOBS-ECON DE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY | CUSIP: 83704DAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $90000.00     | 0.01%             | 2045-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE IS                                                | TOBACCO SETTLEMENT FING CORP R TOBACCO SETTLEMENT FINANCING CORP/RI               | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6940001.60   | 0.82%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV                          | TOBACCO SECURITIZATION AUTH ST TOBACCO SECURITIZATION AUTHORITY OF SOUTHERN CALIF | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $1145232.03   | 0.14%             | 2054-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV                                             | LEWISTOWN COMMERCE CENTER VA C LEWISTOWN COMMERCE CENTER COMMUNITY DEVELOPMENT AU | CUSIP: 528734AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     23000 | PA      | $19087.56     | 0.00%             | 2044-03-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORPORATION                                                        | Webster Financial Corp PREFERRED STOCK                                            | CUSIP: 947890703<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EP               |  | US        |     33896 | NS      | $771811.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526YEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5895000 | PA      | $2859075.00   | 0.34%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV                                         | UTAH ST CHRT SCH FIN AUTH CHRT UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TH30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1058883.41   | 0.13%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CMNTY DEV DIST FLA CAP IMPT REV                                          | TROUT CREEK CDD FL CAPITAL IMP TROUT CREEK COMMUNITY DEVELOPMENT DISTRICT         | CUSIP: 897188AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253705.33    | 0.03%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA EDL FACS REV                                                      | CAPITAL TRUST AGY FL EDUCTNL F CAPITAL TRUST AGENCY INC                           | CUSIP: 14054CBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $876233.10    | 0.10%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                                                  | SOCIETE GENERALE SA 10.000000% MATURITY: PERPETUAL                                | CUSIP: F8600KAA4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | NUSS              | FR        |    200000 | PA      | $217523.40    | 0.03%             | 2174-05-14      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ULSTER CNTY N Y CAP RESOURCE CORP REV                                                | ULSTER CNTY NY CAPITAL RESOURC ULSTER COUNTY CAPITAL RESOURCE CORP                | CUSIP: 903768AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1920839.00   | 0.23%             | 2053-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX SR LIVING REV                                 | NEW HOPE CULTURAL EDU FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542PBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797500.00    | 0.09%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                              | WISCONSIN ST HLTH & EDUCTNL FA WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORIT | CUSIP: 97712DP42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $780457.94    | 0.09%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CALIF ESSENTIAL HSG REV                                        | CSCDA CMNTY IMPT AUTH CA ESSEN CSCDA COMMUNITY IMPROVEMENT AUTHORITY              | CUSIP: 126292AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $358928.85    | 0.04%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                                 | JPMORGAN CHASE & CO 6.875000% MATURITY: PERPETUAL                                 | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521344.28    | 0.06%             | 2173-06-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WISCONSIN CTR DIST WIS TAX REV                                                       | WISCONSIN CENTER DIST WI TAX R WISCONSIN CENTER DISTRICT                          | CUSIP: 976595GN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1800951.50   | 0.21%             | 2045-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECONOMIC DEV AUTH RETIREMENT CMNTYS REV                                  | DELAWARE ST ECON DEV AUTH RETM DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY      | CUSIP: 246371AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005862.70   | 0.12%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO                                        | GDB DEBT RECOVERY AUTH OF CMWL GDB DEBT RECOVERY AUTHORITY OF PUERTO RICO         | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   9673018 | PA      | $9287492.13   | 1.10%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1082463.73   | 0.13%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                                      | PUBLIC FIN AUTH WI EDUCTNL FAC PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DDS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1242307.20   | 0.15%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS RETIREMENT FAC REV                                               | PUBLIC FIN AUTH WI RETMNT FAC PUBLIC FINANCE AUTHORITY                            | CUSIP: 74444VAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2119593.00   | 0.25%             | 2055-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                               | MAIN STREET NATURAL GAS INC GA MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DEN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2229374.35   | 0.26%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REV                                      | INDIANA FIN AUTH MIDWESTERN DI INDIANA FINANCE AUTHORITY                          | CUSIP: 45470CAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3762703.23   | 0.45%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV                                          | NEW YORK CITY NY TRANSITIONAL NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTUR  | CUSIP: 64971WUS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.12%             | 2041-08-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                       | BNP PARIBAS SA 144A 9.250000% MATURITY: PERPETUAL                                 | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | NUSS              | FR        |   2400000 | PA      | $2549673.60   | 0.30%             | 2174-05-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                                      | PUBLIC FIN AUTH WI EDUCTNL FAC PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DFP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $1707426.34   | 0.20%             | 2054-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA INCOME TAX REV                                                     | DIST OF COLUMBIA INCOME TAX SE DISTRICT OF COLUMBIA INCOME TAX REVENUE            | CUSIP: 25477GYN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3579491.65   | 0.42%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE IS                                                | TOBACCO SETTLEMENT FING CORP R TOBACCO SETTLEMENT FINANCING CORP/RI               | CUSIP: 888809AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6890000 | PA      | $1211848.34   | 0.14%             | 2052-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                         | BARCLAYS PLC 4.375000% MATURITY: PERPETUAL                                        | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |   3000000 | PA      | $2738295.90   | 0.32%             | 2173-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                               | MAIN STREET NATURAL GAS INC GA MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DBW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985415.30    | 0.12%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND TENN HEALTH & EDL FACS BRD MULTIFAMILY HSG REV                             | CLEVELAND TN HLTH & EDUCTNL FA CLEVELAND HEALTH & EDUCATIONAL FACILITIES BOARD    | CUSIP: 186546AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $939000.80    | 0.11%             | 2040-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation                                              | BANK OF NEW YORK MELLON CORP/THE 3.700000% MATURITY: PERPETUAL                    | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3431636.95   | 0.41%             | 2174-03-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV                                        | PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  41435000 | PA      | $9721284.96   | 1.15%             | 2051-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARCH CAPITAL GROUP LTD.                                                              | Arch Capital Group Ltd PREFERRED STOCK                                            | CUSIP: 03939A107<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               |  | US        |     10784 | NS      | $220424.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| POWAY CALIF UNI SCH DIST                                                             | POWAY CA UNIF SCH DIST POWAY UNIFIED SCHOOL DISTRICT                              | CUSIP: 738850RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5410000 | PA      | $3114227.01   | 0.37%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                                               | PNC FINANCIAL SERVICES GROUP INC/THE 6.250000% MATURITY: PERPETUAL                | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2108198.40   | 0.25%             | 2173-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                                                       | CITIGROUP INC 4.000000% MATURITY: PERPETUAL                                       | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2969295.60   | 0.35%             | 2174-03-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOLEIL HILLS PUB INFRASTRUCTURE DIST NO 1 UTAH                                       | SOLEIL HILLS PUB INFRASTRUCTUR SOLEIL HILLS PUBLIC INFRASTRUCTURE DISTRICT NO 1   | CUSIP: 834201AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474735.00    | 0.06%             | 2055-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANQUE DE MONTREAL                                                                   | BANK OF MONTREAL 7.700000% 05/26/2084                                             | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | NUSS              | CA        |   2000000 | PA      | $2062884.00   | 0.24%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| COLORADO INTL CTR MET DIST NO 7                                                      | COLORADO INTL CTR MET DIST NO COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRIC  | CUSIP: 19650TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1448636.60   | 0.17%             | 2051-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                                               | STANDARD CHARTERED PLC 144A 7.014000% MATURITY: PERPETUAL                         | CUSIP: 853254AB6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | NUSS              | GB        |   4000000 | PA      | $4094704.00   | 0.49%             | 2174-01-30      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH ED FAC LEASE REV                                      | LA PAZ CNTY AZ INDL DEV AUTH E LA PAZ COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY     | CUSIP: 50376FAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $248299.22    | 0.03%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION WTR & SANTN DIST COLO REV                                                   | DOMINION WTR & SANTN DIST CO R DOMINION WATER & SANITATION DISTRICT               | CUSIP: 25755AAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4002222.00   | 0.47%             | 2052-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CALIF ESSENTIAL HSG REV                                        | CSCDA CMNTY IMPT AUTH CA ESSEN CSCDA COMMUNITY IMPROVEMENT AUTHORITY              | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2151521.02   | 0.26%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLBY KANS HOSP LN ANTIC REV                                                         | COLBY KS HOSP LOAN ANTICIPATIO CITY OF COLBY KS                                   | CUSIP: 19277TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003210.80   | 0.24%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX SR LIVING REV                                 | NEW HOPE CULTURAL EDU FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $750000.00    | 0.09%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                          | BANK OF AMERICA CORP 6.625000% MATURITY: PERPETUAL                                | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2234865.60   | 0.27%             | 2173-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FIN AUTH EXEMPT FAC REV                                    | PENNSYLVANIA ST ECON DEV FINGA PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHOR | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001382.60   | 0.12%             | 2037-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORPORATION                                                           | NORTHERN TRUST CORP 4.600000% MATURITY: PERPETUAL                                 | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495090.70    | 0.06%             | 2174-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                                                           | PRUDENTIAL FINANCIAL INC 6.500000% 03/15/2054                                     | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2030472.58   | 0.24%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX RETIREMENT FAC REV                            | NEW HOPE CULTURAL ED FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR  | CUSIP: 64542UDX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1370434.35   | 0.16%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL, INC.                                                                 | VOYA FINANCIAL INC 7.758000% MATURITY: PERPETUAL                                  | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1751353.60   | 0.21%             | 2174-03-15      | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH SR HSG REV                                                             | IOWA ST FIN AUTH SENIOR HSG RE IOWA FINANCE AUTHORITY                             | CUSIP: 46245FAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $619417.24    | 0.07%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH CHARTER SCH REV                                                    | ILLINOIS ST FIN AUTH CHRT SCHR ILLINOIS FINANCE AUTHORITY                         | CUSIP: 452022BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $718348.80    | 0.09%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RENO NEV SALES TAX REV                                                               | RENO NV SALES TAX REVENUE CITY OF RENO NV                                         | CUSIP: 759861EJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $2726289.50   | 0.32%             | 2058-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA SOLID WASTE SVCS REV                                                | ANCHORAGE AK SOL WST SVCS REVE MUNICIPALITY OF ANCHORAGE AK SOLID WASTE SERVICES  | CUSIP: 033262AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3560011.12   | 0.42%             | 2062-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDENT RESIDENCE REV                                        | CALIFORNIA MUN FIN AUTH STUDEN CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13051EAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1252234.80   | 0.15%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                                                           | NATIONAL FIN AUTH NH MUNI CTFS NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63607WAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1468127 | PA      | $1341833.58   | 0.16%             | 2038-01-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CORRIDOR TRANSN AUTH CALIF REV                                               | ALAMEDA CA CORRIDOR TRANSPRTN ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY           | CUSIP: 010869JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1123432.40   | 0.13%             | 2048-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV                           | HENRICO CNTY VA ECON DEV AUTH HENRICO COUNTY ECONOMIC DEVELOPMENT AUTHORITY       | CUSIP: 42605QGN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955202.00    | 0.11%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ECONOMIC DEV REV                                               | ARIZONA ST INDL DEV AUTH ECON ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY            | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $90000.00     | 0.01%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN CHARTER SCH LEASE REV                                               | MINNEAPOLIS MN CHARTER SCH LEA CITY OF MINNEAPOLIS MN                             | CUSIP: 60375CBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $530325.41    | 0.06%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH HEALTHCARE FACS REV                                | VIRGINIA ST SMALL BUSINESS FIN VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 928105CH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026384.60   | 0.12%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV                                      | CALIFORNIA ST INFRASTRUCTURE & CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT B | CUSIP: 13034A6B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3390369.85   | 0.40%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV                                        | NEW JERSEY ST ECON DEV AUTH EC NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577HMH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2454830.75   | 0.29%             | 2031-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                              | PUBLIC FIN AUTH WI REVENUE PUBLIC FINANCE AUTHORITY                               | CUSIP: 74442PJS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $806718.60    | 0.10%             | 2049-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OHIO CONVENTION FACS AUTH HOTEL PROJ REV                               | FRANKLIN CNTY OH CONVENTION FA FRANKLIN COUNTY CONVENTION FACILITIES AUTHORITY HO | CUSIP: 35317DAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3735596.00   | 0.44%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV                                          | NEW YORK NY CITY TRANSITIONAL NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY        | CUSIP: 64972JCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072944.60   | 0.25%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                                               | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                 | CUSIP: 626207Z56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491257.30    | 0.06%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAIRY FARMERS OF AMERICA, INC.                                                       | DAIRY FARMERS OF AMERICA INC PREFERRED STOCK                                      | CUSIP: 23385H406<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | EP               |  | US        |     15000 | NS      | $1432500.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAND FORKS CNTY N D SOLID WASTE DISP FAC REV                                        | GRAND FORKS CNTY ND COUNTY OF GRAND FORKS ND                                      | CUSIP: 38543PAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $15.00        | 0.00%             | 2043-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV                                        | PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1863397.60   | 0.22%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| TOB SECURITIZATION AUTH NORTHN CALIF TOB SETTLEMENT REV                              | TOBACCO SECURITIZATION AUTH NT TOBACCO SECURITIZATION AUTHORITY OF NORTHERN CALIF | CUSIP: 888794CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15040000 | PA      | $2306436.64   | 0.27%             | 2060-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS MO LD CLEARANCE REDEV AUTH ANNUAL APPROPRIATION REDEV REV                   | SAINT LOUIS MO LAND CLEARANCE ST LOUIS LAND CLEARANCE FOR REDEVELOPMENT AUTHORIT  | CUSIP: 85233SAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2064168.26   | 0.24%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                          | ILLINOIS ST STATE OF ILLINOIS                                                     | CUSIP: 452153KV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6413314.20   | 0.76%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METLIFE, INC.                                                                        | MetLife Inc PREFERRED STOCK                                                       | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               |  | US        |    174456 | NS      | $3384446.40   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP N Y REV                                          | SUFFOLK REGL OFF-TRACK BETTING SUFFOLK REGIONAL OFF-TRACK BETTING CORP            | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511047.10    | 0.06%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP SOLID WASTE DISP FACS REV                            | BRAZORIA CNTY TX INDL DEV CORP BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP        | CUSIP: 10604PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1275000.00   | 0.15%             | 2042-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                          | FREDDIE MAC POOL FR WE6090                                                        | CUSIP: 3132YBXT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3561291 | PA      | $3752218.08   | 0.45%             | 2040-08-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| LOWER ALA GAS DIST GAS PROJ REV                                                      | LOWER AL GAS DIST GAS PROJ REV LOWER ALABAMA GAS DISTRICT/THE                     | CUSIP: 547804AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527364.05   | 0.18%             | 2046-09-01      | 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: 646067FV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1432166.74   | 0.17%             | 2048-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TENN INDL DEV BRD ECONOMIC DEV GROWTH ENGINE TAX INCREMENT REV   | MEMPHIS-SHELBY CNTY TN INDL DE MEMPHIS-SHELBY COUNTY INDUSTRIAL DEVELOPMENT BOARD | CUSIP: 58611YAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $511692.51    | 0.06%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                         | BARCLAYS PLC 9.625000% MATURITY: PERPETUAL                                        | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |   1200000 | PA      | $1324608.00   | 0.16%             | 2174-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                  | BENLOCH RANCH IMPROVEMENT ASSOCIATION NO 2 144A 10.000000% 12/01/2051             | CUSIP: 082149AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $4731914.88   | 0.56%             | 2051-12-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4085000 | PA      | $4117069.70   | 0.49%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS SPL REV                                                          | PUBLIC FIN AUTH WI SPL REVENUE PUBLIC FINANCE AUTHORITY                           | CUSIP: 74447TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    721000 | PA      | $530327.08    | 0.06%             | 2029-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                          | CALIFORNIA ST MUNI FIN AUTH RE CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048TG23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926858.00    | 0.11%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H LEASE REV                                                      | NATIONAL FIN AUTH LEASE REVENU NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63610FBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $996834.71    | 0.12%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                               | FEDERAL HOME LOAN MTGE CORP MU FREDDIE MAC MULTIFAMILY ML CERTIFICATES            | CUSIP: 3137HBCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5843788 | PA      | $5820872.90   | 0.69%             | 2040-08-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                                                         | US Bancorp PREFERRED STOCK                                                        | CUSIP: 902973866<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               |  | US        |       500 | NS      | $415050.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                      | BUILD NYC RESOURCE CORP NY REV BUILD NYC RESOURCE CORP                            | CUSIP: 12008ELR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1396359.15   | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                                     | MASSACHUSETTS ST DEV FIN AGY R MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584Y4T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1461221.55   | 0.17%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH SOLID WASTE DISP REV                           | SOUTH CAROLINA ST JOBS-ECON DE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY | CUSIP: 83704DAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $90000.00     | 0.01%             | 2027-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REV                                                            | ILLINOIS ST SALES TAX REVENUE STATE OF ILLINOIS SALES TAX REVENUE                 | CUSIP: 452227HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004501.80   | 0.24%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                                 | M&T BANK CORP 7.304000% MATURITY: PERPETUAL                                       | CUSIP: 55261FAL8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1794759.84   | 0.21%             | 2174-02-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH REV                                                              | ATLANTA GA DEV AUTH ATLANTA DEVELOPMENT AUTHORITY/THE                             | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2084144.64   | 0.25%             | 2048-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL ETOWAH CNTY ALA SOLID WASTE DISP AUTH REV                                    | CENTRL ETOWAH CNTY SOL WST DIS CENTRAL ETOWAH COUNTY SOLID WASTE DISPOSAL AUTHORI | CUSIP: 15343TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $820471.56    | 0.10%             | 2045-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                                | NEW YORK ST LIBERTY DEV CORP L NEW YORK LIBERTY DEVELOPMENT CORP                  | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3996954.00   | 0.47%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                                | NEW YORK ST LIBERTY DEV CORP L NEW YORK LIBERTY DEVELOPMENT CORP                  | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970843.00    | 0.12%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV                                        | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 939783WH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $393657.36    | 0.05%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV                                          | BLACK BELT ENERGY GAS DIST AL BLACK BELT ENERGY GAS DISTRICT                      | CUSIP: 09182TDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3293629.41   | 0.39%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH HEALTH CARE REV                                       | KENTUCKY ST ECON DEV FIN AUTH KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY     | CUSIP: 49126TAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $692906.90    | 0.08%             | 2046-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRISTOL TENN INDL DEV BRD TAX INCREMENT REV                                          | BRISTOL TN INDL DEV BRD TAX IN BRISTOL INDUSTRIAL DEVELOPMENT BOARD               | CUSIP: 11023QAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1782811.00   | 0.21%             | 2035-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                                  | Fifth Third Bancorp PREFERRED STOCK                                               | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               |  | US        |     49904 | NS      | $1282033.76   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2171403.80   | 0.26%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                                    | MONROE CNTY NY INDL DEV CORP R MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP/NY       | CUSIP: 61075TUG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1380998.85   | 0.16%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP SOLID WASTE DISP FACS REV                            | BRAZORIA CNTY TX INDL DEV CORP BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP        | CUSIP: 10604PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3655000 | PA      | $2924000.00   | 0.35%             | 2039-03-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                             | TREASURY BILL 0.000000% 07/10/2025                                                | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1592864.45   | 0.19%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY N D SOLID WASTE DISP FAC REV                                        | GRAND FORKS CNTY ND COUNTY OF GRAND FORKS ND                                      | CUSIP: 38543PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $10.00        | 0.00%             | 2031-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS GROUP AG 144A 9.250000% MATURITY: PERPETUAL                                   | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |   1000000 | PA      | $1141689.00   | 0.14%             | 2174-05-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                    | HSBC HOLDINGS PLC 6.000000% MATURITY: PERPETUAL                                   | CUSIP: 404280BL2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | NUSS              | GB        |   1500000 | PA      | $1490497.20   | 0.18%             | 2173-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUN AUTH REV                                                           | BERKS CNTY PA MUNI AUTH BERKS COUNTY MUNICIPAL AUTHORITY/THE                      | CUSIP: 084538JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2878000 | PA      | $2487541.74   | 0.30%             | 2039-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV                                        | BLACK BELT ENERGY GAS DIST AL BLACK BELT ENERGY GAS DISTRICT                      | CUSIP: 09182NCC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009037.30   | 0.12%             | 2052-07-01      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| AUGUSTA GA DEV AUTH REV                                                              | AUGUSTA GA DEV AUTH REVENUE AUGUSTA DEVELOPMENT AUTHORITY                         | CUSIP: 05115CBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3502534.35   | 0.42%             | 2053-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS TOB TR IV                                                             | NEW YORK CNTYS NY TOBACCO TRUS NEW YORK COUNTIES TOBACCO TRUST IV                 | CUSIP: 62947YAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  57000000 | PA      | $4679095.80   | 0.56%             | 2055-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                                        | COLORADO ST HLTH FACS AUTH REV COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1733980.20   | 0.21%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AVIATION STA NORTH MET DIST NO 2 COLO                                                | AVIATION STATION NORTH MET DIS AVIATION STATION NORTH METROPOLITAN DISTRICT NO 2  | CUSIP: 05369KAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485618.95    | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ULSTER CNTY N Y CAP RESOURCE CORP REV                                                | ULSTER CNTY NY CAPITAL RESOURC ULSTER COUNTY CAPITAL RESOURCE CORP                | CUSIP: 903768AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $800726.10    | 0.09%             | 2047-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX SR LIVING REV                                 | NEW HOPE CULTURAL EDU FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542PAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902500.00    | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH EDL FACS REV                                       | VIRGINIA ST SMALL BUSINESS FIN VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 92810PAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6565000 | PA      | $5475933.46   | 0.65%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                          | Bank of America Corp PREFERRED STOCK                                              | CUSIP: 060505625<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               |  | US        |     20730 | NS      | $418538.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                              | WISCONSIN ST HLTH & EDUCTNL FA WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORIT | CUSIP: 97712JJE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018241.90   | 0.12%             | 2054-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                                      | NEW JERSEY ST EDUCTNL FACS AUT NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066UZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954631.00   | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN N Y LOC DEV CORP ED REV                                               | HEMPSTEAD TOWN NY LOCAL DEV CO HEMPSTEAD TOWN LOCAL DEVELOPMENT CORP              | CUSIP: 424685AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002925.00   | 0.12%             | 2048-02-01      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH MULTIFAMILY HSG REV                                          | COLORADO ST HSG FIN AUTH MF HS COLORADO HOUSING AND FINANCE AUTHORITY             | CUSIP: 19647PDQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2154827.42   | 0.26%             | 2028-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                              | WISCONSIN ST HLTH & EDUCTNL FA WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORIT | CUSIP: 97712D4C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884203.10    | 0.10%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV                                     | ENERGY S E AL A COOPERATIVE DI ENERGY SOUTHEAST A COOPERATIVE DISTRICT            | CUSIP: 292723AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083209.90   | 0.13%             | 2054-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FLA INDL DEV AUTH UTIL SYS REV                                        | CHARLOTTE CNTY FL INDL DEV AUT CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/ | CUSIP: 16080TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $391023.50    | 0.05%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                            | CONNECTICUT ST HLTH & EDUCTNL CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES   | CUSIP: 20774YJ40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1329884.25   | 0.16%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                       | BNP PARIBAS SA 144A 7.750000% MATURITY: PERPETUAL                                 | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | NUSS              | FR        |   4290000 | PA      | $4462642.47   | 0.53%             | 2174-02-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979244.90    | 0.12%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                                | MICHIGAN ST FIN AUTH REVENUE MICHIGAN FINANCE AUTHORITY                           | CUSIP: 59447TM26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $2015948.00   | 0.24%             | 2065-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD REV                                                          | MISSOURI ST DEV FIN BRD MISSOURI DEVELOPMENT FINANCE BOARD                        | CUSIP: 60636VDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4005000 | PA      | $4031101.39   | 0.48%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                                                       | CITIGROUP INC 3.875000% MATURITY: PERPETUAL                                       | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4310593.23   | 0.51%             | 2174-05-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                                                         | US BANCORP 3.700000% MATURITY: PERPETUAL                                          | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $5908878.01   | 0.70%             | 2174-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| METLIFE, INC.                                                                        | METLIFE INC MATURITY: PERPETUAL                                                   | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3270495.36   | 0.39%             | 2174-03-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE FING AUTH TOBACCO SETTLEMENT                                    | CALIFORNIA ST STWD FING AUTH T CALIFORNIA STATEWIDE FINANCING AUTHORITY           | CUSIP: 130923AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $3843824.42   | 0.46%             | 2037-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                          | FEDERAL HOME LOAN MTGE CORP MU FREDDIE MAC MULTIFAMILY ML CERTIFICATES            | CUSIP: 3137HA4G8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   4905723 | PA      | $4645302.88   | 0.55%             | 2040-01-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY PA INDL DEV AUTH REV                                                   | FRANKLIN CNTY PA INDL DEV AUTH FRANKLIN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/P | CUSIP: 353273BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $494514.06    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REV                                          | CHESTER CNTY PA INDL DEV AUTH CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY     | CUSIP: 16559WAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99305.46     | 0.01%             | 2028-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WINDSOR CALIF UNI SCH DIST                                                           | WINDSOR CA UNIF SCH DIST WINDSOR UNIFIED SCHOOL DISTRICT                          | CUSIP: 973517JA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1198749.24   | 0.14%             | 2035-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV                                             | LEWISTOWN COMMERCE CENTER VA C LEWISTOWN COMMERCE CENTER COMMUNITY DEVELOPMENT AU | CUSIP: 528734AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    118000 | PA      | $53100.00     | 0.01%             | 2054-03-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                               | MAIN STREET NATURAL GAS INC GA MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3558832.36   | 0.42%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN CTR DIST WIS TAX REV                                                       | WISCONSIN CENTER DIST WI TAX R WISCONSIN CENTER DISTRICT                          | CUSIP: 976595FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8110000 | PA      | $2863223.34   | 0.34%             | 2045-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                                               | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                 | CUSIP: 626207H23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4860122.50   | 0.58%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                                                   | CREDIT AGRICOLE SA MTN 4.750000% MATURITY: PERPETUAL                              | CUSIP: 225313AP0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | NUSS              | FR        |   3000000 | PA      | $2755433.10   | 0.33%             | 2174-03-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                  | SEI DAILY INCOME TRUST GOVERNMENT FUND (#36)                                      | CUSIP: 783965593<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1776871 | NS      | $1776870.61   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY TEXAS, INC.                                                                  | Entergy Texas Inc PREFERRED STOCK                                                 | CUSIP: 29365T302<br>LEI: LWXX58X12AJXISQ28573 | Long             | EP               |  | US        |     39700 | NS      | $896227.50    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CoBank, ACB                                                                          | COBANK ACB 6.250000% MATURITY: PERPETUAL                                          | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |    500000 | PA      | $500479.50    | 0.06%             | 2173-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV                                           | ILLINOIS ST TOLL HIGHWAY AUTH ILLINOIS STATE TOLL HIGHWAY AUTHORITY               | CUSIP: 452252PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2524357.50   | 0.30%             | 2045-01-01      | 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: 64578JBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $427876.09    | 0.05%             | 2029-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX ARPT SYS REV                                                             | HOUSTON TX ARPT SYS REVENUE CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE             | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4153474.00   | 0.49%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY CALIF ESSENTIAL HSG REV                                             | CMFA SPL FIN AGY CA ESSENTIAL CMFA SPECIAL FINANCE AGENCY                         | CUSIP: 12574WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $926399.78    | 0.11%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMB FINANCIAL CORPORATION                                                            | UMB Financial Corp PREFERRED STOCK                                                | CUSIP: 902788405<br>LEI: 549300MGEH3N3CUCV828 | Long             | EP               |  | US        |     38600 | NS      | $975422.00    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| DIRECTOR ST NEV DEPT BUSINESS & IND ENVIRONMENTAL IMPT REV                           | DIRECTOR OF THE ST OF NEVADA D STATE OF NEVADA DEPARTMENT OF BUSINESS & INDUSTRY  | CUSIP: 25461PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2702595 | PA      | $11080.64     | 0.00%             | 2038-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP ST SALES TAX REV                                          | NEW YORK ST URBAN DEV CORP SAL EMPIRE STATE DEVELOPMENT CORP                      | CUSIP: 64985TEV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3554809.30   | 0.42%             | 2053-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                              | CALIFORNIA CMNTY CHOICE FING A CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY    | CUSIP: 13013JAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4940754.50   | 0.59%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN CHARTER SCH LEASE REV                                               | MINNEAPOLIS MN CHARTER SCH LEA CITY OF MINNEAPOLIS MN                             | CUSIP: 60375CAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749126.10    | 0.09%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                                                    | IOWA ST FIN AUTH REVENUE IOWA FINANCE AUTHORITY                                   | CUSIP: 46247SCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1706769.60   | 0.20%             | 2042-01-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MINN CHARTER SCH LEASE REV                                              | INDEPENDENCE MN CHRT SCH LEASE CITY OF INDEPENDENCE MN                            | CUSIP: 45362RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $317062.62    | 0.04%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3873562.26   | 0.46%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV                           | LOUISIANA ST LOCAL GOVT ENVRNM LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIE | CUSIP: 54628CER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $725244.38    | 0.09%             | 2037-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV MULTIFAMILY REV                                    | PHILADELPHIA PA AUTH FOR INDL PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT   | CUSIP: 717908AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069462.00   | 0.25%             | 2058-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CALIF ESSENTIAL HSG REV                                        | CSCDA CMNTY IMPT AUTH CA ESSEN CSCDA COMMUNITY IMPROVEMENT AUTHORITY              | CUSIP: 126292BH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $345584.80    | 0.04%             | 2057-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH CHARTER SCH REV                                           | PASSAIC CNTY NJ IMPT AUTH CHRT PASSAIC COUNTY IMPROVEMENT AUTHORITY/THE           | CUSIP: 70275QAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501196.70    | 0.06%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                                                        | Regions Financial Corp PREFERRED STOCK                                            | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               |  | US        |     15323 | NS      | $347525.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WYANDOTTE CNTY KANS CITY KANS UNI GOVT SPL OBLIG REV                                 | WYANDOTTE CNTY KS KANSAS CITY WYANDOTTE COUNTY-KANSAS CITY UNIFIED GOVERNMENT     | CUSIP: 98267VCM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $934772.55    | 0.11%             | 2034-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV                                        | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 939783WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225703.15    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                                                            | AT&T Inc PREFERRED STOCK                                                          | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               |  | US        |    121800 | NS      | $2308110.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| PRAIRIE CTR MET DIST NO 3 COLO LTD PPTY TAX SUPPORTED PRIMARY IMPTS REV              | PRAIRIE CENTER CO MET DIST #3 PRAIRIE CENTER METROPOLITAN DISTRICT NO 3           | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $841475.78    | 0.10%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                              | ROYAL BANK OF CANADA 6.350000% 11/24/2084                                         | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | NUSS              | CA        |    500000 | PA      | $469834.80    | 0.06%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV                                      | TOBACCO SETTLEMENT AUTH IA TOB IOWA TOBACCO SETTLEMENT AUTHORITY                  | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11490000 | PA      | $1690051.46   | 0.20%             | 2065-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 15 FLA SPL ASSMT REV                                       | VILLAGE CDD NO 15 SPL ASSMNT R VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 15       | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1400300.48   | 0.17%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5114185.14   | 0.61%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN N Y LOC DEV CORP ED REV                                               | HEMPSTEAD TOWN NY LOCAL DEV CO HEMPSTEAD TOWN LOCAL DEVELOPMENT CORP              | CUSIP: 424685AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $364675.55    | 0.04%             | 2051-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH                                                                         | DETROIT MI CITY OF DETROIT MI                                                     | CUSIP: 2510935V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309751.53    | 0.04%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                                 | NEW YORK CITY NY MUNI WTR FIN NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY     | CUSIP: 64972GF90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1779428.59   | 0.21%             | 2048-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP PRIVATE ACTIVITY REV                                   | MARYLAND ST ECON DEV CORP PRIV MARYLAND ECONOMIC DEVELOPMENT CORP                 | CUSIP: 57422JCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $610796.56    | 0.07%             | 2055-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV                           | GOLDEN ST TOBACCO SECURITIZATI GOLDEN STATE TOBACCO SECURITIZATION CORP           | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23600000 | PA      | $2531640.44   | 0.30%             | 2066-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                          | FREDDIE MAC POOL FR WE6072                                                        | CUSIP: 3132YBW93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   4140380 | PA      | $3804047.46   | 0.45%             | 2039-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526YEB7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    200000 | PA      | $97000.00     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA WORLD CONGRESS CTR AUTH CONVENTION CTR HOTEL REV                   | GEO L SMITH II GA CONGRESS CTR GEORGE L SMITH II CONGRESS CENTER AUTHORITY        | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1309190.03   | 0.16%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH HEALTH CARE REV                                       | KENTUCKY ST ECON DEV FIN AUTH KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY     | CUSIP: 49126TAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1328764.54   | 0.16%             | 2036-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTN CTL FING AUTH SOLID WASTE DISP REV                                | CALIFORNIA ST POLL CONTROL FIN CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY   | CUSIP: 130536RF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1932204 | PA      | $5120.34      | 0.00%             | 2028-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                             | CALIFORNIA STWD CMNTYS DEV AUT CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080SML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2083149.19   | 0.25%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUN AUTH REV                                                           | BERKS CNTY PA MUNI AUTH BERKS COUNTY MUNICIPAL AUTHORITY/THE                      | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    577000 | PA      | $580052.56    | 0.07%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV                                                  | PIMA CNTY AZ INDL DEV AUTH EDU INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72177MJC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $214998.08    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLYTHE TWP PA SOLID WASTE AUTH REV                                                   | BLYTHE TWP PA SOL WST AUTH REV BLYTHE TOWNSHIP SOLID WASTE AUTHORITY              | CUSIP: 096464AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3750908.66   | 0.44%             | 2037-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBLIG MULTIFAMILY HSG REV                                 | CALIFORNIA HSG FIN AGY LTD OBL VARIABLE-REF-VOSE APARTMENTS-K                     | CUSIP: 13034DAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1516405.28   | 0.18%             | 2053-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBLIG MULTIFAMILY HSG REV                                 | CALIFORNIA HSG FIN AGY LTD OBL CALIFORNIA HOUSING FINANCE AGENCY                  | CUSIP: 13034DAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4664636.26   | 0.55%             | 2054-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MIDA MTN VLG PUB INFRASTRUCTURE DIST UTAH TAX ALLOCATION REV                         | MIDA MOUNTAIN VLG PUBLIC INFRA MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRI | CUSIP: 59561UAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1779645.75   | 0.21%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OHIO TOB SETTLEMENT FING AUTH                                                | BUCKEYE OH TOBACCO SETTLEMENT BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  54300000 | PA      | $5212045.23   | 0.62%             | 2057-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RENO NEV SALES TAX REV                                                               | RENO NV SALES TAX REVENUE CITY OF RENO NV                                         | CUSIP: 759861EK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $1143354.00   | 0.14%             | 2058-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH REV                                                      | LANCASTER CNTY PA HOSP AUTH LANCASTER COUNTY HOSPITAL AUTHORITY/PA                | CUSIP: 514045W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2912691.60   | 0.35%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS CNTY FLA INDL DEV AUTH SR LIVING REV                                        | SAINT JOHNS CNTY FL INDL DEV A ST JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 79041LAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $719251.65    | 0.09%             | 2046-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REV                                 | ALLENTOWN PA NEIGHBORHOOD IMPT ALLENTOWN NEIGHBORHOOD IMPROVEMENT ZONE DEVELOPMEN | CUSIP: 018444CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2005449.13   | 0.24%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP SOLID WASTE DISP FACS REV                            | BRAZORIA CNTY TX INDL DEV CORP BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP        | CUSIP: 10604PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5255000 | PA      | $4204000.00   | 0.50%             | 2039-03-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                               | FEDERAL HOME LOAN MTGE CORP MU FREDDIE MAC MULTIFAMILY ML CERTIFICATES            | CUSIP: 3137HB2V5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5183964 | PA      | $5114339.02   | 0.61%             | 2036-12-25      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP SOLID WASTE DISP FACS REV                            | BRAZORIA CNTY TX INDL DEV CORP BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP        | CUSIP: 10604PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $384000.00    | 0.05%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                                      | PUBLIC FIN AUTH WI EDUCTNL FAC PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DGN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $700092.10    | 0.08%             | 2051-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS PROJ REV                                                         | PUBLIC FIN AUTH WI PROJ REVENU PUBLIC FINANCE AUTHORITY                           | CUSIP: 74444UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3342343.88   | 0.40%             | 2050-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                                    | FLORIDA ST DEV FIN CORP EDUCTN FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UHH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $486351.50    | 0.06%             | 2056-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REV                                         | NORTH CAROLINA ST HSG FIN AGY NORTH CAROLINA HOUSING FINANCE AGENCY               | CUSIP: 6582077Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $991228.77    | 0.12%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                       | BNP PARIBAS SA 144A 8.500000% MATURITY: PERPETUAL                                 | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | NUSS              | FR        |   1400000 | PA      | $1482894.00   | 0.18%             | 2174-02-14      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ANGELINA & NECHES RIV AUTH TEX INDL DEV CORP SOLID WASTE DISP & WASTEWATER TREATMENT | ANGELINA & NECHES RIVER AUTH I ANGELINA & NECHES RIVER AUTHORITY                  | CUSIP: 03469KAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1401606.90   | 0.17%             | 2045-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FLA HEALTH FACS AUTH RETIREMENT FAC REV                                | SARASOTA CNTY FL HLTH FACS AUT SARASOTA COUNTY HEALTH FACILITIES AUTHORITY        | CUSIP: 80329UBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $744992.40    | 0.09%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUB SVCS AUTH REV                                                  | SOUTH CAROLINA ST PUBLIC SVC A SOUTH CAROLINA PUBLIC SERVICE AUTHORITY            | CUSIP: 8371515P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023476.60   | 0.24%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINERY COML MET DIST NO 2 COLO SPL REV                                               | PINERY CO COML MET DIST #2 SPL PINERY COMMERCIAL METROPOLITAN DISTRICT NO 2       | CUSIP: 72330FAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480287.95    | 0.06%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REV                                                                | TEXAS WTR DEV BRD REVENUE TEXAS WATER DEVELOPMENT BOARD                           | CUSIP: 88285AGC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2853121.28   | 0.34%             | 2059-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALASKA INDL DEV & EXPT AUTH CMNTY PROVIDER REV                                       | ALASKA ST INDL DEV & EXPORT AU ALASKA INDUSTRIAL DEVELOPMENT & EXPORT AUTHORITY   | CUSIP: 01170MAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $5938.00      | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                 | NEW YORK ST TRANSPRTN DEV CORP NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069745.00   | 0.25%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRONGHORN VY MET DIST COLO                                                           | PRONGHORN VLY MET DIST CO PRONGHORN VALLEY METROPOLITAN DISTRICT                  | CUSIP: 74344YAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $193606.25    | 0.02%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDTOWN MIAMI CMNTY DEV DIST FLA SPL ASSMT REV                                       | MIDTOWN MIAMI FL CDD SPL ASSMN MIDTOWN MIAMI COMMUNITY DEVELOPMENT DISTRICT       | CUSIP: 59807PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1630668.46   | 0.19%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM ALA SPL CARE FACS FING AUTH REVS                                          | BIRMINGHAM AL SPL CARE FACS FI ALABAMA SPECIAL CARE FACILITIES FINANCING AUTHORIT | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $701490.08    | 0.08%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                          | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93978T4M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3056211 | PA      | $2751022.10   | 0.33%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HARVEST CROSSING MET DIST NO 4 COLO                                                  | HARVEST CROSSING MET DIST #4 C HARVEST CROSSING METROPOLITAN DISTRICT NO 4        | CUSIP: 41753TAA7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1506095.10   | 0.18%             | 2052-12-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV                           | GOLDEN ST TOBACCO SECURITIZATI GOLDEN STATE TOBACCO SECURITIZATION CORP           | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1328879.72   | 0.16%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AFFORDABLE HSG OPPORTUNITIES TR                                                      | AFFORDABLE HSG OPPORTUNITIES T AFFORDABLE HOUSING OPPORTUNITIES TRUST SERIES AH-0 | CUSIP: 00826SAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1754805.42   | 0.21%             | 2038-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                              | PUBLIC FIN AUTH WI REVENUE PUBLIC FINANCE AUTHORITY                               | CUSIP: 74442PDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $1925000.00   | 0.23%             | 2046-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                             | LLOYDS BANKING GROUP PLC 8.000000% MATURITY: PERPETUAL                            | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | NUSS              | GB        |   4800000 | PA      | $5045380.80   | 0.60%             | 2173-06-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA DEV AUTH EDL FACS REV                                     | GAINESVILLE & HALL CNTY GA DEV GAINESVILLE & HALL COUNTY DEVELOPMENT AUTHORITY    | CUSIP: 36274PAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $972000.00    | 0.12%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AFFORDABLE HSG OPPORTUNITIES TR                                                      | AFFORDABLE HSG OPPORTUNITIES T AFFORDABLE HOUSING OPPORTUNITIES TRUST SERIES AH-0 | CUSIP: 00826SAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10780000 | PA      | $8809053.79   | 1.04%             | 2038-10-01      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA DEV FIN AUTH REV                                                            | OKLAHOMA ST DEV FIN AUTH OKLAHOMA DEVELOPMENT FINANCE AUTHORITY                   | CUSIP: 6789083M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2622156.39   | 0.31%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN CHARTER SCH LEASE REV                                                  | ST CLOUD MN CHRT SCH LEASE REV CITY OF ST CLOUD MN                                | CUSIP: 788326AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98309.60     | 0.01%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                                 | M&T BANK CORP 3.500000% MATURITY: PERPETUAL                                       | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1873990.80   | 0.22%             | 2174-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX SR LIVING REV                                 | NEW HOPE CULTURAL EDU FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542PCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $125000.00    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EXEMPT FAC REV                                                      | INDIANA ST FIN AUTH EXEMPT FAC INDIANA FINANCE AUTHORITY                          | CUSIP: 45470DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10200000 | PA      | $1570642.92   | 0.19%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                              | CALIFORNIA CMNTY CHOICE FING A CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY    | CUSIP: 13013JFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3279918.11   | 0.39%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH POLLUTION CTL REV                               | CALIFORNIA ST STWD CMNTYS DEVA CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078HBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2234701.04   | 0.27%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | BANCO SANTANDER SA 9.625000% MATURITY: PERPETUAL                                  | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | NUSS              | ES        |   3000000 | PA      | $3302538.00   | 0.39%             | 2174-02-21      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| WICHITA KANS HEALTH CARE FACS REV                                                    | WICHITA KS HLTH CARE FACS REVE CITY OF WICHITA KS                                 | CUSIP: 967249QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $490985.22    | 0.06%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV                                          | BLACK BELT ENERGY GAS DIST AL BLACK BELT ENERGY GAS DISTRICT                      | CUSIP: 09182TCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3122205.90   | 0.37%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                                           | ALLIANZ SE 144A 3.500000% MATURITY: PERPETUAL                                     | CUSIP: 018820AA8<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | NUSS              | DE        |   2600000 | PA      | $2526300.92   | 0.30%             | 2174-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.                                                       | CITIZENS FINANCIAL GROUP INC 5.650000% MATURITY: PERPETUAL                        | CUSIP: 174610AU9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1496440.80   | 0.18%             | 2173-10-06      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OHIO TOB SETTLEMENT FING AUTH                                                | BUCKEYE OH TOBACCO SETTLEMENT BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3460976.40   | 0.41%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                          | ILLINOIS ST STATE OF ILLINOIS                                                     | CUSIP: 452152V65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2564717.00   | 0.30%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HANOVER CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV                           | HANOVER CNTY VA ECON DEV AUTHR HANOVER COUNTY ECONOMIC DEVELOPMENT AUTHORITY      | CUSIP: 41077CAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $372001.65    | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ENERGY ACQUISITION CORP GAS REV                                            | TENNESSEE ST ENERGY ACQUISITIO TENNESSEE ENERGY ACQUISITION CORP                  | CUSIP: 880443EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4054011.60   | 0.48%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                       | Morgan Stanley PREFERRED STOCK                                                    | CUSIP: 61747S504<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               |  | US        |    133149 | NS      | $2950581.84   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                                                             | Allstate Corp/The PREFERRED STOCK                                                 | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               |  | US        |     21234 | NS      | $402808.98    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FLA HEALTH FACS AUTH SR LIVING REV                                    | HIGHLANDS CNTY FL HLTH FACS AU HIGHLANDS COUNTY HEALTH FACILITIES AUTHORITY       | CUSIP: 43102XAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    321337 | PA      | $4016.71      | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                                                             | Equitable Holdings Inc PREFERRED STOCK                                            | CUSIP: 29452E408<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               |  | US        |     25956 | NS      | $428274.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH MIDWESTERN DISASTER AREA REV                                           | IOWA ST FIN AUTH MIDWSTRN DISA IOWA FINANCE AUTHORITY                             | CUSIP: 46246SAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4440006.48   | 0.53%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY S C GAS SUPPLY REV                                    | PATRIOTS ENERGY GROUP FING AGY PATRIOTS ENERGY GROUP FINANCING AGENCY             | CUSIP: 70342PAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1906385.58   | 0.23%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV                                              | IDAHO ST HSG & FIN ASSN NONPRO IDAHO HOUSING & FINANCE ASSOCIATION                | CUSIP: 45129GDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $263133.87    | 0.03%             | 2029-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.                                                       | CITIZENS FINANCIAL GROUP INC 4.000000% MATURITY: PERPETUAL                        | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2422037.25   | 0.29%             | 2173-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV                           | LOUISIANA ST LOCAL GOVT ENVRNM LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIE | CUSIP: 54628CES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $643460.58    | 0.08%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH SR LIVING REV                                                  | ARIZONA ST INDL DEV AUTH SENIO ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4046018.66   | 0.48%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TEX MUN DEV DIST HOTEL REV                                                   | BAYTOWN MUNI DEV DIST TX BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT                   | CUSIP: 073201AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $369226.80    | 0.04%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TEX HSG FIN CORP MULTIFAMILY HSG REV                                          | DALLAS TX HSG FIN CORP CITY OF DALLAS HOUSING FINANCE CORP                        | CUSIP: 235298BW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971115.20    | 0.12%             | 2041-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH LTD OBLIG REV                                                      | MICHIGAN ST FIN AUTH LTD OBLIG MICHIGAN FINANCE AUTHORITY                         | CUSIP: 594479FS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $151712.19    | 0.02%             | 2040-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526QLY6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   9040000 | PA      | $8799300.06   | 1.04%             | 2029-07-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                     | NEW JERSEY ST ECON DEV AUTH RE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577XEE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4021712.40   | 0.48%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                                      | PUBLIC FIN AUTH WI EDUCTNL FAC PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DDG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2274850.50   | 0.27%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                                         | ARIZONA ST INDL DEV AUTH EDU R ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052BGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1515463.48   | 0.18%             | 2038-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                                     | CHICAGO IL O'HARE INTERNATIONA CHICAGO O'HARE INTERNATIONAL AIRPORT               | CUSIP: 1675935T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3186729.30   | 0.38%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OKLA MUN ARPT TR REV                                                           | TULSA OK MUNI ARPT TRUST TRUST TULSA MUNICIPAL AIRPORT TRUST TRUSTEES/OK          | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3279994.80   | 0.39%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Finance Authority                                                 | TOBACCO SETTLEMENT FIN AUTH WV TOBACCO SETTLEMENT FINANCE AUTHORITY               | CUSIP: 88880LAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  73250000 | PA      | $6741527.13   | 0.80%             | 2047-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV                     | MICHIGAN ST TOBACCO SETTLEMENT MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY      | CUSIP: 594751AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 125250000 | PA      | $3643284.53   | 0.43%             | 2058-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526YEX9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1380000 | PA      | $669300.00    | 0.08%             | 2020-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH ARPT REV                                                 | ALLEGHENY CNTY PA ARPT AUTH AR ALLEGHENY COUNTY AIRPORT AUTHORITY                 | CUSIP: 01728LFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965905.30    | 0.11%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH REV                                                | COLORADO EDUCTNL & CULTURAL AU COLORADO EDUCATIONAL & CULTURAL FACILITIES AUTHORI | CUSIP: 19645UHM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $407182.86    | 0.05%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH                                                                         | DETROIT MI CITY OF DETROIT MI                                                     | CUSIP: 251093S84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5767043 | PA      | $4432489.27   | 0.53%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                                | CLIFTON TX HGR EDU FIN CORP ED CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145JS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503317.55   | 0.18%             | 2038-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS SR LIVING REV                                                    | PUBLIC FIN AUTH WI SENIOR LIVI PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443UBC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1552863.55   | 0.18%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                                | ILLINOIS ST FIN AUTH REVENUE ILLINOIS FINANCE AUTHORITY                           | CUSIP: 45204EA73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560613 | PA      | $12484.91     | 0.00%             | 2045-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                                                   | CREDIT AGRICOLE SA 144A 8.125000% MATURITY: PERPETUAL                             | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | NUSS              | FR        |   2000000 | PA      | $2027380.00   | 0.24%             | 2174-03-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                                    | Capital One Financial Corp PREFERRED STOCK                                        | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               |  | US        |     70400 | NS      | $1320000.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV                                             | LEWISTOWN COMMERCE CENTER VA C LEWISTOWN COMMERCE CENTER COMMUNITY DEVELOPMENT AU | CUSIP: 528734AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     34420 | PA      | $23304.35     | 0.00%             | 2044-03-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH SR LIVING REV                                                  | ARIZONA ST INDL DEV AUTH SENIO ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052TDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1003495 | PA      | $783393.46    | 0.09%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DENVER COLO INTL BUSINESS CTR MET DIST NO 1                                          | DENVER CO INTERNATIONAL BUSINE DENVER INTERNATIONAL BUSINESS CENTER METROPOLITAN  | CUSIP: 249197BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1144000 | PA      | $1146864.92   | 0.14%             | 2048-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                                               | PNC FINANCIAL SERVICES GROUP INC/THE 6.000000% MATURITY: PERPETUAL                | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3406300.20   | 0.40%             | 2173-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                                 | JPMORGAN CHASE & CO 6.500000% MATURITY: PERPETUAL                                 | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1520308.55   | 0.18%             | 2174-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                              | KEYCORP 5.000000% MATURITY: PERPETUAL                                             | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2943177.00   | 0.35%             | 2173-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH REV                                                      | LANCASTER CNTY PA HOSP AUTH LANCASTER COUNTY HOSPITAL AUTHORITY/PA                | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2489521.25   | 0.30%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA SEAPORT REV                                                      | MIAMI-DADE CNTY FL SEAPORT REV COUNTY OF MIAMI-DADE SEAPORT DEPARTMENT            | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991924.50    | 0.12%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT SPL FAC REV                                             | CHICAGO IL O'HARE INTERNATIONA CHICAGO O'HARE INTERNATIONAL AIRPORT               | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475570.45    | 0.06%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                                                  | PUERTO RICO CMWLTH COMMONWEALTH OF PUERTO RICO                                    | CUSIP: 74514L4C8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  18923889 | PA      | $11590882.27  | 1.37%             | 2051-11-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| STIFEL FINANCIAL CORP.                                                               | Stifel Financial Corp PREFERRED STOCK                                             | CUSIP: 860630862<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               |  | US        |     41828 | NS      | $690998.56    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OHIO SR LIVING REV                                                   | MONTGOMERY CNTY OH SENIOR LIVI COUNTY OF MONTGOMERY OH                            | CUSIP: 613554AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1297397 | PA      | $16217.46     | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS GROUP AG 144A 9.250000% MATURITY: PERPETUAL                                   | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |   2000000 | PA      | $2176408.00   | 0.26%             | 2174-05-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                                                     | MASSACHUSETTS ST COMMONWEALTH OF MASSACHUSETTS                                    | CUSIP: 57582R4D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5075965.00   | 0.60%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                                                         | US BANCORP 5.300000% MATURITY: PERPETUAL                                          | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991423.00    | 0.12%             | 2174-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH SOLID WASTE DISP REV                           | SOUTH CAROLINA ST JOBS-ECON DE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY | CUSIP: 83704DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $124000.00    | 0.01%             | 2029-12-06      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                                | DOMINION ENERGY INC 4.350000% MATURITY: PERPETUAL                                 | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1074949.48   | 0.13%             | 2174-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                                             | STATE STREET CORP 6.450000% MATURITY: PERPETUAL                                   | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2392328.88   | 0.28%             | 2173-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INVESTORS PARTNERSHIP II, L.P.                                             | TOLL ROAD INVESTORS PARTNERSHIP II LP 144A ZERO COUPON 02/15/2043                 | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19265863 | PA      | $6261405.50   | 0.74%             | 2043-02-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                                | WELLS FARGO & CO 3.900000% MATURITY: PERPETUAL                                    | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2461511.50   | 0.29%             | 2174-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.                                                | BANCO BILBAO VIZCAYA ARGENTARIA SA 9.375000% MATURITY: PERPETUAL                  | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | NUSS              | ES        |   1200000 | PA      | $1317073.20   | 0.16%             | 2173-12-19      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRAL PA GEN AUTH REV                                                         | SOUTHCENTRL PA GEN AUTH REVENU GENERAL AUTHORITY OF SOUTHCENTRAL PENNSYLVANIA     | CUSIP: 84129NLE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2836310.96   | 0.34%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526YFW0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1265000 | PA      | $613525.00    | 0.07%             | 2019-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH REV                                                              | ATLANTA GA DEV AUTH ATLANTA DEVELOPMENT AUTHORITY/THE                             | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298125.69    | 0.04%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV                                         | UTAH ST CHRT SCH FIN AUTH CHRT UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TVG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $396748.68    | 0.05%             | 2027-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                          | ILLINOIS ST STATE OF ILLINOIS                                                     | CUSIP: 452153KA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055671.40   | 0.24%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ANGELINA & NECHES RIV AUTH TEX INDL DEV CORP SOLID WASTE DISP & WASTEWATER TREATMENT | ANGELINA & NECHES RIVER AUTH I ANGELINA & NECHES RIVER AUTHORITY                  | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $580048.00    | 0.07%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH SR LIVING REV                                                | CALIFORNIA PUBLIC FIN AUTH SEN CALIFORNIA PUBLIC FINANCE AUTHORITY                | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452624.40    | 0.05%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH LTD OBLIG REV                                                      | MICHIGAN ST FIN AUTH LTD OBLIG MICHIGAN FINANCE AUTHORITY                         | CUSIP: 594479FT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $238506.62    | 0.03%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL & HSG FAC BRD HEALTH SYS REV                             | CHATTANOOGA TN HLTH EDUCTNL & CHATTANOOGA HEALTH EDUCATIONAL & HOUSING FACILITY   | CUSIP: 162409AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006060.50   | 0.12%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                                | ILLINOIS ST FIN AUTH REVENUE ILLINOIS FINANCE AUTHORITY                           | CUSIP: 45204FKR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $291427.75    | 0.03%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH                                                                         | DETROIT MI CITY OF DETROIT MI                                                     | CUSIP: 2510936C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105669.70   | 0.13%             | 2039-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS TOB TR V                                                              | NEW YORK CNTYS NY TOBACCO TRUS NEW YORK COUNTIES TOBACCO TRUST V                  | CUSIP: 649441AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28000000 | PA      | $2252678.40   | 0.27%             | 2055-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SPRING VY CMNTY INFRASTRUCTURE DIST NO 1 IDAHO SPL ASSMT                             | SPRING VLY CMNTY INFRASTRUCTUR SPRING VALLEY COMMUNITY INFRASTRUCTURE DISTRICT NO | CUSIP: 850072AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1251253.64   | 0.15%             | 2051-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AUSTIN AFFORDABLE PFC INC TEX MULTIFAMILY HSG REV                                    | AUSTIN TX AFFORDABLE PUBLIC FA AUSTIN AFFORDABLE PFC INC                          | CUSIP: 05217TAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2583523.80   | 0.31%             | 2043-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBLIG MULTIFAMILY HSG REV                                 | CALIFORNIA HSG FIN AGY LTD OBL CALIFORNIA HOUSING FINANCE AGENCY                  | CUSIP: 13034DAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2614450.02   | 0.31%             | 2053-11-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH REV                                               | CALIFORNIA ST POLL CONTROL FIN CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY   | CUSIP: 13053CAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1349234.55   | 0.16%             | 2046-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TEX NAV DIST DOCK & WHARF FAC REV                                      | PORT BEAUMONT TX NAV DIST DOCK PORT OF BEAUMONT NAVIGATION DISTRICT               | CUSIP: 73360CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1162633.35   | 0.14%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY TAX-EXEMPT MTG-BKD BDS                       | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93979AAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1891708.80   | 0.22%             | 2043-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| COMANCHE CNTY OKLA HOSP AUTH REV                                                     | COMANCHE CNTY OK HOSP AUTH REV COMANCHE COUNTY HOSPITAL AUTHORITY                 | CUSIP: 199875HJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500189.45   | 0.18%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                        | GOLDMAN SACHS GROUP INC/THE 4.125000% MATURITY: PERPETUAL                         | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1947582.72   | 0.23%             | 2174-05-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                                               | MUNI ELEC AUTH OF GA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                      | CUSIP: 62620HHQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017084.30   | 0.12%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                                                  | PUERTO RICO CMWLTH COMMONWEALTH OF PUERTO RICO                                    | CUSIP: 74514L3T2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3812551 | PA      | $2287530.80   | 0.27%             | 2043-11-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                          | BANK OF AMERICA CORP 6.125000% MATURITY: PERPETUAL                                | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3322756.80   | 0.39%             | 2173-07-27      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                              | KeyCorp PREFERRED STOCK                                                           | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               |  | US        |      1700 | NS      | $41327.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLSIDE ILL TAX INCREMENT REV                                                       | HILLSIDE IL TAX INCR REVENUE VILLAGE OF HILLSIDE IL                               | CUSIP: 432638AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1164182.50   | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALHOUN CNTY TEX NAV INDL DEV AUTH FAC REV                                           | CALHOUN CNTY TX NAVIGATION IND CALHOUN COUNTY NAVIGATION INDUSTRIAL DEVELOPMENT A | CUSIP: 129729AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1913248.20   | 0.23%             | 2026-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV                                                  | PIMA CNTY AZ INDL DEV AUTH EDU INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72177MRY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $929888.93    | 0.11%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REV                                                                | TEXAS WTR DEV BRD REVENUE TEXAS WATER DEVELOPMENT BOARD                           | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10550501.85  | 1.25%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SUFFOLK TOB ASSET SECURITIZATION CORP N Y TOB SETTLEMENT ASSET-BKD                   | SUFFOLK NY TOBACCO ASSET SECUR SUFFOLK TOBACCO ASSET SECURITIZATION CORP          | CUSIP: 864809CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21000000 | PA      | $1913112.60   | 0.23%             | 2066-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| M-S-R ENERGY AUTH CALIF GAS REV                                                      | M-S-R CA ENERGY AUTH GAS REVEN M-S-R ENERGY AUTHORITY                             | CUSIP: 55374SAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5885000 | PA      | $6938601.55   | 0.82%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WICHITA KANS HEALTH CARE FACS REV                                                    | WICHITA KS HLTH CARE FACS REVE CITY OF WICHITA KS                                 | CUSIP: 967249QB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $314118.38    | 0.04%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                                                        | Regions Financial Corp PREFERRED STOCK                                            | CUSIP: 7591EP886<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               |  | US        |     48202 | NS      | $815095.82    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIATION STA NORTH MET DIST NO 2 COLO                                                | AVIATION STATION NORTH MET DIS AVIATION STATION NORTH METROPOLITAN DISTRICT NO 2  | CUSIP: 05369KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459029.70    | 0.05%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                                               | MUNI ELEC AUTH OF GA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                      | CUSIP: 62620HEN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5588818.40   | 0.66%             | 2063-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV                                        | PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4503000 | PA      | $4223578.04   | 0.50%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REV                                                    | PUERTO RICO ELEC PWR AUTH PWRR PUERTO RICO ELECTRIC POWER AUTHORITY               | CUSIP: 74526YEE1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1070000 | PA      | $518950.00    | 0.06%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PAYNE CNTY OKLA ECONOMIC DEV AUTH REV                                                | PAYNE CNTY OK ECON DEV AUTH RE PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY        | CUSIP: 704387AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    522392 | PA      | $1802.25      | 0.00%             | 2036-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MIDA MTN VLG PUB INFRASTRUCTURE DIST UTAH SPL ASSMT REV                              | MIDA MOUNTAIN VLG PUBLIC INFRA MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRI | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1634333.60   | 0.19%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                                | ILLINOIS ST FIN AUTH REVENUE ILLINOIS FINANCE AUTHORITY                           | CUSIP: 45204EA65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560613 | PA      | $12484.91     | 0.00%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REV                                         | OHIO ST AIR QUALITY DEV AUTH E OHIO AIR QUALITY DEVELOPMENT AUTHORITY             | CUSIP: 67754AAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3720196.28   | 0.44%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REV                                                                | TEXAS WTR DEV BRD REVENUE TEXAS WATER DEVELOPMENT BOARD                           | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3652412.76   | 0.43%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                                             | STATE STREET CORP 6.700000% MATURITY: PERPETUAL                                   | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1223374.80   | 0.15%             | 2173-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV                           | LOUISIANA ST LOCAL GOVT ENVRNM LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIE | CUSIP: 54628CJC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $343140.16    | 0.04%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH REV                                              | PENNSYLVANIA ST ECON DEV FING PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHOR  | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1242110.25   | 0.15%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H MUN CTFS                                                       | NATIONAL FIN AUTH NH MUNI CTFS NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63607WAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3945328 | PA      | $3657015.49   | 0.43%             | 2034-09-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                             | AMERICAN EXPRESS CO 3.550000% MATURITY: PERPETUAL                                 | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5802321.06   | 0.69%             | 2173-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV                                        | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 939783Q74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1029915.29   | 0.12%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX SR LIVING REV                                 | NEW HOPE CULTURAL EDU FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542PEX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426554.55    | 0.05%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                                         | ARIZONA ST INDL DEV AUTH EDU R ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052BAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1062358.04   | 0.13%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA REV                                                               | CAPITAL TRUST AGY FL REVENUE CAPITAL TRUST AGENCY INC                             | CUSIP: 14052WDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3005476.60   | 0.36%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN DEV & HSG AGY TENN TAX INCREMENT DEV REV                                | NASHVILLE MET DEV & HSG AGY TN NASHVILLE METROPOLITAN DEVELOPMENT & HOUSING AGENC | CUSIP: 591874AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $446913.63    | 0.05%             | 2028-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH MULTIFAMILY HSG REV                             | CALIFORNIA ST STWD CMNTYS DEV CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO  | CUSIP: 13079PXY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1676350.93   | 0.20%             | 2059-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS GROUP AG 144A 4.375000% MATURITY: PERPETUAL                                   | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |   6000000 | PA      | $5258834.40   | 0.62%             | 2173-08-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UIPA CROSSROADS PUB INFRASTRUCTURE DIST UTAH TAX DIFFERENTIAL REV                    | UIPA CROSSROADS PUB INFRASTRUC UIPA CROSSROADS PUBLIC INFRASTRUCTURE DISTRICT     | CUSIP: 90279EAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855386.80    | 0.10%             | 2052-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX RETIREMENT FAC REV                            | NEW HOPE CULTURAL ED FACS FIN NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR  | CUSIP: 64542UDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475326.60    | 0.06%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                             | TREASURY BILL 0.000000% 07/22/2025                                                | CUSIP: 912797QB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4200000 | PA      | $4175381.15   | 0.50%             | 2025-07-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CALIF ESSENTIAL HSG REV                                        | CSCDA CMNTY IMPT AUTH CA ESSEN CSCDA COMMUNITY IMPROVEMENT AUTHORITY              | CUSIP: 126292CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $4733711.58   | 0.56%             | 2062-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                          | FEDERAL HOME LOAN MTGE CORP MF FHLMC MULTIFAMILY VRD CERTIFICATES                 | CUSIP: 31350ADW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6300000.00   | 0.75%             | 2043-01-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY INDL DEV AGY REV                                                   | NEW YORK CITY NY INDL DEV AGY NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY         | CUSIP: 64971PFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $422582.30    | 0.05%             | 2026-03-01      | Floating      | 3.27%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTN CTL FING AUTH SOLID WASTE DISP REV                                | CALIFORNIA ST POLL CONTROL FIN CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY   | CUSIP: 130536RG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    666277 | PA      | $1765.63      | 0.00%             | 2040-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DIRECTOR ST NEV DEPT BUSINESS & IND ENVIRONMENTAL IMPT REV                           | DIRECTOR OF THE ST OF NEVADA D STATE OF NEVADA DEPARTMENT OF BUSINESS & INDUSTRY  | CUSIP: 25461PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1764959 | PA      | $176.50       | 0.00%             | 2037-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV                                        | PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1905804.20   | 0.23%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation                                              | BANK OF NEW YORK MELLON CORP/THE 3.750000% MATURITY: PERPETUAL                    | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4138340.47   | 0.49%             | 2174-03-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                                                         | US Bancorp PREFERRED STOCK                                                        | CUSIP: 902973759<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               |  | US        |     19936 | NS      | $452148.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORONGO BAND OF MISSION INDIANS CALIF REV                                            | MORONGO BAND OF MISSION INDIAN MORONGO BAND OF MISSION INDIANS/THE                | CUSIP: 61773RAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995944.60    | 0.12%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV                     | MICHIGAN ST TOBACCO SETTLEMENT MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY      | CUSIP: 594751AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28500000 | PA      | $3748263.00   | 0.44%             | 2046-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH ENVIRONMENTAL IMPT REV                                      | ARKANSAS DEV FIN AUTH ENVIRONM ARKANSAS DEVELOPMENT FINANCE AUTHORITY             | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $779678.49    | 0.09%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                                                       | CHARLES SCHWAB CORP/THE 4.000000% MATURITY: PERPETUAL                             | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5929483.14   | 0.70%             | 2173-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO INDL DEV AUTH SR LIVING FACS REV                                      | LEES SUMMIT MO INDL DEV AUTH S LEES SUMMIT INDUSTRIAL DEVELOPMENT AUTHORITY       | CUSIP: 524292AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $860001.77    | 0.10%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                                | CLIFTON TX HGR EDU FIN CORP ED CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251294.75   | 0.15%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP REV                                                             | FLORIDA ST DEV FIN CORP FLORIDA DEVELOPMENT FINANCE CORP                          | CUSIP: 340618DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2445697.75   | 0.29%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                                    | NATWEST GROUP PLC 8.125000% MATURITY: PERPETUAL                                   | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | NUSS              | GB        |   2000000 | PA      | $2120536.62   | 0.25%             | 2173-06-30      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                                                    | IOWA ST FIN AUTH REVENUE IOWA FINANCE AUTHORITY                                   | CUSIP: 46247SFU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932179.40    | 0.11%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                        | Goldman Sachs Group Inc/The PREFERRED STOCK                                       | CUSIP: 38144G804<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               |  | US        |      4166 | NS      | $87735.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV                                      | CALIFORNIA ST INFRASTRUCTURE & CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT B | CUSIP: 13034AG87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $523577.54    | 0.06%             | 2035-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                                                           | TORONTO-DOMINION BANK/THE 8.125000% 10/31/2082                                    | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | NUSS              | CA        |   4000000 | PA      | $4189324.00   | 0.50%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTN CTL FING AUTH SOLID WASTE DISP REV                                | CALIFORNIA ST POLL CONTROL FIN CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY   | CUSIP: 130536RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3431558 | PA      | $34.32        | 0.00%             | 2039-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                                 | M&T Bank Corp PREFERRED STOCK                                                     | CUSIP: 55261F872<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               |  | US        |     12841 | NS      | $318842.03    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                                | ILLINOIS ST FIN AUTH REVENUE ILLINOIS FINANCE AUTHORITY                           | CUSIP: 45204EFC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006279.30   | 0.12%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                                    | CAPITAL ONE FINANCIAL CORP 3.950000% MATURITY: PERPETUAL                          | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   5300000 | PA      | $5144908.22   | 0.61%             | 2173-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBLIG MULTIFAMILY HSG REV                                 | CALIFORNIA HSG FIN AGY LTD OBL VARIABLE-REF-VOSE APARTMENTS-K                     | CUSIP: 13034DAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6223217.14   | 0.74%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MIDA MTN VLG PUB INFRASTRUCTURE DIST UTAH TAX ALLOCATION REV                         | MIDA MOUNTAIN VLG PUBLIC INFRA MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRI | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004027.10   | 0.12%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                          | BANK OF AMERICA CORP 4.375000% MATURITY: PERPETUAL                                | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2905466.10   | 0.34%             | 2174-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                              | WEST VIRGINIA ST HOSP FIN AUTH WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2231621.07   | 0.26%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                             | TREASURY BILL 0.000000% 07/31/2025                                                | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1986143.20   | 0.24%             | 2025-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                                | FLORIDA ST HGR EDUCTNL FACS FI FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AU | CUSIP: 34073TKV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467810.10    | 0.06%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VILLAGE AT DRY CREEK MET DIST NO 2 COLO                                              | VLG AT DRY CREEK MET DIST NO 2 VILLAGE AT DRY CREEK METROPOLITAN DISTRICT NO 2/TH | CUSIP: 92705AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    313000 | PA      | $285259.56    | 0.03%             | 2044-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV                                          | PUBLIC AUTH FOR COLORADO ST EN PUBLIC AUTHORITY FOR COLORADO ENERGY               | CUSIP: 744387AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $564126.07    | 0.07%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BROADWAY STA MET DIST NO 3 COLO                                                      | BROADWAY STATION MET DIST NO 3 BROADWAY STATION METROPOLITAN DISTRICT NO 3        | CUSIP: 111571AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $369772.05    | 0.04%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CALIF ESSENTIAL HSG REV                                        | CSCDA CMNTY IMPT AUTH CA ESSEN CSCDA COMMUNITY IMPROVEMENT AUTHORITY              | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $721692.60    | 0.09%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-31

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

**Signature:** Glenn Kurdziel

**Name of Signer:** Glenn Kurdziel

**Title:** Controller and Chief Financial Officer